First Eagle

Q3 2016 13F · by Kimball Brooker, portfolio manager

As of: Sep 30, 2016
Filed: Nov 7, 2016
US stock: $39.6B · prev $39.3B
Positions: 344 · prev 353
Options notional: $1M
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%

Moves245 since the prior filing

+6.7 pp in · −6.9 pp out

New 29 +1.56 pp
Added 58 +5.18 pp
Trimmed 116 −5.29 pp
Exited 38 −1.60 pp

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

The book

Diversified · behaves like 68 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

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

Low
Moderate
High

Top 5 positions17% of US stock

CMCSA Comcast Corp trimmed−0.31 pp trimmed−0.314.0%
ORCL Oracle Corp trimmed−0.31 pp trimmed−0.313.9%
MSFT Microsoft Corp trimmed+0.35 pp trimmed+0.353.4%
WY Weyerhaeuser Company trimmed−0.05 pp trimmed−0.052.8%
OMC Omnicom Group Inc. trimmed+0.08 pp trimmed+0.082.8%

Positions344 in this filing · 38 exited


CMCSAComcast Corp	4.04%	24,078,489	$1.6B	trimmed−8%	−0.31 pp	14 q
ORCLOracle Corp	3.91%	39,379,544	$1.5B	trimmed−3%	−0.31 pp	14 q
MSFTMicrosoft Corp	3.41%	23,422,566	$1.3B	trimmed−0%	+0.35 pp	14 q
WYWeyerhaeuser Company	2.77%	34,294,947	$1.1B	trimmed−8%	−0.05 pp	14 q
OMCOmnicom Group Inc.	2.75%	12,829,057	$1.1B	trimmed−0%	+0.08 pp	14 q
AXPAmerican Express Company	2.56%	15,831,610	$1.0B	added+1%	+0.12 pp	14 q
BNYBank of New York Mellon Corporation	2.41%	23,886,119	$953M	trimmed−0%	+0.04 pp	14 q
TVGrupo Televisa S.A.	2.29%	35,212,555	$905M	added+2%	−0.01 pp	14 q
unresolvedLinear Technology Group	2.06%	13,721,420	$814M	trimmed−1%	+0.42 pp	14 q
MMM3M Company	1.89%	4,249,603	$749M	trimmed−1%	−0.02 pp	14 q
NOVNOV Inc.	1.85%	19,940,074	$733M	trimmed−13%	−0.11 pp	14 q
XLNXXilinx Inc	1.75%	12,751,545	$693M	added+5%	+0.32 pp	9 q
AEMAgnico Eagle Mines Ltd.	1.73%	12,646,897	$684M	trimmed−10%	−0.18 pp	14 q
ABXBarrick Mining Corporation	1.57%	34,972,878	$620M	trimmed−7%	−0.47 pp	14 q
UNPUnion Pacific Corp.	1.49%	6,039,598	$589M	trimmed−4%	+0.09 pp	5 q
FLSFlowserve Corporation	1.46%	11,998,189	$579M	trimmed−0%	+0.08 pp	7 q
BBTTruist Financial Corporation	1.45%	15,199,251	$573M	trimmed−0%	+0.07 pp	14 q
GLDSPDR Gold Trust, SPDR Gold Shares	1.45%	4,568,721	$574M	trimmed−8%	−0.16 pp	14 q
18614USDGoldcorp Inc	1.39%	33,372,039	$551M	trimmed−15%	−0.53 pp	14 q
DEDeere & Company	1.36%	6,325,129	$540M	added+20%	+0.28 pp	9 q
POTPotash Corp Of Saskatchewan	1.34%	32,522,564	$531M	added+12%	+0.13 pp	14 q
CTASCintas Corp	1.32%	4,645,755	$523M	trimmed−17%	−0.07 pp	14 q
LBTYKLiberty Global Ltd. Class C	1.26%	15,143,413	$500M	trimmed−0%	+0.15 pp	14 q
AIGAmerican International Group, Inc.	1.25%	8,335,223	$495M	trimmed−0%	+0.12 pp	9 q
FNVFranco-Nevada Corporation	1.24%	7,051,234	$492M	trimmed−1%	−0.13 pp	14 q
USBU.S. Bancorp	1.23%	11,345,016	$487M	trimmed−0%	+0.06 pp	14 q
SMGThe Scotts Miracle-Gro Company	1.19%	5,649,190	$470M	trimmed−1%	+0.17 pp	14 q
WTWWillis Towers Watson Public Limited Company	1.18%	3,523,869	$468M	trimmed−0%	+0.06 pp	3 q
SYFSynchrony Financial	1.17%	16,481,807	$461M	added+1%	+0.12 pp	5 q
TDCTeradata Corporation	1.11%	14,236,075	$441M	trimmed−18%	0.00 pp	12 q
VARVarian Medical Systems, Inc.	1.09%	4,316,310	$430M	trimmed−0%	+0.18 pp	5 q
GWWW.W. Grainger, Inc.	1.03%	1,804,716	$406M	trimmed−0%	−0.02 pp	7 q
WRBW.R. Berkley Corporation	0.96%	6,598,730	$381M	trimmed−1%	−0.05 pp	14 q
CVECenovus Energy Inc.	0.92%	25,260,264	$363M	trimmed−0%	+0.03 pp	14 q
COPConocoPhillips	0.91%	8,315,847	$361M	trimmed−0%	−0.02 pp	14 q
DVNDevon Energy Corporation	0.91%	8,145,742	$359M	trimmed−7%	+0.10 pp	14 q
unresolvedOrbital Atk Inc	0.91%	4,726,422	$360M	added+9%	−0.03 pp	7 q
SLBSLB Limited	0.91%	4,581,451	$360M	added×5090.5	+0.91 pp	14 q
ELVElevance Health, Inc.	0.89%	2,823,567	$354M	added+21%	+0.11 pp	8 q
unresolvedFmc Technologies Inc	0.89%	11,841,161	$351M	trimmed−25%	−0.18 pp	6 q
CLColgate-Palmolive Company	0.87%	4,655,150	$345M	trimmed−0%	0.00 pp	14 q
PXGBXPraxair Inc	0.84%	2,746,481	$332M	added+60%	+0.35 pp	14 q
BRK.ABerkshire Hathaway Inc.	0.83%	1,513	$327M	trimmed−0%	−0.01 pp	14 q
TXNTexas Instruments Incorporated	0.82%	4,650,200	$326M	added+29%	+0.24 pp	5 q
YAlleghany Corporation	0.80%	604,591	$317M	added0%	−0.05 pp	14 q
UGIUGI Corporation	0.79%	6,955,242	$315M	trimmed−1%	−0.02 pp	5 q
TIFTiffany & Co.	0.72%	3,905,747	$284M	added+1%	+0.12 pp	3 q
GDGeneral Dynamics Corporation	0.70%	1,780,485	$276M	added+96%	+0.38 pp	3 q
PEPPepsiCo, Inc.	0.68%	2,469,429	$269M	added×2.1	+0.36 pp	6 q
ADIAnalog Devices, Inc.	0.66%	4,031,950	$260M	added+33%	+0.22 pp	7 q
BROBrown & Brown, Inc.	0.66%	6,895,862	$260M	trimmed−0%	0.00 pp	10 q
MLMMartin Marietta Materials	0.65%	1,446,940	$259M	added+4%	−0.03 pp	14 q
APHAmphenol Corporation	0.64%	3,900,926	$253M	added+2%	+0.08 pp	3 q
RGLDRoyal Gold Inc	0.63%	3,243,706	$251M	trimmed−23%	−0.14 pp	14 q
CMICummins Inc.	0.62%	1,914,761	$245M	trimmed−0%	+0.07 pp	4 q
NOCNorthrop Grumman Corp.	0.59%	1,082,879	$232M	trimmed−46%	−0.55 pp	14 q
BUDAnheuser-Busch INBEV SA/NV	0.58%	1,741,712	$229M	added+11%	+0.05 pp	2 q
CINFCincinnati Financial Corp	0.54%	2,858,462	$216M	trimmed−23%	−0.17 pp	14 q
TKRThe Timken Company	0.54%	6,069,090	$213M	trimmed−0%	+0.06 pp	7 q
SUSuncor Energy, Inc.	0.52%	7,431,341	$206M	added0%	0.00 pp	7 q
CCEPCoca-Cola Europacific Partners plc	0.52%	5,174,065	$206M	added0%	+0.05 pp	2 q
ZTSZoetis Inc.	0.51%	3,893,085	$202M	added+88%	+0.26 pp	3 q
DHRDanaher Corporation	0.49%	2,450,049	$192M	added+5%	−0.11 pp	6 q
FFIVF5, Inc.	0.48%	1,525,905	$190M	trimmed−0%	+0.04 pp	3 q
VSTOVista Outdoor Inc.	0.47%	4,671,316	$186M	trimmed−6%	−0.13 pp	7 q
MDLZMondelez International, Inc. Class A	0.46%	4,166,781	$183M	added×3.0	+0.30 pp	14 q
GOOGAlphabet Inc. Class C	0.45%	230,128	$179M	trimmed−11%	−0.01 pp	10 q
MSGSMadison Square Garden Sports Corp.	0.44%	1,030,277	$175M	added+11%	+0.03 pp	4 q
VVISA Inc.	0.44%	2,114,529	$175M	trimmed−0%	+0.04 pp	14 q
MAMastercard Incorporated	0.43%	1,690,995	$172M	trimmed−0%	+0.05 pp	14 q
DNOWDNOW Inc.	0.42%	7,701,455	$165M	trimmed−8%	+0.03 pp	10 q
GOOGLAlphabet Inc. Class A	0.40%	195,949	$158M	trimmed−1%	+0.05 pp	4 q
CNQCanadian Natural Resources Limited	0.40%	4,971,796	$159M	trimmed−1%	+0.01 pp	14 q
TSNTyson Foods, Inc.	0.39%	2,069,895	$155M	trimmed−7%	+0.01 pp	6 q
BIIBBiogen Inc.	0.36%	457,260	$143M	added+37%	+0.15 pp	4 q
LMTLockheed Martin Corp.	0.36%	599,955	$144M	trimmed−11%	−0.07 pp	14 q
HRBH&R Block, Inc.	0.34%	5,740,358	$133M	trimmed−0%	0.00 pp	14 q
SEESealed Air Corp New	0.34%	2,967,010	$136M	trimmed−35%	−0.20 pp	14 q
ADPAutomatic Data Processing	0.33%	1,482,330	$131M	trimmed−24%	−0.13 pp	14 q
unresolvedCanadian Pac Ry Ltd	0.33%	858,923	$131M	new	+0.33 pp	new
WYNTravel + Leisure Co.	0.33%	1,940,445	$131M	trimmed−5%	−0.04 pp	14 q
BAXBaxter International Inc.	0.32%	2,635,577	$125M	added+24%	+0.07 pp	14 q
GRAW.R. Grace & Co.	0.32%	1,716,499	$127M	added+53%	+0.11 pp	14 q
HPEHewlett Packard Enterprise Company	0.32%	5,621,175	$128M	trimmed−26%	−0.03 pp	4 q
unresolvedRandgold Res Ltd	0.32%	1,269,707	$127M	trimmed−6%	−0.06 pp	14 q
PKGPackaging Corp of America	0.30%	1,439,260	$117M	added+15%	+0.09 pp	4 q
DCPDCP Midstream, LP	0.29%	3,199,986	$113M	held	—	4 q
IMOImperial Oil Limited	0.29%	3,679,970	$115M	added0%	−0.01 pp	5 q
PSXPhillips 66	0.29%	1,426,436	$115M	trimmed−44%	−0.23 pp	9 q
unresolvedItc Hldgs Corp	0.28%	2,417,684	$112M	added+19%	+0.04 pp	4 q
GPKGraphic Packaging Holding Company	0.27%	7,621,176	$107M	trimmed−21%	−0.04 pp	9 q
TAPMolson Coors Beverage Company Class B	0.27%	990,662	$109M	trimmed−45%	−0.19 pp	5 q
PBIPitney Bowes Inc.	0.27%	5,848,105	$106M	trimmed−3%	0.00 pp	14 q
VMCVulcan Materials Company(Holding Company)	0.27%	931,188	$106M	trimmed−13%	−0.06 pp	14 q
AXTAAxalta Coating Systems Ltd.	0.27%	3,718,020	$105M	held	—	3 q
unresolvedIsrael Chemicals Ltd	0.26%	26,119,847	$102M	trimmed−12%	−0.03 pp	9 q
CCUCompania Cervecerias Unidas S.A.	0.25%	4,982,758	$101M	added0%	−0.05 pp	10 q
FTVFortive Corporation	0.23%	1,780,342	$91M	new	+0.23 pp	new
HALOHalozyme Therapeutics, Inc.	0.23%	7,395,500	$89M	added+4%	+0.07 pp	12 q
LOWLowe's Companies Inc.	0.23%	1,235,970	$89M	trimmed−11%	−0.05 pp	14 q
WMTWalmart Inc.	0.21%	1,137,416	$82M	trimmed−56%	−0.28 pp	14 q
APDAir Products & Chemicals, Inc.	0.20%	526,605	$79M	held	—	7 q
RTNRaytheon Company	0.17%	493,203	$67M	trimmed−58%	−0.23 pp	13 q
VCVisteon Corporation	0.17%	913,212	$65M	added+3%	+0.02 pp	10 q
AMGNAmgen Inc	0.16%	369,976	$62M	trimmed−61%	−0.20 pp	9 q
unresolvedCuris	0.16%	24,008,672	$63M	held	—	14 q
EBAYeBay Inc	0.16%	1,935,555	$64M	held	—	2 q
NEMNewmont Corporation	0.16%	1,623,421	$64M	added+13%	+0.02 pp	14 q
QCOMQualcomm Inc	0.16%	901,741	$62M	added+60%	+0.08 pp	4 q
WMBWilliams Companies Inc.	0.16%	2,021,810	$62M	new	+0.16 pp	new
ALBAlbemarle Corporation	0.15%	703,215	$60M	held	—	2 q
MDRXVeradigm Inc	0.15%	4,578,690	$60M	trimmed−4%	0.00 pp	6 q
ENBEnbridge, Inc	0.15%	1,373,251	$61M	new	+0.15 pp	new
unresolvedTahoe Res Inc	0.15%	4,499,549	$58M	held	—	14 q
ABTAbbott Laboratories	0.14%	1,271,914	$54M	trimmed−57%	−0.16 pp	10 q
GCPNGcp Applied Technologies	0.14%	1,906,380	$54M	trimmed−16%	−0.01 pp	3 q
MSTRStrategy Inc Class A	0.14%	319,330	$53M	trimmed−15%	−0.03 pp	4 q
unresolvedAlere Inc	0.13%	1,167,301	$50M	added+52%	+0.05 pp	2 q
OLNOlin Corp.	0.13%	2,531,289	$52M	trimmed−11%	−0.05 pp	2 q
TMUST-Mobile US, Inc.	0.12%	995,123	$46M	trimmed−3%	+0.01 pp	3 q
TWTRTwitter, Inc.	0.12%	2,127,000	$49M	added×13.1	+0.11 pp	3 q
unresolvedSt Jude Med Inc	0.11%	545,389	$44M	new	+0.11 pp	new
unresolvedYahoo Inc	0.11%	970,160	$42M	added+1%	+0.02 pp	2 q
LYBLyondellBasell Industries N.V. Class A	0.11%	540,825	$44M	trimmed−48%	−0.09 pp	14 q
AWIArmstrong World Industries, Inc.	0.10%	1,002,266	$41M	held	—	2 q
EGRXEagle Pharms Inc	0.10%	568,205	$40M	new	+0.10 pp	new
INVAInnoviva, Inc.	0.10%	3,584,891	$39M	added+7%	+0.01 pp	3 q
MDCOMedicines Co	0.10%	1,020,629	$39M	added+84%	+0.05 pp	2 q
NGLNgl Energy Partners LP	0.10%	2,199,729	$41M	held	—	7 q
NGDNew Gold Inc.	0.10%	9,407,331	$41M	trimmed−6%	−0.01 pp	14 q
HTZGQHertz Global Holdings Inc	0.09%	844,854	$34M	new	+0.09 pp	new
MDTMedtronic plc	0.09%	397,038	$34M	trimmed−64%	−0.15 pp	7 q
CHTRCharter Comm Inc Del CL A New	0.08%	112,036	$30M	trimmed−62%	−0.09 pp	2 q
DRRXDurect Corp	0.08%	22,381,546	$31M	added+13%	+0.02 pp	14 q
XONPrecigen, Inc.	0.08%	1,102,004	$31M	held	—	10 q
99803EURLaboratory Crp Of Amer Hldgs	0.08%	226,794	$31M	new	+0.08 pp	new
MSGNMSG Networks Inc.	0.08%	1,754,770	$33M	added+2%	+0.01 pp	5 q
MQ8Mag Silver Corp	0.08%	1,999,467	$30M	added+34%	+0.03 pp	7 q
NLNKNewLink Genetics Corporation	0.08%	2,186,700	$33M	held	—	14 q
PAAPlains All American Pipeline, L.P. Common Units representing Limited Partner Interests	0.08%	1,012,015	$32M	added+19%	+0.02 pp	5 q
SJTSan Juan Basin Royalty Trust UBI	0.08%	5,142,589	$30M	trimmed−6%	−0.02 pp	14 q
unresolvedTransmontaigne Partners L P	0.08%	732,203	$30M	held	—	7 q
AUAngloGold Ashanti plc	0.07%	1,840,964	$29M	trimmed−9%	−0.02 pp	14 q
ARDMAradigm Corp	0.07%	3,854,730	$26M	held	—	10 q
unresolvedIntevac Inc	0.07%	4,825,881	$28M	held	—	14 q
UNVRUnivar Solutions Inc.	0.07%	1,313,205	$29M	trimmed−9%	0.00 pp	2 q
unresolvedEldorado Gold (C$)	0.06%	6,443,257	$25M	held	—	14 q
OROR Royalties Inc.	0.06%	2,110,563	$23M	new	+0.06 pp	new
FLEXFlex Ltd.	0.06%	1,731,315	$24M	new	+0.06 pp	new
ARQLArqule Inc	0.05%	10,837,733	$19M	held	—	14 q
BTGB2Gold Corp.	0.05%	7,700,300	$20M	held	—	6 q
HDSHD Supply Holdings, Inc.	0.05%	648,900	$21M	trimmed−20%	−0.02 pp	2 q
IAGIAMGold Corporation	0.05%	5,129,791	$21M	trimmed−36%	−0.03 pp	14 q
OCOwens Corning	0.05%	362,425	$19M	trimmed−47%	−0.04 pp	2 q
unresolvedSpectra Energy Corp.	0.05%	470,344	$20M	new	+0.05 pp	new
XAWFXAlliancebernstein Gl Hi Inc	0.04%	1,389,774	$18M	trimmed−5%	−0.01 pp	10 q
unresolvedBellicum Pharmaceuticals Inc	0.04%	854,055	$17M	held	—	7 q
unresolvedCui Global Inc	0.04%	2,500,542	$15M	added+6%	+0.01 pp	11 q
unresolvedDeltic Timber Corp	0.04%	217,886	$15M	trimmed−62%	−0.06 pp	14 q
unresolvedEncana Corp	0.04%	1,356,134	$14M	trimmed−2%	+0.01 pp	14 q
HPQHP Inc.	0.04%	1,000,100	$16M	new	+0.04 pp	new
NGNovaGold Resources Inc.	0.04%	2,566,285	$14M	added+19%	+0.01 pp	3 q
NSNuStar Energy L.P.	0.04%	297,400	$15M	held	—	14 q
EMNEastman Chemical Company	0.03%	196,830	$13M	trimmed−83%	−0.17 pp	14 q
GFIGold Fields Ltd	0.03%	2,681,635	$13M	held	—	14 q
unresolvedIndependence Hldg Co New	0.03%	594,859	$10M	added0%	0.00 pp	14 q
KOPNKopin Corp	0.03%	5,652,949	$12M	added+1%	0.00 pp	14 q
unresolvedShire PLC	0.03%	53,037	$10M	trimmed−6%	0.00 pp	9 q
STXNSeagate Technology Holdings PLC (Ireland)	0.03%	270,000	$10M	added×13.5	+0.03 pp	14 q
BBBlackBerry Limited	0.02%	1,054,431	$8M	new	+0.02 pp	new
CMTLComtech Telecommunications	0.02%	752,604	$10M	trimmed−26%	−0.01 pp	12 q
DALDelta Air Lines, Inc.	0.02%	217,130	$9M	trimmed−91%	−0.21 pp	10 q
GBDCGolub Capital BDC, Inc.	0.02%	343,700	$6M	held	—	5 q
GPROGoPro, Inc.	0.02%	490,000	$8M	held	—	2 q
KGCKinross Gold Corporation	0.02%	2,324,836	$10M	trimmed−37%	−0.03 pp	14 q
KRThe Kroger Co.	0.02%	222,000	$7M	held	—	14 q
LSXMKLiberty Media Cor-siriusxm C	0.02%	206,928	$7M	trimmed−13%	0.00 pp	2 q
MTBM&T Bank Corp.	0.02%	51,736	$6M	trimmed−11%	0.00 pp	14 q
MGNXMacroGenics, Inc.	0.02%	221,800	$7M	held	—	10 q
unresolvedNustar Gp Holdings LLC	0.02%	250,000	$6M	held	—	14 q
unresolvedPain Therapeutics Inc	0.02%	6,602,658	$7M	held	—	14 q
POSTPost Holdings, Inc.	0.02%	85,145	$7M	new	+0.02 pp	new
SPHSuburban Propane Partners L P	0.02%	196,250	$7M	held	—	14 q
unresolvedValeant Pharmaceuticals Intl	0.02%	380,900	$9M	held	—	14 q
RMTORM2 International Inc	0.01%	1,502,563	$6M	added+12%	0.00 pp	6 q
AMPAmeriprise Financial, Inc.	0.01%	21,324	$2M	held	—	14 q
CVICvr Energy, Inc.	0.01%	165,100	$2M	held	—	2 q
CCJCameco Corporation	0.01%	313,300	$3M	new	+0.01 pp	new
unresolvedCree Inc	0.01%	108,700	$3M	new	+0.01 pp	new
DDSDillard's, Inc. Class A	0.01%	45,900	$3M	held	—	2 q
EZPWEzcorp Inc	0.01%	362,000	$4M	held	—	5 q
GILDGilead Sciences Inc	0.01%	49,700	$4M	added×3.2	+0.01 pp	14 q
IBMInternational Business Machines Corporation	0.01%	22,972	$4M	held	—	14 q
SLViShares Silver Trust	0.01%	251,600	$5M	held	—	14 q
JPMJPMorgan Chase & Co.	0.01%	30,300	$2M	trimmed−23%	0.00 pp	14 q
JNJJohnson & Johnson	0.01%	28,177	$3M	trimmed−96%	−0.22 pp	14 q
KLICKulicke & Soffa Industries Inc	0.01%	400,421	$5M	held	—	11 q
LVSLas Vegas Sands Corp.	0.01%	53,400	$3M	new	+0.01 pp	new
unresolvedLeucadia National	0.01%	211,000	$4M	held	—	12 q
LM03Liberty Media Cor-siriusxm A	0.01%	103,464	$4M	trimmed−13%	0.00 pp	2 q
MUMicron Technology, Inc.	0.01%	205,000	$4M	held	—	2 q
unresolvedMorgans Hotel Group Co	0.01%	1,036,000	$2M	held	—	14 q
OIIOceaneering International Inc.	0.01%	92,800	$3M	held	—	2 q
unresolvedOncomed Pharmaceuticals Inc	0.01%	230,400	$3M	added×3.0	+0.01 pp	3 q
PPGPPG Industries, Inc.	0.01%	54,100	$6M	new	+0.01 pp	new
TRAKReposiTrak, Inc.	0.01%	268,461	$3M	held	—	12 q
PFEPfizer Inc.	0.01%	66,061	$2M	trimmed−13%	0.00 pp	14 q
unresolvedPrimero Mng Corp	0.01%	1,538,000	$3M	trimmed−5%	0.00 pp	14 q
unresolvedRackspace Hosting Inc	0.01%	123,500	$4M	held	—	2 q
SPGIS&P Global Inc.	0.01%	40,000	$5M	held	—	2 q
unresolvedSeacor Holdings Inc.	0.01%	96,554	$6M	held	—	14 q
SEMGSemgroup Corp-class A	0.01%	79,395	$3M	new	+0.01 pp	new
unresolvedThreshold Pharmaceutical Inc	0.01%	5,974,802	$4M	added+87%	0.00 pp	2 q
TRNTrinity Industries, Inc.	0.01%	149,200	$4M	held	—	2 q
UNMUnum Group	0.01%	60,000	$2M	held	—	14 q
WPGWashington Prime Group Inc.	0.01%	184,000	$2M	new	+0.01 pp	new
XYLXylem Inc	0.01%	39,100	$2M	held	—	14 q
CYDChina Yuchai International Ltd.	0.01%	245,000	$3M	held	—	14 q
unresolvedVascular Biogenics Ltd	0.01%	923,239	$5M	held	—	4 q
MOAltria Group, Inc.	0.00%	13,000	$822,000	held	—	14 q
AMZNAmazon.Com Inc	0.00%	917	$768,000	held	—	14 q
ABEVAmbev S.a.	0.00%	17,875	$109,000	held	—	12 q
MJCAntares Pharma Inc	0.00%	20,000	$34,000	held	—	14 q
AAPLApple Inc.	0.00%	16,106	$2M	held	—	14 q
ATRAptarGroup, Inc.	0.00%	14,129	$1M	held	—	14 q
AGRAvangrid, Inc.	0.00%	15,998	$668,000	held	—	4 q
AVNWAviat Networks, Inc.	0.00%	33	$0	held	—	2 q
BPBP p.l.c.	0.00%	273	$10,000	held	—	14 q
BIDUBaidu, Inc.	0.00%	10	$2,000	held	—	14 q
unresolvedBaker Hughes Inc.	0.00%	181	$9,000	held	—	14 q
BNSBank of Nova Scotia	0.00%	1,000	$53,000	held	—	5 q
Barclays Bank PLCconvertible	0.00%	500	$13,000	held	—	14 q
BRK.BBERKSHIRE HATHAWAY Class B	0.00%	1,250	$181,000	held	—	14 q
BMYBristol-Myers Squibb Co.	0.00%	11,529	$622,000	held	—	14 q
CRCCalifornia Resources Corporation	0.00%	122	$2,000	held	—	2 q
CALACalithera Biosciences Inc	0.00%	538,103	$2M	added×2.6	0.00 pp	4 q
unresolvedCalpine Corp	0.00%	1,000	$13,000	held	—	14 q
CCLCarnival Corporation Ltd.	0.00%	500	$24,000	new	0.00 pp	new
unresolvedCascadian Therapeutics Inc	0.00%	400,000	$656,000	held	—	2 q
unresolvedCelldex Therapeutics Inc New	0.00%	445,000	$2M	held	—	9 q
CCThe Chemours Company	0.00%	120	$2,000	held	—	5 q
CVXChevron Corporation	0.00%	1,004	$103,000	held	—	14 q
CHDChurch & Dwight Co., Inc.	0.00%	3,768	$181,000	held	—	14 q
CSCOCisco Systems, Inc. (DE)	0.00%	10,200	$324,000	trimmed−9%	0.00 pp	14 q
unresolvedCommerceHub, Inc., Series A	0.00%	105	$2,000	new	0.00 pp	new
unresolvedCommerceHub, Inc., Series C	0.00%	211	$3,000	new	0.00 pp	new
CAGConagra Brands, Inc.	0.00%	19,762	$931,000	held	—	14 q
CTOCTO Realty Growth, Inc.	0.00%	4,000	$205,000	held	—	14 q
STZConstellation Brands, Inc.	0.00%	2,400	$400,000	held	—	14 q
CORTCorcept Therapeutics Inc.	0.00%	125,000	$813,000	trimmed−44%	0.00 pp	6 q
GLWCorning Incorporated	0.00%	40	$1,000	trimmed−100%	−0.09 pp	14 q
DKSDick's Sporting Goods, Inc.	0.00%	1,000	$57,000	held	—	10 q
DISThe Walt Disney Company	0.00%	7,000	$650,000	held	—	2 q
DGICADonegal Group Inc	0.00%	49,463	$797,000	trimmed−17%	0.00 pp	12 q
DMLPDorchester Minerals LP	0.00%	600	$9,000	held	—	14 q
unresolvedDu Pont E I De Nemours & Co	0.00%	600	$40,000	held	—	14 q
ETREntergy Corporation	0.00%	200	$15,000	held	—	14 q
unresolvedExpress Scripts Hldg Co	0.00%	1,168	$82,000	held	—	14 q
XOMExxon Mobil Corp	0.00%	6,628	$578,000	held	—	14 q
METAMeta Platforms, Inc. Class A	0.00%	3,800	$487,000	held	—	14 q
unresolvedFifth Street Finance Corp	0.00%	109,000	$633,000	held	—	5 q
FBZFirst Trust Brazil AlphaDEX Fund	0.00%	2,915	$40,000	held	—	14 q
unresolvedFrontier Communications Corp	0.00%	72	$0	held	—	14 q
unresolvedGeneral Electric Co	0.00%	44,301	$1M	trimmed−0%	0.00 pp	14 q
GERNGeron Corp	0.00%	144,700	$327,000	trimmed−9%	0.00 pp	14 q
unresolvedGlaxosmithkline PLC	0.00%	1	$0	held	—	14 q
GSGoldman Sachs Group Inc.	0.00%	151	$24,000	held	—	14 q
unresolvedHrg Group Inc	0.00%	94,800	$1M	trimmed−64%	−0.01 pp	6 q
HRSL3Harris Technologies, Inc.	0.00%	1,600	$147,000	held	—	14 q
HIGThe Hartford Insurance Group, Inc.	0.00%	200	$9,000	held	—	14 q
HONHoneywell International, Inc.	0.00%	750	$87,000	trimmed−100%	−0.37 pp	14 q
INVEINVE Technologies, Inc.	0.00%	65,000	$142,000	held	—	9 q
ILMNIllumina Inc	0.00%	400	$73,000	held	—	14 q
INTCIntel Corp	0.00%	28,470	$1M	trimmed−7%	0.00 pp	14 q
IDNIntellicheck, Inc.	0.00%	825,525	$1M	new	0.00 pp	new
unresolvedKlondex Mns Ltd	0.00%	5,000	$29,000	held	—	4 q
KHCThe Kraft Heinz Company	0.00%	1,845	$165,000	held	—	5 q
unresolvedLayne Christensen Co	0.00%	65,200	$555,000	held	—	12 q
Layne Christensen Coconvertible	0.00%	1,550,000	$1M	held	—	7 q
LBRDALiberty Broadband Corporation Class A	0.00%	220	$15,000	held	—	8 q
LBRDKLiberty Broadband Corporation Class C	0.00%	440	$31,000	held	—	8 q
unresolvedLiberty Interactive Corp	0.00%	4,375	$88,000	held	—	14 q
unresolvedLiberty Interactive Corp	0.00%	1,057	$42,000	held	—	14 q
BATRAAtlanta Braves Holdings, Inc. Series A	0.00%	10,343	$180,000	trimmed−3%	0.00 pp	2 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.00%	51,731	$1M	trimmed−3%	0.00 pp	2 q
LM05Liberty Media Corp-liberty-a	0.00%	25,863	$741,000	trimmed−3%	0.00 pp	2 q
BATRKAtlanta Braves Holdings, Inc. Series C	0.00%	20,690	$360,000	trimmed−3%	0.00 pp	2 q
LTRPALiberty TripAdvisor Holdings, Inc. Series A	0.00%	436	$10,000	held	—	9 q
unresolvedLion Biotechnologies Inc	0.00%	150,000	$1M	held	—	2 q
LLoews Corporation	0.00%	14,000	$576,000	held	—	14 q
LORLLoral Space and Communications, Inc.	0.00%	41,350	$2M	held	—	12 q
MFCManulife Financial Corp.	0.00%	942	$13,000	held	—	14 q
MRKMerck & Co., Inc.	0.00%	7,790	$486,000	held	—	14 q
METMetLife, Inc.	0.00%	41,000	$2M	added+3%	0.00 pp	14 q
MNSTMonster Beverage Corporation	0.00%	10,000	$1M	held	—	6 q
MURMurphy Oil Corp.	0.00%	14,226	$432,000	held	—	14 q
MUSAMurphy USA Inc.	0.00%	3,181	$227,000	held	—	13 q
GFNEW GERMANY FUND Inc	0.00%	12,919	$185,000	added+3%	0.00 pp	14 q
NWSANews Corporation Class A	0.00%	365	$5,000	held	—	13 q
NWSNews Corporation Class B	0.00%	230	$3,000	held	—	13 q
NVSNovartis AG	0.00%	12,848	$1M	held	—	14 q
NUANNuance Communications, Inc.	0.00%	700	$10,000	held	—	14 q
JGHNuveen Global High Income Fund	0.00%	90,000	$1M	held	—	8 q
OXYOccidental Petroleum Corporation	0.00%	2,522	$184,000	held	—	14 q
PDLIPDL BioPharma, Inc.	0.00%	2,800	$9,000	held	—	14 q
JCPJ.C. Penney Company, Inc.	0.00%	5,000	$46,000	held	—	11 q
PBRPetroleo Brasileiro S.a.-petrobras	0.00%	200	$2,000	held	—	14 q
PMPhilip Morris International Inc.	0.00%	13,000	$1M	held	—	14 q
ORealty Income Corporation	0.00%	1,340	$90,000	held	—	12 q
unresolvedSanofi	0.00%	146,402	$39,000	held	—	14 q
SCHWThe Charles Schwab Corporation	0.00%	900	$28,000	held	—	14 q
SONYSony Group Corporation	0.00%	800	$27,000	held	—	14 q
unresolvedSprint Corporation	0.00%	602	$4,000	held	—	13 q
XYZBlock, Inc.	0.00%	1,940	$23,000	held	—	4 q
unresolvedStarz	0.00%	23,178	$723,000	trimmed−11%	0.00 pp	14 q
SMMTSummit Therapeutics Inc.	0.00%	175,000	$2M	held	—	7 q
SNSSViracta Therapeutics Inc	0.00%	249,999	$1M	new	0.00 pp	new
SYTSyngenta Ag-adr	0.00%	66	$6,000	held	—	14 q
TSLATesla, Inc.	0.00%	105	$21,000	held	—	4 q
TEVATeva Pharmaceutical Industries Limited	0.00%	200	$9,000	held	—	14 q
TMOThermo Fisher Scientific, Inc.	0.00%	200	$32,000	held	—	14 q
TIMETime Inc	0.00%	1,854	$27,000	held	—	10 q
TWXTime Warner Inc	0.00%	14,846	$1M	held	—	14 q
TIVOTivo Inc	0.00%	184	$4,000	new	0.00 pp	new
unresolvedTwenty First Centy Fox Inc	0.00%	1,460	$35,000	held	—	13 q
unresolvedTwenty First Centy Fox Inc	0.00%	920	$23,000	held	—	13 q
UNFUnifirst Corp	0.00%	12,259	$2M	added+6%	0.00 pp	3 q
UTXZRTX Corporation	0.00%	7,244	$736,000	trimmed−36%	0.00 pp	14 q
GDXVanEck Gold Miners ETF	0.00%	6,900	$182,000	held	—	2 q
VZVerizon Communications	0.00%	431	$22,000	held	—	14 q
VODVodafone Group PLC	0.00%	272	$8,000	held	—	10 q
VUZIVuzix Corporation	0.00%	25,000	$222,000	trimmed−64%	0.00 pp	5 q
WFCWells Fargo & Co.	0.00%	1,800	$80,000	held	—	14 q
XWIAXWestern Asset Infl-link Sec	0.00%	39,600	$453,000	new	0.00 pp	new
WIWWestern Asset Inflation-Linked Opportunities & Income Fund	0.00%	40,700	$455,000	new	0.00 pp	new
unresolvedWilliams Partners L P New	0.00%	4,622	$172,000	held	—	7 q
ZBHZimmer Biomet Holdings, Inc.	0.00%	873	$114,000	held	—	14 q
JCIJohnson Controls International plc	0.00%	1,432	$67,000	new	0.00 pp	new
LBTYALiberty Global Ltd. Class A	0.00%	48,978	$2M	trimmed−95%	−0.08 pp	14 q
99998USDLiberty Global PLC Lilac - A	0.00%	8,555	$236,000	trimmed−97%	−0.02 pp	5 q
1LGEUSDLiberty Global PLC Lilac - C	0.00%	25,859	$725,000	trimmed−99%	−0.19 pp	5 q
MNKMallinckrodt PLC	0.00%	187	$13,000	held	—	12 q
PNRPentair plc	0.00%	359	$23,000	held	—	10 q
0VQJLTe Connectivity Ltd	0.00%	1,500	$97,000	held	—	14 q
RDS.ARoyal Dutch Shell PLC	—	−2,125,683	—	exited	−0.30 pp	—
unresolvedJpmorgan Chase & Co	—	−3,540,271	—	exited	−0.18 pp	—
BDXBecton, Dickinson and Co.	—	−390,407	—	exited	−0.17 pp	—
CVLTCommvault Systems, Inc.	—	−1,589,068	—	exited	−0.17 pp	—
MASMasco Corporation	—	−1,353,450	—	exited	−0.11 pp	—
ADSKAutodesk Inc	—	−695,576	—	exited	−0.10 pp	—
unresolvedCst Brands Inc	—	−939,170	—	exited	−0.10 pp	—
unresolvedAep Inds Inc	—	−281,314	—	exited	−0.06 pp	—
HRIHerc Holdings Inc.	—	−128,786	—	exited	−0.05 pp	—
TSMTaiwan Semiconductor Manufacturing Company Ltd.	—	−700,000	—	exited	−0.05 pp	—
CDKCDK Global, Inc.	—	−297,429	—	exited	−0.04 pp	—
LXKLexmark International Inc-a	—	−348,336	—	exited	−0.03 pp	—
MYGNMyriad Genetics Inc	—	−368,980	—	exited	−0.03 pp	—
NWLNewell Brands Inc.	—	−252,040	—	exited	−0.03 pp	—
unresolvedPowershares Db Cmdty Idx Tra	—	−771,000	—	exited	−0.03 pp	—
SPYState Street SPDR S&P 500 ETF Trust	—	−57,270	—	exited	−0.03 pp	—
EIXEdison International	—	−104,142	—	exited	−0.02 pp	—
YPFYPF Sociedad Anonima	—	−398,873	—	exited	−0.02 pp	—
unresolvedAmerican Independence Corp	—	−136,920	—	exited	−0.01 pp	—
FXIiShares China Large-Cap ETF	—	−67,000	—	exited	−0.01 pp	—
EFAiShares MSCI EAFE ETF	—	−79,900	—	exited	−0.01 pp	—
MCDMcDonald's Corporation	—	−17,929	—	exited	−0.01 pp	—
unresolvedPlains Gp Hldgs L P	—	−220,145	—	exited	−0.01 pp	—
XLFState Street Financial Select Sector SPDR ETF	—	−148,089	—	exited	−0.01 pp	—
unresolvedWp Glimcher In	—	−309,000	—	exited	−0.01 pp	—
WDCWestern Digital Corp.	—	−60,500	—	exited	−0.01 pp	—
unresolvedBrocade Communications Sys I	—	−46,912	—	exited	0.00 pp	—
FOSLFossil Group, Inc.	—	−3,210	—	exited	0.00 pp	—
LMNRLimoneira Co	—	−76,488	—	exited	0.00 pp	—
ROVIRovi Corporation Com Stk (De)	—	−184	—	exited	0.00 pp	—
XBIState Street SPDR S&P Biotech ETF	—	−18,150	—	exited	0.00 pp	—
SGMOQSangamo Therapeutics Inc	—	−60,000	—	exited	0.00 pp	—
XLIState Street Industrial Select Sector SPDR ETF	—	−30,000	—	exited	0.00 pp	—
unresolvedSunesis Pharmaceuticals Inc	—	−1,500,000	—	exited	0.00 pp	—
TDSTelephone and Data Systems Inc.	—	−17,500	—	exited	0.00 pp	—
TEXTerex Corporation	—	−10,000	—	exited	0.00 pp	—
VVXV2X, Inc.	—	−277	—	exited	0.00 pp	—
unresolvedTyco Intl PLC	—	−1,500	—	exited	0.00 pp	—