First Eagle

Q4 2016 13F · by Kimball Brooker, portfolio manager

As of: Dec 31, 2016
Filed: Feb 6, 2017
US stock: $39.4B · prev $39.6B
Positions: 329 · prev 344
Options notional: $261,000
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%

Moves237 since the prior filing

+10.2 pp in · −10.1 pp out

New 27 +2.88 pp
Added 81 +7.27 pp
Trimmed 87 −6.42 pp
Exited 42 −3.68 pp

The book

Diversified · behaves like 64 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 31% a year, about 3.3 years per position

Low
Moderate
High

Top 5 positions17% of US stock

CMCSA Comcast Corp trimmed−0.15 pp trimmed−0.153.9%
ORCL Oracle Corp added−0.03 pp added−0.033.9%
MSFT Microsoft Corp added+0.31 pp added+0.313.7%
AXP American Express Company added+0.44 pp added+0.443.0%
OMC Omnicom Group Inc. added+0.03 pp added+0.032.8%

Positions329 in this filing · 42 exited


CMCSAComcast Corp	3.89%	22,174,098	$1.5B	trimmed−8%	−0.15 pp	15 q
ORCLOracle Corp	3.88%	39,768,031	$1.5B	added+1%	−0.03 pp	15 q
MSFTMicrosoft Corp	3.72%	23,571,290	$1.5B	added+1%	+0.31 pp	15 q
AXPAmerican Express Company	3.00%	15,933,625	$1.2B	added+1%	+0.44 pp	15 q
OMCOmnicom Group Inc.	2.78%	12,842,729	$1.1B	added0%	+0.03 pp	15 q
BNYBank of New York Mellon Corporation	2.64%	21,950,143	$1.0B	trimmed−8%	+0.23 pp	15 q
WYWeyerhaeuser Company	2.62%	34,319,256	$1.0B	added0%	−0.15 pp	15 q
NOVNOV Inc.	2.41%	25,331,416	$948M	added+27%	+0.56 pp	15 q
unresolvedLinear Technology Group	2.19%	13,850,921	$864M	added+1%	+0.13 pp	15 q
XLNXXilinx Inc	2.00%	13,052,313	$788M	added+2%	+0.25 pp	10 q
TVGrupo Televisa S.A.	1.95%	36,832,783	$769M	added+5%	−0.34 pp	15 q
MMM3M Company	1.93%	4,246,406	$758M	trimmed−0%	+0.04 pp	15 q
BBTTruist Financial Corporation	1.82%	15,215,537	$715M	added0%	+0.37 pp	15 q
DEDeere & Company	1.66%	6,330,465	$652M	added0%	+0.30 pp	10 q
POTPotash Corp Of Saskatchewan	1.54%	33,452,881	$605M	added+3%	+0.20 pp	15 q
SYFSynchrony Financial	1.53%	16,617,322	$603M	added+1%	+0.36 pp	6 q
UNPUnion Pacific Corp.	1.53%	5,792,587	$601M	trimmed−4%	+0.04 pp	6 q
USBU.S. Bancorp	1.48%	11,355,302	$583M	added0%	+0.25 pp	15 q
FLSFlowserve Corporation	1.47%	12,008,621	$577M	added0%	+0.01 pp	8 q
ABXBarrick Mining Corporation	1.41%	34,781,637	$556M	trimmed−1%	−0.16 pp	15 q
LBTYKLiberty Global Ltd. Class C	1.40%	18,535,365	$551M	added+22%	+0.14 pp	15 q
AIGAmerican International Group, Inc.	1.38%	8,342,483	$545M	added0%	+0.13 pp	10 q
AEMAgnico Eagle Mines Ltd.	1.33%	12,488,840	$525M	trimmed−1%	−0.40 pp	15 q
CTASCintas Corp	1.30%	4,437,201	$513M	trimmed−4%	−0.02 pp	15 q
GLDSPDR Gold Trust, SPDR Gold Shares	1.25%	4,483,356	$491M	trimmed−2%	−0.20 pp	15 q
TDCTeradata Corporation	1.21%	17,502,775	$476M	added+23%	+0.10 pp	13 q
PXGBXPraxair Inc	1.20%	4,033,935	$473M	added+47%	+0.36 pp	15 q
18614USDGoldcorp Inc	1.15%	33,186,199	$451M	trimmed−1%	−0.24 pp	15 q
WRBW.R. Berkley Corporation	1.12%	6,605,793	$439M	added0%	+0.16 pp	15 q
WTWWillis Towers Watson Public Limited Company	1.09%	3,523,542	$431M	trimmed−0%	−0.09 pp	4 q
unresolvedFmc Technologies Inc	1.07%	11,845,793	$421M	added0%	+0.18 pp	7 q
FNVFranco-Nevada Corporation	1.07%	7,060,161	$422M	added0%	−0.17 pp	15 q
COPConocoPhillips	1.06%	8,320,636	$417M	added0%	+0.15 pp	15 q
unresolvedOrbital Atk Inc	1.05%	4,729,130	$415M	added0%	+0.14 pp	8 q
ELVElevance Health, Inc.	1.03%	2,825,954	$406M	added0%	+0.14 pp	9 q
YAlleghany Corporation	1.00%	644,702	$392M	added+7%	+0.20 pp	15 q
SLBSLB Limited	0.98%	4,585,692	$385M	added0%	+0.07 pp	15 q
VARVarian Medical Systems, Inc.	0.98%	4,318,060	$388M	added0%	−0.11 pp	6 q
CVECenovus Energy Inc.	0.97%	25,227,374	$382M	trimmed−0%	+0.05 pp	15 q
TXNTexas Instruments Incorporated	0.97%	5,251,581	$383M	added+13%	+0.15 pp	6 q
BRK.ABerkshire Hathaway Inc.	0.94%	1,514	$370M	added0%	+0.11 pp	15 q
SMGThe Scotts Miracle-Gro Company	0.88%	3,628,712	$347M	trimmed−36%	−0.31 pp	15 q
UGIUGI Corporation	0.81%	6,908,698	$318M	trimmed−1%	+0.02 pp	6 q
BROBrown & Brown, Inc.	0.79%	6,899,089	$309M	added0%	+0.13 pp	11 q
CLColgate-Palmolive Company	0.77%	4,659,298	$305M	added0%	−0.10 pp	15 q
TIFTiffany & Co.	0.77%	3,909,459	$303M	added0%	+0.05 pp	4 q
DVNDevon Energy Corporation	0.74%	6,350,308	$290M	trimmed−22%	−0.17 pp	15 q
TWXTime Warner Inc	0.70%	2,874,716	$277M	added×193.6	+0.70 pp	15 q
CMICummins Inc.	0.66%	1,915,092	$262M	added0%	+0.04 pp	5 q
APHAmphenol Corporation	0.65%	3,832,510	$258M	trimmed−2%	+0.01 pp	4 q
ADIAnalog Devices, Inc.	0.65%	3,533,019	$257M	trimmed−12%	−0.01 pp	8 q
DHRDanaher Corporation	0.62%	3,157,097	$246M	added+29%	+0.13 pp	7 q
unresolvedDanaher Corp DEL	0.62%	3,157,097	$246M	new	+0.62 pp	new
SUSuncor Energy, Inc.	0.61%	7,386,402	$241M	trimmed−1%	+0.09 pp	8 q
ZTSZoetis Inc.	0.60%	4,390,047	$235M	added+13%	+0.09 pp	4 q
unresolvedMonsanto Co	0.59%	2,214,917	$233M	new	+0.59 pp	new
FFIVF5, Inc.	0.56%	1,525,332	$221M	trimmed−0%	+0.08 pp	4 q
TKRThe Timken Company	0.55%	5,430,139	$216M	trimmed−11%	+0.01 pp	8 q
CINFCincinnati Financial Corp	0.54%	2,797,812	$212M	trimmed−2%	0.00 pp	15 q
RGLDRoyal Gold Inc	0.52%	3,243,181	$205M	trimmed−0%	−0.11 pp	15 q
FTVFortive Corporation	0.51%	3,760,885	$202M	added×2.1	+0.28 pp	2 q
HSYThe Hershey Company	0.48%	1,821,280	$188M	new	+0.48 pp	new
TAPMolson Coors Beverage Company Class B	0.47%	1,895,343	$184M	added+91%	+0.20 pp	6 q
IMOImperial Oil Limited	0.46%	5,231,879	$182M	added+42%	+0.17 pp	6 q
GOOGAlphabet Inc. Class C	0.45%	229,761	$177M	trimmed−0%	0.00 pp	11 q
MSGSMadison Square Garden Sports Corp.	0.45%	1,029,030	$176M	trimmed−0%	+0.01 pp	5 q
MAMastercard Incorporated	0.44%	1,691,928	$175M	added0%	+0.01 pp	15 q
VSTOVista Outdoor Inc.	0.44%	4,673,596	$172M	added0%	−0.03 pp	8 q
VVISA Inc.	0.42%	2,115,559	$165M	added0%	−0.02 pp	15 q
CNQCanadian Natural Resources Limited	0.40%	4,967,139	$158M	trimmed−0%	0.00 pp	15 q
DNOWDNOW Inc.	0.40%	7,680,951	$157M	trimmed−0%	−0.02 pp	11 q
GOOGLAlphabet Inc. Class A	0.39%	191,548	$152M	trimmed−2%	−0.01 pp	5 q
WMBWilliams Companies Inc.	0.39%	4,987,718	$155M	added×2.5	+0.23 pp	2 q
ADPAutomatic Data Processing	0.38%	1,470,423	$151M	trimmed−1%	+0.05 pp	15 q
PPLPPL Corporation	0.38%	4,366,624	$149M	new	+0.38 pp	new
QCOMQualcomm Inc	0.37%	2,254,453	$147M	added×2.5	+0.21 pp	5 q
HRBH&R Block, Inc.	0.34%	5,749,967	$132M	added0%	0.00 pp	15 q
WYNTravel + Leisure Co.	0.34%	1,727,135	$132M	trimmed−11%	+0.01 pp	15 q
CCEPCoca-Cola Europacific Partners plc	0.34%	4,231,449	$133M	trimmed−18%	−0.18 pp	3 q
CCUCompania Cervecerias Unidas S.A.	0.33%	6,121,825	$128M	added+23%	+0.08 pp	11 q
MLMMartin Marietta Materials	0.33%	584,835	$130M	trimmed−60%	−0.32 pp	15 q
GDGeneral Dynamics Corporation	0.32%	722,390	$125M	trimmed−59%	−0.38 pp	4 q
PKGPackaging Corp of America	0.32%	1,464,960	$124M	added+2%	+0.02 pp	5 q
DCPDCP Midstream, LP	0.31%	3,183,939	$122M	trimmed−1%	+0.02 pp	5 q
PSXPhillips 66	0.27%	1,228,276	$106M	trimmed−14%	−0.02 pp	10 q
unresolvedIsrael Chemicals Ltd	0.27%	25,988,625	$107M	trimmed−1%	+0.01 pp	10 q
unresolvedRandgold Res Ltd	0.26%	1,350,288	$103M	added+6%	−0.06 pp	15 q
GWWW.W. Grainger, Inc.	0.25%	427,623	$99M	trimmed−76%	−0.78 pp	8 q
FTSFortis Inc.	0.23%	2,889,669	$89M	new	+0.23 pp	new
SEESealed Air Corp New	0.23%	1,965,360	$89M	trimmed−34%	−0.11 pp	15 q
TSNTyson Foods, Inc.	0.23%	1,496,906	$92M	trimmed−28%	−0.16 pp	7 q
ENBEnbridge, Inc	0.22%	2,054,104	$86M	added+50%	+0.07 pp	2 q
APDAir Products & Chemicals, Inc.	0.19%	521,605	$75M	trimmed−1%	−0.01 pp	8 q
BIIBBiogen Inc.	0.19%	257,025	$73M	trimmed−44%	−0.17 pp	5 q
unresolvedCuris	0.19%	24,008,672	$74M	held	—	15 q
HALOHalozyme Therapeutics, Inc.	0.19%	7,687,515	$76M	added+4%	−0.04 pp	13 q
LOWLowe's Companies Inc.	0.18%	1,004,920	$71M	trimmed−19%	−0.05 pp	15 q
PBIPitney Bowes Inc.	0.18%	4,633,659	$70M	trimmed−21%	−0.09 pp	15 q
GRAW.R. Grace & Co.	0.17%	989,210	$67M	trimmed−42%	−0.15 pp	15 q
VZVerizon Communications	0.17%	1,239,107	$66M	added×2875.0	+0.17 pp	15 q
unresolvedAlere Inc	0.16%	1,663,161	$65M	added+42%	+0.03 pp	3 q
AXTAAxalta Coating Systems Ltd.	0.16%	2,253,397	$61M	trimmed−39%	−0.11 pp	4 q
TAT&T Inc.	0.15%	1,360,796	$58M	new	+0.15 pp	new
ALBAlbemarle Corporation	0.15%	703,215	$61M	held	—	3 q
OLNOlin Corp.	0.15%	2,295,579	$59M	trimmed−9%	+0.02 pp	3 q
HPEHewlett Packard Enterprise Company	0.14%	2,434,490	$56M	trimmed−57%	−0.18 pp	5 q
NEMNewmont Corporation	0.14%	1,623,421	$55M	held	—	15 q
PEPPepsiCo, Inc.	0.14%	538,508	$56M	trimmed−78%	−0.54 pp	7 q
AWIArmstrong World Industries, Inc.	0.13%	1,179,946	$49M	added+18%	+0.03 pp	3 q
EGRXEagle Pharms Inc	0.13%	634,805	$50M	added+12%	+0.03 pp	2 q
POSTPost Holdings, Inc.	0.13%	644,570	$52M	added×7.6	+0.11 pp	2 q
unresolvedTahoe Res Inc	0.13%	5,472,854	$52M	added+22%	−0.02 pp	15 q
EBAYeBay Inc	0.12%	1,578,650	$47M	trimmed−18%	−0.04 pp	3 q
IPInternational Paper Co.	0.12%	854,881	$45M	new	+0.12 pp	new
VCVisteon Corporation	0.12%	593,625	$48M	trimmed−35%	−0.05 pp	11 q
MDRXVeradigm Inc	0.11%	4,105,150	$42M	trimmed−10%	−0.04 pp	7 q
NGLNgl Energy Partners LP	0.11%	2,087,871	$44M	trimmed−5%	+0.01 pp	8 q
SEMGSemgroup Corp-class A	0.11%	1,020,255	$43M	added×12.9	+0.10 pp	2 q
GCPNGcp Applied Technologies	0.10%	1,452,538	$39M	trimmed−24%	−0.04 pp	4 q
HPQHP Inc.	0.10%	2,639,630	$39M	added×2.6	+0.06 pp	2 q
unresolvedIntevac Inc	0.10%	4,725,881	$40M	trimmed−2%	+0.03 pp	15 q
OROR Royalties Inc.	0.10%	3,991,137	$39M	added+89%	+0.04 pp	2 q
GPKGraphic Packaging Holding Company	0.09%	2,908,651	$36M	trimmed−62%	−0.18 pp	10 q
INVAInnoviva, Inc.	0.09%	3,431,275	$37M	trimmed−4%	−0.01 pp	4 q
99803EURLaboratory Crp Of Amer Hldgs	0.09%	268,515	$34M	added+18%	+0.01 pp	2 q
MDCOMedicines Co	0.09%	1,055,029	$36M	added+3%	−0.01 pp	3 q
SJTSan Juan Basin Royalty Trust UBI	0.09%	5,142,053	$34M	trimmed−0%	+0.01 pp	15 q
UNVRUnivar Solutions Inc.	0.09%	1,313,205	$37M	held	—	3 q
DRRXDurect Corp	0.08%	22,431,546	$30M	added0%	0.00 pp	15 q
NGDNew Gold Inc.	0.08%	9,407,331	$33M	held	—	15 q
PAAPlains All American Pipeline, L.P. Common Units representing Limited Partner Interests	0.08%	1,012,015	$33M	held	—	6 q
unresolvedSpectra Energy Corp.	0.08%	726,334	$30M	added+54%	+0.03 pp	2 q
BBBlackBerry Limited	0.07%	4,137,856	$29M	added×3.9	+0.05 pp	2 q
XONPrecigen, Inc.	0.07%	1,102,004	$27M	held	—	11 q
MPCMarathon Petroleum Corporation	0.07%	577,902	$29M	new	+0.07 pp	new
unresolvedTransmontaigne Partners L P	0.07%	607,203	$27M	trimmed−17%	−0.01 pp	8 q
unresolvedYahoo Inc	0.07%	671,865	$26M	trimmed−31%	−0.04 pp	3 q
FLEXFlex Ltd.	0.07%	1,829,415	$26M	added+6%	+0.01 pp	2 q
CDKCDK Global, Inc.	0.06%	364,300	$22M	new	+0.06 pp	new
MQ8Mag Silver Corp	0.06%	1,999,467	$22M	held	—	8 q
NLNKNewLink Genetics Corporation	0.06%	2,129,200	$22M	trimmed−3%	−0.02 pp	15 q
XAWFXAlliancebernstein Gl Hi Inc	0.05%	1,451,730	$18M	added+4%	+0.01 pp	11 q
AUAngloGold Ashanti plc	0.05%	1,840,964	$19M	held	—	15 q
BTGB2Gold Corp.	0.05%	7,700,300	$18M	held	—	7 q
unresolvedEldorado Gold (C$)	0.05%	6,443,257	$21M	held	—	15 q
ATIATI Inc.	0.04%	942,043	$15M	new	+0.04 pp	new
unresolvedCui Global Inc	0.04%	2,400,542	$17M	trimmed−4%	0.00 pp	12 q
unresolvedEncana Corp	0.04%	1,361,155	$16M	added0%	0.00 pp	15 q
KOPNKopin Corp	0.04%	5,361,070	$15M	trimmed−5%	+0.01 pp	15 q
NGNovaGold Resources Inc.	0.04%	3,796,285	$17M	added+48%	0.00 pp	4 q
NSNuStar Energy L.P.	0.04%	291,400	$15M	trimmed−2%	0.00 pp	15 q
STXNSeagate Technology Holdings PLC (Ireland)	0.04%	437,500	$17M	added+62%	+0.01 pp	15 q
ARQLArqule Inc	0.03%	10,912,733	$14M	added+1%	−0.02 pp	15 q
unresolvedBellicum Pharmaceuticals Inc	0.03%	775,254	$11M	trimmed−9%	−0.01 pp	8 q
CASYCasey's General Stores Inc	0.03%	110,290	$13M	new	+0.03 pp	new
DFODQDean Foods Co	0.03%	589,185	$13M	new	+0.03 pp	new
unresolvedIndependence Hldg Co New	0.03%	594,859	$12M	held	—	15 q
unresolvedKlx Inc	0.03%	262,375	$12M	new	+0.03 pp	new
RMTORM2 International Inc	0.02%	1,584,422	$7M	added+5%	+0.01 pp	7 q
ARDMAradigm Corp	0.02%	3,854,730	$6M	held	—	11 q
GBDCGolub Capital BDC, Inc.	0.02%	343,700	$6M	held	—	6 q
KLICKulicke & Soffa Industries Inc	0.02%	400,421	$6M	held	—	12 q
LSXMKLiberty Media Cor-siriusxm C	0.02%	205,284	$7M	trimmed−1%	0.00 pp	3 q
MTBM&T Bank Corp.	0.02%	44,704	$7M	trimmed−14%	0.00 pp	15 q
unresolvedSeacor Holdings Inc.	0.02%	96,554	$7M	held	—	15 q
unresolvedValeant Pharmaceuticals Intl	0.02%	613,800	$9M	added+61%	0.00 pp	15 q
VSMVersum Materials, Inc.	0.02%	316,002	$9M	new	+0.02 pp	new
AGIAlamos Gold Inc. Class A	0.01%	537,100	$4M	new	+0.01 pp	new
AGRAvangrid, Inc.	0.01%	55,998	$2M	added×3.5	+0.01 pp	5 q
CVICvr Energy, Inc.	0.01%	165,100	$4M	held	—	3 q
CCJCameco Corporation	0.01%	313,300	$3M	held	—	2 q
unresolvedCree Inc	0.01%	108,700	$3M	held	—	2 q
DDSDillard's, Inc. Class A	0.01%	45,900	$3M	held	—	3 q
EZPWEzcorp Inc	0.01%	362,000	$4M	held	—	6 q
GILDGilead Sciences Inc	0.01%	49,700	$4M	held	—	15 q
GPROGoPro, Inc.	0.01%	542,200	$5M	added+11%	−0.01 pp	3 q
IDNIntellicheck, Inc.	0.01%	1,050,000	$3M	added+27%	+0.01 pp	2 q
IBMInternational Business Machines Corporation	0.01%	22,972	$4M	held	—	15 q
SLViShares Silver Trust	0.01%	251,600	$4M	held	—	15 q
JPMJPMorgan Chase & Co.	0.01%	30,300	$3M	held	—	15 q
JNJJohnson & Johnson	0.01%	28,031	$3M	trimmed−1%	0.00 pp	15 q
KBRKBR, Inc.	0.01%	198,600	$3M	new	+0.01 pp	new
unresolvedLeucadia National	0.01%	211,000	$5M	held	—	13 q
LM03Liberty Media Cor-siriusxm A	0.01%	102,642	$4M	trimmed−1%	0.00 pp	3 q
MGNXMacroGenics, Inc.	0.01%	175,000	$4M	trimmed−21%	−0.01 pp	11 q
METMetLife, Inc.	0.01%	41,000	$2M	held	—	15 q
OIIOceaneering International Inc.	0.01%	92,800	$3M	held	—	3 q
unresolvedPain Therapeutics Inc	0.01%	6,602,658	$4M	held	—	15 q
TRAKReposiTrak, Inc.	0.01%	268,461	$3M	held	—	13 q
PFEPfizer Inc.	0.01%	66,061	$2M	held	—	15 q
SPGIS&P Global Inc.	0.01%	40,000	$4M	held	—	3 q
SPHSuburban Propane Partners L P	0.01%	196,250	$6M	held	—	15 q
SNSSViracta Therapeutics Inc	0.01%	574,999	$2M	added×2.3	+0.01 pp	2 q
unresolvedThreshold Pharmaceutical Inc	0.01%	7,093,802	$3M	added+19%	0.00 pp	3 q
TWTRTwitter, Inc.	0.01%	162,000	$3M	trimmed−92%	−0.11 pp	4 q
UNMUnum Group	0.01%	60,000	$3M	held	—	15 q
ACTAllergan PLC	0.01%	26,600	$6M	new	+0.01 pp	new
CYDChina Yuchai International Ltd.	0.01%	245,000	$3M	held	—	15 q
unresolvedVascular Biogenics Ltd	0.01%	923,239	$4M	held	—	5 q
ASIXAdvanSix Inc.	0.00%	30	$1,000	new	0.00 pp	new
MOAltria Group, Inc.	0.00%	13,000	$879,000	held	—	15 q
AMZNAmazon.Com Inc	0.00%	917	$688,000	held	—	15 q
ABEVAmbev S.a.	0.00%	17,875	$88,000	held	—	13 q
MJCAntares Pharma Inc	0.00%	20,000	$47,000	held	—	15 q
AAPLApple Inc.	0.00%	8,606	$997,000	trimmed−47%	0.00 pp	15 q
ATRAptarGroup, Inc.	0.00%	14,129	$1M	held	—	15 q
BPBP p.l.c.	0.00%	273	$10,000	trimmed−2%	0.00 pp	15 q
BIDUBaidu, Inc.	0.00%	10	$2,000	held	—	15 q
unresolvedBaker Hughes Inc.	0.00%	181	$12,000	held	—	15 q
BNSBank of Nova Scotia	0.00%	1,000	$56,000	held	—	6 q
Barclays Bank PLCconvertible	0.00%	500	$13,000	held	—	15 q
BASBasis Energy Services, Inc.	0.00%	17,417	$616,000	new	0.00 pp	new
BAXBaxter International Inc.	0.00%	1,100	$49,000	trimmed−100%	−0.32 pp	15 q
BRK.BBERKSHIRE HATHAWAY Class B	0.00%	1,150	$187,000	trimmed−8%	0.00 pp	15 q
BMYBristol-Myers Squibb Co.	0.00%	11,529	$674,000	held	—	15 q
CRCCalifornia Resources Corporation	0.00%	122	$3,000	held	—	3 q
CALACalithera Biosciences Inc	0.00%	438,103	$1M	trimmed−19%	0.00 pp	5 q
unresolvedCalpine Corp	0.00%	1,000	$11,000	held	—	15 q
CCLCarnival Corporation Ltd.	0.00%	500	$26,000	held	—	2 q
unresolvedCascadian Therapeutics Inc	0.00%	24,999	$108,000	new	0.00 pp	new
CHTRCharter Comm Inc Del CL A New	0.00%	1,276	$367,000	trimmed−99%	−0.08 pp	3 q
CCThe Chemours Company	0.00%	120	$3,000	held	—	6 q
CVXChevron Corporation	0.00%	1,004	$118,000	held	—	15 q
CHDChurch & Dwight Co., Inc.	0.00%	3,600	$159,000	trimmed−4%	0.00 pp	15 q
CSCOCisco Systems, Inc. (DE)	0.00%	10,200	$308,000	held	—	15 q
unresolvedCommerceHub, Inc., Series A	0.00%	105	$2,000	held	—	2 q
unresolvedCommerceHub, Inc., Series C	0.00%	211	$3,000	held	—	2 q
CAGConagra Brands, Inc.	0.00%	19,762	$782,000	held	—	15 q
CTOCTO Realty Growth, Inc.	0.00%	4,000	$214,000	held	—	15 q
STZConstellation Brands, Inc.	0.00%	2,400	$368,000	held	—	15 q
GLWCorning Incorporated	0.00%	40	$1,000	held	—	15 q
unresolvedDeltic Timber Corp	0.00%	3,684	$284,000	trimmed−98%	−0.04 pp	15 q
DKSDick's Sporting Goods, Inc.	0.00%	1,000	$53,000	held	—	11 q
DISThe Walt Disney Company	0.00%	7,000	$730,000	held	—	3 q
DGICADonegal Group Inc	0.00%	49,463	$865,000	held	—	13 q
DMLPDorchester Minerals LP	0.00%	600	$11,000	held	—	15 q
unresolvedDu Pont E I De Nemours & Co	0.00%	600	$44,000	held	—	15 q
ETREntergy Corporation	0.00%	200	$15,000	held	—	15 q
unresolvedExpress Scripts Hldg Co	0.00%	1,168	$80,000	held	—	15 q
XOMExxon Mobil Corp	0.00%	5,428	$490,000	trimmed−18%	0.00 pp	15 q
METAMeta Platforms, Inc. Class A	0.00%	3,800	$437,000	held	—	15 q
unresolvedFifth Street Finance Corp	0.00%	109,000	$585,000	held	—	6 q
FBZFirst Trust Brazil AlphaDEX Fund	0.00%	2,915	$40,000	held	—	15 q
unresolvedFrontier Communications Corp	0.00%	72	$0	held	—	15 q
unresolvedGeneral Electric Co	0.00%	44,301	$1M	held	—	15 q
GERNGeron Corp	0.00%	144,700	$300,000	held	—	15 q
unresolvedGigamon Inc	0.00%	2,000	$91,000	new	0.00 pp	new
unresolvedGlaxosmithkline PLC	0.00%	1	$0	held	—	15 q
GSGoldman Sachs Group Inc.	0.00%	151	$36,000	held	—	15 q
unresolvedHrg Group Inc	0.00%	94,800	$1M	held	—	7 q
HIGThe Hartford Insurance Group, Inc.	0.00%	200	$10,000	held	—	15 q
HONHoneywell International, Inc.	0.00%	750	$87,000	held	—	15 q
INVEINVE Technologies, Inc.	0.00%	65,000	$207,000	held	—	10 q
ILMNIllumina Inc	0.00%	400	$51,000	held	—	15 q
INTCIntel Corp	0.00%	28,470	$1M	held	—	15 q
unresolvedKlondex Mns Ltd	0.00%	5,000	$23,000	held	—	5 q
KHCThe Kraft Heinz Company	0.00%	1,845	$161,000	held	—	6 q
LWLamb Weston Holdings, Inc.	0.00%	6,587	$249,000	new	0.00 pp	new
unresolvedLayne Christensen Co	0.00%	65,200	$709,000	held	—	13 q
Layne Christensen Coconvertible	0.00%	1,550,000	$1M	held	—	8 q
LBRDALiberty Broadband Corporation Class A	0.00%	220	$16,000	held	—	9 q
LBRDKLiberty Broadband Corporation Class C	0.00%	440	$33,000	held	—	9 q
LEXEALiberty Expedia Holdings, Inc. Class A	0.00%	422	$17,000	new	0.00 pp	new
unresolvedLiberty Interactive Corp	0.00%	4,375	$87,000	held	—	15 q
unresolvedLiberty Ventures	0.00%	634	$23,000	new	0.00 pp	new
BATRAAtlanta Braves Holdings, Inc. Series A	0.00%	10,261	$210,000	trimmed−1%	0.00 pp	3 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.00%	51,320	$2M	trimmed−1%	0.00 pp	3 q
LM05Liberty Media Corp-liberty-a	0.00%	25,658	$804,000	trimmed−1%	0.00 pp	3 q
BATRKAtlanta Braves Holdings, Inc. Series C	0.00%	20,526	$423,000	trimmed−1%	0.00 pp	3 q
LTRPALiberty TripAdvisor Holdings, Inc. Series A	0.00%	436	$7,000	held	—	10 q
LGF.BLions Gate Entertainment Corp. Class B Non-Voting Shares	0.00%	15,166	$372,000	new	0.00 pp	new
unresolvedLion Biotechnologies Inc	0.00%	150,000	$1M	held	—	3 q
LLoews Corporation	0.00%	14,000	$656,000	held	—	15 q
LORLLoral Space and Communications, Inc.	0.00%	41,350	$2M	held	—	13 q
MRKMerck & Co., Inc.	0.00%	7,790	$459,000	held	—	15 q
MDLZMondelez International, Inc. Class A	0.00%	5,536	$245,000	trimmed−100%	−0.46 pp	15 q
MNSTMonster Beverage Corporation	0.00%	30,000	$1M	held	—	7 q
MURMurphy Oil Corp.	0.00%	14,226	$443,000	held	—	15 q
MUSAMurphy USA Inc.	0.00%	3,031	$186,000	trimmed−5%	0.00 pp	14 q
GFNEW GERMANY FUND Inc	0.00%	12,919	$169,000	held	—	15 q
NWSANews Corporation Class A	0.00%	365	$4,000	held	—	14 q
NWSNews Corporation Class B	0.00%	230	$3,000	held	—	14 q
NVSNovartis AG	0.00%	12,848	$936,000	held	—	15 q
NUANNuance Communications, Inc.	0.00%	700	$10,000	held	—	15 q
JGHNuveen Global High Income Fund	0.00%	90,000	$1M	held	—	9 q
OXYOccidental Petroleum Corporation	0.00%	2,522	$180,000	held	—	15 q
unresolvedOncomed Pharmaceuticals Inc	0.00%	230,400	$2M	held	—	4 q
PDLIPDL BioPharma, Inc.	0.00%	2,800	$6,000	held	—	15 q
JCPJ.C. Penney Company, Inc.	0.00%	5,000	$42,000	held	—	12 q
PBRPetroleo Brasileiro S.a.-petrobras	0.00%	200	$2,000	held	—	15 q
PMPhilip Morris International Inc.	0.00%	13,000	$1M	held	—	15 q
ORealty Income Corporation	0.00%	1,340	$77,000	held	—	13 q
unresolvedRestoration Hardware Hldgs I	0.00%	44,900	$1M	new	0.00 pp	new
unresolvedSanofi	0.00%	146,402	$56,000	held	—	15 q
SCHWThe Charles Schwab Corporation	0.00%	900	$36,000	held	—	15 q
SONYSony Group Corporation	0.00%	800	$22,000	held	—	15 q
unresolvedSprint Corporation	0.00%	602	$5,000	held	—	14 q
XYZBlock, Inc.	0.00%	1,940	$26,000	held	—	5 q
SMMTSummit Therapeutics Inc.	0.00%	175,000	$1M	held	—	8 q
SYTSyngenta Ag-adr	0.00%	66	$5,000	held	—	15 q
TSLATesla, Inc.	0.00%	105	$22,000	held	—	5 q
TEVATeva Pharmaceutical Industries Limited	0.00%	200	$7,000	held	—	15 q
TMOThermo Fisher Scientific, Inc.	0.00%	200	$28,000	held	—	15 q
TIMETime Inc	0.00%	1,854	$33,000	held	—	11 q
TIVOTivo Inc	0.00%	184	$4,000	held	—	2 q
unresolvedTwenty First Centy Fox Inc	0.00%	1,460	$41,000	held	—	14 q
unresolvedTwenty First Centy Fox Inc	0.00%	920	$25,000	held	—	14 q
UTXZRTX Corporation	0.00%	1,060	$116,000	trimmed−85%	0.00 pp	15 q
GDXVanEck Gold Miners ETF	0.00%	11,770	$246,000	added+71%	0.00 pp	3 q
VODVodafone Group PLC	0.00%	272	$7,000	held	—	11 q
VMCVulcan Materials Company(Holding Company)	0.00%	800	$100,000	trimmed−100%	−0.27 pp	15 q
VUZIVuzix Corporation	0.00%	25,000	$170,000	held	—	6 q
WMTWalmart Inc.	0.00%	7,686	$531,000	trimmed−99%	−0.21 pp	15 q
WPGWashington Prime Group Inc.	0.00%	184,000	$2M	held	—	2 q
WFCWells Fargo & Co.	0.00%	1,800	$99,000	held	—	15 q
XWIAXWestern Asset Infl-link Sec	0.00%	40,726	$468,000	added+3%	0.00 pp	2 q
WIWWestern Asset Inflation-Linked Opportunities & Income Fund	0.00%	142,100	$2M	added×3.5	0.00 pp	2 q
unresolvedWilliams Partners L P New	0.00%	4,622	$176,000	held	—	8 q
XYLXylem Inc	0.00%	39,100	$2M	held	—	15 q
ZBHZimmer Biomet Holdings, Inc.	0.00%	873	$90,000	held	—	15 q
ADNTAdient plc	0.00%	143	$8,000	new	0.00 pp	new
JCIJohnson Controls International plc	0.00%	1,432	$59,000	held	—	2 q
LBTYALiberty Global Ltd. Class A	0.00%	48,978	$1M	held	—	15 q
99998USDLiberty Global PLC Lilac - A	0.00%	8,555	$188,000	held	—	6 q
1LGEUSDLiberty Global PLC Lilac - C	0.00%	25,859	$547,000	held	—	6 q
MNKMallinckrodt PLC	0.00%	187	$9,000	held	—	13 q
MDTMedtronic plc	0.00%	1,434	$102,000	trimmed−100%	−0.09 pp	8 q
PNRPentair plc	0.00%	359	$20,000	held	—	11 q
0VQJLTe Connectivity Ltd	0.00%	1,500	$104,000	held	—	15 q
NOCNorthrop Grumman Corp.	—	−1,082,879	—	exited	−0.59 pp	—
BUDAnheuser-Busch INBEV SA/NV	—	−1,741,712	—	exited	−0.58 pp	—
LMTLockheed Martin Corp.	—	−599,955	—	exited	−0.36 pp	—
unresolvedCanadian Pac Ry Ltd	—	−858,923	—	exited	−0.33 pp	—
unresolvedItc Hldgs Corp	—	−2,417,684	—	exited	−0.28 pp	—
RTNRaytheon Company	—	−493,203	—	exited	−0.17 pp	—
AMGNAmgen Inc	—	−369,976	—	exited	−0.16 pp	—
ABTAbbott Laboratories	—	−1,271,914	—	exited	−0.14 pp	—
MSTRStrategy Inc Class A	—	−319,330	—	exited	−0.14 pp	—
TMUST-Mobile US, Inc.	—	−995,123	—	exited	−0.12 pp	—
unresolvedSt Jude Med Inc	—	−545,389	—	exited	−0.11 pp	—
LYBLyondellBasell Industries N.V. Class A	—	−540,825	—	exited	−0.11 pp	—
HTZGQHertz Global Holdings Inc	—	−844,854	—	exited	−0.09 pp	—
MSGNMSG Networks Inc.	—	−1,754,770	—	exited	−0.08 pp	—
HDSHD Supply Holdings, Inc.	—	−648,900	—	exited	−0.05 pp	—
IAGIAMGold Corporation	—	−5,129,791	—	exited	−0.05 pp	—
OCOwens Corning	—	−362,425	—	exited	−0.05 pp	—
EMNEastman Chemical Company	—	−196,830	—	exited	−0.03 pp	—
GFIGold Fields Ltd	—	−2,681,635	—	exited	−0.03 pp	—
unresolvedShire PLC	—	−53,037	—	exited	−0.03 pp	—
CMTLComtech Telecommunications	—	−752,604	—	exited	−0.02 pp	—
DALDelta Air Lines, Inc.	—	−217,130	—	exited	−0.02 pp	—
KGCKinross Gold Corporation	—	−2,324,836	—	exited	−0.02 pp	—
KRThe Kroger Co.	—	−222,000	—	exited	−0.02 pp	—
unresolvedNustar Gp Holdings LLC	—	−250,000	—	exited	−0.02 pp	—
AMPAmeriprise Financial, Inc.	—	−21,324	—	exited	−0.01 pp	—
LVSLas Vegas Sands Corp.	—	−53,400	—	exited	−0.01 pp	—
MUMicron Technology, Inc.	—	−205,000	—	exited	−0.01 pp	—
unresolvedMorgans Hotel Group Co	—	−1,036,000	—	exited	−0.01 pp	—
PPGPPG Industries, Inc.	—	−54,100	—	exited	−0.01 pp	—
unresolvedPrimero Mng Corp	—	−1,538,000	—	exited	−0.01 pp	—
unresolvedRackspace Hosting Inc	—	−123,500	—	exited	−0.01 pp	—
TRNTrinity Industries, Inc.	—	−149,200	—	exited	−0.01 pp	—
AVNWAviat Networks, Inc.	—	−33	—	exited	0.00 pp	—
unresolvedCascadian Therapeutics Inc	—	−400,000	—	exited	0.00 pp	—
unresolvedCelldex Therapeutics Inc New	—	−445,000	—	exited	0.00 pp	—
CORTCorcept Therapeutics Inc.	—	−125,000	—	exited	0.00 pp	—
HRSL3Harris Technologies, Inc.	—	−1,600	—	exited	0.00 pp	—
unresolvedLiberty Interactive Corp	—	−1,057	—	exited	0.00 pp	—
MFCManulife Financial Corp.	—	−942	—	exited	0.00 pp	—
unresolvedStarz	—	−23,178	—	exited	0.00 pp	—
UNFUnifirst Corp	—	−12,259	—	exited	0.00 pp	—