First Eagle

Q1 2018 13F · by Kimball Brooker, portfolio manager

As of: Mar 31, 2018
Filed: May 4, 2018
US stock: $40.1B · prev $42.5B
Positions: 164 · prev 320
Options notional: $38M
Documents: 1· no amendments

Picture99.9% US stock

Full picture · of what this 13F reports is US stock

US stock listed on a US exchange 99.9%
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 0.1%

Moves302 since the prior filing

+8.0 pp in · −8.0 pp out

New 9 +3.72 pp
Added 49 +4.32 pp
Trimmed 69 −3.04 pp
Exited 165 −4.98 pp

Options: 10 moves on a notional base, in the table below.

The book

Diversified · behaves like 52 equal-sized positions

Very concentrated
Concentrated
Focused
Diversified

Moderate turnover · 28% a year, about 3.6 years per position

Low
Moderate
High

Top 5 positions18% of US stock

Positions164 in this filing · 165 exited


ORCLOracle Corp	4.66%	40,847,782	$1.9B	added0%	+0.13 pp	20 q
XOMExxon Mobil Corp	3.37%	18,085,596	$1.3B	added+43%	+0.88 pp	20 q
WYWeyerhaeuser Company	3.32%	37,995,660	$1.3B	added+1%	+0.20 pp	20 q
NTRNutrien Ltd.	3.22%	27,336,762	$1.3B	new	+3.22 pp	new
MSFTMicrosoft Corp	3.20%	14,062,413	$1.3B	trimmed−42%	−1.69 pp	20 q
SLBSLB Limited	3.11%	19,247,155	$1.2B	added+1%	+0.08 pp	20 q
AXPAmerican Express Company	2.99%	12,866,242	$1.2B	added0%	−0.01 pp	20 q
OMCOmnicom Group Inc.	2.83%	15,623,070	$1.1B	added+1%	+0.17 pp	20 q
CMCSAComcast Corp	2.71%	31,748,253	$1.1B	added0%	−0.28 pp	20 q
FTITechnipFMC plc	2.56%	34,910,980	$1.0B	added0%	0.00 pp	5 q
NOVNOV Inc.	2.48%	27,023,034	$995M	trimmed−0%	+0.19 pp	20 q
BNYBank of New York Mellon Corporation	2.45%	19,084,772	$983M	trimmed−3%	−0.03 pp	20 q
MMM3M Company	2.34%	4,265,530	$936M	trimmed−6%	−0.17 pp	20 q
BBTTruist Financial Corporation	2.18%	16,798,617	$874M	added+1%	+0.23 pp	20 q
UNPUnion Pacific Corp.	2.11%	6,302,857	$847M	added+1%	+0.13 pp	11 q
DEDeere & Company	1.87%	4,829,937	$750M	trimmed−2%	+0.06 pp	15 q
GLDSPDR Gold Trust, SPDR Gold Shares	1.86%	5,918,058	$744M	trimmed−8%	0.00 pp	20 q
COPConocoPhillips	1.68%	11,392,533	$675M	added0%	+0.21 pp	20 q
TDCTeradata Corporation	1.68%	16,953,128	$673M	trimmed−1%	+0.13 pp	18 q
XLNXXilinx Inc	1.67%	9,262,840	$669M	trimmed−0%	+0.20 pp	15 q
ELVElevance Health, Inc.	1.62%	2,948,535	$648M	trimmed−6%	−0.04 pp	14 q
WTWWillis Towers Watson Public Limited Company	1.53%	4,038,304	$615M	added0%	+0.10 pp	9 q
CHRWC.H. Robinson Worldwide, Inc.	1.51%	6,449,795	$604M	added+1%	+0.17 pp	5 q
unresolvedOrbital Atk Inc	1.48%	4,488,536	$595M	trimmed−1%	+0.08 pp	13 q
USBU.S. Bancorp	1.48%	11,766,755	$594M	trimmed−0%	−0.01 pp	20 q
VARVarian Medical Systems, Inc.	1.44%	4,717,021	$579M	trimmed−1%	+0.20 pp	11 q
IMOImperial Oil Limited	1.43%	21,590,993	$572M	added+23%	+0.14 pp	11 q
CLColgate-Palmolive Company	1.40%	7,830,595	$561M	added+46%	+0.45 pp	20 q
FLSFlowserve Corporation	1.40%	12,989,427	$563M	added0%	+0.11 pp	13 q
SYFSynchrony Financial	1.38%	16,554,438	$555M	trimmed−5%	−0.20 pp	11 q
WPMWheaton Precious Metals Corp.	1.38%	27,221,140	$554M	added+67%	+0.53 pp	4 q
AEMAgnico Eagle Mines Ltd.	1.30%	12,435,144	$523M	added+1%	−0.04 pp	20 q
18614USDGoldcorp Inc	1.29%	37,461,068	$518M	added+1%	+0.17 pp	20 q
WRBW.R. Berkley Corporation	1.22%	6,730,494	$489M	trimmed−0%	+0.08 pp	20 q
BRK.ABerkshire Hathaway Inc.	1.17%	1,574	$471M	trimmed−0%	+0.07 pp	20 q
ABXBarrick Mining Corporation	1.10%	35,547,520	$443M	added+1%	−0.10 pp	20 q
YAlleghany Corporation	1.01%	661,366	$406M	trimmed−0%	+0.08 pp	20 q
FNVFranco-Nevada Corporation	0.95%	5,569,148	$380M	trimmed−0%	−0.10 pp	20 q
NEMNewmont Corporation	0.93%	9,584,767	$374M	added×2.2	+0.54 pp	20 q
TIFTiffany & Co.	0.93%	3,798,751	$371M	trimmed−1%	−0.01 pp	9 q
BROBrown & Brown, Inc.	0.90%	14,117,442	$360M	trimmed−1%	+0.04 pp	16 q
TXNTexas Instruments Incorporated	0.87%	3,349,795	$348M	trimmed−15%	−0.10 pp	11 q
UGIUGI Corporation	0.84%	7,592,604	$337M	added+1%	+0.01 pp	11 q
LBTYKLiberty Global Ltd. Class C	0.82%	10,867,272	$331M	trimmed−39%	−0.61 pp	20 q
CMICummins Inc.	0.80%	1,971,245	$320M	trimmed−1%	−0.03 pp	10 q
RGLDRoyal Gold Inc	0.75%	3,518,772	$302M	trimmed−0%	+0.07 pp	20 q
CTASCintas Corp	0.72%	1,695,058	$289M	trimmed−41%	−0.33 pp	20 q
ADIAnalog Devices, Inc.	0.71%	3,144,377	$287M	trimmed−0%	+0.05 pp	13 q
MAMastercard Incorporated	0.71%	1,618,512	$283M	added0%	+0.13 pp	20 q
CVECenovus Energy Inc.	0.68%	32,082,882	$274M	added0%	−0.01 pp	20 q
PXGBXPraxair Inc	0.65%	1,802,616	$260M	trimmed−17%	−0.14 pp	20 q
GOOGAlphabet Inc. Class C	0.60%	234,140	$242M	trimmed−1%	+0.02 pp	16 q
SUSuncor Energy, Inc.	0.58%	6,762,859	$234M	added+1%	0.00 pp	13 q
CCUCompania Cervecerias Unidas S.A.	0.55%	7,476,167	$220M	added+2%	+0.04 pp	16 q
VVISA Inc.	0.54%	1,807,246	$216M	added0%	+0.06 pp	20 q
CINFCincinnati Financial Corp	0.50%	2,688,297	$200M	trimmed−1%	+0.02 pp	20 q
SMGThe Scotts Miracle-Gro Company	0.49%	2,276,756	$195M	trimmed−8%	−0.13 pp	20 q
GOOGLAlphabet Inc. Class A	0.47%	182,211	$189M	trimmed−27%	−0.14 pp	10 q
ADPAutomatic Data Processing	0.45%	1,599,999	$182M	trimmed−1%	+0.01 pp	20 q
HRBH&R Block, Inc.	0.40%	6,340,465	$161M	trimmed−0%	+0.01 pp	20 q
DVNDevon Energy Corporation	0.38%	4,821,095	$153M	trimmed−1%	−0.09 pp	20 q
CNQCanadian Natural Resources Limited	0.37%	4,661,273	$147M	added0%	−0.02 pp	20 q
PKGPackaging Corp of America	0.29%	1,018,060	$115M	trimmed−0%	0.00 pp	10 q
MLMMartin Marietta Materials	0.27%	519,735	$108M	held	—	20 q
unresolvedIsrael Chemicals Ltd	0.27%	26,077,473	$110M	added0%	+0.02 pp	15 q
DCPDCP Midstream, LP	0.26%	3,020,300	$106M	held	—	10 q
GDGeneral Dynamics Corporation	0.26%	468,190	$103M	trimmed−5%	+0.02 pp	9 q
unresolvedRandgold Res Ltd	0.26%	1,241,764	$103M	added0%	−0.03 pp	20 q
WYNTravel + Leisure Co.	0.24%	830,664	$95M	added+4%	+0.02 pp	20 q
HPQHP Inc.	0.23%	4,128,320	$90M	held	—	7 q
DNOWDNOW Inc.	0.21%	8,417,430	$86M	added+7%	+0.01 pp	16 q
unresolvedKlx Inc	0.20%	1,119,280	$80M	added+21%	+0.05 pp	6 q
unresolvedLa Quinta Hldgs Inc	0.20%	4,252,788	$80M	added+21%	+0.05 pp	5 q
VSTOVista Outdoor Inc.	0.19%	4,675,216	$76M	added+1%	+0.03 pp	13 q
WDCWestern Digital Corp.	0.19%	823,528	$76M	added+2%	+0.04 pp	3 q
TSNTyson Foods, Inc.	0.18%	987,056	$72M	held	—	12 q
AWIArmstrong World Industries, Inc.	0.17%	1,245,178	$70M	added+13%	+0.01 pp	8 q
VCVisteon Corporation	0.17%	631,315	$70M	held	—	16 q
IPInternational Paper Co.	0.16%	1,168,935	$62M	held	—	6 q
TRVThe Travelers Companies, Inc.	0.16%	472,252	$66M	trimmed−0%	+0.01 pp	5 q
VREXVarex Imaging Corporation	0.16%	1,759,342	$63M	trimmed−0%	−0.01 pp	5 q
HALOHalozyme Therapeutics, Inc.	0.15%	3,004,753	$59M	trimmed−34%	−0.07 pp	18 q
BBBlackBerry Limited	0.14%	4,748,919	$55M	trimmed−24%	−0.03 pp	7 q
CCThe Chemours Company	0.14%	1,163,990	$57M	new	+0.14 pp	new
PNRPentair plc	0.14%	798,944	$54M	added+4%	+0.01 pp	16 q
ATIATI Inc.	0.13%	2,230,848	$53M	held	—	6 q
OLNOlin Corp.	0.13%	1,762,353	$54M	held	—	8 q
BALLBall Corporation	0.12%	1,161,245	$46M	added+2%	+0.02 pp	4 q
DRRXDurect Corp	0.12%	22,476,546	$48M	held	—	20 q
EBAYeBay Inc	0.12%	1,196,469	$48M	trimmed−30%	−0.03 pp	8 q
ALBAlbemarle Corporation	0.11%	493,915	$46M	held	—	8 q
ARQLArqule Inc	0.11%	14,833,484	$43M	trimmed−0%	+0.05 pp	20 q
HUNHuntsman Corporation	0.11%	1,473,653	$43M	added+26%	+0.02 pp	2 q
TMUST-Mobile US, Inc.	0.11%	719,711	$44M	new	+0.11 pp	new
POSTPost Holdings, Inc.	0.10%	546,253	$41M	held	—	7 q
SJTSan Juan Basin Royalty Trust UBI	0.10%	5,067,615	$40M	trimmed−0%	0.00 pp	20 q
SERVTerminix Global Holdings Inc	0.10%	804,967	$41M	new	+0.10 pp	new
UNVRUnivar Solutions Inc.	0.10%	1,496,472	$42M	added+8%	0.00 pp	8 q
APDAir Products & Chemicals, Inc.	0.09%	214,948	$34M	trimmed−68%	−0.17 pp	13 q
GCPNGcp Applied Technologies	0.09%	1,261,532	$37M	trimmed−2%	−0.01 pp	9 q
VSMVersum Materials, Inc.	0.09%	915,515	$34M	held	—	6 q
unresolvedTahoe Res Inc	0.08%	7,160,667	$34M	trimmed−5%	0.00 pp	20 q
BTGB2Gold Corp.	0.07%	9,700,300	$27M	added+26%	+0.01 pp	12 q
EGRXEagle Pharms Inc	0.07%	500,922	$26M	trimmed−17%	−0.01 pp	7 q
unresolvedIntevac Inc	0.07%	4,036,114	$28M	added+2%	+0.01 pp	20 q
ADNTAdient plc	0.07%	484,097	$29M	trimmed−31%	−0.06 pp	6 q
INVAInnoviva, Inc.	0.06%	1,364,550	$23M	added+6%	+0.02 pp	9 q
ICEIntercontinental Exchange Inc.	0.06%	328,150	$24M	held	—	3 q
NGDNew Gold Inc.	0.06%	10,007,331	$26M	held	—	20 q
OROR Royalties Inc.	0.06%	2,412,081	$23M	trimmed−31%	−0.04 pp	7 q
SPGIS&P Global Inc.	0.06%	134,141	$26M	trimmed−41%	−0.03 pp	8 q
CMGChipotle Mexican Grill, Inc.	0.05%	61,138	$20M	new	+0.05 pp	new
MQ8Mag Silver Corp	0.05%	1,999,467	$20M	held	—	13 q
NGLNgl Energy Partners LP	0.05%	1,833,095	$20M	held	—	13 q
NGNovaGold Resources Inc.	0.05%	4,515,161	$20M	held	—	9 q
unresolvedTransmontaigne Partners L P	0.05%	611,161	$22M	held	—	13 q
AGIAlamos Gold Inc. Class A	0.04%	2,964,338	$15M	held	—	6 q
AUAngloGold Ashanti plc	0.04%	1,840,964	$17M	held	—	20 q
unresolvedCuris	0.04%	24,904,977	$16M	trimmed−10%	−0.01 pp	20 q
XONPrecigen, Inc.	0.04%	1,102,004	$17M	held	—	16 q
MDCOMedicines Co	0.04%	465,863	$15M	held	—	8 q
NLNKNewLink Genetics Corporation	0.04%	2,346,300	$17M	trimmed−11%	−0.01 pp	20 q
SHLXShell Midstream Partners, L.P.	0.04%	733,332	$15M	new	+0.04 pp	new
HDSHD Supply Holdings, Inc.	0.03%	328,114	$12M	new	+0.03 pp	new
unresolvedCui Global Inc	0.02%	3,455,542	$9M	held	—	17 q
CASYCasey's General Stores Inc	0.02%	56,307	$6M	added0%	+0.01 pp	6 q
CUECue Biopharma, Inc.	0.02%	500,000	$7M	new	+0.02 pp	new
unresolvedEldorado Gold (C$)	0.02%	7,718,257	$6M	held	—	20 q
unresolvedHaymaker Acquisition Corp	0.02%	1,000,000	$10M	held	—	2 q
INVEINVE Technologies, Inc.	0.02%	1,853,004	$7M	trimmed−5%	0.00 pp	15 q
KOPNKopin Corp	0.02%	2,493,330	$8M	trimmed−13%	0.00 pp	20 q
LSXMKLiberty Media Cor-siriusxm C	0.02%	159,582	$7M	trimmed−1%	0.00 pp	8 q
unresolvedPain Therapeutics Inc	0.02%	936,096	$7M	held	—	4 q
TXMDTherapeuticsMD, Inc.	0.02%	1,747,336	$9M	added+11%	0.00 pp	2 q
RMTORM2 International Inc	0.01%	2,171,197	$4M	added+27%	0.00 pp	12 q
AMPAmeriprise Financial, Inc.	0.01%	21,324	$3M	held	—	5 q
ARDMAradigm Corp	0.01%	3,375,253	$4M	trimmed−12%	−0.05 pp	16 q
unresolvedArsanis Inc	0.01%	124,381	$3M	new	+0.01 pp	new
unresolvedIndependence Hldg Co New	0.01%	109,423	$4M	trimmed−81%	−0.03 pp	20 q
IDNIntellicheck, Inc.	0.01%	1,878,678	$3M	added+10%	0.00 pp	7 q
JPMJPMorgan Chase & Co.	0.01%	30,000	$3M	trimmed−1%	0.00 pp	20 q
LM03Liberty Media Cor-siriusxm A	0.01%	79,791	$3M	trimmed−1%	0.00 pp	8 q
unresolvedMolecular Templates Inc	0.01%	616,326	$5M	trimmed−4%	−0.01 pp	3 q
NSNuStar Energy L.P.	0.01%	250,000	$5M	trimmed−1%	−0.01 pp	20 q
TRAKReposiTrak, Inc.	0.01%	268,461	$2M	held	—	18 q
PAAPlains All American Pipeline, L.P. Common Units representing Limited Partner Interests	0.01%	100,000	$2M	held	—	11 q
unresolvedSeacor Holdings Inc.	0.01%	96,554	$5M	held	—	20 q
SMMTSummit Therapeutics Inc.	0.01%	194,900	$3M	held	—	13 q
STXNSeagate Technology Holdings PLC (Ireland)	0.01%	53,916	$3M	trimmed−71%	−0.01 pp	20 q
BATRAAtlanta Braves Holdings, Inc. Series A	0.00%	7,977	$181,000	trimmed−1%	0.00 pp	8 q
FWONKLiberty Media Corporation Series C Liberty Formula One	0.00%	39,895	$1M	trimmed−1%	0.00 pp	8 q
LM05Liberty Media Corp-liberty-a	0.00%	19,946	$584,000	trimmed−1%	0.00 pp	8 q
BATRKAtlanta Braves Holdings, Inc. Series C	0.00%	15,957	$364,000	trimmed−1%	0.00 pp	8 q
LGF.BLions Gate Entertainment Corp. Class B Non-Voting Shares	0.00%	261	$6,000	held	—	6 q
MTBM&T Bank Corp.	0.00%	7,032	$1M	trimmed−86%	−0.02 pp	20 q
unresolvedOncomed Pharmaceuticals Inc	0.00%	219,420	$698,000	held	—	9 q
RIBTRicebran Techs	0.00%	100,000	$156,000	added+53%	0.00 pp	3 q
SMHISEACOR Marine Holdings Inc.	0.00%	97,076	$2M	held	—	4 q
PHYSSprott Physical Gold Trust	0.00%	12,540	$135,000	held	—	5 q
SNSSViracta Therapeutics Inc	0.00%	319,480	$869,000	held	—	7 q
TIVOTivo Inc	0.00%	9	$0	held	—	7 q
LBTYALiberty Global Ltd. Class A	0.00%	22,989	$720,000	trimmed−53%	0.00 pp	20 q
LILALiberty Latin America Ltd. Class A	0.00%	4,017	$78,000	trimmed−53%	0.00 pp	2 q
LILAKLiberty Latin America Ltd. Class C	0.00%	12,166	$232,000	trimmed−53%	0.00 pp	2 q
POTPotash Corp Of Saskatchewan	—	−50,179,750	—	exited	−2.44 pp	—
unresolvedAgrium Inc.	—	−2,440,231	—	exited	−0.66 pp	—
MPCMarathon Petroleum Corporation	—	−1,057,377	—	exited	−0.16 pp	—
FLEXFlex Ltd.	—	−3,486,442	—	exited	−0.15 pp	—
PEPPepsiCo, Inc.	—	−414,721	—	exited	−0.12 pp	—
CATCaterpillar Inc.	—	−305,393	—	exited	−0.11 pp	—
CVXChevron Corporation	—	−359,182	—	exited	−0.11 pp	—
EOGEOG Resources, Inc.	—	−451,958	—	exited	−0.11 pp	—
FTSFortis Inc.	—	−997,027	—	exited	−0.09 pp	—
unresolvedTwenty First Centy Fox Inc	—	−982,249	—	exited	−0.08 pp	—
PPLPPL Corporation	—	−991,862	—	exited	−0.07 pp	—
TWXTime Warner Inc	—	−324,383	—	exited	−0.07 pp	—
MGMMgm Resorts International	—	−713,004	—	exited	−0.06 pp	—
MOHMolina Healthcare, Inc.	—	−339,551	—	exited	−0.06 pp	—
NXPINXP Semiconductors N.V.	—	−189,795	—	exited	−0.05 pp	—
XAWFXAlliancebernstein Gl Hi Inc	—	−1,451,730	—	exited	−0.04 pp	—
AABAAltaba Inc.	—	−225,281	—	exited	−0.04 pp	—
NOCNorthrop Grumman Corp.	—	−58,829	—	exited	−0.04 pp	—
OCOwens Corning	—	−164,300	—	exited	−0.04 pp	—
PCGPG&E Corporation	—	−369,296	—	exited	−0.04 pp	—
unresolvedBroadcom Ltd	—	−59,764	—	exited	−0.04 pp	—
unresolvedDowdupont Inc	—	−202,563	—	exited	−0.03 pp	—
TGTTarget Corporation	—	−197,155	—	exited	−0.03 pp	—
VZVerizon Communications	—	−232,813	—	exited	−0.03 pp	—
CCEPCoca-Cola Europacific Partners plc	—	−338,076	—	exited	−0.03 pp	—
GBDCGolub Capital BDC, Inc.	—	−543,700	—	exited	−0.02 pp	—
KLICKulicke & Soffa Industries Inc	—	−282,328	—	exited	−0.02 pp	—
ELThe Estee Lauder Companies Inc. Class A	—	−51,960	—	exited	−0.02 pp	—
AGRAvangrid, Inc.	—	−55,998	—	exited	−0.01 pp	—
BBYD20230930-DK-BUTTERFLY-1 Inc	—	−105,700	—	exited	−0.01 pp	—
BMYBristol-Myers Squibb Co.	—	−49,229	—	exited	−0.01 pp	—
CCJCameco Corporation	—	−411,400	—	exited	−0.01 pp	—
CHLChina Mobile Limited	—	−90,000	—	exited	−0.01 pp	—
DDSDillard's, Inc. Class A	—	−45,900	—	exited	−0.01 pp	—
UFSDOMTAR CORPORATION (New)	—	−118,100	—	exited	−0.01 pp	—
WOOFoot Locker Inc	—	−73,300	—	exited	−0.01 pp	—
GILDGilead Sciences Inc	—	−59,700	—	exited	−0.01 pp	—
GPROGoPro, Inc.	—	−339,597	—	exited	−0.01 pp	—
unresolvedHrg Group Inc	—	−230,500	—	exited	−0.01 pp	—
IBMInternational Business Machines Corporation	—	−32,122	—	exited	−0.01 pp	—
SLViShares Silver Trust	—	−236,600	—	exited	−0.01 pp	—
JNJJohnson & Johnson	—	−26,921	—	exited	−0.01 pp	—
unresolvedLeucadia National	—	−211,000	—	exited	−0.01 pp	—
NWLNewell Brands Inc.	—	−156,310	—	exited	−0.01 pp	—
PFEPfizer Inc.	—	−79,061	—	exited	−0.01 pp	—
QCOMQualcomm Inc	—	−50,000	—	exited	−0.01 pp	—
UNMUnum Group	—	−60,000	—	exited	−0.01 pp	—
WPGWashington Prime Group Inc.	—	−415,800	—	exited	−0.01 pp	—
AXTAAxalta Coating Systems Ltd.	—	−80,742	—	exited	−0.01 pp	—
CYDChina Yuchai International Ltd.	—	−185,000	—	exited	−0.01 pp	—
ASIXAdvanSix Inc.	—	−30	—	exited	0.00 pp	—
BABAAlibaba Group Holding Limited	—	−600	—	exited	0.00 pp	—
MOAltria Group, Inc.	—	−13,000	—	exited	0.00 pp	—
AMZNAmazon.Com Inc	—	−1,102	—	exited	0.00 pp	—
ABEVAmbev S.a.	—	−17,875	—	exited	0.00 pp	—
MJCAntares Pharma Inc	—	−50,000	—	exited	0.00 pp	—
AAPLApple Inc.	—	−9,506	—	exited	0.00 pp	—
ATRAptarGroup, Inc.	—	−14,129	—	exited	0.00 pp	—
BPBP p.l.c.	—	−277	—	exited	0.00 pp	—
BIDUBaidu, Inc.	—	−10	—	exited	0.00 pp	—
BKRBaker Hughes Company	—	−181	—	exited	0.00 pp	—
BNSBank of Nova Scotia	—	−1,000	—	exited	0.00 pp	—
Barclays Bank PLCconvertible	—	−500	—	exited	0.00 pp	—
BAXBaxter International Inc.	—	−1,100	—	exited	0.00 pp	—
BRK.BBERKSHIRE HATHAWAY Class B	—	−1,150	—	exited	0.00 pp	—
BHFBrighthouse Financial, Inc.	—	−1,616	—	exited	0.00 pp	—
CCLCarnival Corporation Ltd.	—	−500	—	exited	0.00 pp	—
unresolvedCentral Fd Cda Ltd	—	−22,104	—	exited	0.00 pp	—
CHTRCharter Comm Inc Del CL A New	—	−1,276	—	exited	0.00 pp	—
CHDChurch & Dwight Co., Inc.	—	−3,600	—	exited	0.00 pp	—
CSCOCisco Systems, Inc. (DE)	—	−10,200	—	exited	0.00 pp	—
CAGConagra Brands, Inc.	—	−19,762	—	exited	0.00 pp	—
CTOCTO Realty Growth, Inc.	—	−4,000	—	exited	0.00 pp	—
STZConstellation Brands, Inc.	—	−2,400	—	exited	0.00 pp	—
GLWCorning Incorporated	—	−40	—	exited	0.00 pp	—
DFODQDean Foods Co	—	−131,000	—	exited	0.00 pp	—
unresolvedDeltic Timber Corp	—	−3,684	—	exited	0.00 pp	—
DKSDick's Sporting Goods, Inc.	—	−40,300	—	exited	0.00 pp	—
DISThe Walt Disney Company	—	−7,000	—	exited	0.00 pp	—
DGICADonegal Group Inc	—	−56,820	—	exited	0.00 pp	—
DRQInnovex International, Inc.	—	−24,500	—	exited	0.00 pp	—
unresolvedEnergy Xxi Gulf Coast Inc	—	−219,238	—	exited	0.00 pp	—
unresolvedExpress Scripts Hldg Co	—	−1,168	—	exited	0.00 pp	—
METAMeta Platforms, Inc. Class A	—	−3,800	—	exited	0.00 pp	—
FRGIFiesta Restaurant Group, Inc.	—	−52,600	—	exited	0.00 pp	—
Frontier Communicationsconvertible	—	−14,920	—	exited	0.00 pp	—
FTRFrontier Communications Corp.	—	−4	—	exited	0.00 pp	—
unresolvedGeneral Electric Co	—	−114,101	—	exited	0.00 pp	—
GNTXGentex Corp	—	−56,000	—	exited	0.00 pp	—
GERNGeron Corp	—	−144,700	—	exited	0.00 pp	—
unresolvedGlaxosmithkline PLC	—	−1	—	exited	0.00 pp	—
GSGoldman Sachs Group Inc.	—	−151	—	exited	0.00 pp	—
HIGThe Hartford Insurance Group, Inc.	—	−200	—	exited	0.00 pp	—
HONHoneywell International, Inc.	—	−750	—	exited	0.00 pp	—
ILMNIllumina Inc	—	−400	—	exited	0.00 pp	—
INTCIntel Corp	—	−28,296	—	exited	0.00 pp	—
unresolvedKlondex Mns Ltd	—	−5,000	—	exited	0.00 pp	—
KHCThe Kraft Heinz Company	—	−1,845	—	exited	0.00 pp	—
LWLamb Weston Holdings, Inc.	—	−6,587	—	exited	0.00 pp	—
unresolvedLayne Christensen Co	—	−65,200	—	exited	0.00 pp	—
Layne Christensen Coconvertible	—	−1,550,000	—	exited	0.00 pp	—
LBRDALiberty Broadband Corporation Class A	—	−220	—	exited	0.00 pp	—
LBRDKLiberty Broadband Corporation Class C	—	−440	—	exited	0.00 pp	—
LEXEALiberty Expedia Holdings, Inc. Class A	—	−422	—	exited	0.00 pp	—
unresolvedLiberty Interactive Corp	—	−4,375	—	exited	0.00 pp	—
unresolvedLiberty Ventures	—	−634	—	exited	0.00 pp	—
LLoews Corporation	—	−14,000	—	exited	0.00 pp	—
LORLLoral Space and Communications, Inc.	—	−41,350	—	exited	0.00 pp	—
MMacy's Inc.	—	−62,600	—	exited	0.00 pp	—
MRKMerck & Co., Inc.	—	−33,790	—	exited	0.00 pp	—
METMetLife, Inc.	—	−41,000	—	exited	0.00 pp	—
MDLZMondelez International, Inc. Class A	—	−5,536	—	exited	0.00 pp	—
unresolvedMonsanto Co	—	−3,731	—	exited	0.00 pp	—
MNSTMonster Beverage Corporation	—	−20,000	—	exited	0.00 pp	—
MURMurphy Oil Corp.	—	−14,226	—	exited	0.00 pp	—
MUSAMurphy USA Inc.	—	−3,031	—	exited	0.00 pp	—
GFNEW GERMANY FUND Inc	—	−13,661	—	exited	0.00 pp	—
NWSANews Corporation Class A	—	−365	—	exited	0.00 pp	—
NWSNews Corporation Class B	—	−230	—	exited	0.00 pp	—
NVSNovartis AG	—	−15,848	—	exited	0.00 pp	—
NUANNuance Communications, Inc.	—	−700	—	exited	0.00 pp	—
FSCOaktree Specialty Lending Corporation	—	−416,700	—	exited	0.00 pp	—
OXYOccidental Petroleum Corporation	—	−2,522	—	exited	0.00 pp	—
OIIOceaneering International Inc.	—	−92,800	—	exited	0.00 pp	—
PDLIPDL BioPharma, Inc.	—	−2,800	—	exited	0.00 pp	—
JCPJ.C. Penney Company, Inc.	—	−5,000	—	exited	0.00 pp	—
PMPhilip Morris International Inc.	—	−13,000	—	exited	0.00 pp	—
ORealty Income Corporation	—	−1,340	—	exited	0.00 pp	—
REXXRex Energy Corporation	—	−13,126	—	exited	0.00 pp	—
unresolvedSanofi	—	−146,402	—	exited	0.00 pp	—
SCHWThe Charles Schwab Corporation	—	−900	—	exited	0.00 pp	—
SEESealed Air Corp New	—	−2,000	—	exited	0.00 pp	—
SENSSenseonics Holdings, Inc.	—	−27,216	—	exited	0.00 pp	—
unresolvedShire PLC	—	−163	—	exited	0.00 pp	—
SONYSony Group Corporation	—	−800	—	exited	0.00 pp	—
PSLVSprott Physical Silver Trust	—	−37,209	—	exited	0.00 pp	—
unresolvedSprint Corporation	—	−602	—	exited	0.00 pp	—
XYZBlock, Inc.	—	−1,940	—	exited	0.00 pp	—
TISITeam, Inc.	—	−75,000	—	exited	0.00 pp	—
TSLATesla, Inc.	—	−405	—	exited	0.00 pp	—
TEVATeva Pharmaceutical Industries Limited	—	−200	—	exited	0.00 pp	—
TMOThermo Fisher Scientific, Inc.	—	−200	—	exited	0.00 pp	—
TIMETime Inc	—	−1,854	—	exited	0.00 pp	—
unresolvedTwenty First Centy Fox Inc	—	−920	—	exited	0.00 pp	—
UTXZRTX Corporation	—	−1,060	—	exited	0.00 pp	—
GDXVanEck Gold Miners ETF	—	−11,770	—	exited	0.00 pp	—
VRTVVeritiv Corporation	—	−68,500	—	exited	0.00 pp	—
VODVodafone Group PLC	—	−272	—	exited	0.00 pp	—
VMCVulcan Materials Company(Holding Company)	—	−800	—	exited	0.00 pp	—
WMTWalmart Inc.	—	−7,686	—	exited	0.00 pp	—
WFCWells Fargo & Co.	—	−1,800	—	exited	0.00 pp	—
XWIAXWestern Asset Infl-link Sec	—	−40,726	—	exited	0.00 pp	—
WIWWestern Asset Inflation-Linked Opportunities & Income Fund	—	−142,100	—	exited	0.00 pp	—
unresolvedWilliams Partners L P New	—	−4,622	—	exited	0.00 pp	—
XYLXylem Inc	—	−20,000	—	exited	0.00 pp	—
ZBHZimmer Biomet Holdings, Inc.	—	−494	—	exited	0.00 pp	—
JCIJohnson Controls International plc	—	−1,432	—	exited	0.00 pp	—
MNKMallinckrodt PLC	—	−187	—	exited	0.00 pp	—
MDTMedtronic plc	—	−1,434	—	exited	0.00 pp	—
unresolvedNordic American Offshore Ltd	—	−6,802	—	exited	0.00 pp	—
NATNordic American Tanker	—	−166,000	—	exited	0.00 pp	—
SIGSignet Jewelers Limited	—	−15,000	—	exited	0.00 pp	—
0VQJLTe Connectivity Ltd	—	−4,094	—	exited	0.00 pp	—
unresolvedVascular Biogenics Ltd	—	−120,000	—	exited	0.00 pp	—
TNKTeekay Tankers Ltd.	—	−562,200	—	exited	0.00 pp	—

Other 13(f) securities

Options 9

Contract	% of notional	Shares	Notional
EFX CALL	33.07%	3,000	$12M
ICE CALL	27.12%	4,500	$10M
CASY CALL	12.57%	1,665	$5M
DAL CALL	8.37%	2,000	$3M
ALB CALL	7.94%	1,500	$3M
IP CALL	5.16%	3,000	$2M
POST CALL	3.44%	500	$1M
BALL CALL	1.17%	533	$442,000
TSN CALL	1.16%	250	$438,000

Notes 0

None in this filing

Source

Form: 13F-HR
Reading: 0 defects · 18 unresolved
Accession: 0001325447-18-000037
Notes: none in this filing
SEC cross-check: SEC data set not published yet

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