Historical Stock Holdings

ValueAct Capital

PeriodPortfolio ValueTop 20 holdings history (left to right)
2024   Q3$4.37 B CRM
Salesforce.com
24.49% of portfolio
 		NSIT
Insight Enterprises Inc.
20.00% of portfolio
 		DIS
Walt Disney Co.
16.42% of portfolio
 		RBLX
Roblox Corp.
10.26% of portfolio
 		TOST
Toast Inc.
10.02% of portfolio
 		EXPE
Expedia Group Inc.
8.82% of portfolio
 		META
Meta Platforms Inc.
2.77% of portfolio
 		LYV
Live Nation Inc.
2.54% of portfolio
 		V
Visa Inc.
2.35% of portfolio
 		LLYVK
Liberty Media Corp. Series C Live
1.57% of portfolio
 		LLYVA
Liberty Media Corp. Series A Live
0.76% of portfolio
2024   Q2$3.56 B CRM
Salesforce.com
28.30% of portfolio
 		NSIT
Insight Enterprises Inc.
22.66% of portfolio
 		DIS
Walt Disney Co.
17.12% of portfolio
 		EXPE
Expedia Group Inc.
12.10% of portfolio
 		SPOT
Spotify Technology S.A.
5.97% of portfolio
 		FI
Fiserv Inc.
4.63% of portfolio
 		KKR
KKR & Co. L.P.
3.57% of portfolio
 		RBLX
Roblox Corp.
2.41% of portfolio
 		NYT
New York Times CL A
1.94% of portfolio
 		FLUT
Flutter Entertainment Plc
1.31% of portfolio
2024   Q1$4.54 B CRM
Salesforce.com
23.11% of portfolio
 		NSIT
Insight Enterprises Inc.
18.42% of portfolio
 		DIS
Walt Disney Co.
14.59% of portfolio
 		FI
Fiserv Inc.
12.86% of portfolio
 		EXPE
Expedia Group Inc.
10.35% of portfolio
 		CBRE
CBRE Group
5.29% of portfolio
 		SPOT
Spotify Technology S.A.
4.77% of portfolio
 		KKR
KKR & Co. L.P.
4.22% of portfolio
 		NYT
New York Times CL A
1.99% of portfolio
 		RBLX
Roblox Corp.
1.93% of portfolio
 		FLUT
Flutter Entertainment Plc
1.72% of portfolio
 		ILMN
Illumina Inc.
0.74% of portfolio
2023   Q4$5 B CRM
Salesforce.com
18.36% of portfolio
 		NSIT
Insight Enterprises Inc.
16.00% of portfolio
 		EXPE
Expedia Group Inc.
12.92% of portfolio
 		FI
Fiserv Inc.
11.14% of portfolio
 		KKR
KKR & Co. L.P.
9.87% of portfolio
 		DIS
Walt Disney Co.
9.19% of portfolio
 		CBRE
CBRE Group
8.64% of portfolio
 		SPOT
Spotify Technology S.A.
3.86% of portfolio
 		NYT
New York Times CL A
3.56% of portfolio
 		PAYC
Paycom Software Inc.
2.52% of portfolio
 		RBLX
Roblox Corp.
1.65% of portfolio
 		DHR
Danaher Corp.
0.93% of portfolio
 		ILMN
Illumina Inc.
0.91% of portfolio
 		STX
Seagate Technology
0.45% of portfolio
2023   Q3$4.45 B FI
Fiserv Inc.
19.15% of portfolio
 		CRM
Salesforce.com
15.88% of portfolio
 		KKR
KKR & Co. L.P.
15.80% of portfolio
 		NSIT
Insight Enterprises Inc.
14.75% of portfolio
 		STX
Seagate Technology
11.39% of portfolio
 		CBRE
CBRE Group
7.69% of portfolio
 		NYT
New York Times CL A
6.74% of portfolio
 		SPOT
Spotify Technology S.A.
4.36% of portfolio
 		ILMN
Illumina Inc.
1.60% of portfolio
 		RBLX
Roblox Corp.
1.17% of portfolio
 		ALRM
Alarm.Com Holdings
0.80% of portfolio
 		DHR
Danaher Corp.
0.66% of portfolio
2023   Q2$6.43 B FI
Fiserv Inc.
22.85% of portfolio
 		KKR
KKR & Co. L.P.
17.88% of portfolio
 		STX
Seagate Technology
12.93% of portfolio
 		CBRE
CBRE Group
11.59% of portfolio
 		CRM
Salesforce.com
11.45% of portfolio
 		NSIT
Insight Enterprises Inc.
10.27% of portfolio
 		NYT
New York Times CL A
8.21% of portfolio
 		SPOT
Spotify Technology S.A.
4.49% of portfolio
 		AMPS
Altus Power Inc
0.34% of portfolio
2023   Q1$6.14 B FI
Fiserv Inc.
21.44% of portfolio
 		KKR
KKR & Co. L.P.
17.56% of portfolio
 		STX
Seagate Technology
14.47% of portfolio
 		CRM
Salesforce.com
11.34% of portfolio
 		CBRE
CBRE Group
10.95% of portfolio
 		NSIT
Insight Enterprises Inc.
10.50% of portfolio
 		NYT
New York Times CL A
8.49% of portfolio
 		SPOT
Spotify Technology S.A.
4.89% of portfolio
 		AMPS
Altus Power Inc
0.36% of portfolio
2022   Q4$5.31 B FI
Fiserv Inc.
27.89% of portfolio
 		KKR
KKR & Co. L.P.
20.73% of portfolio
 		CBRE
CBRE Group
13.39% of portfolio
 		STX
Seagate Technology
13.32% of portfolio
 		NSIT
Insight Enterprises Inc.
8.35% of portfolio
 		NYT
New York Times CL A
8.34% of portfolio
 		LKQ
LKQ Corp.
6.09% of portfolio
 		CRM
Salesforce.com
1.40% of portfolio
 		AMPS
Altus Power Inc
0.49% of portfolio
2022   Q3$5.9 B FI
Fiserv Inc.
23.22% of portfolio
 		KKR
KKR & Co. L.P.
19.27% of portfolio
 		STX
Seagate Technology
12.12% of portfolio
 		CBRE
CBRE Group
10.56% of portfolio
 		LKQ
LKQ Corp.
10.03% of portfolio
 		C
Citigroup Inc.
7.76% of portfolio
 		NSIT
Insight Enterprises Inc.
6.17% of portfolio
 		NYT
New York Times CL A
5.66% of portfolio
 		BLD
TopBuild Corp.
4.32% of portfolio
 		AMPS
Altus Power Inc
0.75% of portfolio
 		RKT
Rocket Companies Inc.
0.14% of portfolio
 		AMPS.WS
Altus Power Inc WTS 27
0.00% of portfolio
2022   Q2$6.28 B FI
Fiserv Inc.
20.77% of portfolio
 		KKR
KKR & Co. L.P.
19.52% of portfolio
 		STX
Seagate Technology
15.30% of portfolio
 		CBRE
CBRE Group
10.83% of portfolio
 		LKQ
LKQ Corp.
9.82% of portfolio
 		C
Citigroup Inc.
8.06% of portfolio
 		NSIT
Insight Enterprises Inc.
5.64% of portfolio
 		BLD
TopBuild Corp.
3.21% of portfolio
 		SLM
SLM Corp.
2.77% of portfolio
 		BHC
Bausch Health
1.91% of portfolio
 		NYT
New York Times CL A
1.38% of portfolio
 		AMPS
Altus Power Inc
0.40% of portfolio
 		RKT
Rocket Companies Inc.
0.23% of portfolio
 		UNVR-OLD
Univar Solutions Inc.
0.13% of portfolio
 		TRN
Trinity Industries
0.04% of portfolio
 		AMPS.WS
Altus Power Inc WTS 27
0.00% of portfolio
2022   Q1$7.27 B KKR
KKR & Co. L.P.
18.18% of portfolio
 		FI
Fiserv Inc.
18.18% of portfolio
 		STX
Seagate Technology
16.62% of portfolio
 		CBRE
CBRE Group
11.62% of portfolio
 		LKQ
LKQ Corp.
10.96% of portfolio
 		C
Citigroup Inc.
10.17% of portfolio
 		NSIT
Insight Enterprises Inc.
5.23% of portfolio
 		BHC
Bausch Health
4.54% of portfolio
 		SLM
SLM Corp.
3.51% of portfolio
 		BLD
TopBuild Corp.
0.53% of portfolio
 		AMPS
Altus Power Inc
0.41% of portfolio
 		TRN
Trinity Industries
0.04% of portfolio
 		AMPS.WS
Altus Power Inc WTS 27
0.00% of portfolio
2021   Q4$8.87 B STX
Seagate Technology
19.73% of portfolio
 		KKR
KKR & Co. L.P.
18.53% of portfolio
 		FI
Fiserv Inc.
15.25% of portfolio
 		LKQ
LKQ Corp.
11.88% of portfolio
 		CBRE
CBRE Group
11.30% of portfolio
 		C
Citigroup Inc.
9.43% of portfolio
 		BHC
Bausch Health
4.86% of portfolio
 		NSIT
Insight Enterprises Inc.
4.00% of portfolio
 		SLM
SLM Corp.
3.24% of portfolio
 		TRN
Trinity Industries
1.32% of portfolio
 		AMPS
Altus Power Inc
0.47% of portfolio
 		AMPS.WS
Altus Power Inc WTS 27
0.00% of portfolio
2021   Q3$8.63 B KKR
KKR & Co. L.P.
16.96% of portfolio
 		STX
Seagate Technology
16.61% of portfolio
 		FI
Fiserv Inc.
13.74% of portfolio
 		LKQ
LKQ Corp.
12.56% of portfolio
 		C
Citigroup Inc.
11.25% of portfolio
 		CBRE
CBRE Group
10.41% of portfolio
 		BHC
Bausch Health
5.79% of portfolio
 		TRN
Trinity Industries
4.72% of portfolio
 		NSIT
Insight Enterprises Inc.
3.47% of portfolio
 		SLM
SLM Corp.
3.45% of portfolio
 		LITE
Lumentum Holdings Inc.
0.97% of portfolio
 		RXT
Rackspace Technology Inc.
0.07% of portfolio
 		CBAH.WS
CBRE Acquisition Holdings WTS
0.00% of portfolio
2021   Q2$9.02 B KKR
KKR & Co. L.P.
17.87% of portfolio
 		STX
Seagate Technology
16.93% of portfolio
 		C
Citigroup Inc.
16.27% of portfolio
 		LKQ
LKQ Corp.
11.75% of portfolio
 		CBRE
CBRE Group
9.72% of portfolio
 		FI
Fiserv Inc.
7.30% of portfolio
 		BHC
Bausch Health
5.83% of portfolio
 		SLM
SLM Corp.
4.78% of portfolio
 		TRN
Trinity Industries
4.47% of portfolio
 		NSIT
Insight Enterprises Inc.
3.15% of portfolio
 		BLD
TopBuild Corp.
1.05% of portfolio
 		LITE
Lumentum Holdings Inc.
0.88% of portfolio
 		CBAH.WS
CBRE Acquisition Holdings WTS
0.00% of portfolio
2021   Q1$8.57 B STX
Seagate Technology
20.61% of portfolio
 		C
Citigroup Inc.
18.44% of portfolio
 		KKR
KKR & Co. L.P.
18.01% of portfolio
 		LKQ
LKQ Corp.
10.65% of portfolio
 		CBRE
CBRE Group
9.45% of portfolio
 		TRN
Trinity Industries
7.68% of portfolio
 		BHC
Bausch Health
6.65% of portfolio
 		SLM
SLM Corp.
5.51% of portfolio
 		NSIT
Insight Enterprises Inc.
1.23% of portfolio
 		FI
Fiserv Inc.
1.19% of portfolio
 		BLD
TopBuild Corp.
0.54% of portfolio
 		OUT
Outfront Media Inc.
0.04% of portfolio
 		CBAH.WS
CBRE Acquisition Holdings WTS
0.00% of portfolio
2020   Q4$8.62 B STX
Seagate Technology
21.74% of portfolio
 		C
Citigroup Inc.
19.33% of portfolio
 		KKR
KKR & Co. L.P.
17.87% of portfolio
 		LKQ
LKQ Corp.
8.81% of portfolio
 		TRN
Trinity Industries
8.27% of portfolio
 		CBRE
CBRE Group
7.44% of portfolio
 		MS
Morgan Stanley
6.58% of portfolio
 		SLM
SLM Corp.
4.64% of portfolio
 		BHC
Bausch Health
4.33% of portfolio
 		CDW
CDW Corp.
0.56% of portfolio
 		FI
Fiserv Inc.
0.43% of portfolio
2020   Q3$7.11 B STX
Seagate Technology
21.87% of portfolio
 		KKR
KKR & Co. L.P.
21.74% of portfolio
 		C
Citigroup Inc.
16.39% of portfolio
 		LKQ
LKQ Corp.
8.41% of portfolio
 		MS
Morgan Stanley
7.82% of portfolio
 		TRN
Trinity Industries
7.41% of portfolio
 		CBRE
CBRE Group
6.76% of portfolio
 		BHC
Bausch Health
3.92% of portfolio
 		SLM
SLM Corp.
3.68% of portfolio
 		AOS
A.O. Smith Corp.
1.55% of portfolio
 		CDW
CDW Corp.
0.40% of portfolio
 		AFIIQ
Armstrong Flooring Inc.
0.06% of portfolio
2020   Q2$8.74 B STX
Seagate Technology
17.49% of portfolio
 		KKR
KKR & Co. L.P.
15.91% of portfolio
 		C
Citigroup Inc.
15.81% of portfolio
 		NKLA
Nikola Corp.
9.03% of portfolio
 		MS
Morgan Stanley
7.88% of portfolio
 		TRN
Trinity Industries
6.58% of portfolio
 		LKQ
LKQ Corp.
6.46% of portfolio
 		CBRE
CBRE Group
5.30% of portfolio
 		BHC
Bausch Health
3.75% of portfolio
 		SLM
SLM Corp.
2.60% of portfolio
 		EVVAQ
Enviva Partners LP
1.99% of portfolio
 		HE
Hawaiian Electric Industries
1.34% of portfolio
 		AOS
A.O. Smith Corp.
1.13% of portfolio
 		STRA
Strategic Education Inc.
1.04% of portfolio
 		AES
AES Corp.
0.89% of portfolio
 		DAR
Darling Ingredients Inc.
0.74% of portfolio
 		BP
BP plc
0.69% of portfolio
 		VRRM
Verra Mobility Corp.
0.69% of portfolio
 		LIND
Lindblad Expeditions Hldgs Inc.
0.44% of portfolio
 		UFI
Unifi Inc.
0.21% of portfolio
2020   Q1$6.96 B STX
Seagate Technology
22.12% of portfolio
 		C
Citigroup Inc.
16.35% of portfolio
 		KKR
KKR & Co. L.P.
15.17% of portfolio
 		MS
Morgan Stanley
6.96% of portfolio
 		LKQ
LKQ Corp.
6.35% of portfolio
 		TRN
Trinity Industries
6.23% of portfolio
 		CBRE
CBRE Group
5.54% of portfolio
 		TSG
The Stars Group Inc.
4.00% of portfolio
 		BHC
Bausch Health
3.99% of portfolio
 		SLM
SLM Corp.
3.34% of portfolio
 		HE
Hawaiian Electric Industries
2.01% of portfolio
 		STRA
Strategic Education Inc.
1.30% of portfolio
 		AOS
A.O. Smith Corp.
1.14% of portfolio
 		EVVAQ
Enviva Partners LP
0.97% of portfolio
 		BP
BP plc
0.97% of portfolio
 		AES
AES Corp.
0.85% of portfolio
 		DAR
Darling Ingredients Inc.
0.73% of portfolio
 		OUT
Outfront Media Inc.
0.66% of portfolio
 		VRRM
Verra Mobility Corp.
0.61% of portfolio
 		LIND
Lindblad Expeditions Hldgs Inc.
0.29% of portfolio
2019   Q4$9.88 B C
Citigroup Inc.
21.85% of portfolio
 		STX
Seagate Technology
19.00% of portfolio
 		KKR
KKR & Co. L.P.
13.52% of portfolio
 		MS
Morgan Stanley
7.76% of portfolio
 		CBRE
CBRE Group
6.34% of portfolio
 		LKQ
LKQ Corp.
5.97% of portfolio
 		TRN
Trinity Industries
5.58% of portfolio
 		BHC
Bausch Health
5.43% of portfolio
 		TSG
The Stars Group Inc.
3.60% of portfolio
 		SLM
SLM Corp.
3.53% of portfolio
 		STRA
Strategic Education Inc.
1.08% of portfolio
 		HE
Hawaiian Electric Industries
0.96% of portfolio
 		FDX
FedEx Corp.
0.90% of portfolio
 		AES
AES Corp.
0.88% of portfolio
 		EVVAQ
Enviva Partners LP
0.79% of portfolio
 		VRRM
Verra Mobility Corp.
0.73% of portfolio
 		LIND
Lindblad Expeditions Hldgs Inc.
0.59% of portfolio
 		DAR
Darling Ingredients Inc.
0.58% of portfolio
 		BFH
Bread Financial Holdings Inc.
0.37% of portfolio
 		UFI
Unifi Inc.
0.36% of portfolio
2019   Q3$9.27 B C
Citigroup Inc.
20.89% of portfolio
 		STX
Seagate Technology
18.31% of portfolio
 		KKR
KKR & Co. L.P.
13.93% of portfolio
 		MS
Morgan Stanley
10.24% of portfolio
 		CBRE
CBRE Group
5.85% of portfolio
 		LKQ
LKQ Corp.
5.44% of portfolio
 		BFH
Bread Financial Holdings Inc.
5.13% of portfolio
 		TRN
Trinity Industries
4.79% of portfolio
 		BHC
Bausch Health
4.23% of portfolio
 		SLM
SLM Corp.
3.73% of portfolio
 		TSG
The Stars Group Inc.
2.20% of portfolio
 		HE
Hawaiian Electric Industries
0.80% of portfolio
 		AES
AES Corp.
0.77% of portfolio
 		STRA
Strategic Education Inc.
0.73% of portfolio
 		EVVAQ
Enviva Partners LP
0.73% of portfolio
 		ACA
Arcosa Inc.
0.58% of portfolio
 		LIND
Lindblad Expeditions Hldgs Inc.
0.52% of portfolio
 		DAR
Darling Ingredients Inc.
0.46% of portfolio
 		UFI
Unifi Inc.
0.34% of portfolio
 		PCG
PG&E Corp.
0.16% of portfolio
2019   Q2$9.58 B C
Citigroup Inc.
23.05% of portfolio
 		STX
Seagate Technology
15.52% of portfolio
 		KKR
KKR & Co. L.P.
13.38% of portfolio
 		MS
Morgan Stanley
12.00% of portfolio
 		CBRE
CBRE Group
7.08% of portfolio
 		BFH
Bread Financial Holdings Inc.
5.42% of portfolio
 		TRN
Trinity Industries
4.74% of portfolio
 		BHC
Bausch Health
4.72% of portfolio
 		SLM
SLM Corp.
3.98% of portfolio
 		TSG
The Stars Group Inc.
2.43% of portfolio
 		ACA
Arcosa Inc.
1.67% of portfolio
 		AES
AES Corp.
0.73% of portfolio
 		PSN
Parsons Corp.
0.69% of portfolio
 		BKNG
Booking Holdings Inc.
0.69% of portfolio
 		XPO
XPO Logistics
0.60% of portfolio
 		LIND
Lindblad Expeditions Hldgs Inc.
0.56% of portfolio
 		EVVAQ
Enviva Partners LP
0.54% of portfolio
 		HE
Hawaiian Electric Industries
0.53% of portfolio
 		EIX
Edison Int'l
0.49% of portfolio
 		STRA
Strategic Education Inc.
0.43% of portfolio
2019   Q1$9.1 B C
Citigroup Inc.
21.56% of portfolio
 		STX
Seagate Technology
15.54% of portfolio
 		KKR
KKR & Co. L.P.
13.09% of portfolio
 		MS
Morgan Stanley
12.17% of portfolio
 		BFH
Bread Financial Holdings Inc.
10.02% of portfolio
 		CBRE
CBRE Group
7.19% of portfolio
 		TRN
Trinity Industries
5.23% of portfolio
 		BHC
Bausch Health
4.90% of portfolio
 		SLM
SLM Corp.
4.27% of portfolio
 		ACA
Arcosa Inc.
1.93% of portfolio
 		AFIIQ
Armstrong Flooring Inc.
0.69% of portfolio
 		HE
Hawaiian Electric Industries
0.64% of portfolio
 		STRA
Strategic Education Inc.
0.63% of portfolio
 		EVVAQ
Enviva Partners LP
0.59% of portfolio
 		LIND
Lindblad Expeditions Hldgs Inc.
0.48% of portfolio
 		AES
AES Corp.
0.31% of portfolio
 		DAR
Darling Ingredients Inc.
0.27% of portfolio
 		UFI
Unifi Inc.
0.24% of portfolio
 		PCG
PG&E Corp.
0.20% of portfolio
 		AWI
Armstrong World Industries Inc.
0.06% of portfolio
2018   Q4$8.03 B C
Citigroup Inc.
20.44% of portfolio
 		STX
Seagate Technology
13.12% of portfolio
 		MS
Morgan Stanley
12.95% of portfolio
 		KKR
KKR & Co. L.P.
12.40% of portfolio
 		CBRE
CBRE Group
9.93% of portfolio
 		BFH
Bread Financial Holdings Inc.
9.73% of portfolio
 		TRN
Trinity Industries
5.62% of portfolio
 		BHC
Bausch Health
4.15% of portfolio
 		SLM
SLM Corp.
4.06% of portfolio
 		ACA
Arcosa Inc.
2.46% of portfolio
 		AWI
Armstrong World Industries Inc.
1.63% of portfolio
 		HE
Hawaiian Electric Industries
0.69% of portfolio
 		AFIIQ
Armstrong Flooring Inc.
0.68% of portfolio
 		STRA
Strategic Education Inc.
0.57% of portfolio
 		LIND
Lindblad Expeditions Hldgs Inc.
0.39% of portfolio
 		UFI
Unifi Inc.
0.32% of portfolio
 		AES
AES Corp.
0.28% of portfolio
 		EVVAQ
Enviva Partners LP
0.25% of portfolio
 		DAR
Darling Ingredients Inc.
0.16% of portfolio
 		ARMK
Aramark
0.12% of portfolio
2018   Q3$10.2 B C
Citigroup Inc.
18.51% of portfolio
 		BFH
Bread Financial Holdings Inc.
14.13% of portfolio
 		KKR
KKR & Co. L.P.
13.33% of portfolio
 		STX
Seagate Technology
12.29% of portfolio
 		MS
Morgan Stanley
9.53% of portfolio
 		CBRE
CBRE Group
8.64% of portfolio
 		TRN
Trinity Industries
7.72% of portfolio
 		BHC
Bausch Health
4.55% of portfolio
 		SLM
SLM Corp.
4.30% of portfolio
 		AWI
Armstrong World Industries Inc.
3.58% of portfolio
 		AFIIQ
Armstrong Flooring Inc.
0.82% of portfolio
 		XRAY
DENTSPLY SIRONA Inc.
0.82% of portfolio
 		HE
Hawaiian Electric Industries
0.42% of portfolio
 		STRA
Strategic Education Inc.
0.33% of portfolio
 		UFI
Unifi Inc.
0.26% of portfolio
 		LIND
Lindblad Expeditions Hldgs Inc.
0.25% of portfolio
 		EVVAQ
Enviva Partners LP
0.22% of portfolio
 		AES
AES Corp.
0.21% of portfolio
 		GEN
Gen Digital Inc.
0.10% of portfolio
2018   Q2$11 B C
Citigroup Inc.
15.25% of portfolio
 		BFH
Bread Financial Holdings Inc.
12.84% of portfolio
 		FOX
Fox Corporation CL B
12.77% of portfolio
 		STX
Seagate Technology
11.45% of portfolio
 		KKR
KKR & Co. L.P.
11.18% of portfolio
 		CBRE
CBRE Group
8.61% of portfolio
 		MS
Morgan Stanley
8.03% of portfolio
 		TRN
Trinity Industries
6.64% of portfolio
 		AWI
Armstrong World Industries Inc.
3.92% of portfolio
 		SLM
SLM Corp.
3.90% of portfolio
 		BHC
Bausch Health
3.79% of portfolio
 		AFIIQ
Armstrong Flooring Inc.
0.59% of portfolio
 		UFI
Unifi Inc.
0.27% of portfolio
 		STRA
Strategic Education Inc.
0.20% of portfolio
 		LIND
Lindblad Expeditions Hldgs Inc.
0.20% of portfolio
 		AES
AES Corp.
0.19% of portfolio
 		EVVAQ
Enviva Partners LP
0.18% of portfolio
2018   Q1$9.98 B FOX
Fox Corporation CL B
19.44% of portfolio
 		STX
Seagate Technology
12.59% of portfolio
 		BFH
Bread Financial Holdings Inc.
12.54% of portfolio
 		C
Citigroup Inc.
10.96% of portfolio
 		KKR
KKR & Co. L.P.
10.11% of portfolio
 		MS
Morgan Stanley
9.72% of portfolio
 		CBRE
CBRE Group
9.43% of portfolio
 		TRN
Trinity Industries
7.00% of portfolio
 		AWI
Armstrong World Industries Inc.
3.87% of portfolio
 		BHC
Bausch Health
2.87% of portfolio
 		SLM
SLM Corp.
0.83% of portfolio
 		AFIIQ
Armstrong Flooring Inc.
0.63% of portfolio
2017   Q4$9.88 B FOX
Fox Corporation CL B
18.41% of portfolio
 		BFH
Bread Financial Holdings Inc.
15.07% of portfolio
 		CBRE
CBRE Group
10.92% of portfolio
 		KKR
KKR & Co. L.P.
10.18% of portfolio
 		MS
Morgan Stanley
9.53% of portfolio
 		STX
Seagate Technology
9.08% of portfolio
 		MSFT
Microsoft Corp.
7.80% of portfolio
 		TRN
Trinity Industries
7.05% of portfolio
 		AWI
Armstrong World Industries Inc.
5.64% of portfolio
 		BHC
Bausch Health
3.79% of portfolio
 		ESRX
Express Scripts
0.91% of portfolio
 		C
Citigroup Inc.
0.83% of portfolio
 		AFIIQ
Armstrong Flooring Inc.
0.79% of portfolio
2017   Q3$9.98 B FOX
Fox Corporation CL B
13.78% of portfolio
 		BFH
Bread Financial Holdings Inc.
13.05% of portfolio
 		BKR
Baker Hughes Co.
11.53% of portfolio
 		CBRE
CBRE Group
10.96% of portfolio
 		KKR
KKR & Co. L.P.
9.28% of portfolio
 		MS
Morgan Stanley
8.63% of portfolio
 		STX
Seagate Technology
7.13% of portfolio
 		MSFT
Microsoft Corp.
6.73% of portfolio
 		TRN
Trinity Industries
5.52% of portfolio
 		AWI
Armstrong World Industries Inc.
4.73% of portfolio
 		WTW
Willis Towers Watson plc
4.61% of portfolio
 		BHC
Bausch Health
2.59% of portfolio
 		AFIIQ
Armstrong Flooring Inc.
0.73% of portfolio
 		BIVV
Bioverativ Inc.
0.73% of portfolio
2017   Q2$11.2 B BHI
Baker Hughes OLD
15.29% of portfolio
 		BFH
Bread Financial Holdings Inc.
13.48% of portfolio
 		FOX
Fox Corporation CL B
13.28% of portfolio
 		CBRE
CBRE Group
11.18% of portfolio
 		MSFT
Microsoft Corp.
9.86% of portfolio
 		WTW
Willis Towers Watson plc
8.59% of portfolio
 		MS
Morgan Stanley
7.12% of portfolio
 		STX
Seagate Technology
4.78% of portfolio
 		TRN
Trinity Industries
3.90% of portfolio
 		BIVV
Bioverativ Inc.
3.85% of portfolio
 		AWI
Armstrong World Industries Inc.
3.78% of portfolio
 		BHC
Bausch Health
2.78% of portfolio
 		KKR
KKR & Co. L.P.
0.83% of portfolio
 		AFIIQ
Armstrong Flooring Inc.
0.74% of portfolio
 		NTCT
NetScout Systems
0.54% of portfolio
2017   Q1$11.9 B BHI
Baker Hughes OLD
15.73% of portfolio
 		FOX
Fox Corporation CL B
14.19% of portfolio
 		MSFT
Microsoft Corp.
12.69% of portfolio
 		BFH
Bread Financial Holdings Inc.
12.25% of portfolio
 		CBRE
CBRE Group
12.20% of portfolio
 		WTW
Willis Towers Watson plc
8.88% of portfolio
 		MS
Morgan Stanley
6.41% of portfolio
 		BIVV
Bioverativ Inc.
3.86% of portfolio
 		STX
Seagate Technology
3.67% of portfolio
 		AWI
Armstrong World Industries Inc.
3.55% of portfolio
 		TRN
Trinity Industries
3.46% of portfolio
 		BHC
Bausch Health
1.66% of portfolio
 		NTCT
NetScout Systems
0.73% of portfolio
 		AFIIQ
Armstrong Flooring Inc.
0.71% of portfolio
2016   Q4$12.2 B MSFT
Microsoft Corp.
19.71% of portfolio
 		BHI
Baker Hughes OLD
14.62% of portfolio
 		FOX
Fox Corporation CL B
11.93% of portfolio
 		CBRE
CBRE Group
10.83% of portfolio
 		BFH
Bread Financial Holdings Inc.
9.85% of portfolio
 		MS
Morgan Stanley
9.33% of portfolio
 		WTW
Willis Towers Watson plc
8.14% of portfolio
 		TRN
Trinity Industries
3.55% of portfolio
 		AWI
Armstrong World Industries Inc.
3.16% of portfolio
 		STX
Seagate Technology
2.99% of portfolio
 		ALSN
Allison Transmission Holdings
2.91% of portfolio
 		BHC
Bausch Health
1.79% of portfolio
 		AFIIQ
Armstrong Flooring Inc.
0.75% of portfolio
 		NTCT
NetScout Systems
0.43% of portfolio
2016   Q3$11.5 B MSFT
Microsoft Corp.
19.36% of portfolio
 		BHI
Baker Hughes OLD
13.13% of portfolio
 		MS
Morgan Stanley
11.69% of portfolio
 		FOX
Fox Corporation CL B
10.84% of portfolio
 		WTW
Willis Towers Watson plc
9.37% of portfolio
 		BFH
Bread Financial Holdings Inc.
9.33% of portfolio
 		CBRE
CBRE Group
8.43% of portfolio
 		ALSN
Allison Transmission Holdings
4.77% of portfolio
 		AWI
Armstrong World Industries Inc.
3.31% of portfolio
 		BHC
Bausch Health
3.20% of portfolio
 		STX
Seagate Technology
3.20% of portfolio
 		TRN
Trinity Industries
2.61% of portfolio
 		AFIIQ
Armstrong Flooring Inc.
0.76% of portfolio
2016   Q2$11 B MSFT
Microsoft Corp.
26.30% of portfolio
 		BHI
Baker Hughes OLD
15.93% of portfolio
 		FOX
Fox Corporation CL B
11.70% of portfolio
 		WTW
Willis Towers Watson plc
9.15% of portfolio
 		MS
Morgan Stanley
8.96% of portfolio
 		CBRE
CBRE Group
7.92% of portfolio
 		BFH
Bread Financial Holdings Inc.
5.85% of portfolio
 		ALSN
Allison Transmission Holdings
4.90% of portfolio
 		AWI
Armstrong World Industries Inc.
3.27% of portfolio
 		BHC
Bausch Health
2.74% of portfolio
 		TRN
Trinity Industries
1.01% of portfolio
 		MSCI
MSCI Inc.
0.91% of portfolio
 		AFIIQ
Armstrong Flooring Inc.
0.71% of portfolio
 		STX
Seagate Technology
0.66% of portfolio
2016   Q1$10 B MSFT
Microsoft Corp.
31.21% of portfolio
 		FOX
Fox Corporation CL B
13.32% of portfolio
 		BHI
Baker Hughes OLD
10.17% of portfolio
 		CBRE
CBRE Group
9.47% of portfolio
 		WTW
Willis Towers Watson plc
9.10% of portfolio
 		MSI
Motorola Solutions Inc.
6.21% of portfolio
 		ALSN
Allison Transmission Holdings
5.15% of portfolio
 		AWI
Armstrong World Industries Inc.
4.44% of portfolio
 		BHC
Bausch Health
3.94% of portfolio
 		MSCI
MSCI Inc.
3.00% of portfolio
 		AGU
Agrium Inc.
2.79% of portfolio
 		BFH
Bread Financial Holdings Inc.
1.19% of portfolio
 		ADBE
Adobe Inc.
0.01% of portfolio
2015   Q4$14.4 B MSFT
Microsoft Corp.
21.75% of portfolio
 		BHC
Bausch Health
10.55% of portfolio
 		ADBE
Adobe Inc.
9.11% of portfolio
 		FOX
Fox Corporation CL B
8.92% of portfolio
 		MSI
Motorola Solutions Inc.
8.33% of portfolio
 		CBRE
CBRE Group
7.50% of portfolio
 		BHI
Baker Hughes OLD
7.43% of portfolio
 		AGU
Agrium Inc.
6.19% of portfolio
 		WTW
Willis Towers Watson plc
6.19% of portfolio
 		HAL
Halliburton Co.
3.89% of portfolio
 		ALSN
Allison Transmission Holdings
3.43% of portfolio
 		MSCI
MSCI Inc.
3.16% of portfolio
 		AWI
Armstrong World Industries Inc.
2.91% of portfolio
 		TW-OLD
Towers Watson & Co.
0.64% of portfolio
2015   Q3$17.2 B MSFT
Microsoft Corp.
19.37% of portfolio
 		BHC
Bausch Health
15.55% of portfolio
 		HAL
Halliburton Co.
7.64% of portfolio
 		FOX
Fox Corporation CL B
7.45% of portfolio
 		BHI
Baker Hughes OLD
7.03% of portfolio
 		MSI
Motorola Solutions Inc.
6.99% of portfolio
 		ADBE
Adobe Inc.
6.70% of portfolio
 		CBRE
CBRE Group
5.83% of portfolio
 		AGU
Agrium Inc.
5.21% of portfolio
 		AXP
American Express
4.87% of portfolio
 		WTW
Willis Towers Watson plc
4.39% of portfolio
 		MSCI
MSCI Inc.
3.22% of portfolio
 		ALSN
Allison Transmission Holdings
2.97% of portfolio
 		AWI
Armstrong World Industries Inc.
2.55% of portfolio
 		TW-OLD
Towers Watson & Co.
0.23% of portfolio
2015   Q2$19 B BHC
Bausch Health
17.54% of portfolio
 		MSFT
Microsoft Corp.
17.50% of portfolio
 		HAL
Halliburton Co.
8.51% of portfolio
 		FOX
Fox Corporation CL B
7.56% of portfolio
 		BHI
Baker Hughes OLD
7.55% of portfolio
 		ADBE
Adobe Inc.
6.70% of portfolio
 		CBRE
CBRE Group
6.10% of portfolio
 		AGU
Agrium Inc.
5.58% of portfolio
 		MSI
Motorola Solutions Inc.
5.31% of portfolio
 		WTW
Willis Towers Watson plc
4.55% of portfolio
 		AXP
American Express
4.54% of portfolio
 		MSCI
MSCI Inc.
3.02% of portfolio
 		ALSN
Allison Transmission Holdings
2.95% of portfolio
 		AWI
Armstrong World Industries Inc.
2.58% of portfolio
2015   Q1$18.1 B BHC
Bausch Health
21.28% of portfolio
 		MSFT
Microsoft Corp.
16.91% of portfolio
 		HAL
Halliburton Co.
8.19% of portfolio
 		BHI
Baker Hughes OLD
8.17% of portfolio
 		CBRE
CBRE Group
6.70% of portfolio
 		ADBE
Adobe Inc.
6.54% of portfolio
 		MSI
Motorola Solutions Inc.
6.48% of portfolio
 		FOX
Fox Corporation CL B
5.70% of portfolio
 		WTW
Willis Towers Watson plc
4.91% of portfolio
 		AGU
Agrium Inc.
4.59% of portfolio
 		ALSN
Allison Transmission Holdings
3.38% of portfolio
 		MSCI
MSCI Inc.
3.15% of portfolio
 		AWI
Armstrong World Industries Inc.
2.92% of portfolio
 		PCP
Precision Castparts
0.66% of portfolio
 		WCC
WESCO International Inc.
0.41% of portfolio
2014   Q4$16 B MSFT
Microsoft Corp.
21.61% of portfolio
 		BHC
Bausch Health
17.38% of portfolio
 		MSI
Motorola Solutions Inc.
7.39% of portfolio
 		ADBE
Adobe Inc.
7.29% of portfolio
 		FOX
Fox Corporation CL B
7.00% of portfolio
 		CBRE
CBRE Group
6.72% of portfolio
 		BHI
Baker Hughes OLD
5.27% of portfolio
 		WTW
Willis Towers Watson plc
5.17% of portfolio
 		HAL
Halliburton Co.
5.15% of portfolio
 		AGU
Agrium Inc.
4.86% of portfolio
 		ALSN
Allison Transmission Holdings
4.06% of portfolio
 		AWI
Armstrong World Industries Inc.
2.95% of portfolio
 		MSCI
MSCI Inc.
2.77% of portfolio
 		COL
Rockwell Collins
2.36% of portfolio
2014   Q3$14.9 B MSFT
Microsoft Corp.
23.07% of portfolio
 		BHC
Bausch Health
16.64% of portfolio
 		MSI
Motorola Solutions Inc.
12.26% of portfolio
 		ADBE
Adobe Inc.
11.07% of portfolio
 		CBRE
CBRE Group
6.41% of portfolio
 		COL
Rockwell Collins
5.81% of portfolio
 		FOX
Fox Corporation CL B
5.63% of portfolio
 		WTW
Willis Towers Watson plc
5.11% of portfolio
 		AWI
Armstrong World Industries Inc.
3.45% of portfolio
 		ALSN
Allison Transmission Holdings
3.44% of portfolio
 		AGU
Agrium Inc.
3.11% of portfolio
 		MSCI
MSCI Inc.
2.93% of portfolio
 		FOXA
Fox Corporation
1.06% of portfolio
2014   Q2$13.5 B MSFT
Microsoft Corp.
22.88% of portfolio
 		BHC
Bausch Health
17.64% of portfolio
 		MSI
Motorola Solutions Inc.
14.22% of portfolio
 		ADBE
Adobe Inc.
13.14% of portfolio
 		CBRE
CBRE Group
7.62% of portfolio
 		COL
Rockwell Collins
6.94% of portfolio
 		WTW
Willis Towers Watson plc
5.90% of portfolio
 		ALSN
Allison Transmission Holdings
4.14% of portfolio
 		MSCI
MSCI Inc.
3.17% of portfolio
 		DRC
Dresser Rand Group Inc.
2.05% of portfolio
 		AWI
Armstrong World Industries Inc.
1.15% of portfolio
 		FOX
Fox Corporation CL B
0.67% of portfolio
 		EXPD
Expeditors Int'l
0.30% of portfolio
 		KAR
KAR Auction Services
0.19% of portfolio
2014   Q1$13.2 B MSFT
Microsoft Corp.
22.06% of portfolio
 		BHC
Bausch Health
18.84% of portfolio
 		MSI
Motorola Solutions Inc.
14.03% of portfolio
 		ADBE
Adobe Inc.
12.56% of portfolio
 		COL
Rockwell Collins
7.89% of portfolio
 		CBRE
CBRE Group
6.66% of portfolio
 		WTW
Willis Towers Watson plc
6.14% of portfolio
 		ALSN
Allison Transmission Holdings
4.07% of portfolio
 		MSCI
MSCI Inc.
2.64% of portfolio
 		DRC
Dresser Rand Group Inc.
2.21% of portfolio
 		GEN
Gen Digital Inc.
1.14% of portfolio
 		MCRS
MICROS Systems
0.91% of portfolio
 		EXPD
Expeditors Int'l
0.65% of portfolio
 		KAR
KAR Auction Services
0.18% of portfolio
2013   Q4$12.1 B MSFT
Microsoft Corp.
20.69% of portfolio
 		BHC
Bausch Health
18.37% of portfolio
 		MSI
Motorola Solutions Inc.
16.14% of portfolio
 		ADBE
Adobe Inc.
12.53% of portfolio
 		COL
Rockwell Collins
8.02% of portfolio
 		CBRE
CBRE Group
7.00% of portfolio
 		WTW
Willis Towers Watson plc
6.75% of portfolio
 		ALSN
Allison Transmission Holdings
4.12% of portfolio
 		MCRS
MICROS Systems
3.18% of portfolio
 		MSCI
MSCI Inc.
2.70% of portfolio
 		DRC
Dresser Rand Group Inc.
0.32% of portfolio
 		KAR
KAR Auction Services
0.20% of portfolio
2013   Q3$11.1 B MSFT
Microsoft Corp.
20.10% of portfolio
 		BHC
Bausch Health
17.82% of portfolio
 		MSI
Motorola Solutions Inc.
15.49% of portfolio
 		ADBE
Adobe Inc.
14.67% of portfolio
 		COL
Rockwell Collins
8.03% of portfolio
 		WTW
Willis Towers Watson plc
7.12% of portfolio
 		CBRE
CBRE Group
6.71% of portfolio
 		MCRS
MICROS Systems
3.02% of portfolio
 		MSCI
MSCI Inc.
2.69% of portfolio
 		CF
CF Industries Holdings Inc.
2.69% of portfolio
 		ALSN
Allison Transmission Holdings
1.05% of portfolio
 		MOS
Mosaic Co.
0.22% of portfolio
 		KAR
KAR Auction Services
0.20% of portfolio
 		VLO
Valero Energy
0.20% of portfolio
2013   Q2$9.74 B MSFT
Microsoft Corp.
20.48% of portfolio
 		MSI
Motorola Solutions Inc.
17.14% of portfolio
 		BHC
Bausch Health
16.73% of portfolio
 		ADBE
Adobe Inc.
14.65% of portfolio
 		CBRE
CBRE Group
7.68% of portfolio
 		WTW
Willis Towers Watson plc
7.63% of portfolio
 		COL
Rockwell Collins
7.28% of portfolio
 		MCRS
MICROS Systems
2.97% of portfolio
 		MSCI
MSCI Inc.
2.12% of portfolio
 		CF
CF Industries Holdings Inc.
1.76% of portfolio
 		BCR
Bard (C.R.) Inc.
0.85% of portfolio
 		GDI-OLD
Gardner Denver Holdings Inc.
0.50% of portfolio
 		KAR
KAR Auction Services
0.19% of portfolio
 		TECH
Bio-Techne Corp.
0.04% of portfolio
2013   Q1$8.84 B MSI
Motorola Solutions Inc.
20.94% of portfolio
 		ADBE
Adobe Inc.
15.41% of portfolio
 		BHC
Bausch Health
14.90% of portfolio
 		MSFT
Microsoft Corp.
10.79% of portfolio
 		CBRE
CBRE Group
9.14% of portfolio
 		COL
Rockwell Collins
7.98% of portfolio
 		WTW
Willis Towers Watson plc
7.37% of portfolio
 		BCR
Bard (C.R.) Inc.
4.12% of portfolio
 		MCRS
MICROS Systems
3.05% of portfolio
 		MSCI
MSCI Inc.
2.36% of portfolio
 		GDI-OLD
Gardner Denver Holdings Inc.
2.13% of portfolio
 		SPGI
S&P Global Inc.
0.86% of portfolio
 		ALB
Albemarle Corp.
0.68% of portfolio
 		KAR
KAR Auction Services
0.18% of portfolio
 		TIBX
TIBCO Software
0.09% of portfolio
2012   Q4$7.86 B MSI
Motorola Solutions Inc.
20.49% of portfolio
 		ADBE
Adobe Inc.
15.02% of portfolio
 		BHC
Bausch Health
13.36% of portfolio
 		MCO
Moody's Corp.
9.63% of portfolio
 		CBRE
CBRE Group
8.11% of portfolio
 		COL
Rockwell Collins
7.81% of portfolio
 		HAL
Halliburton Co.
5.66% of portfolio
 		BCR
Bard (C.R.) Inc.
5.33% of portfolio
 		WTW
Willis Towers Watson plc
4.82% of portfolio
 		ADSK
Autodesk Inc.
4.64% of portfolio
 		MSCI
MSCI Inc.
2.43% of portfolio
 		GDI-OLD
Gardner Denver Holdings Inc.
2.19% of portfolio
 		ICE
Intercontinental Exchange Inc.
0.32% of portfolio
 		KAR
KAR Auction Services
0.21% of portfolio
2012   Q3$7.07 B MSI
Motorola Solutions Inc.
20.68% of portfolio
 		ADBE
Adobe Inc.
14.38% of portfolio
 		BHC
Bausch Health
13.73% of portfolio
 		MCO
Moody's Corp.
10.83% of portfolio
 		CBRE
CBRE Group
8.24% of portfolio
 		COL
Rockwell Collins
8.00% of portfolio
 		BCR
Bard (C.R.) Inc.
6.76% of portfolio
 		HAL
Halliburton Co.
6.20% of portfolio
 		WTW
Willis Towers Watson plc
5.90% of portfolio
 		ADSK
Autodesk Inc.
2.82% of portfolio
 		GDI-OLD
Gardner Denver Holdings Inc.
2.14% of portfolio
 		KAR
KAR Auction Services
0.22% of portfolio
 		ES-OLD
EnergySolutions Inc.
0.10% of portfolio
2012   Q2$6.8 B MSI
Motorola Solutions Inc.
20.51% of portfolio
 		ADBE
Adobe Inc.
14.91% of portfolio
 		BHC
Bausch Health
11.57% of portfolio
 		BCR
Bard (C.R.) Inc.
9.28% of portfolio
 		MCO
Moody's Corp.
9.15% of portfolio
 		COL
Rockwell Collins
7.45% of portfolio
 		CBRE
CBRE Group
7.36% of portfolio
 		WTW
Willis Towers Watson plc
5.95% of portfolio
 		HAL
Halliburton Co.
5.85% of portfolio
 		FNF
Fidelity National Financial Inc.
4.42% of portfolio
 		GDI-OLD
Gardner Denver Holdings Inc.
1.94% of portfolio
 		ADSK
Autodesk Inc.
1.24% of portfolio
 		KAR
KAR Auction Services
0.20% of portfolio
 		INT-OLD
World Fuel Services
0.09% of portfolio
 		ES-OLD
EnergySolutions Inc.
0.06% of portfolio
 		CPWR
Compuware Corp.
0.02% of portfolio
2012   Q1$6.46 B MSI
Motorola Solutions Inc.
22.81% of portfolio
 		ADBE
Adobe Inc.
14.54% of portfolio
 		BHC
Bausch Health
12.55% of portfolio
 		MCO
Moody's Corp.
10.81% of portfolio
 		BCR
Bard (C.R.) Inc.
8.98% of portfolio
 		COL
Rockwell Collins
7.84% of portfolio
 		CBRE
CBRE Group
6.61% of portfolio
 		WTW
Willis Towers Watson plc
5.13% of portfolio
 		FNF
Fidelity National Financial Inc.
4.35% of portfolio
 		VRSN
Verisign Inc.
3.79% of portfolio
 		HAL
Halliburton Co.
1.18% of portfolio
 		GDI-OLD
Gardner Denver Holdings Inc.
0.86% of portfolio
 		KAR
KAR Auction Services
0.20% of portfolio
 		ES-OLD
EnergySolutions Inc.
0.19% of portfolio
 		PPO
Polypore International Inc.
0.16% of portfolio
2011   Q4$5.81 B MOT
Motorola Inc.
19.14% of portfolio
 		BHC
Bausch Health
12.14% of portfolio
 		ADBE
Adobe Inc.
11.99% of portfolio
 		MCO
Moody's Corp.
9.62% of portfolio
 		COL
Rockwell Collins
8.91% of portfolio
 		BCR
Bard (C.R.) Inc.
8.65% of portfolio
 		VRSN
Verisign Inc.
7.24% of portfolio
 		SLE
Sara Lee Corp.
6.65% of portfolio
 		WTW
Willis Towers Watson plc
5.73% of portfolio
 		CBRE
CBRE Group
5.57% of portfolio
 		FNF
Fidelity National Financial Inc.
3.45% of portfolio
 		NYT
New York Times CL A
0.56% of portfolio
 		KAR
KAR Auction Services
0.21% of portfolio
 		ES-OLD
EnergySolutions Inc.
0.13% of portfolio