| Fund | Previous Shares | Current Shares ▲▼ | Change in Shares ▲▼ | Previous Portfolio Weightage (%) | Current Portfolio Weightage (%) ▲▼ | Change in Weight (%) ▲▼ | Type |
|---|---|---|---|---|---|---|---|
| BERKSHIRE HATHAWAY INC | 24,669,778 | 24,669,778 | 0 | 2.74 | 2.92 | +0.19 | hold |
| VANGUARD GROUP INC | 14,164,108 | 14,283,558 | +119,450 | 0.12 | 0.11 | -0.01 | buy |
| TCI Fund Management Ltd | 12,049,611 | 12,198,911 | +149,300 | 13.08 | 12.09 | -0.99 | buy |
| STATE STREET CORP | 6,861,429 | 6,914,332 | +52,903 | 0.13 | 0.12 | -0.01 | buy |
| FMR LLC | 5,419,700 | 5,396,566 | -23,134 | 0.16 | 0.14 | -0.02 | sell |
| AKRE CAPITAL MANAGEMENT LLC | 4,776,940 | 4,452,967 | -323,973 | 15.70 | 14.48 | -1.22 | sell |
| MORGAN STANLEY | 3,897,250 | 3,817,763 | -79,487 | 0.13 | 0.12 | -0.01 | sell |
| Fiera Capital Corp | 3,927,405 | 3,782,289 | -145,116 | 4.71 | 4.33 | -0.38 | sell |
| BAILLIE GIFFORD & CO | 3,638,551 | 3,215,872 | -422,679 | 1.13 | 0.98 | -0.14 | sell |
| GEODE CAPITAL MANAGEMENT, LLC | 3,003,516 | 3,098,881 | +95,365 | 0.12 | 0.11 | -0.01 | buy |
| Bank of New York Mellon Corp | 2,566,323 | 2,692,411 | +126,088 | 0.20 | 0.20 | +0.00 | buy |
| Ninety One UK Ltd | 1,916,009 | 1,955,914 | +39,905 | 2.23 | 2.16 | -0.07 | buy |
| NORGES BANK | 1,844,792 | 1,877,638 | +32,846 | 0.13 | 0.12 | -0.01 | buy |
| WINDACRE PARTNERSHIP LLC | 1,572,100 | 1,746,000 | +173,900 | 9.32 | 9.43 | +0.12 | buy |
| Rothschild & Co Wealth Management UK Ltd | 1,669,589 | 1,671,207 | +1,618 | 10.70 | 10.89 | +0.19 | buy |
| Longview Partners (Guernsey) LTD | 1,712,560 | 1,666,150 | -46,410 | 4.46 | 4.23 | -0.23 | sell |
| NORTHERN TRUST CORP | 1,580,335 | 1,512,497 | -67,838 | 0.11 | 0.10 | -0.01 | sell |
| JENNISON ASSOCIATES LLC | 1,515,430 | 1,493,908 | -21,522 | 0.44 | 0.39 | -0.05 | sell |
| JPMORGAN CHASE & CO | 616,774 | 1,467,945 | +851,171 | 0.02 | 0.05 | +0.03 | buy |
| PRINCIPAL FINANCIAL GROUP INC | 1,551,167 | 1,407,969 | -143,198 | 0.39 | 0.33 | -0.06 | sell |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | 1,249,725 | 1,374,763 | +125,038 | 0.16 | 0.16 | +0.00 | buy |
| Legal & General Group Plc | 1,218,164 | 1,371,358 | +153,194 | 0.15 | 0.16 | +0.01 | buy |
| Valley Forge Capital Management, LP | 1,218,410 | 1,218,410 | 0 | 13.52 | 13.06 | -0.46 | hold |
| GOLDMAN SACHS GROUP INC | 1,428,623 | 1,211,592 | -217,031 | 0.12 | 0.10 | -0.02 | sell |
| Veritas Asset Management LLP | 1,591,921 | 1,107,607 | -484,314 | 4.48 | 3.16 | -1.32 | sell |
| Invesco Ltd. | 874,589 | 1,081,399 | +206,810 | 0.08 | 0.09 | +0.01 | buy |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | 1,003,540 | 1,007,445 | +3,905 | 0.15 | 0.14 | -0.01 | buy |
| PineStone Asset Management Inc. | 1,773,991 | 973,622 | -800,369 | 7.44 | 6.09 | -1.36 | sell |
| DEUTSCHE BANK AG\ | 1,212,301 | 972,048 | -240,253 | 0.24 | 0.18 | -0.06 | sell |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | 898,117 | 922,499 | +24,382 | 0.09 | 0.08 | -0.01 | buy |
| Allen Investment Management, LLC | 640,872 | 895,050 | +254,178 | 3.34 | 4.41 | +1.07 | buy |
| BROWN ADVISORY INC | 858,495 | 834,203 | -24,292 | 0.47 | 0.44 | -0.03 | sell |
| ALTAROCK PARTNERS LP | 810,635 | 800,135 | -10,500 | 7.06 | 6.76 | -0.30 | sell |
| Neuberger Berman Group LLC | 806,599 | 791,340 | -15,259 | 0.27 | 0.26 | -0.02 | sell |
| ROYAL BANK OF CANADA | 699,487 | 775,241 | +75,754 | 0.07 | 0.07 | +0.01 | buy |
| HARRIS ASSOCIATES L P | 814,344 | 765,980 | -48,364 | 0.55 | 0.49 | -0.06 | sell |
| AKO CAPITAL LLP | 712,793 | 712,769 | -24 | 3.96 | 3.97 | +0.01 | sell |
| DIMENSIONAL FUND ADVISORS LP | 679,237 | 637,843 | -41,394 | 0.08 | 0.07 | -0.01 | sell |
| BARCLAYS PLC | 687,731 | 618,175 | -69,556 | 0.14 | 0.11 | -0.03 | sell |
| BANK OF AMERICA CORP /DE/ | 535,442 | 608,544 | +73,102 | 0.02 | 0.02 | +0.00 | buy |
| VOYA INVESTMENT MANAGEMENT LLC | 569,328 | 567,507 | -1,821 | 0.23 | 0.22 | -0.01 | sell |
| Mitsubishi UFJ Asset Management Co., Ltd. | 520,388 | 558,218 | +37,830 | 0.34 | 0.30 | -0.04 | buy |
| DF DENT & CO INC | 545,687 | 537,259 | -8,428 | 2.82 | 2.58 | -0.25 | sell |
| FRANKLIN RESOURCES INC | 576,130 | 530,652 | -45,478 | 0.11 | 0.07 | -0.04 | sell |
| Russell Investments Group, Ltd. | 542,549 | 521,507 | -21,042 | 0.38 | 0.32 | -0.05 | sell |
| MARSHFIELD ASSOCIATES | 514,846 | 514,922 | +76 | 4.08 | 4.15 | +0.07 | buy |
| CANTILLON CAPITAL MANAGEMENT LLC | 520,670 | 510,406 | -10,264 | 1.36 | 1.26 | -0.10 | sell |
| Amundi | 673,151 | 509,509 | -163,642 | 0.11 | 0.08 | -0.03 | sell |
| BLS CAPITAL FONDSMAEGLERSELSKAB A/S | 547,339 | 485,739 | -61,600 | 5.35 | 4.87 | -0.48 | sell |
| FIRST TRUST ADVISORS LP | 526,892 | 476,536 | -50,356 | 0.22 | 0.19 | -0.03 | sell |
| HSBC HOLDINGS PLC | 424,019 | 462,897 | +38,878 | 0.15 | 0.13 | -0.02 | buy |
| Canoe Financial LP | 0 | 428,692 | +428,692 | 0.00 | 2.04 | +2.04 | buy |
| PRICE T ROWE ASSOCIATES INC /MD/ | 415,497 | 412,331 | -3,166 | 0.02 | 0.02 | -0.00 | sell |
| UBS Group AG | 381,016 | 409,034 | +28,018 | 0.06 | 0.05 | -0.01 | buy |
| SCHRODER INVESTMENT MANAGEMENT GROUP | 388,046 | 408,503 | +20,457 | 0.20 | 0.19 | -0.01 | buy |
| APG Asset Management N.V. | 401,831 | 400,018 | -1,813 | 0.28 | 0.26 | -0.02 | sell |
| Sumitomo Mitsui Trust Group, Inc. | 393,699 | 392,647 | -1,052 | 0.11 | 0.11 | -0.01 | sell |
| Sarasin & Partners LLP | 326,609 | 360,979 | +34,370 | 1.40 | 1.40 | -0.01 | buy |
| RHUMBLINE ADVISERS | 325,423 | 329,384 | +3,961 | 0.13 | 0.12 | -0.01 | buy |
| AVIVA PLC | 319,324 | 315,947 | -3,377 | 0.45 | 0.41 | -0.04 | sell |
| KING LUTHER CAPITAL MANAGEMENT CORP | 301,963 | 311,283 | +9,320 | 0.57 | 0.55 | -0.02 | buy |
| Newport Trust Company, LLC | 308,941 | 310,179 | +1,238 | 0.32 | 0.33 | +0.01 | buy |
| TWO SIGMA INVESTMENTS, LP | 315,688 | 309,917 | -5,771 | 0.30 | 0.30 | +0.00 | sell |
| HighTower Advisors, LLC | 308,845 | 305,489 | -3,356 | 0.20 | 0.19 | -0.01 | sell |
| Skye Global Management LP | 168,500 | 302,500 | +134,000 | 1.89 | 2.82 | +0.94 | buy |
| TWO SIGMA ADVISERS, LP | 213,700 | 299,300 | +85,600 | 0.20 | 0.27 | +0.08 | buy |
| National Pension Service | 294,059 | 297,050 | +2,991 | 0.16 | 0.14 | -0.02 | buy |
| CALIFORNIA PUBLIC EMPLOYEES RETIREMENT SYSTEM | 296,409 | 290,474 | -5,935 | 0.09 | 0.08 | -0.01 | sell |
| BNP PARIBAS FINANCIAL MARKETS | 146,336 | 289,921 | +143,585 | 0.10 | 0.14 | +0.04 | buy |
| FLOSSBACH VON STORCH SE | 324,470 | 280,031 | -44,439 | 0.58 | 0.48 | -0.10 | sell |
| AXA S.A. | 293,587 | 277,767 | -15,820 | 0.37 | 0.33 | -0.04 | sell |
| Mitsubishi UFJ Trust & Banking Corp | 331,801 | 274,498 | -57,303 | 0.31 | 0.25 | -0.06 | sell |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | 261,164 | 261,316 | +152 | 0.14 | 0.13 | -0.01 | buy |
| Bristol Gate Capital Partners Inc. | 246,316 | 245,360 | -956 | 4.80 | 4.53 | -0.27 | sell |
| NEW YORK STATE COMMON RETIREMENT FUND | 250,805 | 240,859 | -9,946 | 0.14 | 0.12 | -0.01 | sell |
| ENVESTNET ASSET MANAGEMENT INC | 223,255 | 237,960 | +14,705 | 0.04 | 0.03 | -0.00 | buy |
| BNP Paribas Asset Management Holding S.A. | 142,233 | 234,306 | +92,073 | 0.15 | 0.24 | +0.09 | buy |
| AMERIPRISE FINANCIAL INC | 238,904 | 229,331 | -9,573 | 0.03 | 0.02 | -0.00 | sell |
| Verity & Verity, LLC | 0 | 223,346 | +223,346 | 0.00 | 1.13 | +1.13 | buy |
| MARKEL GROUP INC. | 213,890 | 213,890 | 0 | 0.91 | 0.83 | -0.08 | hold |
| CONGRESS ASSET MANAGEMENT CO | 206,912 | 209,959 | +3,047 | 0.64 | 0.59 | -0.05 | buy |
| BANK OF MONTREAL /CAN/ | 227,447 | 206,202 | -21,245 | 0.03 | 0.03 | -0.00 | sell |
| CHILTON INVESTMENT CO INC. | 192,803 | 205,580 | +12,777 | 2.22 | 2.21 | -0.00 | buy |
| Cercano Management LLC | 169,948 | 196,076 | +26,128 | 2.19 | 2.15 | -0.04 | buy |
| NATIXIS ADVISORS, LLC | 208,580 | 194,931 | -13,649 | 0.21 | 0.18 | -0.04 | sell |
| NATIONAL BANK OF CANADA /FI/ | 113,780 | 191,653 | +77,873 | 0.08 | 0.13 | +0.05 | buy |
| Troy Asset Management Ltd | 188,191 | 187,261 | -930 | 2.33 | 2.23 | -0.10 | sell |
| BRISTOL JOHN W & CO INC /NY/ | 187,086 | 187,197 | +111 | 1.34 | 1.25 | -0.09 | buy |
| YCG, LLC | 187,553 | 183,648 | -3,905 | 6.06 | 5.78 | -0.28 | sell |
| JENSEN INVESTMENT MANAGEMENT INC | 426,966 | 179,101 | -247,865 | 1.26 | 0.54 | -0.73 | sell |
| Ninety One North America, Inc. | 174,723 | 178,885 | +4,162 | 3.33 | 3.42 | +0.08 | buy |
| MARSHALL WACE, LLP | 12,731 | 177,804 | +165,073 | 0.01 | 0.12 | +0.11 | buy |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM | 167,748 | 176,017 | +8,269 | 0.14 | 0.13 | -0.01 | buy |
| Triple Frond Partners LLC | 174,753 | 174,753 | 0 | 8.12 | 7.82 | -0.30 | hold |
| BARR E S & CO | 177,364 | 173,715 | -3,649 | 4.70 | 4.45 | -0.25 | sell |
| GFI Investment Counsel Ltd. | 171,911 | 172,882 | +971 | 9.28 | 8.61 | -0.68 | buy |
| Assenagon Asset Management S.A. | 32,960 | 171,299 | +138,339 | 0.04 | 0.18 | +0.14 | buy |
| ALLIANCEBERNSTEIN L.P. | 186,193 | 170,654 | -15,539 | 0.03 | 0.02 | -0.00 | sell |
| PNC FINANCIAL SERVICES GROUP, INC. | 166,730 | 166,014 | -716 | 0.05 | 0.05 | -0.01 | sell |
| Holocene Advisors, LP | 0 | 163,569 | +163,569 | 0.00 | 0.24 | +0.24 | buy |