| 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 | 4.60 | 4.09 | -0.51 | hold |
| TCI Fund Management Ltd | 13,308,479 | 14,334,027 | +1,025,548 | 12.67 | 13.84 | +1.17 | buy |
| BlackRock, Inc. | 14,029,797 | 13,127,824 | -901,973 | 0.12 | 0.10 | -0.02 | sell |
| STATE STREET CORP | 7,134,082 | 7,138,837 | +4,755 | 0.12 | 0.11 | -0.01 | buy |
| FMR LLC | 5,476,294 | 4,986,752 | -489,542 | 0.14 | 0.11 | -0.03 | sell |
| GEODE CAPITAL MANAGEMENT, LLC | 3,965,480 | 4,081,564 | +116,084 | 0.12 | 0.11 | -0.01 | buy |
| Fiera Capital Corp | 2,371,939 | 2,356,454 | -15,485 | 3.84 | 3.52 | -0.33 | sell |
| PineStone Asset Management Inc. | 2,375,768 | 2,349,784 | -25,984 | 7.54 | 7.21 | -0.34 | sell |
| Bank of New York Mellon Corp | 2,277,238 | 2,349,281 | +72,043 | 0.20 | 0.19 | -0.02 | buy |
| MORGAN STANLEY | 2,370,601 | 2,322,297 | -48,304 | 0.07 | 0.06 | -0.01 | sell |
| GOLDMAN SACHS GROUP INC | 1,486,143 | 2,156,959 | +670,816 | 0.11 | 0.12 | +0.02 | buy |
| PRICE T ROWE ASSOCIATES INC /MD/ | 1,716,304 | 1,830,758 | +114,454 | 0.09 | 0.09 | -0.00 | buy |
| NORTHERN TRUST CORP | 1,685,201 | 1,752,888 | +67,687 | 0.11 | 0.10 | -0.01 | buy |
| Egerton Capital (UK) LLP | 773,409 | 1,545,670 | +772,261 | 4.29 | 7.48 | +3.19 | buy |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | 1,400,658 | 1,387,075 | -13,583 | 0.15 | 0.13 | -0.03 | sell |
| WINDACRE PARTNERSHIP LLC | 1,118,900 | 1,332,900 | +214,000 | 6.13 | 6.22 | +0.09 | buy |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | 1,310,605 | 1,328,012 | +17,407 | 0.22 | 0.20 | -0.01 | buy |
| Valley Forge Capital Management, LP | 1,317,292 | 1,317,188 | -104 | 15.25 | 17.02 | +1.77 | sell |
| AKRE CAPITAL MANAGEMENT LLC | 1,735,231 | 1,246,114 | -489,117 | 9.72 | 8.89 | -0.83 | sell |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | 1,111,130 | 1,146,533 | +35,403 | 0.09 | 0.08 | -0.01 | buy |
| Rothschild & Co Wealth Management UK Ltd | 1,117,251 | 1,108,934 | -8,317 | 8.98 | 7.40 | -1.57 | sell |
| PRINCIPAL FINANCIAL GROUP INC | 627,123 | 1,081,807 | +454,684 | 0.16 | 0.25 | +0.09 | buy |
| Legal & General Group Plc | 1,202,111 | 1,044,841 | -157,270 | 0.14 | 0.11 | -0.03 | sell |
| Invesco Ltd. | 1,008,844 | 1,029,091 | +20,247 | 0.06 | 0.06 | -0.01 | buy |
| SCHRODER INVESTMENT MANAGEMENT GROUP | 564,572 | 890,699 | +326,127 | 0.22 | 0.32 | +0.10 | buy |
| DIMENSIONAL FUND ADVISORS LP | 823,852 | 882,973 | +59,121 | 0.09 | 0.08 | -0.01 | buy |
| ALTAROCK PARTNERS LP | 814,503 | 862,036 | +47,533 | 8.16 | 9.11 | +0.96 | buy |
| Amundi | 907,375 | 842,967 | -64,408 | 0.13 | 0.10 | -0.03 | sell |
| Ninety One UK Ltd | 835,862 | 840,302 | +4,440 | 0.92 | 0.85 | -0.07 | buy |
| ROYAL BANK OF CANADA | 789,838 | 786,943 | -2,895 | 0.07 | 0.07 | -0.01 | sell |
| BAILLIE GIFFORD & CO | 687,046 | 764,266 | +77,220 | 0.29 | 0.34 | +0.05 | buy |
| DEUTSCHE BANK AG\ | 701,008 | 746,867 | +45,859 | 0.12 | 0.11 | -0.01 | buy |
| BARCLAYS PLC | 1,149,939 | 709,825 | -440,114 | 0.24 | 0.11 | -0.13 | sell |
| Longview Partners (Guernsey) LTD | 966,467 | 709,634 | -256,833 | 5.16 | 4.39 | -0.77 | sell |
| Allen Investment Management, LLC | 719,920 | 701,813 | -18,107 | 4.07 | 3.79 | -0.29 | sell |
| APG Asset Management N.V. | 568,997 | 684,104 | +115,107 | 0.70 | 0.82 | +0.12 | buy |
| Neuberger Berman Group LLC | 663,473 | 680,927 | +17,454 | 0.25 | 0.23 | -0.03 | buy |
| BANK OF AMERICA CORP /DE/ | 792,749 | 671,947 | -120,802 | 0.03 | 0.02 | -0.01 | sell |
| Nuveen, LLC | 709,525 | 659,944 | -49,581 | 0.09 | 0.08 | -0.02 | sell |
| STIFEL FINANCIAL CORP | 673,495 | 655,920 | -17,575 | 0.31 | 0.26 | -0.05 | sell |
| Russell Investments Group, Ltd. | 574,017 | 614,364 | +40,347 | 0.32 | 0.29 | -0.03 | buy |
| UBS Group AG | 414,028 | 588,848 | +174,820 | 0.04 | 0.05 | +0.00 | buy |
| NORDEA INVESTMENT MANAGEMENT AB | 552,736 | 558,311 | +5,575 | 0.24 | 0.22 | -0.02 | buy |
| JPMORGAN CHASE & CO | 495,596 | 546,149 | +50,553 | 0.02 | 0.02 | -0.00 | buy |
| MARSHFIELD ASSOCIATES | 563,557 | 538,993 | -24,564 | 5.05 | 4.71 | -0.34 | sell |
| BLS CAPITAL FONDSMAEGLERSELSKAB A/S | 270,049 | 518,183 | +248,134 | 4.68 | 7.70 | +3.02 | buy |
| AKO CAPITAL LLP | 736,568 | 510,824 | -225,744 | 5.73 | 4.36 | -1.37 | sell |
| BNP PARIBAS FINANCIAL MARKETS | 190,915 | 504,423 | +313,508 | 0.06 | 0.14 | +0.08 | buy |
| National Pension Service | 514,377 | 499,293 | -15,084 | 0.19 | 0.17 | -0.03 | sell |
| HSBC HOLDINGS PLC | 451,710 | 459,565 | +7,855 | 0.13 | 0.12 | -0.01 | buy |
| AQR CAPITAL MANAGEMENT LLC | 79,638 | 451,090 | +371,452 | 0.02 | 0.09 | +0.07 | buy |
| ENVESTNET ASSET MANAGEMENT INC | 402,958 | 427,526 | +24,568 | 0.06 | 0.05 | -0.01 | buy |
| CANTILLON CAPITAL MANAGEMENT LLC | 445,400 | 392,513 | -52,887 | 1.23 | 1.14 | -0.09 | sell |
| Canoe Financial LP | 425,922 | 391,882 | -34,040 | 2.96 | 2.33 | -0.62 | sell |
| FIRST TRUST ADVISORS LP | 417,782 | 388,309 | -29,473 | 0.16 | 0.12 | -0.03 | sell |
| Skye Global Management LP | 346,500 | 368,000 | +21,500 | 3.58 | 3.46 | -0.12 | buy |
| CAISSE DE DEPOT ET PLACEMENT DU QUEBEC | 243,276 | 366,884 | +123,608 | 0.21 | 0.26 | +0.05 | buy |
| GENERATION INVESTMENT MANAGEMENT LLP | 225,909 | 366,361 | +140,452 | 0.80 | 1.43 | +0.63 | buy |
| VOYA INVESTMENT MANAGEMENT LLC | 428,936 | 362,497 | -66,439 | 0.22 | 0.16 | -0.05 | sell |
| Mitsubishi UFJ Asset Management Co., Ltd. | 330,018 | 355,176 | +25,158 | 0.11 | 0.10 | -0.01 | buy |
| AMERIPRISE FINANCIAL INC | 296,093 | 345,075 | +48,982 | 0.03 | 0.03 | +0.00 | buy |
| Sumitomo Mitsui Trust Group, Inc. | 364,487 | 345,042 | -19,445 | 0.11 | 0.10 | -0.01 | sell |
| Evergreen Quality Fund GP, Ltd. | 674,400 | 337,200 | -337,200 | 6.80 | 3.37 | -3.43 | sell |
| RHUMBLINE ADVISERS | 306,522 | 304,762 | -1,760 | 0.13 | 0.11 | -0.01 | sell |
| SG Americas Securities, LLC | 141,792 | 300,036 | +158,244 | 0.10 | 0.14 | +0.05 | buy |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | 55,087 | 297,370 | +242,283 | 0.10 | 0.52 | +0.42 | buy |
| DF DENT & CO INC | 351,928 | 295,401 | -56,527 | 2.59 | 2.47 | -0.12 | sell |
| CALIFORNIA PUBLIC EMPLOYEES RETIREMENT SYSTEM | 294,153 | 294,426 | +273 | 0.09 | 0.08 | -0.01 | buy |
| Sarasin & Partners LLP | 412,752 | 287,785 | -124,967 | 2.19 | 1.53 | -0.66 | sell |
| LAZARD ASSET MANAGEMENT LLC | 5,501 | 286,213 | +280,712 | 0.00 | 0.21 | +0.20 | buy |
| Robeco Institutional Asset Management B.V. | 168,023 | 276,525 | +108,502 | 0.12 | 0.17 | +0.05 | buy |
| Newport Trust Company, LLC | 277,462 | 272,656 | -4,806 | 0.34 | 0.29 | -0.05 | sell |
| NATIXIS ADVISORS, LLC | 167,984 | 272,202 | +104,218 | 0.12 | 0.17 | +0.04 | buy |
| KING LUTHER CAPITAL MANAGEMENT CORP | 263,396 | 259,620 | -3,776 | 0.55 | 0.49 | -0.06 | sell |
| SEI INVESTMENTS CO | 230,129 | 256,458 | +26,329 | 0.12 | 0.10 | -0.01 | buy |
| D. E. Shaw & Co., Inc. | 166,858 | 248,431 | +81,573 | 0.06 | 0.09 | +0.02 | buy |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | 245,477 | 238,947 | -6,530 | 0.13 | 0.11 | -0.02 | sell |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | 106,138 | 238,234 | +132,096 | 0.03 | 0.06 | +0.02 | buy |
| BRISTOL JOHN W & CO INC /NY/ | 233,042 | 230,261 | -2,781 | 1.83 | 1.65 | -0.18 | sell |
| HighTower Advisors, LLC | 238,004 | 227,463 | -10,541 | 0.13 | 0.11 | -0.03 | sell |
| NATIONAL BANK OF CANADA /FI/ | 271,923 | 222,894 | -49,029 | 0.14 | 0.10 | -0.04 | sell |
| JONES FINANCIAL COMPANIES LLLP | 13,264 | 222,427 | +209,163 | 0.00 | 0.05 | +0.04 | buy |
| MARKEL GROUP INC. | 213,890 | 213,890 | 0 | 0.87 | 0.78 | -0.09 | hold |
| CONGRESS ASSET MANAGEMENT CO | 217,729 | 213,331 | -4,398 | 0.78 | 0.67 | -0.12 | sell |
| NEW YORK STATE COMMON RETIREMENT FUND | 198,358 | 198,358 | 0 | 0.14 | 0.12 | -0.01 | hold |
| CHILTON INVESTMENT CO INC. | 211,023 | 196,399 | -14,624 | 2.25 | 2.01 | -0.24 | sell |
| Prana Capital Management, LP | 0 | 186,187 | +186,187 | 0.00 | 2.49 | +2.49 | buy |
| CANADA PENSION PLAN INVESTMENT BOARD | 269,054 | 185,744 | -83,310 | 0.09 | 0.05 | -0.04 | sell |
| Universal- Beteiligungs- und Servicegesellschaft mbH | 189,370 | 181,695 | -7,675 | 0.16 | 0.14 | -0.02 | sell |
| YCG, LLC | 181,005 | 174,963 | -6,042 | 6.98 | 6.91 | -0.07 | sell |
| WELLS FARGO & COMPANY/MN | 82,790 | 168,933 | +86,143 | 0.01 | 0.01 | +0.01 | buy |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND | 155,865 | 167,790 | +11,925 | 0.13 | 0.12 | -0.01 | buy |
| AVIVA PLC | 299,729 | 165,926 | -133,803 | 0.26 | 0.12 | -0.14 | sell |
| ALLIANCEBERNSTEIN L.P. | 162,696 | 161,854 | -842 | 0.03 | 0.03 | +0.00 | sell |
| Mitsubishi UFJ Trust & Banking Corp | 184,215 | 160,577 | -23,638 | 0.22 | 0.17 | -0.05 | sell |
| CITIGROUP INC | 130,785 | 160,268 | +29,483 | 0.05 | 0.04 | -0.00 | buy |
| BARR E S & CO | 161,854 | 159,864 | -1,990 | 4.30 | 4.06 | -0.25 | sell |
| Aberdeen Group plc | 156,218 | 156,419 | +201 | 0.12 | 0.11 | -0.01 | buy |
| BANK OF MONTREAL /CAN/ | 156,214 | 155,686 | -528 | 0.03 | 0.03 | -0.00 | sell |
| LOS ANGELES CAPITAL MANAGEMENT LLC | 5,257 | 155,624 | +150,367 | 0.01 | 0.27 | +0.26 | buy |