| 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 | 4.09 | 3.73 | -0.36 | hold |
| TCI Fund Management Ltd | 14,334,027 | 14,334,027 | 0 | 13.84 | 12.30 | -1.54 | hold |
| BlackRock, Inc. | 13,127,824 | 12,461,878 | -665,946 | 0.10 | 0.08 | -0.02 | sell |
| STATE STREET CORP | 7,138,837 | 7,111,386 | -27,451 | 0.11 | 0.10 | -0.01 | sell |
| FMR LLC | 4,986,752 | 4,985,040 | -1,712 | 0.11 | 0.10 | -0.02 | sell |
| GEODE CAPITAL MANAGEMENT, LLC | 4,081,564 | 4,006,816 | -74,748 | 0.11 | 0.10 | -0.01 | sell |
| MORGAN STANLEY | 2,322,297 | 2,379,424 | +57,127 | 0.06 | 0.06 | -0.00 | buy |
| NORGES BANK | 0 | 2,372,048 | +2,372,048 | 0.00 | 0.11 | +0.11 | buy |
| PineStone Asset Management Inc. | 2,349,784 | 2,283,961 | -65,823 | 7.21 | 6.39 | -0.82 | sell |
| GOLDMAN SACHS GROUP INC | 2,156,959 | 2,126,435 | -30,524 | 0.12 | 0.10 | -0.02 | sell |
| Fiera Capital Corp | 2,356,454 | 2,085,400 | -271,054 | 3.52 | 3.43 | -0.09 | sell |
| Bank of New York Mellon Corp | 2,349,281 | 2,019,609 | -329,672 | 0.19 | 0.15 | -0.04 | sell |
| Egerton Capital (UK) LLP | 1,545,670 | 1,704,229 | +158,559 | 7.48 | 7.46 | -0.03 | buy |
| NORTHERN TRUST CORP | 1,752,888 | 1,671,990 | -80,898 | 0.10 | 0.09 | -0.01 | sell |
| PRICE T ROWE ASSOCIATES INC /MD/ | 1,830,758 | 1,545,468 | -285,290 | 0.09 | 0.07 | -0.02 | sell |
| PRINCIPAL FINANCIAL GROUP INC | 1,081,807 | 1,461,325 | +379,518 | 0.25 | 0.33 | +0.07 | buy |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | 1,387,075 | 1,420,099 | +33,024 | 0.13 | 0.12 | -0.01 | buy |
| WINDACRE PARTNERSHIP LLC | 1,332,900 | 1,409,900 | +77,000 | 6.22 | 6.31 | +0.09 | buy |
| Valley Forge Capital Management, LP | 1,317,188 | 1,317,188 | 0 | 17.02 | 19.14 | +2.12 | hold |
| Invesco Ltd. | 1,029,091 | 1,201,752 | +172,661 | 0.06 | 0.04 | -0.01 | buy |
| Sixth Street Partners Management Company, L.P. | 0 | 1,201,108 | +1,201,108 | 0.00 | 0.07 | +0.07 | buy |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | 1,146,533 | 1,201,108 | +54,575 | 0.08 | 0.07 | -0.00 | buy |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | 1,328,012 | 1,186,385 | -141,627 | 0.20 | 0.18 | -0.02 | sell |
| AKRE CAPITAL MANAGEMENT LLC | 1,246,114 | 1,156,893 | -89,221 | 8.89 | 10.26 | +1.37 | sell |
| Rothschild & Co Wealth Management UK Ltd | 1,108,934 | 1,104,935 | -3,999 | 7.40 | 7.22 | -0.18 | sell |
| DIMENSIONAL FUND ADVISORS LP | 882,973 | 1,070,784 | +187,811 | 0.08 | 0.09 | +0.01 | buy |
| AQR CAPITAL MANAGEMENT LLC | 451,090 | 1,045,155 | +594,065 | 0.09 | 0.16 | +0.07 | buy |
| Amundi | 842,967 | 1,011,495 | +168,528 | 0.10 | 0.11 | +0.01 | buy |
| Legal & General Group Plc | 1,044,841 | 996,557 | -48,284 | 0.11 | 0.09 | -0.01 | sell |
| Ninety One UK Ltd | 840,302 | 836,571 | -3,731 | 0.85 | 0.85 | -0.00 | sell |
| ROYAL BANK OF CANADA | 786,943 | 818,967 | +32,024 | 0.07 | 0.06 | -0.00 | buy |
| SCHRODER INVESTMENT MANAGEMENT GROUP | 890,699 | 744,030 | -146,669 | 0.32 | 0.24 | -0.08 | sell |
| DEUTSCHE BANK AG\ | 746,867 | 721,425 | -25,442 | 0.11 | 0.09 | -0.01 | sell |
| BAILLIE GIFFORD & CO | 764,266 | 717,871 | -46,395 | 0.34 | 0.29 | -0.05 | sell |
| Neuberger Berman Group LLC | 680,927 | 677,875 | -3,052 | 0.23 | 0.20 | -0.02 | sell |
| BANK OF AMERICA CORP /DE/ | 671,947 | 642,955 | -28,992 | 0.02 | 0.02 | -0.00 | sell |
| STIFEL FINANCIAL CORP | 655,920 | 614,280 | -41,640 | 0.26 | 0.23 | -0.03 | sell |
| Russell Investments Group, Ltd. | 614,364 | 612,522 | -1,842 | 0.29 | 0.24 | -0.04 | sell |
| BARCLAYS PLC | 709,825 | 606,233 | -103,592 | 0.11 | 0.09 | -0.02 | sell |
| Nuveen, LLC | 659,944 | 575,490 | -84,454 | 0.08 | 0.06 | -0.02 | sell |
| Longview Partners (Guernsey) LTD | 709,634 | 558,785 | -150,849 | 4.39 | 4.11 | -0.28 | sell |
| Allen Investment Management, LLC | 701,813 | 544,862 | -156,951 | 3.79 | 2.93 | -0.86 | sell |
| JPMORGAN CHASE & CO | 546,149 | 539,316 | -6,833 | 0.02 | 0.01 | -0.00 | sell |
| GENERATION INVESTMENT MANAGEMENT LLP | 366,361 | 538,516 | +172,155 | 1.43 | 2.37 | +0.94 | buy |
| National Pension Service | 499,293 | 500,927 | +1,634 | 0.17 | 0.15 | -0.02 | buy |
| NORDEA INVESTMENT MANAGEMENT AB | 558,311 | 499,137 | -59,174 | 0.22 | 0.18 | -0.04 | sell |
| BLS CAPITAL FONDSMAEGLERSELSKAB A/S | 518,183 | 464,583 | -53,600 | 7.70 | 8.11 | +0.41 | sell |
| APG Asset Management N.V. | 684,104 | 428,004 | -256,100 | 0.82 | 0.42 | -0.40 | sell |
| AKO CAPITAL LLP | 510,824 | 427,920 | -82,904 | 4.36 | 4.52 | +0.15 | sell |
| MARSHFIELD ASSOCIATES | 538,993 | 422,806 | -116,187 | 4.71 | 4.49 | -0.22 | sell |
| HSBC HOLDINGS PLC | 459,565 | 413,412 | -46,153 | 0.12 | 0.09 | -0.03 | sell |
| ENVESTNET ASSET MANAGEMENT INC | 427,526 | 412,231 | -15,295 | 0.05 | 0.04 | -0.01 | sell |
| Evergreen Quality Fund GP, Ltd. | 337,200 | 404,200 | +67,000 | 3.37 | 2.95 | -0.41 | buy |
| Canoe Financial LP | 391,882 | 373,122 | -18,760 | 2.33 | 2.09 | -0.24 | sell |
| D. E. Shaw & Co., Inc. | 248,431 | 369,114 | +120,683 | 0.09 | 0.10 | +0.02 | buy |
| Mitsubishi UFJ Asset Management Co., Ltd. | 355,176 | 366,989 | +11,813 | 0.10 | 0.09 | -0.01 | buy |
| LAZARD ASSET MANAGEMENT LLC | 286,213 | 338,284 | +52,071 | 0.21 | 0.23 | +0.03 | buy |
| CALIFORNIA PUBLIC EMPLOYEES RETIREMENT SYSTEM | 294,426 | 332,872 | +38,446 | 0.08 | 0.08 | +0.01 | buy |
| UBS Group AG | 588,848 | 330,302 | -258,546 | 0.05 | 0.02 | -0.02 | sell |
| Sumitomo Mitsui Trust Group, Inc. | 345,042 | 329,301 | -15,741 | 0.10 | 0.09 | -0.01 | sell |
| ROYAL LONDON ASSET MANAGEMENT LTD | 85,249 | 319,889 | +234,640 | 0.08 | 0.27 | +0.19 | buy |
| CAISSE DE DEPOT ET PLACEMENT DU QUEBEC | 366,884 | 316,164 | -50,720 | 0.26 | 0.20 | -0.05 | sell |
| Skye Global Management LP | 368,000 | 312,000 | -56,000 | 3.46 | 2.75 | -0.71 | sell |
| ALTAROCK PARTNERS LP | 862,036 | 302,624 | -559,412 | 9.11 | 3.23 | -5.88 | sell |
| VOYA INVESTMENT MANAGEMENT LLC | 362,497 | 293,829 | -68,668 | 0.16 | 0.12 | -0.05 | sell |
| RHUMBLINE ADVISERS | 304,762 | 286,412 | -18,350 | 0.11 | 0.10 | -0.02 | sell |
| CANADA PENSION PLAN INVESTMENT BOARD | 185,744 | 279,599 | +93,855 | 0.05 | 0.07 | +0.02 | buy |
| SG Americas Securities, LLC | 300,036 | 273,648 | -26,388 | 0.14 | 0.07 | -0.07 | sell |
| Newport Trust Company, LLC | 272,656 | 270,475 | -2,181 | 0.29 | 0.30 | +0.00 | sell |
| DF DENT & CO INC | 295,401 | 269,427 | -25,974 | 2.47 | 2.31 | -0.15 | sell |
| NATIXIS ADVISORS, LLC | 272,202 | 264,848 | -7,354 | 0.17 | 0.13 | -0.03 | sell |
| WELLS FARGO & COMPANY/MN | 168,933 | 262,244 | +93,311 | 0.01 | 0.02 | +0.01 | buy |
| Junto Capital Management LP | 88,221 | 260,298 | +172,077 | 0.82 | 2.18 | +1.36 | buy |
| KING LUTHER CAPITAL MANAGEMENT CORP | 259,620 | 244,615 | -15,005 | 0.49 | 0.45 | -0.04 | sell |
| CITIGROUP INC | 160,268 | 242,383 | +82,115 | 0.04 | 0.05 | +0.01 | buy |
| BRISTOL JOHN W & CO INC /NY/ | 230,261 | 228,446 | -1,815 | 1.65 | 1.53 | -0.12 | sell |
| SEI INVESTMENTS CO | 256,458 | 228,164 | -28,294 | 0.10 | 0.09 | -0.01 | sell |
| JONES FINANCIAL COMPANIES LLLP | 222,427 | 226,182 | +3,755 | 0.05 | 0.04 | -0.00 | buy |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | 238,947 | 221,766 | -17,181 | 0.11 | 0.09 | -0.02 | sell |
| MARKEL GROUP INC. | 213,890 | 213,890 | 0 | 0.78 | 0.74 | -0.04 | hold |
| Holocene Advisors, LP | 60,924 | 208,079 | +147,155 | 0.06 | 0.22 | +0.15 | buy |
| CONGRESS ASSET MANAGEMENT CO | 213,331 | 205,324 | -8,007 | 0.67 | 0.57 | -0.09 | sell |
| HighTower Advisors, LLC | 227,463 | 200,594 | -26,869 | 0.11 | 0.09 | -0.02 | sell |
| NATIONAL BANK OF CANADA /FI/ | 222,894 | 193,214 | -29,680 | 0.10 | 0.08 | -0.02 | sell |
| Robeco Institutional Asset Management B.V. | 276,525 | 191,260 | -85,265 | 0.17 | 0.11 | -0.07 | sell |
| AMERIPRISE FINANCIAL INC | 345,075 | 186,770 | -158,305 | 0.03 | 0.02 | -0.02 | sell |
| BNP PARIBAS FINANCIAL MARKETS | 504,423 | 184,188 | -320,235 | 0.14 | 0.04 | -0.10 | sell |
| NEW YORK STATE COMMON RETIREMENT FUND | 198,358 | 182,158 | -16,200 | 0.12 | 0.10 | -0.02 | sell |
| CHILTON INVESTMENT CO INC. | 196,399 | 178,199 | -18,200 | 2.01 | 1.94 | -0.08 | sell |
| BANK OF MONTREAL /CAN/ | 155,686 | 177,221 | +21,535 | 0.03 | 0.03 | +0.00 | buy |
| Universal- Beteiligungs- und Servicegesellschaft mbH | 181,695 | 176,528 | -5,167 | 0.14 | 0.12 | -0.01 | sell |
| 1832 Asset Management L.P. | 104,079 | 175,377 | +71,298 | 0.06 | 0.10 | +0.04 | buy |
| YCG, LLC | 174,963 | 174,210 | -753 | 6.91 | 6.94 | +0.04 | sell |
| BARR E S & CO | 159,864 | 163,383 | +3,519 | 4.06 | 4.15 | +0.09 | buy |
| MILLENNIUM MANAGEMENT LLC | 9,416 | 161,259 | +151,843 | 0.00 | 0.05 | +0.05 | buy |
| AVIVA PLC | 165,926 | 159,149 | -6,777 | 0.12 | 0.11 | -0.02 | sell |
| MACKENZIE FINANCIAL CORP | 63,073 | 157,441 | +94,368 | 0.03 | 0.07 | +0.04 | buy |
| Freestone Grove Partners LP | 0 | 157,074 | +157,074 | 0.00 | 0.47 | +0.47 | buy |
| SCHWARTZ INVESTMENT COUNSEL INC | 153,000 | 153,000 | 0 | 2.37 | 2.30 | -0.07 | hold |
| ALLIANCEBERNSTEIN L.P. | 161,854 | 151,630 | -10,224 | 0.03 | 0.02 | -0.00 | sell |