| 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 | 4.81 | 4.40 | -0.41 | hold |
| VANGUARD GROUP INC | 15,006,997 | 15,170,285 | +163,288 | 0.12 | 0.11 | -0.01 | buy |
| BlackRock, Inc. | 15,109,153 | 14,653,100 | -456,053 | 0.15 | 0.12 | -0.02 | sell |
| TCI Fund Management Ltd | 13,246,979 | 13,308,479 | +61,500 | 13.10 | 12.03 | -1.07 | buy |
| STATE STREET CORP | 7,144,852 | 7,139,934 | -4,918 | 0.13 | 0.12 | -0.02 | sell |
| FMR LLC | 6,248,723 | 5,688,895 | -559,828 | 0.18 | 0.14 | -0.04 | sell |
| GEODE CAPITAL MANAGEMENT, LLC | 3,888,788 | 3,922,514 | +33,726 | 0.14 | 0.12 | -0.02 | buy |
| Fiera Capital Corp | 2,574,948 | 2,485,136 | -89,812 | 4.38 | 3.83 | -0.55 | sell |
| Bank of New York Mellon Corp | 2,613,028 | 2,391,864 | -221,164 | 0.25 | 0.20 | -0.04 | sell |
| MORGAN STANLEY | 2,330,147 | 2,307,803 | -22,344 | 0.08 | 0.07 | -0.01 | sell |
| PineStone Asset Management Inc. | 2,311,020 | 2,264,043 | -46,977 | 7.50 | 6.71 | -0.79 | sell |
| AKRE CAPITAL MANAGEMENT LLC | 2,305,424 | 2,118,949 | -186,475 | 11.33 | 10.07 | -1.26 | sell |
| NORTHERN TRUST CORP | 1,739,694 | 1,707,801 | -31,893 | 0.12 | 0.10 | -0.02 | sell |
| GOLDMAN SACHS GROUP INC | 1,433,567 | 1,591,159 | +157,592 | 0.12 | 0.11 | -0.01 | buy |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | 1,519,316 | 1,474,449 | -44,867 | 0.24 | 0.22 | -0.02 | sell |
| Legal & General Group Plc | 1,355,642 | 1,447,105 | +91,463 | 0.17 | 0.15 | -0.01 | buy |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | 1,866,893 | 1,379,879 | -487,014 | 0.19 | 0.14 | -0.05 | sell |
| Valley Forge Capital Management, LP | 1,314,144 | 1,314,144 | 0 | 14.56 | 15.06 | +0.50 | hold |
| WINDACRE PARTNERSHIP LLC | 983,595 | 1,164,900 | +181,305 | 6.76 | 6.94 | +0.18 | buy |
| Rothschild & Co Wealth Management UK Ltd | 1,101,804 | 1,122,423 | +20,619 | 8.22 | 8.60 | +0.39 | buy |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | 1,050,181 | 1,089,172 | +38,991 | 0.09 | 0.08 | -0.01 | buy |
| JPMORGAN CHASE & CO | 1,149,466 | 1,034,134 | -115,332 | 0.04 | 0.03 | -0.01 | sell |
| Longview Partners (Guernsey) LTD | 1,247,668 | 1,018,194 | -229,474 | 5.39 | 5.07 | -0.32 | sell |
| Invesco Ltd. | 1,059,167 | 995,496 | -63,671 | 0.09 | 0.07 | -0.02 | sell |
| PRICE T ROWE ASSOCIATES INC /MD/ | 685,973 | 989,333 | +303,360 | 0.04 | 0.05 | +0.01 | buy |
| BARCLAYS PLC | 537,690 | 956,603 | +418,913 | 0.11 | 0.17 | +0.06 | buy |
| ALTAROCK PARTNERS LP | 952,254 | 948,735 | -3,519 | 8.72 | 8.27 | -0.45 | sell |
| CITADEL ADVISORS LLC | 279,650 | 882,135 | +602,485 | 0.12 | 0.34 | +0.22 | buy |
| Ninety One UK Ltd | 837,471 | 853,453 | +15,982 | 0.99 | 0.88 | -0.11 | buy |
| DIMENSIONAL FUND ADVISORS LP | 799,630 | 817,109 | +17,479 | 0.09 | 0.08 | -0.01 | buy |
| DEUTSCHE BANK AG\ | 946,811 | 808,460 | -138,351 | 0.17 | 0.13 | -0.05 | sell |
| AKO CAPITAL LLP | 827,554 | 767,143 | -60,411 | 5.24 | 5.20 | -0.04 | sell |
| Amundi | 865,048 | 757,365 | -107,683 | 0.15 | 0.12 | -0.03 | sell |
| BAILLIE GIFFORD & CO | 736,778 | 738,640 | +1,862 | 0.28 | 0.26 | -0.02 | buy |
| Winslow Capital Management, LLC | 0 | 731,091 | +731,091 | 0.00 | 1.15 | +1.15 | buy |
| Allen Investment Management, LLC | 827,217 | 728,862 | -98,355 | 4.52 | 3.86 | -0.67 | sell |
| ROYAL BANK OF CANADA | 867,215 | 710,258 | -156,957 | 0.08 | 0.06 | -0.02 | sell |
| STIFEL FINANCIAL CORP | 724,130 | 708,968 | -15,162 | 0.35 | 0.31 | -0.04 | sell |
| Nuveen, LLC | 721,964 | 702,202 | -19,762 | 0.10 | 0.09 | -0.01 | sell |
| Neuberger Berman Group LLC | 701,908 | 687,145 | -14,763 | 0.27 | 0.24 | -0.03 | sell |
| Evergreen Quality Fund GP, Ltd. | 617,400 | 674,400 | +57,000 | 9.57 | 7.13 | -2.44 | buy |
| Russell Investments Group, Ltd. | 665,695 | 666,876 | +1,181 | 0.42 | 0.36 | -0.06 | buy |
| BANK OF AMERICA CORP /DE/ | 705,996 | 659,618 | -46,378 | 0.03 | 0.02 | -0.01 | sell |
| PRINCIPAL FINANCIAL GROUP INC | 645,769 | 647,711 | +1,942 | 0.17 | 0.16 | -0.02 | buy |
| TD ASSET MANAGEMENT INC | 637,392 | 616,209 | -21,183 | 0.27 | 0.24 | -0.03 | sell |
| NORDEA INVESTMENT MANAGEMENT AB | 604,010 | 590,112 | -13,898 | 0.28 | 0.25 | -0.03 | sell |
| UBS Group AG | 632,215 | 575,156 | -57,059 | 0.07 | 0.05 | -0.01 | sell |
| MARSHFIELD ASSOCIATES | 516,014 | 537,128 | +21,114 | 5.29 | 4.43 | -0.86 | buy |
| SCHRODER INVESTMENT MANAGEMENT GROUP | 496,341 | 498,844 | +2,503 | 0.21 | 0.19 | -0.02 | buy |
| HSBC HOLDINGS PLC | 600,382 | 497,288 | -103,094 | 0.19 | 0.14 | -0.05 | sell |
| ENVESTNET ASSET MANAGEMENT INC | 484,108 | 483,745 | -363 | 0.07 | 0.07 | -0.00 | sell |
| CANTILLON CAPITAL MANAGEMENT LLC | 446,889 | 442,005 | -4,884 | 0.65 | 0.58 | -0.07 | sell |
| CANTILLON CAPITAL MANAGEMENT LLC | 446,889 | 442,005 | -4,884 | 0.65 | 0.58 | -0.07 | sell |
| ACADIAN ASSET MANAGEMENT LLC | 654,879 | 431,581 | -223,298 | 0.68 | 0.36 | -0.32 | sell |
| Sarasin & Partners LLP | 420,259 | 427,259 | +7,000 | 2.10 | 2.02 | -0.08 | buy |
| VOYA INVESTMENT MANAGEMENT LLC | 431,288 | 425,598 | -5,690 | 0.22 | 0.20 | -0.01 | sell |
| JANUS HENDERSON GROUP PLC | 416,944 | 414,645 | -2,299 | 0.10 | 0.09 | -0.01 | sell |
| Canoe Financial LP | 425,642 | 412,142 | -13,500 | 3.04 | 2.80 | -0.24 | sell |
| SEI INVESTMENTS CO | 235,237 | 401,396 | +166,159 | 0.14 | 0.21 | +0.07 | buy |
| DF DENT & CO INC | 428,196 | 401,205 | -26,991 | 2.73 | 2.47 | -0.26 | sell |
| Sumitomo Mitsui Trust Group, Inc. | 375,561 | 378,495 | +2,934 | 0.12 | 0.10 | -0.01 | buy |
| National Pension Service | 360,772 | 370,862 | +10,090 | 0.16 | 0.14 | -0.02 | buy |
| Point72 Asset Management, L.P. | 0 | 345,071 | +345,071 | 0.00 | 0.36 | +0.36 | buy |
| BROWN ADVISORY INC | 446,698 | 334,325 | -112,373 | 0.29 | 0.21 | -0.09 | sell |
| Skye Global Management LP | 236,000 | 324,500 | +88,500 | 2.52 | 3.11 | +0.59 | buy |
| TWO SIGMA INVESTMENTS, LP | 24,527 | 324,251 | +299,724 | 0.02 | 0.24 | +0.22 | buy |
| Mitsubishi UFJ Asset Management Co., Ltd. | 300,870 | 316,969 | +16,099 | 0.12 | 0.11 | -0.01 | buy |
| RHUMBLINE ADVISERS | 323,961 | 316,401 | -7,560 | 0.14 | 0.12 | -0.02 | sell |
| CALIFORNIA PUBLIC EMPLOYEES RETIREMENT SYSTEM | 287,670 | 298,104 | +10,434 | 0.09 | 0.09 | -0.01 | buy |
| BLS CAPITAL FONDSMAEGLERSELSKAB A/S | 377,636 | 291,449 | -86,187 | 6.10 | 4.78 | -1.33 | sell |
| AVIVA PLC | 279,070 | 288,802 | +9,732 | 0.29 | 0.25 | -0.04 | buy |
| CANADA PENSION PLAN INVESTMENT BOARD | 183,363 | 285,900 | +102,537 | 0.08 | 0.10 | +0.02 | buy |
| FRANKLIN RESOURCES INC | 429,377 | 285,087 | -144,290 | 0.06 | 0.03 | -0.02 | sell |
| Holocene Advisors, LP | 64,493 | 283,744 | +219,251 | 0.08 | 0.31 | +0.23 | buy |
| Newport Trust Company, LLC | 293,257 | 283,572 | -9,685 | 0.35 | 0.31 | -0.05 | sell |
| CHILTON INVESTMENT CO INC. | 252,048 | 260,746 | +8,698 | 2.81 | 2.53 | -0.28 | buy |
| KING LUTHER CAPITAL MANAGEMENT CORP | 269,002 | 259,637 | -9,365 | 0.59 | 0.51 | -0.08 | sell |
| MANNING & NAPIER ADVISORS LLC | 272,896 | 258,461 | -14,435 | 1.63 | 1.59 | -0.05 | sell |
| GENERATION INVESTMENT MANAGEMENT LLP | 271,074 | 254,169 | -16,905 | 0.86 | 0.80 | -0.06 | sell |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | 250,132 | 251,161 | +1,029 | 0.14 | 0.12 | -0.02 | buy |
| HighTower Advisors, LLC | 262,694 | 247,347 | -15,347 | 0.17 | 0.13 | -0.03 | sell |
| BRISTOL JOHN W & CO INC /NY/ | 173,377 | 237,297 | +63,920 | 1.41 | 1.78 | +0.38 | buy |
| APG Asset Management N.V. | 147,600 | 229,004 | +81,404 | 0.19 | 0.26 | +0.07 | buy |
| RAYMOND JAMES FINANCIAL INC | 243,407 | 222,095 | -21,312 | 0.04 | 0.03 | -0.01 | sell |
| CONGRESS ASSET MANAGEMENT CO | 224,420 | 221,975 | -2,445 | 0.77 | 0.70 | -0.07 | sell |
| MARSHALL WACE, LLP | 102,126 | 221,826 | +119,700 | 0.06 | 0.12 | +0.06 | buy |
| NATIONAL BANK OF CANADA /FI/ | 222,320 | 218,906 | -3,414 | 0.12 | 0.12 | -0.00 | sell |
| MARKEL GROUP INC. | 213,890 | 213,890 | 0 | 0.91 | 0.83 | -0.08 | hold |
| NEW YORK STATE COMMON RETIREMENT FUND | 220,911 | 209,911 | -11,000 | 0.15 | 0.13 | -0.02 | sell |
| Universal- Beteiligungs- und Servicegesellschaft mbH | 209,870 | 202,364 | -7,506 | 0.19 | 0.16 | -0.03 | sell |
| BALYASNY ASSET MANAGEMENT L.P. | 1,900 | 197,826 | +195,926 | 0.00 | 0.19 | +0.19 | buy |
| Qube Research & Technologies Ltd | 352,889 | 197,032 | -155,857 | 0.25 | 0.13 | -0.11 | sell |
| YCG, LLC | 177,663 | 184,431 | +6,768 | 6.89 | 6.60 | -0.29 | buy |
| CANADA LIFE ASSURANCE Co | 177,624 | 182,549 | +4,925 | 0.14 | 0.13 | -0.02 | buy |
| Assenagon Asset Management S.A. | 126,726 | 170,603 | +43,877 | 0.10 | 0.12 | +0.02 | buy |
| NATIXIS ADVISORS, LLC | 175,522 | 169,278 | -6,244 | 0.14 | 0.12 | -0.02 | sell |
| Mitsubishi UFJ Trust & Banking Corp | 198,396 | 168,419 | -29,977 | 0.23 | 0.18 | -0.05 | sell |
| BARR E S & CO | 164,014 | 162,842 | -1,172 | 4.72 | 4.21 | -0.51 | sell |
| GFI Investment Counsel Ltd. | 161,060 | 161,380 | +320 | 8.80 | 8.01 | -0.79 | buy |
| ALLIANCEBERNSTEIN L.P. | 165,783 | 161,109 | -4,674 | 0.03 | 0.02 | -0.00 | sell |