DATAROMA Portfolio History

Historical Stock Holdings

Francis Chou - Chou Associates

Period	Portfolio Value	Top 20 holdings history (left to right)
2023 Q4	$76 M	BRK.A Berkshire Hathaway CL A 57.06% of portfolio	BHC Bausch Health 7.54% of portfolio	ALLY Ally Financial Inc. 7.15% of portfolio	SYF Synchrony Financial 6.02% of portfolio	HTZWW Hertz Global Hldgs Inc. WTS 5.34% of portfolio	NAVI Navient Corp. 4.49% of portfolio	C Citigroup Inc. 3.90% of portfolio	LBTYA Liberty Global Ltd CL A 2.26% of portfolio	BB BlackBerry Ltd. 1.46% of portfolio	WFC Wells Fargo 1.26% of portfolio	STLA Stellantis N.V. 0.92% of portfolio	CYD China Yuchai Intl Ltd. 0.81% of portfolio	MGA Magna International Inc. 0.78% of portfolio	RYAAY Ryanair Holdings PLC 0.42% of portfolio	BABA Alibaba Group Holdings 0.35% of portfolio	MEOH Methanex Corp. 0.25% of portfolio
2023 Q3	$75 M	BRK.A Berkshire Hathaway CL A 56.66% of portfolio	BHC Bausch Health 7.83% of portfolio	HTZWW Hertz Global Hldgs Inc. WTS 6.05% of portfolio	ALLY Ally Financial Inc. 5.54% of portfolio	SYF Synchrony Financial 4.89% of portfolio	NAVI Navient Corp. 4.21% of portfolio	C Citigroup Inc. 3.16% of portfolio	LBTYA Liberty Global Ltd CL A 2.21% of portfolio	BB BlackBerry Ltd. 1.97% of portfolio	MBI MBIA Inc. 1.92% of portfolio	WFC Wells Fargo 1.06% of portfolio	CYD China Yuchai Intl Ltd. 0.99% of portfolio	BYON Beyond Inc. 0.81% of portfolio	STLA Stellantis N.V. 0.76% of portfolio	MGA Magna International Inc. 0.71% of portfolio	RYAAY Ryanair Holdings PLC 0.59% of portfolio	BABA Alibaba Group Holdings 0.39% of portfolio	MEOH Methanex Corp. 0.24% of portfolio
2023 Q2	$79 M	BRK.A Berkshire Hathaway CL A 52.47% of portfolio	HTZWW Hertz Global Hldgs Inc. WTS 9.48% of portfolio	BHC Bausch Health 7.24% of portfolio	ALLY Ally Financial Inc. 5.33% of portfolio	SYF Synchrony Financial 5.15% of portfolio	NAVI Navient Corp. 4.31% of portfolio	C Citigroup Inc. 3.36% of portfolio	BB BlackBerry Ltd. 2.20% of portfolio	MBI MBIA Inc. 2.18% of portfolio	LBTYA Liberty Global Ltd CL A 2.07% of portfolio	BYON Beyond Inc. 1.58% of portfolio	WFC Wells Fargo 1.06% of portfolio	CYD China Yuchai Intl Ltd. 0.98% of portfolio	MGA Magna International Inc. 0.71% of portfolio	STLA Stellantis N.V. 0.67% of portfolio	RYAAY Ryanair Holdings PLC 0.64% of portfolio	BABA Alibaba Group Holdings 0.36% of portfolio	MEOH Methanex Corp. 0.21% of portfolio
2023 Q1	$72 M	BRK.A Berkshire Hathaway CL A 51.97% of portfolio	HTZWW Hertz Global Hldgs Inc. WTS 9.19% of portfolio	BHC Bausch Health 8.08% of portfolio	ALLY Ally Financial Inc. 5.54% of portfolio	SYF Synchrony Financial 4.87% of portfolio	NAVI Navient Corp. 4.09% of portfolio	C Citigroup Inc. 3.77% of portfolio	LBTYA Liberty Global Ltd CL A 2.63% of portfolio	MBI MBIA Inc. 2.58% of portfolio	BB BlackBerry Ltd. 2.00% of portfolio	BYON Beyond Inc. 1.09% of portfolio	WFC Wells Fargo 1.02% of portfolio	CYD China Yuchai Intl Ltd. 0.81% of portfolio	STLA Stellantis N.V. 0.76% of portfolio	MGA Magna International Inc. 0.75% of portfolio	RYAAY Ryanair Holdings PLC 0.60% of portfolio	MEOH Methanex Corp. 0.26% of portfolio
2022 Q4	$71 M	BRK.A Berkshire Hathaway CL A 53.01% of portfolio	RFP-OLD Resolute Forest Products 7.98% of portfolio	HTZWW Hertz Global Hldgs Inc. WTS 7.81% of portfolio	BHC Bausch Health 6.35% of portfolio	ALLY Ally Financial Inc. 5.38% of portfolio	C Citigroup Inc. 3.69% of portfolio	MBI MBIA Inc. 3.62% of portfolio	SYF Synchrony Financial 2.69% of portfolio	LBTYA Liberty Global Ltd CL A 2.59% of portfolio	BB BlackBerry Ltd. 1.44% of portfolio	WFC Wells Fargo 1.14% of portfolio	BYON Beyond Inc. 1.05% of portfolio	MGA Magna International Inc. 0.79% of portfolio	CYD China Yuchai Intl Ltd. 0.73% of portfolio	STLA Stellantis N.V. 0.60% of portfolio	RYAAY Ryanair Holdings PLC 0.48% of portfolio	CIXXF Ci Financial Corp 0.40% of portfolio	MEOH Methanex Corp. 0.21% of portfolio
2022 Q3	$101 M	BRK.A Berkshire Hathaway CL A 40.24% of portfolio	RFP-OLD Resolute Forest Products 39.33% of portfolio	BHC Bausch Health 4.88% of portfolio	JPM JPMorgan Chase & Co. 2.51% of portfolio	C Citigroup Inc. 2.38% of portfolio	GS Goldman Sachs Group 2.06% of portfolio	MBI MBIA Inc. 1.82% of portfolio	BB BlackBerry Ltd. 1.46% of portfolio	BYON Beyond Inc. 0.93% of portfolio	HTZWW Hertz Global Hldgs Inc. WTS 0.85% of portfolio	WFC Wells Fargo 0.78% of portfolio	PKX POSCO 0.76% of portfolio	CYD China Yuchai Intl Ltd. 0.53% of portfolio	MGA Magna International Inc. 0.47% of portfolio	STLA Stellantis N.V. 0.35% of portfolio	RYAAY Ryanair Holdings PLC 0.26% of portfolio	TOON Kartoon Studios Inc. 0.20% of portfolio	LBTYA Liberty Global Ltd CL A 0.19% of portfolio
2022 Q2	$104 M	BRK.A Berkshire Hathaway CL A 39.48% of portfolio	RFP-OLD Resolute Forest Products 38.14% of portfolio	BHC Bausch Health 5.77% of portfolio	JPM JPMorgan Chase & Co. 2.64% of portfolio	C Citigroup Inc. 2.56% of portfolio	MBI MBIA Inc. 2.38% of portfolio	GS Goldman Sachs Group 2.04% of portfolio	BB BlackBerry Ltd. 1.99% of portfolio	BYON Beyond Inc. 1.06% of portfolio	PKX POSCO 0.90% of portfolio	WFC Wells Fargo 0.74% of portfolio	CYD China Yuchai Intl Ltd. 0.62% of portfolio	MGA Magna International Inc. 0.53% of portfolio	STLA Stellantis N.V. 0.36% of portfolio	RYAAY Ryanair Holdings PLC 0.30% of portfolio	TOON Kartoon Studios Inc. 0.25% of portfolio	LBTYA Liberty Global Ltd CL A 0.24% of portfolio
2022 Q1	$135 M	BRK.A Berkshire Hathaway CL A 39.06% of portfolio	RFP-OLD Resolute Forest Products 29.52% of portfolio	BHC Bausch Health 12.91% of portfolio	MBI MBIA Inc. 6.81% of portfolio	JPM JPMorgan Chase & Co. 2.44% of portfolio	C Citigroup Inc. 2.28% of portfolio	BB BlackBerry Ltd. 2.10% of portfolio	GS Goldman Sachs Group 1.73% of portfolio	MGA Magna International Inc. 0.95% of portfolio	WFC Wells Fargo 0.70% of portfolio	CYD China Yuchai Intl Ltd. 0.63% of portfolio	STLA Stellantis N.V. 0.36% of portfolio	RYAAY Ryanair Holdings PLC 0.29% of portfolio	LBTYA Liberty Global Ltd CL A 0.23% of portfolio
2021 Q4	$144 M	RFP-OLD Resolute Forest Products 32.75% of portfolio	BRK.A Berkshire Hathaway CL A 31.21% of portfolio	BHC Bausch Health 14.63% of portfolio	MBI MBIA Inc. 6.56% of portfolio	JPM JPMorgan Chase & Co. 3.76% of portfolio	BB BlackBerry Ltd. 2.48% of portfolio	C Citigroup Inc. 2.41% of portfolio	GS Goldman Sachs Group 1.88% of portfolio	MGA Magna International Inc. 1.12% of portfolio	PKX POSCO 0.85% of portfolio	CYD China Yuchai Intl Ltd. 0.76% of portfolio	WFC Wells Fargo 0.65% of portfolio	STLA Stellantis N.V. 0.39% of portfolio	RYAAY Ryanair Holdings PLC 0.32% of portfolio	LBTYA Liberty Global Ltd CL A 0.23% of portfolio
2021 Q3	$159 M	BHC Bausch Health 26.18% of portfolio	BRK.A Berkshire Hathaway CL A 25.86% of portfolio	RFP-OLD Resolute Forest Products 24.68% of portfolio	WFC Wells Fargo 4.95% of portfolio	MBI MBIA Inc. 4.84% of portfolio	JPM JPMorgan Chase & Co. 3.53% of portfolio	C Citigroup Inc. 2.55% of portfolio	BB BlackBerry Ltd. 2.34% of portfolio	GS Goldman Sachs Group 1.69% of portfolio	MGA Magna International Inc. 0.95% of portfolio	PKX POSCO 0.91% of portfolio	CYD China Yuchai Intl Ltd. 0.63% of portfolio	STLA Stellantis N.V. 0.36% of portfolio	RYAAY Ryanair Holdings PLC 0.32% of portfolio	LBTYA Liberty Global Ltd CL A 0.23% of portfolio
2021 Q2	$171 M	RFP-OLD Resolute Forest Products 28.10% of portfolio	BHC Bausch Health 25.62% of portfolio	BRK.A Berkshire Hathaway CL A 24.47% of portfolio	WFC Wells Fargo 4.49% of portfolio	MBI MBIA Inc. 3.85% of portfolio	JPM JPMorgan Chase & Co. 3.12% of portfolio	BB BlackBerry Ltd. 2.86% of portfolio	C Citigroup Inc. 2.39% of portfolio	GS Goldman Sachs Group 1.58% of portfolio	MGA Magna International Inc. 1.08% of portfolio	PKX POSCO 0.94% of portfolio	CYD China Yuchai Intl Ltd. 0.69% of portfolio	STLA Stellantis N.V. 0.35% of portfolio	RYAAY Ryanair Holdings PLC 0.29% of portfolio	LBTYA Liberty Global Ltd CL A 0.19% of portfolio
2021 Q1	$100 M	BRK.A Berkshire Hathaway CL A 40.83% of portfolio	BHC Bausch Health 24.18% of portfolio	WFC Wells Fargo 6.02% of portfolio	RFP-OLD Resolute Forest Products 5.77% of portfolio	MBI MBIA Inc. 4.66% of portfolio	JPM JPMorgan Chase & Co. 3.09% of portfolio	GS Goldman Sachs Group 3.09% of portfolio	C Citigroup Inc. 2.85% of portfolio	DVA DaVita HealthCare Partners 2.49% of portfolio	BB BlackBerry Ltd. 2.17% of portfolio	SNY Sanofi Aventis 0.87% of portfolio	CYD China Yuchai Intl Ltd. 0.79% of portfolio	PKX POSCO 0.69% of portfolio	SAVE Spirit Airlines 0.65% of portfolio	MGA Magna International Inc. 0.64% of portfolio	BAC Bank of America Corp. 0.39% of portfolio	ALGT Allegiant Travel Company 0.35% of portfolio	RYAAY Ryanair Holdings PLC 0.24% of portfolio	STLA Stellantis N.V. 0.22% of portfolio
2020 Q4	$130 M	BRK.A Berkshire Hathaway CL A 26.75% of portfolio	BHC Bausch Health 24.62% of portfolio	RFP-OLD Resolute Forest Products 23.00% of portfolio	WFC Wells Fargo 4.86% of portfolio	GS Goldman Sachs Group 3.65% of portfolio	JPM JPMorgan Chase & Co. 3.35% of portfolio	C Citigroup Inc. 3.21% of portfolio	MBI MBIA Inc. 3.14% of portfolio	BB BlackBerry Ltd. 2.19% of portfolio	MGA Magna International Inc. 1.09% of portfolio	PKX POSCO 1.01% of portfolio	DVA DaVita HealthCare Partners 0.97% of portfolio	CYD China Yuchai Intl Ltd. 0.92% of portfolio	BAC Bank of America Corp. 0.43% of portfolio	STLA Stellantis N.V. 0.42% of portfolio	RYAAY Ryanair Holdings PLC 0.39% of portfolio
2020 Q3	$99 M	BRK.A Berkshire Hathaway CL A 30.46% of portfolio	BHC Bausch Health 22.77% of portfolio	RFP-OLD Resolute Forest Products 19.50% of portfolio	WFC Wells Fargo 4.69% of portfolio	GS Goldman Sachs Group 3.83% of portfolio	MBI MBIA Inc. 3.76% of portfolio	JPM JPMorgan Chase & Co. 3.14% of portfolio	C Citigroup Inc. 2.78% of portfolio	BB BlackBerry Ltd. 1.87% of portfolio	DVA DaVita HealthCare Partners 1.85% of portfolio	CYD China Yuchai Intl Ltd. 1.26% of portfolio	MGA Magna International Inc. 0.87% of portfolio	PKX POSCO 0.84% of portfolio	SAVE Spirit Airlines 0.77% of portfolio	ALGT Allegiant Travel Company 0.49% of portfolio	BAC Bank of America Corp. 0.42% of portfolio	RYAAY Ryanair Holdings PLC 0.36% of portfolio	STLA Stellantis N.V. 0.35% of portfolio
2020 Q2	$91 M	BHC Bausch Health 29.86% of portfolio	BRK.A Berkshire Hathaway CL A 28.35% of portfolio	RFP-OLD Resolute Forest Products 10.23% of portfolio	WFC Wells Fargo 5.69% of portfolio	MBI MBIA Inc. 5.02% of portfolio	GS Goldman Sachs Group 4.19% of portfolio	C Citigroup Inc. 3.67% of portfolio	JPM JPMorgan Chase & Co. 3.42% of portfolio	BB BlackBerry Ltd. 2.22% of portfolio	DVA DaVita HealthCare Partners 1.91% of portfolio	CYD China Yuchai Intl Ltd. 1.12% of portfolio	SAVE Spirit Airlines 0.94% of portfolio	MGA Magna International Inc. 0.94% of portfolio	PKX POSCO 0.82% of portfolio	ALGT Allegiant Travel Company 0.50% of portfolio	BAC Bank of America Corp. 0.46% of portfolio	STLA Stellantis N.V. 0.33% of portfolio	RYAAY Ryanair Holdings PLC 0.32% of portfolio
2020 Q1	$100 M	BRK.A Berkshire Hathaway CL A 40.83% of portfolio	BHC Bausch Health 24.18% of portfolio	WFC Wells Fargo 6.02% of portfolio	RFP-OLD Resolute Forest Products 5.77% of portfolio	MBI MBIA Inc. 4.66% of portfolio	JPM JPMorgan Chase & Co. 3.09% of portfolio	GS Goldman Sachs Group 3.09% of portfolio	C Citigroup Inc. 2.85% of portfolio	DVA DaVita HealthCare Partners 2.49% of portfolio	BB BlackBerry Ltd. 2.17% of portfolio	SNY Sanofi Aventis 0.87% of portfolio	CYD China Yuchai Intl Ltd. 0.79% of portfolio	PKX POSCO 0.69% of portfolio	SAVE Spirit Airlines 0.65% of portfolio	MGA Magna International Inc. 0.64% of portfolio	BAC Bank of America Corp. 0.39% of portfolio	ALGT Allegiant Travel Company 0.35% of portfolio	RYAAY Ryanair Holdings PLC 0.24% of portfolio	STLA Stellantis N.V. 0.22% of portfolio
2019 Q4	$172 M	BRK.A Berkshire Hathaway CL A 29.65% of portfolio	BHC Bausch Health 28.19% of portfolio	RFP-OLD Resolute Forest Products 11.18% of portfolio	WFC Wells Fargo 6.56% of portfolio	DVA DaVita HealthCare Partners 4.40% of portfolio	JPM JPMorgan Chase & Co. 3.59% of portfolio	MBI MBIA Inc. 3.53% of portfolio	C Citigroup Inc. 3.15% of portfolio	GS Goldman Sachs Group 2.68% of portfolio	BB BlackBerry Ltd. 1.98% of portfolio	SAVE Spirit Airlines 1.17% of portfolio	MGA Magna International Inc. 0.64% of portfolio	PKX POSCO 0.62% of portfolio	BAC Bank of America Corp. 0.58% of portfolio	SNY Sanofi Aventis 0.58% of portfolio	CYD China Yuchai Intl Ltd. 0.57% of portfolio	ALGT Allegiant Travel Company 0.44% of portfolio	STLA Stellantis N.V. 0.26% of portfolio	RYAAY Ryanair Holdings PLC 0.23% of portfolio
2019 Q3	$162 M	BRK.A Berkshire Hathaway CL A 28.83% of portfolio	BHC Bausch Health 22.20% of portfolio	RFP-OLD Resolute Forest Products 13.24% of portfolio	WFC Wells Fargo 10.55% of portfolio	DVA DaVita HealthCare Partners 4.25% of portfolio	MBI MBIA Inc. 3.71% of portfolio	JPM JPMorgan Chase & Co. 3.21% of portfolio	C Citigroup Inc. 2.88% of portfolio	GS Goldman Sachs Group 2.55% of portfolio	BB BlackBerry Ltd. 1.71% of portfolio	BAC Bank of America Corp. 1.68% of portfolio	SAVE Spirit Airlines 1.12% of portfolio	ENDP Endo International plc 0.75% of portfolio	MGA Magna International Inc. 0.66% of portfolio	PKX POSCO 0.61% of portfolio	CYD China Yuchai Intl Ltd. 0.59% of portfolio	SNY Sanofi Aventis 0.57% of portfolio	ALGT Allegiant Travel Company 0.40% of portfolio	STLA Stellantis N.V. 0.24% of portfolio	RYAAY Ryanair Holdings PLC 0.19% of portfolio
2019 Q2	$211 M	BRK.A Berkshire Hathaway CL A 22.60% of portfolio	BHC Bausch Health 19.68% of portfolio	RFP-OLD Resolute Forest Products 15.58% of portfolio	WFC Wells Fargo 9.73% of portfolio	JPM JPMorgan Chase & Co. 5.78% of portfolio	GS Goldman Sachs Group 4.84% of portfolio	C Citigroup Inc. 4.31% of portfolio	MBI MBIA Inc. 4.20% of portfolio	DVA DaVita HealthCare Partners 3.21% of portfolio	BB BlackBerry Ltd. 1.87% of portfolio	ENDP Endo International plc 1.72% of portfolio	SHOS Sears Hometown & Outlet Stores 1.46% of portfolio	BAC Bank of America Corp. 1.28% of portfolio	SAVE Spirit Airlines 1.13% of portfolio	PKX POSCO 0.53% of portfolio	CYD China Yuchai Intl Ltd. 0.52% of portfolio	MGA Magna International Inc. 0.47% of portfolio	SNY Sanofi Aventis 0.41% of portfolio	ALGT Allegiant Travel Company 0.29% of portfolio	STLA Stellantis N.V. 0.20% of portfolio
2019 Q1	$224 M	BRK.A Berkshire Hathaway CL A 20.12% of portfolio	BHC Bausch Health 18.02% of portfolio	RFP-OLD Resolute Forest Products 16.28% of portfolio	WFC Wells Fargo 9.51% of portfolio	JPM JPMorgan Chase & Co. 4.90% of portfolio	SNY Sanofi Aventis 4.89% of portfolio	GS Goldman Sachs Group 4.26% of portfolio	MBI MBIA Inc. 4.19% of portfolio	C Citigroup Inc. 3.59% of portfolio	DVA DaVita HealthCare Partners 3.36% of portfolio	ENDP Endo International plc 3.14% of portfolio	BB BlackBerry Ltd. 2.09% of portfolio	SHOS Sears Hometown & Outlet Stores 1.20% of portfolio	SAVE Spirit Airlines 1.15% of portfolio	BAC Bank of America Corp. 1.14% of portfolio	PKX POSCO 0.52% of portfolio	CYD China Yuchai Intl Ltd. 0.51% of portfolio	MGA Magna International Inc. 0.43% of portfolio	ALGT Allegiant Travel Company 0.24% of portfolio	STLA Stellantis N.V. 0.20% of portfolio
2018 Q4	$210 M	BRK.A Berkshire Hathaway CL A 21.88% of portfolio	RFP-OLD Resolute Forest Products 17.29% of portfolio	BHC Bausch Health 14.52% of portfolio	WFC Wells Fargo 9.55% of portfolio	SNY Sanofi Aventis 6.17% of portfolio	JPM JPMorgan Chase & Co. 5.09% of portfolio	MBI MBIA Inc. 4.05% of portfolio	GS Goldman Sachs Group 3.98% of portfolio	DVA DaVita HealthCare Partners 3.45% of portfolio	C Citigroup Inc. 3.23% of portfolio	ENDP Endo International plc 3.06% of portfolio	BB BlackBerry Ltd. 1.79% of portfolio	SAVE Spirit Airlines 1.38% of portfolio	SHOS Sears Hometown & Outlet Stores 1.32% of portfolio	BAC Bank of America Corp. 1.10% of portfolio	PKX POSCO 0.55% of portfolio	CYD China Yuchai Intl Ltd. 0.44% of portfolio	MGA Magna International Inc. 0.43% of portfolio	ALGT Allegiant Travel Company 0.21% of portfolio	STLA Stellantis N.V. 0.21% of portfolio
2018 Q3	$276 M	RFP-OLD Resolute Forest Products 21.44% of portfolio	BRK.A Berkshire Hathaway CL A 17.38% of portfolio	BHC Bausch Health 15.33% of portfolio	WFC Wells Fargo 8.27% of portfolio	SNY Sanofi Aventis 5.82% of portfolio	ENDP Endo International plc 5.36% of portfolio	JPM JPMorgan Chase & Co. 4.46% of portfolio	GS Goldman Sachs Group 4.06% of portfolio	MBI MBIA Inc. 3.71% of portfolio	DVA DaVita HealthCare Partners 3.65% of portfolio	C Citigroup Inc. 3.38% of portfolio	BB BlackBerry Ltd. 2.17% of portfolio	SHOS Sears Hometown & Outlet Stores 1.35% of portfolio	BAC Bank of America Corp. 1.00% of portfolio	SAVE Spirit Airlines 0.85% of portfolio	PKX POSCO 0.50% of portfolio	CYD China Yuchai Intl Ltd. 0.46% of portfolio	ALGT Allegiant Travel Company 0.20% of portfolio	SHLDQ-OLD Sears Holdings Corp. 0.18% of portfolio	ASCMA Ascent Capital Group 0.17% of portfolio
2018 Q2	$260 M	RFP-OLD Resolute Forest Products 18.23% of portfolio	BRK.A Berkshire Hathaway CL A 16.30% of portfolio	BHC Bausch Health 14.76% of portfolio	WFC.WS Wells Fargo WTS 8.46% of portfolio	GS Goldman Sachs Group 6.37% of portfolio	SNY Sanofi Aventis 6.32% of portfolio	C Citigroup Inc. 5.41% of portfolio	JPM.WS JPMorgan Chase WTS 4.08% of portfolio	DVA DaVita HealthCare Partners 3.76% of portfolio	MBI MBIA Inc. 3.76% of portfolio	ENDP Endo International plc 3.20% of portfolio	BB BlackBerry Ltd. 1.97% of portfolio	NOK Nokia Corp. 1.44% of portfolio	SHOS Sears Hometown & Outlet Stores 1.07% of portfolio	SHLDQ-OLD Sears Holdings Corp. 1.03% of portfolio	BAC.WS.A Bank of America WTS A 0.94% of portfolio	SAVE Spirit Airlines 0.70% of portfolio	CYD China Yuchai Intl Ltd. 0.61% of portfolio	PKX POSCO 0.60% of portfolio	ASCMA Ascent Capital Group 0.33% of portfolio
2018 Q1	$233 M	BRK.A Berkshire Hathaway CL A 19.29% of portfolio	RFP-OLD Resolute Forest Products 16.41% of portfolio	BHC Bausch Health 11.29% of portfolio	WFC.WS Wells Fargo WTS 8.23% of portfolio	GS Goldman Sachs Group 8.12% of portfolio	SNY Sanofi Aventis 7.07% of portfolio	C Citigroup Inc. 6.09% of portfolio	JPM.WS JPMorgan Chase WTS 4.99% of portfolio	MBI MBIA Inc. 4.30% of portfolio	BB BlackBerry Ltd. 2.61% of portfolio	ENDP Endo International plc 2.25% of portfolio	NOK Nokia Corp. 2.00% of portfolio	SHOS Sears Hometown & Outlet Stores 1.71% of portfolio	SHLDQ-OLD Sears Holdings Corp. 1.30% of portfolio	BAC.WS.A Bank of America WTS A 1.17% of portfolio	SD SandRidge Energy Inc. 0.85% of portfolio	PKX POSCO 0.71% of portfolio	CYD China Yuchai Intl Ltd. 0.67% of portfolio	ASCMA Ascent Capital Group 0.48% of portfolio	RYAAY Ryanair Holdings PLC 0.24% of portfolio
2017 Q4	$229 M	RFP-OLD Resolute Forest Products 22.18% of portfolio	BRK.A Berkshire Hathaway CL A 19.49% of portfolio	WFC.WS Wells Fargo WTS 12.02% of portfolio	GS Goldman Sachs Group 8.34% of portfolio	SNY Sanofi Aventis 7.70% of portfolio	C Citigroup Inc. 6.82% of portfolio	JPM.WS JPMorgan Chase WTS 4.84% of portfolio	MBI MBIA Inc. 3.45% of portfolio	BB BlackBerry Ltd. 2.58% of portfolio	SHLDQ-OLD Sears Holdings Corp. 1.77% of portfolio	NOK Nokia Corp. 1.73% of portfolio	ASCMA Ascent Capital Group 1.54% of portfolio	SHOS Sears Hometown & Outlet Stores 1.50% of portfolio	BHC Bausch Health 1.35% of portfolio	SD SandRidge Energy Inc. 1.25% of portfolio	BAC.WS.A Bank of America WTS A 1.15% of portfolio	CYD China Yuchai Intl Ltd. 0.77% of portfolio	PKX POSCO 0.72% of portfolio	ENDP Endo International plc 0.27% of portfolio	RYAAY Ryanair Holdings PLC 0.21% of portfolio
2017 Q3	$281 M	BHC Bausch Health 15.56% of portfolio	BRK.A Berkshire Hathaway CL A 14.65% of portfolio	RFP-OLD Resolute Forest Products 8.91% of portfolio	WFC.WS Wells Fargo WTS 7.65% of portfolio	SNY Sanofi Aventis 7.26% of portfolio	JPM.WS JPMorgan Chase WTS 7.03% of portfolio	GS Goldman Sachs Group 6.32% of portfolio	C Citigroup Inc. 5.43% of portfolio	MBI MBIA Inc. 3.34% of portfolio	TEVA Teva Pharmaceutical Industries Ltd. 3.16% of portfolio	BYON Beyond Inc. 3.03% of portfolio	SHLDQ-OLD Sears Holdings Corp. 2.94% of portfolio	ENDP Endo International plc 2.89% of portfolio	BB BlackBerry Ltd. 2.10% of portfolio	BAC.WS.A Bank of America WTS A 2.06% of portfolio	NOK Nokia Corp. 1.81% of portfolio	ASCMA Ascent Capital Group 1.42% of portfolio	SHOS Sears Hometown & Outlet Stores 1.20% of portfolio	SD SandRidge Energy Inc. 1.12% of portfolio	RYAAY Ryanair Holdings PLC 0.62% of portfolio
2017 Q2	$319 M	BHC Bausch Health 16.64% of portfolio	BRK.A Berkshire Hathaway CL A 12.03% of portfolio	JPM.WS JPMorgan Chase WTS 9.92% of portfolio	WFC.WS Wells Fargo WTS 6.97% of portfolio	RFP-OLD Resolute Forest Products 6.88% of portfolio	C Citigroup Inc. 6.53% of portfolio	SNY Sanofi Aventis 6.19% of portfolio	TEVA Teva Pharmaceutical Industries Ltd. 5.28% of portfolio	GS Goldman Sachs Group 5.24% of portfolio	ENDP Endo International plc 3.34% of portfolio	MBI MBIA Inc. 3.21% of portfolio	SHLDQ-OLD Sears Holdings Corp. 3.16% of portfolio	BYON Beyond Inc. 2.99% of portfolio	NOK Nokia Corp. 2.42% of portfolio	BAC.WS.A Bank of America WTS A 2.04% of portfolio	BB BlackBerry Ltd. 1.66% of portfolio	ASCMA Ascent Capital Group 1.48% of portfolio	SHOS Sears Hometown & Outlet Stores 1.12% of portfolio	SD SandRidge Energy Inc. 0.85% of portfolio	RYAAY Ryanair Holdings PLC 0.56% of portfolio
2017 Q1	$297 M	BRK.A Berkshire Hathaway CL A 12.64% of portfolio	JPM.WS JPMorgan Chase WTS 9.78% of portfolio	RFP-OLD Resolute Forest Products 9.12% of portfolio	BHC Bausch Health 8.76% of portfolio	C Citigroup Inc. 8.27% of portfolio	WFC.WS Wells Fargo WTS 7.47% of portfolio	SNY Sanofi Aventis 6.26% of portfolio	GS Goldman Sachs Group 5.81% of portfolio	NOK Nokia Corp. 5.03% of portfolio	SHLDQ-OLD Sears Holdings Corp. 4.38% of portfolio	ENDP Endo International plc 3.58% of portfolio	BYON Beyond Inc. 3.38% of portfolio	MBI MBIA Inc. 3.09% of portfolio	TEVA Teva Pharmaceutical Industries Ltd. 2.33% of portfolio	BAC.WS.A Bank of America WTS A 2.05% of portfolio	SHOS Sears Hometown & Outlet Stores 1.74% of portfolio	ASCMA Ascent Capital Group 1.46% of portfolio	BB BlackBerry Ltd. 1.38% of portfolio	SD SandRidge Energy Inc. 0.98% of portfolio	CBI Chicago Bridge & Iron Company 0.70% of portfolio
2016 Q4	$305 M	JPM.WS JPMorgan Chase WTS 16.37% of portfolio	BRK.A Berkshire Hathaway CL A 12.03% of portfolio	BHC Bausch Health 9.35% of portfolio	RFP-OLD Resolute Forest Products 8.72% of portfolio	C Citigroup Inc. 8.00% of portfolio	WFC.WS Wells Fargo WTS 6.99% of portfolio	NOK Nokia Corp. 5.92% of portfolio	GS Goldman Sachs Group 5.90% of portfolio	SNY Sanofi Aventis 5.44% of portfolio	MBI MBIA Inc. 3.80% of portfolio	SHLDQ-OLD Sears Holdings Corp. 3.45% of portfolio	BYON Beyond Inc. 3.35% of portfolio	BAC.WS.A Bank of America WTS A 2.73% of portfolio	SHOS Sears Hometown & Outlet Stores 2.04% of portfolio	ASCMA Ascent Capital Group 1.63% of portfolio	BB BlackBerry Ltd. 1.20% of portfolio	CBI Chicago Bridge & Iron Company 0.70% of portfolio	RYAAY Ryanair Holdings PLC 0.45% of portfolio	SRSC Sears Canada Inc. 0.43% of portfolio	SD SandRidge Energy Inc. 0.37% of portfolio
2016 Q3	$265 M	BHC Bausch Health 13.40% of portfolio	BRK.A Berkshire Hathaway CL A 12.24% of portfolio	JPM.WS JPMorgan Chase WTS 10.47% of portfolio	RFP-OLD Resolute Forest Products 8.75% of portfolio	NOK Nokia Corp. 8.19% of portfolio	C Citigroup Inc. 7.31% of portfolio	SHLDQ-OLD Sears Holdings Corp. 6.19% of portfolio	SNY Sanofi Aventis 5.91% of portfolio	WFC.WS Wells Fargo WTS 4.70% of portfolio	GS Goldman Sachs Group 4.56% of portfolio	BYON Beyond Inc. 3.37% of portfolio	MBI MBIA Inc. 3.18% of portfolio	ASCMA Ascent Capital Group 2.97% of portfolio	SHOS Sears Hometown & Outlet Stores 2.46% of portfolio	BB BlackBerry Ltd. 1.59% of portfolio	BAC.WS.A Bank of America WTS A 1.46% of portfolio	SRSC Sears Canada Inc. 0.72% of portfolio	CBI Chicago Bridge & Iron Company 0.71% of portfolio	RYAAY Ryanair Holdings PLC 0.47% of portfolio	PKX POSCO 0.40% of portfolio
2016 Q2	$257 M	BRK.A Berkshire Hathaway CL A 12.66% of portfolio	BHC Bausch Health 11.33% of portfolio	RFP-OLD Resolute Forest Products 10.09% of portfolio	JPM.WS JPMorgan Chase WTS 8.87% of portfolio	NOK Nokia Corp. 8.30% of portfolio	SHLDQ-OLD Sears Holdings Corp. 7.58% of portfolio	C Citigroup Inc. 6.76% of portfolio	SNY Sanofi Aventis 6.67% of portfolio	WFC.WS Wells Fargo WTS 5.28% of portfolio	GS Goldman Sachs Group 4.33% of portfolio	BYON Beyond Inc. 3.65% of portfolio	SHOS Sears Hometown & Outlet Stores 3.47% of portfolio	MBI MBIA Inc. 2.87% of portfolio	ASCMA Ascent Capital Group 2.04% of portfolio	BB BlackBerry Ltd. 1.38% of portfolio	BAC.WS.A Bank of America WTS A 1.13% of portfolio	CBI Chicago Bridge & Iron Company 0.91% of portfolio	SRSC Sears Canada Inc. 0.90% of portfolio	RYAAY Ryanair Holdings PLC 0.45% of portfolio	PKX POSCO 0.36% of portfolio
2016 Q1	$268 M	BRK.A Berkshire Hathaway CL A 11.95% of portfolio	RFP-OLD Resolute Forest Products 10.09% of portfolio	BHC Bausch Health 9.59% of portfolio	NOK Nokia Corp. 8.27% of portfolio	ASCMA Ascent Capital Group 7.89% of portfolio	JPM.WS JPMorgan Chase WTS 7.44% of portfolio	C Citigroup Inc. 6.39% of portfolio	SNY Sanofi Aventis 6.15% of portfolio	SHLDQ-OLD Sears Holdings Corp. 5.90% of portfolio	WFC.WS Wells Fargo WTS 5.83% of portfolio	GS Goldman Sachs Group 4.39% of portfolio	MBI MBIA Inc. 3.57% of portfolio	SHOS Sears Hometown & Outlet Stores 3.17% of portfolio	BYON Beyond Inc. 3.13% of portfolio	BB BlackBerry Ltd. 1.60% of portfolio	BAC.WS.A Bank of America WTS A 1.22% of portfolio	CBI Chicago Bridge & Iron Company 0.92% of portfolio	SRSC Sears Canada Inc. 0.81% of portfolio	RYAAY Ryanair Holdings PLC 0.53% of portfolio	PKX POSCO 0.37% of portfolio
2015 Q4	$290 M	BRK.A Berkshire Hathaway CL A 20.44% of portfolio	RFP-OLD Resolute Forest Products 12.27% of portfolio	JPM.WS JPMorgan Chase WTS 9.19% of portfolio	NOK Nokia Corp. 9.07% of portfolio	C Citigroup Inc. 7.31% of portfolio	WFC.WS Wells Fargo WTS 7.04% of portfolio	SHLDQ-OLD Sears Holdings Corp. 6.35% of portfolio	SNY Sanofi Aventis 6.02% of portfolio	GS Goldman Sachs Group 4.66% of portfolio	SHOS Sears Hometown & Outlet Stores 3.64% of portfolio	BYON Beyond Inc. 2.46% of portfolio	MBI MBIA Inc. 2.41% of portfolio	ASCMA Ascent Capital Group 1.96% of portfolio	BB BlackBerry Ltd. 1.69% of portfolio	BAC.WS.A Bank of America WTS A 1.67% of portfolio	SRSC Sears Canada Inc. 1.36% of portfolio	CBI Chicago Bridge & Iron Company 0.91% of portfolio	RYAAY Ryanair Holdings PLC 0.49% of portfolio	AZN AstraZeneca PLC 0.30% of portfolio	CYD China Yuchai Intl Ltd. 0.27% of portfolio
2015 Q3	$289 M	BRK.A Berkshire Hathaway CL A 20.26% of portfolio	RFP-OLD Resolute Forest Products 12.30% of portfolio	NOK Nokia Corp. 8.79% of portfolio	JPM.WS JPMorgan Chase WTS 7.76% of portfolio	C Citigroup Inc. 7.03% of portfolio	SHLDQ-OLD Sears Holdings Corp. 7.00% of portfolio	SNY Sanofi Aventis 6.73% of portfolio	WFC.WS Wells Fargo WTS 6.24% of portfolio	GS Goldman Sachs Group 4.51% of portfolio	SHOS Sears Hometown & Outlet Stores 3.66% of portfolio	BYON Beyond Inc. 3.46% of portfolio	ASCMA Ascent Capital Group 3.00% of portfolio	MBI MBIA Inc. 2.27% of portfolio	SRSC Sears Canada Inc. 1.75% of portfolio	BAC.WS.A Bank of America WTS A 1.66% of portfolio	BB BlackBerry Ltd. 1.12% of portfolio	CBI Chicago Bridge & Iron Company 0.93% of portfolio	RYAAY Ryanair Holdings PLC 0.46% of portfolio	CYD China Yuchai Intl Ltd. 0.31% of portfolio	AZN AstraZeneca PLC 0.28% of portfolio
2015 Q2	$325 M	BRK.A Berkshire Hathaway CL A 18.92% of portfolio	RFP-OLD Resolute Forest Products 14.13% of portfolio	JPM.WS JPMorgan Chase WTS 8.58% of portfolio	NOK Nokia Corp. 7.91% of portfolio	SHLDQ-OLD Sears Holdings Corp. 7.36% of portfolio	C Citigroup Inc. 6.97% of portfolio	WFC.WS Wells Fargo WTS 6.91% of portfolio	SNY Sanofi Aventis 6.25% of portfolio	GS Goldman Sachs Group 4.82% of portfolio	BYON Beyond Inc. 4.04% of portfolio	SHOS Sears Hometown & Outlet Stores 3.87% of portfolio	MBI MBIA Inc. 2.00% of portfolio	ASCMA Ascent Capital Group 1.84% of portfolio	BAC.WS.A Bank of America WTS A 1.59% of portfolio	SRSC Sears Canada Inc. 1.45% of portfolio	BB BlackBerry Ltd. 1.33% of portfolio	CBI Chicago Bridge & Iron Company 1.04% of portfolio	RYAAY Ryanair Holdings PLC 0.37% of portfolio	AZN AstraZeneca PLC 0.25% of portfolio	CYD China Yuchai Intl Ltd. 0.13% of portfolio
2015 Q1	$329 M	RFP-OLD Resolute Forest Products 21.41% of portfolio	BRK.A Berkshire Hathaway CL A 19.84% of portfolio	NOK Nokia Corp. 11.53% of portfolio	SHLDQ-OLD Sears Holdings Corp. 11.28% of portfolio	C Citigroup Inc. 6.42% of portfolio	SNY Sanofi Aventis 6.16% of portfolio	BYON Beyond Inc. 4.29% of portfolio	GS Goldman Sachs Group 4.29% of portfolio	SHOS Sears Hometown & Outlet Stores 3.10% of portfolio	MBI MBIA Inc. 3.06% of portfolio	SRSC Sears Canada Inc. 2.17% of portfolio	ASCMA Ascent Capital Group 1.70% of portfolio	BB BlackBerry Ltd. 1.43% of portfolio	CHT Chunghwa Telecom Co. Ltd. 1.29% of portfolio	CBI Chicago Bridge & Iron Company 1.01% of portfolio	RYAAY Ryanair Holdings PLC 0.35% of portfolio	AZN AstraZeneca PLC 0.27% of portfolio	CYD China Yuchai Intl Ltd. 0.15% of portfolio	GSK GSK plc 0.13% of portfolio	BP BP plc 0.12% of portfolio
2014 Q4	$329 M	RFP-OLD Resolute Forest Products 21.83% of portfolio	BRK.A Berkshire Hathaway CL A 20.60% of portfolio	NOK Nokia Corp. 11.94% of portfolio	SHLDQ-OLD Sears Holdings Corp. 8.98% of portfolio	C Citigroup Inc. 6.74% of portfolio	SNY Sanofi Aventis 5.68% of portfolio	SHOS Sears Hometown & Outlet Stores 5.28% of portfolio	GS Goldman Sachs Group 4.42% of portfolio	BYON Beyond Inc. 4.29% of portfolio	MBI MBIA Inc. 3.14% of portfolio	SRSC Sears Canada Inc. 2.27% of portfolio	BB BlackBerry Ltd. 1.76% of portfolio	CHT Chunghwa Telecom Co. Ltd. 1.18% of portfolio	CBI Chicago Bridge & Iron Company 0.86% of portfolio	RYAAY Ryanair Holdings PLC 0.37% of portfolio	AZN AstraZeneca PLC 0.28% of portfolio	CYD China Yuchai Intl Ltd. 0.14% of portfolio	BP BP plc 0.12% of portfolio	GSK GSK plc 0.12% of portfolio
2014 Q3	$337 M	RFP-OLD Resolute Forest Products 21.44% of portfolio	BRK.A Berkshire Hathaway CL A 20.67% of portfolio	NOK Nokia Corp. 14.08% of portfolio	SNY Sanofi Aventis 7.70% of portfolio	C Citigroup Inc. 7.07% of portfolio	SHLDQ-OLD Sears Holdings Corp. 6.75% of portfolio	SHOS Sears Hometown & Outlet Stores 4.59% of portfolio	GS Goldman Sachs Group 4.58% of portfolio	MBI MBIA Inc. 3.30% of portfolio	BYON Beyond Inc. 3.27% of portfolio	LE Lands End Inc. 2.08% of portfolio	BB BlackBerry Ltd. 1.56% of portfolio	CHT Chunghwa Telecom Co. Ltd. 1.32% of portfolio	AZN AstraZeneca PLC 0.51% of portfolio	RYAAY Ryanair Holdings PLC 0.32% of portfolio	GSK GSK plc 0.22% of portfolio	CYD China Yuchai Intl Ltd. 0.16% of portfolio	BP BP plc 0.15% of portfolio	UTSI UTStarcom 0.12% of portfolio	VOD Vodafone Group PLC 0.06% of portfolio
2014 Q2	$312 M	RFP-OLD Resolute Forest Products 23.61% of portfolio	BRK.A Berkshire Hathaway CL A 19.47% of portfolio	NOK Nokia Corp. 12.92% of portfolio	SHLDQ-OLD Sears Holdings Corp. 10.97% of portfolio	SNY Sanofi Aventis 7.45% of portfolio	C Citigroup Inc. 6.60% of portfolio	GS Goldman Sachs Group 4.29% of portfolio	MBI MBIA Inc. 4.08% of portfolio	BYON Beyond Inc. 3.14% of portfolio	LE Lands End Inc. 2.77% of portfolio	BB BlackBerry Ltd. 1.85% of portfolio	CHT Chunghwa Telecom Co. Ltd. 1.45% of portfolio	AZN AstraZeneca PLC 0.33% of portfolio	RYAAY Ryanair Holdings PLC 0.32% of portfolio	CYD China Yuchai Intl Ltd. 0.19% of portfolio	BP BP plc 0.18% of portfolio	GSK GSK plc 0.16% of portfolio	UTSI UTStarcom 0.11% of portfolio	VOD Vodafone Group PLC 0.06% of portfolio	VZ Verizon Communications 0.04% of portfolio
2014 Q1	$313 M	RFP-OLD Resolute Forest Products 26.39% of portfolio	BRK.A Berkshire Hathaway CL A 17.93% of portfolio	SHLDQ-OLD Sears Holdings Corp. 12.24% of portfolio	NOK Nokia Corp. 11.71% of portfolio	SNY Sanofi Aventis 6.84% of portfolio	C Citigroup Inc. 6.23% of portfolio	MBI MBIA Inc. 4.82% of portfolio	GS Goldman Sachs Group 3.92% of portfolio	BYON Beyond Inc. 3.66% of portfolio	ACT-OLD Actavis plc 2.32% of portfolio	BB BlackBerry Ltd. 1.37% of portfolio	CHT Chunghwa Telecom Co. Ltd. 1.29% of portfolio	RYAAY Ryanair Holdings PLC 0.32% of portfolio	AZN AstraZeneca PLC 0.27% of portfolio	CYD China Yuchai Intl Ltd. 0.17% of portfolio	BP BP plc 0.15% of portfolio	GSK GSK plc 0.15% of portfolio	UTSI UTStarcom 0.10% of portfolio	VOD Vodafone Group PLC 0.06% of portfolio	VZ Verizon Communications 0.04% of portfolio
2013 Q4	$307 M	RFP-OLD Resolute Forest Products 22.09% of portfolio	BRK.A Berkshire Hathaway CL A 17.41% of portfolio	NOK Nokia Corp. 13.23% of portfolio	SHLDQ-OLD Sears Holdings Corp. 12.86% of portfolio	SNY Sanofi Aventis 7.17% of portfolio	C Citigroup Inc. 6.97% of portfolio	BYON Beyond Inc. 5.85% of portfolio	GS Goldman Sachs Group 4.34% of portfolio	MBI MBIA Inc. 4.21% of portfolio	ACT-OLD Actavis plc 1.94% of portfolio	BB BlackBerry Ltd. 1.36% of portfolio	CHT Chunghwa Telecom Co. Ltd. 1.33% of portfolio	RYAAY Ryanair Holdings PLC 0.26% of portfolio	AZN AstraZeneca PLC 0.25% of portfolio	CYD China Yuchai Intl Ltd. 0.17% of portfolio	BP BP plc 0.16% of portfolio	GSK GSK plc 0.16% of portfolio	VOD Vodafone Group PLC 0.13% of portfolio	UTSI UTStarcom 0.10% of portfolio
2013 Q3	$329 M	RFP-OLD Resolute Forest Products 16.59% of portfolio	BRK.A Berkshire Hathaway CL A 15.54% of portfolio	SHLDQ-OLD Sears Holdings Corp. 14.57% of portfolio	DELL-OLD Dell Inc. 10.47% of portfolio	NOK Nokia Corp. 9.90% of portfolio	SNY Sanofi Aventis 6.31% of portfolio	BYON Beyond Inc. 6.26% of portfolio	C Citigroup Inc. 6.05% of portfolio	GS Goldman Sachs Group 3.61% of portfolio	ACT-OLD Actavis plc 3.36% of portfolio	MBI MBIA Inc. 3.36% of portfolio	CHT Chunghwa Telecom Co. Ltd. 1.27% of portfolio	RSH RadioShack Corp. 0.82% of portfolio	PTGI Primus Telecom Group Inc. 0.46% of portfolio	BB BlackBerry Ltd. 0.44% of portfolio	RYAAY Ryanair Holdings PLC 0.26% of portfolio	S-OLD Sprint Corp. 0.21% of portfolio	CYD China Yuchai Intl Ltd. 0.18% of portfolio	BP BP plc 0.13% of portfolio	VOD Vodafone Group PLC 0.11% of portfolio
2013 Q2	$321 M	BRK.A Berkshire Hathaway CL A 15.75% of portfolio	RFP-OLD Resolute Forest Products 15.36% of portfolio	DELL-OLD Dell Inc. 10.39% of portfolio	BYON Beyond Inc. 9.54% of portfolio	SHLDQ-OLD Sears Holdings Corp. 8.96% of portfolio	ACT-OLD Actavis plc 7.29% of portfolio	SNY Sanofi Aventis 6.57% of portfolio	C Citigroup Inc. 6.12% of portfolio	NOK Nokia Corp. 5.82% of portfolio	MBI MBIA Inc. 4.48% of portfolio	GS Goldman Sachs Group 3.53% of portfolio	PTGI Primus Telecom Group Inc. 1.68% of portfolio	CHT Chunghwa Telecom Co. Ltd. 1.32% of portfolio	S-OLD Sprint Corp. 0.92% of portfolio	RSH RadioShack Corp. 0.78% of portfolio	BB BlackBerry Ltd. 0.60% of portfolio	RYAAY Ryanair Holdings PLC 0.43% of portfolio	CYD China Yuchai Intl Ltd. 0.14% of portfolio	BP BP plc 0.13% of portfolio	VOD Vodafone Group PLC 0.09% of portfolio

Period

Portfolio Value

Top 20 holdings history (left to right)

2023 Q4

$76 M

BRK.A

Berkshire Hathaway CL A
57.06% of portfolio

BHC

Bausch Health
7.54% of portfolio

ALLY

Ally Financial Inc.
7.15% of portfolio

SYF

Synchrony Financial
6.02% of portfolio

HTZWW

Hertz Global Hldgs Inc. WTS
5.34% of portfolio

NAVI

Navient Corp.
4.49% of portfolio

Citigroup Inc.
3.90% of portfolio

LBTYA

Liberty Global Ltd CL A
2.26% of portfolio

BlackBerry Ltd.
1.46% of portfolio

WFC

Wells Fargo
1.26% of portfolio

STLA

Stellantis N.V.
0.92% of portfolio

CYD

China Yuchai Intl Ltd.
0.81% of portfolio

MGA

Magna International Inc.
0.78% of portfolio

RYAAY

Ryanair Holdings PLC
0.42% of portfolio

BABA

Alibaba Group Holdings
0.35% of portfolio

MEOH

Methanex Corp.
0.25% of portfolio

2023 Q3

$75 M

BRK.A

Berkshire Hathaway CL A
56.66% of portfolio

BHC

Bausch Health
7.83% of portfolio

HTZWW

Hertz Global Hldgs Inc. WTS
6.05% of portfolio

ALLY

Ally Financial Inc.
5.54% of portfolio

SYF

Synchrony Financial
4.89% of portfolio

NAVI

Navient Corp.
4.21% of portfolio

Citigroup Inc.
3.16% of portfolio

LBTYA

Liberty Global Ltd CL A
2.21% of portfolio

BlackBerry Ltd.
1.97% of portfolio

MBI

MBIA Inc.
1.92% of portfolio

WFC

Wells Fargo
1.06% of portfolio

CYD

China Yuchai Intl Ltd.
0.99% of portfolio

BYON

Beyond Inc.
0.81% of portfolio

STLA

Stellantis N.V.
0.76% of portfolio

MGA

Magna International Inc.
0.71% of portfolio

RYAAY

Ryanair Holdings PLC
0.59% of portfolio

BABA

Alibaba Group Holdings
0.39% of portfolio

MEOH

Methanex Corp.
0.24% of portfolio

2023 Q2

$79 M

BRK.A

Berkshire Hathaway CL A
52.47% of portfolio

HTZWW

Hertz Global Hldgs Inc. WTS
9.48% of portfolio

BHC

Bausch Health
7.24% of portfolio

ALLY

Ally Financial Inc.
5.33% of portfolio

SYF

Synchrony Financial
5.15% of portfolio

NAVI

Navient Corp.
4.31% of portfolio

Citigroup Inc.
3.36% of portfolio

BlackBerry Ltd.
2.20% of portfolio

MBI

MBIA Inc.
2.18% of portfolio

LBTYA

Liberty Global Ltd CL A
2.07% of portfolio

BYON

Beyond Inc.
1.58% of portfolio

WFC

Wells Fargo
1.06% of portfolio

CYD

China Yuchai Intl Ltd.
0.98% of portfolio

MGA

Magna International Inc.
0.71% of portfolio

STLA

Stellantis N.V.
0.67% of portfolio

RYAAY

Ryanair Holdings PLC
0.64% of portfolio

BABA

Alibaba Group Holdings
0.36% of portfolio

MEOH

Methanex Corp.
0.21% of portfolio

2023 Q1

$72 M

BRK.A

Berkshire Hathaway CL A
51.97% of portfolio

HTZWW

Hertz Global Hldgs Inc. WTS
9.19% of portfolio

BHC

Bausch Health
8.08% of portfolio

ALLY

Ally Financial Inc.
5.54% of portfolio

SYF

Synchrony Financial
4.87% of portfolio

NAVI

Navient Corp.
4.09% of portfolio

Citigroup Inc.
3.77% of portfolio

LBTYA

Liberty Global Ltd CL A
2.63% of portfolio

MBI

MBIA Inc.
2.58% of portfolio

BlackBerry Ltd.
2.00% of portfolio

BYON

Beyond Inc.
1.09% of portfolio

WFC

Wells Fargo
1.02% of portfolio

CYD

China Yuchai Intl Ltd.
0.81% of portfolio

STLA

Stellantis N.V.
0.76% of portfolio

MGA

Magna International Inc.
0.75% of portfolio

RYAAY

Ryanair Holdings PLC
0.60% of portfolio

MEOH

Methanex Corp.
0.26% of portfolio

2022 Q4

$71 M

BRK.A

Berkshire Hathaway CL A
53.01% of portfolio

RFP-OLD

Resolute Forest Products
7.98% of portfolio

HTZWW

Hertz Global Hldgs Inc. WTS
7.81% of portfolio

BHC

Bausch Health
6.35% of portfolio

ALLY

Ally Financial Inc.
5.38% of portfolio

Citigroup Inc.
3.69% of portfolio

MBI

MBIA Inc.
3.62% of portfolio

SYF

Synchrony Financial
2.69% of portfolio

LBTYA

Liberty Global Ltd CL A
2.59% of portfolio

BlackBerry Ltd.
1.44% of portfolio

WFC

Wells Fargo
1.14% of portfolio

BYON

Beyond Inc.
1.05% of portfolio

MGA

Magna International Inc.
0.79% of portfolio

CYD

China Yuchai Intl Ltd.
0.73% of portfolio

STLA

Stellantis N.V.
0.60% of portfolio

RYAAY

Ryanair Holdings PLC
0.48% of portfolio

CIXXF

Ci Financial Corp
0.40% of portfolio

MEOH

Methanex Corp.
0.21% of portfolio

2022 Q3

$101 M

BRK.A

Berkshire Hathaway CL A
40.24% of portfolio

RFP-OLD

Resolute Forest Products
39.33% of portfolio

BHC

Bausch Health
4.88% of portfolio

JPM

JPMorgan Chase & Co.
2.51% of portfolio

Citigroup Inc.
2.38% of portfolio

Goldman Sachs Group
2.06% of portfolio

MBI

MBIA Inc.
1.82% of portfolio

BlackBerry Ltd.
1.46% of portfolio

BYON

Beyond Inc.
0.93% of portfolio

HTZWW

Hertz Global Hldgs Inc. WTS
0.85% of portfolio

WFC

Wells Fargo
0.78% of portfolio

PKX

POSCO
0.76% of portfolio

CYD

China Yuchai Intl Ltd.
0.53% of portfolio

MGA

Magna International Inc.
0.47% of portfolio

STLA

Stellantis N.V.
0.35% of portfolio

RYAAY

Ryanair Holdings PLC
0.26% of portfolio

TOON

Kartoon Studios Inc.
0.20% of portfolio

LBTYA

Liberty Global Ltd CL A
0.19% of portfolio

2022 Q2

$104 M

BRK.A

Berkshire Hathaway CL A
39.48% of portfolio

RFP-OLD

Resolute Forest Products
38.14% of portfolio

BHC

Bausch Health
5.77% of portfolio

JPM

JPMorgan Chase & Co.
2.64% of portfolio

Citigroup Inc.
2.56% of portfolio

MBI

MBIA Inc.
2.38% of portfolio

Goldman Sachs Group
2.04% of portfolio

BlackBerry Ltd.
1.99% of portfolio

BYON

Beyond Inc.
1.06% of portfolio

PKX

POSCO
0.90% of portfolio

WFC

Wells Fargo
0.74% of portfolio

CYD

China Yuchai Intl Ltd.
0.62% of portfolio

MGA

Magna International Inc.
0.53% of portfolio

STLA

Stellantis N.V.
0.36% of portfolio

RYAAY

Ryanair Holdings PLC
0.30% of portfolio

TOON

Kartoon Studios Inc.
0.25% of portfolio

LBTYA

Liberty Global Ltd CL A
0.24% of portfolio

2022 Q1

$135 M

BRK.A

Berkshire Hathaway CL A
39.06% of portfolio

RFP-OLD

Resolute Forest Products
29.52% of portfolio

BHC

Bausch Health
12.91% of portfolio

MBI

MBIA Inc.
6.81% of portfolio

JPM

JPMorgan Chase & Co.
2.44% of portfolio

Citigroup Inc.
2.28% of portfolio

BlackBerry Ltd.
2.10% of portfolio

Goldman Sachs Group
1.73% of portfolio

MGA

Magna International Inc.
0.95% of portfolio

WFC

Wells Fargo
0.70% of portfolio

CYD

China Yuchai Intl Ltd.
0.63% of portfolio

STLA

Stellantis N.V.
0.36% of portfolio

RYAAY

Ryanair Holdings PLC
0.29% of portfolio

LBTYA

Liberty Global Ltd CL A
0.23% of portfolio

2021 Q4

$144 M

RFP-OLD

Resolute Forest Products
32.75% of portfolio

BRK.A

Berkshire Hathaway CL A
31.21% of portfolio

BHC

Bausch Health
14.63% of portfolio

MBI

MBIA Inc.
6.56% of portfolio

JPM

JPMorgan Chase & Co.
3.76% of portfolio

BlackBerry Ltd.
2.48% of portfolio

Citigroup Inc.
2.41% of portfolio

Goldman Sachs Group
1.88% of portfolio

MGA

Magna International Inc.
1.12% of portfolio

PKX

POSCO
0.85% of portfolio

CYD

China Yuchai Intl Ltd.
0.76% of portfolio

WFC

Wells Fargo
0.65% of portfolio

STLA

Stellantis N.V.
0.39% of portfolio

RYAAY

Ryanair Holdings PLC
0.32% of portfolio

LBTYA

Liberty Global Ltd CL A
0.23% of portfolio

2021 Q3

$159 M

BHC

Bausch Health
26.18% of portfolio

BRK.A

Berkshire Hathaway CL A
25.86% of portfolio

RFP-OLD

Resolute Forest Products
24.68% of portfolio

WFC

Wells Fargo
4.95% of portfolio

MBI

MBIA Inc.
4.84% of portfolio

JPM

JPMorgan Chase & Co.
3.53% of portfolio

Citigroup Inc.
2.55% of portfolio

BlackBerry Ltd.
2.34% of portfolio

Goldman Sachs Group
1.69% of portfolio

MGA

Magna International Inc.
0.95% of portfolio

PKX

POSCO
0.91% of portfolio

CYD

China Yuchai Intl Ltd.
0.63% of portfolio

STLA

Stellantis N.V.
0.36% of portfolio

RYAAY

Ryanair Holdings PLC
0.32% of portfolio

LBTYA

Liberty Global Ltd CL A
0.23% of portfolio

2021 Q2

$171 M

RFP-OLD

Resolute Forest Products
28.10% of portfolio

BHC

Bausch Health
25.62% of portfolio

BRK.A

Berkshire Hathaway CL A
24.47% of portfolio

WFC

Wells Fargo
4.49% of portfolio

MBI

MBIA Inc.
3.85% of portfolio

JPM

JPMorgan Chase & Co.
3.12% of portfolio

BlackBerry Ltd.
2.86% of portfolio

Citigroup Inc.
2.39% of portfolio

Goldman Sachs Group
1.58% of portfolio

MGA

Magna International Inc.
1.08% of portfolio

PKX

POSCO
0.94% of portfolio

CYD

China Yuchai Intl Ltd.
0.69% of portfolio

STLA

Stellantis N.V.
0.35% of portfolio

RYAAY

Ryanair Holdings PLC
0.29% of portfolio

LBTYA

Liberty Global Ltd CL A
0.19% of portfolio

2021 Q1

$100 M

BRK.A

Berkshire Hathaway CL A
40.83% of portfolio

BHC

Bausch Health
24.18% of portfolio

WFC

Wells Fargo
6.02% of portfolio

RFP-OLD

Resolute Forest Products
5.77% of portfolio

MBI

MBIA Inc.
4.66% of portfolio

JPM

JPMorgan Chase & Co.
3.09% of portfolio

Goldman Sachs Group
3.09% of portfolio

Citigroup Inc.
2.85% of portfolio

DVA

DaVita HealthCare Partners
2.49% of portfolio

BlackBerry Ltd.
2.17% of portfolio

SNY

Sanofi Aventis
0.87% of portfolio

CYD

China Yuchai Intl Ltd.
0.79% of portfolio

PKX

POSCO
0.69% of portfolio

SAVE

Spirit Airlines
0.65% of portfolio

MGA

Magna International Inc.
0.64% of portfolio

BAC

Bank of America Corp.
0.39% of portfolio

ALGT

Allegiant Travel Company
0.35% of portfolio

RYAAY

Ryanair Holdings PLC
0.24% of portfolio

STLA

Stellantis N.V.
0.22% of portfolio

2020 Q4

$130 M

BRK.A

Berkshire Hathaway CL A
26.75% of portfolio

BHC

Bausch Health
24.62% of portfolio

RFP-OLD

Resolute Forest Products
23.00% of portfolio

WFC

Wells Fargo
4.86% of portfolio

Goldman Sachs Group
3.65% of portfolio

JPM

JPMorgan Chase & Co.
3.35% of portfolio

Citigroup Inc.
3.21% of portfolio

MBI

MBIA Inc.
3.14% of portfolio

BlackBerry Ltd.
2.19% of portfolio

MGA

Magna International Inc.
1.09% of portfolio

PKX

POSCO
1.01% of portfolio

DVA

DaVita HealthCare Partners
0.97% of portfolio

CYD

China Yuchai Intl Ltd.
0.92% of portfolio

BAC

Bank of America Corp.
0.43% of portfolio

STLA

Stellantis N.V.
0.42% of portfolio

RYAAY

Ryanair Holdings PLC
0.39% of portfolio

2020 Q3

$99 M

BRK.A

Berkshire Hathaway CL A
30.46% of portfolio

BHC

Bausch Health
22.77% of portfolio

RFP-OLD

Resolute Forest Products
19.50% of portfolio

WFC

Wells Fargo
4.69% of portfolio

Goldman Sachs Group
3.83% of portfolio

MBI

MBIA Inc.
3.76% of portfolio

JPM

JPMorgan Chase & Co.
3.14% of portfolio

Citigroup Inc.
2.78% of portfolio

BlackBerry Ltd.
1.87% of portfolio

DVA

DaVita HealthCare Partners
1.85% of portfolio

CYD

China Yuchai Intl Ltd.
1.26% of portfolio

MGA

Magna International Inc.
0.87% of portfolio

PKX

POSCO
0.84% of portfolio

SAVE

Spirit Airlines
0.77% of portfolio

ALGT

Allegiant Travel Company
0.49% of portfolio

BAC

Bank of America Corp.
0.42% of portfolio

RYAAY

Ryanair Holdings PLC
0.36% of portfolio

STLA

Stellantis N.V.
0.35% of portfolio

2020 Q2

$91 M

BHC

Bausch Health
29.86% of portfolio

BRK.A

Berkshire Hathaway CL A
28.35% of portfolio

RFP-OLD

Resolute Forest Products
10.23% of portfolio

WFC

Wells Fargo
5.69% of portfolio

MBI

MBIA Inc.
5.02% of portfolio

Goldman Sachs Group
4.19% of portfolio

Citigroup Inc.
3.67% of portfolio

JPM

JPMorgan Chase & Co.
3.42% of portfolio

BlackBerry Ltd.
2.22% of portfolio

DVA

DaVita HealthCare Partners
1.91% of portfolio

CYD

China Yuchai Intl Ltd.
1.12% of portfolio

SAVE

Spirit Airlines
0.94% of portfolio

MGA

Magna International Inc.
0.94% of portfolio

PKX

POSCO
0.82% of portfolio

ALGT

Allegiant Travel Company
0.50% of portfolio

BAC

Bank of America Corp.
0.46% of portfolio

STLA

Stellantis N.V.
0.33% of portfolio

RYAAY

Ryanair Holdings PLC
0.32% of portfolio

2020 Q1

$100 M

BRK.A

Berkshire Hathaway CL A
40.83% of portfolio

BHC

Bausch Health
24.18% of portfolio

WFC

Wells Fargo
6.02% of portfolio

RFP-OLD

Resolute Forest Products
5.77% of portfolio

MBI

MBIA Inc.
4.66% of portfolio

JPM

JPMorgan Chase & Co.
3.09% of portfolio

Goldman Sachs Group
3.09% of portfolio

Citigroup Inc.
2.85% of portfolio

DVA

DaVita HealthCare Partners
2.49% of portfolio

BlackBerry Ltd.
2.17% of portfolio

SNY

Sanofi Aventis
0.87% of portfolio

CYD

China Yuchai Intl Ltd.
0.79% of portfolio

PKX

POSCO
0.69% of portfolio

SAVE

Spirit Airlines
0.65% of portfolio

MGA

Magna International Inc.
0.64% of portfolio

BAC

Bank of America Corp.
0.39% of portfolio

ALGT

Allegiant Travel Company
0.35% of portfolio

RYAAY

Ryanair Holdings PLC
0.24% of portfolio

STLA

Stellantis N.V.
0.22% of portfolio

2019 Q4

$172 M

BRK.A

Berkshire Hathaway CL A
29.65% of portfolio

BHC

Bausch Health
28.19% of portfolio

RFP-OLD

Resolute Forest Products
11.18% of portfolio

WFC

Wells Fargo
6.56% of portfolio

DVA

DaVita HealthCare Partners
4.40% of portfolio

JPM

JPMorgan Chase & Co.
3.59% of portfolio

MBI

MBIA Inc.
3.53% of portfolio

Citigroup Inc.
3.15% of portfolio

Goldman Sachs Group
2.68% of portfolio

BlackBerry Ltd.
1.98% of portfolio

SAVE

Spirit Airlines
1.17% of portfolio

MGA

Magna International Inc.
0.64% of portfolio

PKX

POSCO
0.62% of portfolio

BAC

Bank of America Corp.
0.58% of portfolio

SNY

Sanofi Aventis
0.58% of portfolio

CYD

China Yuchai Intl Ltd.
0.57% of portfolio

ALGT

Allegiant Travel Company
0.44% of portfolio

STLA

Stellantis N.V.
0.26% of portfolio

RYAAY

Ryanair Holdings PLC
0.23% of portfolio

2019 Q3

$162 M

BRK.A

Berkshire Hathaway CL A
28.83% of portfolio

BHC

Bausch Health
22.20% of portfolio

RFP-OLD

Resolute Forest Products
13.24% of portfolio

WFC

Wells Fargo
10.55% of portfolio

DVA

DaVita HealthCare Partners
4.25% of portfolio

MBI

MBIA Inc.
3.71% of portfolio

JPM

JPMorgan Chase & Co.
3.21% of portfolio

Citigroup Inc.
2.88% of portfolio

Goldman Sachs Group
2.55% of portfolio

BlackBerry Ltd.
1.71% of portfolio

BAC

Bank of America Corp.
1.68% of portfolio

SAVE

Spirit Airlines
1.12% of portfolio

ENDP

Endo International plc
0.75% of portfolio

MGA

Magna International Inc.
0.66% of portfolio

PKX

POSCO
0.61% of portfolio

CYD

China Yuchai Intl Ltd.
0.59% of portfolio

SNY

Sanofi Aventis
0.57% of portfolio

ALGT

Allegiant Travel Company
0.40% of portfolio

STLA

Stellantis N.V.
0.24% of portfolio

RYAAY

Ryanair Holdings PLC
0.19% of portfolio

2019 Q2

$211 M

BRK.A

Berkshire Hathaway CL A
22.60% of portfolio

BHC

Bausch Health
19.68% of portfolio

RFP-OLD

Resolute Forest Products
15.58% of portfolio

WFC

Wells Fargo
9.73% of portfolio

JPM

JPMorgan Chase & Co.
5.78% of portfolio

Goldman Sachs Group
4.84% of portfolio

Citigroup Inc.
4.31% of portfolio

MBI

MBIA Inc.
4.20% of portfolio

DVA

DaVita HealthCare Partners
3.21% of portfolio

BlackBerry Ltd.
1.87% of portfolio

ENDP

Endo International plc
1.72% of portfolio

SHOS

Sears Hometown & Outlet Stores
1.46% of portfolio

BAC

Bank of America Corp.
1.28% of portfolio

SAVE

Spirit Airlines
1.13% of portfolio

PKX

POSCO
0.53% of portfolio

CYD

China Yuchai Intl Ltd.
0.52% of portfolio

MGA

Magna International Inc.
0.47% of portfolio

SNY

Sanofi Aventis
0.41% of portfolio

ALGT

Allegiant Travel Company
0.29% of portfolio

STLA

Stellantis N.V.
0.20% of portfolio

2019 Q1

$224 M

BRK.A

Berkshire Hathaway CL A
20.12% of portfolio

BHC

Bausch Health
18.02% of portfolio

RFP-OLD

Resolute Forest Products
16.28% of portfolio

WFC

Wells Fargo
9.51% of portfolio

JPM

JPMorgan Chase & Co.
4.90% of portfolio

SNY

Sanofi Aventis
4.89% of portfolio

Goldman Sachs Group
4.26% of portfolio

MBI

MBIA Inc.
4.19% of portfolio

Citigroup Inc.
3.59% of portfolio

DVA

DaVita HealthCare Partners
3.36% of portfolio

ENDP

Endo International plc
3.14% of portfolio

BlackBerry Ltd.
2.09% of portfolio

SHOS

Sears Hometown & Outlet Stores
1.20% of portfolio

SAVE

Spirit Airlines
1.15% of portfolio

BAC

Bank of America Corp.
1.14% of portfolio

PKX

POSCO
0.52% of portfolio

CYD

China Yuchai Intl Ltd.
0.51% of portfolio

MGA

Magna International Inc.
0.43% of portfolio

ALGT

Allegiant Travel Company
0.24% of portfolio

STLA

Stellantis N.V.
0.20% of portfolio

2018 Q4

$210 M

BRK.A

Berkshire Hathaway CL A
21.88% of portfolio

RFP-OLD

Resolute Forest Products
17.29% of portfolio

BHC

Bausch Health
14.52% of portfolio

WFC

Wells Fargo
9.55% of portfolio

SNY

Sanofi Aventis
6.17% of portfolio

JPM

JPMorgan Chase & Co.
5.09% of portfolio

MBI

MBIA Inc.
4.05% of portfolio

Goldman Sachs Group
3.98% of portfolio

DVA

DaVita HealthCare Partners
3.45% of portfolio

Citigroup Inc.
3.23% of portfolio

ENDP

Endo International plc
3.06% of portfolio

BlackBerry Ltd.
1.79% of portfolio

SAVE

Spirit Airlines
1.38% of portfolio

SHOS

Sears Hometown & Outlet Stores
1.32% of portfolio

BAC

Bank of America Corp.
1.10% of portfolio

PKX

POSCO
0.55% of portfolio

CYD

China Yuchai Intl Ltd.
0.44% of portfolio

MGA

Magna International Inc.
0.43% of portfolio

ALGT

Allegiant Travel Company
0.21% of portfolio

STLA

Stellantis N.V.
0.21% of portfolio

2018 Q3

$276 M

RFP-OLD

Resolute Forest Products
21.44% of portfolio

BRK.A

Berkshire Hathaway CL A
17.38% of portfolio

BHC

Bausch Health
15.33% of portfolio

WFC

Wells Fargo
8.27% of portfolio

SNY

Sanofi Aventis
5.82% of portfolio

ENDP

Endo International plc
5.36% of portfolio

JPM

JPMorgan Chase & Co.
4.46% of portfolio

Goldman Sachs Group
4.06% of portfolio

MBI

MBIA Inc.
3.71% of portfolio

DVA

DaVita HealthCare Partners
3.65% of portfolio

Citigroup Inc.
3.38% of portfolio

BlackBerry Ltd.
2.17% of portfolio

SHOS

Sears Hometown & Outlet Stores
1.35% of portfolio

BAC

Bank of America Corp.
1.00% of portfolio

SAVE

Spirit Airlines
0.85% of portfolio

PKX

POSCO
0.50% of portfolio

CYD

China Yuchai Intl Ltd.
0.46% of portfolio

ALGT

Allegiant Travel Company
0.20% of portfolio

SHLDQ-OLD

Sears Holdings Corp.
0.18% of portfolio

ASCMA

Ascent Capital Group
0.17% of portfolio

2018 Q2

$260 M

RFP-OLD

Resolute Forest Products
18.23% of portfolio

BRK.A

Berkshire Hathaway CL A
16.30% of portfolio

BHC

Bausch Health
14.76% of portfolio

WFC.WS

Wells Fargo WTS
8.46% of portfolio

Goldman Sachs Group
6.37% of portfolio

SNY

Sanofi Aventis
6.32% of portfolio

Citigroup Inc.
5.41% of portfolio

JPM.WS

JPMorgan Chase WTS
4.08% of portfolio

DVA

DaVita HealthCare Partners
3.76% of portfolio

MBI

MBIA Inc.
3.76% of portfolio

ENDP

Endo International plc
3.20% of portfolio

BlackBerry Ltd.
1.97% of portfolio

NOK

Nokia Corp.
1.44% of portfolio

SHOS

Sears Hometown & Outlet Stores
1.07% of portfolio

SHLDQ-OLD

Sears Holdings Corp.
1.03% of portfolio

BAC.WS.A

Bank of America WTS A
0.94% of portfolio

SAVE

Spirit Airlines
0.70% of portfolio

CYD

China Yuchai Intl Ltd.
0.61% of portfolio

PKX

POSCO
0.60% of portfolio

ASCMA

Ascent Capital Group
0.33% of portfolio

2018 Q1

$233 M

BRK.A

Berkshire Hathaway CL A
19.29% of portfolio

RFP-OLD

Resolute Forest Products
16.41% of portfolio

BHC

Bausch Health
11.29% of portfolio

WFC.WS

Wells Fargo WTS
8.23% of portfolio

Goldman Sachs Group
8.12% of portfolio

SNY

Sanofi Aventis
7.07% of portfolio

Citigroup Inc.
6.09% of portfolio

JPM.WS

JPMorgan Chase WTS
4.99% of portfolio

MBI

MBIA Inc.
4.30% of portfolio

BlackBerry Ltd.
2.61% of portfolio

ENDP

Endo International plc
2.25% of portfolio

NOK

Nokia Corp.
2.00% of portfolio

SHOS

Sears Hometown & Outlet Stores
1.71% of portfolio

SHLDQ-OLD

Sears Holdings Corp.
1.30% of portfolio

BAC.WS.A

Bank of America WTS A
1.17% of portfolio

SandRidge Energy Inc.
0.85% of portfolio

PKX

POSCO
0.71% of portfolio

CYD

China Yuchai Intl Ltd.
0.67% of portfolio

ASCMA

Ascent Capital Group
0.48% of portfolio

RYAAY

Ryanair Holdings PLC
0.24% of portfolio

2017 Q4

$229 M

RFP-OLD

Resolute Forest Products
22.18% of portfolio

BRK.A

Berkshire Hathaway CL A
19.49% of portfolio

WFC.WS

Wells Fargo WTS
12.02% of portfolio

Goldman Sachs Group
8.34% of portfolio

SNY

Sanofi Aventis
7.70% of portfolio

Citigroup Inc.
6.82% of portfolio

JPM.WS

JPMorgan Chase WTS
4.84% of portfolio

MBI

MBIA Inc.
3.45% of portfolio

BlackBerry Ltd.
2.58% of portfolio

SHLDQ-OLD

Sears Holdings Corp.
1.77% of portfolio

NOK

Nokia Corp.
1.73% of portfolio

ASCMA

Ascent Capital Group
1.54% of portfolio

SHOS

Sears Hometown & Outlet Stores
1.50% of portfolio

BHC

Bausch Health
1.35% of portfolio

SandRidge Energy Inc.
1.25% of portfolio

BAC.WS.A

Bank of America WTS A
1.15% of portfolio

CYD

China Yuchai Intl Ltd.
0.77% of portfolio

PKX

POSCO
0.72% of portfolio

ENDP

Endo International plc
0.27% of portfolio

RYAAY

Ryanair Holdings PLC
0.21% of portfolio

2017 Q3

$281 M

BHC

Bausch Health
15.56% of portfolio

BRK.A

Berkshire Hathaway CL A
14.65% of portfolio

RFP-OLD

Resolute Forest Products
8.91% of portfolio

WFC.WS

Wells Fargo WTS
7.65% of portfolio

SNY

Sanofi Aventis
7.26% of portfolio

JPM.WS

JPMorgan Chase WTS
7.03% of portfolio

Goldman Sachs Group
6.32% of portfolio

Citigroup Inc.
5.43% of portfolio

MBI

MBIA Inc.
3.34% of portfolio

TEVA

Teva Pharmaceutical Industries Ltd.
3.16% of portfolio

BYON

Beyond Inc.
3.03% of portfolio

SHLDQ-OLD

Sears Holdings Corp.
2.94% of portfolio

ENDP

Endo International plc
2.89% of portfolio

BlackBerry Ltd.
2.10% of portfolio

BAC.WS.A

Bank of America WTS A
2.06% of portfolio

NOK

Nokia Corp.
1.81% of portfolio

ASCMA

Ascent Capital Group
1.42% of portfolio

SHOS

Sears Hometown & Outlet Stores
1.20% of portfolio

SandRidge Energy Inc.
1.12% of portfolio

RYAAY

Ryanair Holdings PLC
0.62% of portfolio

2017 Q2

$319 M

BHC

Bausch Health
16.64% of portfolio

BRK.A

Berkshire Hathaway CL A
12.03% of portfolio

JPM.WS

JPMorgan Chase WTS
9.92% of portfolio

WFC.WS

Wells Fargo WTS
6.97% of portfolio

RFP-OLD

Resolute Forest Products
6.88% of portfolio

Citigroup Inc.
6.53% of portfolio

SNY

Sanofi Aventis
6.19% of portfolio

TEVA

Teva Pharmaceutical Industries Ltd.
5.28% of portfolio

Goldman Sachs Group
5.24% of portfolio

ENDP

Endo International plc
3.34% of portfolio

MBI

MBIA Inc.
3.21% of portfolio

SHLDQ-OLD

Sears Holdings Corp.
3.16% of portfolio

BYON

Beyond Inc.
2.99% of portfolio

NOK

Nokia Corp.
2.42% of portfolio

BAC.WS.A

Bank of America WTS A
2.04% of portfolio

BlackBerry Ltd.
1.66% of portfolio

ASCMA

Ascent Capital Group
1.48% of portfolio

SHOS

Sears Hometown & Outlet Stores
1.12% of portfolio

SandRidge Energy Inc.
0.85% of portfolio

RYAAY

Ryanair Holdings PLC
0.56% of portfolio

2017 Q1

$297 M

BRK.A

Berkshire Hathaway CL A
12.64% of portfolio

JPM.WS

JPMorgan Chase WTS
9.78% of portfolio

RFP-OLD

Resolute Forest Products
9.12% of portfolio

BHC

Bausch Health
8.76% of portfolio

Citigroup Inc.
8.27% of portfolio

WFC.WS

Wells Fargo WTS
7.47% of portfolio

SNY

Sanofi Aventis
6.26% of portfolio

Goldman Sachs Group
5.81% of portfolio

NOK

Nokia Corp.
5.03% of portfolio

SHLDQ-OLD

Sears Holdings Corp.
4.38% of portfolio

ENDP

Endo International plc
3.58% of portfolio

BYON

Beyond Inc.
3.38% of portfolio

MBI

MBIA Inc.
3.09% of portfolio

TEVA

Teva Pharmaceutical Industries Ltd.
2.33% of portfolio

BAC.WS.A

Bank of America WTS A
2.05% of portfolio

SHOS

Sears Hometown & Outlet Stores
1.74% of portfolio

ASCMA

Ascent Capital Group
1.46% of portfolio

BlackBerry Ltd.
1.38% of portfolio

SandRidge Energy Inc.
0.98% of portfolio

CBI

Chicago Bridge & Iron Company
0.70% of portfolio

2016 Q4

$305 M

JPM.WS

JPMorgan Chase WTS
16.37% of portfolio

BRK.A

Berkshire Hathaway CL A
12.03% of portfolio

BHC

Bausch Health
9.35% of portfolio

RFP-OLD

Resolute Forest Products
8.72% of portfolio

Citigroup Inc.
8.00% of portfolio

WFC.WS

Wells Fargo WTS
6.99% of portfolio

NOK

Nokia Corp.
5.92% of portfolio

Goldman Sachs Group
5.90% of portfolio

SNY

Sanofi Aventis
5.44% of portfolio

MBI

MBIA Inc.
3.80% of portfolio

SHLDQ-OLD

Sears Holdings Corp.
3.45% of portfolio

BYON

Beyond Inc.
3.35% of portfolio

BAC.WS.A

Bank of America WTS A
2.73% of portfolio

SHOS

Sears Hometown & Outlet Stores
2.04% of portfolio

ASCMA

Ascent Capital Group
1.63% of portfolio

BlackBerry Ltd.
1.20% of portfolio

CBI

Chicago Bridge & Iron Company
0.70% of portfolio

RYAAY

Ryanair Holdings PLC
0.45% of portfolio

SRSC

Sears Canada Inc.
0.43% of portfolio

SandRidge Energy Inc.
0.37% of portfolio

2016 Q3

$265 M

BHC

Bausch Health
13.40% of portfolio

BRK.A

Berkshire Hathaway CL A
12.24% of portfolio

JPM.WS

JPMorgan Chase WTS
10.47% of portfolio

RFP-OLD

Resolute Forest Products
8.75% of portfolio

NOK

Nokia Corp.
8.19% of portfolio

Citigroup Inc.
7.31% of portfolio

SHLDQ-OLD

Sears Holdings Corp.
6.19% of portfolio

SNY

Sanofi Aventis
5.91% of portfolio

WFC.WS

Wells Fargo WTS
4.70% of portfolio

Goldman Sachs Group
4.56% of portfolio

BYON

Beyond Inc.
3.37% of portfolio

MBI

MBIA Inc.
3.18% of portfolio

ASCMA

Ascent Capital Group
2.97% of portfolio

SHOS

Sears Hometown & Outlet Stores
2.46% of portfolio

BlackBerry Ltd.
1.59% of portfolio

BAC.WS.A

Bank of America WTS A
1.46% of portfolio

SRSC

Sears Canada Inc.
0.72% of portfolio

CBI

Chicago Bridge & Iron Company
0.71% of portfolio

RYAAY

Ryanair Holdings PLC
0.47% of portfolio

PKX

POSCO
0.40% of portfolio

2016 Q2

$257 M

BRK.A

Berkshire Hathaway CL A
12.66% of portfolio

BHC

Bausch Health
11.33% of portfolio

RFP-OLD

Resolute Forest Products
10.09% of portfolio

JPM.WS

JPMorgan Chase WTS
8.87% of portfolio

NOK

Nokia Corp.
8.30% of portfolio

SHLDQ-OLD

Sears Holdings Corp.
7.58% of portfolio

Citigroup Inc.
6.76% of portfolio

SNY

Sanofi Aventis
6.67% of portfolio

WFC.WS

Wells Fargo WTS
5.28% of portfolio

Goldman Sachs Group
4.33% of portfolio

BYON

Beyond Inc.
3.65% of portfolio

SHOS

Sears Hometown & Outlet Stores
3.47% of portfolio

MBI

MBIA Inc.
2.87% of portfolio

ASCMA

Ascent Capital Group
2.04% of portfolio

BlackBerry Ltd.
1.38% of portfolio

BAC.WS.A

Bank of America WTS A
1.13% of portfolio

CBI

Chicago Bridge & Iron Company
0.91% of portfolio

SRSC

Sears Canada Inc.
0.90% of portfolio

RYAAY

Ryanair Holdings PLC
0.45% of portfolio

PKX

POSCO
0.36% of portfolio

2016 Q1

$268 M

BRK.A

Berkshire Hathaway CL A
11.95% of portfolio

RFP-OLD

Resolute Forest Products
10.09% of portfolio

BHC

Bausch Health
9.59% of portfolio

NOK

Nokia Corp.
8.27% of portfolio

ASCMA

Ascent Capital Group
7.89% of portfolio

JPM.WS

JPMorgan Chase WTS
7.44% of portfolio

Citigroup Inc.
6.39% of portfolio

SNY

Sanofi Aventis
6.15% of portfolio

SHLDQ-OLD

Sears Holdings Corp.
5.90% of portfolio

WFC.WS

Wells Fargo WTS
5.83% of portfolio

Goldman Sachs Group
4.39% of portfolio

MBI

MBIA Inc.
3.57% of portfolio

SHOS

Sears Hometown & Outlet Stores
3.17% of portfolio

BYON

Beyond Inc.
3.13% of portfolio

BlackBerry Ltd.
1.60% of portfolio

BAC.WS.A

Bank of America WTS A
1.22% of portfolio

CBI

Chicago Bridge & Iron Company
0.92% of portfolio

SRSC

Sears Canada Inc.
0.81% of portfolio

RYAAY

Ryanair Holdings PLC
0.53% of portfolio

PKX

POSCO
0.37% of portfolio

2015 Q4

$290 M

BRK.A

Berkshire Hathaway CL A
20.44% of portfolio

RFP-OLD

Resolute Forest Products
12.27% of portfolio

JPM.WS

JPMorgan Chase WTS
9.19% of portfolio

NOK

Nokia Corp.
9.07% of portfolio

Citigroup Inc.
7.31% of portfolio

WFC.WS

Wells Fargo WTS
7.04% of portfolio

SHLDQ-OLD

Sears Holdings Corp.
6.35% of portfolio

SNY

Sanofi Aventis
6.02% of portfolio

Goldman Sachs Group
4.66% of portfolio

SHOS

Sears Hometown & Outlet Stores
3.64% of portfolio

BYON

Beyond Inc.
2.46% of portfolio

MBI

MBIA Inc.
2.41% of portfolio

ASCMA

Ascent Capital Group
1.96% of portfolio

BlackBerry Ltd.
1.69% of portfolio

BAC.WS.A

Bank of America WTS A
1.67% of portfolio

SRSC

Sears Canada Inc.
1.36% of portfolio

CBI

Chicago Bridge & Iron Company
0.91% of portfolio

RYAAY

Ryanair Holdings PLC
0.49% of portfolio

AZN

AstraZeneca PLC
0.30% of portfolio

CYD

China Yuchai Intl Ltd.
0.27% of portfolio

2015 Q3

$289 M

BRK.A

Berkshire Hathaway CL A
20.26% of portfolio

RFP-OLD

Resolute Forest Products
12.30% of portfolio

NOK

Nokia Corp.
8.79% of portfolio

JPM.WS

JPMorgan Chase WTS
7.76% of portfolio

Citigroup Inc.
7.03% of portfolio

SHLDQ-OLD

Sears Holdings Corp.
7.00% of portfolio

SNY

Sanofi Aventis
6.73% of portfolio

WFC.WS

Wells Fargo WTS
6.24% of portfolio

Goldman Sachs Group
4.51% of portfolio

SHOS

Sears Hometown & Outlet Stores
3.66% of portfolio

BYON

Beyond Inc.
3.46% of portfolio

ASCMA

Ascent Capital Group
3.00% of portfolio

MBI

MBIA Inc.
2.27% of portfolio

SRSC

Sears Canada Inc.
1.75% of portfolio

BAC.WS.A

Bank of America WTS A
1.66% of portfolio

BlackBerry Ltd.
1.12% of portfolio

CBI

Chicago Bridge & Iron Company
0.93% of portfolio

RYAAY

Ryanair Holdings PLC
0.46% of portfolio

CYD

China Yuchai Intl Ltd.
0.31% of portfolio

AZN

AstraZeneca PLC
0.28% of portfolio

2015 Q2

$325 M

BRK.A

Berkshire Hathaway CL A
18.92% of portfolio

RFP-OLD

Resolute Forest Products
14.13% of portfolio

JPM.WS

JPMorgan Chase WTS
8.58% of portfolio

NOK

Nokia Corp.
7.91% of portfolio

SHLDQ-OLD

Sears Holdings Corp.
7.36% of portfolio

Citigroup Inc.
6.97% of portfolio

WFC.WS

Wells Fargo WTS
6.91% of portfolio

SNY

Sanofi Aventis
6.25% of portfolio

Goldman Sachs Group
4.82% of portfolio

BYON

Beyond Inc.
4.04% of portfolio

SHOS

Sears Hometown & Outlet Stores
3.87% of portfolio

MBI

MBIA Inc.
2.00% of portfolio

ASCMA

Ascent Capital Group
1.84% of portfolio

BAC.WS.A

Bank of America WTS A
1.59% of portfolio

SRSC

Sears Canada Inc.
1.45% of portfolio

BlackBerry Ltd.
1.33% of portfolio

CBI

Chicago Bridge & Iron Company
1.04% of portfolio

RYAAY

Ryanair Holdings PLC
0.37% of portfolio

AZN

AstraZeneca PLC
0.25% of portfolio

CYD

China Yuchai Intl Ltd.
0.13% of portfolio

2015 Q1

$329 M

RFP-OLD

Resolute Forest Products
21.41% of portfolio

BRK.A

Berkshire Hathaway CL A
19.84% of portfolio

NOK

Nokia Corp.
11.53% of portfolio

SHLDQ-OLD

Sears Holdings Corp.
11.28% of portfolio

Citigroup Inc.
6.42% of portfolio

SNY

Sanofi Aventis
6.16% of portfolio

BYON

Beyond Inc.
4.29% of portfolio

Goldman Sachs Group
4.29% of portfolio

SHOS

Sears Hometown & Outlet Stores
3.10% of portfolio

MBI

MBIA Inc.
3.06% of portfolio

SRSC

Sears Canada Inc.
2.17% of portfolio

ASCMA

Ascent Capital Group
1.70% of portfolio

BlackBerry Ltd.
1.43% of portfolio

CHT

Chunghwa Telecom Co. Ltd.
1.29% of portfolio

CBI

Chicago Bridge & Iron Company
1.01% of portfolio

RYAAY

Ryanair Holdings PLC
0.35% of portfolio

AZN

AstraZeneca PLC
0.27% of portfolio

CYD

China Yuchai Intl Ltd.
0.15% of portfolio

GSK

GSK plc
0.13% of portfolio

BP plc
0.12% of portfolio

2014 Q4

$329 M

RFP-OLD

Resolute Forest Products
21.83% of portfolio

BRK.A

Berkshire Hathaway CL A
20.60% of portfolio

NOK

Nokia Corp.
11.94% of portfolio

SHLDQ-OLD

Sears Holdings Corp.
8.98% of portfolio

Citigroup Inc.
6.74% of portfolio

SNY

Sanofi Aventis
5.68% of portfolio

SHOS

Sears Hometown & Outlet Stores
5.28% of portfolio

Goldman Sachs Group
4.42% of portfolio

BYON

Beyond Inc.
4.29% of portfolio

MBI

MBIA Inc.
3.14% of portfolio

SRSC

Sears Canada Inc.
2.27% of portfolio

BlackBerry Ltd.
1.76% of portfolio

CHT

Chunghwa Telecom Co. Ltd.
1.18% of portfolio

CBI

Chicago Bridge & Iron Company
0.86% of portfolio

RYAAY

Ryanair Holdings PLC
0.37% of portfolio

AZN

AstraZeneca PLC
0.28% of portfolio

CYD

China Yuchai Intl Ltd.
0.14% of portfolio

BP plc
0.12% of portfolio

GSK

GSK plc
0.12% of portfolio

2014 Q3

$337 M

RFP-OLD

Resolute Forest Products
21.44% of portfolio

BRK.A

Berkshire Hathaway CL A
20.67% of portfolio

NOK

Nokia Corp.
14.08% of portfolio

SNY

Sanofi Aventis
7.70% of portfolio

Citigroup Inc.
7.07% of portfolio

SHLDQ-OLD

Sears Holdings Corp.
6.75% of portfolio

SHOS

Sears Hometown & Outlet Stores
4.59% of portfolio

Goldman Sachs Group
4.58% of portfolio

MBI

MBIA Inc.
3.30% of portfolio

BYON

Beyond Inc.
3.27% of portfolio

Lands End Inc.
2.08% of portfolio

BlackBerry Ltd.
1.56% of portfolio

CHT

Chunghwa Telecom Co. Ltd.
1.32% of portfolio

AZN

AstraZeneca PLC
0.51% of portfolio

RYAAY

Ryanair Holdings PLC
0.32% of portfolio

GSK

GSK plc
0.22% of portfolio

CYD

China Yuchai Intl Ltd.
0.16% of portfolio

BP plc
0.15% of portfolio

UTSI

UTStarcom
0.12% of portfolio

VOD

Vodafone Group PLC
0.06% of portfolio

2014 Q2

$312 M

RFP-OLD

Resolute Forest Products
23.61% of portfolio

BRK.A

Berkshire Hathaway CL A
19.47% of portfolio

NOK

Nokia Corp.
12.92% of portfolio

SHLDQ-OLD

Sears Holdings Corp.
10.97% of portfolio

SNY

Sanofi Aventis
7.45% of portfolio

Citigroup Inc.
6.60% of portfolio

Goldman Sachs Group
4.29% of portfolio

MBI

MBIA Inc.
4.08% of portfolio

BYON

Beyond Inc.
3.14% of portfolio

Lands End Inc.
2.77% of portfolio

BlackBerry Ltd.
1.85% of portfolio

CHT

Chunghwa Telecom Co. Ltd.
1.45% of portfolio

AZN

AstraZeneca PLC
0.33% of portfolio

RYAAY

Ryanair Holdings PLC
0.32% of portfolio

CYD

China Yuchai Intl Ltd.
0.19% of portfolio

BP plc
0.18% of portfolio

GSK

GSK plc
0.16% of portfolio

UTSI

UTStarcom
0.11% of portfolio

VOD

Vodafone Group PLC
0.06% of portfolio

Verizon Communications
0.04% of portfolio

2014 Q1

$313 M

RFP-OLD

Resolute Forest Products
26.39% of portfolio

BRK.A

Berkshire Hathaway CL A
17.93% of portfolio

SHLDQ-OLD

Sears Holdings Corp.
12.24% of portfolio

NOK

Nokia Corp.
11.71% of portfolio

SNY

Sanofi Aventis
6.84% of portfolio

Citigroup Inc.
6.23% of portfolio

MBI

MBIA Inc.
4.82% of portfolio

Goldman Sachs Group
3.92% of portfolio

BYON

Beyond Inc.
3.66% of portfolio

ACT-OLD

Actavis plc
2.32% of portfolio

BlackBerry Ltd.
1.37% of portfolio

CHT

Chunghwa Telecom Co. Ltd.
1.29% of portfolio

RYAAY

Ryanair Holdings PLC
0.32% of portfolio

AZN

AstraZeneca PLC
0.27% of portfolio

CYD

China Yuchai Intl Ltd.
0.17% of portfolio

BP plc
0.15% of portfolio

GSK

GSK plc
0.15% of portfolio

UTSI

UTStarcom
0.10% of portfolio

VOD

Vodafone Group PLC
0.06% of portfolio

Verizon Communications
0.04% of portfolio

2013 Q4

$307 M

RFP-OLD

Resolute Forest Products
22.09% of portfolio

BRK.A

Berkshire Hathaway CL A
17.41% of portfolio

NOK

Nokia Corp.
13.23% of portfolio

SHLDQ-OLD

Sears Holdings Corp.
12.86% of portfolio

SNY

Sanofi Aventis
7.17% of portfolio

Citigroup Inc.
6.97% of portfolio

BYON

Beyond Inc.
5.85% of portfolio

Goldman Sachs Group
4.34% of portfolio

MBI

MBIA Inc.
4.21% of portfolio

ACT-OLD

Actavis plc
1.94% of portfolio

BlackBerry Ltd.
1.36% of portfolio

CHT

Chunghwa Telecom Co. Ltd.
1.33% of portfolio

RYAAY

Ryanair Holdings PLC
0.26% of portfolio

AZN

AstraZeneca PLC
0.25% of portfolio

CYD

China Yuchai Intl Ltd.
0.17% of portfolio

BP plc
0.16% of portfolio

GSK

GSK plc
0.16% of portfolio

VOD

Vodafone Group PLC
0.13% of portfolio

UTSI

UTStarcom
0.10% of portfolio

2013 Q3

$329 M

RFP-OLD

Resolute Forest Products
16.59% of portfolio

BRK.A

Berkshire Hathaway CL A
15.54% of portfolio

SHLDQ-OLD

Sears Holdings Corp.
14.57% of portfolio

DELL-OLD

Dell Inc.
10.47% of portfolio

NOK

Nokia Corp.
9.90% of portfolio

SNY

Sanofi Aventis
6.31% of portfolio

BYON

Beyond Inc.
6.26% of portfolio

Citigroup Inc.
6.05% of portfolio

Goldman Sachs Group
3.61% of portfolio

ACT-OLD

Actavis plc
3.36% of portfolio

MBI

MBIA Inc.
3.36% of portfolio

CHT

Chunghwa Telecom Co. Ltd.
1.27% of portfolio

RSH

RadioShack Corp.
0.82% of portfolio

PTGI

Primus Telecom Group Inc.
0.46% of portfolio

BlackBerry Ltd.
0.44% of portfolio

RYAAY

Ryanair Holdings PLC
0.26% of portfolio

S-OLD

Sprint Corp.
0.21% of portfolio

CYD

China Yuchai Intl Ltd.
0.18% of portfolio

BP plc
0.13% of portfolio

VOD

Vodafone Group PLC
0.11% of portfolio

2013 Q2

$321 M

BRK.A

Berkshire Hathaway CL A
15.75% of portfolio

RFP-OLD

Resolute Forest Products
15.36% of portfolio

DELL-OLD

Dell Inc.
10.39% of portfolio

BYON

Beyond Inc.
9.54% of portfolio

SHLDQ-OLD

Sears Holdings Corp.
8.96% of portfolio

ACT-OLD

Actavis plc
7.29% of portfolio

SNY

Sanofi Aventis
6.57% of portfolio

Citigroup Inc.
6.12% of portfolio

NOK

Nokia Corp.
5.82% of portfolio

MBI

MBIA Inc.
4.48% of portfolio

Goldman Sachs Group
3.53% of portfolio

PTGI

Primus Telecom Group Inc.
1.68% of portfolio

CHT

Chunghwa Telecom Co. Ltd.
1.32% of portfolio

S-OLD

Sprint Corp.
0.92% of portfolio

RSH

RadioShack Corp.
0.78% of portfolio

BlackBerry Ltd.
0.60% of portfolio

RYAAY

Ryanair Holdings PLC
0.43% of portfolio

CYD

China Yuchai Intl Ltd.
0.14% of portfolio

BP plc
0.13% of portfolio

VOD

Vodafone Group PLC
0.09% of portfolio