Ticker	Issuer	Shares	Value	%	Share Price	Est. Cost/Share	Unrealized @ Report Date	Class	CUSIP
MSFT	Microsoft Corporation	2,623,555	$90.63M	7.9%	$34.55 *	$26.70	0.0%	COM	594918104
CL	Colgate-Palmolive	1,350,250	$77.36M	6.8%	$57.29 *	$44.38	0.0%	COM	194162103
PFE	Pfizer Inc	2,736,136	$76.64M	6.7%	$28.01 *	$16.46	0.0%	COM	717081103
UNP	Union Pac Corp	377,070	$58.17M	5.1%	$154.28 *	$57.06	0.0%	COM	907818108
—	Google Inc 'A'	62,582	$55.09M	4.8%	$880.36	$880.37	—	CL A	38259P508
AXP	American Express Co	694,663	$51.93M	4.5%	$74.76 *	$59.62	0.0%	COM	025816109
CMI	Cummins Inc $2.50	467,696	$50.73M	4.4%	$108.46 *	$81.53	0.0%	COM	231021106
QCOM	Qualcomm Inc	733,751	$44.83M	3.9%	$61.09 *	$45.06	0.0%	COM	747525103
—	Time Warner Inc Com New	735,937	$42.55M	3.7%	$57.82	$57.82	—	COM	887317303
—	United Technologies Corp	397,248	$36.92M	3.2%	$92.94	$92.94	—	COM	913017109
—	General Electric Co of America	1,415,845	$32.83M	2.9%	$23.19	$23.19	—	COM	369604103
BRK/B	Berkshire Hathaway	259,135	$29M	2.5%	$111.92	$110.02	0.0%	CL B NEW	084670702
—	Reynolds American	574,260	$27.78M	2.4%	$48.37	$48.37	—	COM	761713106
MRSH	Marsh & McLennan	668,392	$26.68M	2.3%	$39.92 *	$31.19	0.0%	COM	571748102
—	Praxair Inc	230,510	$26.55M	2.3%	$115.16	$115.16	—	COM	74005P104
AVT	Avnet Inc	721,471	$24.24M	2.1%	$33.60 *	$25.70	0.0%	COM	053807103
—	National Oilwell Varco Com	328,883	$22.66M	2.0%	$68.90	$68.90	—	COM	637071101
LLY	Eli Lilly & Co	439,240	$21.57M	1.9%	$49.12 *	$42.21	0.0%	COM	532457108
UPS	United Parcel Services 'B'	238,817	$20.65M	1.8%	$86.48 *	$55.38	0.0%	COM	911312106
MA	Mastercard Inc US$0.0001	35,500	$20.39M	1.8%	$574.51 *	$51.54	0.0%	CL A	57636Q104
—	Airgas Inc	212,855	$20.32M	1.8%	$95.46	$95.46	—	COM	009363102
CRM	Salesforce com Inc	522,640	$19.95M	1.7%	$38.18 *	$40.78	0.0%	COM	79466L302
EOG	EOG Resources Inc	144,165	$18.98M	1.7%	$131.68 *	$46.52	0.0%	COM	26875P101
HP	Helmerich & Payne Inc Com	283,570	$17.71M	1.5%	$62.45	$61.57	0.0%	COM	423452101
AAPL	Apple Inc	43,842	$17.39M	1.5%	$396.54 *	$13.16	0.0%	COM	037833100
—	B/E Aerospace Inc Com US$0.01	254,671	$16.07M	1.4%	$63.08	$63.08	—	COM	073302101
WFC	Wells Fargo & Co New	387,060	$15.97M	1.4%	$41.27 *	$27.36	0.0%	COM	949746101
AMT	American Tower Corporation	173,550	$12.7M	1.1%	$73.17 *	$59.51	0.0%	COM	03027X100
PH	Parker Hannifin Corporation	99,819	$9.523M	0.8%	$95.40 *	$75.97	0.0%	COM	701094104
—	Ryanair Hldgs Plc	180,956	$9.325M	0.8%	$51.53	$51.53	—	SPONSORED ADR	783513104
MCD	McDonald's Corporation	88,865	$8.798M	0.8%	$99.00 *	$71.80	0.0%	COM	580135101
OXY	Occidental Pete Corp Del	97,127	$8.667M	0.8%	$89.23 *	$57.83	0.0%	COM	674599105
PM	Philip Morris Intl Inc	93,261	$8.078M	0.7%	$86.62 *	$49.85	0.0%	COM	718172109
SLB	Schlumberger Ltd	111,595	$7.997M	0.7%	$71.66 *	$52.90	0.0%	COM	806857108
—	EMC Corporation (Mass) Com	335,295	$7.92M	0.7%	$23.62	$23.62	—	COM	268648102
XOM	Exxon Mobil Corporation	83,196	$7.517M	0.7%	$90.35 *	$53.69	0.0%	COM	30231G102
NTRS	Northern Trust Corporation	123,500	$7.151M	0.6%	$57.90 *	$40.35	0.0%	COM	665859104
ORCL	Oracle Corporation	218,163	$6.7M	0.6%	$30.71 *	$27.58	0.0%	COM	68389X105
FLO	Flowers Foods Inc US$0.01	255,100	$5.625M	0.5%	$22.05 *	$13.91	0.0%	COM	343498101
WEX	WEX Inc	71,480	$5.483M	0.5%	$76.71 *	$74.24	0.0%	COM	96208T104
HD	Home Depot Inc	59,397	$4.601M	0.4%	$77.46 *	$56.05	0.0%	COM	437076102
DVA	DaVita Inc	32,150	$3.884M	0.3%	$120.81 *	$62.44	0.0%	COM	23918K108
AMZN	Amazon.com Inc	13,650	$3.79M	0.3%	$277.66 *	$13.32	0.0%	COM	023135106
MO	Altria Group Inc	82,500	$2.887M	0.3%	$34.99 *	$16.28	0.0%	COM	02209S103
EMR	Emerson Electric Co	52,650	$2.872M	0.3%	$54.55 *	$40.02	0.0%	COM	291011104
EL	Estee Lauder Co Inc 'A'	42,370	$2.787M	0.2%	$65.78 *	$58.22	0.0%	CL A	518439104
MET	Metlife Inc	60,400	$2.764M	0.2%	$45.76 *	$24.43	0.0%	COM	59156R108
CSCO	Cisco Systems	112,500	$2.738M	0.2%	$24.34 *	$15.24	0.0%	COM	17275R102
AGCO	Agco Corporation	52,600	$2.64M	0.2%	$50.19 *	$41.52	0.0%	COM	001084102
—	Monsanto Co New	25,046	$2.475M	0.2%	$98.82	$98.82	—	COM	61166W101
AMGN	Amgen Inc Com US$0.0001	25,000	$2.467M	0.2%	$98.68 *	$73.34	0.0%	COM	031162100
VZ	Verizon Communications Inc	47,970	$2.415M	0.2%	$50.34 *	$27.04	0.0%	COM	92343V104
CCL	Carnival Corporation COM US$0.01COM	67,900	$2.328M	0.2%	$34.29 *	$27.66	0.0%	COM	143658300
—	Goldcorp Inc	80,180	$1.983M	0.2%	$24.73	$24.73	—	COM	380956409
GS	Goldman Sachs Group	12,980	$1.963M	0.2%	$151.23 *	$120.06	0.0%	COM	38141G104
—	Express Scripts HL	31,380	$1.937M	0.2%	$61.73	$61.73	—	COM	30219G108
—	Ctrip.Com International Ltd ADS COM	59,100	$1.928M	0.2%	$32.62	$32.62	—	COM	22943F100
—	Fleetcor Technologies Inc	23,250	$1.89M	0.2%	$81.29	$81.29	—	COM	339041105
—	Bunge Ltd	25,273	$1.789M	0.2%	$70.79	$70.79	—	COM	G16962105
CDZI	Cadiz Inc	384,712	$1.77M	0.2%	$4.60 *	$5.71	0.0%	COM	127537207
—	Lazard Ltd	53,585	$1.723M	0.2%	$32.15	$32.15	—	SHS A	G54050102
—	Hess Corporation	25,520	$1.697M	0.1%	$66.50	$66.50	—	COM	42809H107
C	Citigroup Inc	34,880	$1.673M	0.1%	$47.96 *	$35.76	0.0%	COM	172967424
—	Apache Corporation	19,200	$1.61M	0.1%	$83.85	$83.85	—	COM	037411105
BBDO	Banco Bradesco SA	120,243	$1.564M	0.1%	$13.01	$13.01	—	SPON ADR	059460402
—	L Brands Inc US$0.50	27,200	$1.34M	0.1%	$49.26	$49.26	—	COM	501797104
PG	Procter & Gamble Co	16,420	$1.264M	0.1%	$76.98 *	$55.00	0.0%	COM	742718109
T	AT&T Inc Com US$0.01	32,090	$1.136M	0.1%	$35.40 *	$11.40	0.0%	COM	00206R102
CIG	CIA Energ MG-CEMIG SPN ADR	125,125	$1.122M	0.1%	$8.97	$8.97	—	COM	204409601
WMB	Williams Cos Inc	33,800	$1.097M	0.1%	$32.46 *	$18.03	0.0%	COM	969457100
—	Chubb Corporation	11,860	$1.004M	0.1%	$84.65	$84.65	—	COM	171232101
HSY	Hershey Company (The)	11,030	$985K	0.1%	$89.30 *	$65.69	0.0%	COM	427866108
EBAY	eBay Inc	18,460	$955K	0.1%	$51.73 *	$20.18	0.0%	COM	278642103
TSM	Taiwan Semiconductor Man ADS	50,000	$916K	0.1%	$18.32	$18.32	—	COM	874039100
MDLZ	Mondelez Intl Inc Com US$0.01	31,323	$894K	0.1%	$28.54 *	$23.16	0.0%	COM	609207105
THG	Hanover Insurance Group Inc	17,500	$856K	0.1%	$48.91 *	$34.64	0.0%	COM	410867105
DIS	Walt Disney Company Disney	12,000	$758K	0.1%	$63.17 *	$56.11	0.0%	COM	254687106
MRK	Merck & Co Inc	16,240	$754K	0.1%	$46.43 *	$30.02	0.0%	COM	58933Y105
—	Seadrill Ltd US$2	17,200	$701K	0.1%	$40.76	$40.76	—	COM	G7945E105
—	Spectra Energy Corp Com	19,700	$679K	0.1%	$34.47	$34.47	—	COM	84756N109
JPM	JPMorgan Chase	10,500	$554K	0.0%	$52.76 *	$36.24	0.0%	COM	46625H100
BAC	Bank of America	41,210	$530K	0.0%	$12.86 *	$10.03	0.0%	COM	060505104
XYL	Xylem Inc	10,100	$272K	0.0%	$26.93 *	$23.44	0.0%	COM	98419M100
—	iShares MSCI United Kingdom	11,600	$205K	0.0%	$17.67	$17.67	—	ETF	464286699