| BERKSHIRE HATHAWAY INC |
| 3.73% | 4.09% | #38 | $11.17B | 24.7M | $10.76B | 24.7M | 00.00% | Unchanged |
| TCI Fund Management Ltd |
| 12.3% | 13.84% | #5 | $6.49B | 14.3M | $6.25B | 14.3M | 00.00% | Unchanged |
| BlackRock, Inc. |
| 0.08% | 0.1% | #489 | $5.64B | 12.5M | $5.73B | 13.1M | -665,946-5.07% | Reduce |
| VANGUARD CAPITAL MANAGEMENT LLC |
| 0.09% | 0.11% | #435 | $4.42B | 9.8M | $4.31B | 9.9M | -127,343-1.29% | Reduce |
| STATE STREET CORP |
| 0.1% | 0.11% | #430 | $3.22B | 7.1M | $3.11B | 7.1M | -27,451-0.38% | Reduce |
| FMR LLC |
| 0.1% | 0.11% | #422 | $2.26B | 5.0M | $2.18B | 5.0M | -1,712-0.03% | Reduce |
| GEODE CAPITAL MANAGEMENT, LLC |
| 0.1% | 0.11% | #425 | $1.81B | 4.0M | $1.78B | 4.1M | -74,748-1.83% | Reduce |
| VANGUARD PORTFOLIO MANAGEMENT LLC |
| 0.08% | 0.09% | #512 | $1.69B | 3.7M | $1.69B | 3.9M | -149,092-3.84% | Reduce |
| MORGAN STANLEY |
| 0.06% | 0.07% | #602 | $1.08B | 2.4M | $1.10B | 2.3M | +71,621+3.10% | Add |
| NORGES BANK |
| 0.11% | 0.13% | #391 | $1.07B | 2.4M | $915.6M | 2.0M | +406,016+20.65% | Add |
| PineStone Asset Management Inc. |
| 6.39% | 7.21% | #18 | $1.03B | 2.3M | $1.03B | 2.3M | -65,823-2.80% | Reduce |
| GOLDMAN SACHS GROUP INC |
| 0.08% | 0.11% | #488 | $963.1M | 2.1M | $941.0M | 2.2M | -30,524-1.42% | Reduce |
| Fiera Capital Corp |
| 3.42% | 3.52% | #42 | $944.5M | 2.1M | $1.03B | 2.4M | -271,054-11.50% | Reduce |
| Bank of New York Mellon Corp |
| 0.15% | 0.19% | #300 | $914.7M | 2.0M | $1.02B | 2.3M | -329,672-14.03% | Reduce |
| Egerton Capital (UK) LLP |
| 7.46% | 7.48% | #10 | $771.9M | 1.7M | $674.3M | 1.5M | +158,559+10.26% | Add |
| NORTHERN TRUST CORP |
| 0.09% | 0.1% | #465 | $757.3M | 1.7M | $764.7M | 1.8M | -80,898-4.62% | Reduce |
| PRICE T ROWE ASSOCIATES INC /MD/ |
| 0.07% | 0.09% | #552 | $700.0M | 1.5M | $798.7M | 1.8M | -285,290-15.58% | Reduce |
| PRINCIPAL FINANCIAL GROUP INC |
| 0.33% | 0.25% | #181 | $661.9M | 1.5M | $472.0M | 1.1M | +379,518+35.08% | Add |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC |
| 0.12% | 0.13% | #356 | $643.2M | 1.4M | $605.1M | 1.4M | +33,024+2.38% | Add |
| WINDACRE PARTNERSHIP LLC |
| 6.31% | 6.22% | #21 | $638.6M | 1.4M | $581.5M | 1.3M | +77,000+5.78% | Add |
| Valley Forge Capital Management, LP |
| 19.14% | 17.02% | #3 | $596.6M | 1.3M | $574.6M | 1.3M | 00.00% | Unchanged |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ |
| 0.19% | 0.2% | #260 | $565.8M | 1.2M | $605.3M | 1.3M | -141,627-10.66% | Reduce |
| Invesco Ltd. |
| 0.04% | 0.07% | #684 | $544.3M | 1.2M | $448.9M | 1.0M | +172,661+16.78% | Add |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC |
| 0.07% | 0.08% | #543 | $544.0M | 1.2M | $500.2M | 1.1M | +54,575+4.76% | Add |
| AKRE CAPITAL MANAGEMENT LLC |
| 10.23% | 9.86% | #6 | $524.0M | 1.2M | $543.6M | 1.2M | -89,221-7.16% | Reduce |
| Rothschild & Co Wealth Management UK Ltd |
| 7.22% | 7.4% | #12 | $500.4M | 1.1M | $483.8M | 1.1M | -3,999-0.36% | Reduce |
| DIMENSIONAL FUND ADVISORS LP |
| 0.09% | 0.08% | #466 | $485.0M | 1.1M | $385.2M | 882,973 | +187,811+21.27% | Add |
| AQR CAPITAL MANAGEMENT LLC |
| 0.16% | 0.09% | #286 | $471.0M | 1.0M | $196.8M | 451,090 | +594,065+131.70% | Add |
| Amundi |
| 0.11% | 0.1% | #374 | $458.1M | 1.0M | $367.7M | 842,967 | +168,528+19.99% | Add |
| Legal & General Group Plc |
| 0.09% | 0.11% | #437 | $451.4M | 996,557 | $455.8M | 1.0M | -48,284-4.62% | Reduce |
| VANGUARD FIDUCIARY TRUST CO |
| 0.08% | 0.1% | #485 | $385.6M | 851,332 | $385.5M | 883,679 | -32,347-3.66% | Reduce |
| Ninety One UK Ltd |
| 0.85% | 0.85% | #118 | $378.9M | 836,571 | $366.6M | 840,302 | -3,731-0.44% | Reduce |
| ROYAL BANK OF CANADA |
| 0.06% | 0.06% | #614 | $370.9M | 818,967 | $343.3M | 786,943 | +32,024+4.07% | Add |
| SCHRODER INVESTMENT MANAGEMENT GROUP |
| 0.24% | 0.32% | #213 | $337.0M | 744,030 | $384.8M | 890,699 | -146,669-16.47% | Reduce |
| DEUTSCHE BANK AG\ |
| 0.09% | 0.11% | #433 | $326.7M | 721,425 | $325.8M | 746,867 | -25,442-3.41% | Reduce |
| BAILLIE GIFFORD & CO |
| 0.29% | 0.32% | #194 | $325.1M | 717,871 | $333.4M | 764,266 | -46,395-6.07% | Reduce |
| Neuberger Berman Group LLC |
| 0.2% | 0.23% | #244 | $307.0M | 677,875 | $297.1M | 680,927 | -3,052-0.45% | Reduce |
| BANK OF AMERICA CORP /DE/ |
| 0.02% | 0.02% | #937 | $291.2M | 642,955 | $293.1M | 671,947 | -28,992-4.31% | Reduce |
| Russell Investments Group, Ltd. |
| 0.22% | 0.26% | #227 | $282.0M | 622,705 | $267.8M | 614,364 | +8,341+1.36% | Add |
| STIFEL FINANCIAL CORP |
| 0.23% | 0.26% | #217 | $278.2M | 614,280 | $286.2M | 655,920 | -41,640-6.35% | Reduce |
| BARCLAYS PLC |
| 0.05% | 0.07% | #625 | $275.7M | 608,633 | $310.7M | 712,225 | -103,592-14.54% | Reduce |
| Nuveen, LLC |
| 0.06% | 0.08% | #577 | $260.7M | 575,490 | $287.9M | 659,944 | -84,454-12.80% | Reduce |
| Longview Partners (Guernsey) LTD |
| 4.11% | 4.39% | #31 | $253.1M | 558,785 | $309.6M | 709,634 | -150,849-21.26% | Reduce |
| Allen Investment Management, LLC |
| 2.93% | 3.79% | #49 | $246.8M | 544,862 | $306.2M | 701,813 | -156,951-22.36% | Reduce |
| JPMORGAN CHASE & CO |
| 0.01% | 0.02% | #1025 | $244.2M | 539,316 | $236.0M | 546,149 | -6,833-1.25% | Reduce |
| GENERATION INVESTMENT MANAGEMENT LLP |
| 2.37% | 1.43% | #59 | $243.9M | 538,516 | $159.8M | 366,361 | +172,155+46.99% | Add |
| National Pension Service |
| 0.15% | 0.17% | #305 | $226.9M | 500,927 | $217.8M | 499,293 | +1,634+0.33% | Add |
| NORDEA INVESTMENT MANAGEMENT AB |
| 0.18% | 0.22% | #261 | $226.9M | 499,137 | $239.4M | 558,311 | -59,174-10.60% | Reduce |
| BLS CAPITAL FONDSMAEGLERSELSKAB A/S |
| 8.11% | 7.7% | #8 | $210.4M | 464,583 | $226.1M | 518,183 | -53,600-10.34% | Reduce |
| AKO CAPITAL LLP |
| 4.52% | 4.36% | #26 | $193.8M | 427,920 | $222.8M | 510,824 | -82,904-16.23% | Reduce |
