| BAILLIE GIFFORD & CO |
| 1.2% | 1.26% | #36 | $1.32B | 3.6M | $1.29B | 3.9M | -304,934-7.87% | Reduce |
| VANGUARD CAPITAL MANAGEMENT LLC |
| 0.03% | 0.03% | #308 | $1.32B | 3.5M | $1.22B | 3.6M | -42,576-1.19% | Reduce |
| MORGAN STANLEY |
| 0.06% | 0.05% | #237 | $1.19B | 3.2M | $861.5M | 1.8M | +1.4M+80.11% | Add |
| Amundi |
| 0.28% | 0.27% | #104 | $1.14B | 3.1M | $1.00B | 3.0M | +101,906+3.44% | Add |
| Bank of New York Mellon Corp |
| 0.16% | 0.17% | #145 | $952.9M | 2.6M | $950.7M | 2.8M | -249,361-8.88% | Reduce |
| Bank of Italy |
| 40.86% | 36.39% | #1 | $902.1M | 2.4M | $805.2M | 2.4M | 00.00% | Unchanged |
| JPMORGAN CHASE & CO |
| 0.05% | 0.03% | #265 | $887.7M | 2.4M | $393.8M | 1.2M | +1.2M+100.27% | Add |
| VIKING GLOBAL INVESTORS LP |
| 2.33% | — | #23 | $816.9M | 2.2M | $0 | 0 | +2.2M | New Buy |
| NORGES BANK |
| 0.08% | 0.12% | #213 | $781.5M | 2.1M | $828.5M | 2.0M | +157,510+8.07% | Add |
| SIH Partners, LLLP |
| 3.71% | 8.77% | #15 | $590.3M | 1.6M | $664.3M | 2.0M | -376,963-19.21% | Reduce |
| ALLIANCEBERNSTEIN L.P. |
| 0.19% | 0.21% | #123 | $576.7M | 1.7M | $651.2M | 1.8M | -58,392-3.31% | Reduce |
| UBS Group AG |
| 0.07% | 0.07% | #221 | $545.4M | 1.5M | $448.9M | 1.3M | +138,634+10.45% | Add |
| GOLDMAN SACHS GROUP INC |
| 0.04% | 0.07% | #290 | $427.8M | 1.1M | $612.9M | 1.8M | -661,553-36.53% | Reduce |
| DEUTSCHE BANK AG\ |
| 0.12% | 0.1% | #168 | $413.2M | 1.1M | $316.2M | 934,176 | +175,735+18.81% | Add |
| BNP Paribas Asset Management Holding S.A. |
| 0.39% | — | #74 | $391.6M | 1.1M | $0 | 0 | +1.1M | New Buy |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE |
| 0.3% | 0.22% | #96 | $388.8M | 1.0M | $260.4M | 770,549 | +274,171+35.58% | Add |
| VANGUARD FIDUCIARY TRUST CO |
| 0.08% | 0.09% | #200 | $385.0M | 1.0M | $356.1M | 1.0M | -13,483-1.28% | Reduce |
| Capital International Investors |
| 0.07% | 0.08% | #219 | $349.7M | 941,896 | $332.3M | 987,621 | -45,725-4.63% | Reduce |
| AKO CAPITAL LLP |
| 7.69% | 6.08% | #7 | $330.0M | 886,360 | $310.8M | 926,523 | -40,163-4.33% | Reduce |
| Legal & General Group Plc |
| 0.07% | 0.07% | #226 | $322.2M | 868,826 | $293.1M | 879,772 | -10,946-1.24% | Reduce |
| BANK OF AMERICA CORP /DE/ |
| 0.02% | 0.02% | #336 | $311.4M | 836,446 | $296.8M | 876,961 | -40,515-4.62% | Reduce |
| Ninety One UK Ltd |
| 0.69% | 0.85% | #55 | $310.9M | 838,310 | $367.7M | 1.1M | -265,796-24.07% | Reduce |
| Mitsubishi UFJ Asset Management Co., Ltd. |
| 0.17% | 0.18% | #137 | $298.1M | 800,657 | $272.8M | 806,154 | -5,497-0.68% | Reduce |
| PRICE T ROWE ASSOCIATES INC /MD/ |
| 0.03% | 0.03% | #312 | $279.1M | 749,633 | $268.0M | 791,913 | -42,280-5.34% | Reduce |
| VANGUARD ASSET MANAGEMENT, Ltd |
| 0.14% | 0.16% | #152 | $208.0M | 559,699 | $185.5M | 546,791 | +12,908+2.36% | Add |
| BARCLAYS PLC |
| 0.04% | 0.06% | #285 | $206.6M | 554,994 | $229.9M | 1.9M | -1.3M-70.28% | Reduce |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP |
| 0.02% | 0.04% | #364 | $204.0M | 547,956 | $339.8M | 1.0M | -456,037-45.42% | Reduce |
| ROYAL BANK OF CANADA |
| 0.03% | 0.03% | #304 | $201.4M | 540,983 | $151.7M | 448,314 | +92,669+20.67% | Add |
| Nuveen, LLC |
| 0.05% | 0.04% | #267 | $199.6M | 538,623 | $153.1M | 459,843 | +78,780+17.13% | Add |
| Quadrature Capital Ltd |
| 1.61% | 0.86% | #33 | $188.4M | 508,134 | $71.9M | 216,014 | +292,120+135.23% | Add |
| ROYAL LONDON ASSET MANAGEMENT LTD |
| 0.33% | 0.26% | #88 | $177.9M | 477,736 | $126.2M | 372,918 | +104,818+28.11% | Add |
| JANE STREET GROUP, LLC |
| 0.01% | 0.02% | #374 | $176.6M | 474,405 | $124.8M | 368,735 | +105,670+28.66% | Add |
| CITADEL ADVISORS LLC |
| 0.02% | 0.03% | #340 | $172.2M | 462,661 | $187.8M | 554,850 | -92,189-16.62% | Reduce |
| Banco Santander, S.A. |
| 1.07% | 1.52% | #42 | $171.6M | 461,060 | $187.9M | 548,829 | -87,769-15.99% | Reduce |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main |
| 0.13% | 0.04% | #159 | $167.3M | 451,341 | $44.2M | 130,838 | +320,503+244.96% | Add |
| Eurizon Capital SGR S.p.A. |
| 0.44% | 0.23% | #68 | $163.4M | 439,810 | $73.7M | 218,642 | +221,168+101.16% | Add |
| Jupiter Topco LLC |
| 0.06% | — | #232 | $158.4M | 427,097 | $0 | 0 | +427,097 | New Buy |
| CREDIT AGRICOLE S A |
| 0.31% | 0.52% | #92 | $154.1M | 413,947 | $199.7M | 590,041 | -176,094-29.84% | Reduce |
| Swiss National Bank |
| 0.08% | 0.08% | #209 | $152.1M | 411,465 | $145.4M | 436,456 | -24,991-5.73% | Reduce |
| Contour Asset Management LLC |
| 3.56% | — | #16 | $150.6M | 404,397 | $0 | 0 | +404,397 | New Buy |
| Point72 Asset Management, L.P. |
| 0.15% | 0.19% | #147 | $139.5M | 374,649 | $146.9M | 434,147 | -59,498-13.70% | Reduce |
| WELLINGTON MANAGEMENT GROUP LLP |
| 0.02% | 0.02% | #326 | $134.5M | 362,817 | $125.7M | 377,498 | -14,681-3.89% | Reduce |
| CITIGROUP INC |
| 0.04% | 0.06% | #273 | $134.2M | 360,389 | $148.8M | 439,755 | -79,366-18.05% | Reduce |
| BIGLARI CAPITAL CORP. |
| 14.85% | 10.63% | #3 | $129.2M | 346,981 | $98.8M | 291,981 | +55,000+18.84% | Add |
| Capital Research Global Investors |
| 0.02% | 0.02% | #361 | $115.6M | 311,817 | $121.6M | 359,735 | -47,918-13.32% | Reduce |
| Pictet Asset Management Holding SA |
| 0.11% | 0.12% | #177 | $114.4M | 308,619 | $111.3M | 333,661 | -25,042-7.51% | Reduce |
| Bank Julius Baer & Co. Ltd, Zurich |
| 0.29% | 0.32% | #98 | $111.8M | 301,611 | $104.9M | 318,264 | -16,653-5.23% | Reduce |
| Douglass Winthrop Advisors, LLC |
| 1.92% | — | #29 | $111.3M | 299,022 | $0 | 0 | +299,022 | New Buy |
| DekaBank Deutsche Girozentrale |
| 0.17% | 0.17% | #135 | $110.6M | 296,970 | $103.6M | 296,770 | +200+0.07% | Add |
| Vontobel Holding Ltd. |
| 0.34% | 0.54% | #83 | $107.1M | 289,101 | $158.3M | 473,899 | -184,798-39.00% | Reduce |
