Deep value

Murray Stahl

Q3 2001 13F: 165 holdings worth about $236.2M; that quarter 37 new, 93 added, 20 trimmed, 19 sold out.

Firm: Horizon Kinetics Asset Management LLC
Filer: HORIZON KINETICS ASSET MANAGEMENT LLC CIK 1056823, Horizon Kinetics LLC CIK 1519418
Last filed: Nov 9, 2001 | Deep value | Not counted this quarter (A4 350 holdings); below is the last counted quarter, Q3 2001.

13F lists only long positions in US-listed stocks (and some ETFs and convertibles); short positions, cash, bonds, shares listed outside the US and private companies are not shown, so this is not the giant’s whole portfolio.

Why This Giant Is Included

Rule numbers (Q2 2026): 350 holdings, top 10 = 78%, stocks $8.8B, options 0%; not met: A4 350 holdings

Full selection rules →

13F value

$236.2M

previous $204.0M (+15.8%)

Holdings

165

37 new / 19 sold out

Net deploymentest.

+23.2%

est. net buying ÷ last quarter’s portfolio

Top-10 concentration

40%

overlap with the composite 23%

Turnoverest.

5.4%

held 5 quarters on average

Trades in Q3 2001

Sorted by position shift: how many percentage points of the portfolio the trade moved.

How to Read This

Share changes are split-adjusted. Est. trade price = (start + end price) ÷ 2; 13F does not show the actual trade date or price.

Move	Company	Change in shares	Change %	Position shift (pts)	Start → end price	Est. trade price
New	—Exxon Corp Com	+99.2K	—	+1.65	— → $39.40	—
Sold out	—Exxon Mobil Corp	−80.0K	—	−1.34	$87.35 → $39.40	$63.37
Added	FNMAFannie Mae	+25.6K	+946%	+0.87	$85.09 → $80.06	$82.57
Added	—American International Group, Inc	+23.9K	+21%	+0.79	$85.01 → $78.00	$81.51
Sold out	—AT&T Corp	−88.1K	—	−0.65	$22.00 → $19.30	$20.65
Added	PWCDFPower Corp of Canada	+67.1K	+32%	+0.63	$22.79 → $22.02	$22.41
New	KROLKroll LLC	+125.5K	—	+0.61	— → $11.39	—
Added	—Alliance Capital Mgmt. Holding Com	+30.6K	+378%	+0.59	$53.06 → $45.70	$49.38
Added	—Merck Sharp & Dohme LLC	+19.2K	+19%	+0.54	$63.91 → $66.60	$65.26
Added	JNJJohnson & Johnson	+23.0K	+17%	+0.54	$50.00 → $55.40	$52.70
Sold out	—Sole El Paso Corp Equity Security Utpreferred	−125.7K	—	−0.50	$9.46 → —	—
Added	—Philip Morris Com	+24.6K	+90%	+0.50	$50.75 → $48.29	$49.52
New	—Liberty Interactive LLC	+88.3K	—	+0.47	$17.48 → $12.70	$15.09
Added	ABTAbbott Laboratories	+20.1K	+18%	+0.44	$48.00 → $51.85	$49.93
Added	WTMWhite Mountains Insurance Group Ltd	+3.1K	+36%	+0.43	$376.26 → $333.00	$354.63
New	RTN.ARaytheon Co	+37.3K	—	+0.39	$26.55 → $34.75	$30.65
Added	FMCCFreddie Mac	+14.0K	+48%	+0.39	$70.00 → $65.00	$67.50
Added	—Pharmacia LLC	+22.2K	+167%	+0.38	$45.95 → $40.56	$43.25
Added	VZVerizon Communications Inc	+16.6K	+154%	+0.38	$53.50 → $54.11	$53.81
Trimmed	IFFInternational Flavors & Fragrances	−32.4K	−12%	−0.38	$25.13 → $27.69	$26.41
Added	DLXDeluxe Corp	+25.4K	+100%	+0.37	$28.90 → $34.54	$31.72
New	ROKRockwell Automation Inc	+57.9K	—	+0.36	$38.12 → $14.68	$26.40
Added	PFEPfizer Inc	+21.1K	+12%	+0.36	$40.05 → $40.10	$40.08
Added	MSFTMicrosoft Corp	+15.9K	+132%	+0.34	$73.00 → $51.17	$62.08
Added	—Berkshire Hathaway Inc	+348	+5%	+0.34	$2,300 → $2,330	$2,315
Added	—General Electric Co	+21.4K	+41%	+0.34	$48.75 → $37.20	$42.97
Added	—Texaco Inc	+12.1K	+108%	+0.33	$66.64 → $65.00	$65.82
Added	—Bank of New York Com	+22.5K	+65%	+0.33	$48.00 → $35.00	$41.50
Added	ADPAutomatic Data Processing	+16.4K	+149%	+0.33	$49.70 → $47.04	$48.37
Added	PEPPepsiCo Inc	+15.2K	+80%	+0.31	$44.20 → $48.50	$46.35
Added	NXLNexalin Technology, Inc	+39.9K	+198%	+0.29	$15.30 → $17.10	$16.20
Added	CLColgate-Palmolive Co	+11.3K	+233%	+0.28	$58.99 → $58.25	$58.62
Added	FNMCFFranco Nevada Mining Corp	+43.5K	+197%	+0.26	$12.32 → $14.35	$13.34
Added	RDPLRoyal Dutch Petro-Ny Shares	+12.2K	+52%	+0.26	$58.27 → $50.25	$54.26
New	—Vivendi SA	+12.7K	—	+0.25	$58.00 → $46.35	$52.17
Added	—Northrop Grumman Space & Mis	+19.6K	+96%	+0.25	$41.00 → $29.82	$35.41
Added	KMPKinder Morgan Energy Prtnrs	+16.6K	+319%	+0.24	$68.76 → $34.61	$51.69
Added	MFINMedallion Financial Corp	+69.2K	+158%	+0.24	$10.25 → $8.25	$9.25
Added	—Honeywell International Inc	+21.1K	+184%	+0.24	$34.99 → $26.40	$30.70
Added	RAIReynolds American Inc	+9.7K	+150%	+0.23	$54.60 → $57.14	$55.87
New	WMTWalmart Inc	+10.9K	—	+0.23	$48.80 → $49.50	$49.15
Added	VNOVornado Realty Trust	+13.3K	+135%	+0.22	$39.04 → $39.70	$39.37
New	CPMNYCentral Pac Mineral-Unsp ADR	+348.4K	—	+0.22	— → $1.50	—
New	TXUEnergy Future Holdings Corp	+10.9K	—	+0.21	$48.19 → $46.32	$47.25
New	SRESempra	+19.6K	—	+0.21	$27.34 → $24.75	$26.05
Added	CSCOCisco Systems Inc	+38.6K	+191%	+0.20	$18.20 → $12.18	$15.19
Added	NPPNuveen Perf Plus Muni FD	+32.5K	+74%	+0.20	$14.12 → $14.27	$14.19
New	—Wachovia Corp	+14.0K	—	+0.18	— → $31.00	—
New	CYNCyngn Inc	+9.5K	—	+0.17	— → $43.15	—
Added	—Pall Corp	+20.2K	+35%	+0.17	$23.53 → $19.45	$21.49
New	ARTNAArtesian Resources Corp	+15.0K	—	+0.17	$26.99 → $26.17	$26.58
Added	—American Home Prods Corp Com	+6.7K	+5%	+0.17	$58.74 → $58.25	$58.50
Added	—Servicemaster Co	+35.3K	+5%	+0.17	$12.00 → $11.09	$11.54
Added	DHRDanaher Corp	+8.2K	+99%	+0.16	$56.00 → $47.18	$51.59
New	STTState Street Corp	+8.0K	—	+0.15	$49.49 → $45.50	$47.49
Added	YAlleghany Corp	+1.8K	+13%	+0.15	$203.00 → $199.00	$201.00
New	—Certegy Inc Common	+13.6K	—	+0.15	— → $25.96	—
Added	—Ust LLC	+10.4K	+75%	+0.15	$28.86 → $33.20	$31.03
Added	—Citigroup Inc	+8.5K	+44%	+0.15	$52.84 → $40.50	$46.67
Added	BPBP PLC	+6.9K	+24%	+0.14	$49.85 → $49.17	$49.51
Added	BMYBristol-Myers Squibb Co	+6.0K	+7%	+0.14	$52.30 → $55.56	$53.93
Added	EFXEquifax Inc	+14.9K	+78%	+0.14	$36.68 → $21.90	$29.29
Trimmed	—Wesco Financial Corp	−1.1K	−7%	−0.14	$347.90 → $290.10	$319.00
New	—Bank of Bermuda Ltd	+7.4K	—	+0.14	— → $43.45	—
Added	SLBSLB Ltd	+6.9K	+76%	+0.13	$52.65 → $45.70	$49.17
Sold out	—First Union Corp. Com	−9.0K	—	−0.13	$34.94 → —	—
Trimmed	AGMFederal Agricultural Mortgage Corp	−9.3K	−6%	−0.13	$31.98 → $33.38	$32.68
New	MFCManulife Financial Corp	+11.6K	—	+0.13	$27.91 → $26.21	$27.06
Added	—Avis Budget Group, Inc	+22.2K	+36%	+0.12	$19.50 → $12.80	$16.15
Added	EOPEquity Office Properties TR	+8.8K	+59%	+0.12	$31.63 → $32.00	$31.81
New	—Great Lakes REIT	+17.3K	—	+0.12	— → $16.30	—
New	—ConocoPhillips Co	+5.1K	—	+0.12	$57.00 → $53.94	$55.47
Added	GLWCorning Inc	+30.0K	+99%	+0.11	$16.71 → $8.82	$12.77
Trimmed	DISWalt Disney Co	−14.0K	−10%	−0.11	$28.89 → $18.62	$23.75
New	GMSTGemstar-Tv Guide International Inc	+13.1K	—	+0.11	$42.60 → $19.71	$31.15
New	EMREmerson Electric Co	+5.3K	—	+0.11	$60.50 → $47.06	$53.78
Sold out	—Cigna Holding Co	−3.0K	—	−0.11	$95.82 → $82.95	$89.38
Added	GISGeneral Mills Inc	+5.4K	+66%	+0.10	$43.78 → $45.50	$44.64
New	NVSNovartis AG	+6.2K	—	+0.10	$36.15 → $38.92	$37.53
Added	—Barra Inc	+5.8K	+3%	+0.10	$39.17 → $42.02	$40.60
Added	—Harris Corp del	+7.5K	+39%	+0.10	$27.21 → $31.82	$29.52
New	KEYKeycorp	+9.8K	—	+0.10	$26.05 → $24.14	$25.09
New	ZBHZimmer Biomet Holdings Inc	+8.5K	—	+0.10	— → $27.75	—
New	—Aol Time Warner Inc Com	+7.0K	—	+0.10	$52.99 → $33.10	$43.05
New	WWNPXKinetics Paradigm-No Load	+22.8K	—	+0.10	— → $10.15	—
Added	CVCCablevision Systems-Ny GRP	+5.5K	+40%	+0.10	$58.50 → $40.94	$49.72
New	—PXP Producing Co LLC	+9.4K	—	+0.09	$24.00 → $23.50	$23.75
Added	AVYAvery Dennison Corp	+4.6K	+81%	+0.09	$51.05 → $47.31	$49.18
New	PGProcter & Gamble Co	+3.0K	—	+0.09	$63.80 → $72.79	$68.30
New	—SBC Communications, Inc Common	+4.6K	—	+0.09	$40.06 → $47.12	$43.59
Added	GPCGenuine Parts Co	+6.8K	+40%	+0.09	$31.50 → $31.86	$31.68
Added	—Cadbury Schweppes P L C ADR	+8.4K	+114%	+0.09	$27.20 → $25.40	$26.30
New	SJTSan Juan Basin Royalty TR	+20.5K	—	+0.09	— → $10.32	—
Sold out	—Rainbow Media Group	−9.9K	—	−0.08	$25.80 → $20.25	$23.02
Sold out	—Novartis Vaccines & Diagnost	−4.5K	—	−0.08	$51.00 → $44.37	$47.69
Sold out	—Eidp Inc	−5.3K	—	−0.08	$48.24 → $37.52	$42.88
Trimmed	—Sole Clark/bardes Holdings Inccommon	−9.1K	−34%	−0.08	$22.48 → $21.56	$22.02
Sold out	OMCOmnicom Group	−3.0K	—	−0.08	$86.00 → $64.90	$75.45
Added	CMXCaremark RX Inc	+11.7K	+59%	+0.08	$16.45 → $16.68	$16.57
Sold out	OVIPVimpel-Com	−11.7K	—	−0.08	$16.41 → $16.43	$16.42
Sold out	NYTNew York Times Co	−4.9K	—	−0.08	$42.00 → $39.03	$40.52
Sold out	APCAnadarko Petroleum Corp	−4.0K	—	−0.08	$53.91 → $48.08	$50.99
Sold out	—Loral Space & Communications L Com	−12.9K	—	−0.08	$2.80 → $1.30	$2.05
Added	WFCWells Fargo & Co	+3.9K	+25%	+0.07	$46.43 → $44.45	$45.44
New	TEMFXTempleton Foreign Fund	+19.4K	—	+0.07	— → $8.55	—
Sold out	INTCIntel Corp	−8.1K	—	−0.07	$29.25 → $20.44	$24.84
Added	—Prentiss Properties Trust	+6.0K	+55%	+0.07	$26.30 → $27.50	$26.90
Trimmed	MTBM & T Bank Corp	−2.0K	−5%	−0.06	$75.50 → $74.00	$74.75
Added	—Sole Finova Group Inccommon	+122.2K	+325%	+0.06	$3.70 → $1.12	$2.41
Added	—Schering-Plough Corp/pre-Mer	+3.6K	+11%	+0.06	$36.24 → $37.10	$36.67
Added	WDFCWD-40 Co	+6.5K	+60%	+0.06	$22.44 → $20.55	$21.50
Added	—Chevron Corp Common	+1.5K	+24%	+0.05	$90.50 → $84.75	$87.63
Added	BACBank of America Corp	+2.1K	+34%	+0.05	$60.03 → $58.40	$59.21
Added	—Bank One Corp	+4.0K	+51%	+0.05	$35.80 → $31.47	$33.64
Added	PHGKoninklijke Philips	+6.3K	+50%	+0.05	$26.43 → $19.31	$22.87
Added	LVMHYLVMH	+17.1K	+58%	+0.05	$10.25 → $6.50	$8.37
Trimmed	BDXBecton Dickinson and Co	−2.8K	−26%	−0.04	$35.79 → $37.00	$36.40
New	BOYBH Lodging Corp	+12.6K	—	+0.04	— → $8.00	—
New	RYPNXRoyce S-Cap Opportunity F-In	+12.6K	—	+0.04	— → $7.53	—
Added	CINFCincinnati Financial Corp	+2.2K	+8%	+0.04	$39.50 → $41.62	$40.56
Added	—Lexisnexis Risk Assets Inc	+2.1K	+13%	+0.04	$42.05 → $41.64	$41.84
Trimmed	AMATApplied Materials Inc	−3.1K	−20%	−0.04	$49.10 → $28.44	$38.77
Added	GHCGraham Holdings Co	+169	+1%	+0.04	$574.00 → $519.80	$546.90
Added	—Viacom Inc CL B Comm Com	+2.5K	+44%	+0.04	$51.75 → $34.50	$43.12
Sold out	—Excel Legacy Corp	−27.9K	—	−0.04	$2.07 → $3.08	$2.57
Sold out	NCNXQNucentrix Broadband Networks	−10.9K	—	−0.04	$7.75 → —	—
Trimmed	UNPUnion Pacific Corp	−1.7K	−18%	−0.03	$54.91 → $46.90	$50.90
Added	AXPAmerican Express Co	+2.6K	+2%	+0.03	$38.80 → $29.06	$33.93
Added	—Minnesota MNG & MFG Co (3M) Com	+750	+26%	+0.03	$114.10 → $98.40	$106.25
Added	—Lynch Interactive Corp Com	+1.4K	+11%	+0.03	$63.01 → $49.50	$56.26
New	WEBNFWestpac Banking Corp	+10.5K	—	+0.03	— → $6.56	—
Added	—Vodafone Group PLC ADR	+3.0K	+29%	+0.03	$22.35 → $21.96	$22.16
Trimmed	RXIQVIA Inc	−2.5K	−13%	−0.03	$28.50 → $25.00	$26.75
Added	KOCoca-Cola Co	+1.3K	+21%	+0.03	$45.00 → $46.85	$45.92
New	—Sole Price Legacy Corpcommon	+18.6K	—	+0.02	— → $3.08	—
Added	—Scripps E W Co CL A Com	+900	+10%	+0.02	$69.00 → $60.91	$64.95
Added	CACICaci International Inc	+1.0K	+14%	+0.02	$47.00 → $54.63	$50.81
Added	—Motorola Solutions, Inc	+3.5K	+9%	+0.02	$16.56 → $15.60	$16.08
Added	—Pico Holdings Inc	+4.9K	+16%	+0.02	$14.61 → $11.00	$12.81
Trimmed	—Jefferies Financial Group Inc	−1.7K	−2%	−0.02	$32.45 → $31.20	$31.83
Added	FITBFifth Third Bancorp	+800	+19%	+0.02	$60.05 → $61.48	$60.76
Added	—USA Ed Com	+550	+5%	+0.02	$73.00 → $82.91	$77.95
New	PCAGYPrimacom AG	+21.0K	—	+0.02	— → $1.90	—
Trimmed	TXNTexas Instruments Inc	−1.5K	−15%	−0.02	$31.87 → $24.98	$28.42
Added	—Commonwealth Telephone Entrp	+1.0K	+9%	+0.02	$42.25 → $36.75	$39.50
Trimmed	—BKF Capital Group, Inc Com	−1.2K	−7%	−0.01	$33.20 → $27.00	$30.10
Added	BABoeing Co	+700	+7%	+0.01	$55.60 → $33.50	$44.55
Added	MSEXMiddlesex Water Co	+700	+11%	+0.01	$34.01 → $33.00	$33.50
Sold out	—Sunshine PCS Corp Com	−10.1K	—	−0.01	$2.25 → —	—
Trimmed	UCOMAUnitedglobalcom LLC	−7.7K	−36%	−0.01	$8.65 → $2.37	$5.51
Added	—Pier 1 Imports Inc	+2.0K	+4%	+0.01	$11.50 → $8.30	$9.90
Added	DUCDuff & Phelps Util & Corp BD	+1.1K	+2%	+0.01	$13.79 → $12.95	$13.37
Added	RCNCQRCN Corp/old	+4.3K	+7%	+0.01	$5.49 → $3.20	$4.35
Trimmed	—Compucom Systems Inc	−4.0K	−18%	−0.00	$2.70 → $2.60	$2.65
Trimmed	ABCPAmBase Corp	−8.4K	−7%	−0.00	$0.92 → $0.92	$0.92
Added	—Forest City Enterprises LP	+100	+1%	+0.00	$55.00 → $48.00	$51.50
Trimmed	NSCNorfolk Southern Corp	−264	−2%	−0.00	$20.75 → $16.12	$18.43
Added	PMREPrime Retail Inc	+21.0K	+140%	+0.00	$0.27 → $0.17	$0.22
New	SLUPSolucorp Industries	+20.0K	—	+0.00	— → $0.15	—
Sold out	HABEHaber Inc	−37.4K	—	−0.00	$0.05 → —	—
Added	MTRMMig LLC	+1.6K	+11%	+0.00	$3.29 → $1.20	$2.25
Added	—Dell Computer Corp Com Com	+100	+1%	+0.00	$26.15 → $18.53	$22.34
Added	—Lsi Corp	+97	+1%	+0.00	$18.80 → $11.75	$15.28
Trimmed	—Liberty Livewire Corp CL A Com	−150	−1%	−0.00	$8.75 → $6.73	$7.74
Trimmed	GIGXGiga Information Group Inc	−950	−5%	−0.00	$2.01 → $0.93	$1.47
Added	ACLRAccent Color Sciences Inc	+9.0K	+3%	+0.00	$0.02 → $0.01	$0.01
Trimmed	VLFIQVlasic Foods International	−2.5K	−5%	−0.00	$0.01 → $0.01	$0.01
Added	OFISQU S Office Products Co	+3.7K	+7%	+0.00	$0.01 → $0.01	$0.01

All Holdings (165 Companies)

Share classes of one company are combined; click a heading to re-sort.

How to Read This

Est. average cost: shares bought each quarter × (start + end price) ÷ 2, weighted; trims do not change the cost. Positions held before Q1 1999 (or the giant’s earliest electronic filing) start from that quarter’s price and are marked ‘start point’. vs cost = quarter-end price ÷ est. average cost − 1, excluding dividends.

Company	Sector	Weight (prev.)	Shares	Value	This quarter	First bought	Quarters held	Est. avg cost	Quarter-end price	vs cost	History
—Berkshire Hathaway Inc	Financials	7.0%7.6%	7.0K	$16.4M	Added +5%	Q3 1999	9	$1,890est.start point	$2,330	+23%
—American International Group, Inc	Financials	4.5%4.7%	137.3K	$10.7M	Added +21%	Q3 1999	9	$62.45est.start point	$78.00	+25%
GHCGraham Holdings Co	Industrials	4.5%5.7%	20.4K	$10.6M	Added +1%	Q3 1999	9	$514.26est.start point	$519.80	+1%	History
JNJJohnson & Johnson	Health care	3.7%3.3%	158.7K	$8.8M	Added +17%	Q3 1999	9	$46.93est.start point	$55.40	+18%	History
—Servicemaster Co	Unclassified	3.6%4.3%	774.4K	$8.6M	Added +5%	Q3 1999	9	$13.81est.start point	$11.09	−20%
—American Home Prods Corp Com	Unclassified	3.6%4.0%	146.1K	$8.5M	Added +5%	Q3 1999	9	$51.82est.start point	$58.25	+12%
—Merck Sharp & Dohme LLC	Unclassified	3.5%3.2%	122.9K	$8.2M	Added +19%	Q3 1999	9	$66.95est.start point	$66.60	−1%
—Barra Inc	Unclassified	3.3%3.4%	184.8K	$7.8M	Added +3%	Q3 1999	9	$32.38est.start point	$42.02	+30%
PFEPfizer Inc	Health care	3.2%3.3%	190.9K	$7.7M	Added +12%	Q3 1999	9	$41.17est.start point	$40.10	−3%	History
ABTAbbott Laboratories	Health care	2.9%2.7%	133.0K	$6.9M	Added +18%	Q3 1999	9	$38.87est.start point	$51.85	+33%	History
IFFInternational Flavors & Fragrances	Materials	2.7%3.2%	230.5K	$6.4M	Trimmed −12%	Q4 2000	4	$19.31est.	$27.69	+43%	History
PWCDFPower Corp of Canada	Unclassified	2.6%2.4%	279.4K	$6.2M	Added +32%	Q2 2001	2	$22.70est.	$22.02	−3%
AGMFederal Agricultural Mortgage Corp	Financials	2.3%2.7%	160.6K	$5.4M	Trimmed −6%	Q3 1999	9	$17.36est.start point	$33.38	+92%
BMYBristol-Myers Squibb Co	Health care	2.2%2.2%	92.0K	$5.1M	Added +7%	Q3 1999	9	$65.98est.start point	$55.56	−16%	History
—Wesco Financial Corp	Unclassified	1.9%2.8%	15.1K	$4.4M	Trimmed −7%	Q3 1999	9	$258.32est.start point	$290.10	+12%
—Exxon Corp Com	Unclassified	1.7%—	99.2K	$3.9M	New	Q3 2001	1	$39.40est.	$39.40	0%
WTMWhite Mountains Insurance Group Ltd	Financials	1.6%1.6%	11.5K	$3.8M	Added +36%	Q2 2001	2	$352.97est.	$333.00	−6%	History
AXPAmerican Express Co	Financials	1.4%2.2%	117.1K	$3.4M	Added +2%	Q3 1999	9	$44.84est.start point	$29.06	−35%	History
YAlleghany Corp	Unclassified	1.4%1.4%	16.0K	$3.2M	Added +13%	Q1 2001	3	$202.19est.	$199.00	−2%
FMCCFreddie Mac	Financials	1.2%1.0%	43.4K	$2.8M	Added +48%	Q3 1999	9	$57.01est.start point	$65.00	+14%
—General Electric Co	Industrials	1.2%1.3%	73.9K	$2.8M	Added +41%	Q3 1999	9	$41.50est.start point	$37.20	−10%
SCHWCharles Schwab Corp	Financials	1.1%1.8%	230.6K	$2.7M	Held	Q3 1999	9	$22.29est.start point	$11.50	−48%	History
MTBM & T Bank Corp	Financials	1.1%1.4%	35.6K	$2.6M	Trimmed −5%	Q3 1999	9	$45.89est.start point	$74.00	+61%	History
—Philip Morris Com	Unclassified	1.1%0.7%	51.8K	$2.5M	Added +90%	Q3 1999	9	$40.90est.start point	$48.29	+18%
DISWalt Disney Co	Communication & media	1.0%2.0%	125.6K	$2.3M	Trimmed −10%	Q3 1999	9	$26.84est.start point	$18.62	−31%	History
FNMAFannie Mae	Financials	1.0%0.1%	28.2K	$2.3M	Added +946%	Q3 2000	5	$81.54est.	$80.06	−2%
—Jefferies Financial Group Inc	Unclassified	0.9%1.1%	68.0K	$2.1M	Trimmed −2%	Q2 2000	6	$23.53est.	$31.20	+33%
—Bank of New York Com	Unclassified	0.8%0.8%	57.3K	$2.0M	Added +65%	Q3 1999	9	$36.60est.start point	$35.00	−4%
RDPLRoyal Dutch Petro-Ny Shares	Unclassified	0.8%0.7%	35.8K	$1.8M	Added +52%	Q3 1999	9	$56.54est.start point	$50.25	−11%
BPBP PLC	Energy	0.8%0.7%	36.2K	$1.8M	Added +24%	Q3 1999	9	$52.47est.start point	$49.17	−6%	History
—Alliance Capital Mgmt. Holding Com	Unclassified	0.7%0.2%	38.8K	$1.8M	Added +378%	Q4 1999	8	$46.80est.	$45.70	−2%
DLXDeluxe Corp	Communication & media	0.7%0.4%	50.7K	$1.7M	Added +100%	Q3 2000	5	$27.20est.	$34.54	+27%
IBMInternational Business Machines Corp	Information technology	0.7%1.0%	18.5K	$1.7M	Held	Q3 1999	9	$107.34est.start point	$91.72	−15%	History
PEPPepsiCo Inc	Consumer staples	0.7%0.4%	34.2K	$1.7M	Added +80%	Q2 2001	2	$45.09est.	$48.50	+8%	History
—Texaco Inc	Unclassified	0.6%0.4%	23.4K	$1.5M	Added +108%	Q3 1999	9	$64.13est.start point	$65.00	+1%
—Pall Corp	Unclassified	0.6%0.7%	77.8K	$1.5M	Added +35%	Q3 1999	9	$22.36est.start point	$19.45	−13%
VZVerizon Communications Inc	Communication & media	0.6%0.3%	27.4K	$1.5M	Added +154%	Q2 2001	2	$52.86est.	$54.11	+2%	History
KROLKroll LLC	Unclassified	0.6%—	125.5K	$1.4M	New	Q3 2001	1	$11.39est.	$11.39	0%
MSFTMicrosoft Corp	Information technology	0.6%0.4%	27.9K	$1.4M	Added +132%	Q1 2001	3	$56.47est.	$51.17	−9%	History
—Pharmacia LLC	Unclassified	0.6%0.3%	35.4K	$1.4M	Added +167%	Q1 2001	3	$47.20est.	$40.56	−14%
—Schering-Plough Corp/pre-Mer	Unclassified	0.6%0.6%	36.8K	$1.4M	Added +11%	Q3 1999	9	$42.98est.start point	$37.10	−14%
RTN.ARaytheon Co	Unclassified	0.5%0.2%	37.3K	$1.3M	New	Q3 2001	1	$30.65est.	$34.75	+13%
ADPAutomatic Data Processing	Information technology	0.5%0.3%	27.4K	$1.3M	Added +149%	Q3 1999	9	$48.74est.start point	$47.04	−3%	History
—Northrop Grumman Space & Mis	Unclassified	0.5%0.4%	40.0K	$1.2M	Added +96%	Q3 1999	9	$39.70est.start point	$29.82	−25%
CINFCincinnati Financial Corp	Financials	0.5%0.5%	27.7K	$1.2M	Added +8%	Q3 1999	9	$38.62est.start point	$41.62	+8%
—Citigroup Inc	Financials	0.5%0.5%	27.8K	$1.1M	Added +44%	Q3 1999	9	$47.44est.start point	$40.50	−15%
—Liberty Interactive LLC	Unclassified	0.5%—	88.3K	$1.1M	New	Q3 2001	1	$15.09est.	$12.70	−16%
NPPNuveen Perf Plus Muni FD	Funds & ETFs	0.5%0.3%	76.4K	$1.1M	Added +74%	Q2 2000	6	$13.19est.	$14.27	+8%
—Avis Budget Group, Inc	Unclassified	0.5%0.6%	84.5K	$1.1M	Added +36%	Q4 1999	8	$14.41est.	$12.80	−11%
NXLNexalin Technology, Inc	Health care	0.4%0.2%	60.0K	$1.0M	Added +198%	Q2 2000	6	$15.29est.	$17.10	+12%
—USA Ed Com	Unclassified	0.4%0.4%	12.2K	$1.0M	Added +5%	Q3 2000	5	$44.40est.	$82.91	+87%
FNMCFFranco Nevada Mining Corp	Unclassified	0.4%0.1%	65.7K	$942K	Added +197%	Q1 2001	3	$12.67est.	$14.35	+13%
CLColgate-Palmolive Co	Consumer staples	0.4%0.1%	16.1K	$941K	Added +233%	Q3 1999	9	$54.84est.start point	$58.25	+6%	History
MFINMedallion Financial Corp	Financials	0.4%0.2%	112.8K	$931K	Added +158%	Q1 2001	3	$9.61est.	$8.25	−14%
VNOVornado Realty Trust	Real estate	0.4%0.2%	23.2K	$920K	Added +135%	Q2 2000	6	$37.22est.	$39.70	+7%	History
RAIReynolds American Inc	Unclassified	0.4%0.2%	16.1K	$919K	Added +150%	Q4 2000	4	$49.72est.	$57.14	+15%
—Honeywell International Inc	Industrials	0.4%0.2%	32.6K	$860K	Added +184%	Q4 2000	4	$33.80est.	$26.40	−22%
—Harris Corp del	Unclassified	0.4%0.3%	26.9K	$854K	Added +39%	Q3 1999	9	$28.23est.start point	$31.82	+13%
ROKRockwell Automation Inc	Information technology	0.4%—	57.9K	$850K	New	Q3 2001	1	$26.40est.	$14.68	−44%	History
WFCWells Fargo & Co	Financials	0.4%0.3%	19.1K	$847K	Added +25%	Q3 1999	9	$40.80est.start point	$44.45	+9%	History
—Ust LLC	Unclassified	0.3%0.2%	24.3K	$808K	Added +75%	Q2 2000	6	$22.71est.	$33.20	+46%
CVCCablevision Systems-Ny GRP	Unclassified	0.3%0.4%	19.3K	$789K	Added +40%	Q1 2000	7	$62.85est.	$40.94	−35%
—Lexisnexis Risk Assets Inc	Unclassified	0.3%0.3%	18.9K	$787K	Added +13%	Q3 1999	9	$40.11est.start point	$41.64	+4%
DHRDanaher Corp	Information technology	0.3%0.2%	16.4K	$771K	Added +99%	Q3 1999	9	$51.86est.start point	$47.18	−9%	History
EOPEquity Office Properties TR	Unclassified	0.3%0.2%	23.8K	$762K	Added +59%	Q3 2000	5	$30.33est.	$32.00	+5%
KMPKinder Morgan Energy Prtnrs	Unclassified	0.3%0.2%	21.8K	$754K	Added +319%	Q3 2000	5	$50.66est.	$34.61	−32%
GPCGenuine Parts Co	Industrials	0.3%0.3%	23.5K	$750K	Added +40%	Q2 2001	2	$29.56est.	$31.86	+8%	History
EFXEquifax Inc	Financials	0.3%0.3%	33.8K	$740K	Added +78%	Q3 1999	9	$28.48est.start point	$21.90	−23%	History
SLBSLB Ltd	Energy	0.3%0.2%	16.0K	$729K	Added +76%	Q4 1999	8	$57.09est.	$45.70	−20%	History
CSCOCisco Systems Inc	Information technology	0.3%0.2%	58.8K	$716K	Added +191%	Q3 1999	9	$28.32est.start point	$12.18	−57%	History
MUOPioneer Interest Shares Inc	Funds & ETFs	0.3%0.4%	62.8K	$709K	Held	Q4 1999	8	$10.63est.	$11.30	+6%
—Telephone & Data Systems Inc	Communication & media	0.3%0.4%	7.4K	$699K	Held	Q3 1999	9	$99.13est.start point	$94.30	−5%
—Lynch Interactive Corp Com	Unclassified	0.3%0.4%	13.9K	$687K	Added +11%	Q1 2001	3	$50.17est.	$49.50	−1%
DUCDuff & Phelps Util & Corp BD	Funds & ETFs	0.3%0.3%	51.8K	$671K	Added +2%	Q4 1999	8	$11.53est.	$12.95	+12%
—Chevron Corp Common	Unclassified	0.3%0.3%	7.8K	$661K	Added +24%	Q3 1999	9	$87.83est.start point	$84.75	−4%
—Motorola Solutions, Inc	Information technology	0.3%0.3%	41.6K	$649K	Added +9%	Q3 1999	9	$76.56est.start point	$15.60	−80%
LLYEli Lilly & Co	Health care	0.3%0.3%	7.8K	$627K	Held	Q2 2001	2	$75.33est.	$80.70	+7%	History
GISGeneral Mills Inc	Consumer staples	0.3%0.2%	13.6K	$617K	Added +66%	Q3 1999	9	$42.01est.start point	$45.50	+8%	History
—Scripps E W Co CL A Com	Communication & media	0.3%0.3%	10.1K	$612K	Added +10%	Q2 2000	6	$51.57est.	$60.91	+18%
—Vivendi SA	Unclassified	0.2%—	12.7K	$589K	New	Q3 2001	1	$52.17est.	$46.35	−11%
—Forest City Enterprises LP	Unclassified	0.2%0.3%	12.1K	$582K	Added +1%	Q3 1999	9	$23.03est.start point	$48.00	+108%
—Tremont Advisers Inc	Unclassified	0.2%0.3%	30.3K	$574K	Held	Q3 2000	5	$12.10est.	$18.96	+57%
WMTWalmart Inc	Consumer discretionary	0.2%—	10.9K	$538K	New	Q3 2001	1	$49.15est.	$49.50	+1%	History
—Perspecta Enterprise Solutio	Unclassified	0.2%0.3%	9.3K	$537K	Held	Q1 2000	7	$58.71est.	$57.58	−2%
GLWCorning Inc	Materials	0.2%0.2%	60.4K	$533K	Added +99%	Q3 1999	9	$29.75est.start point	$8.82	−70%	History
CMXCaremark RX Inc	Unclassified	0.2%0.2%	31.5K	$526K	Added +59%	Q3 2000	5	$13.21est.	$16.68	+26%
CPMNYCentral Pac Mineral-Unsp ADR	Unclassified	0.2%—	348.4K	$523K	New	Q3 2001	1	$1.50est.	$1.50	0%
TXUEnergy Future Holdings Corp	Unclassified	0.2%—	10.9K	$505K	New	Q3 2001	1	$47.25est.	$46.32	−2%
HNZKraft Heinz Foods Co	Unclassified	0.2%0.2%	11.9K	$500K	Held	Q2 2001	2	$40.55est.	$42.15	+4%
BACBank of America Corp	Financials	0.2%0.2%	8.4K	$490K	Added +34%	Q3 1999	9	$56.27est.start point	$58.40	+4%	History
AVYAvery Dennison Corp	Materials	0.2%0.1%	10.3K	$489K	Added +81%	Q3 2000	5	$53.10est.	$47.31	−11%
SRESempra	Utilities	0.2%—	19.6K	$485K	New	Q3 2001	1	$26.05est.	$24.75	−5%
—Prentiss Properties Trust	Unclassified	0.2%0.1%	17.0K	$468K	Added +55%	Q3 1999	9	$23.85est.start point	$27.50	+15%
—Commonwealth Telephone Entrp	Unclassified	0.2%0.2%	12.7K	$467K	Added +9%	Q3 1999	9	$46.73est.start point	$36.75	−21%
CACICaci International Inc	Information technology	0.2%0.2%	8.2K	$445K	Added +14%	Q2 2001	2	$38.69est.	$54.63	+41%
—Wachovia Corp	Unclassified	0.2%—	14.0K	$434K	New	Q3 2001	1	$31.00est.	$31.00	0%
—Pier 1 Imports Inc	Unclassified	0.2%0.3%	51.9K	$431K	Added +4%	Q3 1999	9	$6.75est.start point	$8.30	+23%
—BKF Capital Group, Inc Com	Unclassified	0.2%0.3%	15.8K	$426K	Trimmed −7%	Q1 2000	7	$14.50est.	$27.00	+86%
—Guidant LLC	Unclassified	0.2%0.2%	10.7K	$413K	Held	Q2 2001	2	$36.00est.	$38.50	+7%
CYNCyngn Inc	Information technology	0.2%—	9.5K	$410K	New	Q3 2001	1	$43.15est.	$43.15	0%
—Cadbury Schweppes P L C ADR	Unclassified	0.2%0.1%	15.8K	$401K	Added +114%	Q2 2001	2	$26.72est.	$25.40	−5%
RXIQVIA Inc	Unclassified	0.2%0.3%	16.0K	$401K	Trimmed −13%	Q3 1999	9	$20.83est.start point	$25.00	+20%
ARTNAArtesian Resources Corp	Utilities	0.2%—	15.0K	$393K	New	Q3 2001	1	$26.58est.	$26.17	−2%
—Pico Holdings Inc	Unclassified	0.2%0.2%	35.3K	$389K	Added +16%	Q1 2000	7	$12.79est.	$11.00	−14%
—Sole Clark/bardes Holdings Inccommon	Unclassified	0.2%0.3%	17.7K	$381K	Trimmed −34%	Q4 2000	4	$10.01est.	$21.56	+115%
BABoeing Co	Industrials	0.2%0.3%	11.3K	$378K	Added +7%	Q3 1999	9	$43.44est.start point	$33.50	−23%	History
—Bank One Corp	Unclassified	0.2%0.1%	11.7K	$369K	Added +51%	Q1 2000	7	$33.66est.	$31.47	−6%
PHGKoninklijke Philips	Health care	0.2%0.2%	19.0K	$367K	Added +50%	Q4 2000	4	$33.89est.	$19.31	−43%	History
STTState Street Corp	Financials	0.2%—	8.0K	$364K	New	Q3 2001	1	$47.49est.	$45.50	−4%	History
UNPUnion Pacific Corp	Industrials	0.2%0.2%	7.6K	$356K	Trimmed −18%	Q4 2000	4	$49.94est.	$46.90	−6%	History
WDFCWD-40 Co	Materials	0.2%0.1%	17.3K	$356K	Added +60%	Q2 2001	2	$21.31est.	$20.55	−4%
—Minnesota MNG & MFG Co (3M) Com	Unclassified	0.1%0.2%	3.6K	$354K	Added +26%	Q4 1999	8	$98.53est.	$98.40	−0%
—Certegy Inc Common	Unclassified	0.1%—	13.6K	$353K	New	Q3 2001	1	$25.96est.	$25.96	0%
KOCoca-Cola Co	Consumer staples	0.1%0.1%	7.5K	$352K	Added +21%	Q3 1999	9	$48.38est.start point	$46.85	−3%	History
AMATApplied Materials Inc	Information technology	0.1%0.4%	12.1K	$344K	Trimmed −20%	Q3 1999	9	$89.74est.start point	$28.44	−68%	History
LEHMQLehman Brothers Holdings Inc	Unclassified	0.1%0.2%	6.0K	$341K	Held	Q2 2001	2	$69.97est.	$56.85	−19%
—Bank of Bermuda Ltd	Unclassified	0.1%—	7.4K	$322K	New	Q3 2001	1	$43.45est.	$43.45	0%
MFCManulife Financial Corp	Financials	0.1%—	11.6K	$303K	New	Q3 2001	1	$27.06est.	$26.21	−3%
FITBFifth Third Bancorp	Financials	0.1%0.1%	4.9K	$302K	Added +19%	Q3 1999	9	$60.83est.start point	$61.48	+1%	History
LVMHYLVMH	Unclassified	0.1%0.1%	46.5K	$302K	Added +58%	Q3 1999	9	$25.81est.start point	$6.50	−75%
—Dell Computer Corp Com Com	Unclassified	0.1%0.2%	16.0K	$296K	Added +1%	Q1 2001	3	$21.73est.	$18.53	−15%
BDXBecton Dickinson and Co	Health care	0.1%0.2%	8.0K	$296K	Trimmed −26%	Q3 1999	9	$28.06est.start point	$37.00	+32%	History
—Vodafone Group PLC ADR	Communication & media	0.1%0.1%	13.0K	$285K	Added +29%	Q1 2001	3	$29.34est.	$21.96	−25%
—Viacom Inc CL B Comm Com	Unclassified	0.1%0.1%	8.2K	$283K	Added +44%	Q2 2000	6	$55.16est.	$34.50	−37%
—Great Lakes REIT	Unclassified	0.1%—	17.3K	$282K	New	Q3 2001	1	$16.30est.	$16.30	0%
NSCNorfolk Southern Corp	Industrials	0.1%0.2%	17.2K	$277K	Trimmed −2%	Q4 1999	8	$19.33est.	$16.12	−17%	History
—ConocoPhillips Co	Unclassified	0.1%—	5.1K	$275K	New	Q3 2001	1	$55.47est.	$53.94	−3%
GMSTGemstar-Tv Guide International Inc	Unclassified	0.1%—	13.1K	$258K	New	Q3 2001	1	$31.15est.	$19.71	−37%
EMREmerson Electric Co	Information technology	0.1%—	5.3K	$251K	New	Q3 2001	1	$53.78est.	$47.06	−12%	History
NVSNovartis AG	Health care	0.1%—	6.2K	$243K	New	Q3 2001	1	$37.53est.	$38.92	+4%	History
KEYKeycorp	Financials	0.1%—	9.8K	$237K	New	Q3 2001	1	$25.09est.	$24.14	−4%
ZBHZimmer Biomet Holdings Inc	Health care	0.1%—	8.5K	$236K	New	Q3 2001	1	$27.75est.	$27.75	0%	History
—Aol Time Warner Inc Com	Unclassified	0.1%—	7.0K	$233K	New	Q3 2001	1	$43.05est.	$33.10	−23%
WWNPXKinetics Paradigm-No Load	Funds & ETFs	0.1%—	22.8K	$232K	New	Q3 2001	1	$10.15est.	$10.15	0%
—Tegna Inc	Unclassified	0.1%0.1%	3.8K	$228K	Held	Q4 1999	8	$75.38est.	$60.11	−20%
MSEXMiddlesex Water Co	Utilities	0.1%0.1%	6.9K	$228K	Added +11%	Q2 2001	2	$32.27est.	$33.00	+2%
—PXP Producing Co LLC	Unclassified	0.1%—	9.4K	$221K	New	Q3 2001	1	$23.75est.	$23.50	−1%
RCNCQRCN Corp/old	Unclassified	0.1%0.2%	68.6K	$220K	Added +7%	Q3 1999	9	$28.49est.start point	$3.20	−89%
PGProcter & Gamble Co	Consumer staples	0.1%—	3.0K	$218K	New	Q3 2001	1	$68.30est.	$72.79	+7%	History
—SBC Communications, Inc Common	Unclassified	0.1%—	4.6K	$218K	New	Q3 2001	1	$43.59est.	$47.12	+8%
SJTSan Juan Basin Royalty TR	Financials	0.1%—	20.5K	$212K	New	Q3 2001	1	$10.32est.	$10.32	0%
TXNTexas Instruments Inc	Information technology	0.1%0.2%	8.3K	$207K	Trimmed −15%	Q2 2001	2	$31.42est.	$24.98	−21%	History
—Lsi Corp	Unclassified	0.1%0.1%	15.9K	$187K	Added +1%	Q2 2001	2	$17.25est.	$11.75	−32%
—Sole Finova Group Inccommon	Unclassified	0.1%0.1%	159.9K	$178K	Added +325%	Q2 2001	2	$2.49est.	$1.12	−55%
ACGLArch Capital Group Ltd	Financials	0.1%0.1%	10.3K	$172K	Held	Q2 2001	2	$16.11est.	$16.75	+4%	History
TEMFXTempleton Foreign Fund	Funds & ETFs	0.1%—	19.4K	$166K	New	Q3 2001	1	$8.55est.	$8.55	0%
—Sole Euronext NV Amsterdam SHS Common	Unclassified	0.1%0.1%	277.7K	$161K	Held	Q1 2000	7	$0.81est.	$0.58	−28%
PIKJandy Inc	Unclassified	0.1%0.1%	15.7K	$126K	Held	Q1 2000	7	$7.25est.	$8.00	+10%
ABCPAmBase Corp	Real estate	0.0%0.1%	116.5K	$107K	Trimmed −7%	Q1 2000	7	$0.81est.	$0.92	+13%
BOYBH Lodging Corp	Unclassified	0.0%—	12.6K	$101K	New	Q3 2001	1	$8.00est.	$8.00	0%
RYPNXRoyce S-Cap Opportunity F-In	Funds & ETFs	0.0%—	12.6K	$95K	New	Q3 2001	1	$7.53est.	$7.53	0%
—Liberty Livewire Corp CL A Com	Unclassified	0.0%0.0%	10.9K	$73K	Trimmed −1%	Q2 2000	6	$61.14est.	$6.73	−89%
WEBNFWestpac Banking Corp	Financials	0.0%—	10.5K	$69K	New	Q3 2001	1	$6.56est.	$6.56	0%
—Sole Price Legacy Corpcommon	Unclassified	0.0%—	18.6K	$57K	New	Q3 2001	1	$3.08est.	$3.08	0%
—Compucom Systems Inc	Unclassified	0.0%0.0%	18.0K	$47K	Trimmed −18%	Q4 2000	4	$2.19est.	$2.60	+19%
PCAGYPrimacom AG	Unclassified	0.0%—	21.0K	$40K	New	Q3 2001	1	$1.90est.	$1.90	0%
—Sole Access Pharmaceuticals Inccommon	Unclassified	0.0%0.0%	13.7K	$37K	Held	Q1 2001	3	$2.95est.	$2.70	−8%
UCOMAUnitedglobalcom LLC	Unclassified	0.0%0.1%	13.5K	$33K	Trimmed −36%	Q4 1999	8	$54.79est.	$2.37	−96%
MTRMMig LLC	Unclassified	0.0%0.0%	16.8K	$20K	Added +11%	Q4 2000	4	$3.05est.	$1.20	−61%
GIGXGiga Information Group Inc	Unclassified	0.0%0.0%	19.3K	$18K	Trimmed −5%	Q1 2000	7	$9.83est.	$0.93	−91%
PMREPrime Retail Inc	Unclassified	0.0%0.0%	36.0K	$6K	Added +140%	Q3 1999	9	$1.64est.start point	$0.17	−90%
SLUPSolucorp Industries	Unclassified	0.0%—	20.0K	$3K	New	Q3 2001	1	$0.15est.	$0.15	0%
ACLRAccent Color Sciences Inc	Unclassified	0.0%0.0%	285.5K	$1K	Added +3%	Q3 1999	9	$0.42est.start point	$0.01	−99%
VLFIQVlasic Foods International	Unclassified	0.0%0.0%	53.8K	$645	Trimmed −5%	Q1 2000	7	$2.36est.	$0.01	−99%
OFISQU S Office Products Co	Unclassified	0.0%0.0%	56.5K	$293	Added +7%	Q1 2000	7	$1.87est.	$0.01	−100%

III

Portfolio Map: Size Is Weight, Colour Is Gain or Loss against Cost

How to Read This

Each block is a company (up to 60); area = portfolio weight. The darker the colour, the further the quarter-end price is above (or below) the estimated cost: light 5–25%, medium 25–100%, darkest over 100%; grey is within 5%.

above costbelow costwithin 5%

Over Time

From Q3 1999, 9 quarters (this giant’s electronic 13F filings).

13F Value

Holdings

Top-10 Concentration

Turnover (Est.)

Sector Mix

Information technologyFinancialsCommunication & mediaConsumer discretionaryIndustrialsHealth careEnergyOther (incl. unclassified)

Quarter by Quarter, with the Original Filings

* = not counted in that quarter’s totals. Links open the original SEC filing; 13F-HR/A is an amendment.

Show 9 Quarters

Quarter	Holdings	New	Sold out	13F value	Turnover	Net deployment	SEC
Q3 2001	165	37	19	$236.2M	5.4%	+23.2%	13F-HR
Q2 2001	147	27	15	$204.0M	8.7%	+5.7%	13F-HR
Q1 2001 *	135	13	11	$188.1M	4.6%	−2.2%	13F-HR
Q4 2000 *	133	16	18	$208.2M	9.0%	−3.0%	13F-HR
Q3 2000 *	135	13	13	$209.4M	6.2%	−0.2%	13F-HR
Q2 2000 *	135	17	23	$197.9M	10.9%	+5.4%	13F-HR
Q1 2000 *	141	29	15	$198.4M	11.4%	+0.2%	13F-HR
Q4 1999 *	127	28	24	$191.7M	11.4%	−3.1%	13F-HR
Q3 1999 *	123	0	0	$182.6M	—	—	13F-HR

Large Positions Sold Out

Positions that once made up 2% or more of the portfolio and were later sold out (latest 40): holding period and what became of the company, without profit or loss.

How to Read This

Sold out means the holding no longer appears on the 13F: it may have been sold, or the company was acquired or delisted. Company status is checked only for companies the giants together once held $100M or more of, from the company’s own SEC filings (for example 8-K item 1.03 = bankruptcy filing); a dash means not checked.

Company	Held	Peak weight	Company since
WTMWhite Mountains Insurance Group Ltd	Q2 2001 – Q3 2007	7%	—
—Bank of New York Com	Q3 1999 – Q3 2007	5%	—
—Servicemaster Co	Q3 1999 – Q3 2007	4%	Acquired or delisted Sep 30, 2015
JNJJohnson & Johnson	Q3 1999 – Q1 2007	4%	—
IFFInternational Flavors & Fragrances	Q4 2000 – Q1 2007	3%	—
CINFCincinnati Financial Corp	Q3 1999 – Q1 2007	2%	—
ABTAbbott Laboratories	Q3 1999 – Q2 2006	4%	—
DLXDeluxe Corp	Q3 2000 – Q2 2006	2%	—
—American International Group, Inc	Q3 1999 – Q1 2006	5%	Still filing with the SEC
—Jefferies Financial Group Inc	Q2 2000 – Q2 2005	6%	Still filing with the SEC
DISWalt Disney Co	Q3 1999 – Q1 2005	5%	—
AXPAmerican Express Co	Q3 1999 – Q4 2004	4%	—
—Merck Sharp & Dohme LLC	Q3 1999 – Q4 2004	4%	Acquired or delisted Jan 12, 2010
—Dell Computer Corp Com Com	Q1 2001 – Q3 2004	2%	—
—Barra Inc	Q3 1999 – Q2 2004	5%	—
—Citigroup Inc	Q3 1999 – Q4 2003	4%	Still filing with the SEC
—Sole Clark/bardes Holdings Inccommon	Q4 2000 – Q2 2003	9%	—
FMCCFreddie Mac	Q3 1999 – Q1 2003	3%	Still filing with the SEC
AGMFederal Agricultural Mortgage Corp	Q3 1999 – Q2 2002	3%	—
—American Home Prods Corp Com	Q3 1999 – Q1 2002	4%	—
—Berkshire Hathaway Inc	Q3 1999 – Q4 2001	8%	Still filing with the SEC
RXIQVIA Inc	Q3 1999 – Q4 2001	5%	Acquired or delisted Mar 8, 2010
RCNCQRCN Corp/old	Q3 1999 – Q4 2001	3%	—
—AT&T Corp	Q3 1999 – Q3 2001	3%	Acquired or delisted Jan 3, 2006