The document analyzes the holdings of the top 30 hedge funds in Q4 2011. Some key findings include: - Paulson & Co. had the largest equity assets at $17.4B, followed by Lone Pine Capital and Icahn Associates. - The top sectors by total holdings value were Consumer Discretionary, Technology, and Financials. - Between Q3 and Q4 2011, the top hedge funds significantly increased positions in El Paso Corp, Canadian Pacific Railway, and Xerox, while significantly decreasing holdings of Genon Energy, News Corp, Bank of America, and Wells Fargo.

1. Analysis of Holdings by Top 30 Hedge Funds
Q4 2011
Top 30 Hedge Funds Portfolio Breakdown by Sector (All Firms)
Equity
Assets # of Stocks Total Holdings Value ($MM) and Average Percentage of Portfolio
Rank ($MM) Held
1 Paulson & Co. Inc. 17,447 93
2 Lone Pine Capital LLC 15,999 62
3 Icahn Associates Corporation 12,782 22 Sector Industrials Materials
Value ($MM) Utilities
$35,415.7 $12,903.7
4 Viking Global Investors LP 9,838 58 Consumer Discretionary $46,353.2
8.2%
$ 6.2% 116,463.3 2.3% Telecommunication
5 Pershing Square Capital Management, L.P. 8,312 11 Technology $ 101,393.7Staples
Consumer Services
$27,455.1 $11,459.4
6 SPO Partners & Co. 7,982 16 Financials $ 84,692.1 2.0%
4.8%
7 Maverick Capital, Ltd. 7,208 73 HealthEnergy
Care $ 65,997.9
8 ValueAct Capital Management, L.P. 6,253 17 Energy $58,137.8 $ 58,137.8 Diversified
10.3% $6,531.5
9 Greenlight Capital, Inc. 5,842 45 Industrials $ 46,353.2
1.2%
10 Tiger Global Management, L.L.C. 5,759 43 Materials $ 35,415.7
11 Blue Ridge Capital 5,619 56 Health Care
Consumer Staples $ 27,455.1
$65,997.9
12 Eton Park Capital Management, L.P. 5,497 53 Utilities 11.6% $ 12,903.7
13 ESL Investments, Inc. 5,261 10 Telecommunication Services $ 11,459.4
14 Glenview Capital Management, L.L.C. 5,103 52 Diversified $ 6,531.5
Consumer Discretionary
15 GMT Capital Corp. 4,679 153 $116,463.3
16 Farallon Capital Management, L.L.C. 4,565 76 20.5%
Financials
17 Brookside Capital Investors, L.P. 4,169 50 $84,692.1 Technology
18 Chilton Investment Company, LLC 4,037 178 14.9% $101,393.7
19 Discovery Capital Management, L.L.C. 4,036 77 17.9%
20 Pennant Capital Management LLC 3,965 43
21 Elliott International Capital Advisors, Inc. 3,837 56
22 Children's Investment Fund Management (UK) LLP 3,530 18
23 Fir Tree Partners 3,451 63
24 Scout Capital Management, L.L.C. 3,335 24 Sector Movement between Current and Prior Quarters (All Firms)
25 Taconic Capital Advisors LP 3,317 56 ∆ in Market Value from Prior Quarter
26 York Capital Management 3,198 59 (in $MM and %)
27 Alpine Associates L.P. 3,125 69
28 Steadfast Financial LLC 3,114 49 Sector
Technology % 12.00 ∆ Value ∆%
29 Eminence Capital, L.L.C. 3,106 51 Consumer Staples (1,313.38) (4.57) $MM 10,865
Consumer Discretionary % 8.64
30 Cerberus Capital Management, L.P. 3,057 16 Utilities (456.83) (3.42) $MM 9,264
Telecommunication Services
% 16.01 (398.63) (3.36)
Energy
Diversified 129.86 2.03 $MM 8,024
Materials % 10.25 1,307.80 3.83
Financials
Health Care 4,938.79 $MM 7,877
8.09
Industrials
Industrials % 17.55 6,919.78 17.55
$MM 6,920
Financials 7,876.66 10.25
Health Care % 8.09
Energy 8,024.43
$MM 4,939 16.01
Consumer Discretionary
% 3.83 9,263.68 8.64
Materials
Technology 10,864.97 12.00
$MM 1,308
% 2.03 Total 47,157.12
Diversified
$MM 130
% -3.36
Telecommunication Services
$MM (399)
% -3.42
Utilities
$MM (457)
% -4.57
Consumer Staples
$MM (1,313)
($2,000) $0 $2,000 $4,000 $6,000 $8,000 $10,000 $12,000
Movement by Market Cap Range (Top Firms) Investment Concentration by Sector (Top Firms)
USD Millions Average vs. Median Holdings Value by Sector
$79,488.3 Sector USD Millions)
(in Average Median
$77,814.8
$381.45 Consumer Discretionary 139.79 55.69
MktCapRange
$80,000.0 ######### 31-Dec-2011 400.00 Consumer Staples 89.07 30.88
Large Cap $ 77,814.8 $ 79,488.3 Diversified 381.45 100.52
Mega Cap $ 41,619.9 $ 40,639.5 350.00 Energy 104.70 47.38
$70,000.0
Micro Cap $ 713.4 $ 643.3 Financials 90.81 37.11
Mid Cap $ 27,234.2 $ 28,772.7 300.00 Health Care 102.07 48.82
$60,000.0
Small Cap $ 3,385.5 $ 3,568.6 Industrials 116.55 54.66
250.00 Materials 75.38 36.97
$50,000.0 $40,639.5 Technology 147.05 64.70
$41,619.9 Telecommunication Services 112.30 32.28
200.00
$139.79
Utilities 146.94
$147.05 34.44
$146.94
$40,000.0
$28,772.7
$27,234.2 150.00 $112.30
$116.55
$104.70
$30,000.0 $89.07 $90.81 $102.07
$100.52 $75.38
100.00
$64.70
$20,000.0 $55.69 $47.38 $48.82 $54.66
50.00 $37.11 $36.97 $32.28 $34.44
$30.88
$3,568.6
$10,000.0 $643.3 $3,385.5
$713.4 0.00
Telecommunication Services
Consumer Discretionary
Technology
Health Care
Diversified
Energy
Financials
Materials
Utilities
Consumer Staples
Industrials
$-
Large Cap Mega Cap Micro Cap Mid Cap Small Cap
30-Sep-2011 31-Dec-2011
Median Average
Prepared by Ownership Content Specialist Group Page 1

2. Changes in Composition of Top 30 Since Last Quarter
Current Prior
Current # Equity Equity
Current Prior of Stocks Prior # of Assets Assets
Change Hedge Fund Rank Rank Held Stocks Held ($MM) ($MM)
Paulson & Co. Inc. 1 1 93 112 17,447 25,972
Lone Pine Capital LLC 2 2 62 66 15,999 14,380
Icahn Associates Corporation 3 3 22 24 12,782 11,678
Viking Global Investors LP 4 5 58 54 9,838 8,615
Pershing Square Capital Management, L.P. 5 6 11 12 8,312 7,834
SPO Partners & Co. 6 8 16 15 7,982 6,804
Maverick Capital, Ltd. 7 7 73 75 7,208 7,186
ValueAct Capital Management, L.P. 8 11 17 20 6,253 5,484
Greenlight Capital, Inc. 9 12 45 44 5,842 5,329
Tiger Global Management, L.L.C. 10 14 43 49 5,759 5,058
Blue Ridge Capital 11 13 56 57 5,619 5,213
Eton Park Capital Management, L.P. 12 9 53 63 5,497 6,136
ESL Investments, Inc. 13 4 10 12 5,261 9,138
Glenview Capital Management, L.L.C. 14 10 52 59 5,103 5,696
GMT Capital Corp. 15 19 153 174 4,679 4,020
Farallon Capital Management, L.L.C. 16 17 76 84 4,565 4,408
Brookside Capital Investors, L.P. 17 15 50 55 4,169 4,845
Chilton Investment Company, LLC 18 16 178 179 4,037 4,431
Discovery Capital Management, L.L.C. 19 28 77 66 4,036 2,978
Pennant Capital Management LLC 20 18 43 52 3,965 4,071
Elliott International Capital Advisors, Inc. 21 29 56 63 3,837 2,900
Children's Investment Fund Management (UK) LLP 22 20 18 19 3,530 3,888
Fir Tree Partners 23 21 63 65 3,451 3,764
Scout Capital Management, L.L.C. 24 25 24 18 3,335 3,022
Taconic Capital Advisors LP 25 23 56 48 3,317 3,541
Added York Capital Management 26 n.a. 59 n.a. 3,198 n.a.
Added Alpine Associates L.P. 27 n.a. 69 n.a. 3,125 n.a.
Steadfast Financial LLC 28 30 49 53 3,114 2,851
Eminence Capital, L.L.C. 29 24 51 53 3,106 3,111
Cerberus Capital Management, L.P. 30 27 16 18 3,057 2,991
Dropped Coatue Capital, L.L.C. n.a. 22 n.a. 41 n.a. 3,626
Dropped Alyeska Investment Group, L.P. n.a. 26 n.a. 169 n.a. 3,020

3. Top Purchases and Sales by Top 30 Hedge Funds
Q4 2011
Top Purchases and Sales between Q3 2011 and Q4 2011
Top 10 Increases in Existing Positions
Share Change % Change # of Firms
IssuerName Sector (000s) (Shares) Increasing
El Paso Corp (EP-N) Energy 49,756.23 61.55 3
Canadian Pacific Railway Ltd (CP-T) Industrials 20,114.17 497.85 1
Xerox Corp (XRX-N) Industrials 14,715.05 32.38 1
SLM Corp (SLM-O) Financials 12,050.40 317.12 (a)
Sara Lee Corp (SLE-N) Consumer Staples 11,660.87 45.45 1
Yahoo! Inc (YHOO-O) Technology 9,607.64 1,607.50 (b)
CBRE Group Inc (CBG-N) Financials 7,151.91 37.85 1
CareFusion Corp (CFN-N) Health Care 6,409.79 24.95 3
Adobe Systems Inc (ADBE-O) Technology 6,206.61 30.12 1
Avago Technologies Ltd (AVGO-O) Technology 6,083.10 146.95 (c)
Top 10 Decreases in Existing Positions
Share Change % Change # of Firms
IssuerName Sector (000s) (Shares) Decreasing
Genon Energy Inc (GEN-N) Utilities (45,603.51) -90.57 1
News Corp (NWSA-O) Consumer Discretionary (45,307.89) -25.84 7
Bank of America Corp (BAC-N) Financials (42,130.30) -62.17 (d)
Wells Fargo & Co (WFC-N) Financials (37,371.96) -79.20 4
Citigroup Inc (C-N) Financials (31,197.52) -33.95 5
Williams Companies Inc (WMB-N) Energy (24,901.32) -60.60 3
Corning Inc (GLW-N) Industrials (17,670.00) -38.18 3
Suntrust Banks Inc (STI-N) Financials (17,657.29) -58.09 1
Hewlett Packard Co (HPQ-N) Technology (17,226.11) -98.74 (e)
Sprint Nextel Corp (S-N) Telecommunication Services (16,747.35) -10.92 2
Top 10 New Positions
Value Change # of Firms
IssuerName Sector ($MM) Buying In
Delphi Automotive PLC (DLPH-N) Consumer Discretionary 2,200.51 4
Fortune Brands Home & Security Inc (FBHS-N) Consumer Discretionary 410.26 2
Michael Kors Holdings Ltd (KORS-N) Consumer Discretionary 344.10 4
FMC Technologies Inc (FTI-N) Energy 325.83 1
Lululemon Athletica Inc (LLL-T) Consumer Discretionary 263.83 2
Dell Inc (DELL-O) Technology 206.28 1
TripAdvisor Inc (TRIP-O) Consumer Discretionary 205.53 3
Prudential Financial Inc (PRU-N) Financials 197.09 1
VF Corp (VFC-N) Consumer Discretionary 172.80 1
Bristol-Myers Squibb Company (BMY-N) Health Care 160.33 1
Top 10 Sell-Outs
Value Change # of Firms
IssuerName Sector ($MM) Selling Out
The Clorox Co (CLX-N) Consumer Staples (798.56) 1
Bed Bath & Beyond Inc (BBBY-O) Consumer Discretionary (447.53) 2
Citrix Systems Inc (CTXS-O) Technology (371.42) 2
Weyerhaeuser Co (WY-N) Materials (366.28) 1
Vector Group Ltd (VGR-N) Consumer Staples (254.26) 1
Celgene Corp (CELG-O) Health Care (194.04) 1
International Flavors & Fragrances Inc (IFF-N) Consumer Staples (168.24) 1
Allstate Corp (ALL-N) Financials (157.30) 1
Centerpoint Energy Inc (CNP-N) Utilities (122.76) 1
Cimarex Energy Co (XEC-N) Energy (95.65) 1
Notes:
(a) 1 buy-in; 1 decrease
(b) 3 buy-ins; 1 no-change
(c) 1 buy-in; 1 decrease
(d) 1 buy-in; 1 increase; 2 sell-outs
(e) 2 sell-outs; 1 no-change
Prepared by Ownership Content Specialist Group Page 3

4. Top 100 Holdings by Top 30 Hedge Funds
Q4 2011
Top 100 Holdings
Change from
Prior Quarter
% of
Holdings # of Total
Issuer Name Sector Value ($MM) % (Shares) $MM Owners Holdings
Apple Inc (AAPL-O) Technology 4,898.16 1.48 353.72 15 3.2
El Paso Corp (EP-N) Energy 3,469.89 61.55 2,056.84 11 2.3
Google Inc (GOOG-O) Technology 3,200.73 60.41 1,609.62 12 2.1
Motorola Solutions Inc (MSI-N) Technology 2,945.97 0.18 284.20 5 1.9
Icahn Enterprises LP (IEP-O) Diversified 2,836.73 0.00 (32.88) 1 1.9
Motorola Mobility Holdings Inc (MMI-N) Technology 2,511.31 (3.96) (34.81) 5 1.6
News Corp (NWSA-O) Consumer Discretionary 2,319.25 (25.84) (394.56) 9 1.5
Delphi Automotive PLC (DLPH-N) Consumer Discretionary 2,200.51 n/a 2,200.51 4 1.4
Crown Castle International Corp (CCI-N) Telecommunication Services 2,158.77 (3.80) 121.69 5 1.4
AutoNation Inc (AN-N) Consumer Discretionary 2,006.10 (12.01) (20.82) 1 1.3
Goodrich Corp (GR-N) Industrials 1,922.88 18.55 340.54 7 1.3
Priceline.com Inc (PCLN-O) Consumer Discretionary 1,836.09 102.14 963.20 6 1.2
Visa Inc (V-N) Financials 1,790.43 (8.47) 138.97 6 1.2
Canadian Pacific Railway Ltd (CP-T) Industrials 1,635.33 497.85 1,440.92 1 1.1
Citigroup Inc (C-N) Financials 1,596.68 (33.95) (756.95) 12 1.0
Qualcomm Inc (QCOM-O) Technology 1,567.72 (0.09) 172.66 9 1.0
Sears Holdings Corp (SHLD-O) Consumer Discretionary 1,531.20 (0.39) (1,250.99) 2 1.0
Valeant Pharmaceuticals International Inc (VRX-T) Health Care 1,490.24 (10.61) 163.77 4 1.0
J C Penney Co Inc (JCP-N) Consumer Discretionary 1,469.74 3.14 384.06 3 1.0
AngloGold Ashanti Ltd (AU-N) Materials 1,455.64 (6.53) (61.72) 1 1.0
Calpine Corp (CPN-N) Utilities 1,454.72 0.00 200.44 1 1.0
Viacom Inc (VIAB-O) Consumer Discretionary 1,184.33 (38.39) (479.48) 6 0.8
Liberty Global Inc (LBTYK-O) Consumer Discretionary 1,165.85 (2.40) 119.78 3 0.8
Baidu Inc (BIDU-O) Technology 1,142.90 76.04 546.95 5 0.7
Yandex NV (YNDX-O) Technology 1,135.49 1.22 (26.70) 4 0.7
Federal Mogul Corp (FDML-O) Consumer Discretionary 1,126.68 0.53 5.96 1 0.7
Beam Inc (BEAM-N) Consumer Staples 1,104.50 (6.20) (138.48) 2 0.7
Capital One Financial Corp (COF-N) Financials 1,100.28 (25.76) (288.47) 5 0.7
General Growth Properties Inc (GGP-N) Financials 1,084.95 0.00 210.92 1 0.7
Autozone Inc (AZO-N) Consumer Discretionary 1,032.17 (65.18) (1,879.51) 2 0.7
Dollar General Corp (DG-N) Consumer Discretionary 998.61 (6.88) 14.27 4 0.7
Pioneer Natural Resources Co (PXD-N) Energy 993.70 (1.68) 250.85 2 0.6
Express Scripts Inc (ESRX-O) Health Care 988.58 (16.85) 2.42 5 0.6
Kraft Foods Inc (KFT-N) Consumer Staples 951.25 (13.38) (35.88) 2 0.6
Family Dollar Stores Inc (FDO-N) Consumer Discretionary 932.83 (21.77) (119.03) 5 0.6
Liberty Global Inc (LBTYA-O) Consumer Discretionary 926.89 5.65 153.29 4 0.6
Anadarko Petroleum Corp (APC-N) Energy 910.47 (27.71) (129.89) 2 0.6
Tyco International Ltd (TYC-N) Diversified 909.83 3.91 145.96 7 0.6
Monsanto Co (MON-N) Materials 895.41 38.92 343.13 4 0.6
eBay Inc (EBAY-O) Technology 819.61 23.98 176.81 5 0.5
CareFusion Corp (CFN-N) Health Care 815.77 24.95 200.39 4 0.5
NetApp Inc (NTAP-O) Technology 810.74 11.14 128.34 4 0.5
Microsoft Corp (MSFT-O) Technology 801.57 (2.99) 9.39 5 0.5
Forest Laboratories Inc (FRX-N) Health Care 797.70 1.07 (5.39) 1 0.5
Cigna Corp (CI-N) Financials 795.06 30.66 187.42 6 0.5
Life Technologies Corp (LIFE-O) Health Care 791.94 (28.72) (305.42) 4 0.5
JPMorgan Chase & Co (JPM-N) Financials 775.54 5.42 109.10 6 0.5
Ralph Lauren Corp (RL-N) Consumer Discretionary 775.29 25.18 193.56 2 0.5
Medco Health Solutions Inc (MHS-N) Health Care 770.17 19.96 231.62 6 0.5
Sensata Technologies Holding NV (ST-N) Industrials 759.76 (4.36) (40.12) 5 0.5
Adobe Systems Inc (ADBE-O) Technology 757.98 30.12 259.94 2 0.5
General Motors Co (GM-N) Consumer Discretionary 735.32 (11.95) (96.10) 5 0.5
TransDigm Group Inc (TDG-N) Industrials 730.51 11.61 171.81 5 0.5
Walt Disney Co (DIS-N) Consumer Discretionary 725.08 (11.24) 68.09 3 0.5
US Bancorp (USB-N) Financials 723.50 (31.70) (198.37) 4 0.5
Mastercard Inc (MA-N) Financials 713.83 24.86 227.47 2 0.5
Prepared by Ownership Content Specialist Group Page 4

5. Sara Lee Corp (SLE-N) Consumer Staples 706.03 45.45 286.56 4 0.5
Pfizer Inc (PFE-N) Health Care 669.47 (29.23) (103.35) 6 0.4
Hartford Financial Services Group Inc (HIG-N) Financials 608.56 (10.38) (65.87) 1 0.4
Las Vegas Sands Corp (LVS-N) Consumer Discretionary 608.43 42.13 224.33 4 0.4
Amazon.Com Inc (AMZN-O) Consumer Discretionary 595.64 (31.15) (485.03) 5 0.4
Marvell Technology Group Ltd (MRVL-O) Technology 579.14 7.90 16.03 3 0.4
Gap Inc (GPS-N) Consumer Discretionary 578.24 (14.09) (11.05) 1 0.4
Willis Group Holdings PLC (WSH-N) Financials 575.33 31.24 186.99 3 0.4
Equinix Inc (EQIX-O) Technology 560.44 (2.25) 58.18 3 0.4
Moodys Corp (MCO-N) Consumer Discretionary 558.32 0.00 53.54 1 0.4
McKesson Corp (MCK-N) Health Care 554.65 (31.43) (200.19) 2 0.4
CA Inc (CA-O) Technology 550.57 10.27 71.15 2 0.4
Fidelity National Information Services Inc (FIS-N) Financials 547.79 2.05 56.85 5 0.4
Williams Companies Inc (WMB-N) Energy 534.49 (60.60) (465.60) 4 0.3
HCA Holdings Inc (HCA-N) Health Care 530.91 20.19 126.67 5 0.3
LyondellBasell Industries NV (LYB-N) Materials 530.77 (18.36) 41.92 4 0.3
Invesco Ltd (IVZ-N) Financials 528.22 (20.49) 15.31 1 0.3
Verisign Inc (VRSN-O) Technology 526.59 7.92 135.77 3 0.3
DaVita Inc (DVA-N) Health Care 521.81 (0.15) 89.81 2 0.3
Rockwell Collins Inc (COL-N) Industrials 517.25 (19.89) (97.97) 1 0.3
American Tower Corp (AMT-N) Telecommunication Services 517.06 (25.99) (109.27) 4 0.3
Thermo Fisher Scientific Inc (TMO-N) Health Care 514.91 (1.27) (72.37) 5 0.3
Lamar Advertising Co (LAMR-O) Consumer Discretionary 512.56 0.00 195.15 1 0.3
Range Resources Corp (RRC-N) Energy 505.55 2.91 41.90 3 0.3
C R Bard Inc (BCR-N) Health Care 502.14 0.00 (11.98) 1 0.3
Charles Schwab Corp (SCHW-N) Financials 501.21 (9.45) (52.82) 2 0.3
Cognizant Technology Solutions Corp (CTSH-O) Technology 480.32 (40.43) (305.81) 3 0.3
Xerox Corp (XRX-N) Industrials 478.90 32.38 162.13 4 0.3
Mylan Inc (MYL-O) Health Care 463.17 (15.14) 31.07 2 0.3
Teradata Corp (TDC-N) Technology 439.04 158.02 251.28 2 0.3
Youku Inc (YOKU-N) Technology 429.92 (3.51) (35.25) 4 0.3
MGM Resorts International (MGM-N) Consumer Discretionary 424.96 (7.54) 15.59 2 0.3
Grifols SA (GRFS-O) Health Care 419.38 (14.79) (97.64) 3 0.3
BP PLC (BP-N) Energy 412.04 10.61 97.65 5 0.3
YPF Sociedad Anonima (YPF-N) Energy 411.61 12.05 49.26 2 0.3
Fortune Brands Home & Security Inc (FBHS-N) Consumer Discretionary 410.26 n/a 410.26 2 0.3
WellPoint Inc (WLP-N) Financials 410.22 (7.93) (28.79) 4 0.3
Dollar Thrifty Automotive Group Inc (DTG-N) Industrials 402.34 (2.64) 71.19 2 0.3
Liberty Media Corp (LMCA-O) Consumer Discretionary 402.04 95.80 228.09 3 0.3
CBRE Group Inc (CBG-N) Financials 396.46 37.85 142.11 4 0.3
Seagate Technology PLC (STX-O) Technology 389.58 (11.31) 114.23 4 0.3
Oracle Corp (ORCL-O) Technology 388.95 (35.60) (287.72) 7 0.3
H and R Block Inc (HRB-N) Financials 386.30 (0.90) 68.58 1 0.3
Advent Software Inc (ADVS-O) Financials 382.75 0.00 55.15 1 0.2
Total Value of ALL Holdings by Group: 153,112.36
Prepared by Ownership Content Specialist Group Page 5

6. Top 10 Holdings for Top 30 Hedge Funds (by Owner)
Q4 2011
Alpine Associates L.P.
Holdings
Value % Change in
IssuerName Sector Shares Held ($MM) Shares % of Holdings
AmerisourceBergen Corp (ABC-N) Health Care 6,996,200 260.19 0.00 8.33
Medco Health Solutions Inc (MHS-N) Health Care 3,853,600 215.42 0.29 6.89
Goodrich Corp (GR-N) Industrials 1,740,700 215.32 127.45 6.89
Netlogic Microsystems Inc (NETL-O) Technology 3,135,700 155.44 1.62 4.97
Southern Union Co (SUG-N) Energy 3,193,100 134.46 321.92 4.30
Complete Production Services Inc (W2K-BE) Energy 3,850,400 129.22 Buy-In 4.13
Motorola Mobility Holdings Inc (MMI-N) Technology 3,211,725 124.61 (11.35) 3.99
Temple-Inland Inc (TE6-FF) Materials 3,871,100 122.75 1.06 3.93
Constellation Energy Group Inc (CEG-N) Utilities 2,673,218 106.05 50.93 3.39
Delphi Financial Group Inc (DFG-N) Financials 1,978,200 87.63 Buy-In 2.80
Blue Ridge Capital
Holdings
Value % Change in
IssuerName Sector Shares Held ($MM) Shares % of Holdings
Range Resources Corp (RRC-N) Energy 5,719,627 354.27 21.19 6.30
Google Inc (GOOG-O) Technology 500,000 322.95 6.27 5.75
Monsanto Co (MON-N) Materials 4,335,000 303.75 38.28 5.41
Amazon.Com Inc (AMZN-O) Consumer Discretionary 1,741,896 301.52 (10.30) 5.37
Priceline.com Inc (PCLN-O) Consumer Discretionary 554,000 259.11 75.59 4.61
Valeant Pharmaceuticals International Inc (VRX-T) Health Care 5,450,000 254.83 (27.52) 4.54
Thermo Fisher Scientific Inc (TMO-N) Health Care 4,660,000 209.56 0.00 3.73
Sensata Technologies Holding NV (ST-N) Industrials 7,875,000 206.96 21.15 3.68
Liberty Global Inc (LBTYA-O) Consumer Discretionary 4,840,856 198.62 14.58 3.53
Lowes Companies Inc (LOW-N) Consumer Discretionary 7,096,000 180.10 Buy-In 3.21
Brookside Capital Investors, L.P.
Holdings
Value % Change in
IssuerName Sector Shares Held ($MM) Shares % of Holdings
EMC Corp (EMC-N) Technology 13,508,230 290.97 (14.54) 6.98
El Paso Corp (EP-N) Energy 8,802,083 233.87 Buy-In 5.61
Youku Inc (YOKU-N) Technology 14,350,762 224.88 0.00 5.39
Michael Kors Holdings Ltd (KORS-N) Consumer Discretionary 8,251,209 224.85 Buy-In 5.39
Apple Inc (AAPL-O) Technology 532,448 215.64 32.95 5.17
Check Point Software Technologies Ltd (CHKP-O) Technology 3,746,732 196.85 (20.06) 4.72
Akamai Technologies Inc (AKAM-O) Technology 5,232,758 168.91 (10.79) 4.05
Express Scripts Inc (ESRX-O) Health Care 3,638,467 162.60 (12.87) 3.90
Ctrip.com International Ltd (CTRP-O) Consumer Discretionary 5,674,835 132.79 14.57 3.19
Vertex Pharmaceuticals Inc (VRTX-O) Health Care 3,417,178 113.48 (34.16) 2.72
Cerberus Capital Management, L.P.
Holdings
Value % Change in
IssuerName Sector Shares Held ($MM) Shares % of Holdings
Grifols SA (GRFS-O) Health Care 62,836,702 347.49 (6.62) 11.37
Aercap Holdings NV (AER-N) Financials 27,851,839 314.45 0.00 10.28
Prepared by Ownership Content Specialist Group Page 6

7. Tower International Inc (TOWR-N) Consumer Discretionary 12,467,866 133.90 0.00 4.38
SandRidge Energy Inc (SD-N) Energy 8,000,360 65.28 14.12 2.14
Geoeye Inc (GEOY-O) Consumer Discretionary 2,806,079 62.35 41.51 2.04
Bluelinx Holdings Inc (BXC-N) Materials 33,651,979 50.48 0.00 1.65
TRW Automotive Holding Corp (TRW-N) Consumer Discretionary 1,501,800 48.96 51.71 1.60
Dana Holding Corp (DAN-N) Consumer Discretionary 875,000 10.63 (39.56) 0.35
Hawaiian Telcom Holdco Inc (HCOM-O) Telecommunication Services 659,342 10.15 0.00 0.33
Lear Corp (LEA-N) Consumer Discretionary 200,000 7.96 Buy-In 0.26
Children's Investment Fund Management (UK) LLP
Holdings
Value % Change in
IssuerName Sector Shares Held ($MM) Shares % of Holdings
News Corp (NWSA-O) Consumer Discretionary 51,556,633 919.77 (4.24) 26.06
Walt Disney Co (DIS-N) Consumer Discretionary 16,796,692 629.88 (12.10) 17.84
Viacom Inc (VIAB-O) Consumer Discretionary 4,282,680 191.69 (25.28) 5.43
Union Pacific Corp (UNP-N) Industrials 926,087 98.11 (74.36) 2.78
WellPoint Inc (WLP-N) Financials 673,071 44.59 (48.41) 1.26
Oracle Corp (ORCL-O) Technology 1,640,600 42.08 (39.47) 1.19
Royal Bank of Scotland Group PLC (RBS.S-N) Financials 580,852 6.70 0.00 0.19
Royal Bank of Scotland Group PLC (RBS.T-N) Financials 492,283 6.29 0.00 0.18
Royal Bank of Scotland Group PLC (RBS.Q-N) Financials 197,200 2.39 0.00 0.07
Royal Bank of Scotland Group PLC (RBS.H-N) Financials 30,914 0.51 0.00 0.01
Chilton Investment Company, LLC
Holdings
Value % Change in
IssuerName Sector Shares Held ($MM) Shares % of Holdings
Chevron Corp (CVX-N) Energy 1,263,367 134.42 1,132.55 3.33
LKQ Corp (LKQX-O) Consumer Discretionary 3,401,963 102.33 (14.70) 2.53
Eog Resources Inc (EOG-N) Energy 1,015,408 100.03 (15.33) 2.48
Avago Technologies Ltd (AVGO-O) Technology 3,349,284 96.66 (19.09) 2.39
Southwestern Energy Co (SWN-N) Energy 2,978,043 95.12 (12.54) 2.36
Potash Corp Of Saskatchewan Inc (POT-T) Materials 2,183,282 90.20 (15.08) 2.23
Vivus Inc (VVUS-O) Health Care 8,617,659 84.02 5.16 2.08
Occidental Petroleum Corp (OXY-N) Energy 883,331 82.77 114.40 2.05
Airgas Inc (ARG-N) Materials 992,527 77.50 (5.98) 1.92
Home Depot Inc (HD-N) Consumer Discretionary 1,819,749 76.50 (1.62) 1.89
Discovery Capital Management, L.L.C.
Holdings
Value % Change in
IssuerName Sector Shares Held ($MM) Shares % of Holdings
Apple Inc (AAPL-O) Technology 2,235,344 905.31 1.74 22.43
Universal Display Corp (PANL-O) Technology 5,639,626 206.92 12.92 5.13
Qualcomm Inc (QCOM-O) Technology 3,568,209 195.18 0.84 4.84
Bristol-Myers Squibb Company (BMY-N) Health Care 4,549,600 160.33 Buy-In 3.97
Pfizer Inc (PFE-N) Health Care 7,157,200 154.88 Buy-In 3.84
Visa Inc (V-N) Financials 1,467,675 149.01 (24.65) 3.69
Salix Pharmaceuticals Ltd (SLXP-O) Health Care 1,866,350 89.30 19.52 2.21
Green Mountain Coffee Roasters Inc (GMCR-O) Consumer Staples 1,713,785 76.86 78.58 1.90
National Oilwell Varco Inc (NOV-N) Energy 1,069,075 72.69 20.38 1.80
YPF Sociedad Anonima (YPF-N) Energy 2,092,975 72.58 156.44 1.80
Elliott International Capital Advisors, Inc.
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8. Holdings
Value % Change in
IssuerName Sector Shares Held ($MM) Shares % of Holdings
Delphi Automotive PLC (DLPH-N) Consumer Discretionary 42,182,430 908.61 Buy-In 23.68
Iron Mountain Inc (IRM-N) Consumer Discretionary 8,510,000 262.11 (14.71) 6.83
Brocade Communications Systems Inc (BRCD-O) Technology 43,748,000 227.05 (7.72) 5.92
News Corp (NWS-O) Consumer Discretionary 9,142,995 166.22 1.59 4.33
Energy XXI (Bermuda) Ltd (EXXI-O) Energy 2,413,460 76.94 13.95 2.01
QLogic Corp (QLGC-O) Technology 3,644,600 54.67 35.94 1.42
General Motors Co (GM-N) Consumer Discretionary 2,642,166 53.56 8.16 1.40
Flagstone Reinsurance Holding SA (FSR-N) Financials 6,326,250 52.44 15.44 1.37
Medco Health Solutions Inc (MHS-N) Health Care 906,971 50.70 (15.43) 1.32
Melco Crown Entertainment Ltd (MPEL-O) Consumer Discretionary 4,380,900 42.14 51.27 1.10
Eminence Capital, L.L.C.
Holdings
Value % Change in
IssuerName Sector Shares Held ($MM) Shares % of Holdings
Novellus Systems Inc (NVLS-O) Technology 5,770,292 238.26 62.13 7.67
Google Inc (GOOG-O) Technology 315,080 203.51 (12.09) 6.55
CME Group Inc (CME-O) Financials 796,068 193.98 41.19 6.24
Tyco International Ltd (TYC-N) Diversified 3,031,314 141.59 (13.23) 4.56
Aon Corp (AON-N) Financials 2,956,099 138.35 (40.97) 4.45
eBay Inc (EBAY-O) Technology 4,511,384 136.83 (0.60) 4.40
Abbott Laboratories (ABT-N) Health Care 1,510,217 84.92 Buy-In 2.73
Fiserv Inc (FISV-O) Technology 1,417,688 83.27 (9.28) 2.68
NetApp Inc (NTAP-O) Technology 2,280,381 82.71 178.10 2.66
Thermo Fisher Scientific Inc (TMO-N) Health Care 1,653,925 74.38 (3.24) 2.39
ESL Investments, Inc.
Holdings
Value % Change in
IssuerName Sector Shares Held ($MM) Shares % of Holdings
AutoNation Inc (AN-N) Consumer Discretionary 54,409,968 2,006.10 (12.01) 38.13
Sears Holdings Corp (SHLD-O) Consumer Discretionary 48,031,144 1,526.43 (0.31) 29.01
Autozone Inc (AZO-N) Consumer Discretionary 2,968,544 964.69 (66.74) 18.34
Gap Inc (GPS-N) Consumer Discretionary 31,172,156 578.24 (14.09) 10.99
Capital One Financial Corp (COF-N) Financials 5,094,211 215.43 (14.05) 4.09
CIT Group Inc (CIT-N) Financials 5,134,725 179.05 (11.06) 3.40
Seagate Technology PLC (STX-O) Technology 6,977,149 114.43 (28.29) 2.17
Big Lots Inc (BIG-N) Consumer Discretionary 1,653,122 62.42 (11.94) 1.19
Genworth Financial Inc (GNW-N) Financials 9,412,311 61.65 (13.35) 1.17
iStar Financial Inc (SFI-N) Financials 2,694,914 14.26 40.59 0.27
Eton Park Capital Management, L.P.
Holdings
Value % Change in
IssuerName Sector Shares Held ($MM) Shares % of Holdings
Viacom Inc (VIAB-O) Consumer Discretionary 11,000,000 492.36 (46.76) 8.96
News Corp (NWSA-O) Consumer Discretionary 25,900,000 462.06 (16.18) 8.41
Nielsen Holdings NV (NLSN-N) Consumer Discretionary 12,000,000 356.28 0.00 6.48
YPF Sociedad Anonima (YPF-N) Energy 9,775,857 339.03 0.00 6.17
eBay Inc (EBAY-O) Technology 10,000,000 303.30 8.11 5.52
Goodrich Corp (GR-N) Industrials 2,166,100 267.95 Buy-In 4.87
Apple Inc (AAPL-O) Technology 600,000 243.00 0.00 4.42
Msci Inc (MSCI-N) Financials 7,000,000 230.51 0.00 4.19
BP PLC (BP-N) Energy 5,031,000 215.02 (10.26) 3.91
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9. Medco Health Solutions Inc (MHS-N) Health Care 3,824,000 213.76 21.05 3.89
Farallon Capital Management, L.L.C.
Holdings
Value % Change in
IssuerName Sector Shares Held ($MM) Shares % of Holdings
Motorola Mobility Holdings Inc (MMI-N) Technology 11,820,000 458.62 11.88 10.05
Goodrich Corp (GR-N) Industrials 3,430,000 424.29 180.00 9.29
El Paso Corp (EP-N) Energy 14,557,200 386.78 Buy-In 8.47
Owens-Illinois Inc (OI-N) Materials 10,094,900 195.64 (0.68) 4.29
Hudson Pacific Properties Inc (HPP-N) Financials 10,233,860 144.91 0.00 3.17
Oracle Corp (ORCL-O) Technology 5,560,000 142.61 23.83 3.12
News Corp (NWSA-O) Consumer Discretionary 7,762,000 138.47 20.15 3.03
State Street Corp (STT-N) Financials 3,289,000 132.58 (30.13) 2.90
Google Inc (GOOG-O) Technology 192,500 124.34 (22.22) 2.72
Union Pacific Corp (UNP-N) Industrials 1,075,000 113.89 (4.19) 2.49
Fir Tree Partners
Holdings
Value % Change in
IssuerName Sector Shares Held ($MM) Shares % of Holdings
News Corp (NWSA-O) Consumer Discretionary 16,165,992 288.40 57.88 8.36
Microsoft Corp (MSFT-O) Technology 8,623,178 223.86 (0.86) 6.49
Equinix Inc (EQIX-O) Technology 2,035,082 206.36 (1.04) 5.98
Williams Companies Inc (WMB-N) Energy 4,624,298 152.69 (64.54) 4.42
Cigna Corp (CI-N) Financials 3,202,494 134.50 13.44 3.90
Xerox Corp (XRX-N) Industrials 16,554,440 131.77 (15.57) 3.82
Google Inc (GOOG-O) Technology 201,730 130.30 (9.39) 3.78
CVS Caremark Corp (CVS-N) Consumer Staples 3,095,047 126.22 (54.33) 3.66
JPMorgan Chase & Co (JPM-N) Financials 3,517,000 116.94 (8.15) 3.39
General Motors Co (GM-N) Consumer Discretionary 5,765,256 116.86 (27.90) 3.39
Glenview Capital Management, L.L.C.
Holdings
Value % Change in
IssuerName Sector Shares Held ($MM) Shares % of Holdings
Life Technologies Corp (LIFE-O) Health Care 13,780,972 536.22 (2.64) 10.51
McKesson Corp (MCK-N) Health Care 4,612,538 359.36 (22.48) 7.04
Crown Castle International Corp (CCI-N) Telecommunication Services 7,231,756 323.98 11.98 6.35
Thermo Fisher Scientific Inc (TMO-N) Health Care 4,648,787 209.06 7.54 4.10
Flextronics International Ltd (FLEX-O) Technology 36,934,369 209.05 (10.58) 4.10
Tyco International Ltd (TYC-N) Diversified 4,474,818 209.02 (24.47) 4.10
Xerox Corp (XRX-N) Industrials 25,381,823 202.04 6.92 3.96
Fidelity National Information Services Inc (FIS-N) Financials 7,324,538 194.76 (7.80) 3.82
HCA Holdings Inc (HCA-N) Health Care 8,770,229 193.21 11.80 3.79
BMC Software Inc (BMC-O) Technology 5,408,840 177.30 (3.93) 3.47
Greenlight Capital, Inc.
Holdings
Value % Change in
IssuerName Sector Shares Held ($MM) Shares % of Holdings
Apple Inc (AAPL-O) Technology 1,463,700 592.80 11.42 10.15
Microsoft Corp (MSFT-O) Technology 15,170,942 393.84 0.00 6.74
General Motors Co (GM-N) Consumer Discretionary 19,009,408 385.32 29.03 6.60
CareFusion Corp (CFN-N) Health Care 12,153,424 308.82 (5.05) 5.29
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10. Marvell Technology Group Ltd (MRVL-O) Technology 17,373,557 240.62 4.41 4.12
Ensco PLC (ESV-N) Energy 5,051,838 237.03 9.19 4.06
Seagate Technology PLC (STX-O) Technology 14,448,973 236.96 0.00 4.06
Dell Inc (DELL-O) Technology 14,100,000 206.28 Buy-In 3.53
Best Buy Co Inc (BBY-N) Consumer Discretionary 7,714,375 180.28 9.95 3.09
Delphi Automotive PLC (DLPH-N) Consumer Discretionary 8,194,661 176.51 Buy-In 3.02
Icahn Associates Corporation
Holdings
Value % Change in
IssuerName Sector Shares Held ($MM) Shares % of Holdings
Icahn Enterprises LP (IEP-O) Diversified 79,238,262 2,836.73 0.00 22.19
El Paso Corp (EP-N) Energy 72,278,743 1,920.45 9.54 15.03
Motorola Solutions Inc (MSI-N) Technology 38,292,235 1,772.55 0.00 13.87
Motorola Mobility Holdings Inc (MMI-N) Technology 30,192,783 1,171.48 (9.89) 9.17
Federal Mogul Corp (FDML-O) Consumer Discretionary 76,385,255 1,126.68 0.53 8.81
Forest Laboratories Inc (FRX-N) Health Care 26,361,686 797.70 1.07 6.24
American Railcar Industries Inc (ARII-O) Industrials 11,848,898 283.54 0.32 2.22
Navistar International Corp (NAV-N) Industrials 7,251,426 274.68 310.70 2.15
Hain Celestial Group Inc (HAIN-O) Consumer Staples 7,130,563 261.41 0.00 2.05
Mentor Graphics Corp (MENT-O) Technology 16,120,289 218.59 0.00 1.71
Lone Pine Capital LLC
Holdings
Value % Change in
IssuerName Sector Shares Held ($MM) Shares % of Holdings
Apple Inc (AAPL-O) Technology 2,150,527 870.96 4.42 5.44
Google Inc (GOOG-O) Technology 1,347,297 870.22 43.58 5.44
Priceline.com Inc (PCLN-O) Consumer Discretionary 1,466,623 685.95 126.89 4.29
Ralph Lauren Corp (RL-N) Consumer Discretionary 4,679,814 646.19 11.01 4.04
Dollar General Corp (DG-N) Consumer Discretionary 15,341,132 631.13 (2.97) 3.94
Express Scripts Inc (ESRX-O) Health Care 13,778,810 615.78 2.49 3.85
Visa Inc (V-N) Financials 4,797,078 487.05 111.12 3.04
Crown Castle International Corp (CCI-N) Telecommunication Services 10,584,118 474.17 (12.86) 2.96
Cognizant Technology Solutions Corp (CTSH-O) Technology 6,613,493 425.31 (38.17) 2.66
Monsanto Co (MON-N) Materials 5,925,885 415.23 13.53 2.60
Maverick Capital, Ltd.
Holdings
Value % Change in
IssuerName Sector Shares Held ($MM) Shares % of Holdings
Tyco International Ltd (TYC-N) Diversified 6,025,568 281.45 114.95 3.90
Corning Inc (GLW-N) Industrials 21,635,652 280.83 (17.29) 3.90
Apple Inc (AAPL-O) Technology 690,033 279.46 45.27 3.88
JPMorgan Chase & Co (JPM-N) Financials 8,374,388 278.45 19.54 3.86
Marvell Technology Group Ltd (MRVL-O) Technology 19,980,165 276.73 32.19 3.84
Cigna Corp (CI-N) Financials 6,449,543 270.88 148.48 3.76
Apollo Group Inc (APOL-O) Financials 4,784,562 257.74 (41.39) 3.58
NetApp Inc (NTAP-O) Technology 6,973,924 252.94 8.96 3.51
Sara Lee Corp (SLE-N) Consumer Staples 11,329,021 214.35 Buy-In 2.97
Urban Outfitters Inc (URBN-O) Consumer Discretionary 7,401,082 203.97 (3.65) 2.83
Paulson & Co. Inc.
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11. Holdings
Value % Change in
IssuerName Sector Shares Held ($MM) Shares % of Holdings
AngloGold Ashanti Ltd (AU-N) Materials 34,290,702 1,455.64 (6.53) 8.34
Delphi Automotive PLC (DLPH-N) Consumer Discretionary 51,734,758 1,114.37 Buy-In 6.39
Anadarko Petroleum Corp (APC-N) Energy 9,579,548 731.21 (32.40) 4.19
Hartford Financial Services Group Inc (HIG-N) Financials 37,449,923 608.56 (3.61) 3.49
Mylan Inc (MYL-O) Health Care 21,103,400 452.88 (15.24) 2.60
Motorola Mobility Holdings Inc (MMI-N) Technology 11,000,000 426.80 22.22 2.45
Capital One Financial Corp (COF-N) Financials 9,492,000 401.42 (57.24) 2.30
MGM Resorts International (MGM-N) Consumer Discretionary 37,417,600 390.27 (8.15) 2.24
Gold Fields Ltd (GFI-N) Materials 23,505,693 358.46 (4.31) 2.05
XL Group PLC (XL-N) Financials 17,071,900 337.51 (27.89) 1.93
Pennant Capital Management LLC
Holdings
Value % Change in
IssuerName Sector Shares Held ($MM) Shares % of Holdings
TransDigm Group Inc (TDG-N) Industrials 2,806,774 268.55 (5.21) 6.77
DaVita Inc (DVA-N) Health Care 3,284,187 248.97 1.59 6.28
Qualcomm Inc (QCOM-O) Technology 4,379,295 239.55 0.00 6.04
Fidelity National Information Services Inc (FIS-N) Financials 8,815,348 234.40 11.23 5.91
Dollar General Corp (DG-N) Consumer Discretionary 4,618,100 189.99 0.00 4.79
WellPoint Inc (WLP-N) Financials 2,780,976 184.24 6.92 4.65
Apple Inc (AAPL-O) Technology 420,000 170.10 13.51 4.29
TripAdvisor Inc (TRIP-O) Consumer Discretionary 5,995,850 151.16 Buy-In 3.81
NVR Inc (NVR-N) Consumer Discretionary 217,106 148.93 0.37 3.76
Family Dollar Stores Inc (FDO-N) Consumer Discretionary 2,460,931 141.90 0.00 3.58
Pershing Square Capital Management, L.P.
Holdings
Value % Change in
IssuerName Sector Shares Held ($MM) Shares % of Holdings
Canadian Pacific Railway Ltd (CP-T) Industrials 24,154,408 1,635.33 497.85 19.67
J C Penney Co Inc (JCP-N) Consumer Discretionary 38,715,571 1,360.85 0.00 16.37
General Growth Properties Inc (GGP-N) Financials 72,233,712 1,084.95 0.00 13.05
Beam Inc (BEAM-N) Consumer Staples 20,818,545 1,066.53 0.00 12.83
Kraft Foods Inc (KFT-N) Consumer Staples 21,160,759 790.57 (15.97) 9.51
Citigroup Inc (C-N) Financials 26,119,845 687.21 (0.02) 8.27
Family Dollar Stores Inc (FDO-N) Consumer Discretionary 8,384,863 483.47 (26.37) 5.82
Fortune Brands Home & Security Inc (FBHS-N) Consumer Discretionary 20,818,545 354.54 Buy-In 4.27
Howard Hughes Corp (HHC-N) Financials 3,568,017 157.60 0.00 1.90
Alexander and Baldwin Inc (ALEX-N) Industrials 3,561,943 145.40 0.00 1.75
Scout Capital Management, L.L.C.
Holdings
Value % Change in
IssuerName Sector Shares Held ($MM) Shares % of Holdings
Google Inc (GOOG-O) Technology 485,000 313.26 Buy-In 9.39
Arcos Dorados Holdings Inc (ARCO-N) Consumer Discretionary 14,262,000 292.80 51.72 8.78
Sensata Technologies Holding NV (ST-N) Industrials 9,800,000 257.54 (9.68) 7.72
Coca-Cola Enterprises Inc (CCE-N) Consumer Staples 8,104,000 208.92 17.47 6.26
Family Dollar Stores Inc (FDO-N) Consumer Discretionary 3,527,105 203.37 0.00 6.10
Dominos Pizza Inc (DPZ-N) Consumer Discretionary 5,551,447 188.47 (5.75) 5.65
PepsiCo, Inc. (PEP-N) Consumer Staples 2,405,000 159.57 Buy-In 4.78
Sally Beauty Holdings Inc (SBH-N) Consumer Discretionary 7,054,200 149.06 Buy-In 4.47
Fresh Market Inc (TFM-O) Consumer Staples 3,303,080 131.79 9.33 3.95
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12. American Tower Corp (AMT-N) Telecommunication Services 1,300,000 78.01 (45.83) 2.34
SPO Partners & Co.
Holdings
Value % Change in
IssuerName Sector Shares Held ($MM) Shares % of Holdings
Calpine Corp (CPN-N) Utilities 89,082,908 1,454.72 0.00 18.22
Crown Castle International Corp (CCI-N) Telecommunication Services 26,639,820 1,193.46 0.00 14.95
Liberty Global Inc (LBTYK-O) Consumer Discretionary 24,874,437 983.04 0.00 12.32
Pioneer Natural Resources Co (PXD-N) Energy 10,508,614 940.31 0.00 11.78
Visa Inc (V-N) Financials 7,373,554 748.64 0.00 9.38
Lamar Advertising Co (LAMR-O) Consumer Discretionary 18,638,714 512.56 0.00 6.42
Charles Schwab Corp (SCHW-N) Financials 38,741,687 436.23 0.00 5.46
Advent Software Inc (ADVS-O) Financials 15,712,200 382.75 0.00 4.79
Martin Marietta Materials Inc (MLM-N) Industrials 4,090,235 308.44 0.00 3.86
Liberty Global Inc (LBTYA-O) Consumer Discretionary 7,062,619 289.78 0.00 3.63
Steadfast Financial LLC
Holdings
Value % Change in
IssuerName Sector Shares Held ($MM) Shares % of Holdings
Google Inc (GOOG-O) Technology 639,500 413.05 37.73 13.27
Valeant Pharmaceuticals International Inc (VRX-T) Health Care 4,635,209 216.73 3.88 6.96
Kraft Foods Inc (KFT-N) Consumer Staples 4,301,000 160.69 2.09 5.16
Crown Castle International Corp (CCI-N) Telecommunication Services 3,475,000 155.68 26.09 5.00
Apple Inc (AAPL-O) Technology 376,000 152.28 34.67 4.89
Philip Morris International Inc (PM-N) Consumer Staples 1,778,000 139.54 2.13 4.48
Ensco PLC (ESV-N) Energy 2,938,000 137.85 2.08 4.43
Consumer Staples Select Sector SPDR (XLP-P) Financials 4,003,000 130.06 Buy-In 4.18
PepsiCo, Inc. (PEP-N) Consumer Staples 1,510,000 100.19 2.10 3.22
Oracle Corp (ORCL-O) Technology 3,767,000 96.62 (29.60) 3.10
Taconic Capital Advisors LP
Holdings
Value % Change in
IssuerName Sector Shares Held ($MM) Shares % of Holdings
Goodrich Corp (GR-N) Industrials 4,225,000 522.63 53.64 15.76
CA Inc (CA-O) Technology 24,700,000 499.31 0.00 15.05
Motorola Mobility Holdings Inc (MMI-N) Technology 8,500,000 329.80 0.00 9.94
CIT Group Inc (CIT-N) Financials 3,685,000 128.50 (15.29) 3.87
General Motors Co (GM-N) Consumer Discretionary 6,335,796 128.43 (21.78) 3.87
News Corp (NWSA-O) Consumer Discretionary 6,532,500 116.54 (0.27) 3.51
MeadWestvaco Corp (MWV-N) Materials 3,725,000 111.56 0.00 3.36
Pfizer Inc (PFE-N) Health Care 4,860,000 105.17 (68.65) 3.17
BP PLC (BP-N) Energy 2,325,000 99.37 132.50 3.00
Constellation Energy Group Inc (CEG-N) Utilities 2,500,000 99.18 0.00 2.99
Tiger Global Management, L.L.C.
Holdings
Value % Change in
IssuerName Sector Shares Held ($MM) Shares % of Holdings
Yandex NV (YNDX-O) Technology 53,024,349 1,044.58 (1.91) 18.14
Apple Inc (AAPL-O) Technology 1,620,000 656.10 (4.41) 11.39
Priceline.com Inc (PCLN-O) Consumer Discretionary 1,218,200 569.76 165.90 9.89
Google Inc (GOOG-O) Technology 725,409 468.54 1,013.44 8.14
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13. Liberty Global Inc (LBTYA-O) Consumer Discretionary 9,505,921 390.03 4.29 6.77
Visa Inc (V-N) Financials 3,002,707 304.86 11.14 5.29
Mastercard Inc (MA-N) Financials 771,176 287.51 0.00 4.99
Baidu Inc (BIDU-O) Technology 2,387,000 278.01 30.74 4.83
Viacom Inc (VIAB-O) Consumer Discretionary 5,215,000 233.42 (36.55) 4.05
MakeMyTrip Ltd (MMYT-O) Consumer Discretionary 7,184,866 172.72 0.00 3.00
ValueAct Capital Management, L.P.
Holdings
Value % Change in
IssuerName Sector Shares Held ($MM) Shares % of Holdings
Motorola Solutions Inc (MSI-N) Technology 24,001,000 1,111.01 0.00 17.77
Valeant Pharmaceuticals International Inc (VRX-T) Health Care 15,095,302 705.82 0.00 11.29
Adobe Systems Inc (ADBE-O) Technology 24,620,556 696.02 47.27 11.13
Moodys Corp (MCO-N) Consumer Discretionary 16,577,241 558.32 0.00 8.93
Rockwell Collins Inc (COL-N) Industrials 9,341,700 517.25 0.00 8.27
C R Bard Inc (BCR-N) Health Care 5,872,939 502.14 0.00 8.03
Verisign Inc (VRSN-O) Technology 11,766,883 420.31 (7.82) 6.72
Sara Lee Corp (SLE-N) Consumer Staples 20,404,523 386.05 0.00 6.17
Willis Group Holdings PLC (WSH-N) Financials 8,578,410 332.84 0.00 5.32
CBRE Group Inc (CBG-N) Financials 21,254,007 323.49 196.26 5.17
Viking Global Investors LP
Holdings
Value % Change in
IssuerName Sector Shares Held ($MM) Shares % of Holdings
US Bancorp (USB-N) Financials 21,593,800 584.11 (11.70) 5.94
Invesco Ltd (IVZ-N) Financials 26,292,742 528.22 (20.49) 5.37
Apple Inc (AAPL-O) Technology 1,293,900 524.03 14.28 5.33
Baidu Inc (BIDU-O) Technology 4,350,898 506.75 47.56 5.15
Qualcomm Inc (QCOM-O) Technology 8,486,300 464.20 207.85 4.72
Mastercard Inc (MA-N) Financials 1,143,500 426.32 50.01 4.33
LyondellBasell Industries NV (LYB-N) Materials 12,286,648 399.19 (4.55) 4.06
H and R Block Inc (HRB-N) Financials 23,656,111 386.30 (0.90) 3.93
Capital One Financial Corp (COF-N) Financials 7,755,654 327.99 144.12 3.33
Valeant Pharmaceuticals International Inc (VRX-T) Health Care 6,691,019 312.86 (21.99) 3.18
York Capital Management
Holdings
Value % Change in
IssuerName Sector Shares Held ($MM) Shares % of Holdings
Dollar Thrifty Automotive Group Inc (DTG-N) Industrials 5,298,457 372.27 (1.65) 11.64
Goodrich Corp (GR-N) Industrials 2,394,041 296.14 5.11 9.26
Williams Companies Inc (WMB-N) Energy 7,253,399 239.51 82.94 7.49
El Paso Corp (EP-N) Energy 6,675,934 177.38 2,570.37 5.55
Hertz Global Holdings Inc (HTZ-N) Industrials 12,156,216 142.47 0.39 4.46
Ivanhoe Mines Ltd (IVN-T) Materials 7,847,708 139.28 129.55 4.36
Citigroup Inc (C-N) Financials 4,507,100 118.58 463.39 3.71
Dow Chemical Co (DOW-N) Materials 3,496,000 100.54 Buy-In 3.14
Sara Lee Corp (SLE-N) Consumer Staples 5,283,271 99.96 0.61 3.13
Tyco International Ltd (TYC-N) Diversified 2,108,356 98.48 46.42 3.08
Prepared by Ownership Content Specialist Group Page 13

14. Quarter over Quarter Holdings of All Hedge Funds (by Sector)
Last 8 Quarters
Percentage Change in Holdings by Sector Holdings Value Change by Sector
$160,000
(USD Millions)
150.00
$140,000
140.00
$120,000 Consumer Discretionary,
130.00
$116,463.3
Technology, 121.4
Technology, $101,393.7
120.00 Energy, 120.5 $100,000
Financials, $84,692.1
110.00 $80,000
Industrials, 104.7
Consumer Discretionary, Health Care, $65,997.9
103.6
100.00 Utilities, 101.9 $60,000
Energy, $58,137.8
Industrials, $46,353.2
90.00 $40,000
Materials, 87.2
Consumer Staples, 86.8 Materials, $35,415.7
Telecommunication Services,
85.9 Consumer Staples, $27,455.1
80.00 Health Care, 85.4 $20,000
Utilities, $12,903.7
Financials, 77.5
Telecommunication Services,
$11,459.4
70.00 $-
Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11
Consumer Discretionary Consumer Staples Energy Consumer Discretionary Consumer Staples Energy
Financials Health Care Industrials Financials Health Care Industrials
Materials Technology Telecommunication Services Materials Technology Telecommunication Services
Utilities Utilities
Prepared by Ownership Content Specialist Group Page 14

15. Methodology Used in Generating Analysis
Source of Data
~ Thomson Reuters Global Equity Ownership Database ("OP")
~ Data collected from owners' SEC Form 13F filings
~ Form 13F:
Form filed with the U.S. Securities and Exchange Commission (SEC) on a quarterly basis by institutional investment managers that exercise
discretion over accounts with combined equity assets exceeding $100 million. The Form 13F must be filed within 45 days after the close of
each calendar quarter. Institutions must itemize their common, convertible preferred and convertible bond holdings. Equity holdings below
10,000 shares and less than $200,000 in principal amount and market value are exempt.
General
~ Holdings Values are based on the respective quarter-end prices
~ Sometimes an owner might hold multiple classes of securities of a single company (e.g., Class A, Class B Common, Preferred).
Differences in these securities will be indicated by the ticker symbol that follows the company name.
~ Except for the "Stocks Held" figures for "Top Firms", holdings in securities flagged with a micro sector of "mutual fund" are ignored
Top Firms
~ Ranking is based on Equity Assets under Management.
~ Only those firms holding 200 or fewer stocks are considered.
~ Equity Assets and Number of Stocks Held figures are for all of a firm's holdings, not just those disclosed on the form 13F
Top 10 Increases in Existing Positions
~ Based on aggregate share change for the top owners as a group
~ Includes only those securities where one or more of the owners held the security in the prior quarter
Top 10 Decreases in Existing Positions
~ Based on aggregate share change for the top owners as a group
~ Includes only those securities where one or more of the owners held the security in the prior quarter
Top 10 New Positions
~ Represents the purchase of securities not held by any of the top owners during the prior quarter
Top 10 Sell-Outs
~ Represents the complete sell-out of a security by the top owners as a group
~ Excludes sell-outs that occurred in connection with the delisting of securities
Top 100 Holdings
~ Based on the USD value of holdings by the top owners as a group in each security
~ # of Owners: Total number of top owners holding the security as of the quarter-end
~ % of Total Holdings: Holdings in security as a percentage of total USD value of aggregated portfolios of top owners
Top 10 Holdings By Owner
~ Based on Holdings Value
~ "% of Holdings" = Holdings Value divided by Total Equity Assets of firm (as reported on the "Summary" tab)
Graph: Portfolio Breakdown by Sector
~ Based on aggregate USD holdings of all hedge fund owners (not just top 30), as a group, in each sector
~ For latest reported quarter
~ Excludes Exchange-Traded Funds (ETFs)
Graph: Sector Movement between Current and Prior Quarters
~ Based on change in aggregate USD holdings of all hedge fund owners (not just top 30), as a group, in each sector between current and prior quarters
~ Excludes Exchange-Traded Funds (ETFs)
Graph: Percentage Change in Holdings by Sector
~ Represents percent change in total USD value of holdings by all hedge fund owners (not just top 30), as a group, in each sector
~ Data range is a rolling eight (8) quarters
~
Prepared by Ownership Content Specialist Group Page 15