Quarterly Portfolio Holdings


Portfolio holdings sorted by percent of assets
as of December 31, 2009

Security Description

Symbol

Security Description

Symbol

Occidental Petroleum Corp.
OXY
Cardinal Health, Inc.
CAH
Berkshire Hathaway, Inc. Class A
BRK A
Comcast Corp. -Special Class A
CMCSK
Costco Wholesale Corp.
COST
Hang Lung Group Ltd.
10 HK
Wells Fargo & Co.
WFC
Kuehne & Nagel International AG
KNIN VX
American Express Co.
AXP
Goldman Sachs Group, Inc.
GS
EOG Resources, Inc.
EOG
H & R Block, Inc.
HRB
Devon Energy Corp.
DVN
Vulcan Materials Corp.
VMC
Loews Corp.
L
OGX Petroleo e Gas Participacoes SA
OGXP3 BZ
Merck & Co., Inc.
MRK
DIRECTV Group, Inc. , Class A
DTV
JPMorgan Chase & Co.
JPM
Coca-Cola Company
KO
CVS Caremark Corporation
CVS
Gam Holdings Ltd.
GAM VX
Canadian Natural Resources Ltd.
CNQ
BHP Billiton PLC
BLT LN
Progressive Corp.
PGR
United Parcel Service, Inc. Class B
UPS
Johnson & Johnson
JNJ
Monsanto Co.
MON
Sealed Air Corp.
SEE
Brookfield Asset Management Inc., Class A
BAM
Bank of New York Mellon Corp.
BK
Rio Tinto PLC
RIO LN
Microsoft Corp.
MSFT
Activision Blizzard, Inc.
ATVI
Google Inc., Class A
GOOG
Amazon.Com, Inc.
AMZN
Hewlett Packard Co.
HPQ
Grupo Televisa S.A. ADR
TV
Julius Baer Group Ltd.
BAER VX
Hartford Financial Services Group, Inc.
HIG
Texas Instruments, Inc.
TXN
ABB Limited ADR
ABB
Iron Mountain, Inc.
IRM
Laboratory Corporation of America Holdings
LH
Procter & Gamble Co.
PG
Fairfax Financial Holdings Ltd.
FRFHF
News Corp. Class A
NWSA
ConocoPhillips
COP
Diageo PLC
DGE LN
Sealed Air Corp. - Corporate Bond
81211KAL4
Express Scripts, Inc.
ESRX
China Shipping Development Co. Ltd.
1138 HK
D & B Corp.
DNB
Visa, Inc. Class A
V
Bed Bath & Beyond, Inc.
BBBY
Potash Corporation of Saskatchewan, Inc.
POT
Agilent Technologies, Inc.
A
CareFusion Corporation
CFN
Heineken Holding NV
HEIO NA
Level 3 Communications - Conv. Bond
52729NBE9
Sino-Forest Corp.
TRE CN
PACCAR, Inc.
PCAR
Harley-Davidson, Inc.
HOG
Liberty Media Interactive Series A
LINTA
Martin Marietta Materials, Inc.
MLM
Hershey Company
HSY
Transatlantic Holdings, Inc.
TRH
Sino-Forest Corp. - Conv. Bond
82934HAB7
China Merchants Holding Int'l Co. Ltd.
144 HK
Cosco Pacific Limited
1199 HK
Becton, Dickson and Company
BDX
AES Corp.
AES
China Coal Energy Co.
1898 HK
Hunter Douglas NV
HDG NA
Pfizer Inc.
PFE
Principal Financial Group, Inc.
PFG
Philip Morris International, Inc.
PM
Natura Cosmeticos SA
NATU3 BZ
Walt Disney Company
DIS
Level 3 Communications - Conv. Bond
52729NBM1
Transocean Ltd.
RIG
Markel Corp.
MKL
CarMax, Inc.
KMX
UnitedHealth Group, Inc.
UNH
Ameriprise Financial, Inc.
AMP
Liberty Media-Starz Series A
LSTZA
Tyco International Ltd.
TYC
LLX Logistica S.A.
LLXL3 BZ
Moody's Corp.
MCO
Berkshire Hathaway, Inc. Class B
BRK B
Harley-Davidson, Inc. - Corporate Bond
412822AC2
Garmin Ltd.
GRMN


Portfolio holdings are subject to change. The holdings above may not represent the entire portfolio. For a complete listing of portfolio holdings review the most recent Annual Report, Semi-Annual report, or Form N-Q.

 














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