RAYNER & HAYNOR

Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.

Portfolio value: $131M
Positions: 91
Quarter ended: September 30, 2014
Filed: November 14, 2014

Reported portfolio value by quarter (4 quarters reported)

$132M $127M

Q4 13 Q1 14 Q2 14 Q3 14

$130M in Q4 2013 → $131M now. Hover for any quarter.

Holdings

As reported for the quarter ended September 30, 2014. Activity is the change in share count since the prior quarter's filing.

Holding	% of portfolio	Activity	Shares	Value
VL Vanguard Large-cap ETF	8.3%	Trimmed 1.5%	120,390	$10.9M
VS Vanguard Short Term Bond ETF	7.6%	Added 8.8%	123,750	$9.91M
VE Vanguard Europe Pacific ETF	5.0%	Trimmed 0.5%	162,930	$6.48M
VM Vanguard Mid-cap ETF	4.2%	Trimmed 0.6%	46,525	$5.46M
VS Vanguard Short-term Corp Bond	3.7%	Added 1.3%	60,980	$4.87M
VS Vanguard Small-cap ETF	3.3%	Trimmed 0.4%	38,780	$4.29M
VT Vanguard Total Stock Mkt ETF	3.3%	Added 3.4%	42,200	$4.27M
VR Vanguard REIT ETF	3.2%	Trimmed 0.2%	58,525	$4.21M
VE Vanguard Emerging Market ETF	3.1%	Trimmed 0.8%	95,620	$3.99M
Fiserv Inc.	2.4%	Trimmed 0.1%	49,099	$3.17M
Exxon Mobil Corp.	2.4%	Trimmed 0.7%	33,097	$3.11M
Thermo Fisher Scientific Inc.	2.3%	Trimmed 1.3%	24,785	$3.02M
Procter & Gamble Company	2.2%	Trimmed 0.9%	34,876	$2.92M
Johnson & Johnson	2.0%	Trimmed 1.2%	24,640	$2.63M
IB International Business Machine	1.7%	Unchanged	11,960	$2.27M
Stryker Corp	1.5%	Trimmed 0.8%	23,615	$1.91M
General Electric	1.4%	Trimmed 1.4%	73,585	$1.89M
ER Equitable Resources, Inc.	1.4%	Trimmed 1.6%	19,880	$1.82M
Chevron Corp.	1.4%	Trimmed 0.8%	15,190	$1.81M
OS Oracle Systems	1.4%	Unchanged	46,164	$1.77M
Pepsico	1.3%	Unchanged	18,380	$1.71M
CT Cognizant Tech	1.3%	Trimmed 0.5%	38,110	$1.71M
Microchip Technology Inc	1.3%	Trimmed 1.5%	34,950	$1.65M
Home Depot	1.2%	Trimmed 1.7%	17,125	$1.57M
Sonoco Products Company	1.2%	Trimmed 0.8%	39,100	$1.54M
AC Apple Computer	1.1%	Trimmed 0.7%	14,545	$1.47M
NS Nestle S.a. ADR	1.1%	Trimmed 2.0%	19,556	$1.44M
Colgate Palmolive	1.1%	Unchanged	21,570	$1.41M
SB Schwab Broad Market ETF	1.0%	Added 4.4%	28,570	$1.36M
Eaton Corp	1.0%	Trimmed 2.9%	20,270	$1.29M
Target Corp	1.0%	Trimmed 0.5%	20,000	$1.25M
Microsoft Corp.	0.9%	Unchanged	25,950	$1.2M
ED Ei Dupont De Nemours And Compa	0.9%	Unchanged	15,511	$1.11M
Wells Fargo	0.8%	Trimmed 0.9%	21,100	$1.09M
LO Laboratory Corp Of America Hld	0.8%	Trimmed 0.7%	10,310	$1.05M
Danaher Corp.	0.8%	Unchanged	13,470	$1.02M
VH Vanguard High Dvd Yield ETF	0.8%	Added 15%	14,750	$980K
VF Vanguard Ftse All World Ex-us	0.7%	Trimmed 2.5%	9,570	$977K
Fluor Corp.	0.7%	Trimmed 0.7%	14,120	$943K
H Hcp Inc.	0.7%	Trimmed 1.4%	23,750	$943K
SG SPDR Gold Trust	0.7%	Unchanged	7,830	$910K
AL Abbott Labs	0.7%	Trimmed 1.4%	21,075	$877K
U.s. Bancorp	0.7%	Unchanged	20,772	$869K
IF International Flavors & Fragra	0.6%	Unchanged	8,850	$849K
H Harris Corp	0.6%	Trimmed 1.2%	12,720	$845K
Abbvie Inc.	0.6%	Trimmed 3.2%	13,775	$796K
PF Prudential Fin'l Inc	0.6%	Trimmed 0.8%	8,771	$771K
TP Teva Pharmaceutical	0.6%	Trimmed 3.0%	13,800	$742K
Cisco Systems Inc.	0.6%	Unchanged	29,280	$737K
General Dynamics Corp.	0.5%	Trimmed 0.9%	5,625	$715K
VM Vanguard Mid-cap Value Index	0.5%	Unchanged	8,400	$713K
Kohl's Corp	0.5%	Trimmed 0.9%	11,550	$705K
VI Vanguard Int-term Corp Bond Et	0.5%	Trimmed 3.7%	7,800	$669K
Conocophillips	0.5%	Trimmed 2.3%	8,576	$656K
AT&T Corp	0.5%	Unchanged	18,547	$654K
A Amerisourcebergen	0.5%	Unchanged	8,000	$618K
M Mcdonalds	0.5%	Unchanged	6,510	$617K
II Ishares Iboxx$ Invstgrd Corp B	0.5%	Trimmed 6.9%	5,050	$597K
WS Wal-mart Stores Inc	0.4%	Unchanged	7,600	$581K
Autoliv, Inc.	0.4%	Trimmed 1.7%	5,950	$547K

Showing top 60 of 91 positions.

Timeline of changes

What changed each quarter, from the filings' own share counts. Largest moves first; most recent 3 quarters.

Q3 2014

quarter ended September 30, 2014 · filed November 14, 2014

Company	Action	Shares changed	Value of change	% of portfolio
VS Vanguard Short Term Bond ETF	Added	+10,050	+$805K	7.6%
PO Potash Corp Of Saskatchewan	New	+10,300	+$356K	0.3%
SD S&P Dep Rcpts Tr 1	Exited	−1,220	−$239K	—
VT Vanguard Total International S	New	+4,300	+$219K	0.2%
VL Vanguard Large-cap ETF	Trimmed	−1,825	−$165K	8.3%
VT Vanguard Total Stock Mkt ETF	Added	+1,400	+$142K	3.3%
VH Vanguard High Dvd Yield ETF	Added	+1,925	+$128K	0.8%
CE Consolidated Energy Inc.	Trimmed	−3,000	−$114K	0.3%
VS Vanguard Short-term Corp Bond	Added	+800	+$63.9K	3.7%
SB Schwab Broad Market ETF	Added	+1,200	+$57.1K	1.0%

Showing the 10 largest of 54 changes.

Q2 2014

quarter ended June 30, 2014 · filed August 15, 2014

Company	Action	Shares changed	Value of change	% of portfolio
VS Vanguard Short Term Bond ETF	Added	+18,700	+$1.5M	6.9%
AC Apple Computer	Added	+12,335	+$1.15M	1.0%
VS Vanguard S&P 500	Exited	−1,775	−$304K	—
VS Vanguard Short-term Corp Bond	Added	+2,800	+$225K	3.7%
Coca-cola	New	+4,800	+$203K	0.2%
SE Schwab Emerging Markets ETF	New	+7,700	+$200K	0.2%
VL Vanguard Large-cap ETF	Added	+1,400	+$126K	8.3%
VH Vanguard High Dvd Yield ETF	Added	+1,300	+$86.2K	0.6%
3m Company	Trimmed	−547	−$78.3K	0.3%
NS Nestle S.a. ADR	Trimmed	−1,000	−$77.7K	1.2%

Showing the 10 largest of 54 changes.

Q1 2014

quarter ended March 31, 2014 · filed April 11, 2014

Company	Action	Shares changed	Value of change	% of portfolio
Eaton Corp	Exited	−22,670	−$1.73M	—
Eaton Corp	New	+21,220	+$1.59M	1.3%
CT Cognizant Tech	Added	+18,775	+$950K	1.6%
VL Vanguard Large-cap ETF	Trimmed	−10,300	−$886K	8.2%
Abbvie Inc.	Exited	−15,375	−$812K	—
Abbvie Inc.	New	+14,825	+$762K	0.6%
VS Vanguard Short Term Bond ETF	Trimmed	−7,800	−$625K	6.0%
VE Vanguard Europe Pacific ETF	Trimmed	−8,600	−$355K	5.3%
IR Ishares Russell 3000	Exited	−2,747	−$304K	—
ES Express Scripts	New	+3,812	+$286K	0.2%

Showing the 10 largest of 68 changes.

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