Veredus Asset Management 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

OMB APPROVAL

OMB Number:		3235-0006
Expires:	Oct 31, 2018
Estimated average burden
hours per response:		23.8

COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
ABBVIE	CS	00287Y109	35,695	329,842	SH		SOLE	0	47,537	0	282,305
ADECCO GROUP ADR	CS	006754204	3,311	98,600	SH		SOLE	0	0	0	98,600
AERCAP HOLDINGS NV	CS	N00985106	29,384	500,228	SH		SOLE	0	180,698	0	319,530
AERCAP HOLDINGS NV	CS	N00985106	5,359	91,228	SH		DFND	0	90,525	0	703
AJINOMOTO ADR	CS	009707100	2,800	135,400	SH		SOLE	0	0	0	135,400
AKAMAI TECHNOLGIES	CS	00971T101	27,532	270,184	SH		SOLE	0	28,798	0	241,386
ALIBABA GROUP HOLDING	CS	01609W102	20,530	90,548	SH		SOLE	0	32,928	0	57,620
ALIBABA GROUP HOLDING	CS	01609W102	2,964	13,072	SH		DFND	0	12,977	0	95
ALLIANZ SE	CS	018820100	1,485	58,056	SH		SOLE	0	58,056	0	0
ALPHABET INC	CS	02079K305	52,559	25,483	SH		SOLE	0	2,660	0	22,823
ALTRIA GROUP INC COM	CS	02209S103	16,167	316,020	SH		SOLE	0	58,027	0	257,993
AMDOCS LTD	CS	G02602103	21,329	304,050	SH		SOLE	0	92,350	0	211,700
AMDOCS LTD	CS	G02602103	2,865	40,839	SH		DFND	0	40,554	0	285
AMERICAN EXPRESS CO	CS	025816109	31,255	220,980	SH		SOLE	0	23,517	0	197,463
AMERIPRISE FINANCIAL INC	CS	03076C106	61,584	264,934	SH		SOLE	0	18,912	0	246,022
AMGEN INC	CS	031162100	36,059	144,925	SH		SOLE	0	15,470	0	129,455
ANGLO AMERICAN PLC ADR	CS	03485P300	7,235	364,493	SH		SOLE	0	131,493	0	233,000
ANGLO AMERICAN PLC ADR	CS	03485P300	1,036	52,176	SH		DFND	0	51,808	0	368
ANTHEM, INC	CS	036752103	24,957	69,526	SH		SOLE	0	7,410	0	62,116
AON CORP.	CS	G0403H108	17,222	74,843	SH		SOLE	0	26,266	0	48,577
AON CORP.	CS	G0403H108	2,651	11,520	SH		DFND	0	11,432	0	88
AP MOLLER MAERSK	CS	00202F102	3,129	268,600	SH		SOLE	0	0	0	268,600
APPLE COMPUTER INC	CS	037833100	54,703	447,831	SH		SOLE	0	50,727	0	397,104
APPLIED MATERIALS	CS	038222105	26,413	197,702	SH		SOLE	0	542	0	197,160
APTIV PLC ORDINARY	CS	G6095L109	63,813	462,750	SH		SOLE	0	100,632	0	362,118
APTIV PLC ORDINARY	CS	G6095L109	4,014	29,111	SH		DFND	0	28,900	0	211
ARCELORMITTAL SA LUXEMBOU	CS	03938L203	3,990	136,800	SH		SOLE	0	0	0	136,800
ASHLAND GLOBAL HOLDINGS INC	CS	044209104	211	2,379	SH		SOLE	0	2,379	0	0
ASHTEAD GROUP PLC UNSP	CS	045055100	29,961	122,797	SH		SOLE	0	44,607	0	78,190
ASHTEAD GROUP PLC UNSP	CS	045055100	4,476	18,343	SH		DFND	0	18,210	0	133
AT&T INC COM	CS	00206R102	1,025	33,847	SH		SOLE	0	30,674	0	3,173
AUTOZONE INC	CS	053332102	56,976	40,572	SH		SOLE	0	2,788	0	37,784
AXA- SPONS ADR	CS	054536107	13,348	493,255	SH		SOLE	0	170,595	0	322,660
AXA- SPONS ADR	CS	054536107	1,796	66,385	SH		DFND	0	65,875	0	510
B & G FOODS INC	CS	05508R106	211	6,800	SH		SOLE	0	5,000	0	1,800
B A S F A G	CS	055262505	19,139	924,170	SH		SOLE	0	336,570	0	587,600
B A S F A G	CS	055262505	2,836	136,941	SH		DFND	0	135,889	0	1,052
BAIDU INC	CS	056752108	19,470	89,494	SH		SOLE	0	32,274	0	57,220
BAIDU INC	CS	056752108	2,375	10,915	SH		DFND	0	10,834	0	81
BANK NOVA SCOTIA HALIFAX	CS	064149107	1,151	18,395	SH		SOLE	0	18,395	0	0
BANK OF AMERICA CORPORATION	CS	060505104	48,290	1,248,124	SH		SOLE	0	131,423	0	1,116,701
BANK OF MONTREAL	CS	063671101	30,833	345,975	SH		SOLE	0	124,955	0	221,020
BANK OF MONTREAL	CS	063671101	4,295	48,190	SH		DFND	0	47,845	0	345
BEST BUY INC COM	CS	086516101	52,235	454,976	SH		SOLE	0	30,769	0	424,207
BIOGEN IDEC INC	CS	09062x103	19,525	69,793	SH		SOLE	0	303	0	69,490
BLACKROCK INC	CS	09247X101	412	546	SH		SOLE	0	336	0	210
BNP PARIBAS PA ADR	CS	05565A202	25,181	822,901	SH		SOLE	0	296,811	0	526,090
BNP PARIBAS PA ADR	CS	05565A202	3,580	116,993	SH		DFND	0	116,142	0	851
BOOKING HOLDINGS INC	CS	09857L108	33,832	14,521	SH		SOLE	0	1,547	0	12,974
BRISTOL MYERS SQUIBB CO	CS	110122108	23,333	369,606	SH		SOLE	0	39,742	0	329,864
BRITISH AMERN TOB PLC ADR	CS	110448107	9,762	251,968	SH		SOLE	0	54,688	0	197,280
BRITISH AMERN TOB PLC ADR	CS	110448107	1,617	41,733	SH		DFND	0	41,424	0	309
BROADCOM LTD	CS	11135F101	45,015	97,086	SH		SOLE	0	13,793	0	83,293
BROWN FORMAN CL B	CS	115637209	226	3,279	SH		SOLE	0	937	0	2,342
CANADIAN NATL RY CO	CS	136375102	19,698	169,835	SH		SOLE	0	59,525	0	110,310
CANADIAN NATL RY CO	CS	136375102	2,788	24,039	SH		DFND	0	23,861	0	178
CAPGEMINI SE	CS	13961R100	22,368	656,546	SH		SOLE	0	236,326	0	420,220
CAPGEMINI SE	CS	13961R100	3,198	93,879	SH		DFND	0	93,211	0	668
CEMEX	CS	151290889	3,725	534,500	SH		SOLE	0	0	0	534,500
CERNER CORP	CS	156782104	15,652	217,751	SH		SOLE	0	941	0	216,810
CHECK POINT SOFTWARE TECH	CS	M22465104	2,855	25,500	SH		SOLE	0	0	0	25,500
CHEVRON CORP NEW COM	CS	166764100	28,087	268,039	SH		SOLE	0	37,852	0	230,187
CHINA OVERSEAS LAND & INVESTME	CS	169403201	6,451	504,728	SH		SOLE	0	158,328	0	346,400
CHINA OVERSEAS LAND & INVESTME	CS	169403201	679	53,098	SH		DFND	0	52,639	0	459
CISCO SYS INC COM	CS	17275R102	419	8,097	SH		SOLE	0	672	0	7,425
CITIZENS FINANCIAL GROUP INC	CS	174610105	51,231	1,160,382	SH		SOLE	0	158,009	0	1,002,373
CITRIX SYS INC	CS	177376100	18,436	131,349	SH		SOLE	0	569	0	130,780
COMCAST CORP CL A	CS	20030N101	17,171	317,321	SH		SOLE	0	34,477	0	282,844
CONOCOPHILLIPS	CS	20825C104	16,544	312,332	SH		SOLE	0	32,618	0	279,714
CORESITE REALTY CORP.	CS	21870Q105	13,323	111,161	SH		SOLE	0	10,988	0	100,173
CRH PLC ADR	CS	12626K203	26,748	569,349	SH		SOLE	0	207,219	0	362,130
CRH PLC ADR	CS	12626K203	3,895	82,913	SH		DFND	0	82,291	0	622
D R HORTON INC	CS	23331a109	22,063	247,560	SH		SOLE	0	680	0	246,880
DANONE SPON ADR	CS	23636T100	11,614	844,669	SH		SOLE	0	308,259	0	536,410
DANONE SPON ADR	CS	23636T100	2,030	147,601	SH		DFND	0	146,576	0	1,025
DAVITA INC	CS	23918K108	44,005	408,321	SH		SOLE	0	28,320	0	380,001
DBS GROUP HOLDINGS LTD	CS	23304Y100	26,042	301,307	SH		SOLE	0	109,227	0	192,080
DBS GROUP HOLDINGS LTD	CS	23304Y100	3,817	44,163	SH		DFND	0	43,838	0	325
DOLLAR GENERAL CORP	CS	256677105	16,439	81,133	SH		SOLE	0	223	0	80,910
EASTMAN CHEMICAL CO	CS	277432100	28,389	257,803	SH		SOLE	0	27,189	0	230,614
EATON CORP PLC	CS	G29183103	1,672	12,090	SH		SOLE	0	12,090	0	0
EATON VANCE MUNICIPAL BD	CS	27827X101	304	22,829	SH		SOLE	0	22,829	0	0
EBAY INC	CS	278642103	20,827	340,083	SH		SOLE	0	1,473	0	338,610
EMERSON ELEC CO COM	CS	291011104	263	2,918	SH		SOLE	0	0	0	2,918
ERICSSON	CS	294821608	25,073	1,900,903	SH		SOLE	0	685,943	0	1,214,960
ERICSSON	CS	294821608	3,632	275,358	SH		DFND	0	273,396	0	1,962
EXXON MOBIL	CS	30231G102	614	10,998	SH		SOLE	0	6,630	0	4,368
F5 NETWORKS	CS	315616102	31,608	151,512	SH		SOLE	0	15,844	0	135,668
FEDEX CORP	CS	31428X106	18,697	65,825	SH		SOLE	0	285	0	65,540
FIFTH THIRD BANCORP	CS	316773100	32,712	873,481	SH		SOLE	0	91,729	0	781,752
FIRST FINANCIAL BANCORP	CS	320209109	287	11,964	SH		SOLE	0	11,964	0	0
FLEX LTD	CS	Y2573F102	3,257	177,900	SH		SOLE	0	0	0	177,900
FORTINET INC.	CS	34959E109	21,219	115,059	SH		SOLE	0	499	0	114,560
FRESENIUS MEDICAL CARE AG & CO	CS	358029106	16,502	447,460	SH		SOLE	0	130,270	0	317,190
FRESENIUS MEDICAL CARE AG & CO	CS	358029106	1,809	49,064	SH		DFND	0	48,647	0	417
FUJIFILM HOLDINGS CORP	CS	35958N107	21,799	365,154	SH		SOLE	0	132,984	0	232,170
FUJIFILM HOLDINGS CORP	CS	35958N107	3,197	53,544	SH		DFND	0	53,158	0	386
FUJITSU LIMITED ADR	CS	359590304	3,089	105,800	SH		SOLE	0	0	0	105,800
GENERAL MILLS	CS	370334104	1,814	29,583	SH		SOLE	0	27,733	0	1,850
GILEAD SCIENCES INC	CS	375558103	1,331	20,597	SH		SOLE	0	20,597	0	0
HDFC BANK LTD	CS	40415F101	28,390	365,427	SH		SOLE	0	133,167	0	232,260
HDFC BANK LTD	CS	40415F101	4,459	57,397	SH		DFND	0	56,949	0	448
HOME DEPOT	CS	437076102	33,601	110,078	SH		SOLE	0	11,946	0	98,132
HORIZON THERAPEUTICS INC.	CS	G46188101	3,866	42,000	SH		SOLE	0	0	0	42,000
HP INC	CS	40434L105	22,065	694,949	SH		SOLE	0	3,009	0	691,940
ICON PLC - AMERICAN DEPOSITARY	CS	G4705A100	17,625	89,755	SH		SOLE	0	26,565	0	63,190
ICON PLC - AMERICAN DEPOSITARY	CS	G4705A100	2,278	11,602	SH		DFND	0	11,518	0	84
ILLINOIS TOOL WKS INC COM	CS	452308109	34,106	153,967	SH		SOLE	0	16,400	0	137,567
INFOSYS TECHNOLOGIES LTD	CS	456788108	21,100	1,127,141	SH		SOLE	0	343,131	0	784,010
INFOSYS TECHNOLOGIES LTD	CS	456788108	3,011	160,825	SH		DFND	0	159,589	0	1,236
ING GROUP N V	CS	456837103	22,923	1,874,283	SH		SOLE	0	676,303	0	1,197,980
ING GROUP N V	CS	456837103	3,284	268,480	SH		DFND	0	266,557	0	1,923
INTEL CORP	CS	458140100	34,075	532,418	SH		SOLE	0	53,765	0	478,653
INTL. BUSINESS MACHS CO	CS	459200101	1,110	8,326	SH		SOLE	0	8,326	0	0
IQVIA HOLDINGS INC	CS	46266C105	37,378	193,528	SH		SOLE	0	20,295	0	173,233
ISHARES BARCLAYS TIPS BOND FUN	ETF	464287176	258	2,060	SH		SOLE	0	2,060	0	0
ISHARES MSCI ACWI EX US ETF	ETF	464288240	1,751	31,741	SH		DFND	0	31,741	0	0
ISHARES NATIONAL MUNI BOND ETF	ETF	464288414	643	5,555	SH		SOLE	0	0	0	5,555
ITAU UNIBANCO HOLDINGS SA	CS	465562106	10,432	2,103,174	SH		SOLE	0	760,474	0	1,342,700
ITAU UNIBANCO HOLDINGS SA	CS	465562106	1,305	263,202	SH		DFND	0	260,963	0	2,239
ITOCHU CORPORATION	CS	465717106	26,109	399,675	SH		SOLE	0	125,305	0	274,370
ITOCHU CORPORATION	CS	465717106	3,305	50,591	SH		DFND	0	50,226	0	365
J P MORGAN CHASE & CO	CS	46625H100	55,400	363,921	SH		SOLE	0	38,433	0	325,488
JACOBS ENGINEERING GROUP	CS	469814107	21,009	162,520	SH		SOLE	0	17,383	0	145,137
JAZZ PHARMACEUTICALS INC	CS	G50871105	3,649	22,201	SH		SOLE	0	1,357	0	20,844
JOHNSON & JOHNSON COM	CS	478160104	540	3,288	SH		SOLE	0	800	0	2,488
JOHNSON CONTROLS INTERNATIONAL	CS	G51502105	25,659	430,016	SH		SOLE	0	1,006	0	429,010
JOYY INC ADR	CS	46591M109	17,794	189,837	SH		SOLE	0	55,537	0	134,300
JOYY INC ADR	CS	46591M109	2,066	22,040	SH		DFND	0	21,862	0	178
JULIUS BAER GROUP LTD	CS	48137C108	45	3,511	SH		SOLE	0	3,511	0	0
JULIUS BAER GROUP LTD	CS	48137C108	3,385	265,907	SH		DFND	0	263,847	0	2,060
KB FINANCIAL GROUP INC	CS	48241A105	8,280	167,518	SH		SOLE	0	60,518	0	107,000
KB FINANCIAL GROUP INC	CS	48241A105	1,149	23,241	SH		DFND	0	23,079	0	162
KENTUCKY BANCSHARES INC	CS	491203105	629	16,800	SH		SOLE	0	16,800	0	0
KERING UNSPONSORED ADR	CS	492089107	573	8,299	SH		SOLE	0	8,299	0	0
KIRIN HOLDINGS	CS	497350306	2,827	145,800	SH		SOLE	0	0	0	145,800
KOMATSU LTD	CS	500458401	15,321	490,611	SH		SOLE	0	178,531	0	312,080
KOMATSU LTD	CS	500458401	2,239	71,680	SH		DFND	0	71,156	0	524
KONINKLIJKE	CS	500467501	18,403	659,349	SH		SOLE	0	196,909	0	462,440
KONINKLIJKE	CS	500467501	2,229	79,862	SH		DFND	0	79,296	0	566
KONINKLIJKE PHILIPS ELECT	CS	500472303	15,264	267,648	SH		SOLE	0	97,203	0	170,445
KONINKLIJKE PHILIPS ELECT	CS	500472303	2,580	45,241	SH		DFND	0	44,935	0	306
LAZARD LTD	CS	G54050102	21,629	497,103	SH		SOLE	0	179,473	0	317,630
LENNAR CORP	CS	526057104	22,589	223,142	SH		SOLE	0	612	0	222,530
LENOVO GROUP LIMITED ADS	CS	526250105	4,144	145,000	SH		SOLE	0	0	0	145,000
LINCOLN NATIONAL CORP	CS	534187109	30,895	496,145	SH		SOLE	0	52,168	0	443,977
LIVANOVA PLC	CS	G5509L101	232	3,149	SH		SOLE	0	3,149	0	0
LUMENTUM HOLDINGS INC	CS	55024U109	28,761	314,849	SH		SOLE	0	33,216	0	281,633
LVMH Moet Hennessy	CS	502441306	18,242	136,304	SH		SOLE	0	46,524	0	89,780
LVMH Moet Hennessy	CS	502441306	2,808	20,983	SH		DFND	0	20,827	0	156
LYONDELLBASELL INDUSTRIES	CS	N53745100	28,238	271,390	SH		SOLE	0	109,000	0	162,390
LYONDELLBASELL INDUSTRIES	CS	N53745100	3,956	38,017	SH		DFND	0	37,728	0	289
MAGNA INTERNATIONAL INC	CS	559222401	34,851	395,847	SH		SOLE	0	140,667	0	255,180
MAGNA INTERNATIONAL INC	CS	559222401	4,148	47,115	SH		DFND	0	46,778	0	337
MANULIFE FINANACIAL CORP	CS	56501R106	1,328	61,780	SH		SOLE	0	61,780	0	0
MASCO CORP	CS	574599106	18,549	309,670	SH		SOLE	0	850	0	308,820
MCDONALDS CORP	CS	580135101	1,073	4,788	SH		SOLE	0	2,627	0	2,161
MCKESSON CORP COM	CS	58155Q103	19,194	98,409	SH		SOLE	0	269	0	98,140
MEDTRONIC INC	CS	G5960L103	55,679	471,343	SH		SOLE	0	99,264	0	372,079
MEDTRONIC INC	CS	G5960L103	3,223	27,283	SH		DFND	0	27,084	0	199
METLIFE INC.	CS	59156R108	1,725	28,373	SH		SOLE	0	28,373	0	0
MICROSOFT CORP	CS	594918104	3,259	13,823	SH		SOLE	0	9,520	0	4,303
MITSUBISHI UFJ FINL GROUP ADR	CS	606822104	9,282	1,725,257	SH		SOLE	0	612,347	0	1,112,910
MITSUBISHI UFJ FINL GROUP ADR	CS	606822104	1,628	302,529	SH		DFND	0	300,318	0	2,211
MOBILE TELESYSTEMS OJSC	CS	607409109	19,974	2,394,957	SH		SOLE	0	732,717	0	1,662,240
MOBILE TELESYSTEMS OJSC	CS	607409109	2,565	307,597	SH		DFND	0	305,390	0	2,207
MOMO INC	CS	60879B107	8,319	564,430	SH		SOLE	0	206,180	0	358,250
MOMO INC	CS	60879B107	1,286	87,223	SH		DFND	0	86,542	0	681
MORGAN STANLEY COM NEW	CS	617446448	52,803	679,926	SH		SOLE	0	71,293	0	608,633
NASPERS LIMITED ADR	CS	631512209	25,986	541,938	SH		SOLE	0	197,428	0	344,510
NASPERS LIMITED ADR	CS	631512209	3,843	80,150	SH		DFND	0	79,570	0	580
NATIONAL GRID TRANSCO PLC ADR	CS	636274409	1,140	19,240	SH		SOLE	0	19,240	0	0
NETAPP	CS	64110D104	18,661	256,795	SH		SOLE	0	705	0	256,090
NETEASE INC. ADR	CS	64110W102	28,534	276,339	SH		SOLE	0	99,749	0	176,590
NETEASE INC. ADR	CS	64110W102	4,177	40,448	SH		DFND	0	40,137	0	311
NEW ORIENTAL EDUCATION ADR	CS	647581107	25,751	1,839,365	SH		SOLE	0	663,965	0	1,175,400
NEW ORIENTAL EDUCATION ADR	CS	647581107	2,976	212,574	SH		DFND	0	210,599	0	1,975
NIPPON TELEG & TEL CORP	CS	654624105	14,895	574,906	SH		SOLE	0	208,016	0	366,890
NIPPON TELEG & TEL CORP	CS	654624105	2,481	95,747	SH		DFND	0	95,078	0	669
NOMURA HLDGS INC	CS	65535H208	3,069	572,500	SH		SOLE	0	0	0	572,500
NUVEEN KENTUCKY MUNICIPAL BOND	BF	67065R804	1,895	169,912	SH		SOLE	0	40,360	0	129,552
NVIDIA CORP	CS	67066g104	737	1,380	SH		SOLE	0	0	0	1,380
NVR INC	CS	62944T105	38,493	8,171	SH		SOLE	0	826	0	7,345
NXP SEMICONDUCTORS NV	CS	N6596X109	33,181	164,801	SH		SOLE	0	59,861	0	104,940
NXP SEMICONDUCTORS NV	CS	N6596X109	5,130	25,479	SH		DFND	0	25,270	0	209
OMEGA HEALTHCARE INVS	CS	681936100	1,129	30,833	SH		SOLE	0	30,833	0	0
ON SEMICONDUCTOR CORP	CS	682189105	40,473	972,676	SH		SOLE	0	101,522	0	871,154
OPEN TEXT CORPORATION	CS	683715106	35,308	740,046	SH		SOLE	0	188,248	0	551,798
OPEN TEXT CORPORATION	CS	683715106	3,061	64,161	SH		DFND	0	63,704	0	457
ORACLE CORP COM	CS	68389X105	18,451	262,952	SH		SOLE	0	722	0	262,230
ORIX CORP ADR	CS	686330101	19,607	231,241	SH		SOLE	0	82,251	0	148,990
OSHKOSH CORPORATION	CS	688239201	39,218	330,509	SH		SOLE	0	34,640	0	295,869
PACWEST BANCORP	CS	695263103	1,106	28,984	SH		SOLE	0	28,984	0	0
PANASONIC CORPORATION	CS	69832A205	301	23,074	SH		SOLE	0	23,074	0	0
PARKER HANNIFIN CORP	CS	701094104	31,079	98,531	SH		SOLE	0	10,429	0	88,102
PFIZER INC	CS	717081103	1,551	42,813	SH		SOLE	0	42,813	0	0
PHILIP MORRIS INTL INC COM	CS	718172109	20,325	229,040	SH		SOLE	0	20,181	0	208,859
PHILLIPS 66	CS	718546104	17,356	212,858	SH		SOLE	0	22,130	0	190,728
PING AN INSURANCE GROUP	CS	72341E304	25,465	1,058,886	SH		SOLE	0	382,236	0	676,650
PING AN INSURANCE GROUP	CS	72341E304	3,602	149,782	SH		DFND	0	148,680	0	1,102
PJSC LUKOIL CO ADR	CS	69343P105	28,565	353,569	SH		SOLE	0	133,469	0	220,100
PJSC LUKOIL CO ADR	CS	69343P105	4,151	51,385	SH		DFND	0	50,996	0	389
PJSC POLYUS GOLD ADR	CS	73181P102	2,242	24,800	SH		SOLE	0	0	0	24,800
PPL CORP	CS	69351T106	1,360	47,152	SH		SOLE	0	47,152	0	0
PROCTER & GAMBLE	CS	742718109	471	3,478	SH		SOLE	0	724	0	2,754
PROGRESSIVE CORP OHIO	CS	743315103	48,778	510,176	SH		SOLE	0	33,576	0	476,600
PULTEGROUP INC.	CS	745867101	38,102	726,589	SH		SOLE	0	75,909	0	650,680
QORVO, INC	CS	74736K101	42,669	233,545	SH		SOLE	0	24,591	0	208,954
QUALCOMM INC	CS	747525103	42,636	321,566	SH		SOLE	0	21,365	0	300,201
QUANTA SERVICES INC	CS	74762E102	20,925	237,833	SH		SOLE	0	1,025	0	236,808
RANDSTAD NV ADR UNSPON	CS	75279Q108	3,492	98,300	SH		SOLE	0	0	0	98,300
RAYTHEON TECHNOLOGIES CORP	CS	75513E101	340	4,405	SH		SOLE	0	898	0	3,507
REPSOL S.A.	CS	76026T205	17,364	1,398,052	SH		SOLE	0	504,292	0	893,760
REPSOL S.A.	CS	76026T205	2,413	194,261	SH		DFND	0	192,844	0	1,417
RIO TINTO PLC ADR	CS	767204100	68,414	881,054	SH		SOLE	0	192,198	0	688,856
RIO TINTO PLC ADR	CS	767204100	4,747	61,132	SH		DFND	0	60,665	0	467
ROBERT HALF INTL	CS	770323103	21,288	272,682	SH		SOLE	0	1,182	0	271,500
ROCHE HLDG LTD	CS	771195104	9,070	223,621	SH		SOLE	0	78,241	0	145,380
ROCHE HLDG LTD	CS	771195104	1,437	35,433	SH		DFND	0	35,181	0	252
ROSS STORES INC COM	CS	778296103	425	3,544	SH		SOLE	0	0	0	3,544
ROYAL DUTCH SHELL PLC	CS	780259206	33,992	866,941	SH		SOLE	0	202,792	0	664,149
ROYAL DUTCH SHELL PLC	CS	780259206	2,367	60,357	SH		DFND	0	59,919	0	438
SBERBANK OF RUSSIA	CS	80585Y308	22,218	1,441,791	SH		SOLE	0	577,881	0	863,910
SBERBANK OF RUSSIA	CS	80585Y308	3,174	206,001	SH		DFND	0	204,454	0	1,547
SEAGATE TECH	CS	G7945M107	4,183	54,500	SH		SOLE	0	0	0	54,500
SEMPRA ENERGY	CS	816851109	10,818	81,593	SH		SOLE	0	8,578	0	73,015
SENSATA TECHNOLOGIES HOLDING P	CS	G8060N102	19,258	332,317	SH		SOLE	0	118,657	0	213,660
SENSATA TECHNOLOGIES HOLDING P	CS	G8060N102	2,889	49,846	SH		DFND	0	49,452	0	394
SHIONOGI & CO LTD UNSP	CS	824667109	13,730	1,015,348	SH		SOLE	0	355,498	0	659,850
SHIONOGI & CO LTD UNSP	CS	824667109	1,925	142,361	SH		DFND	0	141,275	0	1,086
SIEMENS A G ADR	CS	826197501	3,720	45,200	SH		SOLE	0	0	0	45,200
SKYWORKS	CS	83088M102	20,415	111,266	SH		SOLE	0	306	0	110,960
SONY CORP	CS	835699307	29,729	280,433	SH		SOLE	0	100,333	0	180,100
SONY CORP	CS	835699307	4,324	40,788	SH		DFND	0	40,485	0	303
SOUTHWEST AIRLINES	CS	844741108	32,704	535,612	SH		SOLE	0	56,339	0	479,273
SUN LIFE FINANCIAL	CS	866796105	21,940	434,020	SH		SOLE	0	174,850	0	259,170
SUN LIFE FINANCIAL	CS	866796105	3,231	63,908	SH		DFND	0	63,436	0	472
SYNCHRONY FINANCIAL	CS	87165B103	19,958	490,846	SH		SOLE	0	2,126	0	488,720
TAIWAN SEMICONDUCTOR MFG CO AD	CS	874039100	23,218	196,299	SH		SOLE	0	71,269	0	125,030
TAIWAN SEMICONDUCTOR MFG CO AD	CS	874039100	3,877	32,781	SH		DFND	0	32,526	0	255
TARGET CORP COM	CS	87612E106	52,714	266,135	SH		SOLE	0	18,570	0	247,565
TDK CORP ADR	CS	872351408	2,788	19,900	SH		SOLE	0	0	0	19,900
TE CONNECTIVITY LTD.	CS	H84989104	36,978	286,409	SH		SOLE	0	30,892	0	255,517
TECHTRONIC INDUSTRIES CO	CS	87873R101	32,135	374,138	SH		SOLE	0	136,248	0	237,890
TECHTRONIC INDUSTRIES CO	CS	87873R101	5,011	58,342	SH		DFND	0	57,796	0	546
TERADYNE INC	CS	880770102	17,292	142,107	SH		SOLE	0	617	0	141,490
TEXAS ROADHOUSE	CS	882681109	4,209	43,872	SH		SOLE	0	43,872	0	0
TOKYO ELECTRON LTD	CS	889110102	32,768	299,955	SH		SOLE	0	109,195	0	190,760
TOKYO ELECTRON LTD	CS	889110102	5,188	47,488	SH		DFND	0	47,101	0	387
TOTAL SE	CS	89151E109	50,561	1,086,397	SH		SOLE	0	247,149	0	839,248
TOTAL SE	CS	89151E109	2,969	63,796	SH		DFND	0	63,294	0	502
TRACTOR SUPPLY	CS	892356106	21,461	121,196	SH		SOLE	0	526	0	120,670
UBS GROUP AG	CS	H42097107	28,831	1,856,470	SH		SOLE	0	669,850	0	1,186,620
UBS GROUP AG	CS	H42097107	4,137	266,400	SH		DFND	0	264,492	0	1,908
UNILEVER	CS	904767704	2,910	52,131	SH		SOLE	0	52,131	0	0
UNION PAC CORP COM	CS	907818108	29,549	134,063	SH		SOLE	0	14,181	0	119,882
UNITED HEALTHCARE CORP	CS	91324p102	35,295	94,861	SH		SOLE	0	9,768	0	85,093
UNITED RENTALS INC	CS	911363109	60,902	184,936	SH		SOLE	0	19,731	0	165,205
VALE SA	CS	91912E105	35,956	2,068,821	SH		SOLE	0	552,464	0	1,516,357
VALE SA	CS	91912E105	2,831	162,865	SH		DFND	0	161,538	0	1,327
VANGUARD BD INDEX FD INC	BF	921937827	610	7,430	SH		SOLE	0	7,430	0	0
VANGUARD INTERMEDIATE-TERM COR	BF	92206C870	200	2,150	SH		SOLE	0	2,150	0	0
VANGUARD S&P 500 ETF	ETF	922908363	2,059	5,653	SH		SOLE	0	5,653	0	0
VEOLIA ENVIRONMENT	CS	92334N103	11,544	448,842	SH		SOLE	0	160,722	0	288,120
VEOLIA ENVIRONMENT	CS	92334N103	2,000	77,745	SH		DFND	0	77,209	0	536
VERIZON COMMUNICATIONS	CS	92343V104	20,849	358,535	SH		SOLE	0	59,176	0	299,359
VIPSHOP HOLDINGS LTD ADS	CS	92763W103	29,059	973,171	SH		SOLE	0	308,641	0	664,530
VIPSHOP HOLDINGS LTD ADS	CS	92763W103	2,669	89,392	SH		DFND	0	88,765	0	627
YANDEX N.V.	CS	N97284108	19,951	311,453	SH		SOLE	0	113,383	0	198,070
YANDEX N.V.	CS	N97284108	3,085	48,153	SH		DFND	0	47,809	0	344
ZIONS BANCORPORATION	CS	989701107	22,538	410,087	SH		SOLE	0	42,580	0	367,507
ZTO EXPRESS INC	CS	98980A105	29,609	1,015,732	SH		SOLE	0	326,762	0	688,970
ZTO EXPRESS INC	CS	98980A105	3,216	110,329	SH		DFND	0	109,565	0	764