| 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 |
| Agco Corporation US$0.01 | COM | 001084102 | 13,455 | 282,440 | SH | | SOLE | | 282,440 | 0 | 0 |
| Alcoa Inc Com US$1.00 | COM | 013817101 | 1,899 | 147,015 | SH | | SOLE | | 147,015 | 0 | 0 |
| Altria Group Inc Com US$0.3333 | COM | 02209S103 | 4,052 | 81,000 | SH | | SOLE | | 81,000 | 0 | 0 |
| Amazon.com Inc Com US$0.01 | COM | 023135106 | 18,955 | 50,940 | SH | | SOLE | | 50,940 | 0 | 0 |
| American Express Co Com US$0.20 | COM | 025816109 | 69,718 | 892,444 | SH | | SOLE | | 892,444 | 0 | 0 |
| American Tower Corporation Com US$0.01 | COM | 03027X100 | 7,293 | 77,465 | SH | | SOLE | | 77,465 | 0 | 0 |
| Amgen Inc Com US$0.0001 | COM | 031162100 | 1,774 | 11,100 | SH | | SOLE | | 11,100 | 0 | 0 |
| Apache Corporation Com US$1.25 | COM | 037411105 | 7,053 | 116,906 | SH | | SOLE | | 116,906 | 0 | 0 |
| Apple Inc Com | COM | 037833100 | 68,245 | 548,464 | SH | | SOLE | | 548,464 | 0 | 0 |
| Avnet Inc | COM | 053807103 | 45,339 | 1,018,853 | SH | | SOLE | | 1,018,853 | 0 | 0 |
| B/E Aerospace Inc Com US$0.01 | COM | 073302101 | 10,371 | 163,020 | SH | | SOLE | | 163,020 | 0 | 0 |
| Banco Bradesco SA SPON ADR Rep 1 Pref | COM | 059460303 | 1,116 | 120,243 | SH | | SOLE | | 120,243 | 0 | 0 |
| Bank of America Com US$0.01 | COM | 060505104 | 3,631 | 235,951 | SH | | SOLE | | 235,951 | 0 | 0 |
| Barclays Bank Plc Spon ADR EA Rep 1 Series 4 Pref Shs | SPON ADR EA REP | 06739H511 | 352 | 13,500 | SH | | SOLE | | 13,500 | 0 | 0 |
| Berkshire Hathaway 'B' Com US$0.1667 | CL B NEW | 084670702 | 52,200 | 361,698 | SH | | SOLE | | 361,698 | 0 | 0 |
| Boeing Co Com US$5.00 | COM | 097023105 | 35,590 | 237,140 | SH | | SOLE | | 237,140 | 0 | 0 |
| Brunswick Cap Ltd US$0.01 | COM | 117043109 | 580 | 252,343 | SH | | SOLE | | 252,343 | 0 | 0 |
| Bunge Ltd Com US$0.01 | COM | G16962105 | 2,081 | 25,273 | SH | | SOLE | | 25,273 | 0 | 0 |
| Cadiz Inc Com US$0.01 | COM NEW | 127537207 | 3,067 | 299,100 | SH | | SOLE | | 299,100 | 0 | 0 |
| Carnival Corporation Com US$0.01 | PAIRED CTF | 143658300 | 3,720 | 77,767 | SH | | SOLE | | 77,767 | 0 | 0 |
| Church & Dwight Com US$1 | COM | 171340102 | 20,069 | 234,940 | SH | | SOLE | | 234,940 | 0 | 0 |
| CIA Energ MG-CEMIG SPN ADR REP 1 PRF (LVL 2) | SP ADR N-V PFD | 204409601 | 755 | 184,652 | SH | | SOLE | | 184,652 | 0 | 0 |
| Cisco Systems Com US$0.001 | COM | 17275R102 | 2,452 | 89,090 | SH | | SOLE | | 89,090 | 0 | 0 |
| Citigroup Inc Com US$0.01 | COM NEW | 172967424 | 589 | 11,423 | SH | | SOLE | | 11,423 | 0 | 0 |
| Colgate-Palmolive Co Com US$1.00 | COM | 194162103 | 20,656 | 297,901 | SH | | SOLE | | 297,901 | 0 | 0 |
| Ctrip.Com International Ltd ADS Each Rep 0.5 Ord US$0.01 | AMERICAN DEP SHS | 22943F100 | 3,464 | 59,100 | SH | | SOLE | | 59,100 | 0 | 0 |
| Cummins Inc $2.50 | COM | 231021106 | 105,301 | 759,530 | SH | | SOLE | | 759,530 | 0 | 0 |
| DaVita Healthcare Partners Com US$0.001 | COM | 23918K108 | 5,056 | 62,200 | SH | | SOLE | | 62,200 | 0 | 0 |
| Deere & Co Com US$1 | COM | 244199105 | 15,872 | 181,000 | SH | | SOLE | | 181,000 | 0 | 0 |
| Delta Air Lines Inc Com US$0.0001 | COM NEW | 247361702 | 1,940 | 43,156 | SH | | SOLE | | 43,156 | 0 | 0 |
| eBay Inc Com US$0.001 | COM | 278642103 | 1,108 | 19,216 | SH | | SOLE | | 19,216 | 0 | 0 |
| EOG Resources Inc | COM | 26875P101 | 7,403 | 80,735 | SH | | SOLE | | 80,735 | 0 | 0 |
| Express Scripts HL Com US$0.01 | COM | 30219G108 | 2,774 | 31,970 | SH | | SOLE | | 31,970 | 0 | 0 |
| Exxon Mobil Corporation Com | COM | 30231G102 | 7,247 | 85,261 | SH | | SOLE | | 85,261 | 0 | 0 |
| Flowers Foods Inc US$0.01 | COM | 343498101 | 6,927 | 304,600 | SH | | SOLE | | 304,600 | 0 | 0 |
| Garmin Ltd | SHS | H2906T109 | 10,370 | 218,232 | SH | | SOLE | | 218,232 | 0 | 0 |
| General Electric Co of America Com US$0.06 | COM | 369604103 | 22,194 | 894,542 | SH | | SOLE | | 894,542 | 0 | 0 |
| Gilead Sciences Com US$0.001 | COM | 375558103 | 62,751 | 639,468 | SH | | SOLE | | 639,468 | 0 | 0 |
| Goldcorp Inc Com | COM | 380956409 | 893 | 49,300 | SH | | SOLE | | 49,300 | 0 | 0 |
| Goldman Sachs Group Com US$0.01 | COM | 38141G104 | 2,494 | 13,266 | SH | | SOLE | | 13,266 | 0 | 0 |
| Google Inc Com US$0.001 'A' | CL A | 38259P508 | 38,039 | 68,575 | SH | | SOLE | | 68,575 | 0 | 0 |
| Google Inc Com US$0.001 'C' | CL C | 38259P706 | 31,414 | 57,324 | SH | | SOLE | | 57,324 | 0 | 0 |
| Halliburton Com Stock US$2.50 | COM | 406216101 | 15,249 | 347,525 | SH | | SOLE | | 347,525 | 0 | 0 |
| Hanover Insurance Group Inc Com US$0.01 | OCM | 410867105 | 1,270 | 17,500 | SH | | SOLE | | 17,500 | 0 | 0 |
| Helmerich & Payne Inc Com US$0.10 | COM | 423452101 | 18,356 | 269,660 | SH | | SOLE | | 269,660 | 0 | 0 |
| Hershey Co (The) Com US$1.00 | COM | 427866108 | 1,101 | 10,910 | SH | | SOLE | | 10,910 | 0 | 0 |
| Hess Corporation Com US$1 | COM | 42809H107 | 1,732 | 25,520 | SH | | SOLE | | 25,520 | 0 | 0 |
| Home Depot Inc Com US$0.05 | COM | 437076102 | 6,748 | 59,397 | SH | | SOLE | | 59,397 | 0 | 0 |
| International Paper Co Com US$1.00 | COM | 460146103 | 39,586 | 713,396 | SH | | SOLE | | 713,396 | 0 | 0 |
| iShares Inc MSCI United Kingdom ETF | MSCI UK SM ETF | 46429B416 | 209 | 11,600 | SH | | SOLE | | 11,600 | 0 | 0 |
| Johnson & Johnson Com US$1.00 | COM | 478160104 | 3,191 | 31,721 | SH | | SOLE | | 31,721 | 0 | 0 |
| JP Morgan Chase Com US$1 (US quote) | COM | 46625H100 | 615 | 10,158 | SH | | SOLE | | 10,158 | 0 | 0 |
| KLX Inc Com $0.01 | COM | 482539103 | 1,509 | 39,150 | SH | | SOLE | | 39,150 | 0 | 0 |
| L Brands Inc US$0.50 | COM | 501797104 | 20,257 | 214,840 | SH | | SOLE | | 214,840 | 0 | 0 |
| Lazard Ltd Com 'A' US$0.01 | SHS A | G54050102 | 1,315 | 25,000 | SH | | SOLE | | 25,000 | 0 | 0 |
| Marsh & McLennan Cos Inc Com US$1.00 | COM | 571748102 | 29,091 | 518,644 | SH | | SOLE | | 518,644 | 0 | 0 |
| Mastercard Inc US$0.0001 Class 'A' | CL A | 57636Q104 | 27,980 | 323,878 | SH | | SOLE | | 323,878 | 0 | 0 |
| McDonald's Corporation Com US$0.01 | COM | 580135101 | 3,011 | 30,900 | SH | | SOLE | | 30,900 | 0 | 0 |
| Merck & Co Inc Com US$0.50 | COM | 58933Y105 | 1,020 | 17,740 | SH | | SOLE | | 17,740 | 0 | 0 |
| Metlife Inc Com US$0.01 | COM | 59156R108 | 3,092 | 61,170 | SH | | SOLE | | 61,170 | 0 | 0 |
| Microsoft Corporation Com US$0.0000125 | COM | 594918104 | 76,642 | 1,885,184 | SH | | SOLE | | 1,885,184 | 0 | 0 |
| Mondelez Intl Inc Com US$0.01 | CL A | 609207105 | 1,079 | 29,884 | SH | | SOLE | | 29,884 | 0 | 0 |
| Monsanto Com US$0.01 | COM | 61166W101 | 2,678 | 23,800 | SH | | SOLE | | 23,800 | 0 | 0 |
| MSC Industrial Direct Co | CL A | 553530106 | 7,535 | 104,360 | SH | | SOLE | | 104,360 | 0 | 0 |
| National Oilwell Varco Com US$0.01 | COM | 637071101 | 2,032 | 40,640 | SH | | SOLE | | 40,640 | 0 | 0 |
| Netease Inc. ADR Rep. 24 Com | SPONSORED ADR | 64110W102 | 21,812 | 207,138 | SH | | SOLE | | 207,138 | 0 | 0 |
| Northern Trust Corporation Com US$1.666 | COM | 665859104 | 3,866 | 55,500 | SH | | SOLE | | 55,500 | 0 | 0 |
| NOW Inc Com US$0.01 | COM | 67011P100 | 216 | 10,000 | SH | | SOLE | | 10,000 | 0 | 0 |
| Occidental Petroleum Corp Com US$0.20 USA (Regd) | COM | 674599105 | 3,684 | 50,460 | SH | | SOLE | | 50,460 | 0 | 0 |
| Oracle Corporation Com US$0.01 | COM | 68389X105 | 11,036 | 255,760 | SH | | SOLE | | 255,760 | 0 | 0 |
| Parker Hannifin Corporation Com Stk US$0.50 | COM | 701094104 | 18,726 | 157,655 | SH | | SOLE | | 157,655 | 0 | 0 |
| Pfizer Inc Com US$0.05 | COM | 717081103 | 24,600 | 707,093 | SH | | SOLE | | 707,093 | 0 | 0 |
| Philip Morris International Com | COM | 718172109 | 831 | 11,030 | SH | | SOLE | | 11,030 | 0 | 0 |
| Praxair Inc Com US$0.01 | COM | 74005P104 | 1,640 | 13,580 | SH | | SOLE | | 13,580 | 0 | 0 |
| Procter & Gamble Co Com | COM | 742718109 | 1,345 | 16,420 | SH | | SOLE | | 16,420 | 0 | 0 |
| Qualcomm Inc Com US$0.0001 | COM | 747525103 | 13,132 | 189,380 | SH | | SOLE | | 189,380 | 0 | 0 |
| Reynolds American Com US$0.0001 | COM | 761713106 | 20,213 | 293,325 | SH | | SOLE | | 293,325 | 0 | 0 |
| Salesforce.com Inc Com US$0.001 | COM | 79466L302 | 27,995 | 419,030 | SH | | SOLE | | 419,030 | 0 | 0 |
| Schlumberger Com US$0.01 | COM | 806857108 | 1,003 | 12,020 | SH | | SOLE | | 12,020 | 0 | 0 |
| Sensata Technologies Holding NV | SHS | N7902X106 | 23,217 | 404,123 | SH | | SOLE | | 404,123 | 0 | 0 |
| Soufun Holdings Ltd ADR Each Rep 1 'A' Ord Shares | ADR | 836034108 | 1,796 | 299,345 | SH | | SOLE | | 299,345 | 0 | 0 |
| Spectra Energy Corp Com US$0.001 | COM | 84756N109 | 1,740 | 48,100 | SH | | SOLE | | 48,100 | 0 | 0 |
| Tech Data Corp $0.0015 | COM | 878237106 | 7,442 | 128,815 | SH | | SOLE | | 128,815 | 0 | 0 |
| Time Warner Inc Com US$0.01 | COM NEW | 887317303 | 1,436 | 17,005 | SH | | SOLE | | 17,005 | 0 | 0 |
| Union Pacific Corporation Com US$2.50 | COM | 907818108 | 66,244 | 611,612 | SH | | SOLE | | 611,612 | 0 | 0 |
| United Technologies Corporation Com US$1.00 | COM | 913017109 | 42,945 | 366,428 | SH | | SOLE | | 366,428 | 0 | 0 |
| Verizon Communications Com US$0.10 | COM | 92343V104 | 3,335 | 68,588 | SH | | SOLE | | 68,588 | 0 | 0 |
| Verizon Communications Com US$0.10 | COM | 92343V104 | 18,606 | 379,782 | SH | | SOLE | | 379,782 | 0 | 0 |
| VF Corp Com | COM | 918204108 | 16,434 | 218,220 | SH | | SOLE | | 218,220 | 0 | 0 |
| Visa Inc Com Stock US$0.0001 | COM CL A | 92826C839 | 3,257 | 49,800 | SH | | SOLE | | 49,800 | 0 | 0 |
| W.W. Grainger Inc. US$0.50 | COM | 384802104 | 4,932 | 20,915 | SH | | SOLE | | 20,915 | 0 | 0 |
| Walt Disney Company Disney Com US$0.01 | COM DISNEY | 254687106 | 1,584 | 15,100 | SH | | SOLE | | 15,100 | 0 | 0 |
| Wells Fargo & Co Com US$1 2/3 | COM | 949746101 | 62,697 | 1,152,518 | SH | | SOLE | | 1,152,518 | 0 | 0 |
| WEX Inc | COM | 96208T104 | 1,848 | 17,216 | SH | | SOLE | | 17,216 | 0 | 0 |
| Xylem Inc | COM | 98419M100 | 354 | 10,100 | SH | | SOLE | | 10,100 | 0 | 0 |
