| 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 |
| Abbott Laboratories Com | COM | 002824100 | 4,132 | 56,320 | SH | | SOLE | | 56,320 | 0 | 0 |
| AbbVie Inc | COM | 00287Y109 | 1,022 | 10,810 | SH | | SOLE | | 10,810 | 0 | 0 |
| Activision Blizzard Inc Com US$0.000001 | COM | 00507V109 | 61,001 | 733,272 | SH | | SOLE | | 733,272 | 0 | 0 |
| Aflac Inc Com US$0.10 | COM | 001055102 | 517 | 10,976 | SH | | SOLE | | 10,976 | 0 | 0 |
| Alibaba Group Holdings Ltd Sponsored ADR | SPONSORED ADS | 01609W102 | 3,759 | 22,812 | SH | | SOLE | | 22,812 | 0 | 0 |
| Alphabet Inc US$0.001 'A' | CAP STK CL A | 02079K305 | 89,481 | 74,130 | SH | | SOLE | | 74,130 | 0 | 0 |
| Alphabet Inc US$0.001 'C' | CAP STK CL C | 02079K107 | 26,663 | 22,341 | SH | | SOLE | | 22,341 | 0 | 0 |
| Amazon.com Inc Com US$0.01 | COM | 023135106 | 152,084 | 75,928 | SH | | SOLE | | 75,928 | 0 | 0 |
| American Express Co Com US$0.20 | COM | 025816109 | 1,824 | 17,131 | SH | | SOLE | | 17,131 | 0 | 0 |
| American Tower Corporation Com US$0.01 | COM | 03027X100 | 6,459 | 44,456 | SH | | SOLE | | 44,456 | 0 | 0 |
| Apple Inc Com | COM | 037833100 | 133,280 | 590,415 | SH | | SOLE | | 590,415 | 0 | 0 |
| AT&T Inc Com US$1.00 | COM | 00206R102 | 42,193 | 1,256,479 | SH | | SOLE | | 1,256,479 | 0 | 0 |
| Baidu Inc ADS Each Repr 0.10 Ord Class 'A' Share | SPON ADR REP A | 056752108 | 81,213 | 355,139 | SH | | SOLE | | 355,139 | 0 | 0 |
| Becton Dickinson Com US$1 | COM | 075887109 | 124,516 | 477,073 | SH | | SOLE | | 477,073 | 0 | 0 |
| Berkshire Hathaway 'B' Com US$0.1667 | CL B NEW | 084670702 | 68,833 | 321,486 | SH | | SOLE | | 321,486 | 0 | 0 |
| Biogen Inc Com US$0.0005 | COM | 09062X103 | 107,459 | 304,150 | SH | | SOLE | | 304,150 | 0 | 0 |
| British American Tobacco Ord 25p ADR | SPONSORED ADR | 110448107 | 20,474 | 439,071 | SH | | SOLE | | 439,071 | 0 | 0 |
| Cadiz Inc Com US$0.01 | COM NEW | 127537207 | 1,776 | 159,318 | SH | | SOLE | | 159,318 | 0 | 0 |
| CDW Corporation Com US$0.01 | COM | 12514G108 | 906 | 10,188 | SH | | SOLE | | 10,188 | 0 | 0 |
| Centerpoint Energy Com | COM | 15189T107 | 949 | 34,322 | SH | | SOLE | | 34,322 | 0 | 0 |
| Church & Dwight Com US$1 | COM | 171340102 | 1,929 | 32,486 | SH | | SOLE | | 32,486 | 0 | 0 |
| Cisco Systems Com US$0.001 | COM | 17275R102 | 3,261 | 67,037 | SH | | SOLE | | 67,037 | 0 | 0 |
| Colgate-Palmolive Co Com US$1.00 | COM | 194162103 | 3,638 | 54,334 | SH | | SOLE | | 54,334 | 0 | 0 |
| eBay Inc Com US$0.001 | COM | 278642103 | 608 | 18,400 | SH | | SOLE | | 18,400 | 0 | 0 |
| Eli Lilly & Co Com | COM | 532457108 | 1,340 | 12,486 | SH | | SOLE | | 12,486 | 0 | 0 |
| EOG Resources Inc | COM | 26875P101 | 91,850 | 719,993 | SH | | SOLE | | 719,993 | 0 | 0 |
| ETFS Physical Swiss Gold (NUK) Shares US$ | SHS | 26922Y105 | 5,382 | 46,775 | SH | | SOLE | | 46,775 | 0 | 0 |
| Eversource Energy | COM | 30040W108 | 697 | 11,348 | SH | | SOLE | | 11,348 | 0 | 0 |
| Exxon Mobil Corporation Com | COM | 30231G102 | 7,949 | 93,495 | SH | | SOLE | | 93,495 | 0 | 0 |
| Facebook Inc Com | CL A | 30303M102 | 2,123 | 12,906 | SH | | SOLE | | 12,906 | 0 | 0 |
| Goodyear Tire & Rubber Co Com | COM | 382550101 | 552 | 23,607 | SH | | SOLE | | 23,607 | 0 | 0 |
| Home Depot Inc Com US$0.05 | COM | 437076102 | 39,373 | 190,072 | SH | | SOLE | | 190,072 | 0 | 0 |
| Honeywell International Inc Com US$1.00 | COM | 438516106 | 95,094 | 571,476 | SH | | SOLE | | 571,476 | 0 | 0 |
| International Paper Co Com US$1.00 | COM | 460146103 | 777 | 15,813 | SH | | SOLE | | 15,813 | 0 | 0 |
| Intuit Inc Com US$0.01 | COM | 461202103 | 49,228 | 216,484 | SH | | SOLE | | 216,484 | 0 | 0 |
| Johnson & Johnson Com US$1.00 | COM | 478160104 | 2,288 | 16,560 | SH | | SOLE | | 16,560 | 0 | 0 |
| JP Morgan Chase Com US$1 (US quote) | COM | 46625H100 | 105,040 | 930,878 | SH | | SOLE | | 930,878 | 0 | 0 |
| Kinder Morgan Inc | COM | 49456B101 | 509 | 28,706 | SH | | SOLE | | 28,706 | 0 | 0 |
| Korea Electric Power Corporation ADR SPON Each Rep 0.5 Com | SPONSORED ADR | 500631106 | 467 | 35,433 | SH | | SOLE | | 35,433 | 0 | 0 |
| Lockheed Martin Corp Com US$1.00 | COM | 539830109 | 12,860 | 37,172 | SH | | SOLE | | 37,172 | 0 | 0 |
| Marsh & McLennan Cos Inc Com US$1.00 | COM | 571748102 | 37,923 | 458,445 | SH | | SOLE | | 458,445 | 0 | 0 |
| Merck & Co Inc Com US$0.50 | COM | 58933Y105 | 1,861 | 26,240 | SH | | SOLE | | 26,240 | 0 | 0 |
| Microsoft Corporation Com US$0.0000125 | COM | 594918104 | 168,847 | 1,476,325 | SH | | SOLE | | 1,476,325 | 0 | 0 |
| New York Times Company Class 'A' Com US$0.10 | CL A | 650111107 | 500 | 21,586 | SH | | SOLE | | 21,586 | 0 | 0 |
| Newfield Exploration Co. | COM | 651290108 | 560 | 19,411 | SH | | SOLE | | 19,411 | 0 | 0 |
| Occidental Petroleum Corp Com US$0.20 USA (Regd) | COM | 674599105 | 6,994 | 85,112 | SH | | SOLE | | 85,112 | 0 | 0 |
| OGE Energy Corporation Com US$0.01 | COM | 670837103 | 763 | 21,002 | SH | | SOLE | | 21,002 | 0 | 0 |
| Old Dominion Freight Line, Inc Com US$0.10 | COM | 679580100 | 1,949 | 12,083 | SH | | SOLE | | 12,083 | 0 | 0 |
| ON Semiconductor US$0.01 | COM | 682189105 | 891 | 48,324 | SH | | SOLE | | 48,324 | 0 | 0 |
| Oracle Corporation Com US$0.01 | COM | 68389X105 | 1,208 | 23,425 | SH | | SOLE | | 23,425 | 0 | 0 |
| Paccar Inc US$1 | COM | 693718108 | 829 | 12,153 | SH | | SOLE | | 12,153 | 0 | 0 |
| PayPal Holdings Inc Com US$0.0001 | COM | 70450Y103 | 1,529 | 17,403 | SH | | SOLE | | 17,403 | 0 | 0 |
| Pfizer Inc Com US$0.05 | COM | 717081103 | 6,742 | 152,984 | SH | | SOLE | | 152,984 | 0 | 0 |
| Philip Morris International Com | COM | 718172109 | 1,125 | 13,794 | SH | | SOLE | | 13,794 | 0 | 0 |
| Procter & Gamble Co Com | COM | 742718109 | 1,292 | 15,520 | SH | | SOLE | | 15,520 | 0 | 0 |
| Progressive Corp Com US$1 | COM | 743315103 | 1,061 | 14,941 | SH | | SOLE | | 14,941 | 0 | 0 |
| Quanta Services, Inc | COM | 74762E102 | 468 | 14,028 | SH | | SOLE | | 14,028 | 0 | 0 |
| S&P Global Inc | COM | 78409V104 | 11,563 | 59,178 | SH | | SOLE | | 59,178 | 0 | 0 |
| Salesforce.com Inc Com US$0.001 | COM | 79466L302 | 88,965 | 559,423 | SH | | SOLE | | 559,423 | 0 | 0 |
| Schlumberger Com US$0.01 | COM | 806857108 | 101,200 | 1,661,202 | SH | | SOLE | | 1,661,202 | 0 | 0 |
| Southern Copper Corporation Com US$0.01 | COM | 842587107 | 533 | 12,345 | SH | | SOLE | | 12,345 | 0 | 0 |
| SPDR Gold Trust Shares | GOLD SHS | 78463V107 | 2,957 | 26,226 | SH | | SOLE | | 26,226 | 0 | 0 |
| Steel Dynamics Inc Com US$0.01 | COM | 858119100 | 954 | 21,103 | SH | | SOLE | | 21,103 | 0 | 0 |
| Taiwan Semiconductor Manufacturing ADS Rep 5 Ord TW$10 | SPONSORED ADR | 874039100 | 1,719 | 38,916 | SH | | SOLE | | 38,916 | 0 | 0 |
| TJX Cos Inc Com US$1 | COM | 872540109 | 1,560 | 13,927 | SH | | SOLE | | 13,927 | 0 | 0 |
| Tyson Foods Incorporated Class 'A' Com US$0.10 | CL A | 902494103 | 630 | 10,590 | SH | | SOLE | | 10,590 | 0 | 0 |
| Ulta Beauty Inc US$0.01 | COM | 90384S303 | 3,161 | 11,203 | SH | | SOLE | | 11,203 | 0 | 0 |
| Union Pacific Corporation Com US$2.50 | COM | 907818108 | 104,335 | 640,761 | SH | | SOLE | | 640,761 | 0 | 0 |
| US Bancorp US$0.01 | COM NEW | 902973304 | 824 | 15,610 | SH | | SOLE | | 15,610 | 0 | 0 |
| Verizon Communications Com US$0.10 | COM | 92343V104 | 10,447 | 195,672 | SH | | SOLE | | 195,672 | 0 | 0 |
| Visa Inc Com Stock US$0.0001 | COM CL A | 92826C839 | 114,081 | 760,086 | SH | | SOLE | | 760,086 | 0 | 0 |
| Walt Disney Company Disney Com US$0.01 | COM DISNEY | 254687106 | 1,690 | 14,450 | SH | | SOLE | | 14,450 | 0 | 0 |
| Wells Fargo & Co Com US$1 2/3 | COM | 949746101 | 1,412 | 26,860 | SH | | SOLE | | 26,860 | 0 | 0 |
