BI Asset Management Fondsmaeglerselskab A/S 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
ABBOTT LABS COM	COM	002824100	18,669	155,782	SH		DFND		143,310	0	12,472
ABBVIE INC COM	COM	00287Y109	5,723	52,879	SH		DFND		52,879	0	0
ABIOMED INC COM	COM	003654100	1,142	3,583	SH		DFND		3,583	0	0
ACCENTURE PLC IRELAND SHS CLASS A	SHS CLASS A	G1151C101	3,938	14,257	SH		DFND		14,257	0	0
ACTIVISION BLIZZARD INC COM	COM	00507V109	2,167	23,298	SH		DFND		23,298	0	0
ACUITY BRANDS INC COM	COM	00508Y102	4,458	27,018	SH		DFND		27,018	0	0
ADOBE SYSTEMS INCORPORATED COM	COM	00724F101	5,115	10,759	SH		DFND		10,759	0	0
ADT INC DEL COM	COM	00090Q103	259	30,666	SH		DFND		30,666	0	0
ADVANCED DRAIN SYS INC DEL COM	COM	00790R104	6,473	62,609	SH		DFND		62,609	0	0
ADVANCED MICRO DEVICES INC COM	COM	007903107	4,054	51,645	SH		DFND		51,645	0	0
AES CORP COM	COM	00130H105	834	31,125	SH		DFND		31,125	0	0
AFLAC INC COM	COM	001055102	218	4,252	SH		DFND		4,252	0	0
AGCO CORP COM	COM	001084102	241	1,678	SH		DFND		1,678	0	0
AGILENT TECHNOLOGIES INC COM	COM	00846U101	585	4,598	SH		DFND		4,598	0	0
AGNICO EAGLE MINES LTD COM	COM	008474108	328	5,668	SH		DFND		5,668	0	0
AIR LEASE CORP CL A	CL A	00912X302	224	4,581	SH		DFND		4,581	0	0
ALBEMARLE CORP COM	COM	012653101	802	5,488	SH		DFND		5,488	0	0
ALCOA CORP COM	COM	013872106	1,858	57,181	SH		DFND		57,181	0	0
ALEXANDRIA REAL ESTATE EQ IN COM	COM	015271109	244	1,488	SH		DFND		1,488	0	0
ALIBABA GROUP HLDG LTD SPONSORED ADS	SPONSORED ADS	01609W102	66,101	291,542	SH		DFND		291,542	0	0
ALIGN TECHNOLOGY INC COM	COM	016255101	262	484	SH		DFND		484	0	0
ALLISON TRANSMISSION HLDGS I COM	COM	01973R101	853	20,903	SH		DFND		20,903	0	0
ALLSTATE CORP COM	COM	020002101	35,780	311,404	SH		DFND		292,712	0	18,692
ALLY FINL INC COM	COM	02005N100	230	5,077	SH		DFND		5,077	0	0
ALPHABET INC CAP STK CL A	CL A	02079K305	71,631	34,730	SH		DFND		34,730	0	0
ALTRIA GROUP INC COM	COM	02209S103	1,862	36,396	SH		DFND		36,396	0	0
AMAZON COM INC COM	COM	023135106	13,880	4,486	SH		DFND		4,486	0	0
AMERICAN EXPRESS CO COM	COM	025816109	1,316	9,307	SH		DFND		9,307	0	0
AMERICAN INTL GROUP INC COM NEW	COM NEW	026874784	1,418	30,692	SH		DFND		30,692	0	0
AMERICAN TOWER CORP NEW COM	NEW COM	03027X100	1,087	4,545	SH		DFND		4,545	0	0
AMERICAN WTR WKS CO INC NEW COM	NEW COM	030420103	359	2,394	SH		DFND		2,394	0	0
AMERIPRISE FINL INC COM	COM	03076C106	2,702	11,623	SH		DFND		11,623	0	0
AMGEN INC COM	COM	031162100	18,879	75,878	SH		DFND		75,878	0	0
AMPHENOL CORP NEW CL A	NEW CL A	032095101	328	4,976	SH		DFND		4,976	0	0
ANALOG DEVICES INC COM	COM	032654105	406	2,620	SH		DFND		2,620	0	0
ANSYS INC COM	COM	03662Q105	232	683	SH		DFND		683	0	0
ANTHEM INC COM	COM	036752103	32,742	91,215	SH		DFND		85,457	0	5,758
APPLE INC COM	COM	037833100	82,128	672,355	SH		DFND		672,355	0	0
APPLIED MATLS INC COM	COM	038222105	24,044	179,973	SH		DFND		179,973	0	0
ARROW ELECTRS INC COM	COM	042735100	1,180	10,652	SH		DFND		10,652	0	0
ASTRAZENECA PLC SPONSORED ADR	SPONSORED ADR	046353108	19,829	398,815	SH		DFND		362,671	0	36,144
AT&T INC COM	COM	00206R102	6,271	207,177	SH		DFND		207,177	0	0
AUTODESK INC COM	COM	052769106	1,916	6,912	SH		DFND		6,912	0	0
AUTOMATIC DATA PROCESSING IN COM	COM	053015103	32,483	172,350	SH		DFND		162,447	0	9,903
AUTOZONE INC COM	COM	053332102	164	117	SH		DFND		117	0	0
AVANGRID INC COM	COM	05351W103	1,113	22,339	SH		DFND		22,339	0	0
AVERY DENNISON CORP COM	COM	053611109	17,203	93,672	SH		DFND		84,598	0	9,074
B2GOLD CORP COM	COM	11777Q209	3,086	717,020	SH		DFND		717,020	0	0
BAKER HUGHES COMPANY CL A	CL A	05722G100	8,582	397,130	SH		DFND		397,130	0	0
BALLARD PWR SYS INC NEW COM	COM	058586108	666	27,374	SH		DFND		27,374	0	0
BANK MONTREAL QUE COM	COM	063671101	435	4,885	SH		DFND		4,885	0	0
BANK NEW YORK MELLON CORP COM	COM	064058100	865	18,301	SH		DFND		18,301	0	0
BANK NOVA SCOTIA B C COM	COM	064149107	1,218	19,476	SH		DFND		19,476	0	0
BAXTER INTL INC COM	COM	071813109	390	4,626	SH		DFND		4,626	0	0
BEACON ROOFING SUPPLY INC COM	COM	073685109	237	4,530	SH		DFND		4,530	0	0
BERKSHIRE HATHAWAY INC DEL CL B NEW	CL B NEW	084670702	3,283	12,850	SH		DFND		12,850	0	0
BEST BUY INC COM	COM	086516101	8,301	72,299	SH		DFND		72,299	0	0
BEYOND MEAT INC COM	COM	08862E109	193	1,481	SH		DFND		1,481	0	0
BIOGEN INC COM	COM	09062X103	876	3,133	SH		DFND		3,133	0	0
BK OF AMERICA CORP COM	COM	060505104	10,833	279,985	SH		DFND		279,985	0	0
BLACKROCK INC COM	COM	09247X101	1,539	2,041	SH		DFND		2,041	0	0
BLOCK H & R INC COM	COM	093671105	588	26,988	SH		DFND		26,988	0	0
BOOKING HOLDINGS INC COM	COM	09857L108	1,505	646	SH		DFND		646	0	0
BORGWARNER INC COM	COM	099724106	7,552	162,898	SH		DFND		162,898	0	0
BRISTOL-MYERS SQUIBB CO COM	COM	110122108	6,185	97,973	SH		DFND		97,973	0	0
BROADCOM INC COM	COM ADDED	11135F101	1,576	3,398	SH		DFND		3,398	0	0
BROOKFIELD ASSET MGMT INC CL A LTD VT SH	VT SH	112585104	1,516	34,086	SH		DFND		34,086	0	0
BUILDERS FIRSTSOURCE INC COM	COM	12008R107	2,467	53,201	SH		DFND		53,201	0	0
CADENCE DESIGN SYSTEM INC COM	COM	127387108	2,037	14,870	SH		DFND		14,870	0	0
CAE INC COM	COM	124765108	846	29,679	SH		DFND		29,679	0	0
CAESARS ENTERTAINMENT INC NE COM	COM	12769G100	222	2,534	SH		DFND		2,534	0	0
CAMPBELL SOUP CO COM	COM	134429109	963	19,161	SH		DFND		19,161	0	0
CANADIAN PAC RY LTD COM	COM	13645T100	1,614	4,227	SH		DFND		4,227	0	0
CAPITAL ONE FINL CORP COM	COM	14040H105	2,490	19,570	SH		DFND		19,570	0	0
CATERPILLAR INC COM	COM	149123101	2,014	8,687	SH		DFND		8,687	0	0
CBRE GROUP INC CL A	CL A	12504L109	5,009	63,318	SH		DFND		63,318	0	0
CERNER CORP COM	COM	156782104	377	5,242	SH		DFND		5,242	0	0
CGI INC CL A SUB VTG	SUB VTG	12532H104	12	149	SH		DFND		149	0	0
CHART INDS INC COM	COM	16115Q308	225	1,582	SH		DFND		1,582	0	0
CHEVRON CORP NEW COM	NEW COM	166764100	3,317	31,657	SH		DFND		31,657	0	0
CHIPOTLE MEXICAN GRILL INC COM	COM	169656105	2,565	1,805	SH		DFND		1,805	0	0
CHURCHILL DOWNS INC COM	COM	171484108	215	947	SH		DFND		947	0	0
CIGNA CORP NEW COM	COM	125523100	1,666	6,892	SH		DFND		6,892	0	0
CISCO SYS INC COM	COM	17275R102	50,200	970,802	SH		DFND		931,010	0	39,792
CITIGROUP INC COM NEW	COM NEW	172967424	7,834	107,688	SH		DFND		107,688	0	0
CITIZENS FINANCIAL GROUP INC COM	COM	174610105	2,655	60,126	SH		DFND		60,126	0	0
CITRIX SYS INC COM	COM	177376100	8,781	62,562	SH		DFND		62,562	0	0
CLOROX CO DEL COM	COM	189054109	4,358	22,596	SH		DFND		22,596	0	0
CLOUDFLARE INC CL A COM	COM	18915M107	204	2,904	SH		DFND		2,904	0	0
CME GROUP INC COM	COM CL A	12572Q105	1,232	6,034	SH		DFND		6,034	0	0
CMS ENERGY CORP COM	COM	125896100	19,656	321,064	SH		DFND		292,234	0	28,830
COCA COLA CO COM	COM	191216100	26,569	504,056	SH		DFND		467,870	0	36,186
COGNIZANT TECHNOLOGY SOLUTIO CL A	CL A	192446102	6,342	81,178	SH		DFND		81,178	0	0
COLGATE PALMOLIVE CO COM	COM	194162103	16,564	210,128	SH		DFND		210,128	0	0
COMCAST CORP NEW CL A	CL A	20030N101	43,212	798,604	SH		DFND		770,796	0	27,808
CONAGRA BRANDS INC COM	COM	205887102	798	21,222	SH		DFND		21,222	0	0
CONOCOPHILLIPS COM	COM	20825C104	3,783	71,411	SH		DFND		71,411	0	0
COPART INC COM	COM	217204106	663	6,107	SH		DFND		6,107	0	0
CORCEPT THERAPEUTICS INC COM	COM	218352102	2,577	108,338	SH		DFND		108,338	0	0
CORNING INC COM	COM	219350105	1,115	25,635	SH		DFND		25,635	0	0
CORTEVA INC COM	COM	22052L104	211	4,529	SH		DFND		4,529	0	0
COSTAR GROUP INC COM	COM	22160N109	7	9	SH		DFND		9	0	0
COSTCO WHSL CORP NEW COM	NEW COM	22160K105	1,137	3,226	SH		DFND		3,226	0	0
CROCS INC COM	COM	227046109	3,137	38,997	SH		DFND		38,997	0	0
CSX CORP COM	COM	126408103	872	9,040	SH		DFND		9,040	0	0
CUMMINS INC COM	COM	231021106	14,806	57,140	SH		DFND		57,140	0	0
CVS HEALTH CORP COM	COM	126650100	25,124	333,957	SH		DFND		310,938	0	23,019
D R HORTON INC COM	COM	23331A109	247	2,773	SH		DFND		2,773	0	0
DANAHER CORPORATION COM	COM	235851102	4,984	22,144	SH		DFND		22,144	0	0
DARDEN RESTAURANTS INC COM	COM	237194105	224	1,576	SH		DFND		1,576	0	0
DARLING INGREDIENTS INC COM	COM	237266101	3,072	41,749	SH		DFND		41,749	0	0
DECKERS OUTDOOR CORP COM	COM	243537107	4,440	13,436	SH		DFND		13,436	0	0
DEERE & CO COM	COM	244199105	13,638	36,451	SH		DFND		36,451	0	0
DELL TECHNOLOGIES INC CL C	CL C	24703L202	4,774	54,157	SH		DFND		54,157	0	0
DELTA AIR LINES INC DEL COM NEW	COM NEW	247361702	797	16,505	SH		DFND		16,505	0	0
DEXCOM INC COM	COM	252131107	1,396	3,883	SH		DFND		3,883	0	0
DICKS SPORTING GOODS INC COM	COM	253393102	223	2,929	SH		DFND		2,929	0	0
DIGITAL RLTY TR INC COM	COM	253868103	1,378	9,782	SH		DFND		9,782	0	0
DISCOVER FINL SVCS COM	COM	254709108	215	2,267	SH		DFND		2,267	0	0
DISCOVERY INC COM SER A	COM SER A	25470F104	912	20,987	SH		DFND		20,987	0	0
DISNEY WALT CO COM	COM DISNEY	254687106	6,819	36,953	SH		DFND		36,953	0	0
DOCUSIGN INC COM	COM	256163106	392	1,936	SH		DFND		1,936	0	0
DORMAN PRODS INC COM	COM	258278100	592	5,769	SH		DFND		5,769	0	0
DOUGLAS EMMETT INC COM	COM	25960P109	1,625	51,758	SH		DFND		51,758	0	0
DOW INC COM	COM	260557103	1,203	18,820	SH		DFND		18,820	0	0
DTE ENERGY CO COM	COM	233331107	20,352	152,861	SH		DFND		138,611	0	14,250
DUPONT DE NEMOURS INC COM	COM	26614N102	1,437	18,598	SH		DFND		18,598	0	0
DXC TECHNOLOGY CO COM	COM	23355L106	258	8,247	SH		DFND		8,247	0	0
EBAY INC. COM	COM	278642103	7,430	121,327	SH		DFND		121,327	0	0
ECOLAB INC COM	COM	278865100	889	4,154	SH		DFND		4,154	0	0
EDWARDS LIFESCIENCES CORP COM	COM	28176E108	16,420	196,313	SH		DFND		196,313	0	0
ELECTRONIC ARTS INC COM	COM	285512109	9,606	70,959	SH		DFND		70,959	0	0
EMCOR GROUP INC COM	COM	29084Q100	929	8,279	SH		DFND		8,279	0	0
EMERSON ELEC CO COM	COM	291011104	219	2,423	SH		DFND		2,423	0	0
ENPHASE ENERGY INC COM	COM	29355A107	5,975	36,847	SH		DFND		36,847	0	0
EOG RES INC COM	COM	26875P101	1,348	18,584	SH		DFND		18,584	0	0
EQUINIX INC COM	COM	29444U700	570	839	SH		DFND		839	0	0
EQUITY RESIDENTIAL SH BEN INT	INT	29476L107	615	8,581	SH		DFND		8,581	0	0
ESSENTIAL UTILS INC COM	COM	29670G102	603	13,476	SH		DFND		13,476	0	0
ETSY INC COM	COM	29786A106	4,552	22,572	SH		DFND		22,572	0	0
EVERSOURCE ENERGY COM	COM	30040W108	995	11,486	SH		DFND		11,486	0	0
EXPEDITORS INTL WASH INC COM	COM	302130109	8,108	75,288	SH		DFND		75,288	0	0
FACEBOOK INC CL A	CL A	30303M102	6,671	22,649	SH		DFND		22,649	0	0
FACTSET RESH SYS INC COM	COM	303075105	335	1,087	SH		DFND		1,087	0	0
FASTENAL CO COM	COM	311900104	501	9,971	SH		DFND		9,971	0	0
FEDEX CORP COM	COM	31428X106	16,692	58,768	SH		DFND		58,768	0	0
FIDELITY NATL INFORMATION SV COM	COM	31620M106	807	5,742	SH		DFND		5,742	0	0
FIRST REP BK SAN FRANCISCO C COM	COM	33616C100	4,960	29,748	SH		DFND		29,748	0	0
FIRST SOLAR INC COM	COM	336433107	1,089	12,469	SH		DFND		12,469	0	0
FISERV INC COM	COM	337738108	2,860	24,022	SH		DFND		24,022	0	0
FLEETCOR TECHNOLOGIES INC COM	COM	339041105	65	243	SH		DFND		243	0	0
FLOOR & DECOR HLDGS INC CL A	CL A	339750101	214	2,241	SH		DFND		2,241	0	0
FMC CORP COM NEW	COM NEW	302491303	2,461	22,246	SH		DFND		22,246	0	0
FORD MTR CO DEL COM	COM	345370860	2,195	179,202	SH		DFND		179,202	0	0
FORTINET INC COM	COM	34959E109	36	195	SH		DFND		195	0	0
FREEPORT-MCMORAN INC CL B	CL B	35671D857	1,447	43,929	SH		DFND		43,929	0	0
FULGENT GENETICS INC COM	COM	359664109	3,064	31,715	SH		DFND		31,715	0	0
GAP INC COM	COM	364760108	263	8,836	SH		DFND		8,836	0	0
GENERAL MLS INC COM	COM	370334104	8,144	132,811	SH		DFND		132,811	0	0
GENERAL MTRS CO COM	COM	37045V100	5,773	100,474	SH		DFND		100,474	0	0
GENTEX CORP COM	COM	371901109	1,424	39,918	SH		DFND		39,918	0	0
GILEAD SCIENCES INC COM	COM	375558103	9,897	153,127	SH		DFND		153,127	0	0
GLOBAL PMTS INC COM	COM	37940X102	511	2,537	SH		DFND		2,537	0	0
GOLDMAN SACHS GROUP INC COM	COM	38141G104	1,815	5,549	SH		DFND		5,549	0	0
GOODYEAR TIRE & RUBR CO COM	COM	382550101	220	12,535	SH		DFND		12,535	0	0
GRAND CANYON ED INC COM	COM	38526M106	782	7,303	SH		DFND		7,303	0	0
HALLIBURTON CO COM	COM	406216101	14,321	667,316	SH		DFND		667,316	0	0
HANESBRANDS INC COM	COM	410345102	1,113	56,564	SH		DFND		56,564	0	0
HARTFORD FINL SVCS GROUP INC COM	COM	416515104	269	4,023	SH		DFND		4,023	0	0
HASBRO INC COM	COM	418056107	994	10,338	SH		DFND		10,338	0	0
HCA HEALTHCARE INC COM	COM	40412C101	4,162	22,099	SH		DFND		22,099	0	0
HDFC BANK LTD SPONSORED ADS	SPONSORED ADS	40415F101	9,396	120,939	SH		DFND		120,939	0	0
HEALTHPEAK PROPERTIES INC COM	COM	42250P103	484	15,252	SH		DFND		15,252	0	0
HEWLETT PACKARD ENTERPRISE C COM	COM	42824C109	6,334	402,421	SH		DFND		402,421	0	0
HILTON WORLDWIDE HLDGS INC COM	COM	43300A203	2,671	22,087	SH		DFND		22,087	0	0
HOLOGIC INC COM	COM	436440101	14,188	190,756	SH		DFND		190,756	0	0
HOME DEPOT INC COM	COM	437076102	29,032	95,108	SH		DFND		95,108	0	0
HORMEL FOODS CORP COM	COM	440452100	485	10,158	SH		DFND		10,158	0	0
HP INC COM	COM	40434L105	8,166	257,200	SH		DFND		257,200	0	0
HUBBELL INC COM	COM	443510607	422	2,257	SH		DFND		2,257	0	0
HUMANA INC COM	COM	444859102	3,237	7,720	SH		DFND		7,720	0	0
IAA INC COM	COM	449253103	193	3,503	SH		DFND		3,503	0	0
ICICI BANK LIMITED ADR	ADR	45104G104	4,363	272,170	SH		DFND		272,170	0	0
IDEX CORP COM	COM	45167R104	846	4,042	SH		DFND		4,042	0	0
II-VI INC COM	COM	902104108	174	2,548	SH		DFND		2,548	0	0
ILLINOIS TOOL WKS INC COM	COM	452308109	747	3,374	SH		DFND		3,374	0	0
INGERSOLL RAND INC COM	COM	45687V106	1,328	26,980	SH		DFND		26,980	0	0
INSULET CORP COM	COM	45784P101	676	2,590	SH		DFND		2,590	0	0
INTEL CORP COM	COM	458140100	25,447	397,606	SH		DFND		397,606	0	0
INTERNATIONAL BUSINESS MACHS COM	COM	459200101	3,544	26,598	SH		DFND		26,598	0	0
INTERNATIONAL FLAVORS&FRAGRA COM	COM	459506101	325	2,331	SH		DFND		2,331	0	0
INTERNATIONAL PAPER CO COM	COM	460146103	3,345	61,869	SH		DFND		61,869	0	0
INTUIT COM	COM	461202103	1,582	4,130	SH		DFND		4,130	0	0
JD.COM INC SPON ADR CL A	CL A	47215P106	8,620	102,222	SH		DFND		102,222	0	0
JOHNSON & JOHNSON COM	COM	478160104	21,531	131,004	SH		DFND		119,160	0	11,844
JONES LANG LASALLE INC COM	COM	48020Q107	3,335	18,627	SH		DFND		18,627	0	0
JPMORGAN CHASE & CO COM	COM	46625H100	36,184	237,690	SH		DFND		237,690	0	0
KAR AUCTION SVCS INC COM	COM	48238T109	457	30,447	SH		DFND		30,447	0	0
KB HOME COM	COM	48666K109	3,382	72,680	SH		DFND		72,680	0	0
KELLOGG CO COM	COM	487836108	3,948	62,377	SH		DFND		62,377	0	0
KEURIG DR PEPPER INC COM	COM	49271V100	404	11,750	SH		DFND		11,750	0	0
KEYSIGHT TECHNOLOGIES INC COM	COM	49338L103	1,461	10,186	SH		DFND		10,186	0	0
KILROY RLTY CORP COM	COM	49427F108	324	4,942	SH		DFND		4,942	0	0
KIMBERLY-CLARK CORP COM	COM	494368103	34,698	249,538	SH		DFND		237,710	0	11,828
KIRKLAND LAKE GOLD LTD COM	COM	49741E100	240	7,089	SH		DFND		7,089	0	0
KKR & CO INC COM	COM	48251W104	232	4,745	SH		DFND		4,745	0	0
KLA CORP COM NEW	COM	482480100	270	816	SH		DFND		816	0	0
KOHLS CORP COM	COM	500255104	236	3,962	SH		DFND		3,962	0	0
KROGER CO COM	COM	501044101	428	11,880	SH		DFND		11,880	0	0
L BRANDS INC COM	COM	501797104	260	4,201	SH		DFND		4,201	0	0
LAM RESEARCH CORP COM	COM	512807108	6,902	11,596	SH		DFND		11,596	0	0
LAMB WESTON HLDGS INC COM	COM	513272104	2,035	26,264	SH		DFND		26,264	0	0
LAUDER ESTEE COS INC CL A	CL A	518439104	11	38	SH		DFND		38	0	0
LEIDOS HOLDINGS INC COM	COM	525327102	555	5,767	SH		DFND		5,767	0	0
LENNAR CORP CL A	CL A	526057104	8,645	85,400	SH		DFND		85,400	0	0
LEVI STRAUSS & CO NEW CL A COM STK	CL A COM	52736R102	857	35,822	SH		DFND		35,822	0	0
LILLY ELI & CO COM	COM	532457108	37,967	203,226	SH		DFND		193,999	0	9,227
LKQ CORP COM	COM	501889208	548	12,941	SH		DFND		12,941	0	0
LOUISIANA PAC CORP COM	COM	546347105	5,049	91,034	SH		DFND		91,034	0	0
LOWES COS INC COM	COM	548661107	38,908	204,583	SH		DFND		194,260	0	10,323
LPL FINL HLDGS INC COM	COM	50212V100	4,757	33,461	SH		DFND		33,461	0	0
LULULEMON ATHLETICA INC COM	COM	550021109	628	2,049	SH		DFND		2,049	0	0
LUMEN TECHNOLOGIES INC COM ADDED	COM ADDED	550241103	323	24,209	SH		DFND		24,209	0	0
MACYS INC COM	COM	55616P104	244	15,100	SH		DFND		15,100	0	0
MAGNA INTL INC COM	COM	559222401	2,609	29,625	SH		DFND		29,625	0	0
MARATHON OIL CORP COM	COM	565849106	1,763	165,042	SH		DFND		165,042	0	0
MARKEL CORP COM	COM	570535104	219	192	SH		DFND		192	0	0
MARRIOTT INTL INC NEW CL A	NEW CL A	571903202	1,096	7,399	SH		DFND		7,399	0	0
MARSH & MCLENNAN COS INC COM	COM	571748102	22,196	182,237	SH		DFND		166,182	0	16,055
MASCO CORP COM	COM	574599106	15,319	255,749	SH		DFND		255,749	0	0
MASTERCARD INCORPORATED CL A	CL A	57636Q104	6,541	18,372	SH		DFND		18,372	0	0
MATCH GROUP INC NEW COM	COM	57667L107	136	987	SH		DFND		987	0	0
MAXIM INTEGRATED PRODS INC COM	COM	57772K101	13,869	151,785	SH		DFND		151,785	0	0
MCDONALDS CORP COM	COM	580135101	189	841	SH		DFND		841	0	0
MEDIFAST INC COM	COM	58470H101	2,735	12,914	SH		DFND		12,914	0	0
MERCADOLIBRE INC COM	COM	58733R102	1,678	1,140	SH		DFND		1,140	0	0
MERCK & CO. INC COM	COM	58933Y105	35,043	454,573	SH		DFND		430,121	0	24,452
MERITAGE HOMES CORP COM	COM	59001A102	3,362	36,577	SH		DFND		36,577	0	0
METLIFE INC COM	COM	59156R108	6,444	105,998	SH		DFND		105,998	0	0
METTLER TOLEDO INTERNATIONAL COM	COM	592688105	534	462	SH		DFND		462	0	0
MGIC INVT CORP WIS COM	COM	552848103	740	53,394	SH		DFND		53,394	0	0
MICROCHIP TECHNOLOGY INC. COM	COM	595017104	1,636	10,543	SH		DFND		10,543	0	0
MICRON TECHNOLOGY INC COM	COM	595112103	2,064	23,403	SH		DFND		23,403	0	0
MICROSOFT CORP COM	COM	594918104	116,400	493,702	SH		DFND		485,620	0	8,082
MOBILE TELESYSTEMS PJSC SPONSORED ADR	SPONSORED ADR	607409109	702	84,191	SH		DFND		84,191	0	0
MOHAWK INDS INC COM	COM	608190104	2,348	12,212	SH		DFND		12,212	0	0
MONDELEZ INTL INC CL A	CL A	609207105	5,589	95,498	SH		DFND		95,498	0	0
MONGODB INC CL A	CL A	60937P106	217	813	SH		DFND		813	0	0
MOODYS CORP COM	COM	615369105	329	1,102	SH		DFND		1,102	0	0
MORGAN STANLEY COM NEW	COM NEW	617446448	19,416	250,016	SH		DFND		250,016	0	0
MOSAIC CO NEW COM	COM	61945C103	3,005	95,073	SH		DFND		95,073	0	0
MSC INDL DIRECT INC CL A	CL A	553530106	777	8,613	SH		DFND		8,613	0	0
MURPHY USA INC COM	COM	626755102	835	5,773	SH		DFND		5,773	0	0
NETAPP INC COM	COM	64110D104	1,903	26,184	SH		DFND		26,184	0	0
NETEASE INC SPONSORED ADS	ADS	64110W102	7,235	70,062	SH		DFND		70,062	0	0
NETFLIX INC COM	COM	64110L106	3,784	7,253	SH		DFND		7,253	0	0
NEW ORIENTAL ED & TECHNOLOGY SPON ADR	ADR	647581107	2,637	188,350	SH		DFND		188,350	0	0
NEW YORK TIMES CO CL A	CL A	650111107	728	14,376	SH		DFND		14,376	0	0
NEWELL BRANDS INC COM	COM	651229106	720	26,892	SH		DFND		26,892	0	0
NEWMONT CORP COM	COM	651639106	5,339	88,581	SH		DFND		88,581	0	0
NEXTERA ENERGY INC COM	COM	65339F101	14	188	SH		DFND		188	0	0
NIKE INC CL B	CL B	654106103	1,874	14,103	SH		DFND		14,103	0	0
NIO INC SPON ADS	ADS	62914V106	1,358	34,830	SH		DFND		34,830	0	0
NORTHERN TR CORP COM	COM	665859104	471	4,483	SH		DFND		4,483	0	0
NORTONLIFELOCK INC COM	COM	668771108	1,459	68,627	SH		DFND		68,627	0	0
NOV INC COM ADDED	COM ADDED	62955J103	1,194	87,011	SH		DFND		87,011	0	0
NRG ENERGY INC COM NEW	COM NEW	629377508	1,248	33,068	SH		DFND		33,068	0	0
NUCOR CORP COM	COM	670346105	914	11,388	SH		DFND		11,388	0	0
NUTRIEN LTD COM	COM	67077M108	2,144	39,798	SH		DFND		39,798	0	0
NVIDIA CORPORATION COM	COM	67066G104	29,083	54,470	SH		DFND		54,470	0	0
OCCIDENTAL PETE CORP COM	COM	674599105	519	19,507	SH		DFND		19,507	0	0
OKTA INC CL A	CL A	679295105	518	2,348	SH		DFND		2,348	0	0
ON SEMICONDUCTOR CORP COM	COM	682189105	1,147	27,576	SH		DFND		27,576	0	0
ONEMAIN HLDGS INC COM	COM	68268W103	232	4,310	SH		DFND		4,310	0	0
ORACLE CORP COM	COM	68389X105	11,192	159,505	SH		DFND		159,505	0	0
ORMAT TECHNOLOGIES INC COM	COM	686688102	293	3,733	SH		DFND		3,733	0	0
OVERSTOCK COM INC DEL COM	COM	690370101	250	3,774	SH		DFND		3,774	0	0
OVINTIV INC COM	COM	69047Q102	226	9,485	SH		DFND		9,485	0	0
OWENS CORNING NEW COM	NEW COM	690742101	10,917	118,549	SH		DFND		118,549	0	0
PACCAR INC COM	COM	693718108	1,776	19,110	SH		DFND		19,110	0	0
PALO ALTO NETWORKS INC COM	COM	697435105	246	763	SH		DFND		763	0	0
PARKER-HANNIFIN CORP COM	COM	701094104	1,464	4,640	SH		DFND		4,640	0	0
PAYCHEX INC COM	COM	704326107	130	1,331	SH		DFND		1,331	0	0
PAYPAL HLDGS INC COM	COM	70450Y103	12,427	51,172	SH		DFND		51,172	0	0
PENN NATL GAMING INC COM	COM	707569109	203	1,932	SH		DFND		1,932	0	0
PEPSICO INC COM	COM	713448108	20,383	144,100	SH		DFND		132,387	0	11,713
PERSPECTA INC COM	COM	715347100	207	7,131	SH		DFND		7,131	0	0
PFIZER INC COM	COM	717081103	2,302	63,550	SH		DFND		63,550	0	0
PINDUODUO INC SPONSORED ADS	SPONSORED ADS	722304102	2,341	17,486	SH		DFND		17,486	0	0
PINTEREST INC CL A	CL A	72352L106	210	2,835	SH		DFND		2,835	0	0
PIONEER NAT RES CO COM	COM	723787107	1,387	8,734	SH		DFND		8,734	0	0
PLANTRONICS INC NEW COM	COM	727493108	226	5,808	SH		DFND		5,808	0	0
PLUG POWER INC COM NEW	COM NEW	72919P202	193	5,395	SH		DFND		5,395	0	0
PNC FINL SVCS GROUP INC COM	COM	693475105	1,668	9,510	SH		DFND		9,510	0	0
POOL CORP COM	COM	73278L105	510	1,478	SH		DFND		1,478	0	0
PPG INDS INC COM	COM	693506107	615	4,090	SH		DFND		4,090	0	0
PPL CORP COM	COM	69351T106	2,423	84,027	SH		DFND		84,027	0	0
PRICE T ROWE GROUP INC COM	COM	74144T108	7,730	45,044	SH		DFND		45,044	0	0
PROCTER AND GAMBLE CO COM	COM	742718109	45,222	333,914	SH		DFND		321,876	0	12,038
PROGRESSIVE CORP COM	COM	743315103	6,772	70,827	SH		DFND		70,827	0	0
PRUDENTIAL FINL INC COM	COM	744320102	1,621	17,795	SH		DFND		17,795	0	0
PUBLIC SVC ENTERPRISE GRP IN COM	COM	744573106	18,756	311,514	SH		DFND		282,812	0	28,702
PULTE GROUP INC COM	COM	745867101	2,142	40,841	SH		DFND		40,841	0	0
PVH CORPORATION COM	COM	693656100	711	6,727	SH		DFND		6,727	0	0
QUALCOMM INC COM	COM	747525103	7,751	58,456	SH		DFND		58,456	0	0
QUANTA SVCS INC COM	COM	74762E102	1,788	20,322	SH		DFND		20,322	0	0
QUEST DIAGNOSTICS INC COM	COM	74834L100	3,358	26,161	SH		DFND		26,161	0	0
RAYTHEON TECHNOLOGIES CORP COM	COM	75513E101	1,969	25,480	SH		DFND		25,480	0	0
REGENERON PHARMACEUTICALS COM	COM	75886F107	4,283	9,053	SH		DFND		9,053	0	0
REGIONS FINANCIAL CORP NEW COM	COM	7591EP100	17,447	844,496	SH		DFND		844,496	0	0
RELIANCE STEEL & ALUMINUM CO COM	COM	759509102	3,306	21,706	SH		DFND		21,706	0	0
RENEWABLE ENERGY GROUP INC COM NEW	COM NEW	75972A301	1,693	25,640	SH		DFND		25,640	0	0
RESIDEO TECHNOLOGIES INC COM	COM	76118Y104	227	8,031	SH		DFND		8,031	0	0
RH COM	COM	74967X103	265	445	SH		DFND		445	0	0
RINGCENTRAL INC CL A	CL A	76680R206	815	2,737	SH		DFND		2,737	0	0
RKSHIRE HATHAWAY INC DEL CL A	CL A	084670108	3,086	8	SH		DFND		8	0	0
ROCKWELL AUTOMATION INC COM	COM	773903109	710	2,674	SH		DFND		2,674	0	0
ROGERS COMMUNICATIONS INC CL B	CL B	775109200	21,798	472,769	SH		DFND		436,839	0	35,930
ROKU INC COM CL A	CL A	77543R102	1,692	5,195	SH		DFND		5,195	0	0
ROYAL BK CDA COM	COM	780087102	25,253	273,922	SH		DFND		250,000	0	23,922
ROYAL CARIBBEAN GROUP COM	COM	V7780T103	2,441	28,509	SH		DFND		28,509	0	0
RYDER SYS INC COM	COM	783549108	4,136	54,670	SH		DFND		54,670	0	0
S&P GLOBAL INC COM	COM	78409V104	37,043	104,977	SH		DFND		99,543	0	5,434
SALESFORCE COM INC COM	COM	79466L302	6,020	28,412	SH		DFND		28,412	0	0
SAREPTA THERAPEUTICS INC COM	COM	803607100	544	7,301	SH		DFND		7,301	0	0
SBA COMMUNICATIONS CORP NEW CL A	NEW CL A	78410G104	449	1,617	SH		DFND		1,617	0	0
SCHLUMBERGER LTD COM	COM	806857108	11,220	412,668	SH		DFND		412,668	0	0
SCHWAB CHARLES CORP COM	COM	808513105	7,778	119,330	SH		DFND		119,330	0	0
SCOTTS MIRACLE-GRO CO CL A	CL A	810186106	1,959	7,998	SH		DFND		7,998	0	0
SEA LTD SPONSORD ADS	ADS	81141R100	1,978	8,863	SH		DFND		8,863	0	0
SERVICE CORP INTL COM	COM	817565104	1,926	37,722	SH		DFND		37,722	0	0
SERVICENOW INC COM	COM	81762P102	3,168	6,334	SH		DFND		6,334	0	0
SHERWIN WILLIAMS CO COM	COM	824348106	1,096	4,455	SH		DFND		4,455	0	0
SHOPIFY INC CL A	CL A	82509L107	2,098	1,908	SH		DFND		1,908	0	0
SKYWORKS SOLUTIONS INC COM	COM	83088M102	2,638	14,378	SH		DFND		14,378	0	0
SLACK TECHNOLOGIES INC COM CL A	CL A	83088V102	412	10,137	SH		DFND		10,137	0	0
SNAP INC CL A	CL A	83304A106	2,327	44,506	SH		DFND		44,506	0	0
SNAP ON INC COM	COM	833034101	1,981	8,587	SH		DFND		8,587	0	0
SOLAREDGE TECHNOLOGIES INC COM	COM	83417M104	260	904	SH		DFND		904	0	0
SONOS INC COM	COM	83570H108	225	5,993	SH		DFND		5,993	0	0
SOUTHWEST AIRLS CO COM	COM	844741108	693	11,349	SH		DFND		11,349	0	0
SPLUNK INC COM	COM	848637104	593	4,376	SH		DFND		4,376	0	0
SQUARE INC CL A	CL A	852234103	2,241	9,869	SH		DFND		9,869	0	0
SS&C TECHNOLOGIES HLDGS INC COM	COM	78467J100	1,495	21,396	SH		DFND		21,396	0	0
STARBUCKS CORP COM	COM	855244109	1,549	14,173	SH		DFND		14,173	0	0
STARWOOD PPTY TR INC COM	COM	85571B105	13	536	SH		DFND		536	0	0
STATE STR CORP COM	COM	857477103	1,501	17,861	SH		DFND		17,861	0	0
STEEL DYNAMICS INC COM	COM	858119100	11,763	231,742	SH		DFND		231,742	0	0
SUN LIFE FINANCIAL INC. COM	COM	866796105	489	9,673	SH		DFND		9,673	0	0
SUNRUN INC COM	COM	86771W105	452	7,471	SH		DFND		7,471	0	0
SYNNEX CORP COM	COM	87162W100	1,538	13,392	SH		DFND		13,392	0	0
SYNOPSYS INC COM	COM	871607107	321	1,294	SH		DFND		1,294	0	0
SYSCO CORP COM	COM	871829107	1,333	16,924	SH		DFND		16,924	0	0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS	SPONSORED ADR	874039100	15,798	133,566	SH		DFND		133,566	0	0
TAKE-TWO INTERACTIVE SOFTWAR COM	COM	874054109	2,591	14,661	SH		DFND		14,661	0	0
TANDEM DIABETES CARE INC COM NEW	COM NEW	875372203	744	8,433	SH		DFND		8,433	0	0
TAPESTRY INC COM	COM	876030107	219	5,318	SH		DFND		5,318	0	0
TARGET CORP COM	COM	87612E106	21,028	106,166	SH		DFND		106,166	0	0
TC ENERGY CORP COM	COM	87807B107	23	498	SH		DFND		498	0	0
TECK RESOURCES LTD CL B	CL B	878742204	1,457	75,957	SH		DFND		75,957	0	0
TELUS CORPORATION COM	COM	87971M103	271	13,627	SH		DFND		13,627	0	0
TENNECO INC CL A VTG COM STK	COM STK	880349105	213	19,899	SH		DFND		19,899	0	0
TESLA INC COM	COM	88160R101	10,482	15,694	SH		DFND		15,694	0	0
TEXAS INSTRS INC COM	COM	882508104	19,130	101,221	SH		DFND		101,221	0	0
TFI INTL INC COM	COM	87241L109	16,427	219,183	SH		DFND		199,145	0	20,038
THE TRADE DESK INC COM CL A	COM CL A	88339J105	205	315	SH		DFND		315	0	0
THERMO FISHER SCIENTIFIC INC COM	COM	883556102	15,134	33,160	SH		DFND		33,160	0	0
THOR INDS INC COM	COM	885160101	1,785	13,247	SH		DFND		13,247	0	0
TJX COS INC NEW COM	COM	872540109	2,627	39,711	SH		DFND		39,711	0	0
T-MOBILE US INC COM	COM	872590104	224	1,787	SH		DFND		1,787	0	0
TORONTO DOMINION BK ONT COM NEW	COM NEW	891160509	4,634	71,059	SH		DFND		71,059	0	0
TRACTOR SUPPLY CO COM	COM	892356106	23,153	130,749	SH		DFND		121,805	0	8,944
TRAVELERS COMPANIES INC COM	COM	89417E109	18,327	121,856	SH		DFND		110,836	0	11,020
TRIMBLE INC COM	COM	896239100	734	9,439	SH		DFND		9,439	0	0
TRINET GROUP INC COM	COM	896288107	331	4,240	SH		DFND		4,240	0	0
TRUIST FINL CORP COM	COM	89832Q109	11,669	200,092	SH		DFND		200,092	0	0
TWILIO INC CL A	CL A	90138F102	2,104	6,175	SH		DFND		6,175	0	0
TWITTER INC COM	COM	90184L102	1,880	29,547	SH		DFND		29,547	0	0
TYSON FOODS INC CL A	CL A	902494103	17,309	232,955	SH		DFND		232,955	0	0
UBER TECHNOLOGIES INC COM	COM	90353T100	1,586	29,096	SH		DFND		29,096	0	0
UFP INDUSTRIES INC COM	COM	90278Q108	602	7,938	SH		DFND		7,938	0	0
UNDER ARMOUR INC CL A	CL A	904311107	218	9,856	SH		DFND		9,856	0	0
UNION PAC CORP COM	COM	907818108	1,646	7,469	SH		DFND		7,469	0	0
UNITED PARCEL SERVICE INC CL B	CL B	911312106	21,420	126,008	SH		DFND		115,376	0	10,632
UNITED RENTALS INC COM	COM	911363109	8,577	26,046	SH		DFND		26,046	0	0
UNITEDHEALTH GROUP INC COM	COM	91324P102	32,453	87,222	SH		DFND		82,941	0	4,281
US FOODS HLDG CORP COM	COM	912008109	734	19,251	SH		DFND		19,251	0	0
V F CORP COM	COM	918204108	406	5,081	SH		DFND		5,081	0	0
VAIL RESORTS INC COM	COM	91879Q109	654	2,241	SH		DFND		2,241	0	0
VARIAN MED SYS INC COM	COM	92220P105	1,179	6,677	SH		DFND		6,677	0	0
VENTAS INC COM	COM	92276F100	909	17,037	SH		DFND		17,037	0	0
VEON LTD SPONSORED ADR	ADR	91822M106	717	405,132	SH		DFND		405,132	0	0
VERISIGN INC COM	COM	92343E102	58	291	SH		DFND		291	0	0
VERIZON COMMUNICATIONS INC COM	COM	92343V104	23,993	412,606	SH		DFND		379,702	0	32,904
VERTEX PHARMACEUTICALS INC COM	COM	92532F100	13,134	61,118	SH		DFND		61,118	0	0
VIACOMCBS INC CL B	CL B	92556H206	793	17,587	SH		DFND		17,587	0	0
VIATRIS INC COM	COM ADDED	92556V106	86	6,127	SH		DFND		6,127	0	0
VICI PPTYS INC COM	COM	925652109	2,876	101,848	SH		DFND		101,848	0	0
VISA INC COM CL A	CL A	92826C839	30,577	144,413	SH		DFND		144,413	0	0
VMWARE INC CL A COM	CL A COM	928563402	8,177	54,353	SH		DFND		54,353	0	0
WASTE MGMT INC DEL COM	COM	94106L109	755	5,848	SH		DFND		5,848	0	0
WAYFAIR INC CL A	CL A	94419L101	1,318	4,187	SH		DFND		4,187	0	0
WELLS FARGO CO NEW COM	NEW COM	949746101	571	14,621	SH		DFND		14,621	0	0
WEST FRASER TIMBER CO LTD COM ADDED	COM ADDED	952845105	8,888	123,552	SH		DFND		123,552	0	0
WESTERN DIGITAL CORP. COM	COM	958102105	219	3,288	SH		DFND		3,288	0	0
WESTERN UN CO COM	COM	959802109	1,013	41,092	SH		DFND		41,092	0	0
WEYERHAEUSER CO MTN BE COM NEW	COM NEW	962166104	12,970	364,325	SH		DFND		364,325	0	0
WHEATON PRECIOUS METALS CORP COM	COM	962879102	883	23,098	SH		DFND		23,098	0	0
WILLIAMS SONOMA INC COM	COM	969904101	4,326	24,138	SH		DFND		24,138	0	0
WILLSCOT MOBIL MINI HLDNG CO COM CL A	CL A	971378104	221	7,946	SH		DFND		7,946	0	0
WORKDAY INC CL A	CL A	98138H101	1,297	5,221	SH		DFND		5,221	0	0
XILINX INC COM	COM	983919101	311	2,514	SH		DFND		2,514	0	0
XPENG INC ADS	ADS	98422D105	1,064	29,142	SH		DFND		29,142	0	0
XYLEM INC COM	COM	98419M100	2,037	19,365	SH		DFND		19,365	0	0
YETI HLDGS INC COM	COM	98585X104	2,882	39,906	SH		DFND		39,906	0	0
ZOETIS INC CL A	CL A	98978V103	1,010	6,415	SH		DFND		6,415	0	0
ZOOM VIDEO COMMUNICATIONS IN CL A	CL A	98980L101	948	2,950	SH		DFND		2,950	0	0
ZYNGA INC CL A	CL A	98986T108	193	18,935	SH		DFND		18,935	0	0