Cairn Investment 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

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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
Booking Holdings	COM	09857L108	2,766	1,242	SH		SOLE		0	0	1,242
3M Company	COM	88579Y101	1,936	11,077	SH		SOLE		0	0	11,077
Activision Blizzard Inc	COM	00507V109	282	3,035	SH		SOLE		0	0	3,035
Acuity Brands Inc	COM	00508Y102	2,602	21,491	SH		SOLE		0	0	21,491
Alaska Air Group Inc	COM	011659109	1,362	26,200	SH		SOLE		0	0	26,200
Alphabet Inc. A	CAP STK CL A	02079K305	2,403	1,371	SH		SOLE		0	0	1,371
AmerisourceBergen Corp	COM	03073E105	1,914	19,578	SH		SOLE		0	0	19,578
Baxter International Inc	COM	071813109	612	7,630	SH		SOLE		0	0	7,630
Berkshire Hathaway Inc B	CL B NEW	084670702	591	2,548	SH		SOLE		0	0	2,548
BHP Billiton ADR	SPONSORED ADR	05545E209	362	6,835	SH		SOLE		0	0	6,835
Biogen Inc	COM	09062X103	1,737	7,092	SH		SOLE		0	0	7,092
Boeing Company	COM	097023105	240	1,125	SH		SOLE		0	0	1,125
Cardinal Health Inc	COM	14149Y108	1,019	19,030	SH		SOLE		0	0	19,030
Cerner Corp	COM	156782104	2,226	28,365	SH		SOLE		0	0	28,365
Chevron Corp	COM	166764100	224	2,650	SH		SOLE		0	0	2,650
Cisco Systems Inc	COM	17275R102	806	18,020	SH		SOLE		0	0	18,020
Coca-Cola Company	COM	191216100	1,032	18,815	SH		SOLE		0	0	18,815
Cognizant Tech Solutions	CL A	192446102	2,405	29,345	SH		SOLE		0	0	29,345
Columbia Sportwear Co	COM	198516106	2,283	26,123	SH		SOLE		0	0	26,123
ConocoPhillips	COM	20825C104	1,441	36,041	SH		SOLE		0	0	36,041
Costco Wholesale Corp	COM	22160K105	3,361	8,919	SH		SOLE		0	0	8,919
Cummins Inc	COM	231021106	1,411	6,215	SH		SOLE		0	0	6,215
Sysco Corp	COM	871829107	278	3,750	SH		SOLE		0	0	3,750
Vanguard INTL Equity Index	FTSE EMR MKT ETF	922042858	5,443	108,621	SH		SOLE		0	0	108,621
Emerson Elec Co	COM	291011104	257	3,200	SH		SOLE		0	0	3,200
FLIR Sys Inc	COM	302445101	273	6,230	SH		SOLE		0	0	6,230
Edwards Lifesciences	COM	28176E108	1,615	17,700	SH		SOLE		0	0	17,700
Eli Lilly & Co	COM	532457108	1,631	9,661	SH		SOLE		0	0	9,661
Exxon Mobil Corp	COM	30231G102	604	14,653	SH		SOLE		0	0	14,653
F5 Networks Inc	COM	315616102	2,345	13,328	SH		SOLE		0	0	13,328
Foot Locker Inc	COM	344849104	980	24,225	SH		SOLE		0	0	24,225
Ford Motor Company	COM	345370860	960	109,257	SH		SOLE		0	0	109,257
General Dynamics Corp	COM	369550108	804	5,400	SH		SOLE		0	0	5,400
General Mills Inc	COM	370334104	589	10,010	SH		SOLE		0	0	10,010
Gilead Sciences	COM	375558103	1,109	19,032	SH		SOLE		0	0	19,032
GlaxoSmithKline plc ADR	SPONSORED ADR	37733W105	679	18,445	SH		SOLE		0	0	18,445
Goldman Sachs Group Inc	COM	38141G104	2,317	8,787	SH		SOLE		0	0	8,787
Greenbrier Companies	COM	393657101	1,885	51,825	SH		SOLE		0	0	51,825
H&R Block Inc	COM	093671105	506	31,905	SH		SOLE		0	0	31,905
Intel Corp	COM	458140100	1,943	39,000	SH		SOLE		0	0	39,000
iShares Core S&P Small Cap	CORE S&P SCP ETF	464287804	11,909	129,585	SH		SOLE		0	0	129,585
iShares Short Treasury	SHORT TREAS BD	464288679	2,076	18,785	SH		SOLE		0	0	18,785
Johnson & Johnson	COM	478160104	236	1,500	SH		SOLE		0	0	1,500
Kellogg Co	COM	487836108	340	5,471	SH		SOLE		0	0	5,471
Kroger Co	COM	501044101	2,493	78,510	SH		SOLE		0	0	78,510
LyondellBasell Industries	SHS A	N53745100	1,226	13,380	SH		SOLE		0	0	13,380
McKesson Corp.	COM	58155Q103	709	4,078	SH		SOLE		0	0	4,078
Microsoft Corp	COM	594918104	606	2,725	SH		SOLE		0	0	2,725
Merck & Co Inc	COM	58933Y105	1,176	14,374	SH		SOLE		0	0	14,374
DNP Select Income	COM	23325P104	586	57,135	SH		SOLE		0	0	57,135
Nike Inc	CL B	654106103	419	2,965	SH		SOLE		0	0	2,965
Nordstrom Inc	COM	655664100	1,078	34,547	SH		SOLE		0	0	34,547
Novo Nordisk A/S ADR	ADR	670100205	1,954	27,980	SH		SOLE		0	0	27,980
Omnicom Group Inc	COM	681919106	1,574	25,238	SH		SOLE		0	0	25,238
PACCAR Inc.	COM	693718108	2,137	24,765	SH		SOLE		0	0	24,765
PepsiCo Inc	COM	713448108	486	3,279	SH		SOLE		0	0	3,279
Pfizer Inc	COM	717081103	1,059	28,776	SH		SOLE		0	0	28,776
Qualcomm Inc	COM	747525103	2,404	15,780	SH		SOLE		0	0	15,780
Schlumberger Ltd	COM	806857108	379	17,373	SH		SOLE		0	0	17,373
Target Corp	COM	87612E106	1,827	10,350	SH		SOLE		0	0	10,350
U.S. Bancorp	COM	902973304	2,252	48,338	SH		SOLE		0	0	48,338
Umpqua Holdings Corp	COM	904214103	186	12,267	SH		SOLE		0	0	12,267
Union Pacific Corp	COM	907818108	335	1,610	SH		SOLE		0	0	1,610
Vanguard Russell 1000 Value	VNG RUS1000VAL	92206C714	1,389	11,590	SH		SOLE		0	0	11,590
Vanguard Total International S	VG TL INTL STK F	921909768	6,420	106,710	SH		SOLE		0	0	106,710
Verizon Communications	COM	92343V104	1,187	20,212	SH		SOLE		0	0	20,212
ViacomCBS Inc	CL B	92556H206	516	13,862	SH		SOLE		0	0	13,862
Visa Inc	COM CL A	92826C839	244	1,115	SH		SOLE		0	0	1,115
Walgreens Boots Alliance	COM	931427108	732	18,355	SH		SOLE		0	0	18,355
Williams Sonoma	COM	969904101	576	5,655	SH		SOLE		0	0	5,655