# HARTWELL J M LIMITED PARTNERSHIP

> Institutional holdings reported to the SEC as of Q3 2019 on Form 13F. CIK 932141. Source: https://holderbook.com/funds/932141-hartwell-j-m-limited-partnership/

- Reported value: $560.4M
- Positions: 88
- Weight of the ten largest: 75.7%
- Filed: 2019-10-07

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| EPAM SYS INC | [EPAM](https://holderbook.com/stocks/EPAM/) | $64.9M | 355,822 | 11.6% | 4 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $57.3M | 411,922 | 10.2% | 4 |
| MILLICOM INTL CELLULAR S A | [TIGO](https://holderbook.com/stocks/TIGO/) | $50.0M | 1,026,368 | 8.9% | 4 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $47.2M | 265,183 | 8.4% | 4 |
| BOOKING HOLDINGS INC | [BKNG](https://holderbook.com/stocks/BKNG/) | $37.6M | 19,176 | 6.7% | 4 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $37.6M | 21,660 | 6.7% | 4 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $35.2M | 28,859 | 6.3% | 4 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $34.6M | 127,533 | 6.2% | 4 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $30.5M | 177,099 | 5.4% | 4 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $29.4M | 126,779 | 5.2% | 4 |
| ALIBABA GROUP HLDG LTD | [BABA](https://holderbook.com/stocks/BABA/) | $20.2M | 120,775 | 3.6% | 4 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $19.1M | 15,675 | 3.4% | 4 |
| INTELSAT S A | [INTEQ](https://holderbook.com/stocks/INTEQ/) | $13.6M | 595,450 | 2.4% | 4 |
| Millicom International Cellula | - | $9.8M | 201,650 | 1.7% | 4 |
| AMERICAN TOWER CORP | [AMT](https://holderbook.com/stocks/AMT/) | $8.1M | 36,415 | 1.4% | 4 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $5.0M | 70,826 | 0.9% | 4 |
| CVS HEALTH CORP | [CVS](https://holderbook.com/stocks/CVS/) | $4.8M | 76,400 | 0.9% | 1 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $4.4M | 34,164 | 0.8% | 4 |
| PALO ALTO NETWORKS INC | [PANW](https://holderbook.com/stocks/PANW/) | $3.7M | 18,020 | 0.7% | 4 |
| PURE CYCLE CORP | [PCYO](https://holderbook.com/stocks/PCYO/) | $2.9M | 283,026 | 0.5% | 4 |
| AFFILIATED MANAGERS GROUP | [AMG](https://holderbook.com/stocks/AMG/) | $2.2M | 26,357 | 0.4% | 4 |
| ADOBE INC | [ADBE](https://holderbook.com/stocks/ADBE/) | $2.2M | 7,948 | 0.4% | 4 |
| MESABI TR | [MSB](https://holderbook.com/stocks/MSB/) | $2.1M | 88,200 | 0.4% | 4 |
| KIMBERLY-CLARK CORP | [KMB](https://holderbook.com/stocks/KMB/) | $2.0M | 13,805 | 0.3% | 4 |
| JP Morgan Chase & Co | - | $1.5M | 12,423 | 0.3% | 4 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $1.3M | 5,800 | 0.2% | 4 |
| SALESFORCE INC | [CRM](https://holderbook.com/stocks/CRM/) | $1.1M | 7,675 | 0.2% | 2 |
| NESTLE SA ADR | [NSRGY](https://holderbook.com/stocks/NSRGY/) | $1.1M | 9,752 | 0.2% | 4 |
| DIAGEO PLC | [DEO](https://holderbook.com/stocks/DEO/) | $997.0K | 6,100 | 0.2% | 4 |
| CROWN CASTLE INC | [CCI](https://holderbook.com/stocks/CCI/) | $959.0K | 6,900 | 0.2% | 1 |
| TENCENT HLDGS LTD ADR | [TCEHY](https://holderbook.com/stocks/TCEHY/) | $957.0K | 23,000 | 0.2% | 4 |
| LVMH MOET HENNESSY LOU VUITTON ADR | [LVMUY](https://holderbook.com/stocks/LVMUY/) | $952.0K | 12,000 | 0.2% | 4 |
| Nidec Corp | [NJDCY](https://holderbook.com/stocks/NJDCY/) | $940.0K | 27,800 | 0.2% | 4 |
| BLACKSTONE GROUP L P | [BXXXXX](https://holderbook.com/stocks/BXXXXX/) | $868.0K | 17,775 | 0.2% | 2 |
| NETEASE COM INC | [NTES](https://holderbook.com/stocks/NTES/) | $865.0K | 3,250 | 0.2% | 4 |
| Nintendo Co Ltd | [NTDOY](https://holderbook.com/stocks/NTDOY/) | $863.0K | 18,500 | 0.2% | 4 |
| NOVARTIS AG | [NVS](https://holderbook.com/stocks/NVS/) | $802.0K | 9,228 | 0.1% | 4 |
| HONEYWELL INTL INC | [HONZZZZ](https://holderbook.com/stocks/HONZZZZ/) | $778.0K | 4,600 | 0.1% | 4 |
| Millicom International Cellula | - | $748.0K | 15,295 | 0.1% | 4 |
| UNITEDHEALTH GROUP INC | [UNH](https://holderbook.com/stocks/UNH/) | $724.0K | 3,330 | 0.1% | 4 |
| MICRON TECHNOLOGY INC | [MU](https://holderbook.com/stocks/MU/) | $701.0K | 16,350 | 0.1% | 4 |
| ACCENTURE PLC IRELAND | [ACN](https://holderbook.com/stocks/ACN/) | $664.0K | 3,450 | 0.1% | 4 |
| ALCON INC | - | $640.0K | 10,980 | 0.1% | 1 |
| Shiseido Co Ltd | [SSDOY](https://holderbook.com/stocks/SSDOY/) | $635.0K | 7,900 | 0.1% | 4 |
| PayPal Inc | - | $634.0K | 6,120 | 0.1% | 3 |
| ADIDAS AG              FSPONSORED ADR           1 ADR REPS  0.5  ORD SHS | [ADDYY](https://holderbook.com/stocks/ADDYY/) | $607.0K | 3,900 | 0.1% | 4 |
| CHARTER COMMUNICATIONS INC D CL A | - | $596.0K | 1,445 | 0.1% | 1 |
| WAL-MART D | [WMMVY](https://holderbook.com/stocks/WMMVY/) | $570.0K | 19,100 | 0.1% | 4 |
| UNILEVER N V | [UN](https://holderbook.com/stocks/UN/) | $540.0K | 9,000 | 0.1% | 4 |
| Compass Group Plc-ADS | - | $535.0K | 20,775 | 0.1% | 4 |
| Deutsche Telekom AG ADR | [DTEGY](https://holderbook.com/stocks/DTEGY/) | $535.0K | 32,000 | 0.1% | 4 |
| MYT HOLDING CO | - | $510.0K | 500,000 | 0.1% | 1 |
| PRUDENTIAL PLC | [PUK](https://holderbook.com/stocks/PUK/) | $509.0K | 14,000 | 0.1% | 4 |
| FOMENTO ECONOMICO MEXICANO S | [FMX](https://holderbook.com/stocks/FMX/) | $504.0K | 5,500 | 0.1% | 4 |
| FRESENIUS MEDICAL CARE AG | [FMS](https://holderbook.com/stocks/FMS/) | $504.0K | 15,000 | 0.1% | 4 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $503.0K | 4,245 | 0.1% | 4 |
| L'Oreal Sa ADR | [LRLCY](https://holderbook.com/stocks/LRLCY/) | $503.0K | 9,000 | 0.1% | 4 |
| NOVO-NORDISK A S | [NVO](https://holderbook.com/stocks/NVO/) | $501.0K | 9,700 | 0.1% | 4 |
| Givaudan SA | [GVDNY](https://holderbook.com/stocks/GVDNY/) | $496.0K | 8,900 | 0.1% | 4 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $492.0K | 3,959 | 0.1% | 1 |
| Comcast Corp | - | $488.0K | 10,835 | 0.1% | 1 |
| Pernod Ricard SA | [PDRDY](https://holderbook.com/stocks/PDRDY/) | $484.0K | 13,600 | 0.1% | 4 |
| ROYAL DUTCH SHELL PLC | [RDSA](https://holderbook.com/stocks/RDSA/) | $477.0K | 8,100 | 0.1% | 4 |
| PRUDENTIAL GLB SHT DUR HG YL | - | $461.0K | 32,113 | 0.1% | 4 |
| BAOZUN INC | [BZUN](https://holderbook.com/stocks/BZUN/) | $457.0K | 10,700 | 0.1% | 4 |
| DISNEY WALT CO | [DIS](https://holderbook.com/stocks/DIS/) | $443.0K | 3,396 | 0.1% | 2 |
| 3M CO | [MMM](https://holderbook.com/stocks/MMM/) | $421.0K | 2,562 | 0.1% | 4 |
| HEINEKEN N V           FSPONSORED ADR           1 ADR REPS  0.5  ORD SHS | [HEINY](https://holderbook.com/stocks/HEINY/) | $411.0K | 7,600 | 0.1% | 4 |
| Kering SA | [PPRUY](https://holderbook.com/stocks/PPRUY/) | $407.0K | 8,000 | 0.1% | 4 |
| ALBIREO PHARMA INC | [ALBO](https://holderbook.com/stocks/ALBO/) | $406.0K | 20,300 | 0.1% | 4 |
| SAP SE | [SAP](https://holderbook.com/stocks/SAP/) | $389.0K | 3,300 | 0.1% | 4 |
| ORANGE | [ORANY](https://holderbook.com/stocks/ORANY/) | $374.0K | 24,000 | 0.1% | 4 |
| Dassault Systemes Se ADR | [DASTY](https://holderbook.com/stocks/DASTY/) | $368.0K | 2,600 | 0.1% | 3 |
| COMPANHIA BRASILEIRA DE DIST | [CBDXXXX](https://holderbook.com/stocks/CBDXXXX/) | $365.0K | 19,000 | 0.1% | 4 |
| ROCHE HLDG AG          FSPONSORED ADR           1 ADR RE  0.125  ORD SHS | [RHHBY](https://holderbook.com/stocks/RHHBY/) | $364.0K | 10,000 | 0.1% | 2 |
| AUTOMATIC DATA PROCESSING IN | [ADP](https://holderbook.com/stocks/ADP/) | $340.0K | 2,104 | 0.1% | 4 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $338.0K | 3,019 | 0.1% | 4 |
| Danone SA | [DANOY](https://holderbook.com/stocks/DANOY/) | $328.0K | 18,700 | 0.1% | 3 |
| PORTOLA PHARMACEUTICALS INC | [PTLA](https://holderbook.com/stocks/PTLA/) | $322.0K | 12,000 | 0.1% | 1 |
| COGNIZANT TECHNOLOGY SOLUTIO | [CTSH](https://holderbook.com/stocks/CTSH/) | $300.0K | 4,986 | 0.1% | 4 |
| Merck & Co Inc | - | $286.0K | 3,397 | 0.1% | 4 |
| TAKEDA PHARMACEUTICAL CO LTD | [TAK](https://holderbook.com/stocks/TAK/) | $277.0K | 16,108 | 0.0% | 3 |
| LOCKHEED MARTIN CORP | [LMT](https://holderbook.com/stocks/LMT/) | $267.0K | 683 | 0.0% | 2 |
| FIDELITY NATL INFORMATION SV | [FIS](https://holderbook.com/stocks/FIS/) | $266.0K | 2,000 | 0.0% | 1 |
| PAGSEGURO DIGITAL LTD | [PAGS](https://holderbook.com/stocks/PAGS/) | $222.0K | 4,800 | 0.0% | 1 |
| ATHERSYS INC NEW | [ATHXXXXX](https://holderbook.com/stocks/ATHXXXXX/) | $133.0K | 100,000 | 0.0% | 4 |
| CONTRAFECT CORP | [CFRXXXXX](https://holderbook.com/stocks/CFRXXXXX/) | $72.0K | 200,000 | 0.0% | 4 |
| LINK MOTION INC | - | $31.0K | 203,500 | 0.0% | 4 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q3 2019 | +0.3% | +1.3% | -1.0% | 97% |
| Q2 2019 | +2.9% | +3.7% | -0.9% | 97% |
| Q1 2019 | +15.3% | +13.0% | +2.3% | 97% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q3 2019 | $560.4M | 88 |
| Q2 2019 | $541.3M | 81 |
| Q1 2019 | $549.6M | 79 |
| Q4 2018 | $481.4M | 79 |