Instuitional Investor - Pictet North America Advisors Sa

13F Holdings

Filing Period:

No.	Security	Ticker	Shares	Value	% Port
1.	Burford Capital Ltd	BUR	7,647,727	$91,117,409	8.53%
2.	Spdr Gold Trust	GLD	153,919	$54,527,936	5.11%
3.	Taiwan Semiconductor Mfg Co Ltd	TSM	179,747	$50,201,540	4.7%
4.	Si Financial Group Inc.	SIFI	993,692	$46,077,498	4.31%
5.	Microsoft Corp	MSFT	86,292	$44,543,285	4.17%