Instuitional Investor - Sava Penzisko Drushtvo A.d. Skopje

13F Holdings

Filing Period:

No.	Security	Ticker	Shares	Value	% Port
1.	Amazon Com Inc	AMZN	296,349	$42,816,504	11.43%
2.	Sector Spdr Trust	XLE	177,500	$35,968,600	9.6%
3.	Spdr Series Trust		458,174	$35,329,797	9.43%
4.	Ishares Tr - GL CLEAN ENE ETF		341,872	$26,173,720	6.99%
5.	Estee Lauder Companies Inc	EL	36,830	$23,599,191	6.3%