Institution

Blackrock Institutional Trust Company, N.A.

13F for December 31, 2016, filed February 10, 2017 · SEC CIK 913414 · Holdings history from March 31, 1999

The latest available holdings for this manager are dated December 31, 2016.

Reported value: $675.4bn
Positions we cover: 1,852
Copy, a year: +14.1%
Copy Sharpe ratio: 1.16

Copy-performance statistics: August 16, 2013 to May 26, 2017. Holdings history can start earlier than the price data used for performance.

Historical holdings

Holdings across the available history, including securities outside our stock coverage. Select a date to view the holdings for that period.

Related reporting managers

SEC notices identify these reporting relationships. Each manager retains its own holdings history; changes in reporting scope can involve several managers.

Holdings reported by Blackrock Inc. · SEC notice for March 31, 2017
Holdings reported by Blackrock, Inc. · SEC notice for December 31, 2024

Holdings date Find a security

3,855 reported entries for December 31, 2016.

Issuer	Class / type	Reported value	Quantity
CUI GLOBAL INC126576206	COM NEW	$170,000	24,486
CULLEN FROST BANKERS INC229899109 · CFR	COM	$150.5m	1,705,790
CULP INC230215105 · CULP	COM	$22.2m	598,606
CUMBERLAND PHARMACEUTICALS I230770109 · CPIX	COM	$2.1m	381,679
CUMMINS INC231021106 · CMI	COM	$576.5m	4,218,151
CUMULUS MEDIA INC231082603	CL A NEW	$290,000	284,307
CURIS INC231269101	COM	$9.7m	3,151,913
FIVE STAR QUALITY CARE INC33832D106	COM	$2.9m	1,089,553
FIVE9 INC338307101 · FIVN	COM	$15.4m	1,088,195
FLAGSTAR BANCORP INC337930705	COM PAR .001	$30.5m	1,131,026
FLANIGANS ENTERPRISES INC338517105 · BDL	COM	$48,000	1,985
FLEETCOR TECHNOLOGIES INC339041105	COM	$344.8m	2,436,652
FLEX LTDY2573F102 · FLEX	ORD	$60.0m	4,173,564
FLEX PHARMA INC33938A105	COM	$433,000	82,011
FLEXION THERAPEUTICS INC33938J106	COM	$13.0m	683,076
FLEXSTEEL INDS INC339382103 · FLXS	COM	$11.7m	190,100
FLIR SYS INC302445101	COM	$141.8m	3,919,353
FLOTEK INDS INC DEL343389102 · FTK	COM	$13.2m	1,409,081
FLOWERS FOODS INC343498101 · FLO	COM	$110.5m	5,533,430
FLOWSERVE CORP34354P105 · FLS	COM	$174.4m	3,630,172
FLUIDIGM CORP DEL34385P108 · LAB	COM	$5.8m	800,768
FLUOR CORP NEW343412102 · FLR	COM	$196.8m	3,746,618
FLUSHING FINL CORP343873105	COM	$25.9m	879,944
FMC TECHNOLOGIES INC30249U101	COM	$226.9m	6,386,116
FNB CORP PA302520101 · FNB	COM	$102.2m	6,374,568
FOGO DE CHAO INC344177100	COM	$1.9m	131,161
FOMENTO ECONOMICO MEXICANO S344419106	SPON ADR UNITS	$1.1m	14,723
FONAR CORP344437405	COM NEW	$583,000	30,421
FOOT LOCKER INC344849104	COM	$279.2m	3,938,404
FORD MTR CO DEL345370860 · F	COM PAR $0.01	$1.3bn	104,111,664
FORESIGHT ENERGY LP34552U104	COM UNT RP INT	$0	10
FOREST CITY RLTY TR INC345605109	COM CL A	$177.7m	8,526,725
FORESTAR GROUP INC346233109 · FOR	COM	$12.7m	955,601
DELCATH SYS INC24661P500	COM PAR	$31,000	33,240
DELEK US HLDGS INC246647101 · DK	COM	$36.8m	1,527,944
DELL TECHNOLOGIES INC24703L103 · DELL	COM CL V	$315.0m	5,729,748
DELL TECHNOLOGIES INC24703L103 · DELL	OPTIONSPut	$55,000	1,000
DELPHI AUTOMOTIVE PLCG27823106	SHS	$507.3m	7,532,830
DELTA AIR LINES INC DEL247361702 · DAL	COM NEW	$933.1m	18,968,464
DELTA AIR LINES INC DEL247361702 · DAL	OPTIONSCall	$413,000	8,400
DELTA APPAREL INC247368103	COM	$5.4m	258,170
DELTA NAT GAS INC247748106	COM	$1.7m	58,049
DELTIC TIMBER CORP247850100	COM	$22.3m	288,712
DELUXE CORP248019101 · DLX	COM	$121.1m	1,691,777
DENBURY RES INC247916208	COM NEW	$44.8m	12,161,136
DENNYS CORP24869P104	COM	$27.2m	2,120,689
DENTSPLY SIRONA INC24906P109 · XRAY	COM	$351.5m	6,088,833
DEPOMED INC249908104	COM	$28.8m	1,596,879
DERMA SCIENCES INC249827502	COM PAR $.01	$757,000	145,577
DERMIRA INC24983L104	COM	$20.5m	676,553
DESCARTES SYS GROUP INC249906108 · DSGX	COM	$23,000	1,078
DESTINATION MATERNITY CORP25065D100	COM	$1.3m	246,496
DESTINATION XL GROUP INC25065K104 · DXLG	COM	$5.2m	1,227,251
DETERMINE INC250660107	COM	$67,000	34,597
DEVON ENERGY CORP NEW25179M103 · DVN	COM	$694.9m	15,214,698
DEVRY ED GROUP INC251893103	COM	$56.7m	1,817,135
DEXCOM INC252131107 · DXCM	COM	$140.3m	2,350,727
DHI GROUP INC23331S100 · DHX	COM	$7.3m	1,170,552
DHT HOLDINGS INCY2065G121	SHS NEW	$3.5m	842,180
DIAGEO P L C25243Q205	SPON ADR NEW	$3.1m	30,029
DIAMOND HILL INVESTMENT GROU25264R207	COM NEW	$20.5m	97,328
DIAMOND OFFSHORE DRILLING IN25271C102	COM	$61.4m	3,466,991
DIAMONDBACK ENERGY INC25278X109 · FANG	COM	$226.1m	2,237,447
DIAMONDROCK HOSPITALITY CO252784301 · DRH	COM	$87.8m	7,617,722
DICERNA PHARMACEUTICALS INC253031108	COM	$231,000	80,368
DICKS SPORTING GOODS INC253393102 · DKS	COM	$171.3m	3,226,745
DIEBOLD NXDF INC253651103	COM	$54.6m	2,171,185
DIFFERENTIAL BRANDS GROUP IN25374L108	COM	$11,000	4,840
DIGI INTL INC253798102 · DGII	COM	$10.2m	742,246
DIGIMARC CORP NEW25381B101	COM	$7.4m	245,888
DIGIRAD CORP253827109	COM	$580,000	116,054
DIGITAL ALLY INC25382P208	COM NEW	$208,000	49,500
MYLAN N VN59465109	SHS EURO	$466.3m	12,222,840
MYLAN N VSBVFMFG88	OPTIONSCall	$38,000	1,000
MYOKARDIA INC62857M105	COM	$2.4m	184,833
MYOVANT SCIENCES LTDG637AM102	COM	$215,000	17,309
MYR GROUP INC DEL55405W104 · MYRG	COM	$17.8m	471,109
MYRIAD GENETICS INC62855J104 · MYGN	COM	$29.3m	1,755,099
NABORS INDUSTRIES LTDG6359F103	SHS	$157.2m	9,585,673
NACCO INDS INC629579103 · NC	CL A	$12.1m	133,626
NANOMETRICS INC630077105	COM	$17.6m	702,047
NANOSTRING TECHNOLOGIES INC63009R109	COM	$7.6m	341,780
NANTHEALTH INC630104107	COM	$449,000	45,182
NANTKWEST INC63016Q102	COM	$2.0m	348,105
NAPCO SEC TECHNOLOGIES INC630402105 · NSSC	COM	$3.2m	381,969
NASDAQ INC631103108 · NDAQ	COM	$227.6m	3,391,615
NATERA INC632307104 · NTRA	COM	$6.0m	509,485
NATHANS FAMOUS INC NEW632347100 · NATH	COM	$2.4m	36,244
NATIONAL AMERN UNIV HLDGS IN63245Q105	COM	$72,000	36,981
NATIONAL BANKSHARES INC VA634865109 · NKSH	COM	$8.5m	195,109
NATIONAL BEVERAGE CORP635017106 · FIZZ	COM	$18.0m	352,438
NATIONAL BK HLDGS CORP633707104 · NBHC	CL A	$29.6m	928,862
NATIONAL CINEMEDIA INC635309107 · NCMI	COM	$23.7m	1,606,176
NATIONAL COMM CORP63546L102	COM	$2.6m	71,014
NATIONAL FUEL GAS CO N J636180101 · NFG	COM	$143.7m	2,537,583
NATIONAL GEN HLDGS CORP636220303	COM	$38.8m	1,550,670
NATIONAL HEALTH INVS INC63633D104 · NHI	COM	$98.8m	1,331,490
NATIONAL HEALTHCARE CORP635906100 · NHC	COM	$20.9m	275,985
NATIONAL INSTRS CORP636518102	COM	$98.8m	3,204,083
NATIONAL OILWELL VARCO INC637071101	COM	$378.7m	10,115,415

Values use the units disclosed in the source. Where a dollar scale cannot be established, the original amount is shown as filed. Rows may include separate allocations, options and principal amounts; these are kept separate from the covered-stock portfolio used for performance.

How copying its 13F would have done

CopyS&P 500 $10,000 copying Blackrock Institutional Trust Company, N.A.'s usable filed holdings in companies we cover from August 16, 2013, rebalancing at the first weekly close after each usable filing and holding until the next, against the S&P 500 (total return). Missing prices carry their last observed value. Marked weekly, log scale. Before costs and taxes; misses trading within each quarter and anything 13F does not show (shorts, cash, bonds, non-US holdings).

Biggest drop −11.7% (S&P 500 −11.2%); beta 1.02; alpha +0.9% a year (t = 1.77); last 12 months +21.8% against +20.1%.

Reported value by quarter

Blackrock Institutional Trust Company, N.A.: 13F reported value Total reported value where the source's dollar units can be established. Earlier filings in thousands of dollars are converted; dates with unresolved value units are omitted.

View chart data

Period	Reported value
2004-06-30	$2.7M
2013-06-30	$495.3B
2013-09-30	$517.5B
2013-12-31	$566.3B
2014-03-31	$580.3B
2014-06-30	$602.3B
2014-09-30	$596B
2014-12-31	$626B
2015-03-31	$642.3B
2015-06-30	$621.7B
2015-09-30	$573.2B
2015-12-31	$605.5B
2016-03-31	$605.8B
2016-06-30	$615.5B
2016-09-30	$642.6B
2016-12-31	$675.4B

Latest covered holdings and moves

Covered holdings as of December 31, 2016.

Company	Share of portfolio	Value	Shares	Change in shares
AAPLApple Inc.	2.48%	$16.8bn	144.75M	+1.1% Added
MSFTMicrosoft Corporation	1.92%	$13.0bn	209.18M	+1.5% Added
JNJJohnson & Johnson	1.28%	$8.6bn	74.83M	0.0%
JPMJPMorgan Chase	1.25%	$8.5bn	98.02M	+1.2% Added
AMZNAmazon	1.17%	$7.9bn	10.49M	+1.7% Added
METAMeta Platforms	1.06%	$7.1bn	62.07M	+1.6% Added
TAT&T	1.04%	$7.0bn	165.34M	+1.2% Added
WFCWells Fargo	0.99%	$6.7bn	121.83M	+1.1% Added
GOOGLAlphabet Inc. (Class A)	0.93%	$6.3bn	7.94M	+1.3% Added
BACBank of America	0.92%	$6.2bn	280.09M	+3.3% Added
CVXChevron Corporation	0.89%	$6.0bn	50.77M	+0.8% Added
PGProcter & Gamble	0.88%	$5.9bn	70.49M	+0.3%
VZVerizon	0.87%	$5.9bn	110.16M	+0.5% Added
PFEPfizer	0.81%	$5.4bn	167.49M	+2.0% Added
CCitigroup	0.70%	$4.7bn	79.57M	+2.3% Added
INTCIntel	0.69%	$4.7bn	128.61M	+1.7% Added
HDThe Home Depot	0.68%	$4.6bn	34.34M	+1.5% Added
CMCSAComcast	0.67%	$4.5bn	65.72M	+2.1% Added
MRKMerck & Co.	0.66%	$4.5bn	75.62M	+1.6% Added
KOThe Coca-Cola Company	0.64%	$4.3bn	104.65M	+1.6% Added
UNHUnitedHealth Group	0.64%	$4.3bn	27.09M	+2.2% Added
CSCOCisco	0.62%	$4.2bn	138.99M	−0.1%
DISThe Walt Disney Company	0.62%	$4.2bn	40.28M	+1.0% Added
PEPPepsiCo	0.60%	$4.1bn	39.04M	+1.5% Added
VVisa Inc.	0.59%	$4.0bn	51.39M	+0.5% Added
IBMIBM	0.58%	$4.0bn	23.80M	+2.1% Added
PMPhilip Morris International	0.54%	$3.6bn	39.47M	+0.3%
MOAltria	0.53%	$3.5bn	52.47M	−0.9% Reduced
SLBSchlumberger	0.46%	$3.1bn	36.87M	+2.3% Added
AMGNAmgen	0.46%	$3.1bn	21.08M	+2.8% Added
ORCLOracle Corporation	0.46%	$3.1bn	79.96M	+1.9% Added
WMTWalmart	0.43%	$2.9bn	42.17M	+0.6% Added
MMM3M	0.42%	$2.8bn	15.96M	−0.2%
MCDMcDonald's	0.41%	$2.8bn	22.98M	−4.0% Reduced
ABBVAbbVie	0.40%	$2.7bn	43.46M	+1.4% Added
MAMastercard	0.40%	$2.7bn	26.15M	−1.1% Reduced
BMYBristol Myers Squibb	0.40%	$2.7bn	46.07M	−1.9% Reduced
GILDGilead Sciences	0.39%	$2.6bn	36.94M	+1.2% Added
QCOMQualcomm	0.39%	$2.6bn	40.46M	+1.8% Added
MDTMedtronic	0.39%	$2.6bn	36.95M	+1.5% Added
BABoeing	0.37%	$2.5bn	16.09M	+4.5% Added
GSGoldman Sachs	0.35%	$2.4bn	9.94M	+0.3%
CVSCVS Health	0.35%	$2.4bn	30.13M	+2.3% Added
UNPUnion Pacific Corporation	0.35%	$2.4bn	22.90M	+4.9% Added
SPGSimon Property Group	0.34%	$2.3bn	12.92M	+2.8% Added
UPSUnited Parcel Service	0.33%	$2.2bn	19.61M	+4.7% Added
USBU.S. Bancorp	0.33%	$2.2bn	42.95M	+1.0% Added
SBUXStarbucks	0.32%	$2.2bn	38.84M	−4.0% Reduced
TXNTexas Instruments	0.31%	$2.1bn	28.81M	−0.8% Reduced
ACNAccenture	0.30%	$2.1bn	17.52M	+0.3%
LLYLilly (Eli)	0.29%	$2.0bn	26.59M	0.0%
BKNGBooking Holdings	0.28%	$1.9bn	1.31M	+0.8% Added
COSTCostco	0.28%	$1.9bn	11.83M	+1.6% Added
NKENike, Inc.	0.27%	$1.8bn	36.24M	−1.0% Reduced
LOWLowe's	0.27%	$1.8bn	25.89M	−0.8% Reduced
MDLZMondelez International	0.27%	$1.8bn	40.61M	+1.0% Added
AIGAmerican International Group	0.26%	$1.8bn	26.95M	−2.3% Reduced
LMTLockheed Martin	0.26%	$1.8bn	7.03M	+6.0% Added
BIIBBiogen	0.26%	$1.7bn	6.10M	+4.0% Added
COPConocoPhillips	0.26%	$1.7bn	34.39M	+2.0% Added
MSMorgan Stanley	0.24%	$1.6bn	38.89M	−0.4%
CBChubb Limited	0.24%	$1.6bn	12.43M	+2.7% Added
CHTRCharter Communications	0.24%	$1.6bn	5.58M	+2.0% Added
CLColgate-Palmolive	0.24%	$1.6bn	24.49M	+0.9% Added
EOGEOG Resources	0.23%	$1.6bn	15.73M	+8.4% Added
AXPAmerican Express	0.23%	$1.6bn	21.06M	+3.6% Added
PNCPNC Financial Services	0.23%	$1.5bn	12.97M	−0.2%
ABTAbbott Laboratories	0.22%	$1.5bn	39.35M	+1.3% Added
NEENextEra Energy	0.22%	$1.5bn	12.57M	+1.8% Added
METMetLife	0.22%	$1.5bn	27.81M	+1.8% Added
OXYOccidental Petroleum	0.22%	$1.5bn	21.04M	+2.0% Added
TMOThermo Fisher Scientific	0.22%	$1.5bn	10.61M	+3.3% Added
NVDANVIDIA Corporation	0.22%	$1.5bn	14.00M	+2.1% Added
DUKDuke Energy	0.22%	$1.5bn	19.12M	+1.4% Added
ADBEAdobe Inc.	0.22%	$1.5bn	14.16M	−0.5%
CATCaterpillar Inc.	0.21%	$1.4bn	15.37M	+3.0% Added
TJXTJX Companies	0.21%	$1.4bn	18.92M	+2.5% Added
BABAAlibaba Group Holding Ltd	0.21%	$1.4bn	15.98M	−0.9% Reduced
NFLXNetflix	0.21%	$1.4bn	11.24M	+1.8% Added
BNYBNY Mellon	0.20%	$1.4bn	28.85M	+1.8% Added
KHCKraft Heinz	0.20%	$1.4bn	15.56M	+1.5% Added
SCHWCharles Schwab Corporation	0.20%	$1.3bn	33.57M	−0.3%
SOSouthern Company	0.20%	$1.3bn	26.82M	+0.2%
FDXFedEx	0.20%	$1.3bn	7.08M	−0.5% Reduced
GMGeneral Motors	0.19%	$1.3bn	37.67M	+1.1% Added
ADPAutomatic Data Processing	0.19%	$1.3bn	12.77M	−0.5% Reduced
DDominion Energy	0.19%	$1.3bn	16.98M	+1.4% Added
PSAPublic Storage	0.19%	$1.3bn	5.78M	+2.8% Added
DHRDanaher Corporation	0.19%	$1.3bn	16.49M	+2.0% Added
GDGeneral Dynamics	0.19%	$1.3bn	7.43M	−2.1% Reduced
PRUPrudential Financial	0.19%	$1.3bn	12.25M	−4.4% Reduced
FFord Motor Company	0.19%	$1.3bn	104.11M	+2.3% Added
TGTTarget Corporation	0.18%	$1.2bn	17.14M	+7.4% Added
HALHalliburton	0.18%	$1.2bn	22.78M	+2.1% Added
BLKBlackRock	0.18%	$1.2bn	3.20M	+1.7% Added
AMTAmerican Tower	0.18%	$1.2bn	11.28M	−1.3% Reduced
NOCNorthrop Grumman	0.17%	$1.2bn	5.02M	+3.9% Added
PYPLPayPal	0.17%	$1.2bn	29.36M	+1.5% Added
CMECME Group	0.17%	$1.1bn	9.95M	−1.7% Reduced
CRMSalesforce	0.17%	$1.1bn	16.75M	−1.4% Reduced
COFCapital One	0.17%	$1.1bn	13.05M	−3.2% Reduced
KMBKimberly-Clark	0.17%	$1.1bn	9.86M	−5.8% Reduced
PLDPrologis	0.16%	$1.1bn	20.48M	+4.6% Added
KMIKinder Morgan	0.16%	$1.1bn	52.11M	+3.9% Added
ITWIllinois Tool Works	0.16%	$1.1bn	8.72M	−1.9% Reduced
ELVElevance Health	0.16%	$1.1bn	7.40M	+0.1%
PSXPhillips 66	0.16%	$1.1bn	12.27M	+0.9% Added
GISGeneral Mills	0.15%	$1.0bn	16.96M	−4.2% Reduced
SYKStryker Corporation	0.15%	$1.0bn	8.72M	+1.2% Added
TRVThe Travelers Companies	0.15%	$1.0bn	8.53M	−6.5% Reduced
HPEHewlett Packard Enterprise	0.15%	$1.0bn	44.88M	+2.1% Added
JCIJohnson Controls	0.15%	$1.0bn	24.81M	+2.4% Added
MRSHMarsh McLennan	0.15%	$1.0bn	14.92M	+1.5% Added
BDXBecton Dickinson	0.15%	$993.4m	6.00M	+1.2% Added
AMATApplied Materials	0.15%	$987.7m	30.61M	+2.0% Added
WELLWelltower	0.14%	$953.8m	14.25M	+4.0% Added
EMREmerson Electric	0.14%	$945.5m	16.96M	+1.7% Added
VTRVentas	0.14%	$938.8m	15.02M	+14.1% Added
DALDelta Air Lines	0.14%	$933.1m	18.97M	+2.8% Added
EXCExelon	0.14%	$928.8m	26.17M	+2.4% Added
AEPAmerican Electric Power	0.14%	$924.9m	14.69M	+2.9% Added
CSXCSX Corporation	0.14%	$921.1m	25.64M	+0.1%
CICigna	0.14%	$912.7m	6.84M	+1.6% Added
VMRKVivmark Residential	0.13%	$901.1m	14.00M	+3.3% Added
MCKMcKesson	0.13%	$901.1m	6.42M	−6.1% Reduced
CTSHCognizant	0.13%	$896.8m	16.01M	+2.4% Added
KRKroger	0.13%	$896.2m	25.97M	−2.7% Reduced
VLOValero Energy	0.13%	$889.3m	13.02M	+0.7% Added
ICEIntercontinental Exchange	0.13%	$882.9m	15.65M	+377.7% Added
NSCNorfolk Southern	0.13%	$874.7m	8.09M	−0.5% Reduced
WMWaste Management	0.13%	$867.1m	12.23M	−0.6% Reduced
EBAYeBay Inc.	0.13%	$854.9m	28.79M	+1.8% Added
INTUIntuit	0.13%	$851.5m	7.43M	+0.9% Added
BKRBaker Hughes	0.13%	$849.7m	13.08M	+7.9% Added
HUMHumana	0.13%	$845.6m	4.14M	+4.4% Added
CCICrown Castle	0.12%	$839.9m	9.68M	+6.3% Added
DEDeere & Company	0.12%	$838.6m	8.14M	+2.9% Added
PCGPG&E Corporation	0.12%	$837.5m	13.78M	+2.3% Added
APDAir Products	0.12%	$835.3m	5.81M	+3.2% Added
MPCMarathon Petroleum	0.12%	$831.0m	16.50M	+1.6% Added
LYBLyondellBasell	0.12%	$826.0m	9.63M	−4.4% Reduced
BSXBoston Scientific	0.12%	$819.3m	37.88M	+5.4% Added
ECLEcolab	0.12%	$815.1m	6.95M	+0.4%
ETNEaton Corporation	0.12%	$813.0m	12.12M	−1.3% Reduced
LUVSouthwest Airlines	0.12%	$805.2m	16.16M	−4.2% Reduced
ADMArcher Daniels Midland	0.12%	$803.0m	17.59M	+8.0% Added
AFLAflac	0.12%	$800.4m	11.50M	−1.3% Reduced
EQIXEquinix	0.12%	$798.6m	2.23M	+5.2% Added
SPGIS&P Global	0.12%	$793.3m	7.38M	−0.8% Reduced
SYYSysco	0.12%	$791.5m	14.30M	+1.9% Added

Company	Bought (value)	Shares
ICEIntercontinental Exchange	$698.0m	12.37M
TEVATeva Pharmaceutical Industries LTD	$455.9m	12.58M
MNSTMonster Beverage	$320.9m	7.24M
YUMCYum China Holdings, Inc.	$203.3m	7.78M
BACBank of America	$198.2m	8.97M
MSFTMicrosoft Corporation	$197.7m	3.18M
COTYCoty Inc.	$183.6m	10.03M
AAPLApple Inc.	$182.2m	1.57M
AGNCAGNC Investment Corp.	$176.8m	9.75M
LWLamb Weston Holdings, Inc.	$156.5m	4.13M
MAAMid-America Apartment Communities	$135.1m	1.38M
ADNTAdient plc	$133.1m	2.27M
AMZNAmazon	$130.0m	173.4K
EOGEOG Resources	$123.7m	1.22M
VTRVentas	$116.2m	1.86M

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

Company	Sold (value)	Shares
AAAlcoa Corp	−$891.5m	−31.75M
MCDMcDonald's	−$115.3m	−947.6K
SBUXStarbucks	−$89.5m	−1.61M
TRVThe Travelers Companies	−$72.4m	−591.5K
KMBKimberly-Clark	−$68.9m	−603.7K
CLXClorox	−$65.1m	−542.4K
MCKMcKesson	−$58.7m	−418.0K
PRUPrudential Financial	−$58.1m	−558.0K
BMYBristol Myers Squibb	−$53.1m	−908.9K
FLEXFlex Ltd.	−$46.3m	−3.22M
GISGeneral Mills	−$45.7m	−740.4K
AIGAmerican International Group	−$42.2m	−646.8K
SNASnap-on	−$40.2m	−234.6K
COFCapital One	−$38.2m	−437.6K
LYBLyondellBasell	−$38.1m	−444.6K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

Company	Value last quarter	Shares
AZNAstrazeneca PLC	$8.3m	254.0K
ABEVAmbev S.a.	$3.4m	563.0K
SAPSAP SE	$3.1m	34.3K
TMToyota Motor Corp/	$2.3m	19.9K
LOGILogitech International S.a.	$1.6m	73.1K
ESLTElbit Systems LTD	$1.2m	12.6K
CCJCameco Corp	$1.1m	133.4K
LKFTLakefront Biotherapeutics NV	$569,000	8.8K
STMStmicroelectronics N.V.	$555,000	68.1K
CAECAE Inc	$440,000	30.9K
CSIQCanadian Solar Inc.	$156,000	11.4K
CIGIColliers International Group Inc.	$112,000	2.7K
TENXTenax Therapeutics, Inc.	$66,000	28.6K
CIGEnergy Co Of Minas Gerais	$39,000	15.0K
OFSOFS Capital Corp	$33,000	2.6K
DITAmcon Distributing Co	$32,000	357
KINSKingstone Companies, Inc.	$24,000	2.7K
NAIINatural Alternatives International Inc	$22,000	1.7K
ENBEnbridge Inc	$19,000	423
TDToronto Dominion Bank	$18,000	405
CMCanadian Imperial Bank Of Commerce	$14,000	185
ABUSArbutus Biopharma Corp	$13,000	3.9K
RYRoyal Bank Of Canada	$10,000	160

Financials17.3%
Technology15.5%
Health Care13.6%
Industrials10.1%
Consumer Discretionary10.1%
Consumer Staples9.0%
Communication Services8.2%
Real Estate5.0%
Energy4.7%
Utilities3.8%
Materials2.6%

Share of the value held in companies we cover, by sector.

Period	Copy, a year	S&P 500	Sharpe	S&P 500	Biggest drop	Beta
Whole backtestAugust 16, 2013 to May 26, 2017	+14.1%	+12.7%	1.16	1.08	−11.7%	1.02
Last three yearsMay 30, 2014 to May 26, 2017	+11.5%	+10.1%	0.92	0.84	−11.7%	1.02
Last yearMay 27, 2016 to May 26, 2017	+18.9%	+17.4%	1.87	1.84	−4.3%	1.06

From SEC Form 13F data sets. A 13F lists long positions in US-listed shares at the quarter's end, filed up to 45 days later; it does not show shorts, cash, bonds, non-US holdings or trades within the quarter. Positions in companies outside our coverage are not listed here. Research, not investment advice.