Institution

Blackrock Investment Management, LLC

13F for December 31, 2016, filed February 10, 2017 · SEC CIK 1305227 · Holdings history from March 30, 2006

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

Reported value: $86.4bn
Positions we cover: 1,861
Copy, a year: +13.5%
Copy Sharpe ratio: 1.10

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.

Reports holdings for Pacific Life Fund Advisors LLC · SEC notice for June 30, 2013
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

3,953 reported entries for December 31, 2016.

Issuer	Class / type	Reported value	Quantity
ADTRAN INC00738A106 · ADTN	COM	$5.7m	253,844
ADURO BIOTECH INC00739L101	COM	$1.5m	130,070
ADVANCE AUTO PARTS INC00751Y106 · AAP	COM	$27.9m	164,722
ADVANCED DISP SVCS INC DEL00790X101	COM	$1.4m	64,659
ADVANCED DRAIN SYS INC DEL00790R104 · WMS	COM	$2.7m	130,592
ADVANCED ENERGY INDS007973100 · AEIS	COM	$11.0m	201,579
ADVANCED MICRO DEVICES INC007903107 · AMD	COM	$58.3m	5,145,221
ADVANCEPIERRE FOODS HLDGS IN00782L107	COM	$2.5m	83,526
ADVANSIX INC00773T101 · ASIX	COM	$1.2m	52,535
ADVAXIS INC007624208	COM NEW	$1.0m	141,941
ADVERUM BIOTECHNOLOGIES INC00773U108	COM	$318,000	109,597
ADVISORY BRD CO00762W107	COM	$5.1m	154,252
AECOM00766T100 · ACM	COM	$25.5m	700,690
AEGION CORP00770F104	COM	$4.6m	192,299
AEGLEA BIOTHERAPEUTICS INC00773J103	COM	$4,000	821
AEGON N V007924103	NY REGISTRY SH	$1,000	126
AEMETIS INC00770K202 · AMTX	COM NEW	$3,000	2,331
AEP INDS INC001031103	COM	$1.8m	15,611
AERCAP HOLDINGS NVN00985106 · AER	SHS	$7.1m	170,104
AERIE PHARMACEUTICALS INC00771V108	COM	$4.2m	109,734
AEROHIVE NETWORKS INC007786106	COM	$553,000	96,930
ASHFORD HOSPITALITY PRIME IN044102101	COM	$1.4m	105,797
ASHFORD HOSPITALITY TR INC044103109 · AHT	COM SHS	$2.6m	341,525
ASHFORD INC044104107	COM	$7,000	161
ASHLAND GLOBAL HLDGS INC044186104 · ASH	COM	$24.6m	224,883
ASML HOLDING N VN07059210 · ASML	N Y REGISTRY SHS	$149.6m	1,333,299
ASPEN AEROGELS INC04523Y105 · ASPN	COM	$12,000	2,925
ASPEN INSURANCE HOLDINGS LTDG05384105	SHS	$10.8m	196,337
ASPEN TECHNOLOGY INC045327103	COM	$15.8m	289,829
ASSEMBLY BIOSCIENCES INC045396108 · ASMB	COM	$29,000	2,417
ASSOCIATED BANC CORP045487105 · ASB	COM	$12.9m	520,953
ASSOCIATED CAP GROUP INC045528106	CL A	$700,000	21,312
ASSURANT INC04621X108 · AIZ	COM	$12.4m	133,551
GLADSTONE COML CORP376536108 · GOOD	COM	$2.0m	101,493
GLADSTONE LD CORP376549101 · LAND	COM	$15,000	1,308
GLATFELTER377316104	COM	$5.9m	246,399
GLAUKOS CORP377322102 · GKOS	COM	$2.1m	61,632
GLAXOSMITHKLINE PLC37733W105	SPONSORED ADR	$17.2m	445,468
GLOBAL BLOOD THERAPEUTICS IN37890U108	COM	$1.2m	86,180
GLOBAL BRASS & COPPR HLDGS I37953G103	COM	$2.9m	84,654
GLOBAL EAGLE ENTMT INC37951D102	COM	$1.2m	190,110
GLOBAL INDTY LTD CAYMANG3933F105	USD CL A SHS	$1.3m	33,883
GLOBAL MED REIT INC37954A204	COM NEW	$552,000	61,839
GLOBAL NET LEASE INC379378102 · GNL	COM	$5.5m	698,625
GLOBAL PMTS INC37940X102 · GPN	COM	$129.1m	1,860,518
GLOBAL SELF STORAGE INC37955N106 · SELF	COM	$6,000	1,309
GLOBAL SOURCES LTDG39300101	ORD	$276,000	31,226
GLOBAL WTR RES INC379463102 · GWRS	COM	$262,000	28,744
GLOBALSCAPE INC37940G109	COM	$9,000	2,274
GLOBALSTAR INC378973408	COM	$2.3m	1,434,575
GLOBANT S AL44385109 · GLOB	COM	$3.2m	96,606
GLOBUS MED INC379577208 · GMED	CL A	$11.7m	472,053
GLU MOBILE INC379890106	COM	$884,000	455,674
GLYCOMIMETICS INC38000Q102	COM	$232,000	38,085
GMS INC36251C103	COM	$790,000	26,989
GNC HLDGS INC36191G107	COM CL A	$2.8m	257,038
GODADDY INC380237107 · GDDY	CL A	$798,000	22,825
GOGO INC38046C109 · GOGO	COM	$1.9m	209,077
GOLAR LNG LTD BERMUDAG9456A100 · GLNG	SHS	$8.6m	375,081
GOLD RESOURCE CORP38068T105	COM	$844,000	193,927
GOLDEN ENTMT INC381013101	COM	$519,000	42,835
GOLDFIELD CORP381370105	COM	$21,000	4,119
GOLDMAN SACHS GROUP INC38141G104 · GS	COM	$413.0m	1,724,873
GOOD TIMES RESTAURANTS INC382140879 · GTIM	COM PAR $.001NEW	$6,000	1,900
GOODYEAR TIRE & RUBR CO382550101 · GT	COM	$68.7m	2,224,175
GOPRO INC38268T103 · GPRO	CL A	$3.6m	414,196
GORDMANS STORES INC38269P100	COM	$1,000	1,522
GORMAN RUPP CO383082104 · GRC	COM	$2.1m	69,157
GOVERNMENT PPTYS INCOME TR38376A103	COM SHS BEN INT	$5.0m	261,439
GP STRATEGIES CORP36225V104	COM	$1.5m	51,214
GRACE W R & CO DEL NEW38388F108	COM	$3.0m	44,257
GRACO INC384109104 · GGG	COM	$15.8m	190,132
GRAHAM CORP384556106 · GHM	COM	$875,000	39,525
GRAHAM HLDGS CO384637104 · GHC	COM	$8.3m	16,184
GRAINGER W W INC384802104 · GWW	COM	$28.3m	121,931
GRAMERCY PPTY TR385002100	COM	$15.6m	1,702,215
GRANA Y MONTERO S A A38500P208	SPONSORED ADR	$465,000	65,000
GRAND CANYON ED INC38526M106 · LOPE	COM	$9.7m	166,613
GRANITE CONSTR INC387328107 · GVA	COM	$14.5m	263,913
GRAPHIC PACKAGING HLDG CO388689101 · GPK	COM	$6.7m	537,426
GRAY TELEVISION INC389375106 · GTN	COM	$2.7m	248,472
GREAT AJAX CORP38983D300	COM	$847,000	63,865
GREAT ELM CAP GROUP INC39036P209	COM NEW	$26,000	7,020
GREAT LAKES DREDGE & DOCK CO390607109	COM	$1.1m	261,423
GREAT PLAINS ENERGY INC391164100	COM	$21.9m	800,700
GREAT SOUTHN BANCORP INC390905107 · GSBC	COM	$2.5m	45,147
GREAT WESTN BANCORP INC391416104	COM	$14.0m	320,727
GREEN BANCORP INC39260X100	COM	$1.2m	80,882
GREEN BRICK PARTNERS INC392709101 · GRBK	COM	$909,000	90,410
GREEN DOT CORP39304D102 · GDOT	CL A	$5.5m	233,248
GREEN PLAINS INC393222104 · GPRE	COM	$5.4m	195,332
GREENBRIER COS INC393657101 · GBX	COM	$6.2m	149,973
GREENBRIER COS INC393657AH4	NOTE 3.500% 4/0	$28,000	22,000
GREENE COUNTY BANCORP INC394357107 · GCBC	COM	$204,000	8,921
GREENHILL & CO INC395259104	COM	$4.0m	144,032
GREENLIGHT CAPITAL RE LTDG4095J109 · GLRE	CLASS A	$2.8m	121,679
GREIF INC397624107 · GEF	CL A	$9.2m	178,913
GREIF INC397624206 · GEF	CL B	$1.6m	23,292
GRIFFIN INL RLTY INC398231100	COM	$22,000	705
GRIFFON CORP398433102 · GFF	COM	$4.1m	156,193

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 Investment Management, LLC'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 −12.2% (S&P 500 −11.2%); beta 1.04; alpha +0.2% a year (t = 0.41); last 12 months +21.9% against +20.1%.

Reported value by quarter

Blackrock Investment Management, LLC: 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
2013-06-30	$56B
2013-09-30	$60.6B
2013-12-31	$67.4B
2014-03-31	$68.9B
2014-06-30	$74.4B
2014-09-30	$71.6B
2014-12-31	$75.5B
2015-03-31	$76.3B
2015-06-30	$80.5B
2015-09-30	$74.1B
2015-12-31	$78B
2016-03-31	$76.9B
2016-06-30	$79B
2016-09-30	$81.4B
2016-12-31	$86.4B

Latest covered holdings and moves

Covered holdings as of December 31, 2016.

Company	Share of portfolio	Value	Shares	Change in shares
AAPLApple Inc.	2.08%	$1.8bn	15.50M	+1.2% Added
MSFTMicrosoft Corporation	2.08%	$1.8bn	28.85M	+5.9% Added
JPMJPMorgan Chase	1.63%	$1.4bn	16.32M	−6.1% Reduced
AMZNAmazon	1.27%	$1.1bn	1.47M	+5.7% Added
CCitigroup	1.24%	$1.1bn	18.03M	+4.6% Added
GOOGLAlphabet Inc. (Class A)	1.22%	$1.1bn	1.33M	−4.2% Reduced
PFEPfizer	1.14%	$983.3m	30.27M	+2.2% Added
WFCWells Fargo	0.99%	$856.4m	15.54M	+2.3% Added
UNHUnitedHealth Group	0.98%	$844.0m	5.27M	−3.5% Reduced
JNJJohnson & Johnson	0.93%	$807.2m	7.01M	−3.4% Reduced
METAMeta Platforms	0.90%	$781.4m	6.79M	−17.4% Reduced
BACBank of America	0.90%	$773.2m	34.99M	+27.1% Added
CMCSAComcast	0.87%	$750.3m	10.87M	−0.7% Reduced
VZVerizon	0.85%	$737.6m	13.82M	+1.3% Added
HDThe Home Depot	0.83%	$716.7m	5.35M	−3.2% Reduced
CVXChevron Corporation	0.75%	$647.5m	5.50M	+1.4% Added
CSCOCisco	0.73%	$634.1m	20.98M	+0.6% Added
PGProcter & Gamble	0.62%	$534.2m	6.35M	+3.0% Added
TAT&T	0.61%	$529.6m	12.45M	+4.8% Added
MRKMerck & Co.	0.61%	$528.0m	8.97M	−11.2% Reduced
USBU.S. Bancorp	0.59%	$513.6m	10.00M	−6.6% Reduced
INTCIntel	0.59%	$509.9m	14.06M	+6.2% Added
VVisa Inc.	0.58%	$504.4m	6.47M	−14.7% Reduced
MOAltria	0.57%	$493.7m	7.30M	−0.2%
KOThe Coca-Cola Company	0.57%	$490.3m	11.82M	−0.3%
QCOMQualcomm	0.56%	$486.2m	7.46M	−4.7% Reduced
SLBSchlumberger	0.51%	$436.3m	5.20M	+0.8% Added
ORCLOracle Corporation	0.48%	$414.8m	10.79M	+4.8% Added
GSGoldman Sachs	0.48%	$413.0m	1.72M	−1.9% Reduced
MSMorgan Stanley	0.47%	$405.1m	9.59M	+7.8% Added
MMM3M	0.46%	$400.4m	2.24M	+0.5%
GILDGilead Sciences	0.46%	$400.4m	5.59M	−1.0% Reduced
PMPhilip Morris International	0.45%	$384.7m	4.20M	+2.9% Added
PEPPepsiCo	0.42%	$362.6m	3.47M	+6.4% Added
DISThe Walt Disney Company	0.39%	$340.6m	3.27M	+5.8% Added
BKNGBooking Holdings	0.39%	$338.3m	230.8K	+6.5% Added
AIGAmerican International Group	0.37%	$316.7m	4.85M	−8.5% Reduced
BIIBBiogen	0.36%	$314.1m	1.11M	+16.7% Added
IBMIBM	0.36%	$310.3m	1.87M	+6.0% Added
OXYOccidental Petroleum	0.35%	$299.8m	4.21M	−6.7% Reduced
NFLXNetflix	0.34%	$297.4m	2.40M	−1.4% Reduced
NKENike, Inc.	0.34%	$293.1m	5.77M	+20.7% Added
UPSUnited Parcel Service	0.33%	$285.8m	2.49M	−0.8% Reduced
CVSCVS Health	0.33%	$281.9m	3.57M	−2.0% Reduced
DALDelta Air Lines	0.33%	$281.3m	5.72M	+79.9% Added
HUMHumana	0.32%	$277.7m	1.36M	+90.7% Added
PRUPrudential Financial	0.32%	$275.0m	2.64M	−6.4% Reduced
AMGNAmgen	0.32%	$273.8m	1.87M	−17.0% Reduced
KRKroger	0.32%	$272.7m	7.90M	−1.5% Reduced
NEENextEra Energy	0.31%	$270.9m	2.27M	+1.7% Added
MPCMarathon Petroleum	0.31%	$266.9m	5.30M	−6.2% Reduced
MCDMcDonald's	0.30%	$256.6m	2.11M	+2.8% Added
LOWLowe's	0.30%	$256.6m	3.61M	+8.0% Added
ABBVAbbVie	0.29%	$253.8m	4.05M	+4.6% Added
MAMastercard	0.29%	$248.2m	2.40M	+14.0% Added
LMTLockheed Martin	0.28%	$241.5m	966.0K	−2.0% Reduced
EXCExelon	0.28%	$238.2m	6.71M	−0.8% Reduced
EOGEOG Resources	0.27%	$236.2m	2.34M	−4.1% Reduced
UNPUnion Pacific Corporation	0.27%	$235.0m	2.27M	−0.2%
MDTMedtronic	0.27%	$233.1m	3.27M	+0.1%
ELVElevance Health	0.27%	$230.3m	1.60M	−5.5% Reduced
METMetLife	0.26%	$222.9m	4.14M	−5.8% Reduced
BMYBristol Myers Squibb	0.26%	$222.8m	3.81M	+1.7% Added
NOCNorthrop Grumman	0.25%	$219.4m	943.5K	−4.0% Reduced
SUSuncor Energy Inc	0.25%	$219.2m	6.71M	+5.7% Added
BDXBecton Dickinson	0.25%	$218.1m	1.32M	−9.1% Reduced
DDominion Energy	0.25%	$215.0m	2.81M	−5.8% Reduced
WMTWalmart	0.25%	$213.0m	3.08M	+10.2% Added
STZConstellation Brands	0.24%	$209.4m	1.37M	+5.9% Added
TRVThe Travelers Companies	0.23%	$203.0m	1.66M	−15.5% Reduced
MDLZMondelez International	0.23%	$200.8m	4.53M	−4.1% Reduced
COFCapital One	0.23%	$200.1m	2.29M	−3.0% Reduced
DVNDevon Energy	0.23%	$199.4m	4.37M	+4.2% Added
BABoeing	0.22%	$193.7m	1.24M	−6.1% Reduced
COSTCostco	0.22%	$189.1m	1.18M	−9.8% Reduced
DGDollar General	0.21%	$184.1m	2.49M	−10.8% Reduced
SBUXStarbucks	0.21%	$182.1m	3.28M	−8.5% Reduced
VLOValero Energy	0.20%	$177.4m	2.61M	−1.0% Reduced
COPConocoPhillips	0.20%	$175.4m	3.50M	+0.7% Added
LUVSouthwest Airlines	0.19%	$165.1m	3.31M	−3.7% Reduced
AZNAstrazeneca PLC	0.19%	$164.0m	6.00M	−25.7% Reduced
LLYLilly (Eli)	0.19%	$162.5m	2.21M	−7.9% Reduced
ACNAccenture	0.19%	$160.3m	1.37M	+6.2% Added
IPInternational Paper	0.18%	$160.2m	3.02M	−2.4% Reduced
TXNTexas Instruments	0.18%	$158.7m	2.18M	+5.7% Added
NVDANVIDIA Corporation	0.18%	$157.7m	1.48M	+6.3% Added
PEGPublic Service Enterprise Group	0.18%	$155.9m	3.55M	−3.0% Reduced
KEYKeyCorp	0.18%	$153.2m	8.39M	−4.1% Reduced
ASMLAsml Holding NV	0.17%	$149.6m	1.33M	+50.5% Added
BAXBaxter International	0.17%	$149.0m	3.36M	+6.1% Added
CHTRCharter Communications	0.17%	$148.2m	514.9K	+5.6% Added
CMECME Group	0.17%	$146.1m	1.27M	−20.9% Reduced
SPGSimon Property Group	0.17%	$145.7m	820.0K	+8.9% Added
MRSHMarsh McLennan	0.17%	$144.6m	2.14M	−2.3% Reduced
ROPRoper Technologies	0.16%	$141.5m	773.1K	+14.8% Added
ZBHZimmer Biomet	0.16%	$141.1m	1.37M	+24.9% Added
CTSHCognizant	0.16%	$140.3m	2.50M	−3.6% Reduced
DGXQuest Diagnostics	0.16%	$135.1m	1.47M	−4.6% Reduced
CBChubb Limited	0.16%	$134.7m	1.02M	+5.0% Added
UALUnited Airlines Holdings	0.16%	$134.4m	1.84M	−4.5% Reduced
BSXBoston Scientific	0.15%	$133.9m	6.19M	−9.7% Reduced
HALHalliburton	0.15%	$130.9m	2.42M	+4.0% Added
OMCOmnicom Group	0.15%	$130.5m	1.53M	+0.2%
GPNGlobal Payments	0.15%	$129.1m	1.86M	+7.9% Added
SHWSherwin-Williams	0.15%	$126.5m	470.7K	+3.5% Added
REGNRegeneron Pharmaceuticals	0.14%	$124.5m	339.1K	−41.6% Reduced
LEALear Corp	0.14%	$123.7m	934.2K	−9.5% Reduced
EQIXEquinix	0.14%	$122.7m	343.4K	+133.2% Added
TMOThermo Fisher Scientific	0.14%	$119.6m	847.6K	−3.1% Reduced
CDWCDW Corporation	0.14%	$118.6m	2.28M	−3.3% Reduced
CLColgate-Palmolive	0.14%	$117.3m	1.79M	+7.6% Added
AYIAcuity Inc. (de)	0.14%	$116.7m	505.3K	+38.0% Added
ABTAbbott Laboratories	0.13%	$115.3m	3.00M	+5.6% Added
CICigna	0.13%	$115.2m	863.6K	−5.5% Reduced
LRCXLam Research	0.13%	$114.7m	1.08M	−1.8% Reduced
ZTSZoetis	0.13%	$114.7m	2.14M	+101.4% Added
NSCNorfolk Southern	0.13%	$113.3m	1.05M	−34.1% Reduced
SCHWCharles Schwab Corporation	0.13%	$112.9m	2.86M	+5.5% Added
AXPAmerican Express	0.13%	$112.4m	1.52M	−15.6% Reduced
DUKDuke Energy	0.13%	$111.7m	1.44M	+10.5% Added
CATCaterpillar Inc.	0.13%	$111.0m	1.20M	+6.4% Added
PNCPNC Financial Services	0.13%	$110.9m	948.0K	+6.4% Added
ADBEAdobe Inc.	0.13%	$110.8m	1.08M	−2.7% Reduced
AESAES Corporation	0.13%	$109.9m	9.46M	−5.4% Reduced
TJXTJX Companies	0.12%	$106.1m	1.41M	+4.5% Added
KMBKimberly-Clark	0.12%	$103.7m	908.7K	+17.1% Added
KHCKraft Heinz	0.12%	$102.9m	1.18M	+6.7% Added
MSIMotorola Solutions	0.12%	$102.1m	1.23M	−6.4% Reduced
ADPAutomatic Data Processing	0.12%	$102.0m	992.0K	+6.0% Added
AMTAmerican Tower	0.12%	$101.9m	964.8K	+4.8% Added
TEVATeva Pharmaceutical Industries LTD	0.12%	$100.1m	2.76M	−2.6% Reduced
FFord Motor Company	0.12%	$100.0m	8.24M	+4.6% Added
FISVFiserv	0.11%	$98.7m	928.6K	+1.9% Added
FDXFedEx	0.11%	$98.2m	527.6K	+5.2% Added
BNYBNY Mellon	0.11%	$98.2m	2.07M	+6.5% Added
EFXEquifax	0.11%	$98.1m	829.5K	+232.1% Added
CMSCMS Energy	0.11%	$97.4m	2.34M	−9.0% Reduced
WYWeyerhaeuser	0.11%	$95.8m	3.18M	−4.6% Reduced
PYPLPayPal	0.11%	$95.3m	2.41M	+5.5% Added
CRMSalesforce	0.11%	$94.6m	1.38M	−46.7% Reduced
GDGeneral Dynamics	0.11%	$94.1m	545.2K	+4.1% Added
DHRDanaher Corporation	0.11%	$94.0m	1.21M	+5.6% Added
PSXPhillips 66	0.11%	$93.5m	1.08M	+5.8% Added
GMGeneral Motors	0.11%	$93.2m	2.68M	+4.2% Added
TGTTarget Corporation	0.11%	$93.1m	1.29M	−4.8% Reduced
SOSouthern Company	0.11%	$92.6m	1.88M	+6.6% Added
MTBM&T Bank	0.11%	$92.3m	590.4K	−6.2% Reduced
SYKStryker Corporation	0.10%	$91.1m	760.6K	+5.7% Added
BLKBlackRock	0.10%	$89.7m	235.6K	+6.5% Added
DPZDomino's	0.10%	$89.0m	559.1K	+11.9% Added

Company	Bought (value)	Shares
BACBank of America	$164.9m	7.46M
HUMHumana	$132.1m	647.4K
DALDelta Air Lines	$125.0m	2.54M
MSFTMicrosoft Corporation	$100.2m	1.61M
EQIXEquinix	$70.1m	196.2K
EFXEquifax	$68.5m	579.7K
AMZNAmazon	$59.5m	79.3K
ZTSZoetis	$57.7m	1.08M
ICEIntercontinental Exchange	$54.7m	970.1K
ULTAUlta Beauty	$51.5m	201.9K
NKENike, Inc.	$50.3m	989.5K
ASMLAsml Holding NV	$50.2m	447.4K
CCitigroup	$47.5m	798.5K
BIIBBiogen	$45.1m	158.9K
DLTRDollar Tree	$42.2m	546.6K

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

Company	Sold (value)	Shares
METAMeta Platforms	−$165.0m	−1.43M
ILMNIllumina, Inc.	−$98.5m	−769.1K
BUDAnheuser-busch Inbev SA	−$96.3m	−913.3K
JPMJPMorgan Chase	−$91.2m	−1.06M
REGNRegeneron Pharmaceuticals	−$88.8m	−242.0K
VVisa Inc.	−$86.9m	−1.11M
CRMSalesforce	−$82.8m	−1.21M
AAAlcoa Corp	−$78.5m	−2.80M
MRKMerck & Co.	−$66.5m	−1.13M
NSCNorfolk Southern	−$58.7m	−543.2K
LBTYKLiberty Global Ltd.	−$57.0m	−1.91M
AZNAstrazeneca PLC	−$56.7m	−2.08M
AMGNAmgen	−$56.1m	−383.8K
TAPMolson Coors Beverage Co	−$56.1m	−576.6K
GOOGLAlphabet Inc. (Class A)	−$46.2m	−58.3K

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

Company	Value last quarter	Shares
ERICEricsson LM Telephone Co	$10.6m	1.47M
CCJCameco Corp	$4.4m	517.6K
AEMAgnico Eagle Mines LTD	$1.0m	18.5K
HDBHdfc Bank LTD	$539,000	7.5K
CHTChunghwa Telecom Co LTD	$147,000	4.2K
SAPSAP SE	$63,000	694
ATHMAutohome Inc.	$51,000	2.1K
PUKPrudential PLC	$13,000	352
CIGEnergy Co Of Minas Gerais	$1,000	349

Financials19.2%
Technology15.3%
Health Care14.3%
Consumer Discretionary9.9%
Industrials9.7%
Communication Services8.2%
Consumer Staples8.1%
Energy5.4%
Utilities4.0%
Real Estate3.2%
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	+13.5%	+12.7%	1.10	1.08	−12.2%	1.04
Last three yearsMay 30, 2014 to May 26, 2017	+11.0%	+10.1%	0.87	0.84	−12.2%	1.04
Last yearMay 27, 2016 to May 26, 2017	+19.0%	+17.4%	1.83	1.84	−4.2%	1.09

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.