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
PRGX GLOBAL INC69357C503	COM NEW	$21,000	3,598
PRICE T ROWE GROUP INC74144T108 · TROW	COM	$41.1m	545,631
PRICELINE GRP INC741503403 · BKNG	COM NEW	$338.3m	230,764
PRICESMART INC741511109 · PSMT	COM	$6.1m	73,512
PRIMEENERGY CORP74158E104 · PNRG	COM	$5,000	101
PRIMERICA INC74164M108 · PRI	COM	$21.3m	307,481
PRIMO WTR CORP74165N105	COM	$987,000	80,390
PRIMORIS SVCS CORP74164F103 · PRIM	COM	$3.4m	149,359
PRINCIPAL FINL GROUP INC74251V102 · PFG	COM	$37.5m	648,834
PRIVATEBANCORP INC742962103	COM	$29.9m	550,870
PROASSURANCE CORP74267C106	COM	$5.8m	102,551
PROCTER AND GAMBLE CO742718109 · PG	COM	$534.2m	6,353,926
PROFIRE ENERGY INC74316X101	COM	$5,000	3,760
PROGENICS PHARMACEUTICALS IN743187106	COM	$2.4m	272,710
PROGRESS SOFTWARE CORP743312100 · PRGS	COM	$8.6m	268,028
PROGRESSIVE CORP OHIO743315103 · PGR	COM	$47.2m	1,330,729
PROLOGIS INC74340W103 · PLD	COM	$63.3m	1,199,586
PROOFPOINT INC743424103	COM	$10.8m	152,296
PROS HOLDINGS INC74346Y103	COM	$2.1m	97,841
PROSHARES TR74348A467	S&P 500 DV ARIST	$3,000	58
PROSPECT CAPITAL CORPORATION74348TAK8	NOTE 5.375%10/1	$10,000	10,000
PROSPERITY BANCSHARES INC743606105 · PB	COM	$36.3m	505,140
PROTAGONIST THERAPEUTICS INC74366E102 · PTGX	COM	$658,000	29,930
PROTEON THERAPEUTICS INC74371L109	COM	$3,000	1,366
PROTEOSTASIS THERAPEUTICS IN74373B109	COM	$413,000	33,673
PROTHENA CORP PLCG72800108 · PRTA	SHS	$6.5m	132,680
PROTO LABS INC743713109 · PRLB	COM	$6.4m	124,837
PROVIDENCE SVC CORP743815102	COM	$2.6m	67,747
PROVIDENT BANCORP INC74383X109	COM	$295,000	16,455
PROVIDENT FINL HLDGS INC743868101 · PROV	COM	$519,000	25,672
PROVIDENT FINL SVCS INC74386T105 · PFS	COM	$9.4m	331,572
PRUDENTIAL BANCORP INC NEW74431A101	COM	$15,000	847
PRUDENTIAL FINL INC744320102 · PRU	COM	$275.0m	2,642,902
PS BUSINESS PKS INC CALIF69360J107	COM	$11.5m	99,082
PSIVIDA CORP74440J101	COM	$9,000	5,318
ASSURED GUARANTY LTDG0585R106 · AGO	COM	$2.9m	76,614
ASTA FDG INC046220109	COM	$6,000	647
ASTEC INDS INC046224101 · ASTE	COM	$6.8m	100,176
ASTERIAS BIOTHERAPEUTICS INC04624N107	COM SER A	$382,000	82,955
ASTORIA FINL CORP046265104	COM	$9.3m	500,921
ASTRAZENECA PLC046353108 · AZN	SPONSORED ADR	$164.0m	6,002,547
ASTRONICS CORP046433108 · ATRO	COM	$2.5m	73,008
ASTRONOVA INC04638F108	COM	$13,000	933
ASTROTECH CORP046484101	COM	$4,000	2,874
ASURE SOFTWARE INC04649U102 · ASUR	COM	$6,000	751
AT HOME GROUP INC04650Y100	COM	$130,000	8,907
AT&T INC00206R102 · T	COM	$529.6m	12,451,582
ATARA BIOTHERAPEUTICS INC046513107 · ATRA	COM	$1.3m	92,922
ATENTO S AL0427L105	SHS	$256,000	33,500
ATHENAHEALTH INC04685W103	COM	$2.0m	18,735
ATHENE HLDG LTDG0684D107	CL A	$7.4m	153,602
ATHERSYS INC04744L106	COM	$430,000	281,011
ATKORE INTL GROUP INC047649108 · ATKR	COM	$1.1m	47,293
ATLANTIC AMERN CORP048209100 · AAME	COM	$4,000	932
ATLANTIC CAP BANCSHARES INC048269203	COM	$1.3m	70,103
ATLANTIC COAST FINL CORP048426100	COM	$17,000	2,478
ATLANTIC PWR CORP04878Q863	COM NEW	$1.3m	528,236
ATLANTICA YIELD PLCG0751N103	SHS	$4.7m	241,731
ATLANTICUS HLDGS CORP04914Y102 · ATLC	COM	$3,000	1,038
ATLAS AIR WORLDWIDE HLDGS IN049164205	COM NEW	$6.9m	133,166
ATLAS AIR WORLDWIDE HLDGS IN049164BH8	NOTE 2.250% 6/0	$108,000	107,000
ATLAS FINANCIAL HOLDINGS INCG06207115	SHS NEW	$871,000	48,249
ATLASSIAN CORP PLCG06242104	CL A	$316,000	13,137
ATMOS ENERGY CORP049560105 · ATO	COM	$27.7m	373,162
ATN INTL INC00215F107 · ATNI	COM	$4.6m	56,934
ATOMERA INC04965B100 · ATOM	COM	$1,000	210
ATRICURE INC04963C209 · ATRC	COM	$2.5m	126,695
ATRION CORP049904105	COM	$2.7m	5,298
ATWOOD OCEANICS INC050095108	COM	$4.4m	331,918
ATYR PHARMA INC002120103	COM	$6,000	2,926
AUBURN NATL BANCORP050473107 · AUBN	COM	$12,000	393
AUDENTES THERAPEUTICS INC05070R104	COM	$318,000	17,417
AUTOBYTEL INC05275N205	COM NEW	$458,000	34,080
AUTODESK INC052769106 · ADSK	COM	$67.7m	914,181
AUTOLIV INC052800109 · ALV	COM	$1.4m	12,564
AUTOMATIC DATA PROCESSING IN053015103 · ADP	COM	$102.0m	992,047
AUTONATION INC05329W102 · AN	COM	$10.1m	207,355
AUTOZONE INC053332102 · AZO	COM	$50.3m	63,721
AV HOMES INC00234P102 · MHO	COM	$807,000	51,053
AVALONBAY CMNTYS INC053484101	COM	$57.9m	326,760
AVANGRID INC05351W103	COM	$1.1m	30,185
AVERY DENNISON CORP053611109 · AVY	COM	$49.8m	708,610
AVEXIS INC05366U100	COM	$2.2m	45,890
AVID TECHNOLOGY INC05367P100	COM	$610,000	138,611
AVINGER INC053734109	COM	$318,000	85,851
AVIRAGEN THERAPEUTICS INC053761102	COM	$8,000	6,765
AVIS BUDGET GROUP053774105 · CAR	COM	$10.9m	296,523
AVISTA CORP05379B107 · AVA	COM	$15.6m	390,629
AVNET INC053807103 · AVT	COM	$23.4m	490,476
AVON PRODS INC054303102	COM	$15.3m	3,040,917
AVX CORP NEW002444107	COM	$2.9m	185,885
AWARE INC MASS05453N100 · AWRE	COM	$16,000	2,621
AXALTA COATING SYS LTDG0750C108 · AXTA	COM	$23.1m	851,098
AXCELIS TECHNOLOGIES INC054540208 · ACLS	COM NEW	$1.8m	121,602
AXIS CAPITAL HOLDINGS LTDG0692U109 · AXS	SHS	$5.3m	80,506
AXOGEN INC05463X106 · AXGN	COM	$811,000	90,071
AXOVANT SCIENCES LTDG0750W104	COM	$1.1m	90,416
AXSOME THERAPEUTICS INC05464T104 · AXSM	COM	$256,000	37,940
AXT INC00246W103 · AXTI	COM	$25,000	5,179
AZURE PWR GLOBAL LTDV0393H103	SHS	$499,000	29,381

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.