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
AZZ INC002474104 · AZZ	COM	$8.5m	132,672
B & G FOODS INC NEW05508R106 · BGS	COM	$14.5m	330,139
B RILEY FINL INC05580M108 · RILY	COM	$666,000	36,114
B/E AEROSPACE INC073302101	COM	$21.6m	358,393
GROUPON INC399473107	COM	$572,000	172,423
GRUBHUB INC400110102	COM	$11.3m	299,167
GRUPO SUPERVIELLE S A40054A108	SPONSORED ADR	$671,000	51,071
GSE SYS INC36227K106	COM	$9,000	2,666
GSI TECHNOLOGY36241U106 · GSIT	COM	$13,000	2,042
GTT COMMUNICATIONS INC362393100	COM	$2.9m	102,210
GUARANTY BANCORP DEL40075T607	COM NEW	$1.6m	65,492
GUARANTY FED BANCSHARES INC40108P101	COM	$14,000	680
GUESS INC401617105	COM	$4.7m	392,251
GUIDANCE SOFTWARE INC401692108	COM	$591,000	83,481
GUIDEWIRE SOFTWARE INC40171V100 · GWRE	COM	$1.7m	34,845
GULF ISLAND FABRICATION INC402307102	COM	$223,000	18,738
GULFMARK OFFSHORE INC402629208	CL A NEW	$6,000	3,465
GULFPORT ENERGY CORP402635304	COM NEW	$63.0m	2,911,135
GWG HLDGS INC36192A109	COM	$1,000	178
H & E EQUIPMENT SERVICES INC404030108	COM	$2.7m	116,246
HABIT RESTAURANTS INC40449J103	COM CL A	$889,000	51,553
HACKETT GROUP INC404609109 · HCKT	COM	$1.6m	92,701
HAEMONETICS CORP405024100 · HAE	COM	$11.2m	279,106
HAIN CELESTIAL GROUP INC405217100 · HAIN	COM	$15.8m	403,604
HALLADOR ENERGY COMPANY40609P105 · HNRG	COM	$21,000	2,298
HALLIBURTON CO406216101 · HAL	COM	$130.9m	2,419,610
HALLMARK FINL SVCS INC EC40624Q203	COM NEW	$692,000	59,526
HALOZYME THERAPEUTICS INC40637H109 · HALO	COM	$4.5m	459,695
HALYARD HEALTH INC40650V100	COM	$16.2m	438,031
HAMILTON BANCORP INC MD407015106	COM	$6,000	448
HANCOCK HLDG CO410120109 · HWC	COM	$25.7m	597,318
HANDY & HARMAN LTD410315105	COM	$285,000	11,166
HANESBRANDS INC410345102	COM	$17.9m	831,098
HANMI FINL CORP410495204 · HAFC	COM NEW	$6.2m	178,668
HANNON ARMSTRONG SUST INFR C41068X100	COM	$3.3m	172,931
HANOVER INS GROUP INC410867105 · THG	COM	$13.6m	149,707
HARBORONE BANCORP INC41165F101	COM	$1.2m	61,536
HARDINGE INC412324303	COM	$503,000	45,395
HARLEY DAVIDSON INC412822108 · HOG	COM	$22.7m	388,415
HARMAN INTL INDS INC413086109	COM	$17.5m	157,153
HARMONIC INC413160102 · HLIT	COM	$2.1m	426,394
HARRIS CORP DEL413875105 · LHX	COM	$28.9m	282,437
HARSCO CORP415864107	COM	$5.9m	436,643
HARTE-HANKS INC416196103 · HHS	COM	$13,000	8,461
HARTFORD FINL SVCS GROUP INC416515104 · HIG	COM	$82.3m	1,727,786
HARVARD BIOSCIENCE INC416906105	COM	$17,000	5,697
HASBRO INC418056107 · HAS	COM	$19.3m	247,783
HAVERTY FURNITURE INC419596101 · HVT	COM	$2.5m	105,552
DISNEY WALT CO254687106 · DIS	COM DISNEY	$340.6m	3,267,978
DIVERSICARE HEALTHCARE SVCS255104101	COM	$7,000	719
DIVERSIFIED RSTRNT HLDGS INC25532M105	COM	$3,000	2,247
DIXIE GROUP INC255519100	CL A	$10,000	2,651
DLH HLDGS CORP23335Q100 · DLHC	COM	$2,000	417
DMC GLOBAL INC23291C103 · BOOM	COM	$874,000	55,153
DNB FINL CORP233237106	COM	$12,000	412
DOLBY LABORATORIES INC25659T107 · DLB	COM	$1.3m	28,935
DOLLAR GEN CORP NEW256677105 · DG	COM	$184.1m	2,485,415
DOLLAR TREE INC256746108 · DLTR	COM	$80.5m	1,043,153
DOMINION MIDSTREAM PARTNERS257454108	COM UT REP LTD	$1.4m	48,359
DOMINION RES INC VA NEW25746U109 · D	COM	$215.0m	2,806,995
DOMINION RES INC VA NEW25746U836	UNIT 08/15/2019	$11.1m	219,652
DOMINION RES INC VA NEW25746U869	UNIT 99/99/9999	$3.0m	59,551
DOMINOS PIZZA INC25754A201 · DPZ	COM	$89.0m	559,108
DOMTAR CORP257559203	COM NEW	$16.6m	425,095
DONALDSON INC257651109 · DCI	COM	$18.8m	446,833
DONEGAL GROUP INC257701201 · DGICA	CL A	$640,000	36,627
DONNELLEY FINL SOLUTIONS INC25787G100 · DFIN	COM	$1.1m	47,238
DONNELLEY R R & SONS CO257867200	COM	$2.7m	162,641
DORIAN LPG LTDY2106R110 · LPG	SHS USD	$805,000	98,110
DORMAN PRODUCTS INC258278100 · DORM	COM	$10.1m	138,353
DOUGLAS DYNAMICS INC25960R105 · PLOW	COM	$2.9m	87,475
INTRICON CORP46121H109	COM	$7,000	1,076
INTUIT461202103 · INTU	COM	$69.9m	609,797
INTUITIVE SURGICAL INC46120E602 · ISRG	COM NEW	$57.8m	91,208
INUVO INC46122W204	COM NEW	$6,000	3,739
INVACARE CORP461203101	COM	$3.2m	244,863
INVENSENSE INC46123D205	COM	$4.3m	335,098
INVENTURE FOODS INC461212102	COM	$776,000	78,805
INVESCO LTDG491BT108 · IVZ	SHS	$85.4m	2,813,775
INVESCO MORTGAGE CAPITAL INC46131B100 · IVR	COM	$6.7m	461,407
INVESCO SR INCOME TR46131H107	COM	$0	14
INVESTAR HLDG CORP46134L105 · ISTR	COM	$21,000	1,139
INVESTMENT TECHNOLOGY GRP NE46145F105	COM	$2.8m	143,347
INVESTORS BANCORP INC NEW46146L101	COM	$16.7m	1,200,264
INVESTORS REAL ESTATE TR461730103	SH BEN INT	$3.6m	501,817
INVESTORS TITLE CO461804106 · ITIC	COM	$1.2m	7,390
INVITAE CORP46185L103	COM	$2.8m	352,682
INVIVO THERAPEUTICS HLDGS CO46186M209	COM NEW	$535,000	127,337
INVUITY INC46187J205	COM NEW	$13,000	2,222
ION GEOPHYSICAL CORP462044207	COM NEW	$10,000	1,610
IONIS PHARMACEUTICALS INC462222100 · IONS	COM	$2.8m	58,095
IPASS INC46261V108	COM	$19,000	11,385
ONEOK PARTNERS LP68268N103	UNIT LTD PARTN	$873,000	20,290
OOMA INC683416101 · OOMA	COM	$15,000	1,620
OPHTHOTECH CORP683745103	COM	$557,000	115,285
OPKO HEALTH INC68375N103 · OPK	COM	$2.4m	257,123
OPPENHEIMER HLDGS INC683797104 · OPY	CL A NON VTG	$789,000	42,423
OPUS BK IRVINE CALIF684000102	COM	$3.4m	112,846
ORACLE CORP68389X105 · ORCL	COM	$414.8m	10,787,969
ORASURE TECHNOLOGIES INC68554V108 · OSUR	COM	$1.9m	215,661

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.