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
DYNEGY INC NEW DEL26817R108	COM	$25.7m	3,040,179
DYNEX CAP INC26817Q506 · DX	COM NEW	$1.4m	204,881
E L F BEAUTY INC26856L103 · ELF	COM	$793,000	27,388
E TRADE FINANCIAL CORP269246401	COM NEW	$22.3m	642,536
EAGLE BANCORP INC MD268948106 · EGBN	COM	$7.1m	117,199
EAGLE BANCORP MONT INC26942G100 · EBMT	COM	$11,000	515
EAGLE MATERIALS INC26969P108 · EXP	COM	$16.0m	162,812
EAGLE PHARMACEUTICALS INC269796108	COM	$3.4m	43,233
EARTHLINK HLDGS CORP27033X101	COM	$2.3m	407,918
EARTHSTONE ENERGY INC27032D205	COM NEW	$65,000	4,731
EAST WEST BANCORP INC27579R104 · EWBC	COM	$25.6m	503,631
EASTERLY GOVT PPTYS INC27616P103 · DEA	COM	$2.7m	133,430
EASTERN CO276317104 · EML	COM	$20,000	961
EASTERN VA BANKSHARES INC277196101	COM	$21,000	2,025
EASTGROUP PPTY INC277276101 · EGP	COM	$10.0m	135,510
EASTMAN CHEM CO277432100 · EMN	COM	$27.4m	363,956
EASTMAN KODAK CO277461406 · KODK	COM NEW	$1.0m	64,609
EATON CORP PLCG29183103 · ETN	SHS	$62.9m	936,906
EATON VANCE CORP278265103	COM NON VTG	$18.3m	436,489
EATON VANCE SH TM DR DIVR IN27828V104	COM	$0	1
EATON VANCE TAX MNGD GBL DV27829F108	COM	$0	25
EATON VANCE TX ADV GLBL DIV27828S101	COM	$20,000	1,400
EBAY INC278642103 · EBAY	COM	$67.0m	2,257,739
EBIX INC278715206	COM NEW	$7.1m	123,849
ECHO GLOBAL LOGISTICS INC27875T101	COM	$3.8m	153,562
ECHO GLOBAL LOGISTICS INC27875TAA9	NOTE 2.500% 5/0	$88,000	90,000
ECHOSTAR CORP278768106 · ECHO	CL A	$1.4m	26,615
ECLIPSE RES CORP27890G100	COM	$634,000	237,471
ECO STIM ENERGY SOLUTIONS IN27888D101	COM	$1,000	1,338
ECOLAB INC278865100 · ECL	COM	$86.7m	739,309
ECOLOGY & ENVIRONMENT INC278878103	CL A	$4,000	339
EDGE THERAPEUTICS INC279870109	COM	$810,000	64,825
EDGEWATER TECHNOLOGY INC280358102	COM	$12,000	1,567
EDGEWELL PERS CARE CO28035Q102 · EPC	COM	$38.2m	522,858
EDISON INTL281020107 · EIX	COM	$57.1m	793,028
EDITAS MEDICINE INC28106W103 · EDIT	COM	$428,000	26,397
EDUCATION RLTY TR INC28140H203	COM NEW	$21.4m	506,545
EDUCATIONAL DEV CORP281479105 · EDUC	COM	$5,000	539
EDWARDS LIFESCIENCES CORP28176E108 · EW	COM	$44.9m	479,449
EGAIN CORP28225C806 · EGAN	COM NEW	$6,000	3,048
EGALET CORP28226B104	COM	$696,000	91,037
PACWEST BANCORP DEL695263103	COM	$27.0m	496,418
PAIN THERAPEUTICS INC69562K100	COM	$4,000	6,706
PALO ALTO NETWORKS INC697435105 · PANW	COM	$6.0m	47,782
PAMPA ENERGIA S A697660207	SPONS ADR LVL I	$2.6m	74,840
PANDORA MEDIA INC698354107	COM	$1.4m	108,273
PANERA BREAD CO69840W108	CL A	$15.4m	74,900
PANGAEA LOGISTICS SOLUTION LG6891L105 · PANL	SHS	$2,000	505
PANHANDLE OIL AND GAS INC698477106	CL A	$1.5m	63,807
PAPA JOHNS INTL INC698813102 · PZZA	COM	$15.4m	179,414
PAPA MURPHYS HLDGS INC698814100	COM	$9,000	2,064
PAR PACIFIC HOLDINGS INC69888T207 · PARR	COM NEW	$1.7m	119,566
PAR TECHNOLOGY CORP698884103 · PAR	COM	$10,000	1,764
PARAGON COML CORP69911U403	COM NEW	$15,000	353
PARAMOUNT GROUP INC69924R108	COM	$1.6m	102,572
PARATEK PHARMACEUTICALS INC699374302	COM	$1.1m	73,378
PAREXEL INTL CORP699462107	COM	$23.1m	352,069
PARK CITY GROUP INC700215304 · TRAK	COM NEW	$561,000	44,181
PARK ELECTROCHEMICAL CORP700416209	COM	$2.0m	107,643
PARK NATL CORP700658107 · PRK	COM	$6.5m	54,690
PARK OHIO HLDGS CORP700666100 · PKOH	COM	$1.6m	36,963
PARK STERLING CORP70086Y105	COM	$2.3m	211,400
PARKE BANCORP INC700885106 · PKBK	COM	$17,000	825
PARKER DRILLING CO701081101	COM	$1.3m	499,194
PARKER HANNIFIN CORP701094104 · PH	COM	$46.5m	332,427
PARKERVISION INC701354300	COM NEW	$4,000	1,986
PARKWAY INC70156Q107	COM	$5.2m	234,950
PARNELL PHARMACEUT HLDGS LTDQ73622104	SHS	$46,000	66,675
PARSLEY ENERGY INC701877102	CL A	$8.7m	248,206
PARTY CITY HOLDCO INC702149105	COM	$1.5m	103,598
PATHEON N VN6865W105	SHS	$5.5m	192,723
PATHFINDER BANCORP INC MD70319R109 · PBHC	COM	$7,000	536
PATRICK INDS INC703343103 · PATK	COM	$5.8m	76,418
PATRIOT NATL BANCORP INC70336F203 · PNBK	COM NEW	$2,000	124
PATRIOT NATL INC70338T102	COM	$212,000	45,610
PATRIOT TRANSN HLDG INC70338W105	COM	$9,000	424
PATTERN ENERGY GROUP INC70338P100	CL A	$5.3m	277,845
PATTERSON COMPANIES INC703395103	COM	$10.1m	245,568
PATTERSON UTI ENERGY INC703481101 · PTEN	COM	$24.5m	909,859
PAYCHEX INC704326107 · PAYX	COM	$42.8m	703,390
PAYCOM SOFTWARE INC70432V102 · PAYC	COM	$7.5m	164,764
PAYLOCITY HLDG CORP70438V106 · PCTY	COM	$2.4m	81,416
PAYPAL HLDGS INC70450Y103 · PYPL	COM	$95.3m	2,413,617
PB BANCORP INC70454T100	COM	$4,000	451
PBF ENERGY INC69318G106 · PBF	CL A	$1.5m	55,510
PC CONNECTION INC69318J100 · CNXN	COM	$1.3m	46,507
PC-TEL INC69325Q105	COM	$14,000	2,679
PCM INC69323K100	COM	$34,000	1,533
PDC ENERGY INC69327R101	COM	$21.8m	300,548
PDF SOLUTIONS INC693282105 · PDFS	COM	$2.4m	105,950
PDL BIOPHARMA INC69329Y104	COM	$1.4m	675,286
PDVWIRELESS INC69290R104	COM	$965,000	42,785
PEAK RESORTS INC70469L100	COM	$12,000	2,080
PEAPACK-GLADSTONE FINL CORP704699107 · PGC	COM	$2.2m	70,171
PEBBLEBROOK HOTEL TR70509V100 · PEB	COM	$11.3m	380,723
PEGASYSTEMS INC705573103 · PEGA	COM	$4.9m	136,200
PENN NATL GAMING INC707569109 · PENN	COM	$3.9m	283,455
PENNEY J C INC708160106	COM	$8.9m	1,070,729
PENNS WOODS BANCORP INC708430103	COM	$989,000	19,593
PENNSYLVANIA RL ESTATE INVT709102107	SH BEN INT	$7.2m	377,174

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.