Institution

Blackrock Japan Co. Ltd

13F for December 31, 2016, filed February 10, 2017 · SEC CIK 1085635 · Holdings history from March 31, 1999

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

Reported value: $30.3bn
Positions we cover: 789
Copy, a year: +10.1%
Copy Sharpe ratio: 0.59

Copy-performance statistics: February 15, 2008 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

1,312 reported entries for December 31, 2016.

Issuer	Class / type	Reported value	Quantity
INTER PARFUMS INC458334109 · IPAR	COM	$1,000	45
INTERCONTINENTAL EXCHANGE IN45866F104 · ICE	COM	$44.0m	780,344
INTERNATIONAL BUSINESS MACHS459200101 · IBM	COM	$217.3m	1,309,416
INTERNATIONAL FLAVORS&FRAGRA459506101 · IFF	COM	$12.3m	104,340
INTERPUBLIC GROUP COS INC460690100	COM	$21.6m	921,087
INTERSECT ENT INC46071F103	COM	$3,000	278
INTERXION HOLDING N.VN47279109	SHS	$46,000	1,305
INTL PAPER CO460146103 · IP	COM	$27.5m	518,324
INTUIT461202103 · INTU	COM	$62.3m	543,752
INTUITIVE SURGICAL INC46120E602 · ISRG	COM NEW	$31.6m	49,879
INVESCO LTDG491BT108 · IVZ	SHS	$17.0m	558,976
INVESTORS BANCORP INC NEW46146L101	COM	$128,000	9,144
INVESTORS REAL ESTATE TR461730103	SH BEN INT	$39,000	5,418
IROBOT CORP462726100	COM	$19,000	321
IRON MTN INC NEW46284V101 · IRM	COM	$10.2m	313,400
IRONWOOD PHARMACEUTICALS INC46333X108 · IRWD	COM CL A	$50,000	3,286
ISHARES464286145	MSCI FRNTR100ETF	$6.0m	241,290
ISHARES464286400	MSCI BRZ CAP ETF	$208,000	6,232
ISHARES464286665	MSCI PAC JP ETF	$56.6m	1,430,079
ISHARES464286780	MSCI STH AFR ETF	$189,000	3,603
ISHARES464286822	MSCI MEX CAP ETF	$209,000	4,744
ISHARES GOLD TRUST464285105	ISHARES	$4.3m	391,238
ISHARES INC46434G103	CORE MSCI EMKT	$118.4m	2,789,121
ISHARES S&P GSCI COMMODITY I46428R107	UNIT BEN INT	$4.8m	304,272
ISHARES TR464287176	TIPS BD ETF	$2.5m	21,938
ISHARES TR464287200	CORE S&P500 ETF	$483.4m	2,148,545
ISHARES TR464287234	MSCI EMG MKT ETF	$39.3m	1,122,123
ISHARES TR464287242	IBOXX INV CP ETF	$86.9m	741,666
ISHARES TR464287440	7-10 Y TR BD ETF	$148,000	1,413
ISHARES TR464287457	1-3 YR TR BD ETF	$147,000	1,736
ISHARES TR464287465	MSCI EAFE ETF	$911,000	15,774
ISHARES TR464287804	CORE S&P SCP ETF	$1.7m	12,527
ISHARES TR464288273	EAFE SML CP ETF	$1.2m	23,302
ISHARES TR464288281	JP MOR EM MK ETF	$3.6m	32,690
ISHARES TR464288372	GLB INFRASTR ETF	$310,000	7,937
ISHARES TR464288513	IBOXX HI YD ETF	$3.5m	40,841
ISHARES TR464288588	MBS ETF	$8.6m	80,908
ISHARES TR464288620	US CREDIT BD ETF	$314,000	2,879
ISHARES TR464288661	3-7 YR TR BD ETF	$173,000	1,413
ISHARES TR464288711	GLOB UTILITS ETF	$354,000	7,927
ISHARES TR46432F842	CORE MSCI EAFE	$585,000	10,910
ISHARES TR46434V761	MSCI UAE ETF	$45,000	2,745
3M CO88579Y101 · MMM	COM	$143.7m	804,804
58 COM INC31680Q104	SPON ADR REP A	$2.8m	100,405
A10 NETWORKS INC002121101 · ATEN	COM	$55,000	6,561
AARONS INC002535300	COM PAR $0.50	$12,000	378
ABBOTT LABS002824100 · ABT	COM	$74.3m	1,934,148
ABBVIE INC00287Y109 · ABBV	COM	$141.0m	2,250,990
ABM INDS INC000957100 · ABM	COM	$80,000	1,953
ACADIA RLTY TR004239109 · AKR	COM SH BEN INT	$111,000	3,395
ACCENTURE PLC IRELANDG1151C101 · ACN	SHS CLASS A	$108.7m	927,902
ACCO BRANDS CORP00081T108 · ACCO	COM	$17,000	1,290
ACHAOGEN INC004449104	COM	$11,000	829
ACHILLION PHARMACEUTICALS IN00448Q201	COM	$22,000	5,372
ACTIVISION BLIZZARD INC00507V109	COM	$27.9m	772,220
ACUITY BRANDS INC00508Y102 · AYI	COM	$13.5m	58,633
ADOBE SYS INC00724F101 · ADBE	COM	$84.3m	819,023
ADURO BIOTECH INC00739L101	COM	$14,000	1,240
ADVANCE AUTO PARTS INC00751Y106 · AAP	COM	$15.7m	93,122
ADVANCED MICRO DEVICES INC007903107 · AMD	COM	$171,000	15,095
AECOM00766T100 · ACM	COM	$223,000	6,143
AERCAP HOLDINGS NVN00985106 · AER	SHS	$9.2m	221,708
AES CORP00130H105 · AES	COM	$14.7m	1,266,522
AETNA INC NEW00817Y108	COM	$56.6m	456,466
AFFILIATED MANAGERS GROUP008252108 · AMG	COM	$10.1m	69,522
AFLAC INC001055102 · AFL	COM	$42.6m	611,921
AGCO CORP001084102 · AGCO	COM	$4.5m	78,078
AGILENT TECHNOLOGIES INC00846U101 · A	COM	$22.2m	487,667
AGNC INVT CORP00123Q104 · AGNC	COM	$7.5m	415,061
AGREE REALTY CORP008492100 · ADC	COM	$52,000	1,135
AIR PRODS & CHEMS INC009158106 · APD	COM	$42.7m	296,844
AKAMAI TECHNOLOGIES INC00971T101 · AKAM	COM	$15.9m	238,430
ALBEMARLE CORP012653101 · ALB	COM	$12.5m	145,472
ALDER BIOPHARMACEUTICALS INC014339105	COM	$33,000	1,574
ALERE INC01449J105	COM	$137,000	3,526
ALEXANDERS INC014752109 · ALX	COM	$64,000	150
ALEXANDRIA REAL ESTATE EQ IN015271109 · ARE	COM	$11.3m	101,871
ALEXION PHARMACEUTICALS INC015351109	COM	$36.7m	299,847
ISHARES TR46434V779	MSCI QATAR ETF	$43,000	2,274
ISLE OF CAPRI CASINOS INC464592104	COM	$11,000	438
ISTAR INC45031U101	COM	$37,000	2,982
ITRON INC465741106 · ITRI	COM	$5,000	85
ITURAN LOCATION AND CONTROLM6158M104 · ITRN	SHS	$67,000	2,545
J ALEXANDERS HLDGS INC46609J106	COM	$40,000	3,724
J2 GLOBAL INC48123V102 · ZD	COM	$12,000	151
JABIL CIRCUIT INC466313103 · JBL	COM	$58,000	2,436
JACK IN THE BOX INC466367109 · JACK	COM	$23,000	210
JACOBS ENGR GROUP INC DEL469814107	COM	$8.0m	139,670
JAMES RIV GROUP LTDG5005R107 · JRVR	COM	$7,000	168
JAZZ PHARMACEUTICALS PLCG50871105 · JAZZ	SHS USD	$8.5m	78,400
JD COM INC47215P106 · JD	SPON ADR CL A	$20.1m	788,630
JETBLUE AIRWAYS CORP477143101 · JBLU	COM	$11,000	486
SNAP ON INC833034101 · SNA	COM	$14.2m	82,767
SOHU COM INC83408W103 · SOHU	COM	$325,000	9,585
SONOCO PRODS CO835495102 · SON	COM	$1,000	18
SOUTHERN CO842587107 · SO	COM	$66.6m	1,353,905
SOUTHERN COPPER CORP84265V105 · SCCO	COM	$3.4m	106,944
SOUTHWEST AIRLS CO844741108 · LUV	COM	$8.9m	177,999
SOUTHWEST GAS CORP844895102 · SWX	COM	$454,000	5,931
SOUTHWESTERN ENERGY CO845467109	COM	$8.4m	775,015

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 Japan Co. Ltd's usable filed holdings in companies we cover from February 15, 2008, 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 −51.2% (S&P 500 −50.8%); beta 1.00; alpha +1.2% a year (t = 1.70); last 12 months +21.6% against +20.1%.

Reported value by quarter

Blackrock Japan Co. Ltd: 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	$21.7B
2013-09-30	$21B
2013-12-31	$22.5B
2014-03-31	$22.4B
2014-06-30	$21.9B
2014-09-30	$23.2B
2014-12-31	$26.1B
2015-03-31	$25B
2015-06-30	$25.9B
2015-09-30	$25B
2015-12-31	$26.8B
2016-03-31	$26.9B
2016-06-30	$27.9B
2016-09-30	$29.3B
2016-12-31	$30.3B

Latest covered holdings and moves

Covered holdings as of December 31, 2016.

Company	Share of portfolio	Value	Shares	Change in shares
AAPLApple Inc.	2.87%	$868.8m	7.50M	−1.5% Reduced
MSFTMicrosoft Corporation	2.15%	$651.8m	10.49M	−1.1% Reduced
JPMJPMorgan Chase	1.49%	$451.0m	5.23M	+1.5% Added
JNJJohnson & Johnson	1.45%	$438.5m	3.81M	−3.3% Reduced
AMZNAmazon	1.34%	$407.3m	543.1K	−1.5% Reduced
METAMeta Platforms	1.21%	$365.3m	3.17M	−1.4% Reduced
WFCWells Fargo	1.17%	$354.2m	6.43M	−0.4%
TAT&T	1.15%	$346.9m	8.16M	−0.3%
BACBank of America	1.06%	$321.1m	14.53M	+4.4% Added
GOOGLAlphabet Inc. (Class A)	1.05%	$319.5m	403.2K	−1.4% Reduced
CVXChevron Corporation	1.01%	$305.6m	2.60M	−1.2% Reduced
VZVerizon	0.96%	$292.3m	5.48M	−0.3%
PGProcter & Gamble	0.94%	$285.4m	3.39M	−5.2% Reduced
PFEPfizer	0.93%	$281.5m	8.67M	+3.4% Added
HDThe Home Depot	0.83%	$252.1m	1.88M	+7.8% Added
CCitigroup	0.83%	$250.9m	4.22M	+3.0% Added
INTCIntel	0.82%	$249.0m	6.86M	+5.0% Added
CSCOCisco	0.78%	$236.1m	7.81M	−0.3%
UNHUnitedHealth Group	0.78%	$235.0m	1.47M	+5.3% Added
CMCSAComcast	0.77%	$232.3m	3.36M	+5.4% Added
MRKMerck & Co.	0.74%	$225.7m	3.83M	−0.3%
KOThe Coca-Cola Company	0.74%	$224.7m	5.42M	−1.2% Reduced
IBMIBM	0.72%	$217.3m	1.31M	+7.0% Added
DISThe Walt Disney Company	0.70%	$213.3m	2.05M	−0.1%
PEPPepsiCo	0.67%	$204.3m	1.95M	+1.8% Added
VVisa Inc.	0.65%	$196.0m	2.51M	+0.5%
MOAltria	0.64%	$193.2m	2.86M	−5.4% Reduced
PMPhilip Morris International	0.63%	$189.3m	2.07M	+0.1%
WMTWalmart	0.58%	$174.4m	2.52M	+1.8% Added
SLBSchlumberger	0.54%	$164.5m	1.96M	+5.6% Added
AMGNAmgen	0.53%	$161.5m	1.10M	+0.7% Added
ORCLOracle Corporation	0.52%	$157.3m	4.09M	+0.7% Added
GILDGilead Sciences	0.48%	$145.5m	2.03M	+0.7% Added
MMM3M	0.47%	$143.7m	804.8K	−9.1% Reduced
MAMastercard	0.47%	$143.2m	1.39M	−11.4% Reduced
BABoeing	0.47%	$141.9m	911.2K	+2.0% Added
ABBVAbbVie	0.47%	$141.0m	2.25M	+0.4%
QCOMQualcomm	0.46%	$140.1m	2.15M	+4.0% Added
MCDMcDonald's	0.46%	$139.5m	1.15M	−9.3% Reduced
CVSCVS Health	0.44%	$134.0m	1.70M	+13.3% Added
MDTMedtronic	0.44%	$132.5m	1.86M	+0.2%
BMYBristol Myers Squibb	0.44%	$132.3m	2.26M	−6.3% Reduced
TXNTexas Instruments	0.40%	$122.4m	1.68M	−3.8% Reduced
BABAAlibaba Group Holding Ltd	0.40%	$122.2m	1.39M	−1.8% Reduced
UNPUnion Pacific Corporation	0.40%	$120.0m	1.16M	+6.2% Added
USBU.S. Bancorp	0.39%	$117.6m	2.29M	+1.6% Added
GSGoldman Sachs	0.38%	$115.1m	480.7K	−2.2% Reduced
SBUXStarbucks	0.36%	$110.0m	1.98M	−10.1% Reduced
ACNAccenture	0.36%	$108.7m	927.9K	+0.6% Added
UPSUnited Parcel Service	0.36%	$108.1m	943.2K	+3.4% Added
LOWLowe's	0.35%	$107.5m	1.51M	−2.7% Reduced
LMTLockheed Martin	0.34%	$101.5m	406.2K	+13.3% Added
LLYLilly (Eli)	0.33%	$99.3m	1.35M	+0.1%
SPGSimon Property Group	0.32%	$97.9m	550.9K	−1.4% Reduced
BKNGBooking Holdings	0.32%	$95.7m	65.3K	+2.3% Added
AIGAmerican International Group	0.31%	$93.6m	1.43M	−1.9% Reduced
COSTCostco	0.31%	$92.6m	578.4K	−1.2% Reduced
MDLZMondelez International	0.30%	$92.2m	2.08M	+0.1%
EOGEOG Resources	0.30%	$91.7m	907.1K	+15.1% Added
NKENike, Inc.	0.30%	$90.2m	1.77M	−12.0% Reduced
BIIBBiogen	0.30%	$89.5m	315.7K	+1.9% Added
MSMorgan Stanley	0.29%	$86.6m	2.05M	+0.7% Added
COPConocoPhillips	0.28%	$85.9m	1.71M	+1.8% Added
ADBEAdobe Inc.	0.28%	$84.3m	819.0K	−3.5% Reduced
CHTRCharter Communications	0.27%	$81.6m	283.3K	+0.8% Added
CBChubb Limited	0.26%	$80.0m	605.4K	+1.4% Added
NVDANVIDIA Corporation	0.26%	$78.6m	736.6K	+2.5% Added
AXPAmerican Express	0.26%	$77.7m	1.05M	+0.8% Added
SCHWCharles Schwab Corporation	0.26%	$77.1m	1.95M	−6.4% Reduced
PNCPNC Financial Services	0.25%	$76.8m	656.8K	+0.7% Added
FDXFedEx	0.25%	$76.8m	412.5K	−4.2% Reduced
OXYOccidental Petroleum	0.25%	$75.2m	1.06M	−0.5% Reduced
ABTAbbott Laboratories	0.24%	$74.3m	1.93M	+1.4% Added
CLColgate-Palmolive	0.24%	$73.6m	1.12M	+0.2%
NEENextEra Energy	0.24%	$73.4m	614.3K	+3.8% Added
TMOThermo Fisher Scientific	0.24%	$73.3m	519.5K	+1.5% Added
CMECME Group	0.24%	$73.3m	635.3K	−10.2% Reduced
TJXTJX Companies	0.24%	$73.0m	971.7K	+5.1% Added
GMGeneral Motors	0.24%	$73.0m	2.09M	+15.1% Added
BNYBNY Mellon	0.24%	$72.9m	1.54M	+4.6% Added
CATCaterpillar Inc.	0.24%	$72.0m	776.8K	+0.8% Added
DUKDuke Energy	0.24%	$71.8m	925.5K	+1.2% Added
KHCKraft Heinz	0.23%	$70.2m	803.7K	+1.2% Added
NFLXNetflix	0.23%	$69.4m	560.6K	+1.5% Added
ADPAutomatic Data Processing	0.23%	$69.4m	674.8K	−2.8% Reduced
SOSouthern Company	0.22%	$66.6m	1.35M	+5.7% Added
METMetLife	0.22%	$65.9m	1.22M	+0.8% Added
DHRDanaher Corporation	0.21%	$64.3m	825.5K	−0.7% Reduced
COFCapital One	0.21%	$64.0m	733.3K	+2.9% Added
ITWIllinois Tool Works	0.21%	$63.9m	521.8K	−4.3% Reduced
PRUPrudential Financial	0.21%	$63.2m	607.5K	+2.8% Added
TGTTarget Corporation	0.21%	$63.0m	872.7K	+18.5% Added
HALHalliburton	0.21%	$62.7m	1.16M	+0.8% Added
INTUIntuit	0.21%	$62.3m	543.8K	−7.3% Reduced
AMTAmerican Tower	0.20%	$62.1m	587.9K	+3.4% Added
DDominion Energy	0.20%	$62.0m	810.0K	+2.9% Added
TRVThe Travelers Companies	0.20%	$62.0m	506.2K	−9.2% Reduced
NOCNorthrop Grumman	0.20%	$61.6m	265.0K	+16.1% Added
PSXPhillips 66	0.20%	$60.5m	700.6K	−1.8% Reduced
BLKBlackRock	0.20%	$60.0m	157.7K	+0.7% Added
GDGeneral Dynamics	0.20%	$59.7m	345.7K	−14.1% Reduced
FFord Motor Company	0.20%	$59.1m	4.87M	+3.1% Added
CRMSalesforce	0.19%	$57.9m	846.5K	−4.3% Reduced
AMATApplied Materials	0.19%	$57.1m	1.77M	+19.9% Added
PYPLPayPal	0.19%	$56.8m	1.44M	+1.8% Added
KMBKimberly-Clark	0.19%	$56.2m	492.6K	−13.4% Reduced
VLOValero Energy	0.18%	$55.0m	805.2K	+5.5% Added
NEMNewmont	0.18%	$54.8m	1.61M	+2.8% Added
CAHCardinal Health	0.18%	$54.7m	760.6K	+5.1% Added
BKRBaker Hughes	0.18%	$54.7m	841.4K	+16.1% Added
ADMArcher Daniels Midland	0.18%	$54.4m	1.19M	+18.4% Added
ELVElevance Health	0.18%	$54.4m	378.3K	−0.2%
BIDUBaidu, Inc.	0.18%	$54.1m	328.8K	−0.1%
KMIKinder Morgan	0.17%	$52.9m	2.55M	+2.3% Added
SYKStryker Corporation	0.17%	$52.5m	438.1K	+2.3% Added
GISGeneral Mills	0.17%	$51.6m	835.4K	−15.2% Reduced
HPEHewlett Packard Enterprise	0.17%	$50.4m	2.18M	−3.7% Reduced
JCIJohnson Controls	0.17%	$50.3m	1.22M	+0.7% Added
MCKMcKesson	0.16%	$49.7m	353.6K	−15.4% Reduced
EXCExelon	0.16%	$47.9m	1.35M	+4.4% Added
EMREmerson Electric	0.16%	$47.7m	855.6K	+0.8% Added
KRKroger	0.16%	$47.2m	1.37M	−4.7% Reduced
TEVATeva Pharmaceutical Industries LTD	0.15%	$47.0m	1.30M	New
CICigna	0.15%	$46.9m	351.3K	+5.9% Added
BDXBecton Dickinson	0.15%	$46.8m	283.0K	+4.5% Added
PSAPublic Storage	0.15%	$46.7m	208.9K	−7.5% Reduced
LYBLyondellBasell	0.15%	$46.4m	540.7K	−5.5% Reduced
EBAYeBay Inc.	0.15%	$46.2m	1.56M	+1.5% Added
WMWaste Management	0.15%	$45.7m	645.0K	+6.9% Added
MRSHMarsh McLennan	0.15%	$45.4m	671.8K	−0.7% Reduced
CTSHCognizant	0.15%	$45.0m	803.4K	+2.1% Added
CSXCSX Corporation	0.15%	$44.6m	1.24M	+0.8% Added
AEPAmerican Electric Power	0.15%	$44.5m	707.6K	+7.2% Added
ICEIntercontinental Exchange	0.14%	$44.0m	780.3K	+301.2% Added
HUMHumana	0.14%	$43.5m	213.3K	+5.2% Added
MARMarriott International	0.14%	$43.2m	522.7K	−16.2% Reduced
APDAir Products	0.14%	$42.7m	296.8K	−1.2% Reduced
MPCMarathon Petroleum	0.14%	$42.7m	847.3K	+3.2% Added
AFLAflac	0.14%	$42.6m	611.9K	−9.4% Reduced
BAXBaxter International	0.14%	$42.2m	952.2K	+12.7% Added
ALLAllstate	0.14%	$42.0m	566.0K	+0.6% Added
ECLEcolab	0.14%	$41.3m	352.7K	−10.6% Reduced
NSCNorfolk Southern	0.14%	$41.3m	382.2K	−0.5%
STTState Street Corporation	0.14%	$41.1m	528.4K	+2.1% Added
PCGPG&E Corporation	0.14%	$41.0m	675.5K	+6.6% Added
ETNEaton Corporation	0.14%	$40.8m	607.5K	−0.8% Reduced
ROSTRoss Stores	0.14%	$40.8m	621.3K	+19.0% Added
SPGIS&P Global	0.13%	$40.7m	378.4K	−3.7% Reduced
SYFSynchrony Financial	0.13%	$40.3m	1.11M	+2.6% Added
SYYSysco	0.13%	$40.0m	722.0K	+0.1%

Company	Bought (value)	Shares
TEVATeva Pharmaceutical Industries LTD	$47.0m	1.30M
ICEIntercontinental Exchange	$33.1m	585.8K
HDThe Home Depot	$18.3m	136.3K
MNSTMonster Beverage	$16.2m	366.0K
CVSCVS Health	$15.7m	198.7K
IBMIBM	$14.2m	85.6K
BACBank of America	$13.4m	607.0K
YUMCYum China Holdings, Inc.	$13.0m	499.0K
FANGDiamondback Energy	$12.8m	126.6K
TRGPTarga Resources	$12.3m	218.6K
EOGEOG Resources	$12.0m	119.0K
LMTLockheed Martin	$11.9m	47.8K
CMCSAComcast	$11.9m	172.5K
INTCIntel	$11.9m	327.0K
UNHUnitedHealth Group	$11.8m	73.5K

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

Company	Sold (value)	Shares
AAAlcoa Corp	−$18.6m	−1.84M
MAMastercard	−$18.4m	−178.6K
PGProcter & Gamble	−$15.6m	−185.7K
JNJJohnson & Johnson	−$15.1m	−131.2K
MMM3M	−$14.5m	−81.0K
MCDMcDonald's	−$14.3m	−117.8K
AAPLApple Inc.	−$13.0m	−112.0K
SBUXStarbucks	−$12.3m	−221.5K
NKENike, Inc.	−$12.3m	−241.1K
MOAltria	−$10.9m	−161.7K
CLXClorox	−$10.4m	−86.7K
GDGeneral Dynamics	−$9.8m	−56.8K
GISGeneral Mills	−$9.2m	−149.2K
MCKMcKesson	−$9.0m	−64.3K
SHWSherwin-Williams	−$9.0m	−33.4K

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

Company	Value last quarter	Shares
AAAlcoa Corp	$18.6m	1.84M
ALNYAlnylam Pharmaceuticals, Inc.	$6.2m	91.0K
NRGNRG Energy	$4.4m	394.5K
NVRNVR, Inc.	$622,000	379
THCTenet Healthcare Corp	$441,000	19.5K
ERICEricsson LM Telephone Co	$314,000	43.5K
UMBFUMB Financial Corp	$290,000	4.9K
LAMRLamar Advertising Co	$206,000	3.2K
LIVNLivanova PLC	$154,000	2.6K
GMEGamestop Corp.	$133,000	4.8K
SUSuncor Energy Inc	$108,000	3.9K
SCLStepan Co	$107,000	1.5K
WSTWest Pharmaceutical Services	$93,000	1.2K
WWDWoodward, Inc.	$90,000	1.4K
ALGTAllegiant Travel Co	$87,000	656
BDCBelden Inc.	$82,000	1.2K
VEEVVeeva Systems Inc	$71,000	1.7K
CBSHCommerce Bancshares Inc	$68,000	1.4K
USPHU S Physical Therapy Inc	$60,000	955
AVAAvista Corp	$60,000	1.4K
FDSFactset Research Systems Inc	$53,000	330
YRDYiren Digital Ltd.	$53,000	2.2K
XYZBlock, Inc.	$47,000	4.0K
IIINInsteel Industries Inc	$41,000	1.1K
SAHSonic Automotive Inc	$39,000	2.1K
TILEInterface Inc	$32,000	1.9K
MZTIMarzetti Co	$32,000	244
GBXGreenbrier Companies Inc	$31,000	889
CENTCentral Garden & PET Co	$28,000	1.1K
SITESiteone Landscape Supply, Inc.	$28,000	786

Financials17.1%
Technology16.3%
Health Care14.6%
Consumer Discretionary10.4%
Consumer Staples9.8%
Communication Services8.9%
Industrials8.6%
Energy5.2%
Utilities3.6%
Real Estate3.2%
Materials2.3%

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 backtestFebruary 15, 2008 to May 26, 2017	+10.1%	+8.7%	0.59	0.53	−51.2%	1.00
2010 to 2017January 8, 2010 to May 26, 2017	+13.7%	+12.9%	0.97	0.92	−15.1%	1.00
Last three yearsMay 30, 2014 to May 26, 2017	+11.4%	+10.1%	0.93	0.84	−11.6%	1.02
Last yearMay 27, 2016 to May 26, 2017	+18.8%	+17.4%	1.92	1.84	−4.1%	1.02

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.