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
SPARK ENERGY INC846511103	CL A COM	$4,000	120
SPARK THERAPEUTICS INC84652J103	COM	$2,000	50
SPARTANNASH CO847215100	COM	$40,000	1,001
SPDR S&P 500 ETF TR78462F103	TR UNIT	$194.3m	869,138
SPECTRA ENERGY CORP847560109	COM	$40.3m	980,045
SPECTRUM BRANDS HLDGS INC84763R101	COM	$3.1m	25,340
SPECTRUM PHARMACEUTICALS INC84763A108	COM	$15,000	3,450
SPIRE INC84857L101 · SR	COM	$29,000	452
SPIRIT RLTY CAP INC NEW84860W102	COM	$223,000	20,489
SPLUNK INC848637104	COM	$8.4m	164,257
SPRINT CORP85207U105	COM SER 1	$8.1m	963,593
STAG INDL INC85254J102 · STAG	COM	$76,000	3,204
ST JUDE MED INC790849103	COM	$29.8m	372,329
STANLEY BLACK & DECKER INC854502101 · SWK	COM	$25.6m	223,026
STAPLES INC855030102	COM	$7.5m	833,529
STARBUCKS CORP855244109 · SBUX	COM	$110.0m	1,981,233
STARWOOD PPTY TR INC85571B105 · STWD	COM	$1.4m	62,467
STATE STR CORP857477103 · STT	COM	$41.1m	528,374
STEELCASE INC858155203	CL A	$53,000	2,964
STERICYCLE INC858912108	COM	$9.1m	118,759
STORE CAP CORP862121100	COM	$160,000	6,481
STRONGBRIDGE BIOPHARMA PLCG85347105	SHS USD	$4,000	1,604
STRYKER CORP863667101 · SYK	COM	$52.5m	438,100
SUCAMPO PHARMACEUTICALS INC864909106	CL A	$2,000	162
SUFFOLK BANCORP864739107	COM	$9,000	200
SUMMIT HOTEL PPTYS866082100 · INN	COM	$116,000	7,241
SUMMIT MATLS INC86614U100	CL A	$49,000	2,041
SUN CMNTYS INC866674104 · SUI	COM	$217,000	2,828
SUNSTONE HOTEL INVS INC NEW867892101 · SHO	COM	$139,000	9,140
SUNTRUST BKS INC867914103	COM	$41.0m	747,481
SUPER MICRO COMPUTER INC86800U104	COM	$2,000	76
SUPERIOR ENERGY SVCS INC868157108	COM	$1.1m	62,595
SUPERNUS PHARMACEUTICALS INC868459108 · SUPN	COM	$29,000	1,141
SURGERY PARTNERS INC86881A100 · SGRY	COM	$45,000	2,831
SURGICAL CARE AFFILIATES INC86881L106	COM	$12,000	269
SWIFT TRANSN CO87074U101	CL A	$49,000	1,991
SYMANTEC CORP871503108	COM	$20.0m	837,871
SYNAPTICS INC87157D109 · SYNA	COM	$914,000	17,061
SYNCHRONY FINL87165B103 · SYF	COM	$40.3m	1,110,892
SYNERGY PHARMACEUTICALS DEL871639308	COM NEW	$5,000	800
SYNNEX CORP87162W100 · SNX	COM	$380,000	3,139
SYNOPSYS INC871607107 · SNPS	COM	$14.2m	240,709
SYSCO CORP871829107 · SYY	COM	$40.0m	722,035
T MOBILE US INC872590104 · TMUS	COM	$22.3m	388,134
TAKE-TWO INTERACTIVE SOFTWAR874054109 · TTWO	COM	$138,000	2,798
TAL ED GROUP874080104 · TAL	ADS REPSTG COM	$3.9m	55,296
TANGER FACTORY OUTLET CTRS I875465106 · SKT	COM	$742,000	20,732
ALIBABA GROUP HLDG LTD01609W102 · BABA	SPONSORED ADS	$122.2m	1,391,470
ALIGN TECHNOLOGY INC016255101 · ALGN	COM	$8.2m	85,086
ALKERMES PLCG01767105 · ALKS	SHS	$10.3m	185,832
ALLEGHANY CORP DEL017175100	COM	$11.1m	18,301
ALLERGAN PLCG0177J108	SHS	$109.8m	522,627
ALLIANCE DATA SYSTEMS CORP018581108 · BFH	COM	$17.7m	77,281
ALLIANCE HEALTHCARE SRVCS IN018606301	COM PAR	$3,000	283
ALLIANT ENERGY CORP018802108 · LNT	COM	$11.4m	299,643
ALLSTATE CORP020002101 · ALL	COM	$42.0m	565,969
ALLY FINL INC02005N100 · ALLY	COM	$11.0m	578,043
ALPHA & OMEGA SEMICONDUCTORG6331P104 · AOSL	SHS	$51,000	2,413
ALPHABET INC02079K107	CAP STK CL C	$333.3m	431,844
ALPHABET INC02079K305 · GOOGL	CAP STK CL A	$319.5m	403,188
ALTRIA GROUP INC02209S103 · MO	COM	$193.2m	2,857,142
AMAZON COM INC023135106 · AMZN	COM	$407.3m	543,143
AMC ENTMT HLDGS INC00165C104	CL A COM	$3,000	91
AMC NETWORKS INC00164V103 · AMCX	CL A	$94,000	1,790
AMDOCS LTDG02602103 · DOX	SHS	$5.7m	98,224
AMERCO023586100 · UHAL	COM	$3.3m	8,950
AMEREN CORP023608102 · AEE	COM	$16.1m	306,305
AMERICAN AIRLS GROUP INC02376R102 · AAL	COM	$8.1m	172,985
AMERICAN ASSETS TR INC024013104 · AAT	COM	$91,000	2,108
AMERICAN AXLE & MFG HLDGS IN024061103 · DCH	COM	$31,000	1,588
AMERICAN CAMPUS CMNTYS INC024835100	COM	$275,000	5,530
AMERICAN EAGLE OUTFITTERS NE02553E106 · AEO	COM	$723,000	47,680
AMERICAN ELEC PWR INC025537101 · AEP	COM	$44.5m	707,581
AMERICAN EXPRESS CO025816109 · AXP	COM	$77.7m	1,048,380
AMERICAN HOMES 4 RENT02665T306 · AMH	CL A	$194,000	9,224
AMERICAN INTL GROUP INC026874784 · AIG	COM NEW	$93.6m	1,433,285
AMERICAN TOWER CORP NEW03027X100 · AMT	COM	$62.1m	587,919
AMERICAN WTR WKS CO INC NEW030420103 · AWK	COM	$25.8m	355,857
AMERICAS CAR MART INC03062T105 · CRMT	COM	$40,000	912
AMERIPRISE FINL INC03076C106 · AMP	COM	$35.5m	319,704
AMERISOURCEBERGEN CORP03073E105 · COR	COM	$33.8m	431,893
AMETEK INC NEW031100100 · AME	COM	$15.2m	313,287
AMGEN INC031162100 · AMGN	COM	$161.5m	1,104,462
AMKOR TECHNOLOGY INC031652100 · AMKR	COM	$72,000	6,806
AMPHENOL CORP NEW032095101 · APH	CL A	$28.4m	422,793
ANADARKO PETE CORP032511107	COM	$53.0m	760,201
ANALOG DEVICES INC032654105 · ADI	COM	$29.1m	400,345
ANGLOGOLD ASHANTI LTD035128206 · AU	SPONSORED ADR	$15.2m	1,444,992
ANNALY CAP MGMT INC035710409 · NLY	COM	$12.0m	1,201,163
ANSYS INC03662Q105	COM	$10.9m	117,818
ANTERO RES CORP03674X106 · AR	COM	$8.6m	362,579
ANTHEM INC036752103 · ELV	COM	$54.4m	378,275
AON PLCG0408V102	SHS CL A	$47.4m	424,635
APACHE CORP037411105	COM	$39.9m	628,537
D R HORTON INC23331A109 · DHI	COM	$12.6m	462,815
DANAHER CORP DEL235851102 · DHR	COM	$64.3m	825,475
DARDEN RESTAURANTS INC237194105 · DRI	COM	$11.2m	154,608
DAVE & BUSTERS ENTMT INC238337109 · PLAY	COM	$32,000	561
DAVITA INC23918K108 · DVA	COM	$14.6m	227,309
DCT INDUSTRIAL TRUST INC233153204	COM NEW	$606,000	12,666

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.