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
W P CAREY INC92936U109 · WPC	COM	$264,000	4,465
WABCO HLDGS INC92927K102	COM	$7.0m	66,012
WABTEC CORP929740108 · WAB	COM	$10.5m	126,265
WAL-MART STORES INC931142103 · WMT	COM	$174.4m	2,523,619
WALGREENS BOOTS ALLIANCE INC931427108	COM	$103.3m	1,248,534
WALKER & DUNLOP INC93148P102 · WD	COM	$51,000	1,622
WASHINGTON PRIME GROUP NEW93964W108	COM	$81,000	7,745
WASHINGTON REAL ESTATE INVT939653101 · ELME	SH BEN INT	$104,000	3,175
WASTE CONNECTIONS INC94106B101 · WCN	COM	$17.8m	226,758
WASTE MGMT INC DEL94106L109 · WM	COM	$45.7m	645,050
WATERS CORP941848103 · WAT	COM	$14.2m	105,727
WATSCO INC942622200 · WSO	COM	$1.2m	8,268
WATTS WATER TECHNOLOGIES INC942749102 · WTS	CL A	$162,000	2,481
WEATHERFORD INTL PLCG48833100	ORD SHS	$5.9m	1,176,429
WEB COM GROUP INC94733A104	COM	$22,000	1,042
WEC ENERGY GROUP INC92939U106 · WEC	COM	$24.8m	422,124
WEIBO CORP948596101 · WB	SPONSORED ADR	$1.5m	37,969
WEINGARTEN RLTY INVS948741103	SH BEN INT	$4.7m	132,000
WELLCARE HEALTH PLANS INC94946T106	COM	$964,000	7,032
WELLS FARGO & CO NEW949746101 · WFC	COM	$354.2m	6,427,376
APTEVO THERAPEUTICS INC03835L108 · APVO	COM	$8,000	3,456
ARAMARK03852U106 · ARMK	COM	$10.4m	292,169
ARATANA THERAPEUTICS INC03874P101	COM	$4,000	528
ARCBEST CORP03937C105 · ARCB	COM	$11,000	394
ARCH CAP GROUP LTDG0450A105 · ACGL	ORD	$14.2m	164,513
ARCHER DANIELS MIDLAND CO039483102 · ADM	COM	$54.4m	1,191,760
ARCONIC INC03965L100	COM	$11.5m	617,678
ARENA PHARMACEUTICALS INC040047102	COM	$21,000	14,716
ARGO GROUP INTL HLDGS LTDG0464B107	COM	$155,000	2,351
ARIAD PHARMACEUTICALS INC04033A100	COM	$22,000	1,769
ARMADA HOFFLER PPTYS INC04208T108 · AHRT	COM	$24,000	1,668
ARROW ELECTRS INC042735100 · ARW	COM	$8.4m	117,628
ASCENA RETAIL GROUP INC04351G101	COM	$11,000	1,824
ASCENT CAP GROUP INC043632108	COM SER A	$2,000	98
ASHFORD HOSPITALITY PRIME IN044102101	COM	$33,000	2,381
ASHFORD HOSPITALITY TR INC044103109 · AHT	COM SHS	$27,000	3,422
ASHLAND GLOBAL HLDGS INC044186104 · ASH	COM	$9.1m	83,031
ASPEN INSURANCE HOLDINGS LTDG05384105	SHS	$395,000	7,188
ASPEN TECHNOLOGY INC045327103	COM	$217,000	3,964
ASSURANT INC04621X108 · AIZ	COM	$7.2m	77,236
ASSURED GUARANTY LTDG0585R106 · AGO	COM	$1.2m	30,487
AT&T INC00206R102 · T	COM	$346.9m	8,157,609
ATHENE HLDG LTDG0684D107	CL A	$355,000	7,407
ATKORE INTL GROUP INC047649108 · ATKR	COM	$58,000	2,407
ATMOS ENERGY CORP049560105 · ATO	COM	$9.7m	131,268
ATRION CORP049904105	COM	$10,000	19
ATYR PHARMA INC002120103	COM	$7,000	3,220
AUTODESK INC052769106 · ADSK	COM	$19.8m	267,553
AUTOLIV INC052800109 · ALV	COM	$12.5m	110,070
AUTOMATIC DATA PROCESSING IN053015103 · ADP	COM	$69.4m	674,752
AUTONATION INC05329W102 · AN	COM	$4.1m	85,245
AUTOZONE INC053332102 · AZO	COM	$32.1m	40,616
AVALONBAY CMNTYS INC053484101	COM	$33.8m	191,006
AVERY DENNISON CORP053611109 · AVY	COM	$8.1m	115,540
AVNET INC053807103 · AVT	COM	$8.5m	178,177
AVON PRODS INC054303102	COM	$12,000	2,396
AXALTA COATING SYS LTDG0750C108 · AXTA	COM	$8.1m	297,130
AXIS CAPITAL HOLDINGS LTDG0692U109 · AXS	SHS	$7.4m	113,732
B & G FOODS INC NEW05508R106 · BGS	COM	$30,000	682
B/E AEROSPACE INC073302101	COM	$7.3m	121,874
BAIDU INC056752108 · BIDU	SPON ADR REP A	$54.1m	328,820
BAKER HUGHES INC057224107 · BKR	COM	$54.7m	841,359
BALL CORP058498106 · BALL	COM	$18.3m	243,296
BANC OF CALIFORNIA INC05990K106 · BANC	COM	$6,000	362
BANK AMER CORP060505104 · BAC	COM	$321.1m	14,527,609
BANK HAWAII CORP062540109 · BOH	COM	$222,000	2,508
BANK NEW YORK MELLON CORP064058100 · BNY	COM	$72.9m	1,539,229
BANK OF THE OZARKS INC063904106	COM	$56,000	1,073
BANKRATE INC DEL06647F102	COM	$22,000	1,990
BARD C R INC067383109	COM	$29.8m	132,547
BARRACUDA NETWORKS INC068323104	COM	$9,000	414
BARRETT BILL CORP06846N104	COM	$25,000	3,577
BARRICK GOLD CORP067901108	COM	$19.0m	1,187,191
BAXTER INTL INC071813109 · BAX	COM	$42.2m	952,247
BB&T CORP054937107	COM	$50.8m	1,079,523
BECTON DICKINSON & CO075887109 · BDX	COM	$46.8m	282,953
BED BATH & BEYOND INC075896100	COM	$8.6m	212,391
BEMIS INC081437105	COM	$460,000	9,628
BERKLEY W R CORP084423102 · WRB	COM	$7.8m	117,265
BERKSHIRE HATHAWAY INC DEL084670108	CL A	$1.5m	6
BERKSHIRE HATHAWAY INC DEL084670702	CL B NEW	$261.9m	1,607,020
BEST BUY INC086516101 · BBY	COM	$22.2m	519,406
BIG 5 SPORTING GOODS CORP08915P101	COM	$88,000	5,046
BIG LOTS INC089302103	COM	$1.3m	25,600
BIOGEN INC09062X103 · BIIB	COM	$89.5m	315,680
BIOMARIN PHARMACEUTICAL INC09061G101 · BMRN	COM	$17.2m	207,324
BIOTELEMETRY INC090672106	COM	$15,000	674
BLACK BOX CORP DEL091826107	COM	$80,000	5,215
BLACKROCK INC09247X101 · BLK	COM	$60.0m	157,675
WELLTOWER INC95040Q104 · WELL	COM	$33.4m	499,596
WEST MARINE INC954235107	COM	$44,000	4,185
WESTAR ENERGY INC95709T100	COM	$11.3m	200,086
WESTERN DIGITAL CORP958102105 · WDC	COM	$25.5m	375,888
WESTERN UN CO959802109 · WU	COM	$14.4m	665,127
WESTROCK CO96145D105	COM	$15.7m	309,121
WEYERHAEUSER CO962166104 · WY	COM	$30.0m	997,526
WHEELER REAL ESTATE INVT TR963025101	COM	$5,000	3,214
WHIRLPOOL CORP963320106 · WHR	COM	$18.8m	103,696
WHITE MTNS INS GROUP LTDG9618E107 · WTM	COM	$35,000	42
WHITESTONE REIT966084204	COM	$18,000	1,228

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.