Institution

Cadence Capital Management LLC

13F for September 30, 2020, filed October 16, 2020 · SEC CIK 1175399 · Holdings history from December 31, 2005

The latest available holdings for this manager are dated September 30, 2020.

Reported value: $414.7m
Positions we cover: 215
Copy, a year: +9.7%
Copy Sharpe ratio: 0.52

Copy-performance statistics: August 15, 2008 to January 29, 2021. 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 September 30, 2019

Holdings date Find a security

277 reported entries for September 30, 2020.

Issuer	Class / type	Reported value	Quantity
HEWLETT PACKARD ENTERP COM42824C109 · HPE	COM	$378,000	40,328
HOME DEPOT INC COM437076102 · HD	COM	$3.0m	10,934
HONEYWELL INTL INC COM438516106	COM	$2.8m	17,283
HP INC40434L105 · HPQ	COM	$1.2m	62,935
HUNTINGTON BANCSHARES COM446150104 · HBAN	COM	$189,000	20,594
ICAD INC COM44934S206	COM NEW	$162,000	18,376
ICHOR HOLDINGS SHSG4740B105 · ICHR	SHS	$370,000	17,151
ILLINOIS TOOL WKS INC COM452308109 · ITW	COM	$2.0m	10,099
INTEL CORP COM458140100 · INTC	COM	$2.3m	44,166
INTERNATIONAL BUS MACH459200101 · IBM	COM	$2.5m	20,705
INTERNATIONAL FLAVORS & FRAGRA459506101 · IFF	COM	$392,000	3,199
INTERNATIONAL MONEY EXPRESS IN46005L101 · IMXI	COM	$316,000	21,998
INTERNATIONAL PAPER CO460146103 · IP	COM	$503,000	12,396
INVESCO LTD SHSG491BT108 · IVZ	SHS	$356,000	31,163
IRADIMED CORP COM46266A109 · IRMD	COM	$340,000	15,922
JAMES RIV GROUP INC COMG5005R107 · JRVR	COM	$338,000	7,589
JOHNSON & JOHNSON COM478160104 · JNJ	COM	$2.8m	19,078
JOHNSON CONTROLS INTERNATIONALG51502105 · JCI	SHS	$907,000	22,199
JOHNSON OUTDOORS INC CL A479167108 · JOUT	CL A	$391,000	4,779
JOINT CORP47973J102 · JYNT	COM	$373,000	21,459
JPMORGAN CHASE & CO COM46625H100 · JPM	COM	$2.4m	24,740
KELLOGG CO487836108	COM	$788,000	12,198
KEYCORP NEW COM493267108 · KEY	COM	$256,000	21,481
KFORCE INC COM493732101 · KFRC	COM	$409,000	12,724
KIMBERLY CLARK CORP494368103 · KMB	COM	$1.6m	10,526
KINDER MORGAN INC KANS COM49456B101 · KMI	COM	$16.3m	1,319,565
KNOWLES CORP49926D109 · KN	COM	$441,000	29,623
KROGER CO COM501044101 · KR	COM	$823,000	24,265
LILLY ELI & CO COM532457108 · LLY	COM	$2.8m	18,816
LIMELIGHT NETWORKS INC53261M104	COM	$379,000	65,867
LOCKHEED MARTIN CORP COM539830109 · LMT	COM	$2.4m	6,340
LUMINEX CORP55027E102	COM	$280,000	10,656
LUNA INNOVATIONS INC550351100	COM	$430,000	71,884
LYONDELLBASELL INDUSTR SHS - AN53745100 · LYB	SHS - A -	$563,000	7,987
M & T BK CORP COM55261F104 · MTB	COM	$401,000	4,354
MALIBU BOATS INC CLASS A56117J100 · MBUU	COM CL A	$364,000	7,342
MARATHON PETROLEUM CORP56585A102 · MPC	COM	$1.1m	37,687
MAXIM INTEGRATED PRODS COM57772K101	COM	$522,000	7,721
MCDONALDS CORP COM580135101 · MCD	COM	$3.1m	13,993
MEDTRONIC PLCG5960L103 · MDT	SHS	$2.9m	27,747
MERCK & CO INC COM58933Y105 · MRK	COM	$2.8m	33,734
MERIDIAN BIOSCIENCES INC589584101	COM	$560,000	33,000
MESA LABORATORIES INC59064R109 · MLAB	COM	$464,000	1,820
META FINL GROUP INC COM59100U108 · CASH	COM	$350,000	18,224
METLIFE INC COM59156R108 · MET	COM	$573,000	15,407
MONARCH CASINO & RESORT INC609027107 · MCRI	COM	$445,000	9,987
MONDELEZ INTL INC CL A609207105 · MDLZ	CL A	$2.4m	41,257
MORGAN STANLEY617446448 · MS	COM NEW	$1.2m	24,934
MTBC INC.55378G102	COM	$402,000	45,365
NEOPHOTONICS CORP COM64051T100	COM	$274,000	44,999
NETAPP INC64110D104 · NTAP	COM	$316,000	7,206
NEXPOINT RESIDENTIAL TRUST65341D102 · NXRT	COM	$524,000	11,826
NEXTERA ENERGY INC COM65339F101 · NEE	COM	$1.6m	5,695
NORFOLK SOUTHERN CORP COM655844108 · NSC	COM	$1.6m	7,407
NORTHERN TR CORP COM665859104 · NTRS	COM	$338,000	4,341
NORTONLIFELOCK INC668771108 · GEN	COM	$351,000	16,851
NUCOR CORP COM670346105 · NUE	COM	$439,000	9,795
OMNICOM GROUP INC COM681919106 · OMC	COM	$432,000	8,722
ONEOK INC NEW COM682680103 · OKE	COM	$10.2m	391,265
ONEWATER MARINE INC CLASS A68280L101 · ONEW	CL A COM	$405,000	19,790
OOMA INC683416101 · OOMA	COM	$399,000	30,586
ORION ENERGY SYS INC COM686275108 · OESX	COM	$289,000	38,159
PACKAGING CORP AMER COM695156109 · PKG	COM	$270,000	2,472
PATRICK INDS INC COM703343103 · PATK	COM	$350,000	6,085
PAYCHEX INC COM704326107 · PAYX	COM	$646,000	8,103
PCTEL INC69325Q105	COM	$280,000	49,405
PENNANT GROUP INC70805E109 · PNTG	COM	$377,000	9,783
PEPSICO INC COM713448108 · PEP	COM	$2.9m	21,229
PERFICIENT INC COM71375U101	COM	$563,000	13,183
PERSONALIS INC71535D106 · PSNL	COM	$268,000	12,384
PETIQ INC71639T106	COM CL A	$492,000	14,954
PETMED EXPRESS INC716382106 · PETS	COM	$434,000	13,716
PFIZER INC COM717081103 · PFE	COM	$2.8m	76,934
PFSWEB INC717098206	COM NEW	$338,000	50,556
PHILIP MORRIS INTL INC COM718172109 · PM	COM	$2.7m	36,109
PHILLIPS 66 COM718546104 · PSX	COM	$1.1m	20,857
PIONEER NAT RES CO COM723787107	COM	$399,000	4,639
PJT PARTNERS INC A69343T107 · PJT	COM CL A	$400,000	6,598
PNC FINL SVCS GROUP COM693475105 · PNC	COM	$1.0m	9,513
PPL CORP COM69351T106 · PPL	COM	$303,000	11,121
PRICE T ROWE GROUP INC COM74144T108 · TROW	COM	$632,000	4,930
PRINCIPAL FINANCIAL GROUP INC74251V102 · PFG	COM	$238,000	5,908
PROCTER & GAMBLE CO COM742718109 · PG	COM	$3.3m	23,690
PROLOGIS74340W103 · PLD	COM	$606,000	6,027
PRUDENTIAL FINANCIAL INC744320102 · PRU	COM	$562,000	8,849
PUBLIC STORAGE INC74460D109 · PSA	COM	$344,000	1,543
PUBLIC SVC ENTERPRISE COM744573106 · PEG	COM	$366,000	6,674
PUMA BIOTECHNOLOGY INC COM74587V107 · PBYI	COM	$171,000	16,927
PURECYCLE CORP COM NEW746228303 · PCYO	COM NEW	$424,000	47,095
QUALCOMM INC COM747525103 · QCOM	COM	$3.6m	30,820
QUANTERIX CORP74766Q101 · QTRX	COM	$402,000	11,916
QUINSTREET INC COM74874Q100 · QNST	COM	$394,000	24,860
RADNET INC COM750491102 · RDNT	COM	$362,000	23,553
RAYTHEON TECHNOLOGIES CORP75513E101 · RTX	COM	$1.3m	21,874
REGIONS FINL CORP COM7591EP100 · RF	COM	$244,000	21,186
REPRO MED SYSTEMS INC759910102 · KRMD	COM	$278,000	38,540
RETROPHIN, INC761299106	COM	$256,000	13,880
SANFILLIPPO JOHN B SON COM800422107 · JBSS	COM	$255,000	3,382
SCHLUMBERGER LTD COM806857108 · SLB	COM	$550,000	35,369
SEMPRA ENERGY COM816851109 · SRE	COM	$480,000	4,058

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 Cadence Capital Management LLC's usable filed holdings in companies we cover from August 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 −47.2% (S&P 500 −46.3%); beta 1.04; alpha −1.3% a year (t = −0.71); last 12 months −0.3% against +14.7%.

Reported value by quarter

Cadence Capital 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
2008-06-30	$7.1B
2009-03-31	$4.2B
2009-12-31	$5.1B
2010-03-31	$5.2B
2010-09-30	$4.4B
2010-12-31	$4.8B
2011-03-31	$5B
2012-12-31	$2.8B
2013-03-31	$2.4B
2013-06-30	$2.1B
2013-09-30	$2.9B
2013-12-31	$2.6B
2014-03-31	$2.4B
2014-06-30	$2.1B
2014-09-30	$1.9B
2014-12-31	$1.7B
2015-03-31	$1.6B
2015-06-30	$1.8B
2015-09-30	$1.4B
2015-12-31	$1.5B
2016-03-31	$1.4B
2016-06-30	$1.3B
2016-09-30	$1.4B
2016-12-31	$1.4B
2017-03-31	$1.5B
2017-06-30	$1.4B
2017-09-30	$1.6B
2017-12-31	$1.6B
2018-03-31	$1.5B
2018-06-30	$1.7B
2018-09-30	$1.8B
2018-12-31	$991.3M
2019-03-31	$1.1B
2019-06-30	$999.5M
2019-09-30	$704.7M
2019-12-31	$927.7M
2020-03-31	$590.3M
2020-06-30	$689.2M
2020-09-30	$414.7M

Latest covered holdings and moves

Covered holdings as of September 30, 2020.

Company	Share of portfolio	Value	Shares	Change in shares
EPDEnterprise Products Partners L.p.	8.39%	$34.8m	2.20M	−0.3%
MPLXMplx LP	4.24%	$17.6m	1.12M	+8.7% Added
WMBWilliams Companies	4.04%	$16.8m	853.5K	−1.5% Reduced
KMIKinder Morgan	3.92%	$16.3m	1.32M	−1.3% Reduced
ENBEnbridge Inc	2.48%	$10.3m	352.1K	−0.8% Reduced
OKEOneok	2.45%	$10.2m	391.3K	−1.7% Reduced
PAAPlains ALL American Pipeline LP	2.31%	$9.6m	1.60M	+13.5% Added
UPSUnited Parcel Service	0.89%	$3.7m	22.1K	−18.0% Reduced
QCOMQualcomm	0.88%	$3.6m	30.8K	−19.4% Reduced
PGProcter & Gamble	0.79%	$3.3m	23.7K	−24.2% Reduced
AVGOBroadcom	0.77%	$3.2m	8.8K	−18.1% Reduced
AMGNAmgen	0.76%	$3.2m	12.4K	−20.3% Reduced
MCDMcDonald's	0.74%	$3.1m	14.0K	−21.4% Reduced
UNPUnion Pacific Corporation	0.73%	$3.0m	15.5K	−19.5% Reduced
HDThe Home Depot	0.73%	$3.0m	10.9K	−22.5% Reduced
TXNTexas Instruments	0.73%	$3.0m	21.3K	−19.1% Reduced
CMCSAComcast	0.73%	$3.0m	65.5K	−18.9% Reduced
PEPPepsiCo	0.71%	$2.9m	21.2K	−21.6% Reduced
SBUXStarbucks	0.70%	$2.9m	34.0K	−18.4% Reduced
MDTMedtronic	0.69%	$2.9m	27.7K	−20.7% Reduced
VZVerizon	0.69%	$2.9m	48.2K	−19.0% Reduced
JNJJohnson & Johnson	0.69%	$2.8m	19.1K	−24.0% Reduced
PFEPfizer	0.68%	$2.8m	76.9K	−21.3% Reduced
MRKMerck & Co.	0.68%	$2.8m	33.7K	−18.7% Reduced
KOThe Coca-Cola Company	0.67%	$2.8m	56.6K	−21.9% Reduced
LLYLilly (Eli)	0.67%	$2.8m	18.8K	−19.6% Reduced
BMYBristol Myers Squibb	0.66%	$2.7m	45.5K	−18.5% Reduced
PMPhilip Morris International	0.65%	$2.7m	36.1K	−20.3% Reduced
MMM3M	0.64%	$2.7m	16.7K	−19.1% Reduced
ABBVAbbVie	0.62%	$2.6m	29.4K	−19.8% Reduced
MOAltria	0.61%	$2.5m	65.6K	−20.0% Reduced
IBMIBM	0.61%	$2.5m	20.7K	−19.1% Reduced
LMTLockheed Martin	0.59%	$2.4m	6.3K	−19.3% Reduced
TAT&T	0.58%	$2.4m	84.6K	−19.1% Reduced
JPMJPMorgan Chase	0.57%	$2.4m	24.7K	−19.3% Reduced
BACBank of America	0.57%	$2.4m	98.6K	−18.8% Reduced
MDLZMondelez International	0.57%	$2.4m	41.3K	−18.0% Reduced
CATCaterpillar Inc.	0.57%	$2.4m	15.8K	−19.5% Reduced
CSCOCisco	0.56%	$2.3m	58.8K	−20.5% Reduced
INTCIntel	0.55%	$2.3m	44.2K	−22.8% Reduced
TGTTarget Corporation	0.55%	$2.3m	14.4K	−20.6% Reduced
CCEPCoca-cola Europacific Partners plc	0.53%	$2.2m	56.1K	−5.9% Reduced
CVSCVS Health	0.51%	$2.1m	35.9K	−21.0% Reduced
GILDGilead Sciences	0.49%	$2.0m	32.0K	−19.0% Reduced
CVXChevron Corporation	0.47%	$2.0m	27.3K	−19.0% Reduced
ITWIllinois Tool Works	0.47%	$2.0m	10.1K	−19.3% Reduced
APDAir Products	0.47%	$1.9m	6.5K	−19.3% Reduced
CCitigroup	0.47%	$1.9m	44.8K	−18.8% Reduced
CLColgate-Palmolive	0.45%	$1.9m	24.4K	−19.8% Reduced
ADPAutomatic Data Processing	0.45%	$1.9m	13.3K	−19.2% Reduced
WFCWells Fargo	0.43%	$1.8m	76.4K	−18.6% Reduced
BLKBlackRock	0.43%	$1.8m	3.2K	−18.9% Reduced
NSCNorfolk Southern	0.38%	$1.6m	7.4K	−18.8% Reduced
NEENextEra Energy	0.38%	$1.6m	5.7K	−17.7% Reduced
KMBKimberly-Clark	0.38%	$1.6m	10.5K	−21.5% Reduced
GSGoldman Sachs	0.35%	$1.4m	7.1K	−20.7% Reduced
ETNEaton Corporation	0.30%	$1.3m	12.4K	−19.5% Reduced
RTXRTX Corporation	0.30%	$1.3m	21.9K	−19.9% Reduced
MSMorgan Stanley	0.29%	$1.2m	24.9K	−20.4% Reduced
HPQHP Inc.	0.29%	$1.2m	62.9K	−17.8% Reduced
WMWaste Management	0.28%	$1.2m	10.3K	−19.3% Reduced
EMREmerson Electric	0.27%	$1.1m	17.0K	−20.2% Reduced
USBU.S. Bancorp	0.27%	$1.1m	31.0K	−20.2% Reduced
TFCTruist Financial	0.27%	$1.1m	29.1K	−20.1% Reduced
MPCMarathon Petroleum	0.27%	$1.1m	37.7K	−18.4% Reduced
CBChubb Limited	0.26%	$1.1m	9.4K	−17.7% Reduced
PSXPhillips 66	0.26%	$1.1m	20.9K	−18.6% Reduced
GISGeneral Mills	0.26%	$1.1m	17.4K	−20.9% Reduced
PNCPNC Financial Services	0.25%	$1.0m	9.5K	−20.7% Reduced
COPConocoPhillips	0.25%	$1.0m	31.3K	−18.9% Reduced
ADIAnalog Devices	0.25%	$1.0m	8.8K	−19.0% Reduced
CMICummins	0.24%	$1.0m	4.8K	−52.2% Reduced
GDGeneral Dynamics	0.24%	$1.0m	7.3K	−19.0% Reduced
DDominion Energy	0.24%	$980,000	12.4K	−19.1% Reduced
DUKDuke Energy	0.23%	$938,000	10.6K	−19.2% Reduced
DOWDow Inc.	0.22%	$913,000	19.4K	−18.8% Reduced
AFLAflac	0.22%	$909,000	25.0K	−19.5% Reduced
JCIJohnson Controls	0.22%	$907,000	22.2K	−17.4% Reduced
TTTrane Technologies	0.20%	$841,000	6.9K	−17.8% Reduced
KRKroger	0.20%	$823,000	24.3K	−19.2% Reduced
SOSouthern Company	0.20%	$818,000	15.1K	−19.2% Reduced
SYYSysco	0.19%	$786,000	12.6K	−55.0% Reduced
ADMArcher Daniels Midland	0.18%	$762,000	16.4K	−19.6% Reduced
FASTFastenal	0.18%	$761,000	16.9K	−19.5% Reduced
YUMYum! Brands	0.18%	$744,000	8.2K	−17.6% Reduced
VLOValero Energy	0.18%	$733,000	16.9K	−18.6% Reduced
BBYBest Buy	0.17%	$715,000	6.4K	−68.2% Reduced
GLWCorning Inc.	0.17%	$714,000	22.0K	−18.1% Reduced
ALLAllstate	0.17%	$693,000	7.4K	−20.6% Reduced
CLXClorox	0.16%	$667,000	3.2K	−21.4% Reduced
CCICrown Castle	0.16%	$659,000	4.0K	−20.7% Reduced
PAYXPaychex	0.16%	$646,000	8.1K	−66.4% Reduced
COFCapital One	0.15%	$640,000	8.9K	−20.2% Reduced
TROWT. Rowe Price	0.15%	$632,000	4.9K	−20.4% Reduced
TRVThe Travelers Companies	0.15%	$632,000	5.8K	−20.5% Reduced
BNYBNY Mellon	0.15%	$624,000	18.2K	−21.1% Reduced
HSYThe Hershey Company	0.15%	$612,000	4.3K	−66.2% Reduced
PLDPrologis	0.15%	$606,000	6.0K	−23.1% Reduced
VFCVF Corporation	0.14%	$588,000	8.4K	−18.6% Reduced
SJMThe J.M. Smucker Company	0.14%	$576,000	5.0K	−19.9% Reduced
METMetLife	0.14%	$573,000	15.4K	−21.1% Reduced
LYBLyondellBasell	0.14%	$563,000	8.0K	−18.9% Reduced
EOGEOG Resources	0.14%	$563,000	15.7K	−18.5% Reduced
PRUPrudential Financial	0.14%	$562,000	8.8K	−21.5% Reduced
SLBSchlumberger	0.13%	$550,000	35.4K	−18.1% Reduced
VCELVericel Corp	0.13%	$542,000	29.2K	−76.7% Reduced
AEPAmerican Electric Power	0.13%	$541,000	6.6K	−19.4% Reduced
CSTLCastle Biosciences Inc	0.13%	$538,000	10.4K	−83.8% Reduced
TSNTyson Foods	0.13%	$534,000	9.0K	−18.2% Reduced
ADUSAddus Homecare Corp	0.13%	$531,000	5.6K	−70.0% Reduced
NXRTNexpoint Residential Trust, Inc.	0.13%	$524,000	11.8K	−76.9% Reduced
IPInternational Paper	0.12%	$503,000	12.4K	−20.1% Reduced
CHRSCoherus Oncology, Inc.	0.12%	$493,000	26.9K	−76.7% Reduced
KHCKraft Heinz	0.12%	$483,000	16.1K	−17.9% Reduced
SRESempra	0.12%	$480,000	4.1K	−19.5% Reduced
STTState Street Corporation	0.12%	$479,000	8.1K	−20.7% Reduced
MLABMesa Laboratories Inc	0.11%	$464,000	1.8K	−77.1% Reduced
UPWKUpwork, Inc	0.11%	$460,000	26.4K	−82.2% Reduced
SMPStandard Motor Products, Inc.	0.11%	$458,000	10.3K	−77.2% Reduced
CAGConagra Brands Inc.	0.11%	$454,000	12.7K	−18.7% Reduced
EXCExelon	0.11%	$446,000	12.5K	−19.4% Reduced
MCRIMonarch Casino & Resort Inc	0.11%	$445,000	10.0K	−76.3% Reduced
AIGAmerican International Group	0.11%	$445,000	16.2K	−18.4% Reduced
KNKnowles Corp	0.11%	$441,000	29.6K	−69.8% Reduced
NUENucor	0.11%	$439,000	9.8K	−18.2% Reduced
AMPAmeriprise Financial	0.10%	$437,000	2.8K	−76.2% Reduced
PETSPetmed Express Inc	0.10%	$434,000	13.7K	New
OMCOmnicom Group	0.10%	$432,000	8.7K	−65.3% Reduced
XELXcel Energy	0.10%	$432,000	6.3K	−16.6% Reduced
CECelanese Corp	0.10%	$426,000	4.0K	−18.0% Reduced
GPCGenuine Parts Company	0.10%	$426,000	4.5K	−18.5% Reduced
PCYOPure Cycle Corp	0.10%	$424,000	47.1K	−76.7% Reduced
TPBTurning Point Brands, Inc.	0.10%	$424,000	15.2K	New
CCSCentury Communities, Inc.	0.10%	$424,000	10.0K	−85.9% Reduced
SPWHSportsman's Warehouse Holdings, Inc.	0.10%	$414,000	29.0K	New
ECPGEncore Capital Group Inc	0.10%	$412,000	10.7K	−77.2% Reduced
KFRCKforce Inc	0.10%	$409,000	12.7K	−76.7% Reduced
ONEWOnewater Marine Inc.	0.10%	$405,000	19.8K	New
YORWYork Water Co	0.10%	$404,000	9.6K	−76.6% Reduced
WECWEC Energy Group	0.10%	$403,000	4.2K	−16.3% Reduced
QTRXQuanterix Corp	0.10%	$402,000	11.9K	−76.7% Reduced
MTBM&T Bank	0.10%	$401,000	4.4K	−18.3% Reduced
EDConsolidated Edison	0.10%	$401,000	5.2K	−19.2% Reduced
PJTPJT Partners Inc.	0.10%	$400,000	6.6K	−76.2% Reduced
OOMAOoma Inc	0.10%	$399,000	30.6K	−76.2% Reduced
CHRWC.H. Robinson	0.10%	$397,000	3.9K	−19.3% Reduced
QNSTQuinstreet, Inc	0.10%	$394,000	24.9K	New
IFFInternational Flavors & Fragrances	0.10%	$392,000	3.2K	−18.4% Reduced
CAHCardinal Health	0.10%	$392,000	8.3K	−17.5% Reduced
JOUTJohnson Outdoors Inc	0.09%	$391,000	4.8K	−76.2% Reduced

Company	Bought (value)	Shares
MPLXMplx LP	$1.4m	88.9K
PAAPlains ALL American Pipeline LP	$1.1m	190.2K
PETSPetmed Express Inc	$434,000	13.7K
TPBTurning Point Brands, Inc.	$424,000	15.2K
SPWHSportsman's Warehouse Holdings, Inc.	$414,000	29.0K
ONEWOnewater Marine Inc.	$405,000	19.8K
QNSTQuinstreet, Inc	$394,000	24.9K
UPLDUpland Software, Inc.	$380,000	10.1K
PNTGPennant Group, Inc.	$377,000	9.8K
USPHU S Physical Therapy Inc	$372,000	4.3K
GNSSGenasys Inc.	$371,000	60.3K
THRMGentherm Inc	$363,000	8.9K
ULHUniversal Logistics Holdings, Inc.	$353,000	16.9K
PATKPatrick Industries Inc	$350,000	6.1K
JRVRJames River Group Holdings, Inc.	$338,000	7.6K

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

Company	Sold (value)	Shares
CSTLCastle Biosciences Inc	−$2.8m	−54.0K
FLGTFulgent Genetics, Inc.	−$2.8m	−68.8K
CCSCentury Communities, Inc.	−$2.6m	−61.0K
MCFTMastercraft Boat Holdings, Inc.	−$2.2m	−114.6K
UPWKUpwork, Inc	−$2.1m	−122.2K
APPSDigital Turbine, Inc.	−$2.1m	−168.2K
CDNSCadence Design Systems Inc	−$1.9m	−20.2K
JYNTJoint Corp	−$1.9m	−107.8K
VCELVericel Corp	−$1.8m	−96.1K
CSBRChampions Oncology, Inc.	−$1.8m	−192.2K
BLBDBlue Bird Corp	−$1.8m	−117.9K
TERTeradyne	−$1.8m	−20.8K
NXRTNexpoint Residential Trust, Inc.	−$1.7m	−39.3K
HSTMHealthstream Inc	−$1.7m	−77.7K
IMXIInternational Money Express, Inc.	−$1.7m	−118.1K

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

Company	Value last quarter	Shares
MCFTMastercraft Boat Holdings, Inc.	$2.2m	114.6K
APPSDigital Turbine, Inc.	$2.1m	168.2K
CDNSCadence Design Systems Inc	$1.9m	20.2K
BLBDBlue Bird Corp	$1.8m	117.9K
TERTeradyne	$1.8m	20.8K
HSTMHealthstream Inc	$1.7m	77.7K
FTNTFortinet	$1.7m	12.3K
VEEVVeeva Systems Inc	$1.6m	7.0K
ONTOOnto Innovation Inc.	$1.6m	47.0K
KLACKLA Corporation	$1.6m	8.0K
NMIHNMI Holdings, Inc.	$1.5m	94.5K
BRBroadridge Financial Solutions	$1.5m	12.0K
PLOWDouglas Dynamics, Inc	$1.5m	43.0K
SMSISmith Micro Software, Inc.	$1.5m	337.6K
UNTYUnity Bancorp Inc	$1.5m	101.7K
CLFDClearfield, Inc.	$1.4m	100.4K
UFPTUFP Technologies Inc	$1.4m	31.0K
CPBCampbell's Co	$1.3m	26.9K
ROADConstruction Partners, Inc.	$1.3m	75.1K
MASMasco	$1.3m	26.1K
WSMWilliams-Sonoma, Inc.	$1.3m	15.9K
ENTGEntegris Inc	$1.3m	21.8K
WLDNWilldan Group, Inc.	$1.3m	50.9K
HROWHarrow, Inc.	$1.3m	241.4K
CRLCharles River Laboratories	$1.2m	7.1K
SWKSSkyworks Solutions, Inc.	$1.2m	9.6K
HCKTHackett Group, Inc.	$1.2m	90.5K
BAHBooz Allen Hamilton Holding Corp	$1.2m	15.6K
ZBRAZebra Technologies	$1.2m	4.7K
HUBBHubbell Incorporated	$1.2m	9.2K

Energy38.5%
Health Care11.0%
Industrials10.0%
Consumer Staples10.0%
Financials9.3%
Technology7.4%
Consumer Discretionary5.2%
Utilities3.0%
Communication Services3.0%
Materials1.8%
Real Estate0.8%

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 15, 2008 to January 29, 2021	+9.7%	+11.0%	0.52	0.61	−47.2%	1.04
2010 to 2017January 8, 2010 to December 29, 2017	+15.5%	+13.5%	1.01	0.98	−19.4%	1.08
2018 onwardsJanuary 5, 2018 to January 29, 2021	+3.4%	+12.4%	0.21	0.58	−43.4%	1.09
Last three yearsFebruary 2, 2018 to January 29, 2021	+3.5%	+12.5%	0.21	0.58	−43.4%	1.09
Last yearJanuary 31, 2020 to January 29, 2021	+2.9%	+17.2%	0.27	0.65	−42.5%	1.16

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.