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
SHARPS COMPLIANCE CORP COM820017101	COM	$252,000	40,184
SHYFT GROUP INC825698103	COM	$380,000	20,123
SILVERCREST ASSET MGMT CL A828359109 · SAMG	CL A	$354,000	33,854
SILVERGATE CAPITAL CORP CLASS82837P408	CL A	$360,000	24,993
SMTC CORPORATION832682207	COM NEW	$315,000	87,015
SMUCKER J M CO COM832696405 · SJM	COM NEW	$576,000	4,982
SNAP ON INC COM833034101 · SNA	COM	$250,000	1,702
SORRENTO THERAPEUTICS INC83587F202	COM NEW	$337,000	30,190
SOUTHERN CO COM842587107 · SO	COM	$818,000	15,079
SPORTSMANS WHSE HLDGS COM84920Y106 · SPWH	COM	$414,000	28,952
STANDARD MTR PRODS INC COM853666105 · SMP	COM	$458,000	10,253
STARBUCKS CORP COM855244109 · SBUX	COM	$2.9m	33,981
STATE STR CORP COM857477103 · STT	COM	$479,000	8,072
STURM RUGER & CO INC COM864159108 · RGR	COM	$234,000	3,824
SYNCHRONY FINL COM87165B103 · SYF	COM	$346,000	13,211
SYSCO CORP COM871829107 · SYY	COM	$786,000	12,627
TARGET CORP COM87612E106 · TGT	COM	$2.3m	14,407
TEXAS INSTRS INC COM882508104 · TXN	COM	$3.0m	21,260
THE KRAFT HEINZ COMPANY500754106 · KHC	COM	$483,000	16,138
THE TRAVELERS COMPANIES COM89417E109 · TRV	COM	$632,000	5,842
TPI COMPOSITES INC87266J104	COM	$491,000	16,939
TRANE TECHNOLOGIES PLCG8994E103 · TT	SHS	$841,000	6,940
TRANSMEDICS GROUP INC89377M109 · TMDX	COM	$221,000	16,024
TRUIST FINANCIAL CORP89832Q109 · TFC	COM	$1.1m	29,128
TURNING PT BRANDS INC COM90041L105 · TPB	COM	$424,000	15,208
TURTLE BEACH CORP COM900450206 · TBCH	COM NEW	$374,000	20,529
TYSON FOODS INC902494103 · TSN	CL A	$534,000	8,973
ULTRA CLEAN HOLDINGS INC90385V107 · UCTT	COM	$327,000	15,247
UNION PACIFIC CORP COM907818108 · UNP	COM	$3.0m	15,471
UNITED PARCEL SERVICE CL B911312106 · UPS	CL B	$3.7m	22,066
UNIVERSAL ELECTRONICS INC913483103 · UEIC	COM	$294,000	7,794
UNIVERSAL LOGISTICS HOLDINGS91388P105 · ULH	COM	$353,000	16,930
UPLAND SOFTWARE INC COM91544A109 · UPLD	COM	$380,000	10,088
UPWORK INC91688F104 · UPWK	COM	$460,000	26,404
US BANCORP DEL COM902973304 · USB	COM NEW	$1.1m	31,005
US PHYSICAL THERAPY INC90337L108 · USPH	COM	$372,000	4,287
USA TRUCK INC COM902925106	COM	$351,000	37,118
V F CORP COM918204108 · VFC	COM	$588,000	8,367
VALERO ENERGY CORP91913Y100 · VLO	COM	$733,000	16,928
VERICEL CORPORATION92346J108 · VCEL	COM	$542,000	29,235
VERIZON COMMUNICATIONS COM92343V104 · VZ	COM	$2.9m	48,187
VIACOMCBS INC CLASS B92556H206	CL B	$252,000	8,989
VIEMED HEALTHCARE INC92663R105 · VMD	COM	$299,000	34,601
WALGREENS BOOTS ALLIAN COM931427108	COM	$1.1m	31,343
WASTE MGMT INC DEL COM94106L109 · WM	COM	$1.2m	10,345
WATSCO INC942622200 · WSO	COM	$238,000	1,021
WEC ENERGY GROUP92939U106 · WEC	COM	$403,000	4,161
WELLS FARGO & CO NEW COM949746101 · WFC	COM	$1.8m	76,384
WESTERN UN CO COM959802109 · WU	COM	$278,000	12,950
WHIRLPOOL CORP COM963320106 · WHR	COM	$293,000	1,596
WILLIAMS COS INC969457100 · WMB	COM	$16.8m	853,507
XCEL ENERGY INC COM98389B100 · XEL	COM	$432,000	6,253
YORK WTR CO COM987184108 · YORW	COM	$404,000	9,568
YUM! BRANDS INC988498101 · YUM	COM	$744,000	8,151
ZYNEX INC98986M103	COM	$518,000	29,706
COMPANIA DE MINAS BUENAVENTURA204448104	SPONSORED ADR	$197,000	16,112
CREDICORP LTDG2519Y108	COM	$521,000	4,205
INFOSYS LIMITED SPONSORED ADR456788108	SPONSORED ADR	$2.3m	167,252
MOBILE TELESYSTEMS OJSC SPONSO607409109	SPONSORED ADR	$114,000	13,066
YPF SA SPONSORED ADR CLASS D984245100	SPON ADR CL D	$133,000	37,161
BP MIDSTREAM PARTNERS UNIT LTD0556EL109	UNIT LTD PTNR	$2.2m	224,769
CRESTWOOD EQUITY PARTNERS LP226344208	UNIT LTD PARTNER	$5.3m	427,244
DCP MIDSTREAM LP23311P100	COM UT LTD PTN	$5.9m	525,869
ENERGY TRANSFER LP29273V100	COM UT LTD PTN	$14.0m	2,592,077
ENTERPRISE PRODS PARTN COM293792107 · EPD	COM	$34.8m	2,203,410
MAGELLAN MIDSTREAM PRT COM UNI559080106	COM UNIT RP LP	$21.2m	618,778
MPLX LP COM UNIT REP LTD55336V100 · MPLX	COM UNIT REP LTD	$17.6m	1,115,893
PHILLIPS 66 PARTNERS L COM UNI718549207	COM UNIT REP INT	$8.8m	383,603
PLAINS ALL AMERN PIPEL UNIT LT726503105 · PAA	UNIT LTD PARTN	$9.6m	1,602,385
RATTLER MIDSTREAM LP75419T103	COM UNITS	$1.8m	301,292
TC PIPELINES LP UT COM LTD PRT87233Q108	UT COM LTD PRT	$5.8m	227,670
3M CO88579Y101 · MMM	COM	$2.7m	16,664
ABBVIE INC00287Y109 · ABBV	COM	$2.6m	29,438
ADDUS HOMECARE CORPORATION006739106 · ADUS	COM	$531,000	5,621
AFLAC INC COM001055102 · AFL	COM	$909,000	25,016
AGENUS INC00847G705 · AGEN	COM NEW	$212,000	52,994
AIR PRODS & CHEMS INC COM009158106 · APD	COM	$1.9m	6,511
AIR TRANSPORT SERVICES GROUP I00922R105	COM	$585,000	23,349
ALLSTATE CORP COM020002101 · ALL	COM	$693,000	7,361
ALTRIA GROUP INC02209S103 · MO	COM	$2.5m	65,590
AMERICAN ELEC PWR INC COM025537101 · AEP	COM	$541,000	6,623
AMERICAN INTERNATIONAL GROUP I026874784 · AIG	COM NEW	$445,000	16,159
AMERICAN SOFTWARE INC (CL A)029683109	CL A	$457,000	32,531
AMERIPRISE FINANCIAL INC03076C106 · AMP	COM	$437,000	2,833
AMGEN INC COM031162100 · AMGN	COM	$3.2m	12,403
ANALOG DEVICES INC032654105 · ADI	COM	$1.0m	8,775
ARBUTUS BIOPHARMA CORP03879J100 · ABUS	COM	$159,000	50,736
ARCHER-DANIELS-MIDLAND COM039483102 · ADM	COM	$762,000	16,396
AT&T INC COM00206R102 · T	COM	$2.4m	84,647
AUTOMATIC DATA PROCESS COM053015103 · ADP	COM	$1.9m	13,317
AVID TECHNOLOGY INC COM05367P100	COM	$510,000	59,524
BAKER HUGHES CO05722G100 · BKR	CL A	$291,000	21,916
BANK OF AMERICA CORP COM060505104 · BAC	COM	$2.4m	98,639
BANK OF NEW YORK MELLON CORP064058100 · BNY	COM	$624,000	18,178
BELLRING BRANDS INC CLASS A079823100	COM CL A	$400,000	19,307
BEST BUY INC COM086516101 · BBY	COM	$715,000	6,425
BIODELIVERY SCIEN INTL COM09060J106	COM	$360,000	96,589
BIOLIFE SOLUTIONS INC09062W204	COM NEW	$610,000	21,065
BIOSPECIFICS TECHNOLOG COM090931106	COM	$436,000	8,261
BIOTELEMETRY INC COM090672106	COM	$330,000	7,247

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.