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
BLACKROCK INC09247X101 · BLK	COM	$1.8m	3,169
BRISTOL MYERS SQUIBB COM110122108 · BMY	COM	$2.7m	45,480
BROADCOM INC11135F101 · AVGO	COM	$3.2m	8,798
BUNGE LTDG16962105	COM	$2.9m	64,239
CABOT OIL & GAS CORP COM127097103	COM	$228,000	13,109
CALAVO GROWERS INC COM128246105	COM	$433,000	6,533
CAPITAL ONE FINL CORP14040H105 · COF	COM	$640,000	8,910
CARDINAL HEALTH INC COM14149Y108 · CAH	COM	$392,000	8,339
CASTLE BIOSCIENCES INC14843C105 · CSTL	COM	$538,000	10,450
CATERPILLAR INC DEL COM149123101 · CAT	COM	$2.4m	15,765
CELANESE CORP (SERIES A)150870103 · CE	COM	$426,000	3,963
CENTURY CMNTYS INC COM156504300 · CCS	COM	$424,000	10,005
CENTURYLINK INC156700106	COM	$397,000	39,317
CH ROBINSON WORLDWIDE INC.12541W209 · CHRW	COM NEW	$397,000	3,888
CHAMPIONS ONCOLOGY INC15870P307 · CSBR	COM NEW	$370,000	40,044
CHANNELADVISOR CORP COM159179100	COM	$500,000	34,530
CHEMBIO DIAGNOSTICS INC163572209	COM NEW	$201,000	41,293
CHEVRON CORP COM166764100 · CVX	COM	$2.0m	27,280
CHUBB LTDH1467J104 · CB	COM	$1.1m	9,396
CINCINNATI FINL CORP COM172062101 · CINF	COM	$247,000	3,174
CISCO SYS INC COM17275R102 · CSCO	COM	$2.3m	58,825
CITIGROUP INC COM172967424 · C	COM NEW	$1.9m	44,750
CITIZENS FINL GROUP IN COM174610105 · CFG	COM	$242,000	9,554
CLOROX CO189054109 · CLX	COM	$667,000	3,175
COCA COLA EUROPEAN PARTNERS PLG25839104 · CCEP	SHS	$2.2m	56,100
COCA-COLA COMPANY191216100 · KO	COM	$2.8m	56,560
COHERUS BIOSCIENCES, INC19249H103 · CHRS	COM	$493,000	26,900
COLGATE PALMOLIVE CO COM194162103 · CL	COM	$1.9m	24,363
COMCAST CORP20030N101 · CMCSA	CL A	$3.0m	65,488
CONAGRA FOODS INC COM205887102 · CAG	COM	$454,000	12,701
CONOCOPHILLIPS COM20825C104 · COP	COM	$1.0m	31,338
CONSOLIDATED EDISON COM209115104 · ED	COM	$401,000	5,151
CORNING INC COM219350105 · GLW	COM	$714,000	22,016
CROWN CASTLE INTERNATIONAL COR22822V101 · CCI	COM	$659,000	3,955
CUMMINS INC231021106 · CMI	COM	$1.0m	4,815
CUTERA INC COM232109108	COM	$518,000	27,303
CVS HEALTH CORP126650100 · CVS	COM	$2.1m	35,855
DEL TACO RESTAURANTS245496104	COM	$444,000	54,191
DIGITAL RLTY TR INC COM253868103 · DLR	COM	$358,000	2,437
DISCOVER FINANCIAL SERVICES254709108	COM	$397,000	6,866
DOMINION RES VA NEW COM25746U109 · D	COM	$980,000	12,422
DORIAN LPG LTDY2106R110 · LPG	SHS USD	$237,000	29,585
DOW CHEMICAL COMPANY260557103 · DOW	COM	$913,000	19,404
DTE ENERGY CO COM233331107 · DTE	COM	$302,000	2,621
DUKE ENERGY CORP26441C204 · DUK	COM NEW	$938,000	10,597
DUPONT de NEMOURS INC26614N102	COM	$911,000	16,423
EASTMAN CHEM CO COM277432100 · EMN	COM	$314,000	4,016
EATON CORP COMG29183103 · ETN	SHS	$1.3m	12,380
EDISON INTL COM281020107 · EIX	COM	$272,000	5,348
ELECTROMED INC285409108 · ELMD	COM	$228,000	21,875
EMERSON ELEC CO COM291011104 · EMR	COM	$1.1m	17,045
ENBRIDGE INC COM29250N105 · ENB	COM	$10.3m	352,112
ENCORE CAPITAL GROUP INC292554102 · ECPG	COM	$412,000	10,679
ENTERGY CORP NEW COM29364G103 · ETR	COM	$236,000	2,391
EOG RES INC COM26875P101 · EOG	COM	$563,000	15,658
EVERSOURCE ENERGY30040W108 · ES	COM	$341,000	4,080
EXELON CORP COM30161N101 · EXC	COM	$446,000	12,485
EXXON MOBIL CORP30231G102	COM	$1.8m	51,434
FASTENAL CO311900104 · FAST	COM	$761,000	16,877
FENNEC PHARMACEUTICALS COM31447P100 · FENC	COM	$215,000	35,536
FIFTH THIRD BANCORP COM316773100 · FITB	COM	$313,000	14,668
FORTERRA INC COM34960W106	COM	$385,000	32,600
FOUNDATION BUILDING MATERIALS350392106	COM	$409,000	26,012
FULGENT GENETICS359664109 · FLGT	COM	$296,000	7,397
GARMIN LTD ORDH2906T109 · GRMN	SHS	$287,000	3,024
GENASYS INC36872P103 · GNSS	COM	$371,000	60,311
GENERAL DYNAMICS CORP COM369550108 · GD	COM	$1.0m	7,326
GENERAL MLS INC COM370334104 · GIS	COM	$1.1m	17,394
GENTHERM37253A103 · THRM	COM	$363,000	8,868
GENUINE PARTS CO COM372460105 · GPC	COM	$426,000	4,477
GILEAD SCIENCES INC COM375558103 · GILD	COM	$2.0m	32,024
GLU MOBILE INC COM379890106	COM	$449,000	58,527
GOLDMAN SACHS GROUP COM38141G104 · GS	COM	$1.4m	7,135
GREAT LAKES DREDGE & DOCK CO390607109	COM	$374,000	39,375
HARTFORD FINANCIAL SERVICES GR416515104 · HIG	COM	$261,000	7,083
HASBRO INC418056107 · HAS	COM	$279,000	3,374
HERSHEY COMPANY427866108 · HSY	COM	$612,000	4,267

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.