Institution

Capstone Asset Management Co

13F for June 30, 2017, filed July 10, 2017 · SEC CIK 825204 · Holdings history from December 31, 1998

The latest available holdings for this manager are dated June 30, 2017.

Reported value: $3.6bn
Positions we cover: 1,001
Copy, a year: +13.4%
Copy Sharpe ratio: 1.12

Copy-performance statistics: August 9, 2013 to October 20, 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.

Reports holdings for Mercer Investments LLC · SEC notice for September 30, 2014

Holdings date Find a security

1,595 reported entries for June 30, 2017.

Issuer	Class / type	Reported value	Quantity
BERKLEY W R CORP084423102 · WRB	COM	$889,000	12,848
BERKSHIRE HATHAWAY INC DEL CL084670702	COM	$24.8m	146,551
BEST BUY INC086516101 · BBY	COM	$1.4m	24,169
BHP BILLITON LTD SPONSORED ADR088606108 · BHP	COM	$4.2m	117,592
BHP BILLITON PLC SPONSORED ADR05545E209	COM	$1.9m	61,627
BIG 5 SPORTING GOODS CORP08915P101	COM	$161,000	12,370
BIG LOTS INC089302103	COM	$318,000	6,589
BIO RAD LABS INC CL A090572207 · BIO	COM	$906,000	4,005
BIO TECHNE CORP COM09073M104 · TECH	COM	$902,000	7,680
BIOGEN IDEC INC09062X103 · BIIB	COM	$4.6m	17,024
BIOMARIN PHARMACEUTICAL INC09061G101 · BMRN	COM	$677,000	7,458
BIOTELEMETRY INC COM090672106	COM	$620,000	18,550
BIOVERATIV INC COM09075E100	COM	$975,000	16,201
BLACK HILLS CORP092113109 · BKH	COM	$350,000	5,189
BLACKBAUD INC09227Q100 · BLKB	COM	$723,000	8,426
BLACKBERRY LTD COM09228F103 · BB	COM	$606,000	60,623
BLACKROCK INC CL A09247X101 · BLK	COM	$5.7m	13,538
BLDRS DEV MKT 100 ADR INDEX09348R201	ETF - EQUITY	$368,000	16,812
BLOCK H & R INC093671105 · HRB	COM	$597,000	19,299
BOB EVANS FARMS INC096761101	COM	$319,000	4,439
BOEING CO097023105 · BA	COM	$5.8m	29,285
BOFI HLDG INC COM05566U108	COM	$418,000	17,616
BOISE CASCADE CO DEL COM09739D100 · BCC	COM	$496,000	16,320
BORG WARNER INC099724106 · BWA	COM	$930,000	21,960
BOSTON PRIVATE FINL HLDGS INC101119105	COM	$270,000	17,580
BOSTON PROPERTIES INC101121101 · BXP	COM	$1.5m	12,445
PACCAR INC693718108 · PCAR	COM	$1.8m	26,690
PACKAGING CORP AMER695156109 · PKG	COM	$1.3m	11,388
PACWEST BANCORP DEL695263103	COM	$466,000	9,988
PALO ALTO NETWORKS INC COM697435105 · PANW	COM	$306,000	2,284
PANERA BREAD CO CL A69840W108	COM	$852,000	2,708
PAPA JOHNS INTL INC698813102 · PZZA	COM	$328,000	4,576
PAREXEL INTL CORP699462107	COM	$378,000	4,349
PARKER HANNIFIN CORP701094104 · PH	COM	$2.0m	12,347
PATRICK INDS INC COM703343103 · PATK	COM	$482,000	6,620
PATTERSON COS INC703395103	COM	$1.1m	23,273
PATTERSON-UTI ENERGY INC703481101 · PTEN	COM	$282,000	13,954
PAYCHEX INC704326107 · PAYX	COM	$2.8m	48,696
PAYPAL HLDGS INC COM70450Y103 · PYPL	COM	$13.5m	252,122
PBF ENERGY INC CL A69318G106 · PBF	COM	$471,000	21,166
PDC ENERGY INC69327R101	COM	$446,000	10,340
PEARSON PLC ADR SPONSORED705015105	COM	$818,000	91,158
PEMBINA PIPELINE CORP COM706327103 · PBA	COM	$9.3m	282,216
PENNEY J C INC708160106	COM	$249,000	53,574
PENNSYLVANIA REAL ESTATE INV S709102107	COM	$146,000	12,875
PENTAIR PLC SHSG7S00T104 · PNR	COM	$753,000	11,322
PEOPLES UNITED FINANCIAL712704105	COM	$6.2m	348,247
PEPSICO INC713448108 · PEP	COM	$29.0m	251,450
PERKINELMER INC714046109 · RVTY	COM	$915,000	13,433
PERRIGO CO PCL SHSG97822103 · PRGO	COM	$544,000	7,199
PETROBRAS BRASILEIRO ADR SPONS71654V408 · PBR	COM	$1.3m	167,130
PETROBRAS BRASILEIRO SPONSORED71654V101	COM	$1.7m	222,816
PETROCHINA CO LTD SPONSORED AD71646E100	COM	$1.7m	27,555
PFIZER INC717081103 · PFE	COM	$11.5m	342,493
PGT INC COM69336V101	COM	$258,000	20,140
PHARMERICA CORP71714F104	COM	$421,000	16,041
PHILIP MORRIS INTL INC718172109 · PM	COM	$2.6m	22,371
PHILIPS ELECTRONICS - NY SHR500472303 · PHG	COM	$3.6m	99,631
PHILLIPS 66 COM718546104 · PSX	COM	$10.2m	123,160
PINNACLE FINL PARTNERS INC72346Q104	COM	$482,000	7,682
PINNACLE WEST CAPTIAL CORP723484101 · PNW	COM	$965,000	11,330
PIONEER ENERGY SERVICES CORPOR723664108	COM	$33,000	16,243
PIONEER NATURAL RESOURCES CO723787107	COM	$2.1m	13,016
PIPER JAFFRAY COS724078100	COM	$372,000	6,210
PITNEY BOWES INC724479100 · PBI	COM	$186,000	12,338
PITNEY BOWES INC724479506 · PBI	PREFERRED STOCKS	$6.3m	237,142
PLEXUS CORP729132100 · PLXS	COM	$422,000	8,029
POLARIS INDS INC731068102 · PII	COM	$545,000	5,906
POLYONE CORP73179P106	COM	$236,000	6,098
POOL CORP73278L105 · POOL	COM	$532,000	4,529
POSCO SPONSORED ADR693483109	COM	$1.9m	30,583
POST HLDGS INC COM737446104 · POST	COM	$603,000	7,761
POTASH CORP SASK INC73755L107	COM	$898,000	55,102
POWER INTEGRATIONS INC739276103 · POWI	COM	$375,000	5,143
PRA GROUP INC COM69354N106 · PRAA	COM	$334,000	8,813
PRAXAIR INC74005P104	COM	$5.0m	37,639
PRESTIGE BRANDS HLDGS INC74112D101 · PBH	COM	$322,000	6,106
PRICELINE COM INC741503403 · BKNG	COM	$8.5m	4,535
PRIMERICA INC COM74164M108 · PRI	COM	$440,000	5,803
PRINCIPAL FINL GROUP INC74251V102 · PFG	COM	$1.8m	27,462
PROASSURANCE CORP74267C106	COM	$679,000	11,169
PROCTER & GAMBLE742718109 · PG	COM	$22.9m	262,559
PROGENICS PHARMACEUTICAL INC743187106	COM	$279,000	41,150
PROGRESS SOFTWARE CORP743312100 · PRGS	COM	$326,000	10,559
PROGRESSIVE CORP OHIO743315103 · PGR	COM	$3.0m	67,967
PROLOGIS INC74340W103 · PLD	COM	$3.5m	60,016
PROSPERITY BANCSHARES INC743606105 · PB	COM	$416,000	6,483
PROTO LABS INC COM743713109 · PRLB	COM	$293,000	4,363
PROVIDENCE SVC CORP743815102	COM	$313,000	6,176
BOSTON SCIENTIFIC CORP101137107 · BSX	COM	$4.2m	152,383
BP PLC ADR055622104	COM	$8.7m	252,135
BRADY W H CO CL A104674106 · BRC	COM	$292,000	8,609
BRF-BRASIL FOODS S A SPONSORED10552T107	COM	$1.2m	104,691
BRIGGS & STRATTON CORP109043109	COM	$344,000	14,269
BRINKS CO109696104 · BCO	COM	$567,000	8,459
BRISTOL MYERS SQUIBB CO110122108 · BMY	COM	$2.4m	42,189
BRISTOW GROUP INC110394103	COM	$136,000	17,796
BRITISH AMERN TOB PLC SPONSORE110448107 · BTI	COM	$2.8m	40,276
BROADCOM LTD SHSY09827109	COM	$8.5m	36,506
BROADRIDGE FINL SOLUTIONS INCO11133T103 · BR	COM	$988,000	13,075

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 Capstone Asset Management Co's usable filed holdings in companies we cover from August 9, 2013, 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 −12.0% (S&P 500 −11.2%); beta 1.03; alpha +0.3% a year (t = 0.36); last 12 months +25.4% against +23.1%.

Reported value by quarter

Capstone Asset Management Co: 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
1998-12-31	$1.7B
1999-03-31	$1.4B
1999-12-31	$1.8B
2013-06-30	$3.8B
2013-09-30	$4.1B
2013-12-31	$3.4B
2014-03-31	$3.3B
2014-06-30	$3.1B
2014-09-30	$2.9B
2014-12-31	$3.4B
2015-03-31	$3.5B
2015-06-30	$3.5B
2015-09-30	$3.2B
2015-12-31	$3.5B
2016-03-31	$3.5B
2016-06-30	$3.3B
2016-09-30	$3.5B
2016-12-31	$3.5B
2017-03-31	$3.6B
2017-06-30	$3.6B

Latest covered holdings and moves

Covered holdings as of June 30, 2017.

Company	Share of portfolio	Value	Shares	Change in shares
AAPLApple Inc.	2.07%	$74.7m	518.7K	−3.1% Reduced
MSFTMicrosoft Corporation	1.87%	$67.2m	975.6K	−3.9% Reduced
KOThe Coca-Cola Company	0.94%	$33.7m	751.9K	+24.5% Added
TSMTaiwan Semiconductor Manufacturing Co LTD	0.88%	$31.6m	905.0K	−0.7% Reduced
PEPPepsiCo	0.81%	$29.0m	251.4K	−1.5% Reduced
METAMeta Platforms	0.80%	$28.6m	189.7K	−1.3% Reduced
MMM3M	0.79%	$28.5m	137.1K	−5.6% Reduced
CSCOCisco	0.79%	$28.4m	906.5K	−1.0% Reduced
JPMJPMorgan Chase	0.77%	$27.7m	303.1K	−3.4% Reduced
INTCIntel	0.71%	$25.5m	754.8K	−0.9% Reduced
AMZNAmazon	0.69%	$24.8m	25.6K	−2.5% Reduced
UNHUnitedHealth Group	0.65%	$23.4m	126.1K	−28.6% Reduced
MCDMcDonald's	0.65%	$23.3m	152.0K	+1.0% Added
PGProcter & Gamble	0.64%	$22.9m	262.6K	−2.8% Reduced
VZVerizon	0.63%	$22.7m	508.7K	−1.5% Reduced
CCitigroup	0.60%	$21.8m	325.8K	−5.4% Reduced
GOOGLAlphabet Inc. (Class A)	0.60%	$21.7m	23.3K	−2.3% Reduced
AMGNAmgen	0.60%	$21.6m	125.1K	−4.8% Reduced
HDThe Home Depot	0.57%	$20.7m	134.7K	−4.0% Reduced
VVisa Inc.	0.57%	$20.6m	219.5K	−6.1% Reduced
IBMIBM	0.55%	$19.8m	128.9K	−2.4% Reduced
TMToyota Motor Corp/	0.55%	$19.7m	187.5K	−1.2% Reduced
ORCLOracle Corporation	0.54%	$19.3m	384.7K	−5.2% Reduced
WMTWalmart	0.53%	$19.1m	252.0K	−9.5% Reduced
CMCSAComcast	0.53%	$18.9m	486.2K	−14.7% Reduced
ABTAbbott Laboratories	0.51%	$18.5m	379.9K	−8.0% Reduced
MDTMedtronic	0.51%	$18.4m	206.9K	−3.9% Reduced
BACBank of America	0.50%	$18.0m	740.7K	−3.2% Reduced
UBSUBS Group AG	0.47%	$17.1m	1.01M	−0.2%
WFCWells Fargo	0.47%	$17.1m	308.1K	−8.6% Reduced
NKENike, Inc.	0.47%	$17.1m	289.3K	−5.8% Reduced
EMREmerson Electric	0.47%	$17.0m	284.6K	−0.3%
RYRoyal Bank Of Canada	0.46%	$16.7m	230.2K	−1.5% Reduced
TAT&T	0.46%	$16.6m	439.9K	−2.5% Reduced
DISThe Walt Disney Company	0.46%	$16.5m	155.5K	−5.3% Reduced
GILDGilead Sciences	0.44%	$15.8m	223.6K	+4.0% Added
HSBCHsbc Holdings PLC	0.44%	$15.7m	339.5K	−3.9% Reduced
ABBVAbbVie	0.43%	$15.6m	214.6K	−1.5% Reduced
SBUXStarbucks	0.42%	$15.3m	262.8K	−2.5% Reduced
ADPAutomatic Data Processing	0.42%	$15.2m	148.0K	−3.1% Reduced
PUKPrudential PLC	0.42%	$15.1m	327.7K	+0.1%
SCHWCharles Schwab Corporation	0.38%	$13.7m	319.1K	−1.4% Reduced
PYPLPayPal	0.38%	$13.5m	252.1K	−0.7% Reduced
BNSBank Of Nova Scotia	0.37%	$13.3m	221.8K	−0.8% Reduced
DGXQuest Diagnostics	0.37%	$13.3m	119.7K	+0.6% Added
AIGAmerican International Group	0.37%	$13.3m	212.7K	−2.3% Reduced
LOWLowe's	0.36%	$13.1m	168.8K	−5.7% Reduced
VLOValero Energy	0.35%	$12.8m	189.2K	−1.2% Reduced
ALLAllstate	0.35%	$12.7m	144.0K	−0.4%
MPCMarathon Petroleum	0.33%	$11.9m	228.4K	+286.0% Added
MSMorgan Stanley	0.33%	$11.8m	265.5K	−2.1% Reduced
MDLZMondelez International	0.33%	$11.8m	273.3K	−2.7% Reduced
PFEPfizer	0.32%	$11.5m	342.5K	+79.4% Added
MCHPMicrochip Technology Inc	0.31%	$11.3m	146.7K	+12.3% Added
ENBEnbridge Inc	0.31%	$11.1m	279.9K	+0.1%
GMGeneral Motors	0.30%	$10.9m	312.2K	−2.0% Reduced
JNJJohnson & Johnson	0.29%	$10.6m	80.1K	−11.1% Reduced
GISGeneral Mills	0.29%	$10.6m	191.1K	−17.4% Reduced
MAMastercard	0.29%	$10.5m	86.3K	0.0%
TXNTexas Instruments	0.29%	$10.4m	135.5K	−2.3% Reduced
EXCExelon	0.29%	$10.4m	287.2K	−2.5% Reduced
PSXPhillips 66	0.28%	$10.2m	123.2K	−30.9% Reduced
CVXChevron Corporation	0.27%	$9.9m	94.6K	−2.5% Reduced
LMTLockheed Martin	0.27%	$9.7m	34.9K	−0.8% Reduced
ADIAnalog Devices	0.27%	$9.7m	124.5K	+1.6% Added
SAPSAP SE	0.27%	$9.5m	91.2K	−1.8% Reduced
DALDelta Air Lines	0.26%	$9.5m	177.1K	−11.1% Reduced
QCOMQualcomm	0.26%	$9.5m	171.4K	−5.0% Reduced
PBAPembina Pipeline Corp	0.26%	$9.3m	282.2K	+3.5% Added
MFCManulife Financial Corp	0.26%	$9.3m	493.3K	+1.0% Added
UNPUnion Pacific Corporation	0.25%	$9.1m	83.9K	−7.0% Reduced
CLColgate-Palmolive	0.24%	$8.8m	118.8K	−9.8% Reduced
CVSCVS Health	0.24%	$8.8m	108.9K	−14.4% Reduced
WPPWPP plc	0.24%	$8.6m	81.3K	−0.3%
TDToronto Dominion Bank	0.24%	$8.6m	169.8K	−4.3% Reduced
BKNGBooking Holdings	0.23%	$8.5m	4.5K	−2.7% Reduced
BABAAlibaba Group Holding Ltd	0.23%	$8.5m	60.2K	−3.4% Reduced
LLYLilly (Eli)	0.23%	$8.4m	102.3K	−1.3% Reduced
NVDANVIDIA Corporation	0.23%	$8.3m	57.6K	−0.2%
TRIThomson Reuters Corp	0.23%	$8.3m	178.9K	−4.8% Reduced
SLBSchlumberger	0.23%	$8.3m	125.8K	−2.3% Reduced
UPSUnited Parcel Service	0.23%	$8.2m	74.4K	−2.6% Reduced
TUTelus Corp	0.23%	$8.1m	235.1K	−3.3% Reduced
BCEBCE Inc	0.23%	$8.1m	180.1K	−3.1% Reduced
MGAMagna International Inc	0.23%	$8.1m	174.8K	−0.9% Reduced
COSTCostco	0.22%	$8.0m	50.2K	−9.4% Reduced
RMDResMed\|	0.22%	$8.0m	102.5K	+1.5% Added
GPCGenuine Parts Company	0.21%	$7.6m	82.2K	+0.5%
TXTTextron	0.21%	$7.5m	159.1K	−2.9% Reduced
CBChubb Limited	0.21%	$7.4m	51.2K	−2.7% Reduced
NEENextEra Energy	0.20%	$7.4m	52.8K	−8.3% Reduced
ECLEcolab	0.20%	$7.3m	55.2K	−3.8% Reduced
ACNAccenture	0.20%	$7.2m	58.4K	−5.6% Reduced
STZConstellation Brands	0.20%	$7.1m	36.5K	−2.0% Reduced
WECWEC Energy Group	0.19%	$7.0m	113.9K	+0.5% Added
USBU.S. Bancorp	0.19%	$6.7m	129.4K	−1.9% Reduced
VODVodafone Group Public LTD Co	0.18%	$6.6m	230.5K	+0.6% Added
CLXClorox	0.18%	$6.5m	49.0K	−2.5% Reduced
PBIPitney Bowes Inc	0.18%	$6.5m	249.5K	+2.9% Added
CHTRCharter Communications	0.18%	$6.4m	19.0K	−5.1% Reduced
ADBEAdobe Inc.	0.17%	$6.3m	44.5K	−1.0% Reduced
ELVElevance Health	0.17%	$6.3m	33.2K	+4.5% Added
GSGoldman Sachs	0.17%	$6.1m	27.6K	−5.2% Reduced
AFLAflac	0.17%	$6.0m	77.7K	−2.5% Reduced
DHRDanaher Corporation	0.16%	$5.9m	69.4K	−6.0% Reduced
BABoeing	0.16%	$5.8m	29.3K	+0.3%
LTCLTC Properties Inc	0.16%	$5.8m	112.5K	+1.5% Added
EPREPR Properties	0.16%	$5.7m	79.9K	+1.8% Added
BLKBlackRock	0.16%	$5.7m	13.5K	−8.3% Reduced
AMATApplied Materials	0.16%	$5.7m	138.2K	−1.4% Reduced
CSXCSX Corporation	0.16%	$5.7m	104.5K	−3.7% Reduced
TTCToro Co	0.16%	$5.7m	82.2K	−1.0% Reduced
SYKStryker Corporation	0.15%	$5.5m	39.8K	−11.0% Reduced
ASMLAsml Holding NV	0.15%	$5.5m	42.0K	−3.4% Reduced
KMBKimberly-Clark	0.15%	$5.4m	41.8K	+11.7% Added
METMetLife	0.15%	$5.4m	97.4K	−3.8% Reduced
AMTAmerican Tower	0.15%	$5.3m	40.4K	−0.9% Reduced
FDXFedEx	0.15%	$5.3m	24.2K	−6.2% Reduced
PNCPNC Financial Services	0.15%	$5.3m	42.1K	−3.4% Reduced
CRMSalesforce	0.14%	$5.2m	60.4K	−0.5%
CDWCDW Corporation	0.14%	$5.2m	82.4K	−0.7% Reduced
TJXTJX Companies	0.14%	$5.1m	71.2K	−22.6% Reduced
DUKDuke Energy	0.14%	$5.1m	61.3K	−0.2%
PRUPrudential Financial	0.14%	$5.1m	47.0K	−0.6% Reduced
AXPAmerican Express	0.14%	$5.1m	60.1K	−4.1% Reduced
ITWIllinois Tool Works	0.14%	$5.1m	35.3K	−17.7% Reduced
TRVThe Travelers Companies	0.13%	$4.8m	38.1K	−0.5%
CATCaterpillar Inc.	0.13%	$4.8m	44.5K	+1.7% Added
CICigna	0.13%	$4.8m	28.5K	+12.3% Added
DEDeere & Company	0.13%	$4.7m	38.4K	+0.6% Added
BMOBank Of Montreal	0.13%	$4.7m	64.1K	−2.5% Reduced
BDXBecton Dickinson	0.13%	$4.7m	24.1K	−2.5% Reduced
BIIBBiogen	0.13%	$4.6m	17.0K	−3.1% Reduced
BNYBNY Mellon	0.13%	$4.6m	90.3K	−2.0% Reduced
FISVFiserv	0.13%	$4.6m	37.6K	−3.3% Reduced
MRKMerck & Co.	0.13%	$4.6m	71.4K	−4.1% Reduced
SPGSimon Property Group	0.13%	$4.5m	27.8K	+1.1% Added
THOThor Industries Inc	0.13%	$4.5m	42.9K	0.0%
HMCHonda Motor Co LTD	0.12%	$4.4m	161.7K	−2.3% Reduced
ZTSZoetis	0.12%	$4.4m	70.2K	−6.7% Reduced
HUMHumana	0.12%	$4.3m	17.8K	+5.8% Added
KHCKraft Heinz	0.12%	$4.3m	49.7K	−1.7% Reduced
YUMYum! Brands	0.12%	$4.2m	57.4K	−0.9% Reduced
BSXBoston Scientific	0.12%	$4.2m	152.4K	−1.5% Reduced
ROPRoper Technologies	0.12%	$4.2m	18.1K	−6.2% Reduced
BHPBHP Group Ltd	0.12%	$4.2m	117.6K	−5.3% Reduced
RPMRPM International Inc	0.12%	$4.2m	76.7K	+2.2% Added
NFLXNetflix	0.11%	$4.1m	27.6K	−4.0% Reduced
CPTCamden Property Trust	0.11%	$4.1m	47.8K	+3.3% Added
SUSuncor Energy Inc	0.11%	$4.1m	140.0K	+0.8% Added

Company	Bought (value)	Shares
MPCMarathon Petroleum	$8.9m	169.2K
KOThe Coca-Cola Company	$6.6m	148.2K
PFEPfizer	$5.1m	151.6K
CRLCharles River Laboratories	$1.9m	18.7K
DXCDXC Technology Co	$1.7m	22.4K
RJFRaymond James Financial	$1.5m	18.7K
MCHPMicrochip Technology Inc	$1.2m	16.1K
MTNVail Resorts Inc	$1.1m	5.5K
MTArcelormittal	$1.1m	48.0K
WPMWheaton Precious Metals Corp.	$1.1m	54.4K
NXPINXP Semiconductors	$923,000	8.4K
ALGNAlign Technology	$855,746	5.7K
GILDGilead Sciences	$611,739	8.6K
KMBKimberly-Clark	$564,874	4.4K
BALLBall Corporation	$539,660	12.8K

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

Company	Sold (value)	Shares
UNHUnitedHealth Group	−$9.4m	−50.5K
PSXPhillips 66	−$4.5m	−55.0K
KRKroger	−$4.2m	−180.5K
CMCSAComcast	−$3.3m	−83.8K
MSFTMicrosoft Corporation	−$2.7m	−39.4K
AAPLApple Inc.	−$2.4m	−16.5K
GISGeneral Mills	−$2.2m	−40.2K
WMTWalmart	−$2.0m	−26.5K
MMM3M	−$1.7m	−8.1K
ABTAbbott Laboratories	−$1.6m	−33.2K
WFCWells Fargo	−$1.6m	−29.0K
TJXTJX Companies	−$1.5m	−20.8K
CVSCVS Health	−$1.5m	−18.3K
VVisa Inc.	−$1.3m	−14.2K
JNJJohnson & Johnson	−$1.3m	−10.0K

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

Company	Value last quarter	Shares
XRXXerox Holdings Corp	$1.1m	153.3K
AUAnglogold Ashanti PLC	$276,000	25.6K
SHOEShoe Station Group Inc	$238,000	9.7K
STBAS&T Bancorp Inc	$223,000	6.4K
DXCMDexcom	$213,000	2.5K
LNNLindsay Corp	$211,000	2.4K
UFIUnifi Inc	$211,000	7.4K
SMSM Energy Co	$205,000	8.5K
CMPCompass Minerals International Inc	$205,000	3.0K
DDD3d Systems Corp	$203,000	3.7K
HTLDHeartland Express Inc	$201,000	10.0K
ZUMZZumiez Inc	$187,000	10.2K
FTKFlotek Industries Inc	$134,000	10.5K

Financials18.6%
Technology17.4%
Health Care12.3%
Consumer Discretionary11.4%
Industrials11.0%
Consumer Staples8.6%
Communication Services7.2%
Energy4.4%
Utilities3.5%
Real Estate2.9%
Materials2.7%

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 9, 2013 to October 20, 2017	+13.4%	+12.7%	1.12	1.11	−12.0%	1.03
Last three yearsOctober 24, 2014 to October 20, 2017	+12.6%	+11.7%	1.02	0.99	−12.0%	1.04
Last yearOctober 21, 2016 to October 20, 2017	+25.1%	+22.7%	2.72	2.64	−2.6%	1.05

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.