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
SAFEWAY INC NEW XXX786CVR308	WARRANT AND RIGH	$0	37,016
SAIA INC78709Y105 · SAIA	COM	$230,000	4,483
SALESFORCE COM INC79466L302 · CRM	COM	$5.2m	60,422
SALLY BEAUTY HLDGS INC79546E104 · SBH	COM	$248,000	12,241
SANDERSON FARMS INC800013104	COM	$652,000	5,640
SANMINA CORPORATION COM801056102 · SANM	COM	$778,000	20,428
SANOFI-AVENTIS ADR80105N105	COM	$3.6m	74,472
SAP AG ADR SPON803054204 · SAP	COM	$9.5m	91,189
SASOL LTD SPONSORED ADR803866300	COM	$840,000	30,062
SBA COMMUNICATIONS CORP NEW CL78410G104 · SBAC	COM	$420,000	3,111
SCANA CORP80589M102	COM	$1.8m	27,009
SCANSOURCE INC806037107 · SCSC	COM	$458,000	11,376
SCHEIN HENRY INC806407102 · HSIC	COM	$1.7m	9,483
SCHLUMBERGER806857108 · SLB	COM	$8.3m	125,770
SCHOLASTIC CORP807066105 · SCHL	COM	$348,000	7,986
SCHWAB CHARLES CORP808513105 · SCHW	COM	$13.7m	319,114
SCHWAB CHARLES CORP808513600	PREFERRED STOCKS	$859,000	31,503
SCICLONE PHARMACEUTICALS INCCO80862K104	COM	$303,000	27,590
SCIENCE APPLICATNS INTL CP NCO808625107 · SAIC	COM	$329,000	4,744
SCOTTS CO CL A810186106 · SMG	COM	$428,000	4,789
SCRIPPS E W CO OHIO CL A811054402 · SSP	COM	$182,000	10,229
SCRIPPS NETWORKS INTERACT INCL811065101	COM	$1.3m	19,613
SEAGATE TECHNOLOGY PLCG7945M107	COM	$542,000	13,977
SEALED AIR CORP81211K100	COM	$699,000	15,616
SEATTLE GENETICS INC COM812578102	COM	$261,000	5,035
SELECT COMFORT CORP OC-CAP STK81616X103	COM	$277,000	7,803
SELECT MED HLDGS CORP COM81619Q105	COM	$586,000	38,170
SELECTIVE INSURANCE GROUP INC816300107 · SIGI	COM	$627,000	12,533
SEMPRA ENERGY CORP816851109 · SRE	COM	$2.5m	21,967
SEMTECH CORP816850101 · SMTC	COM	$388,000	10,843
SENECA FOODS CORP NEW CL A817070501 · SENEA	COM	$322,000	10,383
SENIOR HOUSING PROPERTY TRUST81721M109	COM	$651,000	31,851
SENSIENT TECHNOLOGIES CORP81725T100 · SXT	COM	$329,000	4,086
SERVICE CORP INTL817565104 · SCI	COM	$708,000	21,175
SERVICENOW INC COM81762P102 · NOW	COM	$427,000	4,032
SERVISFIRST BANCSHARES INC COM81768T108 · SFBS	COM	$430,000	11,660
SHAW COMMUNICATIONS INC CL B C82028K200	COM	$1.5m	68,044
SHERWIN WILLIAMS CO824348106 · SHW	COM	$3.4m	9,804
SHINHAN FINANCIAL GROUP CO LSP824596100	COM	$3.0m	67,884
SHIRE PHARMACEUTICALS GROUP AD82481R106	COM	$5.3m	31,802
SHUTTERFLY INC82568P304	COM	$452,000	9,526
SHUTTERSTOCK INC COM825690100 · SSTK	COM	$330,000	7,476
GREAT WESTN BANCORP INC COM391416104	COM	$406,000	9,950
GREEN DOT CORP CL A39304D102 · GDOT	COM	$325,000	8,430
GREEN PLAINS RENEWABLE ENERGCO393222104 · GPRE	COM	$319,000	15,513
GREENBRIER COS INC393657101 · GBX	COM	$552,000	11,936
GRIFFON CORP398433102 · GFF	COM	$336,000	15,290
GROUP 1 AUTOMOTIVE INC398905109 · GPI	COM	$446,000	7,051
GROUPE CGI INC CL A SUB VTG39945C109	COM	$1.8m	35,889
GRUPO TELEVISA SA DE CV ADR SP40049J206	COM	$1.9m	77,531
GUESS INC401617105	COM	$297,000	23,242
GULF ISLAND FABRICATION INC402307102	COM	$205,000	17,650
GULFPORT ENERGY CORP COM NEW402635304	COM	$203,000	13,732
HAEMONETICS CORP405024100 · HAE	COM	$375,000	9,499
HAIN CELESTIAL GROUP INC405217100 · HAIN	COM	$360,000	9,262
HALLIBURTON CO406216101 · HAL	COM	$3.0m	70,932
HALYARD HEALTH INC COM40650V100	COM	$222,000	5,663
HANCOCK HLDG CO410120109 · HWC	COM	$315,000	6,429
HANESBRANDS INC410345102	COM	$736,000	31,760
HANMI FINANCIAL CORPORATION CO410495204 · HAFC	COM	$248,000	8,729
HANOVER INS GROUP INC410867105 · THG	COM	$681,000	7,686
HARLEY DAVIDSON INC412822108 · HOG	COM	$1.1m	19,906
HARMONIC INC413160102 · HLIT	COM	$102,000	19,480
HARRIS CORP413875105 · LHX	COM	$4.0m	36,561
HARSCO CORP415864107	COM	$216,000	13,430
HARTFORD FINANCIAL SERVICES GR416515104 · HIG	COM	$2.7m	51,341
HASBRO INC418056107 · HAS	COM	$1.7m	15,251
HAVERTY FURNITURE COS INC419596101 · HVT	COM	$256,000	10,200
HAWAIIAN ELEC INDS419870100 · HE	COM	$395,000	12,201
HAWAIIAN HOLDINGS INC COM419879101	COM	$590,000	12,570
HCA HOLDINGS INC40412C101 · HCA	COM	$586,000	6,723
HCI GROUP INC COM40416E103 · HCI	COM	$231,000	4,926
HCP INC40414L109	COM	$1.2m	37,618
HDFC BANK LTD ADR REPS 3 SHS40415F101 · HDB	COM	$2.1m	24,237
HEALTHCARE RLTY TR421946104 · HR	COM	$360,000	10,536
HEALTHCARE SPDR81369Y209	ETF - EQUITY	$676,000	8,531
HEALTHCARE SVCS GROUP INC421906108 · HCSG	COM	$693,000	14,800
KINROSS GOLD CORP NO PAR496902404	COM	$448,000	109,957
KIRBY CORP497266106 · KEX	COM	$402,000	6,019
KIRKLANDS INC COM497498105	COM	$144,000	14,040
KITE RLTY GROUP TR COM NEW49803T300 · KRG	COM	$313,000	16,509
KLA-TENCOR CORP482480100 · KLAC	COM	$1.2m	12,936
KLX INC COM482539103	COM	$416,000	8,327
KNIGHT TRANSN INC499064103	COM	$483,000	13,040
KOHLS CORP500255104 · KSS	COM	$1.1m	28,014
KOPIN CORP500600101 · KOPN	COM	$104,000	28,020
KOREA ELEC PWR CO SPONSORED AD500631106	COM	$7.3m	403,465
KORN FERRY INTL500643200 · KFY	COM	$467,000	13,523
KRAFT HEINZ COMPANY500754106 · KHC	COM	$4.3m	49,724
KRATON PERFORMANCE POLYMERS CO50077C106	COM	$427,000	12,406
KROGER CO501044101 · KR	COM	$2.5m	108,608
KULICKE & SOFFA INDS INC501242101 · KLIC	COM	$261,000	13,710
KYOCERA CORP ADR501556203	COM	$2.4m	40,355
L BRANDS INC4W5992PQ5	OPTION - PUTPut	$17,000	500
L BRANDS INC4W5992PR3	OPTION - PUTPut	$26,000	500
L BRANDS INC4W5992QB7	OPTION - PUTPut	$49,000	500
L BRANDS INC COM501797104	COM	$12.8m	237,902
L BRANDS INC4W5992SP4	OPTION - PUTPut	$4,000	500
L3 TECHNOLOGIES INC502413107	COM	$799,000	4,782
LA Z BOY INC505336107 · LZB	COM	$290,000	8,923

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.