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
LABORATORY CORP AMER HLDGS50540R409	COM	$2.0m	12,726
LAM RESEARCH CORP512807108 · LRCX	COM	$3.2m	22,432
LAMAR ADVERTISING REIT CO512816109 · LAMR	COM	$699,000	9,499
LAMB WESTON HLDGS INC COM513272104 · LW	COM	$601,000	13,641
LANCASTER COLONY CORP513847103 · MZTI	COM	$225,000	1,832
LANDSTAR SYSTEMS INC515098101 · LSTR	COM	$388,000	4,531
SIGNATURE BK NEW YORK N Y82669G104	COM	$761,000	5,304
SIGNET JEWELERS LIMITED SHSG81276100 · SIG	COM	$464,000	7,340
SILGAN HOLDINGS INC827048109 · SLGN	COM	$279,000	8,768
SILICON LABORATORIES INC826919102 · SLAB	COM	$224,000	3,280
SIMMONS FIRST NATL CORP CL A $828730200 · SFNC	COM	$290,000	5,480
SIMON PPTY GROUP INC828806109 · SPG	COM	$4.5m	27,842
SIMPSON MANUFACTURING CO INC829073105 · SSD	COM	$362,000	8,282
SIRIUS XM HLDGS INC COM82968B103 · SIRI	COM	$357,000	65,346
SK TELECOM LTD ADR SPONSORED78440P108	COM	$641,000	24,958
SKECHERS U S A INC CL A830566105	COM	$536,000	18,156
SKYWEST INC830879102 · SKYW	COM	$544,000	15,512
SKYWORKS SOLUTIONS INC83088M102 · SWKS	COM	$2.0m	20,691
SL GREEN RLTY CORP78440X101 · SLG	COM	$657,000	6,206
SMITH & NEPHEW PLC ADR SPONS N83175M205	COM	$8.9m	256,334
SMITH A O CORP831865209 · AOS	COM	$992,000	17,614
SMUCKER J M CO832696405 · SJM	COM	$1.4m	12,185
SNAP ON TOOLS CORP833034101 · SNA	COM	$1.4m	8,866
SNYDERS LANCE INC COM833551104	COM	$202,000	5,841
SOCIEDA QUIMICA MIN DE CHILE833635105	COM	$509,000	15,413
SONIC AUTOMOTIVE INC CL A83545G102 · SAH	COM	$314,000	16,133
SONIC CORP835451105	COM	$245,000	9,259
SONOCO PRODUCTS835495102 · SON	COM	$545,000	10,595
SONY CORP - ADR835699307	COM	$3.2m	84,207
SOTHEBY HOLDINGS INC CL A835898107	COM	$307,000	5,722
SOUTH JERSEY INDS INC838518108	COM	$553,000	16,176
SOUTHERN CO842587107 · SO	COM	$4.0m	84,181
SOUTHERN COPPER CORPORATION84265V105 · SCCO	COM	$607,000	17,533
SOUTHSIDE BANCSHARES INC COM84470P109 · SBSI	COM	$235,000	6,725
SOUTHWEST AIRLINES CO844741108 · LUV	COM	$3.5m	56,488
SOUTHWEST GAS CORP844895102 · SWX	COM	$437,000	5,976
SOUTHWESTERN ENERGY CO845467109	COM	$244,000	40,209
SPARTANNASH CO COM847215100	COM	$354,000	13,628
SPDR BARCLAYS INTERMEDIATE COR78464A375	ETF - FIXED INCO	$1.2m	35,092
SPDR GOLD TRUST78463V107	ETF - EQUITY	$583,000	4,943
SPDR S&P 50078462F103	ETF - EQUITY	$1.3m	5,282
SPECTRUM PHARMACEUTICALS INCCO84763A108	COM	$109,000	14,630
SPIRE INC COM84857L101 · SR	COM	$657,000	9,426
SPIRIT AEROSYSTEMS HLDGS INC C848574109	COM	$322,000	5,560
SPRINT CORP COM SER 185207U105	COM	$149,000	18,142
SPROUTS FMRS MKT INC COM85208M102 · SFM	COM	$310,000	13,670
SPS COMM INC COM78463M107 · SPSC	COM	$309,000	4,843
SPX FLOW INC COM78469X107	COM	$297,000	8,063
SRC ENERGY INC COM78470V108	COM	$233,000	34,660
STAMPS COM INC852857200	COM	$684,000	4,414
STANDEX INTL CORP854231107 · SXI	COM	$226,000	2,495
STANLEY BLACK & DECKER INC854502705	PREFERRED STOCKS	$6.1m	237,393
STANLEY BLACK AND DECKER INC854502101 · SWK	COM	$2.1m	15,056
STAPLES INC855030102	COM	$1.4m	141,914
STARBUCKS CORP855244109 · SBUX	COM	$15.3m	262,762
STATE STREET CORP857477103 · STT	COM	$2.8m	30,983
STATE STREET CORP857477889	PREFERRED STOCKS	$402,000	15,000
STATOIL ASA SPONSORED ADR85771P102	COM	$1.6m	96,574
STEEL DYNAMICS INC858119100 · STLD	COM	$747,000	20,853
STEIN MART INC858375108	COM	$54,000	31,840
STEPAN CHEMICAL CO858586100 · SCL	COM	$331,000	3,793
STERICYCLE INC858912108	COM	$508,000	6,659
STERIS PLC SHARESG84720104	COM	$698,000	8,560
STERLING BANCORP DEL COM85917A100	COM	$553,000	23,799
STEWART INFORMATION SVCS860372101 · STC	COM	$340,000	7,483
STIFEL FINL CORP860630102 · SF	COM	$354,000	7,690
STMICROELECTRONICS N V SHS-N Y861012102 · STM	COM	$945,000	65,739
STRYKER CORP863667101 · SYK	COM	$5.5m	39,835
SUCAMPO PHARMACEUTICALS INC CL864909106	COM	$130,000	12,360
LANTHEUS HLDGS INC COM516544103 · LNTH	COM	$286,000	16,210
LAS VEGAS SANDS CORP517834107 · LVS	COM	$208,000	3,258
LASALLE HOTEL PPTYS SH BEN INT517942108	COM	$339,000	11,385
LATAM AIRLINES GROUP SA SPONSO51817R106	COM	$449,000	40,595
LAUDER ESTEE COS INC CL A518439104 · EL	COM	$2.4m	25,109
LCI IND INC50189K103 · LCII	COM	$665,000	6,490
LEGACY TEX FINL GROUP INC COM52471Y106	COM	$450,000	11,800
LEGG MASON INC524901105	COM	$479,000	12,555
LEGGETT & PLATT INC524660107	COM	$767,000	14,608
LEIDOS HLDGS INC COM525327102 · LDOS	COM	$760,000	14,696
LEMAITRE VASCULAR INC COM525558201 · LMAT	COM	$243,000	7,780
LENDINGTREE INC NEW COM52603B107 · TREE	COM	$704,000	4,089
LENNAR CORP526057104 · LEN	COM	$3.2m	59,472
LENNOX INTL INC526107107 · LII	COM	$757,000	4,122
LEUCADIA NATIONAL CORP527288104	COM	$1.8m	67,459
LEVEL 3 COMMUNICATIONS INC COM52729N308	COM	$1.3m	21,215
LEXINGTON CORPORATE PPTYS529043101	COM	$484,000	48,869
LG DISPLAY CO LTD SPONS ADR RE50186V102	COM	$466,000	29,022
LGI HOMES INC COM50187T106 · LGIH	COM	$348,000	8,660
LHC GROUP INC50187A107	COM	$245,000	3,603
LIBERTY BROADBAND CORP COM SER530307305	COM	$213,000	2,456
LIBERTY MEDIA HLDG CORP INT SE53071M104	COM	$279,000	11,378
LIBERTY PPTY TR SH BEN INT531172104	COM	$629,000	15,447
LIFE STORAGE INC COM53223X107	COM	$420,000	5,673
LIGAND PHARMACEUTICALS INC COM53220K504 · LGND	COM	$341,000	2,813
LILLY, ELI & COMPANY532457108 · LLY	COM	$8.4m	102,345
LINCOLN ELEC HLDGS INC533900106 · LECO	COM	$568,000	6,165
LINCOLN NATIONAL CORP534187109 · LNC	COM	$2.1m	30,375
LITHIA MTRS INC CL A536797103 · LAD	COM	$670,000	7,113
LITTELFUSE INC537008104 · LFUS	COM	$457,000	2,769
LIVANOVA PLC SHSG5509L101 · LIVN	COM	$212,000	3,460

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.