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
NIC INC COM62914B100	COM	$278,000	14,650
NIELSEN HOLDINGS PLCG6518L108	COM	$1.1m	29,378
NIKE INC CLASS B654106103 · NKE	COM	$17.1m	289,271
NISOURCE INC65473P105 · NI	COM	$1.1m	44,048
NOBLE CORP PLC SHS USDG65431101	COM	$223,000	61,720
NOBLE ENERGY INC655044105	COM	$1.0m	36,331
NOKIA CORP ADR SPONSORED654902204	COM	$9.2m	1,492,156
NOMURA HLDGS INC SPONSORED ADR65535H208	COM	$2.0m	324,952
NORDSON CORP655663102 · NDSN	COM	$799,000	6,586
NORDSTROM INC655664100	COM	$417,000	8,710
NORFOLK SOUTHERN CORP655844108 · NSC	COM	$3.3m	27,170
NORTHERN OIL & GAS INC NEV COM665531109	COM	$18,000	12,930
NORTHERN TRUST CORP665859104 · NTRS	COM	$1.6m	16,169
NORTHFIELD BANCORP INC66611T108	COM	$240,000	14,000
NORTHROP GRUMMAN CORP666807102 · NOC	COM	$2.9m	11,203
NORTHWEST BANCSHARES INC MD CO667340103 · NWBI	COM	$270,000	17,320
NORTHWEST NATURAL GAS CO667655104 · NWN	COM	$316,000	5,280
NORTHWESTERN CORP668074305 · NWE	COM	$251,000	4,120
NOVARTIS AG SPONSORED ADR66987V109	COM	$10.1m	120,778
NOVO-NORDISK A S ADR670100205 · NVO	COM	$3.0m	69,235
NRG ENERGY INC629377508 · NRG	COM	$871,000	50,568
NU SKIN ENTERPRISES INC CL A67018T105 · NUS	COM	$314,000	4,989
NUCOR CORP670346105 · NUE	COM	$1.6m	27,017
NUTRI SYS INC67069D108	COM	$764,000	14,686
NUVASIVE INC670704105	COM	$537,000	6,979
NVIDIA CORP67066G104 · NVDA	COM	$8.3m	57,592
NXP SEMICONDUCTORS N V COMN6596X109 · NXPI	COM	$923,000	8,430
O G E ENERGY CORP670837103 · OGE	COM	$657,000	18,899
OCCIDENTAL PETROLEUM CORP674599105 · OXY	COM	$3.5m	58,195
OCEANEERING INTL INC675232102 · OII	COM	$277,000	12,128
OCLARO INC COM NEW67555N206	COM	$331,000	35,450
OFFICE DEPOT INC676220106	COM	$460,000	81,527
OFG BANCORP67103X102 · OFG	COM	$172,000	17,243
OLD DOMINION FGHT LINES INC679580100 · ODFL	COM	$710,000	7,453
OLD NATL BANCORP IND680033107 · ONB	COM	$398,000	23,096
OLD REPUBLIC INTL CORP680223104 · ORI	COM	$597,000	30,567
OLIN CORP680665205 · OLN	COM	$379,000	12,515
OLLIES BARGAIN OUTLT HLDGS ICO681116109 · OLLI	COM	$587,000	13,770
OLYMPIC STEEL INC68162K106	COM	$225,000	11,526
OMEGA HEALTHCARE INVS INC COM681936100 · OHI	COM	$609,000	18,443
OMNICELL INC68213N109 · OMCL	COM	$483,000	11,203
OMNICOM GROUP681919106 · OMC	COM	$2.8m	33,186
ON ASSIGNMENT INC682159108	COM	$479,000	8,850
ONE GAS INC COM68235P108 · OGS	COM	$290,000	4,152
ONEOK INC682680103 · OKE	COM	$945,000	18,118
OPKO HEALTH INC COM68375N103 · OPK	COM	$113,000	17,216
ORACLE SYSTEMS CORP68389X105 · ORCL	COM	$19.3m	384,746
ORANGE S A684060106	COM	$3.3m	203,481
ORASURE TECHNOLOGIES INC68554V108 · OSUR	COM	$519,000	30,090
ORBITAL ATK INC COM68557N103	COM	$332,000	3,371
O'REILLY AUTOMOTIVE INC NEW CO67103H107 · ORLY	COM	$2.0m	9,231
ORION MARINE GROUP INC COM68628V308 · ORN	COM	$335,000	44,890
ORIX CORP ADR SPONSORED686330101	COM	$2.1m	27,175
OSHKOSH TRUCK CORP688239201 · OSK	COM	$376,000	5,452
OSI SYSTEMS INC671044105 · OSIS	COM	$277,000	3,690
OWENS & MINOR INC690732102 · ACH	COM	$382,000	11,860
OWENS ILLINOIS INC690768403	COM	$445,000	18,614
P G&E CORP69331C108 · PCG	COM	$2.8m	42,862
P N C FINANCIAL CORP693475105 · PNC	COM	$5.3m	42,133
P N M RES INC69349H107 · TXNM	COM	$267,000	6,986
P P G INDS INC693506107 · PPG	COM	$2.8m	25,802
P P L CORP69351T106 · PPL	COM	$2.1m	53,482
P T TELEKOMUNIKASI INDONESIASP715684106	COM	$1.1m	32,952
B & G FOODS INC NEW CL A05508R106 · BGS	COM	$540,000	15,173
B B & T CORP054937107	COM	$3.4m	73,869
BADGER METER INC056525108 · BMI	COM	$216,000	5,426
BAIDU INC SPON ADR REP A056752108 · BIDU	COM	$2.8m	15,525
BAKER HUGHES INC057224107 · BKR	COM	$2.0m	35,889
BALCHEM CORP057665200 · BCPC	COM	$569,000	7,325
BALL CORP058498106 · BALL	COM	$1.1m	26,710
BANC CALIF INC COM05990K106 · BANC	COM	$371,000	17,250
BANCO BILBAO VIZCAYA ARGENTAAD05946K101	COM	$4.7m	557,658
BANCO BRADESCO S A SP ADR PFD059460303 · BBD	COM	$3.6m	419,090
BANCO DE CHILE SPONSORED ADR059520106	COM	$877,000	11,252
BANCO SANTANDER CENT HISPANIC05964H105	COM	$8.0m	1,201,856
BANCO SANTANDER CHILE NEW SP A05965X109	COM	$9.2m	363,011
BANCOLOMBIA S A SPON ADR PREF05968L102	COM	$790,000	17,742
BANK AMERICA CORP060505104 · BAC	COM	$18.0m	740,703
BANK MONTREAL QUE063671101 · BMO	COM	$4.7m	64,132
BANK MUTUAL CORP063750103	COM	$135,000	14,700
BANK NOVA SCOTIA HALIFAX064149107 · BNS	COM	$13.3m	221,776
BANK OF HAWAII CORP062540109 · BOH	COM	$314,000	3,779
BANK OF NEW YORK MELLON CORPOR064058100 · BNY	COM	$4.6m	90,309
BANK OF THE OZARKS INC063904106	COM	$587,000	12,532
BANNER CORP COM NEW06652V208 · BANR	COM	$281,000	4,976
BARCLAYS PLC ADR06738E204	COM	$3.5m	327,904
BARD, C R INC067383109	COM	$3.5m	11,164
BARNES & NOBLE ED INC COM06777U101	COM	$333,000	31,337
BARNES & NOBLE INC067774109 · BNED	COM	$189,000	24,813
BARNES GROUP INC067806109	COM	$524,000	8,948
BARRETT BILL CORP06846N104	COM	$37,000	12,113
BARRICK GOLD CORP067901108	COM	$1.1m	70,705
BAXTER INTL INC071813109 · BAX	COM	$3.2m	52,291
BCE INC05534B760 · BCE	COM	$8.1m	180,090
BECTON DICKINSON & CO075887109 · BDX	COM	$4.7m	24,104
BED BATH & BEYOND INC075896100	COM	$578,000	19,023
BELDEN CDT INC077454106 · BDC	COM	$262,000	3,469
BELMOND LTD CL AG1154H107	COM	$295,000	22,205
BEMIS INC081437105	COM	$460,000	9,945
BENCHMARK ELECTRS INC08160H101 · BHE	COM	$533,000	16,488

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.