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
MARCUS CORP566330106 · MCS	COM	$293,000	9,693
MARINEMAX INC567908108 · HZO	COM	$258,000	13,190
MARKEL CORP570535104 · MKL	COM	$394,000	404
MARKETAXESS HLDGS INC COM57060D108 · MKTX	COM	$1.0m	5,056
MARRIOTT INTL INC NEW CL A571903202 · MAR	COM	$3.1m	30,417
MARRIOTT VACATIONS WRLDWDE CCO57164Y107 · VAC	COM	$542,000	4,604
MARSH & MCLENNAN COS INC571748102 · MRSH	COM	$3.7m	47,402
MARTIN MARIETTA MATERIALS INC573284106 · MLM	COM	$1.9m	8,491
MASCO CORP574599106 · MAS	COM	$1.1m	28,591
MASIMO CORP574795100	COM	$608,000	6,666
MASTERCARD INC57636Q104 · MA	COM	$10.5m	86,285
MATERION CORPORATION576690101 · MTRN	COM	$220,000	5,876
MATRIX SVC CO576853105 · MTRX	COM	$127,000	13,623
MATSON INC COM57686G105 · MATX	COM	$243,000	8,103
MATTEL INC577081102 · MAT	COM	$525,000	24,386
MATTHEWS INTL CORP CL A577128101 · MATW	COM	$404,000	6,593
MAXIM INTEGRATED PRODUCTS INC57772K101	COM	$326,000	7,255
MAXIMUS INC577933104 · MMS	COM	$442,000	7,052
MAXLINEAR INC CL A57776J100 · MXL	COM	$468,000	16,780
MB FINANCIAL INC55264U108	COM	$221,000	5,018
MCCORMICK & CO INC579780206 · MKC	COM	$2.4m	24,386
MCDONALDS CORP580135101 · MCD	COM	$23.3m	151,952
MCKESSON CORP58155Q103 · MCK	COM	$3.7m	22,685
MEDICAL PPTYS TRUST INC58463J304 · MPT	COM	$384,000	29,830
MEDIDATA SOLUTIONS INC COM58471A105	COM	$905,000	11,570
MEDTRONIC PLCG5960L103 · MDT	COM	$18.4m	206,917
MERCK & COMPANY58933Y105 · MRK	COM	$4.6m	71,394
MERCURY COMPUTER SYSTEMS INC589378108 · MRCY	COM	$654,000	15,530
MERCURY GEN CORP589400100 · MCY	COM	$272,000	5,046
MERIT MED SYS INC589889104 · MMSI	COM	$476,000	12,475
MERITAGE CORP59001A102 · MTH	COM	$621,000	14,720
METHODE ELECTRS INC CL A591520200 · MEI	COM	$269,000	6,523
METLIFE INC59156R108 · MET	COM	$5.4m	97,434
METTLER-TOLEDO INTL INC592688105 · MTD	COM	$2.3m	3,978
MICHAEL KORS HLDGS LTD SHSG60754101	COM	$924,000	25,479
MICROCHIP TECHNOLOGY INC595017104 · MCHP	COM	$11.3m	146,711
MICRON TECHNOLOGY INC595112103 · MU	COM	$2.3m	75,486
MICROSEMI CORP595137100	COM	$539,000	11,514
MICROSOFT CORP594918104 · MSFT	COM	$67.2m	975,580
MICROSTRATEGY INC CL A594972408 · MSTR	COM	$360,000	1,878
MID-AMER APT CMNTYS INC59522J103 · MAA	COM	$1.2m	11,349
MIMEDX GROUP INC COM602496101 · MDXG	COM	$710,000	47,450
MINERALS TECHNOLOGIES INC603158106 · MTX	COM	$374,000	5,116
MITSUBISHI UFJ FINL GROUP, INC606822104	COM	$7.3m	1,087,586
MIZUHO FINL GROUP INC SPONSORE60687Y109	COM	$8.6m	2,351,853
MKS INSTRS INC55306N104 · MKSI	COM	$982,000	14,589
MOBILE MINI INC60740F105	COM	$235,000	7,880
MOBILE TELESYSTEMS OJSC ADR SP607409109	COM	$246,000	29,350
MOHAWK INDS INC608190104 · MHK	COM	$1.2m	5,145
MOLINA HEALTHCARE INC60855R100 · MOH	COM	$548,000	7,926
MOLSON COORS BREWING COMPANY60871R209 · TAP	COM	$834,000	9,662
MOMENTA PHARMACEUTICALS INC60877T100	COM	$267,000	15,773
MONDELEZ INTL INC609207105 · MDLZ	COM	$11.8m	273,340
MONOLITHIC PWR SYS INC609839105 · MPWR	COM	$531,000	5,513
MONRO MUFFLER BRAKE INC610236101 · MNRO	COM	$291,000	6,964
MONSANTO CO61166W101	COM	$3.3m	27,871
MONSTER BEVERAGE CORP NEW COM61174X109 · MNST	COM	$2.0m	40,457
MOODYS CORP615369105 · MCO	COM	$1.7m	14,074
MOOG INC CL A615394202	COM	$401,000	5,597
MORGAN STANLEY617446448 · MS	COM	$11.8m	265,531
HEALTHEQUITY INC COM42226A107 · HQY	COM	$402,000	8,070
HEALTHSOUTH CORP NEW421924309	COM	$6.8m	139,491
HEICO CORP422806109 · HEI	COM	$274,000	3,820
HELEN OF TROY CORPG4388N106 · HELE	COM	$216,000	2,292
WESTAMERICA BANCORPORATION957090103 · WABC	COM	$258,000	4,610
WESTAR ENERGY INC95709T100	COM	$650,000	12,252
WESTERN DIGITAL CORP958102105 · WDC	COM	$2.1m	24,184
WESTERN UNION CO959802109 · WU	COM	$804,000	42,189
WESTPAC BKG CORP ADR SPONSORED961214301	COM	$6.7m	285,318
WESTROCK CO COM96145D105	COM	$1.7m	29,615
WEX INC96208T104 · WEX	COM	$379,000	3,631
WEYERHAEUSER CO962166104 · WY	COM	$1.8m	54,507
WHEATON PRECIOUS METALS CORP C962879102 · WPM	COM	$1.1m	54,393
WHIRLPOOL CORP963320106 · WHR	COM	$1.8m	9,494
WHOLE FOODS MARKET INC966837106	COM	$1.7m	41,436
WILEY JOHN & SONS INC CL A968223206 · WLY	COM	$242,000	4,579
WILLIAMS COS INC969457100 · WMB	COM	$1.7m	55,262
WILLIAMS SONOMA INC969904101 · WSM	COM	$379,000	7,805
WILLIS TOWERS WATSON PUB LTD SG96629103 · WTW	COM	$1.5m	10,110
WINGSTOP INC COM974155103 · WING	COM	$381,000	12,340
WINNEBAGO INDS INC974637100 · WGO	COM	$280,000	7,993
WINTRUST FINL CORP97650W108 · WTFC	COM	$383,000	5,006
WIPRO LTD SPON ADR 1 SH97651M109	COM	$572,000	110,074
WISDOMTREE INVTS INC COM97717P104 · WT	COM	$201,000	19,730
WISDOMTREE TR JAPN HEDGE EQT97717W851	ETF - EQUITY	$639,000	12,292
WOLVERINE WORLD WIDE INC978097103 · WWW	COM	$538,000	19,216
WOODWARD GOVERNOR CO980745103 · WWD	COM	$455,000	6,732
WORKDAY INC CL A98138H101 · WDAY	COM	$298,000	3,076
WORLD ACCEP CORP DEL981419104 · WRLD	COM	$269,000	3,596
WORLD FUEL SVCS CORP981475106 · WKC	COM	$506,000	13,169
WORLD WRESTLING ENTMT INC CL A98156Q108	COM	$244,000	11,990
WORTHINGTON INDS INC981811102 · WOR	COM	$283,000	5,633
WPP PLC NEW ADR92937A102 · WPP	COM	$8.6m	81,293
WPX ENERGY INC COM98212B103	COM	$299,000	31,000
WYNDHAM WORLDWIDE CORP98310W108	COM	$921,000	9,172
WYNN RESORTS LTD983134107 · WYNN	COM	$357,000	2,660
X C E L ENERGY INC98389B100 · XEL	COM	$2.2m	48,913
XEROX CORP984121608	COM	$1.3m	45,751
XILINX INC983919101	COM	$1.3m	20,898
XL GROUP LTD COMG98294104	COM	$2.1m	48,742

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.