Institution

Janus Capital Management LLC

13F for March 31, 2017, filed May 16, 2017 · SEC CIK 812295 · Holdings history from March 31, 1999

The latest available holdings for this manager are dated March 31, 2017.

Reported value: $122.3bn
Positions we cover: 734
Copy, a year: +14.6%
Copy Sharpe ratio: 1.02

Copy-performance statistics: November 19, 2010 to August 25, 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 Intech Investment Management LLC · SEC notice for June 30, 2013
Reports holdings for Pacific Life Fund Advisors LLC · SEC notice for June 30, 2013
Holdings reported by Janus Henderson Group PLC · SEC notice for June 30, 2017
Holdings reported by New York Life Investment Management LLC · SEC notice for June 30, 2017
Holdings reported by Jupiter Topco LLC · SEC notice for June 30, 2026

Holdings date Find a security

1,151 reported entries for March 31, 2017.

Issuer	Class / type	Reported value	Quantity
VECTREN CORP92240G101	COM	$3.8m	65,200
VEEVA SYSTEMS INC-CLASS A922475108 · VEEV	COM	$11.2m	218,171
VENTAS INC92276F100 · VTR	COM	$27.8m	428,073
VEREIT INC92339V100	COM	$1.4m	167,737
VERISIGN INC92343E102 · VRSN	COM	$659,000	7,558
ANTHEM INC036752103 · ELV	COM	$183.5m	1,109,792
AON PLCG0408V102	COM	$394.8m	3,326,644
APACHE CORP037411105	COM	$89.7m	1,745,231
APARTMENT INVT & MGMT CO -A03748R101	COM	$22.1m	498,357
APPLE HOSPITALITY REIT INC03784Y200 · APLE	COM	$256,000	13,400
APPLE INC037833100 · AAPL	COM	$2.0bn	13,977,004
APPLE INC - CALL OPTIONAAPL7C120	ECOCall	$6.8m	2,806
APPLIED MATERIALS INC038222105 · AMAT	COM	$332.0m	8,534,514
APPTIO INC - CLASS A03835C108	COM	$8.3m	709,239
APTARGROUP INC038336103 · ATR	COM	$3.6m	47,300
AQUA AMERICA INC03836W103	COM	$502,000	15,600
ARAMARK03852U106 · ARMK	COM	$184.9m	5,015,544
ARATANA THERAPEUTICS INC03874P101	COM	$7.5m	1,424,583
ARCH CAPITAL GROUP LTDG0450A105 · ACGL	COM	$54.7m	576,863
ARCH COAL INC - A039380407	COM	$2.1m	30,610
ARCHER-DANIELS-MIDLAND CO039483102 · ADM	COM	$66.0m	1,433,977
ARCONIC INC03965L100	COM	$679,000	25,767
ARDAGH GROUP SAL0223L101	COM	$3.7m	166,356
ARENA PHARMACEUTICALS INC040047102	COM	$24,000	16,247
ARISTA NETWORKS INC040413106 · ANET	COM	$4.7m	35,749
ARMADA HOFFLER PROPERTIES IN04208T108 · AHRT	COM	$7.3m	526,205
ARROW ELECTRONICS INC042735100 · ARW	COM	$8.3m	113,726
ARTHUR J GALLAGHER & CO363576109 · AJG	COM	$100.1m	1,770,280
ASCENDIS PHARMA A S - ADR04351P101 · ASND	ADR	$15.7m	559,035
ASHLAND GLOBAL HOLDINGS INC044186104 · ASH	COM	$12.9m	103,989
ASML HOLDING NV-NY REG SHSN07059210 · ASML	COM	$53.5m	402,741
ASPEN INSURANCE HOLDINGS LTDG05384105	COM	$437,000	8,400
ASPEN TECHNOLOGY INC045327103	COM	$47.7m	809,834
ASSOCIATED BANC-CORP045487105 · ASB	COM	$2.2m	89,000
ASSURANT INC04621X108 · AIZ	COM	$63.4m	662,530
ASSURED GUARANTY LTDG0585R106 · AGO	COM	$7.4m	198,500
ASTRAZENECA PLC046353108 · AZN	ADR	$21.7m	696,253
AT&T INC00206R102 · T	COM	$254.7m	6,131,055
ATHENAHEALTH INC04685W103	COM	$644.4m	5,718,746
ATLASSIAN CORP PLC-CLASS AG06242104	COM	$213.0m	7,110,873
ATMOS ENERGY CORP049560105 · ATO	COM	$8.0m	101,750
ATRION CORPORATION049904105	COM	$11.7m	25,085
AUTODESK INC052769106 · ADSK	COM	$16.7m	192,697
AUTOLIV INC052800109 · ALV	COM	$1.0m	10,123
AUTOMATIC DATA PROCESSING053015103 · ADP	COM	$369.4m	3,607,695
AUTONATION INC05329W102 · AN	COM	$309,000	7,300
AUTOZONE INC053332102 · AZO	COM	$135.4m	187,218
AVADEL PHARMACEUTICALS PLC05337M104	ADR	$21.0m	2,166,766
AVALONBAY COMMUNITIES INC053484101	COM	$16.3m	88,549
AVERY DENNISON CORP053611109 · AVY	COM	$35.2m	436,210
AVEXIS INC05366U100	COM	$39.7m	521,772
AVNET INC053807103 · AVT	COM	$415,000	9,076
AXIS CAPITAL HOLDINGS LTDG0692U109 · AXS	COM	$28.2m	420,071
VERISK ANALYTICS INC92345Y106 · VRSK	COM	$508.8m	6,270,119
VERITIV CORP923454102	COM	$45.4m	876,895
VERIZON COMMUNICATIONS INC92343V104 · VZ	COM	$155.0m	3,180,415
VERTEX PHARMACEUTICALS INC92532F100 · VRTX	COM	$44.8m	409,971
REGIONS FINANCIAL CORP7591EP100 · RF	COM	$146.3m	10,068,523
REINSURANCE GROUP OF AMERICA759351604 · RGA	COM	$57.3m	451,200
RELIANCE STEEL & ALUMINUM759509102 · RS	COM	$1.1m	14,100
RENAISSANCERE HOLDINGS LTDG7496G103 · RNR	COM	$52.9m	366,009
REPUBLIC SERVICES INC760759100 · RSG	COM	$199.5m	3,175,770
RESMED INC761152107 · RMD	COM	$34.0m	472,214
REXNORD CORP76169B102	COM	$276.5m	11,980,912
REYNOLDS AMERICAN INC761713106	COM	$276.7m	4,390,371
RICE ENERGY INC762760106	COM	$4.6m	195,789
RITCHIE BROS AUCTIONEERS767744105	COM	$203.9m	6,197,231
RITE AID CORP767754104	COM	$4.3m	1,011,605
RLI CORP749607107 · RLI	COM	$25.4m	422,931
ROBERT HALF INTL INC770323103 · RHI	COM	$22.7m	465,054
ROCKWELL AUTOMATION INC773903109 · ROK	COM	$47.0m	301,968
ROCKWELL COLLINS INC774341101	COM	$5.2m	53,517
ROLLINS INC775711104 · ROL	COM	$67.9m	1,827,845
ROPER TECHNOLOGIES INC776696106 · ROP	COM	$210.7m	1,020,431
ROSS STORES INC778296103 · ROST	COM	$84.8m	1,287,068
ROYAL CARIBBEAN CRUISES LTDV7780T103 · RCL	COM	$4.9m	50,402
ROYAL DUTCH SHELL-SPON ADR-A780259206	ADR	$1.4m	27,156
ROYAL GOLD INC780287108 · RGLD	COM	$3.7m	52,400
RPM INTERNATIONAL INC749685103 · RPM	COM	$12.1m	219,792
RYANAIR HOLDINGS PLC-SP ADR783513203 · RYAAY	ADR	$273.6m	3,297,367
RYDER SYSTEM INC783549108 · R	COM	$656,000	8,700
S&P GLOBAL INC78409V104 · SPGI	COM	$201.6m	1,478,048
SABRE CORP78573M104 · SABR	COM	$506,000	23,895
SALESFORCE.COM INC79466L302 · CRM	COM	$927.4m	10,755,181
SALLY BEAUTY HOLDINGS INC79546E104 · SBH	COM	$142.5m	6,973,599
SANOFI80105N105	ADR	$21.8m	480,752
SBA COMMUNICATIONS CORP78410G104 · SBAC	COM	$707,000	5,871
SCANA CORP80589M102	COM	$117.7m	1,801,192
SCHLUMBERGER LTD806857108 · SLB	COM	$67.4m	862,895
SCHWAB (CHARLES) CORP808513105 · SCHW	COM	$157.1m	3,850,390
SCOTTS MIRACLE-GRO CO810186106 · SMG	COM	$13.6m	145,500
SCRIPPS NETWORKS INTER-CL A811065101	COM	$6.5m	82,610
SEAGATE TECHNOLOGYG7945M107	COM	$36.4m	792,554
SEALED AIR CORP81211K100	COM	$438.9m	10,071,664
AXOVANT SCIENCES LTDG0750W104	COM	$67.2m	4,498,991
B E AEROSPACE INC073302101	COM	$721,000	11,249
BAIDU INC - SPON ADR056752108 · BIDU	ADR	$2.5m	14,715
BAKER HUGHES INC057224107 · BKR	COM	$115.2m	1,925,065
BALL CORP058498106 · BALL	COM	$294.9m	3,970,525
BANK OF AMERICA CORP060505104 · BAC	COM	$190.5m	8,075,950

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 Janus Capital Management LLC's usable filed holdings in companies we cover from November 19, 2010, 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 −17.4% (S&P 500 −17.0%); beta 1.04; alpha +0.7% a year (t = 0.61); last 12 months +16.6% against +14.2%.

Reported value by quarter

Janus Capital Management LLC: 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
1999-06-30	$108.6B
1999-12-31	$179.2B
2000-03-31	$225.7B
2001-09-30	$101.6B
2001-12-31	$119.7B
2002-04-30	$113B
2002-06-30	$88B
2005-12-31	$104.5B
2006-09-30	$113.6B
2006-12-31	$120.4B
2010-09-30	$97.2B
2010-12-31	$101.8B
2013-06-30	$95.8B
2013-09-30	$100.7B
2013-12-31	$106.2B
2014-03-31	$107.5B
2014-06-30	$109.1B
2014-09-30	$109.5B
2014-12-31	$116.7B
2015-03-31	$121.5B
2015-06-30	$121.6B
2015-09-30	$222.6B
2015-12-31	$117.3B
2016-03-31	$115.3B
2016-06-30	$117.7B
2016-09-30	$118.5B
2016-12-31	$118.9B
2017-03-31	$122.3B

Latest covered holdings and moves

Covered holdings as of March 31, 2017.

Company	Share of portfolio	Value	Shares	Change in shares
MSFTMicrosoft Corporation	2.58%	$3.2bn	47.95M	−2.7% Reduced
AAPLApple Inc.	1.64%	$2.0bn	13.98M	−8.8% Reduced
MAMastercard	1.40%	$1.7bn	15.24M	+1.7% Added
ADBEAdobe Inc.	1.36%	$1.7bn	12.78M	−10.5% Reduced
MOAltria	1.27%	$1.6bn	21.77M	−8.2% Reduced
METAMeta Platforms	1.06%	$1.3bn	9.15M	−18.0% Reduced
AMZNAmazon	1.04%	$1.3bn	1.44M	−5.4% Reduced
CMCSAComcast	0.97%	$1.2bn	31.56M	+69.5% Added
NKENike, Inc.	0.89%	$1.1bn	19.49M	−8.3% Reduced
AMGNAmgen	0.85%	$1.0bn	6.33M	−8.7% Reduced
BABoeing	0.85%	$1.0bn	5.85M	0.0%
BKNGBooking Holdings	0.81%	$996.9m	560.1K	+1.0% Added
CRMSalesforce	0.76%	$927.4m	10.76M	+21.6% Added
BSXBoston Scientific	0.73%	$897.1m	36.07M	−13.2% Reduced
LYBLyondellBasell	0.73%	$894.5m	9.81M	−5.3% Reduced
SBUXStarbucks	0.71%	$872.9m	14.95M	−10.1% Reduced
AMTAmerican Tower	0.68%	$829.7m	6.83M	−2.6% Reduced
HDThe Home Depot	0.65%	$789.4m	5.38M	−25.1% Reduced
GDGeneral Dynamics	0.64%	$776.6m	4.15M	+22.1% Added
CSXCSX Corporation	0.63%	$773.7m	16.62M	+32.9% Added
COSTCostco	0.63%	$768.5m	4.58M	+8.6% Added
SSNCSS&C Technologies Holdings Inc	0.62%	$763.7m	21.57M	+0.8% Added
NOCNorthrop Grumman	0.61%	$748.7m	3.15M	−2.9% Reduced
SYFSynchrony Financial	0.61%	$743.8m	21.69M	−1.2% Reduced
LLYLilly (Eli)	0.60%	$733.7m	8.72M	+2.8% Added
KRKroger	0.57%	$701.3m	23.78M	−2.2% Reduced
CDNSCadence Design Systems Inc	0.56%	$684.5m	21.80M	−7.3% Reduced
CMECME Group	0.55%	$666.4m	5.61M	+4.7% Added
APHAmphenol	0.54%	$657.2m	9.23M	+10.8% Added
STSensata Technologies Holding plc	0.53%	$652.7m	14.95M	+11.5% Added
GMGeneral Motors	0.53%	$646.3m	18.28M	−5.4% Reduced
INTCIntel	0.52%	$640.1m	17.75M	+241.8% Added
TXNTexas Instruments	0.49%	$598.8m	7.43M	+22.3% Added
NVDANVIDIA Corporation	0.48%	$584.8m	5.37M	+20.0% Added
CCICrown Castle	0.44%	$541.7m	5.74M	−7.8% Reduced
BRBroadridge Financial Solutions	0.44%	$535.6m	7.88M	+2.4% Added
BIIBBiogen	0.43%	$529.5m	1.94M	+204.8% Added
HSYThe Hershey Company	0.43%	$527.9m	4.83M	−21.8% Reduced
MCHPMicrochip Technology Inc	0.43%	$526.1m	7.13M	+10.3% Added
MSMorgan Stanley	0.43%	$520.9m	12.16M	+32.2% Added
VVisa Inc.	0.43%	$520.5m	5.86M	−8.7% Reduced
MCDMcDonald's	0.42%	$520.4m	4.01M	−15.8% Reduced
MDTMedtronic	0.42%	$511.5m	6.35M	−9.3% Reduced
REGNRegeneron Pharmaceuticals	0.42%	$510.4m	1.32M	+58.5% Added
VRSKVerisk Analytics, Inc.	0.42%	$508.8m	6.27M	−0.9% Reduced
TMOThermo Fisher Scientific	0.41%	$507.5m	3.30M	−5.3% Reduced
LAMRLamar Advertising Co	0.41%	$495.1m	6.62M	−1.8% Reduced
CSGPCoStar Group	0.40%	$489.6m	2.36M	−9.0% Reduced
FLEXFlex Ltd.	0.39%	$480.2m	28.58M	+1.3% Added
TELTE Connectivity	0.39%	$477.3m	6.40M	−0.4%
LRCXLam Research	0.38%	$463.2m	3.61M	+13.7% Added
KOThe Coca-Cola Company	0.37%	$455.6m	10.74M	−11.9% Reduced
ONON Semiconductor Corp	0.36%	$446.2m	28.81M	−4.5% Reduced
USBU.S. Bancorp	0.36%	$443.6m	8.61M	+2.9% Added
TFXTeleflex Inc	0.35%	$432.0m	2.23M	−19.3% Reduced
UNHUnitedHealth Group	0.35%	$430.6m	2.63M	−1.7% Reduced
AOSA. O. Smith	0.35%	$427.2m	8.35M	+18.5% Added
DOXAmdocs LTD	0.34%	$412.3m	6.76M	+9.7% Added
FISFidelity National Information Services	0.33%	$408.2m	5.13M	+23.7% Added
NCLHNorwegian Cruise Line Holdings	0.33%	$406.8m	8.02M	+14.3% Added
KMBKimberly-Clark	0.33%	$406.2m	3.09M	−38.4% Reduced
MSCIMSCI	0.32%	$393.7m	4.05M	−11.4% Reduced
ITWIllinois Tool Works	0.32%	$391.0m	2.95M	+19.5% Added
LMTLockheed Martin	0.32%	$390.4m	1.46M	−16.9% Reduced
ITGartner	0.31%	$384.0m	3.56M	+62.0% Added
RVTYRevvity	0.31%	$382.6m	6.59M	−7.6% Reduced
PFEPfizer	0.31%	$375.0m	10.96M	−22.8% Reduced
ADPAutomatic Data Processing	0.30%	$369.4m	3.61M	0.0%
OMCOmnicom Group	0.30%	$366.6m	4.25M	+5.5% Added
WATWaters Corporation	0.29%	$361.0m	2.31M	+18.2% Added
DISThe Walt Disney Company	0.29%	$359.2m	3.17M	+41.4% Added
LPLALPL Financial Holdings Inc.	0.29%	$358.3m	9.00M	+13.1% Added
UALUnited Airlines Holdings	0.29%	$354.8m	5.02M	−21.0% Reduced
JNJJohnson & Johnson	0.29%	$354.4m	2.85M	+4.5% Added
VMCVulcan Materials Company	0.29%	$350.5m	2.91M	−13.6% Reduced
ELThe Estée Lauder Companies	0.28%	$342.8m	4.04M	+28.6% Added
DXCMDexcom	0.28%	$339.1m	4.00M	+12.2% Added
UPSUnited Parcel Service	0.28%	$337.7m	3.15M	+36.5% Added
AMATApplied Materials	0.27%	$332.0m	8.53M	+28.9% Added
SYYSysco	0.27%	$331.5m	6.39M	−2.4% Reduced
EFXEquifax	0.27%	$328.3m	2.40M	−15.0% Reduced
KLACKLA Corporation	0.27%	$328.0m	3.45M	+18.4% Added
JPMJPMorgan Chase	0.27%	$327.3m	3.73M	+13.7% Added
JKHYJack Henry & Associates Inc	0.26%	$320.8m	3.45M	−2.4% Reduced
ACNAccenture	0.26%	$320.5m	2.67M	−27.4% Reduced
ICEIntercontinental Exchange	0.26%	$320.3m	5.35M	−11.9% Reduced
BDCBelden Inc.	0.26%	$316.2m	4.57M	−1.0% Reduced
EQIXEquinix	0.26%	$315.6m	788.2K	−14.5% Reduced
INTUIntuit	0.26%	$312.6m	2.69M	+5.4% Added
BABAAlibaba Group Holding Ltd	0.25%	$306.3m	2.84M	−3.6% Reduced
NICENice Ltd.	0.25%	$304.7m	4.48M	+6.5% Added
BLKBBlackbaud Inc	0.24%	$300.0m	3.91M	−3.3% Reduced
CBRECBRE Group	0.24%	$298.6m	8.58M	−1.3% Reduced
BALLBall Corporation	0.24%	$294.9m	3.97M	−5.2% Reduced
MMM3M	0.24%	$294.6m	1.54M	−3.0% Reduced
TMUST-Mobile US	0.24%	$291.4m	4.51M	+14.0% Added
CVXChevron Corporation	0.24%	$289.8m	2.70M	+27.0% Added
WEXWEX Inc.	0.23%	$287.7m	2.78M	+0.9% Added
EEFTEuronet Worldwide, Inc.	0.23%	$287.5m	3.36M	+15.3% Added
TDYTeledyne Technologies	0.23%	$278.2m	2.20M	−8.0% Reduced
BMYBristol Myers Squibb	0.23%	$276.0m	5.08M	−74.4% Reduced
MATMattel Inc	0.23%	$274.9m	10.73M	−21.3% Reduced
RYAAYRyanair Holdings PLC	0.22%	$273.6m	3.30M	+6.3% Added
APDAir Products	0.22%	$266.7m	1.97M	+1.6% Added
NEMNewmont	0.22%	$265.6m	8.06M	−9.0% Reduced
WFCWells Fargo	0.21%	$260.8m	4.69M	+1.1% Added
STZConstellation Brands	0.21%	$257.9m	1.59M	−23.1% Reduced
TAT&T	0.21%	$254.7m	6.13M	−7.0% Reduced
ABBVAbbVie	0.21%	$252.5m	3.88M	−54.5% Reduced
WMWaste Management	0.21%	$251.6m	3.45M	+34.1% Added
HSICHenry Schein	0.20%	$250.0m	1.47M	−32.8% Reduced
GSGoldman Sachs	0.20%	$249.9m	1.09M	+5.4% Added
LHXL3Harris	0.20%	$241.0m	2.17M	+253.7% Added
CRICarters Inc	0.20%	$240.1m	2.67M	−11.6% Reduced
ODFLOld Dominion	0.20%	$238.7m	2.79M	+1.0% Added
MRSHMarsh McLennan	0.19%	$237.9m	3.22M	+7.7% Added
SOSouthern Company	0.19%	$235.2m	4.72M	−2.0% Reduced
GILGildan Activewear Inc.	0.19%	$234.0m	8.65M	−12.1% Reduced
TYLTyler Technologies Inc	0.19%	$233.3m	1.51M	+11.8% Added
EXPDExpeditors International	0.19%	$231.5m	4.10M	+16.5% Added
QCOMQualcomm	0.19%	$231.4m	4.03M	+103.1% Added
EPDEnterprise Products Partners L.p.	0.19%	$229.9m	8.33M	−10.4% Reduced
HALHalliburton	0.19%	$228.4m	4.64M	+70.1% Added
BDXBecton Dickinson	0.19%	$228.2m	1.24M	−14.8% Reduced
PGProcter & Gamble	0.18%	$224.0m	2.49M	+3.8% Added
FISVFiserv	0.18%	$222.7m	1.93M	−29.4% Reduced
SXTSensient Technologies Corp	0.18%	$221.2m	2.79M	−3.8% Reduced
ICUIICU Medical Inc	0.18%	$219.9m	1.44M	+178.8% Added
UHSUniversal Health Services	0.18%	$218.9m	1.76M	−14.7% Reduced
ZTSZoetis	0.18%	$217.2m	4.07M	−30.5% Reduced
UNPUnion Pacific Corporation	0.17%	$213.8m	2.02M	+122.5% Added
JAZZJazz Pharmaceuticals plc	0.17%	$213.4m	1.47M	+46.8% Added
GOOGLAlphabet Inc. (Class A)	0.17%	$213.0m	251.3K	−16.2% Reduced
PLDPrologis	0.17%	$211.4m	4.07M	+25.0% Added
CCKCrown Holdings, Inc.	0.17%	$211.2m	3.99M	+14.1% Added
ROPRoper Technologies	0.17%	$210.7m	1.02M	−37.6% Reduced
TSNTyson Foods	0.17%	$209.3m	3.39M	−18.0% Reduced
LOWLowe's	0.17%	$207.5m	2.52M	−53.5% Reduced
WMBWilliams Companies	0.17%	$207.4m	7.01M	+341.1% Added
AMEAmetek	0.17%	$207.0m	3.83M	+2.1% Added
HASHasbro	0.17%	$205.8m	2.06M	−29.5% Reduced
HUMHumana	0.17%	$204.9m	994.2K	+31.6% Added
KNKnowles Corp	0.17%	$203.8m	10.75M	−1.5% Reduced
SPGIS&P Global	0.17%	$201.6m	1.48M	−40.8% Reduced
RSGRepublic Services	0.16%	$199.5m	3.18M	+0.7% Added
GISGeneral Mills	0.16%	$199.4m	3.38M	−12.4% Reduced
PIIPolaris Inc.	0.16%	$196.4m	2.34M	+36.6% Added
AWKAmerican Water Works	0.16%	$192.6m	2.48M	−13.2% Reduced
GPNGlobal Payments	0.16%	$190.9m	2.37M	−3.9% Reduced
BACBank of America	0.16%	$190.5m	8.08M	+0.6% Added

Company	Bought (value)	Shares
CMCSAComcast	$486.6m	12.95M
INTCIntel	$452.8m	12.55M
BIIBBiogen	$355.8m	1.30M
CSXCSX Corporation	$191.5m	4.11M
REGNRegeneron Pharmaceuticals	$188.4m	486.1K
LHXL3Harris	$172.9m	1.55M
CRMSalesforce	$164.8m	1.91M
WMBWilliams Companies	$160.3m	5.42M
CFGCitizens Financial Group	$153.9m	4.45M
ITGartner	$146.9m	1.36M
FITBFifth Third Bancorp	$143.5m	5.65M
ICUIICU Medical Inc	$141.0m	923.4K
GDGeneral Dynamics	$140.4m	749.8K
RFRegions Financial Corporation	$128.7m	8.86M
MSMorgan Stanley	$126.9m	2.96M

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

Company	Sold (value)	Shares
BMYBristol Myers Squibb	−$802.0m	−14.75M
DLTRDollar Tree	−$488.0m	−6.22M
ABBVAbbVie	−$302.8m	−4.65M
METAMeta Platforms	−$286.2m	−2.01M
HDThe Home Depot	−$264.1m	−1.80M
KMBKimberly-Clark	−$253.0m	−1.92M
LOWLowe's	−$239.0m	−2.91M
ADBEAdobe Inc.	−$195.7m	−1.50M
AAPLApple Inc.	−$194.7m	−1.36M
CVSCVS Health	−$176.8m	−2.25M
PMPhilip Morris International	−$170.9m	−1.51M
HSYThe Hershey Company	−$146.8m	−1.34M
MOAltria	−$139.4m	−1.95M
SPGIS&P Global	−$138.7m	−1.02M
BSXBoston Scientific	−$136.9m	−5.50M

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

Company	Value last quarter	Shares
HURNHuron Consulting Group Inc.	$35.1m	693.8K
URBNUrban Outfitters Inc	$10.7m	377.4K
PBIPitney Bowes Inc	$8.8m	579.8K
PAAPlains ALL American Pipeline LP	$7.3m	227.0K
CRLCharles River Laboratories	$5.8m	75.6K
ACMAecom	$4.1m	113.7K
IRTCIrhythm Holdings, Inc.	$3.0m	100.4K
MEDPMedpace Holdings, Inc.	$1.7m	46.2K
AAPAdvance Auto Parts Inc	$1.5m	9.0K
WPCW. P. Carey Inc.	$1.3m	21.9K
IBKRInteractive Brokers	$1.2m	34.1K
TKRTimken Co	$1.2m	29.9K
FSLRFirst Solar, Inc.	$1.2m	36.5K
POSTPost Holdings, Inc.	$1.1m	13.5K
CARAvis Budget Group, Inc.	$752,000	20.5K
SFMSprouts Farmers Market, Inc.	$431,000	22.8K
BKUBankunited, Inc.	$411,000	10.9K
HAINHain Celestial Group Inc	$350,000	9.0K
BCBrunswick Corp	$348,000	6.4K
RIGTransocean Ltd.	$339,000	23.0K
NVECNVE Corp	$336,000	4.7K
HLFHerbalife LTD.	$327,000	6.8K
TDCTeradata Corp	$304,000	11.2K
JBLJabil	$301,000	12.7K
RYNRayonier Inc	$300,000	11.3K
AXTAAxalta Coating Systems Ltd.	$294,000	10.8K
IONSIonis Pharmaceuticals Inc	$292,000	6.1K
SGISomnigroup International Inc.	$239,000	3.5K
TDSTelephone & Data Systems Inc	$222,000	7.7K
AMCXAMC Global Media Inc.	$213,000	4.1K

Technology21.4%
Health Care14.2%
Industrials13.9%
Financials13.4%
Consumer Discretionary11.7%
Consumer Staples7.7%
Communication Services5.2%
Real Estate4.4%
Materials3.6%
Energy2.2%
Utilities2.2%

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 backtestNovember 19, 2010 to August 25, 2017	+14.6%	+13.3%	1.02	1.00	−17.4%	1.04
Last three yearsAugust 29, 2014 to August 25, 2017	+10.8%	+9.0%	0.85	0.76	−12.2%	1.04
Last yearAugust 26, 2016 to August 25, 2017	+17.3%	+14.9%	1.74	1.70	−4.9%	1.10

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.