Institution

Msi Financial Services Inc

13F for December 31, 2016, filed January 13, 2017 · SEC CIK 1422771 · Holdings history from December 31, 2007

The latest available holdings for this manager are dated December 31, 2016.

Reported value: $3.1bn
Positions we cover: 1,293
Copy, a year: +14.1%
Copy Sharpe ratio: 1.14

Copy-performance statistics: October 21, 2011 to April 28, 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 Massachusetts Mutual Life Insurance Co · SEC notice for September 30, 2016

4,023 reported entries for December 31, 2016.

Issuer	Class / type	Reported value	Quantity
ISHARES TR464288729	GLOB INDSTRL ETF	$27,000	362
ISHARES TR464288711	GLOB UTILITS ETF	$25,000	552
ISHARES TR464288703	MRNING SM CP ETF	$1.2m	8,462
ISHARES TR464288695	GLOBAL MATER ETF	$96,000	1,750
ISHARES TR464288687	U.S. PFD STK ETF	$17.3m	465,818
ISHARES TR464288679	SHRT TRS BD ETF	$1.1m	10,157
ISHARES TR464288661	3-7 YR TR BD ETF	$3.4m	27,348
ISHARES TR464288653	10-20 YR TRS ETF	$1.0m	7,652
ISHARES TR464288646	1-3 YR CR BD ETF	$4.0m	38,257
ISHARES TR464288638	INTERM CR BD ETF	$3.1m	28,871
ISHARES TR464288620	US CREDIT BD ETF	$224,000	2,051
ISHARES TR464288612	INTRM GOV/CR ETF	$81,000	737
ISHARES TR464288604	MRGSTR SM CP GR	$45,000	313
ISHARES TR464288596	GOV/CRED BD ETF	$125,000	1,118
ISHARES TR464288588	MBS ETF	$1.7m	15,789
ISHARES TR464288570	MSCI KLD400 SOC	$321,000	3,897
ISHARES TR464288562	RESID RL EST CAP	$1.1m	17,858
ISHARES TR464288521	CRE U S REIT ETF	$297,000	6,093
ISHARES TR464288513	IBOXX HI YD ETF	$6.4m	74,019
ISHARES TR464288505	MRGSTR SM CP ETF	$1.5m	9,772
ISHARES TR464288497	DEVSMCP EXNA ETF	$17,000	391
ISHARES TR464288489	INTL DEV RE ETF	$12,000	461
ISHARES TR464288471	EUR DEV RE ETF	$208,000	6,257
ISHARES TR464288448	INTL SEL DIV ETF	$7.3m	247,126
ISHARES TR464288430	ASIA 50 ETF	$148,000	3,199
ISHARES TR464288422	INTL DEVPPTY ETF	$9,000	254
ISHARES TR464288414	NATIONAL MUN ETF	$3.5m	32,271
ISHARES TR464288406	MRGSTR MD CP VAL	$1.8m	12,517
ISHARES TR464288372	GLB INFRASTR ETF	$529,000	13,545
ISHARES TR464288356	CALIF MUN BD ETF	$28,000	241
ISHARES TR464288323	NEW YORK MUN ETF	$420,000	3,853
ISHARES TR464288307	MRGSTR MD CP GRW	$207,000	1,280
ISHARES TR464288281	JP MOR EM MK ETF	$4.2m	38,384
ISHARES TR464288273	EAFE SML CP ETF	$5.3m	106,655
ISHARES TR464288257	MSCI ACWI ETF	$1.4m	23,127
ISHARES TR464288240	MSCI ACWI EX US	$476,000	11,815
ISHARES TR464288224	GL CLEAN ENE ETF	$17,000	2,211
ISHARES TR464288216	EMGR MKT INF ETF	$20,000	708
ISHARES TR464288208	MRGSTR MD CP ETF	$3.0m	19,369
ISHARES TR464288182	MSCI AC ASIA ETF	$95,000	1,722
ISHARES TR464288174	GL TIMB FORE ETF	$34,000	644
INGEVITY CORP45688C107 · NGVT	COM	$18,000	330
ING GROEP N V456837103	SPONSORED ADR	$100,000	7,096
INFOSYS LTD456788108	SPONSORED ADR	$92,000	6,210
INFINERA CORPORATION45667G103	COM	$3,000	300
INDUSTRIAL SVCS AMER INC FLA456314103	COM	$7,000	4,000
INDEXIQ ETF TR45409B883	IQ GLB RES ETF	$4,000	160
INDEXIQ ETF TR45409B867	CAN SML CP ETF	$7,000	444
INDEXIQ ETF TR45409B834	GLB AGRI SM CP	$3,000	100
INDEXIQ ETF TR45409B800	IQ MRGR ARB ETF	$242,000	8,264
INDEXIQ ETF TR45409B628	US RL EST SMCP	$766,000	28,132
INDEXIQ ETF TR45409B602	IQ REAL RTN ETF	$60,000	2,239
INDEXIQ ETF TR45409B560	HDGD FTSE INTL	$291,000	16,041
INDEXIQ ETF TR45409B552	HDGD FTSE EURO	$28,000	1,653
INDEXIQ ETF TR45409B503	IQ HEDGMKT NUT	$3,000	122
INDEXIQ ETF TR45409B479	IQ ENCH COR PL	$548,000	27,828
INDEXIQ ETF TR45409B107	HEDGE MLTI ETF	$757,000	26,427
INDIA FD INC454089103	COM	$35,000	1,632
INDEPENDENT BK GROUP INC45384B106	COM	$0	1
INDEPENDENT BANK CORP MICH453838609 · IBCP	COM NEW	$1,000	60
INDEPENDENT BANK CORP MASS453836108 · INDB	COM	$0	3
INDEPENDENCE RLTY TR INC45378A106 · IRT	COM	$16,000	1,800
INCYTE CORP45337C102 · INCY	COM	$82,000	819
INC RESH HLDGS INC45329R109	CL A	$1,000	17
IMPERVA INC45321L100	COM	$1,000	15
IMPERIAL OIL LTD453038408 · IMO	COM NEW	$13,000	363
IMPAX LABORATORIES INC45256B101	COM	$8,000	618
IMMUNOGEN INC45253H101	COM	$1,000	529
IMAX CORP45245E109 · IMAX	COM	$988,000	31,472
IMATION CORP45245A107	COM	$0	100
ILLUMINA INC452327109 · ILMN	COM	$150,000	1,170
ILLINOIS TOOL WKS INC452308109 · ITW	COM	$1.1m	8,766
IDERA PHARMACEUTICALS INC45168K306	COM NEW	$2,000	1,000
IDEXX LABS INC45168D104 · IDXX	COM	$112,000	957
IDEX CORP45167R104 · IEX	COM	$55,000	612
ICAHN ENTERPRISES LP451100101 · IEP	DEPOSITARY UNIT	$61,000	1,022
ICONIX BRAND GROUP INC451055107	COM	$2,000	189
ICICI BK LTD45104G104	ADR	$19,000	2,516
IAMGOLD CORP450913108 · IAG	COM	$6,000	1,500
IBERIABANK CORP450828108	COM	$9,000	110
ITT INC45073V108 · ITT	COM	$34,000	878
ISTAR INC45031U101	COM	$22,000	1,833
IPG PHOTONICS CORP44980X109 · IPGP	COM	$13,000	127
ILG INC44967H101	COM	$14,000	803
IES HLDGS INC44951W106 · IESC	COM	$9,000	493
ICU MED INC44930G107 · ICUI	COM	$24,000	162
IAC INTERACTIVECORP44919P508	COM	$45,000	687
HYATT HOTELS CORP448579102 · H	COM CL A	$6,000	108
HURCO COMPANIES INC447324104 · HURC	COM	$1,000	28
HUNTSMAN CORP447011107 · HUN	COM	$60,000	3,143
HUNTINGTON INGALLS INDS INC446413106 · HII	COM	$144,000	780
HUNTINGTON BANCSHARES INC446150401	PFD CONV SER A	$48,000	34
HUNTINGTON BANCSHARES INC446150104 · HBAN	COM	$124,000	9,319
HUNT J B TRANS SVCS INC445658107 · JBHT	COM	$225,000	2,313
HUMANA INC444859102 · HUM	COM	$65,000	317
HUBSPOT INC443573100 · HUBS	COM	$0	5
HUBBELL INC443510607 · HUBB	COM	$333,000	2,855
HUB GROUP INC443320106 · HUBG	CL A	$15,000	336
HUANENG PWR INTL INC443304100	SPON ADR H SHS	$3,000	130
HOWARD HUGHES CORP44267D107 · HHH	COM	$125,000	1,098

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 Msi Financial Services Inc's usable filed holdings in companies we cover from October 21, 2011, 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 −12.1% (S&P 500 −11.2%); beta 0.96; alpha −0.1% a year (t = −0.11); last 12 months +16.6% against +16.3%.

Reported value by quarter

Msi Financial Services Inc: 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
2011-09-30	$247.7M
2011-12-31	$278.4M
2013-06-30	$498.3M
2013-09-30	$572.5M
2013-12-31	$655.4M
2014-03-31	$1.4B
2014-06-30	$747.7M
2014-09-30	$829.3M
2014-12-31	$921.5M
2015-03-31	$1.4B
2015-06-30	$1.4B
2015-09-30	$1.3B
2015-12-31	$2.2B
2016-03-31	$2.4B
2016-06-30	$2.8B
2016-09-30	$2.9B
2016-12-31	$3.1B

Latest covered holdings and moves

Covered holdings as of December 31, 2016.

Company	Share of portfolio	Value	Shares	Change in shares
AAPLApple Inc.	1.60%	$49.3m	425.6K	−4.5% Reduced
TAT&T	0.83%	$25.5m	600.5K	+9.6% Added
MOAltria	0.72%	$22.1m	326.7K	−6.4% Reduced
VZVerizon	0.65%	$19.8m	371.3K	−2.0% Reduced
JNJJohnson & Johnson	0.62%	$19.0m	164.7K	−4.3% Reduced
METAMeta Platforms	0.55%	$16.8m	145.6K	+13.1% Added
DISThe Walt Disney Company	0.54%	$16.6m	159.6K	+8.1% Added
MSFTMicrosoft Corporation	0.53%	$16.1m	259.5K	−4.7% Reduced
JPMJPMorgan Chase	0.50%	$15.5m	277.6K	+1.7% Added
PGProcter & Gamble	0.41%	$12.6m	149.7K	+3.3% Added
AMZNAmazon	0.39%	$12.1m	16.1K	+24.9% Added
CVXChevron Corporation	0.39%	$11.9m	100.8K	+0.3%
GOOGLAlphabet Inc. (Class A)	0.37%	$11.3m	14.3K	+18.8% Added
PFEPfizer	0.35%	$10.8m	332.4K	+5.9% Added
CSCOCisco	0.32%	$9.9m	326.0K	+24.4% Added
HDThe Home Depot	0.29%	$8.9m	66.4K	−8.9% Reduced
IBMIBM	0.28%	$8.8m	52.8K	+7.2% Added
INTCIntel	0.27%	$8.4m	232.5K	+28.0% Added
MCDMcDonald's	0.27%	$8.4m	69.2K	+3.3% Added
BMYBristol Myers Squibb	0.27%	$8.3m	141.7K	−9.0% Reduced
KOThe Coca-Cola Company	0.26%	$7.9m	190.5K	+0.6% Added
BACBank of America	0.26%	$7.9m	356.8K	+55.4% Added
PMPhilip Morris International	0.25%	$7.8m	84.9K	+0.3%
BABoeing	0.24%	$7.5m	48.2K	−0.3%
VVisa Inc.	0.23%	$7.1m	91.5K	+21.2% Added
WMTWalmart	0.23%	$7.0m	100.9K	−0.5%
ABBVAbbVie	0.22%	$6.9m	110.2K	+14.6% Added
SOSouthern Company	0.21%	$6.5m	133.1K	+20.8% Added
MRKMerck & Co.	0.20%	$6.2m	104.7K	+5.8% Added
LMTLockheed Martin	0.18%	$5.6m	22.6K	−18.3% Reduced
METMetLife	0.17%	$5.4m	99.5K	−9.4% Reduced
WFCWells Fargo	0.17%	$5.3m	96.8K	−19.3% Reduced
PEPPepsiCo	0.17%	$5.3m	50.3K	+0.2%
CATCaterpillar Inc.	0.17%	$5.2m	55.8K	+9.8% Added
UNHUnitedHealth Group	0.17%	$5.1m	32.0K	+5.6% Added
NSCNorfolk Southern	0.15%	$4.8m	44.0K	+0.1%
MMM3M	0.15%	$4.7m	26.6K	+12.1% Added
CMCSAComcast	0.15%	$4.7m	67.5K	+7.2% Added
KMBKimberly-Clark	0.15%	$4.6m	40.6K	−0.2%
EDConsolidated Edison	0.14%	$4.4m	59.6K	−18.3% Reduced
KHCKraft Heinz	0.14%	$4.3m	49.4K	+1.7% Added
SBUXStarbucks	0.14%	$4.3m	77.6K	−3.2% Reduced
COSTCostco	0.14%	$4.2m	26.5K	−3.6% Reduced
COPConocoPhillips	0.13%	$4.0m	79.9K	−10.5% Reduced
GMGeneral Motors	0.13%	$4.0m	113.9K	+2.5% Added
FFord Motor Company	0.12%	$3.7m	302.9K	−6.6% Reduced
GILDGilead Sciences	0.12%	$3.6m	50.8K	−12.7% Reduced
GSGoldman Sachs	0.12%	$3.6m	15.1K	+4.6% Added
WMWaste Management	0.11%	$3.5m	48.7K	+24.6% Added
NKENike, Inc.	0.11%	$3.3m	65.8K	+16.4% Added
DUKDuke Energy	0.11%	$3.3m	42.9K	−2.3% Reduced
AMGNAmgen	0.10%	$3.1m	21.2K	+0.4%
NFLXNetflix	0.10%	$2.9m	23.8K	−23.7% Reduced
QCOMQualcomm	0.10%	$2.9m	44.7K	−5.2% Reduced
AEPAmerican Electric Power	0.09%	$2.8m	43.7K	+2.0% Added
ABTAbbott Laboratories	0.09%	$2.6m	68.8K	−12.8% Reduced
TSLATesla, Inc.	0.08%	$2.5m	11.8K	+40.7% Added
UNPUnion Pacific Corporation	0.08%	$2.5m	24.2K	+16.1% Added
PAYXPaychex	0.08%	$2.5m	41.1K	+10.0% Added
MAMastercard	0.08%	$2.5m	24.2K	+6.3% Added
TSNTyson Foods	0.08%	$2.5m	40.3K	+6.9% Added
IPInternational Paper	0.08%	$2.5m	46.5K	−0.6% Reduced
CVSCVS Health	0.08%	$2.4m	30.7K	−27.1% Reduced
GDGeneral Dynamics	0.08%	$2.3m	13.6K	+7.4% Added
TGTTarget Corporation	0.08%	$2.3m	32.2K	+6.4% Added
DDominion Energy	0.07%	$2.3m	30.3K	−12.9% Reduced
ORCLOracle Corporation	0.07%	$2.3m	59.2K	−0.7% Reduced
GISGeneral Mills	0.07%	$2.3m	36.5K	−18.8% Reduced
LLYLilly (Eli)	0.07%	$2.2m	30.5K	−30.7% Reduced
ORealty Income	0.07%	$2.1m	37.4K	−42.3% Reduced
SLBSchlumberger	0.07%	$2.1m	24.5K	+0.7% Added
NEENextEra Energy	0.07%	$2.0m	17.0K	+7.4% Added
MDLZMondelez International	0.07%	$2.0m	45.2K	−1.8% Reduced
CMICummins	0.07%	$2.0m	14.6K	+5.4% Added
VLOValero Energy	0.06%	$2.0m	28.8K	+4.1% Added
MDTMedtronic	0.06%	$1.9m	27.4K	+14.7% Added
OHIOmega Healthcare Investors Inc	0.06%	$1.9m	61.2K	+27.8% Added
UPSUnited Parcel Service	0.06%	$1.9m	16.7K	−2.4% Reduced
CSXCSX Corporation	0.06%	$1.9m	52.7K	−3.7% Reduced
STZConstellation Brands	0.06%	$1.9m	12.1K	−9.3% Reduced
EPDEnterprise Products Partners L.p.	0.06%	$1.8m	67.5K	−5.8% Reduced
ADPAutomatic Data Processing	0.06%	$1.8m	17.7K	+0.8% Added
CLColgate-Palmolive	0.06%	$1.8m	27.6K	−22.0% Reduced
CCitigroup	0.06%	$1.7m	29.0K	+14.7% Added
DEDeere & Company	0.06%	$1.7m	16.6K	−3.6% Reduced
KMIKinder Morgan	0.06%	$1.7m	81.3K	+1.7% Added
PRUPrudential Financial	0.05%	$1.7m	16.0K	+3.2% Added
PSXPhillips 66	0.05%	$1.7m	19.2K	−1.0% Reduced
ADBEAdobe Inc.	0.05%	$1.7m	16.1K	+101.7% Added
APLEApple Hospitality Reit, Inc.	0.05%	$1.7m	82.9K	+1029.8% Added
BMOBank Of Montreal	0.05%	$1.7m	23.0K	−59.5% Reduced
OXYOccidental Petroleum	0.05%	$1.6m	23.0K	+22.5% Added
DALDelta Air Lines	0.05%	$1.6m	32.9K	+1.2% Added
EMREmerson Electric	0.05%	$1.5m	26.9K	+4.0% Added
CLXClorox	0.05%	$1.5m	12.3K	−19.0% Reduced
UAAUnder Armour, Inc.	0.05%	$1.4m	50.9K	−29.9% Reduced
FDXFedEx	0.05%	$1.4m	7.5K	+5.5% Added
NVDANVIDIA Corporation	0.04%	$1.4m	13.1K	+40.0% Added
LOWLowe's	0.04%	$1.4m	19.5K	+1.6% Added
SMSM Energy Co	0.04%	$1.4m	39.8K	+89.9% Added
MAINMain Street Capital Corp	0.04%	$1.4m	36.9K	−24.0% Reduced
BDXBecton Dickinson	0.04%	$1.3m	7.9K	−23.0% Reduced
LUVSouthwest Airlines	0.04%	$1.3m	25.9K	−9.1% Reduced
AXPAmerican Express	0.04%	$1.3m	17.3K	−13.6% Reduced
NOCNorthrop Grumman	0.04%	$1.3m	5.4K	+21.0% Added
LYBLyondellBasell	0.04%	$1.3m	14.7K	+157.1% Added
DHRDanaher Corporation	0.04%	$1.3m	16.2K	+203.9% Added
KRKroger	0.04%	$1.3m	36.5K	−1.4% Reduced
TXNTexas Instruments	0.04%	$1.2m	17.1K	+28.3% Added
WELLWelltower	0.04%	$1.2m	18.3K	−10.3% Reduced
WDCWestern Digital	0.04%	$1.2m	17.6K	+5.3% Added
PPGPPG Industries	0.04%	$1.2m	12.5K	+10.1% Added
CBChubb Limited	0.04%	$1.2m	9.0K	+6.5% Added
AWKAmerican Water Works	0.04%	$1.2m	16.4K	+7.7% Added
SWKSSkyworks Solutions, Inc.	0.04%	$1.2m	15.9K	+0.8% Added
AGOAssured Guaranty LTD	0.04%	$1.1m	30.0K	0.0%
NLYAnnaly Capital Management Inc	0.04%	$1.1m	112.1K	−7.8% Reduced
SHWSherwin-Williams	0.04%	$1.1m	4.1K	+48.0% Added
TJXTJX Companies	0.04%	$1.1m	14.6K	+8.7% Added
APDAir Products	0.04%	$1.1m	7.6K	+46.1% Added
NUENucor	0.04%	$1.1m	18.1K	+43.3% Added
ITWIllinois Tool Works	0.04%	$1.1m	8.8K	+2.5% Added
SNASnap-on	0.04%	$1.1m	6.2K	+6.8% Added
DTEDTE Energy	0.03%	$1.0m	10.4K	+2.3% Added
SYKStryker Corporation	0.03%	$1.0m	8.5K	−24.1% Reduced
ECLEcolab	0.03%	$1.0m	8.6K	+52.2% Added
BABAAlibaba Group Holding Ltd	0.03%	$1.0m	11.5K	+29.2% Added
MTBM&T Bank	0.03%	$1.0m	6.5K	+0.2%
BIIBBiogen	0.03%	$1.0m	3.5K	+15.2% Added
TDToronto Dominion Bank	0.03%	$997,000	20.2K	+2.3% Added
TEVATeva Pharmaceutical Industries LTD	0.03%	$995,000	27.4K	+54.9% Added
IMAXImax Corp	0.03%	$988,000	31.5K	−0.1%
ESEversource Energy	0.03%	$984,000	17.8K	−18.8% Reduced
ARCCAres Capital Corp	0.03%	$983,000	59.6K	−1.3% Reduced
NEUNewmarket Corp	0.03%	$979,000	2.3K	0.0%
WPCW. P. Carey Inc.	0.03%	$973,000	16.5K	+95.7% Added
ETNEaton Corporation	0.03%	$964,000	14.4K	+10.1% Added
ADMArcher Daniels Midland	0.03%	$960,000	21.0K	+3.0% Added
BNYBNY Mellon	0.03%	$951,000	20.1K	+51.7% Added
UNBUnion Bankshares Inc	0.03%	$950,000	26.6K	0.0%
PSECProspect Capital Corp	0.03%	$941,000	112.7K	+5.2% Added
CAHCardinal Health	0.03%	$937,000	13.0K	−11.4% Reduced
SPGSimon Property Group	0.03%	$936,000	5.3K	−0.7% Reduced
HALHalliburton	0.03%	$929,000	17.2K	−8.8% Reduced
CICigna	0.03%	$927,000	6.9K	−1.2% Reduced
KSSKohls Corp	0.03%	$922,000	18.7K	−21.0% Reduced
ACNAccenture	0.03%	$912,000	7.8K	−64.9% Reduced
BCEBCE Inc	0.03%	$912,000	21.1K	+9.2% Added
EWEdwards Lifesciences	0.03%	$903,000	9.6K	+39.0% Added
RIGTransocean Ltd.	0.03%	$899,000	61.0K	+41.4% Added

Company	Bought (value)	Shares
BACBank of America	$2.8m	127.2K
AMZNAmazon	$2.4m	3.2K
TAT&T	$2.2m	52.5K
METAMeta Platforms	$1.9m	16.9K
CSCOCisco	$1.9m	64.0K
INTCIntel	$1.8m	50.9K
GOOGLAlphabet Inc. (Class A)	$1.8m	2.3K
APLEApple Hospitality Reit, Inc.	$1.5m	75.6K
DISThe Walt Disney Company	$1.3m	12.0K
VVisa Inc.	$1.2m	16.0K
SOSouthern Company	$1.1m	22.9K
ABBVAbbVie	$877,356	14.0K
DHRDanaher Corporation	$846,116	10.9K
ADBEAdobe Inc.	$834,794	8.1K
LYBLyondellBasell	$770,578	9.0K

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

Company	Sold (value)	Shares
AAAlcoa Corp	−$3.0m	−107.4K
BMOBank Of Montreal	−$2.4m	−33.9K
AAPLApple Inc.	−$2.3m	−20.1K
LDOSLeidos	−$2.0m	−39.4K
CMSCMS Energy	−$1.7m	−41.6K
ACNAccenture	−$1.7m	−14.4K
ORealty Income	−$1.6m	−27.4K
MOAltria	−$1.5m	−22.4K
WFCWells Fargo	−$1.3m	−23.2K
LMTLockheed Martin	−$1.3m	−5.1K
MRSHMarsh McLennan	−$1.3m	−18.7K
BUDAnheuser-busch Inbev SA	−$1.0m	−9.6K
LLYLilly (Eli)	−$992,927	−13.5K
EDConsolidated Edison	−$986,023	−13.4K
NFLXNetflix	−$915,907	−7.4K

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

Company	Value last quarter	Shares
XIFRXplr Infrastructure, LP	$29,000	1.0K
TSEMTower Semiconductor LTD	$25,000	1.7K
GEFGreif, Inc	$22,000	446
MLABMesa Laboratories Inc	$21,000	187
DKLDelek Logistics Partners, LP	$16,000	570
ACUAcme United Corp	$16,000	767
PARPAR Technology Corp	$16,000	3.0K
AMKRAmkor Technology, Inc.	$14,000	1.4K
CBTCabot Corp	$13,000	250
LFVNLifevantage Corp	$7,000	700
LSBKLake Shore Bancorp, Inc.	$7,000	500
ASCArdmore Shipping Corp	$7,000	1.0K
JRVRJames River Group Holdings, Inc.	$7,000	200
SHENShenandoah Telecommunications Co	$6,000	232
AXTIAXT Inc	$6,000	1.2K
PRKSUnited Parks & Resorts Inc.	$6,000	475
CHEFChefs' Warehouse, Inc.	$6,000	500
DAKTDaktronics Inc	$5,000	507
GALTGalectin Therapeutics Inc	$5,000	4.2K
HVTHaverty Furniture Companies Inc	$5,000	250
CMBTCmb.tech NV	$5,000	631
SABRSabre Corp	$5,000	171
ARAYAccuray Inc	$4,000	575
LANDGladstone Land Corp	$4,000	335
GATXGatx Corp	$4,000	100
CSTECaesarstone Ltd.	$4,000	100
VETVermilion Energy Inc.	$3,000	75
HDSNHudson Technologies Inc	$3,000	500
CHGGChegg, Inc	$3,000	455
CSWCCapital Southwest Corp	$3,000	184

Technology15.7%
Communication Services13.6%
Consumer Staples13.4%
Health Care11.9%
Financials11.7%
Industrials10.0%
Consumer Discretionary9.6%
Energy4.8%
Utilities4.4%
Materials2.5%
Real Estate2.3%

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 backtestOctober 21, 2011 to April 28, 2017	+14.1%	+14.9%	1.14	1.17	−12.1%	0.96
Last three yearsMay 2, 2014 to April 28, 2017	+10.3%	+10.4%	0.85	0.87	−12.1%	0.99
Last yearApril 29, 2016 to April 28, 2017	+18.6%	+17.8%	1.95	1.85	−4.5%	0.97

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.