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
SPDR SERIES TRUST78464A722	S&P PHARMAC	$184,000	4,706
SPDR SERIES TRUST78464A714	S&P RETAIL ETF	$131,000	2,962
SPDR SERIES TRUST78464A706	GLB DOW ETF	$54,000	779
SPDR SERIES TRUST78464A698	S&P REGL BKG	$12.6m	226,728
SPDR SERIES TRUST78464A680	BLMBRG BR 1 3 MT	$390,000	8,522
SPDR SERIES TRUST78464A672	BLMBRG BRC INTRM	$74,000	1,234
SPDR SERIES TRUST78464A664	BLOOMBERG LNG TR	$101,000	1,462
SPDR SERIES TRUST78464A656	BLOMBRG BRC TIPS	$1.0m	17,848
SPDR SERIES TRUST78464A649	BLOMBRG BRC AGRT	$115,000	2,015
SPDR SERIES TRUST78464A631	AEROSPACE DEF	$1.8m	27,652
SPDR SERIES TRUST78464A607	DJ REIT ETF	$7.1m	75,626
SPDR SERIES TRUST78464A599	COMP SOFTWARE	$367,000	6,727
SPDR SERIES TRUST78464A581	HLTH CR EQUIP	$76,000	1,526
SPDR SERIES TRUST78464A573	HLTH CARE SVCS	$47,000	894
SPDR SERIES TRUST78464A532	S&P TRANSN ETF	$422,000	7,816
SPDR SERIES TRUST78464A516	BLOMBERG INTL TR	$304,000	11,696
SPDR SERIES TRUST78464A508	S&P 500 VALUE	$47,000	426
SPDR SERIES TRUST78464A490	CITI INT GVT ETF	$56,000	1,068
SPDR SERIES TRUST78464A474	BLOMBERG BRC SRT	$814,000	26,648
POWERSHARES ETF TR II73936T565	PFD PORTFOLIO	$11.9m	836,323
POWERSHARES ETF TR II73936T557	FDM HG YLD RAFI	$898,000	47,791
POWERSHARES ETF TR II73936T524	I-30 LAD TREAS	$151,000	4,721
POWERSHARES ETF TR II73936T474	INSUR NATL MUN	$2.2m	87,465
POWERSHARES ETF TR II73936T458	NY MUNI BD ETF	$208,000	8,680
POWERSHARES ETF TR II73936T441	CALI MUNI ETF	$5,000	186
POWERSHARES ETF TR II73936T433	WK VRDO TX FR	$74,000	2,985
POWERSHARES ETF TRUST II73936Q876	GLOB GLD&P ETF	$34,000	1,906
POWERSHARES ETF TRUST II73936Q843	CEF INC COMPST	$1.1m	47,490
POWERSHARES ETF TRUST II73936Q835	INTL CORP BOND	$66,000	2,697
SPDR INDEX SHS FDS78463X301	ASIA PACIF ETF	$98,000	1,300
SPDR INDEX SHS FDS78463X202	EURO STOXX 50	$231,000	6,917
SPDR INDEX SHS FDS78463X186	EURO STOXX 50	$95,000	2,667
SPDR INDEX SHS FDS78463X103	STOXX EUR 50 ETF	$221,000	7,386
SPDR GOLD TRUST78463V107	GOLD SHS	$12.9m	117,930
SPS COMM INC78463M107 · SPSC	COM	$10,000	137
SPX CORP784635104	COM	$0	5
SPDR S&P 500 ETF TR78462F103	TR UNIT	$93.1m	416,680
SM ENERGY CO78454L100 · SM	COM	$1.4m	39,759
SLM CORP78442P106 · SLM	COM	$26,000	2,336
SL GREEN RLTY CORP78440X101 · SLG	COM	$11,000	98
SK TELECOM LTD78440P108	SPONSORED ADR	$6,000	248
SEI INVESTMENTS CO784117103 · SEIC	COM	$160,000	3,229
S&P GLOBAL INC78409V104 · SPGI	COM	$55,000	509
SBA COMMUNICATIONS CORP78388J106 · SBAC	COM	$23,000	221
S &T BANCORP INC783859101 · STBA	COM	$4,000	100
RYMAN HOSPITALITY PPTYS INC78377T107 · RHP	COM	$1,000	23
RYDEX ETF TRUST78355W882	GUG S&P SC500 EQ	$66,000	752
RYDEX ETF TRUST78355W874	GUG S&P500 EWCON	$1.2m	10,181
RYDEX ETF TRUST78355W866	GUG S&P500EQWTEN	$354,000	5,522
RYDEX ETF TRUST78355W858	GUG S&P500EQWTFI	$43,000	1,177
RYDEX ETF TRUST78355W841	GUG S&P500EQWTHC	$25,000	172
RYDEX ETF TRUST78355W833	GUG S&P500 EQ WT	$33,000	333
RYDEX ETF TRUST78355W825	GUG S&P500EQWTMA	$1,000	8
RYDEX ETF TRUST78355W817	GUG S&P500EQWTTE	$71,000	651
RYDEX ETF TRUST78355W809	GUG S&P SC600 PG	$425,000	4,400
RYDEX ETF TRUST78355W791	GUG S&P500EQWTUT	$421,000	5,218
RYDEX ETF TRUST78355W601	GUG S&P MC400 PG	$1.8m	13,601
RYDEX ETF TRUST78355W585	GUGGENHM S&P 600	$35,000	715
RYDEX ETF TRUST78355W577	GUGGENHM S&P 400	$208,000	3,600
RYDEX ETF TRUST78355W502	GUG S&P MC400 PV	$58,000	936
RYDEX ETF TRUST78355W486	GUGGENHEIM SP	$7,000	277
RYDEX ETF TRUST78355W403	GUG S&P500 PU GR	$4.3m	51,234
RYDEX ETF TRUST78355W304	GUG S&P500 PU VA	$1.0m	18,222
RYDEX ETF TRUST78355W205	GUGGENHM S&P 500	$198,000	1,260
RYDEX ETF TRUST78355W106	GUG S&P500 EQ WT	$58.8m	678,861
RYDER SYS INC783549108 · R	COM	$17,000	235
RYANAIR HLDGS PLC783513203 · RYAAY	SPONSORED ADR NE	$31,000	375
PIMCO CORPORATE &INCOME OPP72201B101	COM	$525,000	36,689
PIMCO MUN INCOME FD III72201A103	COM	$112,000	9,824
PIMCO HIGH INCOME FD722014107	COM SHS	$1.4m	153,665
PIMCO GLOBAL STOCKSPLS INCM722011103	COM	$280,000	19,916
PIMCO NEW YORK MUN FD II72200Y102	COM	$20,000	1,660
PIMCO STRATEGIC INCOME FD IN72200X104	COM	$2.0m	230,033
PIMCO MUN INCOME FD II72200W106	COM	$89,000	7,270
PIMCO CORPORATE INCOME STRAT72200U100	COM	$465,000	31,430
PIMCO NY MUNICIPAL INCOME FD72200T103	COM	$17,000	1,411
PIMCO MUNICIPAL INCOME FD72200R107	COM	$56,000	3,864
PIMCO CA MUNICIPAL INCOME FD72200N106	COM	$18,000	1,145
PIMCO CALIF MUN INCOME FD II72200M108	COM	$6,000	625
PILGRIMS PRIDE CORP NEW72147K108 · PPC	COM	$2,000	105
PIER 1 IMPORTS INC720279108	COM	$0	22
PIEDMONT OFFICE REALTY TR IN720190206 · PDM	COM CL A	$293,000	14,017
PHYSICIANS RLTY TR71943U104	COM	$102,000	5,382
PHOTRONICS INC719405102 · PLAB	COM	$0	20
PHILLIPS 66 PARTNERS LP718549207	COM UNIT REP INT	$9,000	175
PHILLIPS 66718546104 · PSX	COM	$1.7m	19,177
PHILIP MORRIS INTL INC718172109 · PM	COM	$7.8m	84,905
PHARMATHENE INC71714G102	COM	$0	100
PFIZER INC717081103 · PFE	COM	$10.8m	332,353
PETROQUEST ENERGY INC716748306	COM NEW	$0	25
PETROLEO BRASILEIRO SA PETRO71654V408 · PBR	SPONSORED ADR	$51,000	5,004
PETROLEO BRASILEIRO SA PETRO71654V101	SP ADR NON VTG	$1,000	100
PETROBRAS ARGENTINA S A71646J109	SPONS ADR	$3,000	400
PETROCHINA CO LTD71646E100	SPONSORED ADR	$2,000	29
PETMED EXPRESS INC716382106 · PETS	COM	$60,000	2,581
P T TELEKOMUNIKASI INDONESIA715684106	SPONSORED ADR	$3,000	100
PERNIX THERAPEUTICS HLDGS IN71426V306	COM NEW	$0	13
PERKINELMER INC714046109 · RVTY	COM	$16,000	301
PERFORMANCE FOOD GROUP CO71377A103 · PFGC	COM	$0	2
PERFUMANIA HLDGS INC71376C100	COM NEW	$10,000	6,496

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.