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
ENSCO PLCG3157S106	SHS CLASS A	$231,000	23,761
ASA GOLD AND PRECIOUS MTLS LG3156P103	SHS	$18,000	1,649
ENDO INTL PLCG30401106	SHS	$3,000	163
ENDURANCE SPECIALTY HLDGS LTG30397106	SHS	$143,000	1,546
EATON CORP PLCG29183103 · ETN	SHS	$964,000	14,372
DELPHI AUTOMOTIVE PLCG27823106	SHS	$28,000	408
COCA COLA EUROPEAN PARTNERSG25839104 · CCEP	SHS	$42,000	1,336
COSAN LTDG25343107	SHS A	$2,000	250
CREDICORP LTDG2519Y108	COM	$9,000	59
CARDTRONICS PLCG1991C105	SHS CL A	$5,000	94
BUNGE LIMITEDG16962105	COM	$112,000	1,556
BROOKFIELD RENEWABLE PARTNERG16258108	PARTNERSHIP UNIT	$16,000	554
BROOKFIELD INFRAST PARTNERSG16252101	LP INT UNIT	$36,000	1,082
BROOKFIELD BUSINESS PARTNERSG16234109	UNIT LTD LP	$1,000	21
BLUE CAP REINS HLDGS LTDG1190F107	COM	$4,000	218
BELMOND LTDG1154H107	CL A	$3,000	200
ACCENTURE PLC IRELANDG1151C101 · ACN	SHS CLASS A	$912,000	7,784
AXOVANT SCIENCES LTDG0750W104	COM	$12,000	1,000
AXIS CAPITAL HOLDINGS LTDG0692U109 · AXS	SHS	$45,000	686
ASSURED GUARANTY LTDG0585R106 · AGO	COM	$1.1m	30,008
ARRIS INTL INCG0551A103	SHS	$13,000	433
ASPEN INSURANCE HOLDINGS LTDG05384105	SHS	$8,000	147
ARGO GROUP INTL HLDGS LTDG0464B107	COM	$12,000	176
ARCH CAP GROUP LTDG0450A105 · ACGL	ORD	$28,000	320
AON PLCG0408V102	SHS CL A	$429,000	3,848
AMBARELLA INCG037AX101 · AMBA	SHS	$74,000	1,379
AMDOCS LTDG02602103 · DOX	SHS	$9,000	148
ALLERGAN PLCG0177J108	SHS	$768,000	3,654
ALLEGION PUB LTD COG0176J109 · ALLE	ORD SHS	$92,000	1,436
ALKERMES PLCG01767105 · ALKS	SHS	$37,000	657
AIRCASTLE LTDG0129K104	COM	$4,000	182
ADIENT PLCG0084W101 · ADNT	ORD SHS	$112,000	1,910
DEUTSCHE BANK AGD18190898	NAMEN AKT	$33,000	1,838
ZYNGA INC98986T108	CL A	$22,000	8,520
ZWEIG FD989834205	COM NEW	$18,000	1,500
ZOES KITCHEN INC98979J109	COM	$2,000	103
ZOETIS INC98978V103 · ZTS	CL A	$181,000	3,374
ZIOPHARM ONCOLOGY INC98973P101	COM	$0	22
ZIONS BANCORPORATION989701107 · ZION	COM	$9,000	200
ZION OIL &GAS INC989696109	COM	$7,000	5,032
ZIMMER BIOMET HLDGS INC98956P102 · ZBH	COM	$308,000	2,980
ZILLOW GROUP INC98954M200 · Z	CL C CAP STK	$1,000	25
ZELTIQ AESTHETICS INC98933Q108	COM	$40,000	930
ZEDGE INC98923T104 · ZDGE	CL B	$0	100
ZEBRA TECHNOLOGIES CORP989207105 · ZBRA	CL A	$5,000	59
ZAGG INC98884U108	COM	$9,000	1,314
YUM CHINA HLDGS INC98850P109 · YUMC	COM	$598,000	22,913
YUM BRANDS INC988498101 · YUM	COM	$553,000	8,737
YORK WTR CO987184108 · YORW	COM	$27,000	707
YELP INC985817105 · YELP	CL A	$44,000	1,155
YAMANA GOLD INC98462Y100	COM	$29,000	10,339
YAHOO INC984332106	COM	$383,000	9,906
YADKIN FINL CORP984305102	COM	$7,000	209
FIRST TR ENERGY INCOME &GRW33738G104	COM	$67,000	2,535
FIRST TR HIGH INCOME L/S FD33738E109	COM	$62,000	3,877
FIRST TR EXCHANGE TRADED FD33738D408	FIRST TR TA HIYL	$7.7m	160,477
FIRST TR EXCHANGE TRADED FD33738D309	SENIOR LN FD	$5.3m	108,543
FIRST TR EXCHANGE TRADED FD33738D101	NO AMER ENERGY	$1.4m	54,188
FIRST TR ENERGY INFRASTRCTR33738C103	COM	$2,000	123
FIRST TR EXCNGE TRD ALPHADEX33737M409	SML CAP VAL AL	$396,000	11,372
FIRST TR EXCNGE TRD ALPHADEX33737M300	SML CP GRW ALP	$11,000	332
FIRST TR EXCNGE TRD ALPHADEX33737M201	MID CAP VAL FD	$14,000	430
FIRST TR EXCNGE TRD ALPHADEX33737M102	MID CP GR ALPH	$532,000	16,956
FIRST TR EXCHANGE TRADED FD33737K106	NASDAQ SMRTPHONE	$8,000	196
FIRST TR EXCH TRD ALPHA FD I33737J406	EX US SML CP	$17,000	521
FIRST TR EXCH TRD ALPHA FD I33737J307	EM SML CP ALPH	$77,000	2,565
FIRST TR EXCH TRD ALPHA FD I33737J240	HONG KONG ALPH	$28,000	881
FIRST TR EXCH TRD ALPHA FD I33737J232	SWITZLND ALPHA	$52,000	1,276
FIRST TR EXCH TRD ALPHA FD I33737J224	UNIT KING ALPH	$24,000	719
FIRST TR EXCH TRD ALPHA FD I33737J190	GERMANY ALPHA	$36,000	970
FIRST TR EXCH TRD ALPHA FD I33737J182	EMERG MKT ALPH	$18,000	905
FIRST TR EXCH TRD ALPHA FD I33737J174	DEV MRK EX US	$593,000	12,573
FIRST TR EXCH TRD ALPHA FD I33737J166	STH KOREA ALPH	$1,000	40
FIRST TR EXCH TRD ALPHA FD I33737J158	JAPAN ALPHADEX	$15,000	315
FIRST TR EXCH TRD ALPHA FD I33737J133	BRAZIL ALPHADEX	$42,000	3,107
FIRST TR EXCH TRD ALPHA FD I33737J125	LATIN AMER ALP	$793,000	42,597
FIRST TR EXCH TRD ALPHA FD I33737J117	EUROPE ALPHADEX	$285,000	9,771
FIRST TR EXCH TRD ALPHA FD I33737J109	ASIA EX JAPAN	$3,000	99
FIRST TR EXCH TRADED FD II33737A108	NASDQ CLN EDGE	$68,000	1,690
FIRST TR NASDAQ ABA CMNTY BK33736Q104	UT COM SHS ETF	$977,000	18,489
FIRST TR FTSE EPRA/NAREIT DE33736N101	COM	$2,000	59
FIRST TR EXCHANGE TRADED FD33736G106	GBL WND ENRG ETF	$189,000	16,170
FIRST TR STOXX EURO DIV FD33735T109	COMMON SHS	$73,000	6,119
FIRST TR LRG CP GRWTH ALPHAD33735K108	COM SHS	$2.8m	57,297
FIRST TR LRG CP VL ALPHADEX33735J101	COM SHS	$3.4m	72,830
FIRST TR VALUE LINE 100 ETF33735G107	COM SHS	$53,000	2,433
FIRST TR MID CAP CORE ALPHAD33735B108	COM SHS	$1.1m	20,327
FIRST TR SML CP CORE ALPHA F33734Y109	COM SHS	$723,000	13,435
FIRST TR EXCHANGE TRADED FD33734X846	NASDAQ CYB ETF	$37,000	1,886
FIRST TR EXCHANGE TRADED FD33734X838	INDXX NAT RE ETF	$31,000	2,734
FIRST TR EXCHANGE TRADED FD33734X812	INDXX GLOBAL AGR	$22,000	965
FIRST TR EXCHANGE TRADED FD33734X200	DJ GLBL DIVID	$1.3m	54,937
FIRST TR EXCHANGE TRADED FD33734X192	CLOUD COMPUTING	$1.7m	48,791
FIRST TR EXCHANGE TRADED FD33734X184	UTILITIES ALPH	$23.2m	866,189
FIRST TR EXCHANGE TRADED FD33734X176	TECH ALPHADEX	$1.5m	38,996
FIRST TR EXCHANGE TRADED FD33734X168	MATERIALS ALPH	$674,000	18,807
GUGGENHEIM ENHANCED EQUITY S40167K100	COM	$0	7
GP STRATEGIES CORP36225V104	COM	$3,000	90
GW PHARMACEUTICALS PLC36197T103	ADS	$88,000	789
GNC HLDGS INC36191G107	COM CL A	$3,000	305

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.