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
CELANESE CORP DEL150870103 · CE	COM SER A	$323,000	4,111
CELADON GROUP INC150838100	COM	$0	6
CEDAR FAIR L P150185106	DEPOSITRY UNIT	$87,000	1,359
CAVIUM INC14964U108	COM	$31,000	494
CAVCO INDS INC DEL149568107 · CVCO	COM	$40,000	404
CATCHMARK TIMBER TR INC14912Y202	CL A	$177,000	15,779
CATERPILLAR INC DEL149123101 · CAT	COM	$5.2m	55,781
CATALYST PHARMACEUTICALS INC14888U101	COM	$3,000	2,800
CATALENT INC148806102	COM	$1,000	26
CASS INFORMATION SYS INC14808P109 · CASS	COM	$5,000	67
CASEYS GEN STORES INC147528103 · CASY	COM	$108,000	909
CASELLA WASTE SYS INC147448104 · CWST	CL A	$6,000	489
CASCADE BANCORP147154207	COM NEW	$20,000	2,427
CARTER INC146229109 · CRI	COM	$16,000	189
CARRIZO OIL &GAS INC144577103	COM	$1,000	25
CARPENTER TECHNOLOGY CORP144285103 · CRS	COM	$4,000	98
CARNIVAL PLC14365C103	ADR	$1,000	20
YPF SOCIEDAD ANONIMA984245100	SPON ADR CL D	$13,000	803
XYLEM INC98419M100 · XYL	COM	$178,000	3,607
XEROX CORP984121103 · XRX	COM	$242,000	27,750
XENIA HOTELS &RESORTS INC984017103 · XHR	COM	$514,000	26,462
XILINX INC983919AF8	NOTE 2.625% 6/1	$4,000	2,000
XILINX INC983919101	COM	$185,000	3,065
XCEL ENERGY INC98389B100 · XEL	COM	$327,000	8,037
XPO LOGISTICS INC983793100 · XPO	COM	$62,000	1,437
XO GROUP INC983772104	COM	$0	13
WYNN RESORTS LTD983134107 · WYNN	COM	$57,000	654
WYNDHAM WORLDWIDE CORP98310W108	COM	$29,000	377
WPX ENERGY INC98212B103	COM	$39,000	2,651
WORTHINGTON INDS INC981811102 · WOR	COM	$45,000	945
WORLD WRESTLING ENTMT INC98156Q108	CL A	$9,000	495
WORLD FUEL SVCS CORP981475106 · WKC	COM	$20,000	428
WORLD ACCEP CORP DEL981419104 · WRLD	COM	$1,000	15
WORKDAY INC98138H101 · WDAY	CL A	$15,000	223
WOORI BK98105T104	ADR	$2,000	50
WOODWARD INC980745103 · WWD	COM	$66,000	963
WOLVERINE WORLD WIDE INC978097103 · WWW	COM	$19,000	844
WISDOMTREE CONTINUOUS COMMOD97718W108	SHS BEN INT	$191,000	9,905
WISDOMTREE TR97717X867	EM LCL DEBT FD	$49,000	1,362
WISDOMTREE TR97717X842	ASIA LC DBT FD	$20,000	467
WISDOMTREE TR97717X701	EUROPE HEDGED EQ	$7.2m	124,827
WISDOMTREE TR97717X693	STRATEGIC CP BD	$8,000	115
WISDOMTREE TR97717X594	ITL HDG QTLY DIV	$193,000	7,321
WISDOMTREE TR97717X560	CBOE S&P 500	$96,000	3,526
WISDOMTREE TR97717X511	BARCLYS YLD AGGR	$12,000	242
WISDOMTREE TR97717X313	DYNAMIC LNG EQ	$5,000	200
WISDOMTREE TR97717X297	DYNAMIC US EQT	$12,000	472
WISDOMTREE TR97717W869	EUROPE SMCP DV	$607,000	11,122
WISDOMTREE TR97717W851	JAPN HEDGE EQT	$1.7m	34,044
WISDOMTREE TR97717W844	GLB US QTLY DIV	$26,000	568
WISDOMTREE TR97717W836	JP SMALLCP DIV	$5,000	86
WISDOMTREE TR97717W828	ASIA PAC EXJP FD	$2,000	43
WISDOMTREE TR97717W802	ITL HIGH DIV FD	$2,000	56
WISDOMTREE TR97717W794	INTL LRGCAP DV	$293,000	6,854
WISDOMTREE TR97717W786	INTL DIV EX FINL	$207,000	5,538
WISDOMTREE TR97717W778	INTL MIDCAP DV	$20,000	355
WISDOMTREE TR97717W760	INTL SMCAP DIV	$899,000	14,979
WISDOMTREE TR97717W703	INTL EQUITY FD	$102,000	2,194
WISDOMTREE TR97717W638	JAPAN HD RL ES	$1,000	100
WISDOMTREE TR97717W604	SMALLCAP DIVID	$1.5m	18,677
WISDOMTREE TR97717W596	TTL EARNING FD	$14,000	175
WISDOMTREE TR97717W588	EARNING 500 FD	$122,000	1,580
WISDOMTREE TR97717W570	MDCP EARN FUND	$3.5m	33,961
VANGUARD WORLD FDS92204A884	TELCOMM ETF	$1.7m	17,387
VANGUARD WORLD FDS92204A876	UTILITIES ETF	$1.6m	15,214
VANGUARD WORLD FDS92204A801	MATERIALS ETF	$330,000	2,936
VANGUARD WORLD FDS92204A702	INF TECH ETF	$4.6m	38,168
VANGUARD WORLD FDS92204A603	INDUSTRIAL ETF	$1.6m	13,250
GUGGENHEIM STRATEGIC OPP FD40167F101	COM SBI	$467,000	23,781
GUGGENHEIM TAXABLE MUN MNGD401664107	COM	$28,000	1,300
GUESS INC401617105	COM	$1,000	82
GUANGSHEN RY LTD40065W107	SPONSORED ADR	$34,000	1,122
GTX INC DEL40052B207	COM NEW	$0	60
GRUPO AEROPORTUARIO DEL SURE40051E202	SPON ADR SER B	$7,000	50
GRUPO TELEVISA SA40049J206	SPON ADR REP ORD	$5,000	251
GRUBHUB INC400110102	COM	$18,000	482
GROUPON INC399473107	COM	$5,000	1,622
GROUPE CGI INC39945C109	CL A SUB VTG	$1,000	15
GRIFOLS S A398438408	SP ADR REP B NVT	$1,000	36
GRIFFON CORP398433102 · GFF	COM	$3,000	101
GREENHILL &CO INC395259104	COM	$1,000	29
GREENBRIER COS INC393657101 · GBX	COM	$647,000	15,571
GREEN PLAINS INC393222104 · GPRE	COM	$2,000	67
GREEN DOT CORP39304D102 · GDOT	CL A	$7,000	300
GREAT WESTN BANCORP INC391416104	COM	$77,000	1,774
GREAT PLAINS ENERGY INC391164100	COM	$78,000	2,841
GREAT ELM CAP CORP390320109	COM	$1,000	110
GRAPHIC PACKAGING HLDG CO388689101 · GPK	COM	$31,000	2,484
GRANITE CONSTR INC387328107 · GVA	COM	$19,000	349
GRAND CANYON ED INC38526M106 · LOPE	COM	$9,000	160
GRAMERCY PPTY TR385002100	COM	$2.2m	242,343
GRAINGER W W INC384802104 · GWW	COM	$228,000	984
GRAHAM HLDGS CO384637104 · GHC	COM	$5,000	10
GRAHAM CORP384556106 · GHM	COM	$2,000	101
GRACO INC384109104 · GGG	COM	$10,000	125
GRACE W R &CO DEL NEW38388F108	COM	$7,000	100
GOVERNMENT PPTYS INCOME TR38376A103	COM SHS BEN INT	$102,000	5,362
GOPRO INC38268T103 · GPRO	CL A	$59,000	6,793
GOODYEAR TIRE &RUBR CO382550101 · GT	COM	$76,000	2,464
GOLUB CAP BDC INC38173M102 · GBDC	COM	$5,000	251

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.