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
ARK ETF TR00214Q104	INNOVATION ETF	$18,000	904
AT&T INC00206R102 · T	COM	$25.5m	600,540
ANI PHARMACEUTICALS INC00182C103 · ANIP	COM	$8,000	138
AMN HEALTHCARE SERVICES INC001744101 · AMN	COM	$99,000	2,586
AMEC FOSTER WHEELER PLC00167X205	SPONSORED ADR	$5,000	920
AMC NETWORKS INC00164V103 · AMCX	CL A	$43,000	819
AMAG PHARMACEUTICALS INC00163U106	COM	$34,000	968
ALPS ETF TR00162Q866	ALERIAN MLP	$7.4m	589,281
ALPS ETF TR00162Q858	SECTR DIV DOGS	$2.9m	69,145
ALPS ETF TR00162Q783	RIVRFRNT STR INC	$325,000	12,918
ALPS ETF TR00162Q726	BARRONS 400 ETF	$119,000	3,390
ALPS ETF TR00162Q718	INTL SEC DV DOG	$12,000	526
ALPS ETF TR00162Q676	ALERIAN ENERGY	$268,000	11,225
VECTRUS INC92242T101 · VVX	COM	$10,000	404
VEECO INSTRS INC DEL922417100 · VECO	COM	$0	15
VECTOR GROUP LTD92240M108	COM	$800,000	35,182
VECTREN CORP92240G101	COM	$88,000	1,689
VASCULAR SOLUTIONS INC92231M109	COM	$22,000	400
VARONIS SYS INC922280102 · VRNS	COM	$0	7
VARIAN MED SYS INC92220P105	COM	$23,000	259
VANTIV INC92210H105	CL A	$33,000	559
VANGUARD SCOTTSDALE FDS92206C870	INT-TERM CORP	$2.9m	33,788
VANGUARD SCOTTSDALE FDS92206C847	LONG-TERM GOV	$1.9m	25,250
VANGUARD SCOTTSDALE FDS92206C813	LG-TERM COR BD	$1.4m	15,400
VANGUARD SCOTTSDALE FDS92206C771	MORTG-BACK SEC	$176,000	3,369
VANGUARD SCOTTSDALE FDS92206C730	VNG RUS1000IDX	$90,000	877
VANGUARD SCOTTSDALE FDS92206C714	VNG RUS1000VAL	$6,000	66
VANGUARD SCOTTSDALE FDS92206C706	INT-TERM GOV	$1.7m	26,928
VANGUARD SCOTTSDALE FDS92206C680	VNG RUS1000GRW	$872,000	8,110
VANGUARD SCOTTSDALE FDS92206C664	VNG RUS2000IDX	$741,000	6,863
VANGUARD SCOTTSDALE FDS92206C649	VNG RUS2000VAL	$7,000	67
VANGUARD SCOTTSDALE FDS92206C623	VNG RUS2000GRW	$645,000	5,782
VANGUARD SCOTTSDALE FDS92206C599	VNG RUS3000IDX	$22,000	214
VANGUARD SCOTTSDALE FDS92206C409	SHRT TRM CORP BD	$6.8m	85,064
VANGUARD SCOTTSDALE FDS92206C102	SHTRM GVT BD ETF	$2.8m	46,422
VANGUARD NAT RES LLC92205F106	COM UNIT	$4,000	6,917
SANDRIDGE PERMIAN TR80007A102	COM UNIT BEN INT	$0	100
SANDISK CORP80004CAD3	NOTE 1.500% 8/1	$7,000	4,000
SANDERSON FARMS INC800013104	COM	$70,000	739
SANCHEZ ENERGY CORP79970Y105	COM	$3,000	366
SAN JUAN BASIN RTY TR798241105 · SJT	UNIT BEN INT	$1,000	150
SALLY BEAUTY HLDGS INC79546E104 · SBH	COM	$20,000	759
SALISBURY BANCORP INC795226109	COM	$19,000	498
SALIENT MIDSTREAM &MLP FD79471V105	SH BEN INT	$0	1
SALESFORCE COM INC79466LAD6	NOTE 0.250% 4/0	$6,000	5,000
SALESFORCE COM INC79466L302 · CRM	COM	$724,000	10,571
ST JUDE MED INC790849103	COM	$326,000	4,070
ST JOE CO790148100 · JOE	COM	$0	4
SAIA INC78709Y105 · SAIA	COM	$2,000	41
SAFETY INS GROUP INC78648T100 · SAFT	COM	$3,000	37
SABRE CORP78573M104 · SABR	COM	$0	16
SABRA HEALTH CARE REIT INC78573L106 · SBRA	COM	$21,000	875
SABINE ROYALTY TR785688102 · SBR	UNIT BEN INT	$7,000	205
SVB FINL GROUP78486Q101	COM	$5,000	27
SPX FLOW INC78469X107	COM	$0	5
SPDR SER TR78468R887	SSGA US SMAL ETF	$1.1m	11,505
SPDR SER TR78468R861	BLOMBERG 1 10 YR	$384,000	19,848
SPDR SER TR78468R853	SPDR RUSSEL 2000	$35,000	434
SPDR SER TR78468R804	SSGA US LRG ETF	$122,000	1,515
SPDR SER TR78468R788	SP500 HIGH DIV	$42,000	1,183
SPDR SER TR78468R762	RUSSELL MOMENTUM	$7,000	101
SPDR SER TR78468R754	RUSSELL LOW VOL	$89,000	1,355
SPDR SER TR78468R739	NUVEEN BLMBRG SR	$1.5m	30,507
SPDR SER TR78468R721	NUVEEN BRC MUNIC	$756,000	15,935
SPDR SER TR78468R606	SPDR BOFA CRSS	$40,000	1,555
SPDR SER TR78468R408	BLOOMBERG SRT TR	$2.5m	88,804
SPDR SER TR78468R200	BLOMBERG BRC INV	$103,000	3,361
SPDR SER TR78468R101	BLOMBRG BRC SRT	$140,000	4,649
QUALITY SYS INC747582104	COM	$20,000	1,517
QUALITY CARE PPTYS INC747545101	COM	$115,000	7,420
QUALCOMM INC747525103 · QCOM	COM	$2.9m	44,721
QORVO INC74736K101	COM	$72,000	1,353
QTS RLTY TR INC74736A103	COM CL A	$3,000	55
QEP RES INC74733V100	COM	$30,000	1,641
QUAKER CHEM CORP747316107 · KWR	COM	$524,000	4,096
PUTNAM MUN OPPORTUNITIES TR746922103	SH BEN INT	$187,000	15,621
PUTNAM MASTER INTER INCOME T746909100	SH BEN INT	$6,000	1,400
PUTNAM PREMIER INCOME TR746853100	SH BEN INT	$488,000	98,288
PUTNAM MANAGED MUN INCOM TR746823103	COM	$5,000	776
PUTMAN HIGH INCOME SEC FUND746779107	SHS BEN INT	$12,000	1,442
PURE STORAGE INC74624M102 · P	CL A	$11,000	1,000
PULTE GROUP INC745867101 · PHM	COM	$17,000	936
PUBLIC STORAGE74460D109 · PSA	COM	$576,000	2,575
PUBLIC SVC ENTERPRISE GROUP744573106 · PEG	COM	$823,000	18,766
PRUDENTIAL SHT DURATION HG Y74442F107	COM	$65,000	4,194
PRUDENTIAL PLC74435K204 · PUK	ADR	$31,000	779
PRUDENTIAL GLB SHT DUR HG YL74433A109	COM	$90,000	6,048
PRUDENTIAL FINL INC744320102 · PRU	COM	$1.7m	16,049
PROVIDENT FINL SVCS INC74386T105 · PFS	COM	$192,000	6,782
PROVIDENCE SVC CORP743815102	COM	$40,000	1,059
PROTO LABS INC743713109 · PRLB	COM	$13,000	259
PROSPERITY BANCSHARES INC743606105 · PB	COM	$7,000	94
PROSPECT CAPITAL CORPORATION74348T102 · PSEC	COM	$941,000	112,657
PROSHARES TR74348A533	PRIV EQTY-LSTD	$14,000	370
PROSHARES TR74348A467	S&P 500 DV ARIST	$4.6m	85,776
PROSHARES TR74348A210	SHRT RUSSELL2000	$0	8
PROSHARES TR74347X633	ULTRA FNCLS NEW	$2,000	20
PROSHARES TR74347X294	HD REPLICATION	$5,000	120
PROSHARES TR74347R842	PSHS ULTRUSS2000	$1,000	9
PROSHARES TR74347R719	PSHS ULTRA O&G	$9,000	200

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.