Institution

TIAA Cref Investment Management LLC

13F for March 31, 2019, filed May 14, 2019 · SEC CIK 887793 · Holdings history from March 31, 1999

The latest available holdings for this manager are dated March 31, 2019.

Reported value: $141.2bn
Positions we cover: 1,838
Copy, a year: +13.7%
Copy Sharpe ratio: 0.97

Copy-performance statistics: August 16, 2013 to August 23, 2019. 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.

Holdings reported by Nuveen Asset Management, LLC · SEC notice for June 30, 2019
Holdings reported by Nuveen, LLC · SEC notice for March 31, 2025

Holdings date Find a security

3,003 reported entries for March 31, 2019.

Issuer	Class / type	Reported value	Quantity
NIKE Inc654106103 · NKE	CS	$818.4m	9,718,014
Nine Energy Service Inc65441V101	CS	$1.1m	49,266
NiSource Inc65473P105 · NI	CS	$27.4m	956,305
NL Industries Inc629156407 · NL	CS	$62,000	15,902
nLight Inc65487K100 · LASR	CS	$739,000	33,161
NMI Holdings Inc629209305 · NMIH	CS	$4.6m	176,618
NN Inc629337106 · NNBR	CS	$614,000	82,036
Noah Holdings Ltd65487X102 · NOAH	DR	$1.5m	31,900
Noble Corp plcG65431101	CS	$1.9m	646,497
Noble Energy Inc655044105	CS	$21.0m	850,659
Nokia OYJ654902204	DR	$78.6m	13,748,174
Noodles & Co65540B105	CS	$188,000	27,604
Nordic American Tankers LtdG65773106 · NAT	CS	$533,000	264,063
Nordson Corp655663102 · NDSN	CS	$20.8m	157,009
Nordstrom Inc655664100	CS	$16.3m	367,680
Norfolk Southern Corp655844108 · NSC	CS	$143.0m	765,297
Northeast Bancorp663904209	CS	$318,000	15,401
Northern Oil and Gas Inc665531109	CS	$896,000	327,164
Northern Trust Corp665859104 · NTRS	CS	$54.8m	606,212
Northfield Bancorp Inc66611T108	CS	$2.0m	147,065
Northrim BanCorp Inc666762109 · NRIM	CS	$497,000	14,448
Northrop Grumman Corp666807102 · NOC	CS	$240.1m	890,442
NorthStar Realty Europe Corp66706L101	RTCS	$2.5m	146,135
Northwest Bancshares Inc667340103 · NWBI	CS	$3.2m	188,666
Northwest Natural Holding Co66765N105 · NWN	CS	$4.6m	70,002
Northwest Pipe Co667746101 · NWPX	CS	$475,000	19,801
NorthWestern Corp668074305 · NWE	CS	$6.9m	97,721
Norwegian Cruise Line Holdings LtdG66721104 · NCLH	CS	$39.8m	723,618
Norwood Financial Corp669549107 · NWFL	CS	$380,000	12,316
Novanta Inc67000B104 · NOVT	CS	$15.1m	177,961
Novartis AG66987V109	DR	$12.9m	134,625
Novavax Inc670002104 · NVAX	CS	$702,000	1,274,689
Novocure LtdG6674U108 · NVCR	CS	$14.8m	308,007
NOW Inc67011P100 · DNOW	CS	$3.2m	231,734
NRG Energy Inc629377508 · NRG	CS	$33.2m	781,486
Nu Skin Enterprises Inc67018T105 · NUS	CS	$5.3m	110,129
Nuance Communications Inc67020Y100	CS	$7.5m	441,166
Nucor Corp670346105 · NUE	CS	$65.8m	1,127,956
Nutanix Inc67059N108 · NTNX	CS	$49.1m	1,301,933
Nutrien Ltd67077M108 · NTR	CS	$15.0m	283,830
NuVasive Inc670704105	CS	$5.7m	100,253
Nuvectra Corp67075N108	CS	$352,000	31,951
NV5 Global Inc62945V109	CS	$971,000	16,364
NVE Corp629445206 · NVEC	CS	$938,000	9,582
nVent Electric PLCG6700G107 · NVT	CS	$9.6m	354,610
NVIDIA Corp67066G104 · NVDA	CS	$435.0m	2,422,495
NVR Inc62944T105 · NVR	CS	$71.6m	25,891
NXP Semiconductors NVN6596X109 · NXPI	CS	$204.8m	2,316,707
Oak Valley Bancorp671807105 · OVLY	CS	$177,000	10,020
Oasis Petroleum Inc674215108	CS	$5.9m	983,520
Occidental Petroleum Corp674599105 · OXY	CS	$161.0m	2,431,762
Oceaneering International Inc675232102 · OII	CS	$5.3m	335,857
OceanFirst Financial Corp675234108 · OCFC	CS	$4.5m	187,930
Ocular Therapeutix Inc67576A100 · OCUL	CS	$236,000	59,473
Odonate Therapeutics Inc676079106	CS	$214,000	9,685
Office Depot Inc676220106	CS	$4.2m	1,148,690
Office Properties Income Trust67623C109	RTCS	$2.9m	106,265
OFG Bancorp67103X102 · OFG	CS	$7.9m	397,939
OGE Energy Corp670837103 · OGE	CS	$24.7m	572,885
Ohio Valley Banc Corp677719106 · OVBC	CS	$269,000	7,440
Oi SA670851500	DR	$278,000	147,623
Oil States International Inc678026105 · OIS	CS	$1.9m	113,130
Oil-Dri Corp of America677864100 · ODC	CS	$331,000	10,624
Okta Inc679295105 · OKTA	CS	$25.8m	311,574
Old Dominion Freight Line Inc679580100 · ODFL	CS	$25.2m	174,498
Old Line Bancshares Inc67984M100	CS	$784,000	31,462
Old National Bancorp/IN680033107 · ONB	CS	$4.7m	284,654
Old Republic International Corp680223104 · ORI	CS	$17.9m	857,842
Old Second Bancorp Inc680277100 · OSBC	CS	$1.0m	80,745
Olin Corp680665205 · OLN	CS	$154.3m	6,667,331
Ollie's Bargain Outlet Holdings Inc681116109 · OLLI	CS	$19.5m	228,981
Olympic Steel Inc68162K106	CS	$395,000	24,863
Omega Flex Inc682095104 · OFLX	CS	$488,000	6,444
Omega Healthcare Investors Inc681936100 · OHI	RTCS	$15.8m	413,208
Omeros Corp682143102 · OMER	CS	$4.1m	236,479
Omnicell Inc68213N109 · OMCL	CS	$12.0m	147,971
Omnicom Group Inc681919106 · OMC	CS	$65.1m	891,936
OMNOVA Solutions Inc682129101	CS	$1.8m	261,744
Omthera Pharmaceuticals Inc682CVR998	CS	$13,000	21,835
On Deck Capital Inc682163100	CS	$4.1m	763,003
ON Semiconductor Corp682189105 · ON	CS	$51.4m	2,497,656
ONE Gas Inc68235P108 · OGS	CS	$19.9m	222,959
One Liberty Properties Inc682406103 · OLP	RTCS	$2.6m	88,054
OneMain Holdings Inc68268W103 · OMF	CS	$23.4m	736,544
OneMarket Ltd00BFM70D6	CS	$5,000	13,298
ONEOK Inc682680103 · OKE	CS	$109.0m	1,560,780
OneSpan Inc68287N100 · OSPN	CS	$1.7m	88,562
Ooma Inc683416101 · OOMA	CS	$760,000	57,390
OP Bancorp67109R109 · OPBK	CS	$113,000	12,867
OPKO Health Inc68375N103 · OPK	CS	$1.9m	736,887
Oppenheimer Holdings Inc683797104 · OPY	CS	$508,000	19,522
Optinose Inc68404V100	CS	$422,000	40,981
Opus Bank684000102	CS	$1.2m	58,134
Redfin Corp75737F108	CS	$2.7m	134,145
Redwood Trust Inc758075402 · RWT	RTCS	$2.6m	163,288
Regal Beloit Corp758750103 · RRX	CS	$9.0m	109,695
Regency Centers Corp758849103 · REG	RTCS	$59.7m	884,727
Regeneron Pharmaceuticals Inc75886F107 · REGN	CS	$104.2m	253,874
REGENXBIO Inc75901B107 · RGNX	CS	$6.7m	117,527
Regional Management Corp75902K106 · RM	CS	$1.8m	72,296

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 TIAA Cref Investment Management LLC's usable filed holdings in companies we cover from August 16, 2013, 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 −18.7% (S&P 500 −17.1%); beta 1.05; alpha +1.4% a year (t = 2.16); last 12 months +2.6% against +1.9%.

Reported value by quarter

TIAA Cref Investment Management LLC: 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
2013-06-30	$122.8B
2013-09-30	$127.9B
2013-12-31	$139.4B
2014-03-31	$138.8B
2014-06-30	$143.7B
2014-09-30	$140.7B
2014-12-31	$143B
2015-03-31	$143.6B
2015-06-30	$140.9B
2015-09-30	$127.5B
2015-12-31	$133.6B
2016-03-31	$130.6B
2016-06-30	$130.4B
2016-09-30	$159.8B
2016-12-31	$134.1B
2017-03-31	$139B
2017-06-30	$142.4B
2017-09-30	$146.6B
2017-12-31	$151.7B
2018-03-31	$147.8B
2018-06-30	$148.8B
2018-09-30	$306.3B
2018-12-31	$126.3B
2019-03-31	$141.2B

Latest covered holdings and moves

Covered holdings as of March 31, 2019.

Company	Share of portfolio	Value	Shares	Change in shares
MSFTMicrosoft Corporation	3.60%	$5.1bn	43.07M	−6.7% Reduced
AAPLApple Inc.	3.38%	$4.8bn	25.11M	+2.8% Added
AMZNAmazon	3.10%	$4.4bn	2.46M	−1.1% Reduced
METAMeta Platforms	1.90%	$2.7bn	16.12M	+11.0% Added
VVisa Inc.	1.42%	$2.0bn	12.87M	−3.6% Reduced
GOOGLAlphabet Inc. (Class A)	1.30%	$1.8bn	1.56M	−7.1% Reduced
CRMSalesforce	1.22%	$1.7bn	10.90M	+1.4% Added
MAMastercard	1.09%	$1.5bn	6.55M	+3.3% Added
JNJJohnson & Johnson	1.02%	$1.4bn	10.36M	+2.6% Added
CSCOCisco	1.02%	$1.4bn	26.65M	−9.0% Reduced
PYPLPayPal	0.99%	$1.4bn	13.43M	−0.2%
MRKMerck & Co.	0.94%	$1.3bn	15.96M	+5.8% Added
PGProcter & Gamble	0.93%	$1.3bn	12.67M	−1.6% Reduced
BABoeing	0.90%	$1.3bn	3.35M	−2.9% Reduced
UNHUnitedHealth Group	0.88%	$1.2bn	5.01M	−11.7% Reduced
BACBank of America	0.88%	$1.2bn	44.88M	+16.0% Added
HDThe Home Depot	0.85%	$1.2bn	6.25M	−14.1% Reduced
JPMJPMorgan Chase	0.81%	$1.1bn	11.28M	−29.8% Reduced
CVXChevron Corporation	0.79%	$1.1bn	9.04M	−4.0% Reduced
CMCSAComcast	0.75%	$1.1bn	26.52M	+0.4%
INTUIntuit	0.75%	$1.1bn	4.05M	+0.8% Added
INTCIntel	0.73%	$1.0bn	19.25M	−2.5% Reduced
UNPUnion Pacific Corporation	0.69%	$980.4m	5.86M	+0.8% Added
KOThe Coca-Cola Company	0.69%	$971.3m	20.73M	+9.5% Added
WFCWells Fargo	0.68%	$954.7m	19.76M	+4.4% Added
DISThe Walt Disney Company	0.67%	$950.1m	8.56M	+23.8% Added
COSTCostco	0.65%	$921.8m	3.81M	+16.6% Added
PFEPfizer	0.63%	$885.1m	20.84M	−5.8% Reduced
NFLXNetflix	0.59%	$836.1m	2.34M	+15.7% Added
VZVerizon	0.59%	$827.7m	14.00M	−4.0% Reduced
NKENike, Inc.	0.58%	$818.4m	9.72M	+21.7% Added
ISRGIntuitive Surgical	0.52%	$730.9m	1.28M	+14.5% Added
NOWServiceNow	0.51%	$724.8m	2.94M	−12.3% Reduced
AVGOBroadcom	0.50%	$704.6m	2.34M	+3.5% Added
ABTAbbott Laboratories	0.48%	$682.6m	8.54M	−20.5% Reduced
ADBEAdobe Inc.	0.47%	$661.5m	2.48M	−18.4% Reduced
TAT&T	0.47%	$660.8m	21.07M	−0.3%
MCDMcDonald's	0.46%	$652.3m	3.43M	+6.2% Added
WMTWalmart	0.44%	$626.7m	6.43M	−6.5% Reduced
ZTSZoetis	0.43%	$610.5m	6.06M	−4.9% Reduced
PEPPepsiCo	0.43%	$608.3m	4.96M	+11.5% Added
LLYLilly (Eli)	0.42%	$588.7m	4.54M	−6.5% Reduced
EOGEOG Resources	0.41%	$573.2m	6.02M	−3.9% Reduced
BABAAlibaba Group Holding Ltd	0.41%	$572.1m	3.14M	−17.8% Reduced
EWEdwards Lifesciences	0.39%	$555.3m	2.90M	−11.9% Reduced
ILMNIllumina, Inc.	0.38%	$538.2m	1.73M	+22.6% Added
CCitigroup	0.37%	$524.4m	8.43M	−6.9% Reduced
EXPEExpedia Group	0.36%	$507.6m	4.27M	+30.7% Added
PMPhilip Morris International	0.35%	$495.1m	5.60M	+1.2% Added
ADPAutomatic Data Processing	0.35%	$490.2m	3.07M	+8.3% Added
ACNAccenture	0.34%	$486.4m	2.76M	−7.5% Reduced
ROPRoper Technologies	0.34%	$486.3m	1.42M	+21.6% Added
GILDGilead Sciences	0.33%	$465.4m	7.16M	−28.2% Reduced
MSMorgan Stanley	0.33%	$460.5m	10.91M	+89.2% Added
NVDANVIDIA Corporation	0.31%	$435.0m	2.42M	−35.6% Reduced
IBMIBM	0.30%	$431.2m	3.06M	+28.1% Added
AMGNAmgen	0.30%	$428.2m	2.25M	+9.7% Added
CSXCSX Corporation	0.30%	$423.3m	5.66M	+6.0% Added
MDLZMondelez International	0.30%	$422.9m	8.47M	+2.0% Added
MNSTMonster Beverage	0.29%	$416.8m	7.64M	+6.1% Added
AXPAmerican Express	0.29%	$412.8m	3.78M	−22.9% Reduced
ABBVAbbVie	0.29%	$410.8m	5.10M	−9.7% Reduced
SPGIS&P Global	0.28%	$399.7m	1.90M	+32.9% Added
FEFirstEnergy	0.28%	$395.4m	9.50M	+16.9% Added
CATCaterpillar Inc.	0.28%	$391.2m	2.89M	−12.0% Reduced
MMM3M	0.27%	$374.5m	1.80M	−14.8% Reduced
NEENextEra Energy	0.27%	$373.6m	1.93M	+7.7% Added
CVSCVS Health	0.26%	$369.0m	6.84M	−20.5% Reduced
SBUXStarbucks	0.25%	$357.8m	4.81M	+22.4% Added
ORCLOracle Corporation	0.25%	$355.9m	6.63M	−7.2% Reduced
MDTMedtronic	0.25%	$351.2m	3.86M	−17.7% Reduced
CBChubb Limited	0.24%	$345.4m	2.47M	−11.6% Reduced
TXNTexas Instruments	0.24%	$345.1m	3.25M	−0.3%
USBU.S. Bancorp	0.24%	$338.2m	7.02M	+99.2% Added
MOAltria	0.23%	$331.6m	5.77M	−2.3% Reduced
AMTAmerican Tower	0.23%	$329.4m	1.67M	+8.4% Added
CAGConagra Brands Inc.	0.23%	$327.0m	11.79M	+15.3% Added
GSGoldman Sachs	0.23%	$325.9m	1.70M	−3.0% Reduced
ELThe Estée Lauder Companies	0.23%	$322.4m	1.95M	+4.2% Added
SYKStryker Corporation	0.23%	$320.6m	1.62M	−11.3% Reduced
GWWW. W. Grainger	0.23%	$320.2m	1.06M	−14.1% Reduced
DEDeere & Company	0.22%	$310.2m	1.94M	+0.8% Added
BKNGBooking Holdings	0.22%	$308.6m	176.8K	−10.2% Reduced
CICigna	0.22%	$304.7m	1.89M	−18.3% Reduced
LOWLowe's	0.21%	$303.7m	2.77M	+43.3% Added
ZBHZimmer Biomet	0.21%	$301.1m	2.36M	−9.5% Reduced
PHParker Hannifin	0.21%	$292.8m	1.71M	−7.1% Reduced
EBAYeBay Inc.	0.20%	$287.0m	7.73M	+42.4% Added
DDominion Energy	0.20%	$277.1m	3.61M	+9.2% Added
TMOThermo Fisher Scientific	0.20%	$276.4m	1.01M	+3.2% Added
CMGChipotle Mexican Grill	0.19%	$273.9m	385.6K	+51.7% Added
DHRDanaher Corporation	0.19%	$273.8m	2.07M	+7.5% Added
ANETArista Networks	0.19%	$271.3m	862.6K	+69.9% Added
BAXBaxter International	0.19%	$266.3m	3.27M	−1.4% Reduced
BSXBoston Scientific	0.19%	$263.3m	6.86M	+10.3% Added
ULTAUlta Beauty	0.19%	$262.7m	753.3K	+9.2% Added
BMYBristol Myers Squibb	0.19%	$262.1m	5.49M	+1.8% Added
MSIMotorola Solutions	0.18%	$255.8m	1.82M	−24.3% Reduced
AMATApplied Materials	0.18%	$255.5m	6.44M	+17.1% Added
SHWSherwin-Williams	0.18%	$253.4m	588.2K	+4.7% Added
UPSUnited Parcel Service	0.18%	$249.9m	2.24M	−2.3% Reduced
ICEIntercontinental Exchange	0.18%	$249.7m	3.28M	+4.7% Added
HCAHCA Healthcare	0.17%	$246.4m	1.89M	−10.6% Reduced
NOCNorthrop Grumman	0.17%	$240.1m	890.4K	−48.0% Reduced
SPGSimon Property Group	0.17%	$240.1m	1.32M	−4.8% Reduced
WMWaste Management	0.17%	$238.8m	2.30M	+3.7% Added
LRCXLam Research	0.17%	$237.0m	1.32M	+46.9% Added
CMECME Group	0.17%	$236.7m	1.44M	+13.4% Added
QCOMQualcomm	0.16%	$230.9m	4.05M	−1.9% Reduced
PGRProgressive Corporation	0.16%	$226.2m	3.14M	−18.5% Reduced
ELVElevance Health	0.16%	$221.3m	771.1K	−38.5% Reduced
CLColgate-Palmolive	0.16%	$220.7m	3.22M	+92.7% Added
JAZZJazz Pharmaceuticals plc	0.16%	$220.1m	1.54M	+13.6% Added
TJXTJX Companies	0.15%	$217.8m	4.09M	−27.2% Reduced
COPConocoPhillips	0.15%	$216.6m	3.25M	+6.8% Added
SLBSchlumberger	0.15%	$216.4m	4.97M	−5.5% Reduced
BIIBBiogen	0.15%	$216.0m	913.9K	+7.0% Added
LMTLockheed Martin	0.15%	$215.7m	718.5K	−26.8% Reduced
WCNWaste Connections, Inc.	0.15%	$215.4m	2.43M	+68.8% Added
SRESempra	0.15%	$211.8m	1.68M	−9.5% Reduced
PLDPrologis	0.15%	$207.3m	2.88M	+7.2% Added
CCKCrown Holdings, Inc.	0.15%	$206.9m	3.79M	−21.9% Reduced
NXPINXP Semiconductors	0.14%	$204.8m	2.32M	+66.4% Added
MRSHMarsh McLennan	0.14%	$203.5m	2.17M	+18.4% Added
SYFSynchrony Financial	0.14%	$203.2m	6.37M	+81.9% Added
ECLEcolab	0.14%	$197.7m	1.12M	+43.7% Added
WMBWilliams Companies	0.14%	$196.8m	6.85M	+0.2%
TSLATesla, Inc.	0.14%	$196.1m	700.5K	+78.8% Added
AIGAmerican International Group	0.14%	$194.9m	4.53M	−21.6% Reduced
DXCDXC Technology Co	0.14%	$193.6m	3.01M	−44.3% Reduced
EXCExelon	0.14%	$191.3m	3.82M	−2.1% Reduced
APDAir Products	0.14%	$190.2m	996.0K	+35.7% Added
KMXCarmax Inc	0.13%	$189.9m	2.72M	+64.3% Added
ETNEaton Corporation	0.13%	$189.1m	2.35M	+36.8% Added
FTVFortive	0.13%	$188.1m	2.24M	+0.4%
PRUPrudential Financial	0.13%	$187.3m	2.04M	−40.8% Reduced
MTBM&T Bank	0.13%	$187.1m	1.19M	+2.8% Added
VRTXVertex Pharmaceuticals	0.13%	$185.0m	1.01M	+1.2% Added
ETREntergy	0.13%	$182.5m	1.91M	+13.1% Added
CCICrown Castle	0.13%	$181.8m	1.42M	+1.6% Added
BMRNBiomarin Pharmaceutical Inc	0.13%	$181.3m	2.04M	+37.4% Added
SNPSSynopsys Inc	0.13%	$181.1m	1.57M	+98.7% Added
PNCPNC Financial Services	0.13%	$180.9m	1.47M	−42.0% Reduced
STZConstellation Brands	0.13%	$180.1m	1.03M	−37.8% Reduced
CHTRCharter Communications	0.13%	$179.8m	518.2K	+3.8% Added
SCHWCharles Schwab Corporation	0.13%	$178.2m	4.17M	+55.5% Added
ALGNAlign Technology	0.13%	$177.8m	625.4K	+86.6% Added
TGTTarget Corporation	0.13%	$177.6m	2.21M	+3.8% Added
AKAMAkamai Technologies	0.13%	$176.5m	2.46M	+10.6% Added
CFGCitizens Financial Group	0.12%	$174.7m	5.38M	−15.3% Reduced

Company	Bought (value)	Shares
METAMeta Platforms	$265.3m	1.59M
MSMorgan Stanley	$217.1m	5.14M
DISThe Walt Disney Company	$182.8m	1.65M
BACBank of America	$170.6m	6.18M
USBU.S. Bancorp	$168.5m	3.50M
NKENike, Inc.	$145.9m	1.73M
COSTCostco	$131.2m	542.0K
AAPLApple Inc.	$130.6m	687.7K
TROXTronox Holdings plc	$120.7m	9.18M
EXPEExpedia Group	$119.3m	1.00M
NFLXNetflix	$113.2m	317.4K
ANETArista Networks	$111.6m	355.0K
CLColgate-Palmolive	$106.2m	1.55M
ILMNIllumina, Inc.	$99.1m	318.9K
SPGIS&P Global	$99.0m	470.1K

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

Company	Sold (value)	Shares
JPMJPMorgan Chase	−$484.6m	−4.79M
MSFTMicrosoft Corporation	−$363.8m	−3.08M
NVDANVIDIA Corporation	−$240.7m	−1.34M
NOCNorthrop Grumman	−$221.7m	−822.5K
MARMarriott International	−$214.4m	−1.71M
HDThe Home Depot	−$197.6m	−1.03M
GILDGilead Sciences	−$182.6m	−2.81M
ABTAbbott Laboratories	−$176.2m	−2.20M
UNHUnitedHealth Group	−$163.5m	−661.1K
DXCDXC Technology Co	−$154.1m	−2.40M
ADBEAdobe Inc.	−$149.3m	−560.1K
CSCOCisco	−$141.7m	−2.62M
GOOGLAlphabet Inc. (Class A)	−$140.6m	−119.5K
ELVElevance Health	−$138.7m	−483.2K
PNCPNC Financial Services	−$130.8m	−1.07M

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

Company	Value last quarter	Shares
SHOPShopify Inc.	$25.2m	181.9K
CVECenovus Energy Inc.	$12.7m	1.81M
SEDGSolaredge Technologies, Inc.	$7.3m	207.3K
BBDBank Bradesco	$5.1m	519.7K
SPOTSpotify Technology S.a.	$2.5m	22.4K
IRMDIradimed Corp	$251,000	10.3K
FGBIFirst Guaranty Bancshares, Inc.	$226,000	9.7K
RCKYRocky Brands, Inc.	$213,000	8.2K
ALCOAlico, Inc.	$200,000	6.8K
FCELFuelcell Energy Inc	$42,000	76.0K

Technology21.9%
Financials15.1%
Health Care14.3%
Consumer Discretionary12.3%
Industrials9.3%
Communication Services8.2%
Consumer Staples7.4%
Energy3.4%
Real Estate2.9%
Utilities2.6%
Materials2.4%

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 backtestAugust 16, 2013 to August 23, 2019	+13.7%	+11.6%	0.97	0.87	−18.7%	1.05
2018 onwardsJanuary 5, 2018 to August 23, 2019	+5.3%	+4.3%	0.26	0.21	−18.7%	1.05
Last three yearsAugust 26, 2016 to August 23, 2019	+13.8%	+11.6%	0.89	0.79	−18.7%	1.05
Last yearAugust 24, 2018 to August 23, 2019	+1.4%	+1.0%	0.04	0.01	−18.7%	1.08

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.