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
Corcept Therapeutics Inc218352102 · CORT	CS	$3.8m	321,615
CoreCivic Inc21871N101 · CXW	RTCS	$4.5m	232,961
CoreLogic Inc/United States21871D103	CS	$7.9m	210,832
Core-Mark Holding Co Inc218681104	CS	$15.1m	407,566
CorEnergy Infrastructure Trust Inc21870U502	RTCS	$951,000	25,889
CorePoint Lodging Inc21872L104	RTCS	$2.0m	182,980
CoreSite Realty Corp21870Q105	RTCS	$16.3m	152,080
Corium International Inc0D0015956	CS	$9,000	48,719
Cornerstone OnDemand Inc21925Y103	CS	$5.7m	104,930
Corning Inc219350105 · GLW	CS	$109.1m	3,294,823
Corporate Office Properties Trust22002T108 · CDP	RTCS	$3.5m	127,114
CorVel Corp221006109 · CRVL	CS	$1.6m	24,323
Corvus Pharmaceuticals Inc221015100 · CRVS	CS	$88,000	21,909
Costamare IncY1771G102 · CMRE	CS	$444,000	85,392
CoStar Group Inc22160N109 · CSGP	CS	$113.1m	242,397
Costco Wholesale Corp22160K105 · COST	CS	$921.8m	3,806,926
Cott Corp22163N106	CS	$3.0m	203,565
Coty Inc222070203 · COTY	CS	$8.8m	766,436
County Bancorp Inc221907108	CS	$182,000	10,353
Coupa Software Inc22266L106	CS	$16.5m	181,163
Cousins Properties Inc222795106 · CUZ	RTCS	$8.0m	832,781
Bar Harbor Bankshares066849100 · BHB	CS	$1.0m	39,808
Barnes & Noble Education Inc06777U101	CS	$1.8m	419,052
Barnes & Noble Inc067774109 · BNED	CS	$837,000	154,095
Barnes Group Inc067806109	CS	$15.2m	295,141
Barrett Business Services Inc068463108 · BBSI	CS	$1.1m	14,110
Basic Energy Services Inc06985P209	CS	$298,000	78,463
Bassett Furniture Industries Inc070203104 · BSET	CS	$497,000	30,311
Bausch Health Cos Inc071734107 · BHC	CS	$14.5m	587,665
Baxter International Inc071813109 · BAX	CS	$266.3m	3,274,984
Baycom Corp07272M107 · BCML	CS	$487,000	21,516
BB&T Corp054937107	CS	$76.2m	1,637,372
BBX Capital Corp05491N104	CS	$1.4m	233,786
BCB Bancorp Inc055298103 · BCBP	CS	$331,000	24,723
Beacon Roofing Supply Inc073685109	CS	$4.1m	127,999
Beazer Homes USA Inc07556Q881 · BZH	CS	$751,000	65,277
Becton Dickinson and Co075887109 · BDX	CS	$128.2m	513,445
Bed Bath & Beyond Inc075896100	CS	$9.0m	530,645
Bel Fuse Inc077347300 · BELFA	CS	$523,000	20,676
Belden Inc077454106 · BDC	CS	$4.5m	83,939
Bellicum Pharmaceuticals Inc079481107	CS	$528,000	156,558
Belmond LtdG1154H107	CS	$18.8m	753,905
Bemis Co Inc081437105	CS	$5.3m	95,169
Benchmark Electronics Inc08160H101 · BHE	CS	$7.6m	290,701
Benefitfocus Inc08180D106	CS	$6.1m	122,778
Berkshire Hathaway Inc084670702	CS	$1.3bn	6,427,052
Berkshire Hills Bancorp Inc084680107 · BBT	CS	$3.9m	143,368
Berry Global Group Inc08579W103	CS	$156.0m	2,895,185
Berry Petroleum Co LLC08579X101	CS	$1.2m	102,872
Best Buy Co Inc086516101 · BBY	CS	$95.2m	1,339,743
BG Staffing Inc05544A109	CS	$306,000	14,009
BGC Partners Inc05541T101	CS	$3.8m	709,309
BHP Group Ltd088606108 · BHP	DR	$31.5m	575,767
Big 5 Sporting Goods Corp08915P101	CS	$169,000	53,255
Big Lots Inc089302103	CS	$2.6m	69,686
Biglari Holdings Inc08986R309	CS	$1.4m	9,745
BioCryst Pharmaceuticals Inc09058V103 · BCRX	CS	$4.2m	510,408
Biogen Inc09062X103 · BIIB	CS	$216.0m	913,931
Biohaven Pharmaceutical Holding Co LtdG11196105	CS	$39.1m	760,622
BioMarin Pharmaceutical Inc09061G101 · BMRN	CS	$181.3m	2,040,932
Bio-Rad Laboratories Inc090572207 · BIO	CS	$18.9m	61,796
BioScrip Inc09069N108	CS	$517,000	258,601
BioSpecifics Technologies Corp090931106	CS	$1.1m	18,372
Bio-Techne Corp09073M104 · TECH	CS	$17.6m	88,885
BioTelemetry Inc090672106	CS	$6.2m	99,469
BioTime Inc09066L105	CS	$723,000	552,246
Bitauto Holdings Ltd091727107	DR	$201,000	12,600
BJ's Restaurants Inc09180C106 · BJRI	CS	$1.9m	40,383
BJ's Wholesale Club Holdings Inc05550J101 · BJ	CS	$29.3m	1,068,982
Black Hills Corp092113109 · BKH	CS	$10.1m	136,351
Black Knight Inc09215C105	CS	$59.7m	1,095,917
Blackbaud Inc09227Q100 · BLKB	CS	$9.8m	122,337
Blackline Inc09239B109 · BL	CS	$8.6m	186,652
BlackRock Inc09247X101 · BLK	CS	$162.4m	379,893
Blackstone Group LP/The09253U108	CS	$54.2m	1,549,705
Blackstone Mortgage Trust Inc09257W100 · BXMT	RTCS	$8.1m	234,241
Bloomin' Brands Inc094235108 · BLMN	CS	$18.1m	883,101
Blucora Inc095229100	CS	$3.0m	88,423
Blue Bird Corp095306106 · BLBD	CS	$400,000	23,643
Blue Hills Bancorp Inc095573101	CS	$2.3m	94,344
Bluebird Bio Inc09609G100	CS	$29.3m	186,226
Bluegreen Vacations Corp09629F108	CS	$287,000	19,304
BlueLinx Holdings Inc09624H208 · BXC	CS	$508,000	19,053
Blueprint Medicines Corp09627Y109	CS	$7.5m	93,861
Bluerock Residential Growth REIT Inc09627J102	RTCS	$510,000	47,354
1-800-Flowers.com Inc68243Q106 · FLWS	CS	$4.2m	231,552
1st Source Corp336901103 · SRCE	CS	$1.8m	39,320
22nd Century Group Inc90137F103 · XXII	CS	$427,000	249,600
2U Inc90214J101	CS	$10.0m	141,465
Covanta Holding Corp22282E102	CS	$4.0m	230,750
Covenant Transportation Group Inc22284P105 · CVLG	CS	$1.9m	100,527
Covetrus Inc22304C100	CS	$4.8m	150,826
Covia Holdings Corp22305A103	CS	$808,000	144,546
Cowen Inc223622606	CS	$2.0m	138,768
CRA International Inc12618T105 · CRAI	CS	$2.4m	47,414
Cracker Barrel Old Country Store Inc22410J106 · CBRL	CS	$7.5m	46,620
Craft Brew Alliance Inc224122101	CS	$803,000	57,420
Crane Co224399105	CS	$4.6m	54,288
Crawford & Co224633107 · CRD.A	CS	$530,000	58,039
Cray Inc225223304	CS	$6.6m	251,744

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.