Goodwood SMID Long/Short Equity Strategy (GAMAX/GAMIX)

Portfolio Holdings Summay as of February 28, 2018

Long Exposure

LONG/SHORT EQUITY STRATEGY

Summary

SECTORS

Industrials

Basic Materials

Healthcare

Consumer Cyclical

Technology

Energy

ASSET ALLOCATION MARKET CAP ($millions)

Long Exposure

Short Exposure

Options (net)

Cash

Micro (<500)

Small (>500 <1000)

Mid (>1000 <8000)

Large (>8000 <4000)

0%

0%

(16)%

(22)%

HOLDINGS

Top 20

Top 30

# of Holdings

78%

57%

91%

(38)%

1%

9%

(7)%

(7)%

(2)%

(7)%

(6)%

(1)%

Total (38)%Gross Exposure 139%

3%

6%

48%

34%

91%

LONG SHORT LONG SHORT

15%

16%

17%

13%

8%

6%Net Exposure 54%

LONG SHORT

(38)%

(38)%

43 39

Top 10 33% (13)%

Utilities

Real Estate

Communication Services

Financial Services

0%

(1)%

0%

(2)%

0%

7%

0%

6%

BIO Bio-Rad Laboratories 3.46% Healthcare Diagnostics & Research$7,679

PAA Plains All American

GWR Genesee & Wyoming

3.24%

3.20%

Energy

Industrials

Oil & Gas Midstream

Railroads

$15,759

$4,374

GRMN Garmin 3.03% Technology Scientific & Technical Instruments$11,171

SKT Tanger Factory Outlet 2.86% Real Estate REIT - Retail$2,163

DESCRIPTIONTICKER % OF NET ASSETS MARKET CAP (millions) SECTOR INDUSTRY

EMN Eastman Chemical 3.88% Basic Materials Chemicals$14,535

MEOH Methanex 3.65% Basic Materials Chemicals$4,540

KEX Kirby 3.45% Industrials Shipping & Ports$4,470

WLK Westlake Chemical 3.32% Basic Materials Specialty Chemicals$14,375

JAZZ Jazz Pharmaceuticals 2.96% Healthcare Biotechnology$9,147

GOODWOODCAPITALMGMT.COM

EXP Eagle Materials 2.56% Basic Materials Building Materials$4,941

GNRC Generac Holdings

PII Polaris Industries

2.50%

2.34%

Industrials

Consumer Cyclical

Diversified Industrials

Recreational Vehicles

$2,775

$7,254

GPS Gap 2.18% Consumer Cyclical Apparel Stores$13,206

TRMB Trimble 2.13% Technology Scientific & Technical Instruments$9,434

CNK Cinemark Holdings 2.72% Consumer Cyclical Media - Diversified$4,869

RL Ralph Lauren 2.70% Consumer Cyclical Apparel Manufacturing$8,761

OAK Oaktree Capital Group 2.55% Financial Services Asset Management$6,501

TRN Trinity Industries 2.51% Industrials Railroads$5,039

COLL Collegium Pharmaceutical 2.14% Healthcare Drug Manufacturers - Specialty & Generic$797

CQH Cheniere Energy Partners 2.06% Energy Oil & Gas Midstream$6,358

EVR Evercore

WBC WABCO Holdings

1.90%

2.29%

Financial Services

Consumer Cyclical

Capital Markets

Auto Parts

$3,801

$7,516

FLIR FLIR Systems 1.76% Technology Scientific & Technical Instruments$6,806

BEAT BioTelemetry 1.65% Healthcare Diagnostics & Research$1,069

PRGO Perrigo Co 2.08% Healthcare Drug Manufacturers - Specialty & Generic$11,602

MYL Mylan 2.06% Healthcare Drug Manufacturers - Specialty & Genericv

$21,163

FRT Federal Realty Investment 2.04% Real Estate REIT - Retail$8,566

EPR EPR Properties 1.91% Real Estate REIT - Retail$4,113

K Kellogg 1.69% Consumer Defensive Packaged Foods$23,615

Consumer Defensive (6)%3%

PLOW Douglas Dynamics Consumer Cyclical Auto Parts$9831.82%

Note: Portfolio holdings are subject to change and are not recommendations to buy or sell securities.

NWPX Northwest Pipe

CSTM Constellium

1.34%

1.33%

Basic Materials

Basic Materials

Steel

Aluminum

$183

$1,256

HRTX Heron Therapeutics 1.30% Healthcare Drug Manufacturers - Specialty & Generic$1,387

CATM Cardtronics 1.14% Industrials Business Services$1,090

KR Kroger 1.53% Consumer Defensive Grocery Stores$24,449

AAP Advance Auto Parts 1.46% Consumer Cyclical Specialty Retail$8,636

FLXN Flexion Therapeutics 1.30% Healthcare Drug Manufacturers - Specialty & Generic$981

NBR Nabors Industries 0.99% Energy Oil & Gas Drilling$2,206

CG The Carlyle Group 1.05% Financial Services Asset Management$7,645

AOBC American Outdoor Brands 1.03% Industrials Aerospace & Defense$555

APAM Artisan Partners Asset 0.86% Financial Services Asset Management$2,545

Short Exposure

CHKP Check Point Software Tech -1.33% Technology Software - Application$17,202

XPO XPO Logistics

SNA Snap-on

-1.26%

-1.22%

Industrials

Industrials

Integrated Shipping & Logistics

Tools & Accessories

$11,902

$8,727

DESCRIPTIONTICKER % OF NET ASSETS MARKET CAP (millions) SECTOR INDUSTRY

WDFC WD-40 -1.59% Basic Materials Specialty Chemicals$1,808

DPS Dr Pepper Snapple Group -1.49% Consumer Defensive Beverages - Soft Drinks$20,859

CLX Clorox -1.32% Consumer Defensive Household & Personal Products$17,098

CHRW C.H. Robinson Worldwide -1.31% Industrials Integrated Shipping & Logistics$12,340

CERN TechnologyCerner -1.15% Health Information Services$21,100

SEIC SEI Investments

R Ryder System

-1.12%

-1.11%

Financial Services

Industrials

Asset Management

Rental & Leasing Services

$11,565

$3,856

Restaurant Brands Intl -1.20% Consumer Cyclical Restaurants$14,004

SMG The Scotts Miracle Gro -1.15% Basic Materials Agricultural Inputs$5,197

CTB Cooper Tire & Rubber -1.12% Consumer Cyclical Rubber & Plastics$1,638

GOODWOODCAPITALMGMT.COM

KWR Quaker Chemical -1.09% Basic Materials Specialty Chemicals$1,97

DXCM DexCom

HRL Hormel Foods

-1.00%

-1.00%

Healthcare

Consumer Defensive

Diagnostics & Research

Packaged Foods

$4,775

$17,450

SAFM Sanderson Farms -1.10% Consumer Defensive Packaged Foods$2,739

ALB Albemarle -1.03% Basic Materials Specialty Chemicals$10,659

CUBE CubeSmart -1.03% Real Estate REIT - Industrial$4,991

VVV Valvoline

AMD Advanced Micro Devices

-0.94%

-0.93%

Energy

Technology

Oil & Gas Refining & Marketing

Semiconductors

$4,566

$11,523

HAS Hasbro -0.98% Consumer Cyclical Leisure$11,973

NWL Newell Brands -0.95% Consumer Defensive Household & Personal Products$13,236

HOG Harley-Davidson -0.93% Consumer Cyclical Recreational Vehicles$7,526

CBOE Cboe Global Markets

PBH Prestige Brands Holdings

-0.86%

-0.86%

Financial Services

Healthcare

Financial Exchanges

Medical Distribution

$12,959

$1,897

BBY Best Buy Co -0.93% Consumer Cyclical Specialty Retail$21,594

International Flavors Basic Materials-0.90% Specialty Chemicals$10,887

SYMC Symantec -0.87% Technology Software - Application$16,695

DAR Darling Ingredients -0.84% Industrials Waste Management$3,014

SBH Sally Beauty Holdings -0.65% Consumer Cyclical Specialty Retail$2,152

AEIS Advanced Energy Indus -0.85% Technology Electronic Components$2,671

LII Lennox International -0.78% Industrials Diversified Industrials$8,206

SNAP Snap -0.66% Technology Internet Content & Information$22,430

QSR

IFF

GOODWOODCAPITALMGMT.COM

WEN The Wendy's -0.61% Consumer Cyclical Restaurants$3,910

ABC AmerisourceBergen -0.49% Healthcare Medical Distribution$20,675

CC The Chemours -0.49% Basic Materials Specialty Chemicals$8,904

POWL

PI

Powell Industries

Impinj

0.82%

0.81%

$313

$292

Industrials

Technology

Diversified Industrials

Electronic Components

FL Foot Locker -0.47% $4,959 Consumer Cyclical Footwear & Accessories

TREX Trex Co -0.40% $3,084 Basic Materials Building Materials