july 2016 - raymond james financial, inc. · fa --- eps is adjusted free cash flow/share. fc ---...

Global Research Published by Raymond James & Associates

© 2016 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. All rights reserved.

International Headquarters: The Raymond James Financial Center | 880 Carillon Parkway | St. Petersburg, Florida 33716 | 800-248-8863

July 2016

2 Raymond James Research Register - July 2016

Contents Consumer Healthcare Real Estate

USA .......................... 19

CAN .......................... 22

EUR .......................... 22

USA .......................... 45

USA .......................... 59

CAN .......................... 62

EUR .......................... 63

ARG .......................... 64

Energy Industrial Technology & Communications

USA .......................... 25

CAN .......................... 30

EUR .......................... 33

ARG .......................... 34

USA .......................... 51

CAN ......................... 52

EUR .......................... 53

USA .......................... 66

CAN .......................... 74

EUR .......................... 75

ARG .......................... 75

Financial Services Mining & Natural Resources Transportation

USA .......................... 35

CAN .......................... 43

ARG .......................... 43

CAN ......................... 55

ARG ......................... 58

USA .......................... 76

CAN .......................... 78

EUR .......................... 79

Analyst Index ................................................................................3

Upcoming Events ..........................................................................4

Research Coverage Changes ........................................................4

About This Publication ..................................................................5

Company Index .............................................................................7

Companies Under Coverage .......................................................19

Research Analysts and Sales & Trading Directories

USA .......................... 80

Canada ..................... 83

Europe ..................... 84

Argentina ................. 85

Raymond James Research Register - July 2016 3

Analyst Index

J. Marshall Adkins (JMA) ............................... 25

Brian G. Alexander, CFA (BGA) ...................... 66

Joseph Altobello, CFA (JA) ............................. 19

Robert P. Anastasi, CFA (RPA) ....................... 66

Ken Avalos (KA) ............................................. 62

Michael J. Baker (MJB) .................................. 45

Frederic Bastien, CFA (FB) ........................ 52,62

Jayson Bedford (JB) ....................................... 45

Reni Benjamin, Ph.D. (RB) ............................. 45

Stephane Beyazian (SB) ................................ 75

Mehdi Boudokhane (MB) .............................. 53

Andrew Bradford, CFA (AB) .......................... 30

Harry Breach (HB) ......................................... 53

Patrick Tyler Brown, CFA (TB) .................. 51,76

Benjamin Brownlow (BBL) ....................... 19,25

Budd Bugatch, CFA (BB) ........................... 19,51

Daniel E. Cardenas (DC) ................................ 35

Ben Cherniavsky (BC) ............................... 52,78

Chris Cox, CFA (CC) ........................................ 30

William A. Crow (WAC) ............................ 59,66

Sam Darkatsh (SD) ................................... 19,51

Hermine de Bentzmann (HB) ........................ 22

Jean-Pierre Dmirdjian (JPD) .......................... 33

Robert Dodd, Ph.D. (RD) ............................... 35

John Freeman, CFA (JF) ................................. 25

Brian Gesuale (BG) ........................................ 66

Steve Hansen, CFA, CPA, CMA (SH) ..... 52,55,78

Arthur W. Hatfield, CFA (AH) ......................... 76

Buck Horne, CFA (BH) .................................... 59

Darren Horowitz (DH) ................................... 25

Jonathan Hughes, CFA (JH) ............................ 59

Nicholas Jansen (NJ) ...................................... 45

Justin Jenkins (JJ) ........................................... 25

Wayne Johnson (WJ) ..................................... 66

Aaron Kessler, CFA (AK)................................. 66

Lawrence Keusch (LK).................................... 45

Patrick Lambert (PL) ...................................... 53

Cedric Lecasble (CL) ...................................... 22

Simon Leopold (SL) ........................................ 66

Steven Li, CFA (SLi) .............................. 30,66,74

David J. Long, CFA (DJL) ................................. 35

Frank G. Louthan IV (FGL) ............................. 66

Tavis C. McCourt, CFA (TMC)......................... 66

Jeremy McCrea, CFA (JM) ............................. 30

Collin Mings, CFA (CM) .................................. 59

Pavel Molchanov (PM) .................................. 25

Kurt Molnar (KM) .......................................... 30

Hans Mosesmann (HM)................................. 66

Praveen Narra, CFA (PN) ............................... 25

Patrick O'Shaughnessy, CFA (PO) .................. 35

Michael Overvelde, CFA, CPA, CA (MO) ... 43,52

Justin Patterson, CFA (JP) .............................. 66

C. Gregory Peters (CGP) ................................ 35

Brian Peterson, CFA (BP) ............................... 66

Ric Prentiss (RP)............................................. 66

Paul D. Puryear (PDP) .................................... 59

David Quezada, CFA (DQ) ......................... 30,52

Chris Quilty (CQ) ............................................ 66

John W. Ransom (JWR).................................. 45

Christopher Raymond (CR) ............................ 45

Emmanuel Retif (ER) ..................................... 33

Julien Richer, CFA (JR) ......................... 22,63,79

Johann Rodrigues (JR) ................................... 62

Michael Rose (MR) ........................................ 35

Phil Russo (PR) ............................................... 55

Steven D. Schwartz, CFA (SDS) ...................... 35

J. Steven Smigie (JSS) ..................................... 66

Kevin Smith (KS) ............................................ 25

Fernando Suarez (FS) ...................... 43,58,64,75

Daryl Swetlishoff, CFA (DS) ....................... 52,55

Savanthi Syth, CFA (SS) .................................. 76

Alex Terentiew, MBA (AT) ............................. 55

Chris Thompson, M.Sc. (Eng), P.Geo (CT) ...... 55

Terry Tillman (TT) .......................................... 66

Michael Turits, Ph.D. (MT) ............................. 66

Kenric S. Tyghe, MBA (KT) ............................. 22

Brian M. Vaccaro, CFA (BV) ........................... 19

William J. Wallace IV (WW) ........................... 35

Santiago Wesenack, CFA (SW) ............. 34,43,58

Dan Wewer, CFA (DW) .................................. 19

Elliot Wilbur, CFA (EW) .................................. 45

Donald A. Worthington (DAW) ...................... 35


Upcoming Events

Farnborough Air Show (EUR) July 12, 2016; London, England Park City Summit (USA) August 15-16, 2016; Park City, Utah

U.S. Bank Conference (USA) September 7, 2016; Chicago, Illinois North American Equities Conference (USA) September 13, 2016; London, England

Research Coverage Changes

Additions Deletions

USA

ANI Pharmaceuticals, Inc. (ANIP:Q)

Blueprint Medicines Corporation (BPMC:Q)

GigPeak, Inc. (GIG:M)

GMS Inc. (GMS:N)

GoDaddy Inc. (GDDY:N)

Juno Therapeutics, Inc. (JUNO:Q)

Karyopharm Therapeutics Inc. (KPTI:Q)

Kite Pharma, Inc. (KITE:Q)

NantKwest, Inc. (NK:Q)

Synergy Resources Corporation (SYRG:Q)

Teligent, Inc. (TLGT:Q)

Trimble Navigation Limited (TRMB:Q)

Visteon Corporation (VC:N)

ZIOPHARM Oncology, Inc. (ZIOP:Q)

CAN

Advantage Oil & Gas Ltd. (AAV:T)

Boyd Group Income Fund (BYD.UN:T)

Raging River Exploration Inc. (RRX:T)

Slate Retail REIT (SRT.U:T)

Whistler Blackcomb Holdings Inc. (WB:T)

EUR

Eni (ENI.MI:BIT)

USA

Arctic Cat, Inc. (ACAT:Q)

Cablevision Systems Corp. (CVC:N)

Carmike Cinemas, Inc. (CKEC:Q)

Carnival Corp. (CCL:N)

Cinemark Holdings, Inc. (CNK:N)

Colgate-Palmolive Company (CL:N)

Elizabeth Arden Inc. (RDEN:Q)

Marine Products Corporation (MPX:N)

Progressive Waste Solutions Ltd. (BIN:N)

Regal Entertainment Group (RGC:N)

Royal Caribbean Cruises Ltd. (RCL:N)

EUR

Rexel (RXL.PA:EPA)

Schneider Electric (SU.PA:EPA)

Wolseley (WOS.L:L)

Changes

Argo Group International Holdings, Ltd. (AGII:Q) adjusted for 10% stock dividend

Atlantic Tele-Network Inc. (ATNI:Q) changed its name to ATN International Inc.

California Resources Corporation (CRC:N) adjusted for 1:10 reverse stock split

Core-Mark Holding Company, Inc. (CORE:Q) adjusted for 2:1 stock split

Home BancShares, Inc. (HOMB:Q) adjusted for 2:1 stock split

M/A-COM Technology Solutions Holdings Inc. (MTSI:Q) changed its name to MACOM Technology Solutions Holdings Inc.

Oncothyreon Inc. (ONTY:Q) changed its name and symbol to Cascadian Therapeutics Inc. (CASC:Q)

Resolute Energy Corp. (REN:N) adjusted for 1:5 reverse stock split

SS&C Technologies Holdings, Inc. (SSNC:Q) adjusted for 2:1 stock split

Stock Yards Bancorp Inc. (SYBT:Q) adjusted for 3:2 stock split

Westport Innovations Inc. (WPRT:Q) changed its name to Westport Fuel Systems Inc.


About This Publication The Equity Research Register is a monthly statistical summary of financial data. It is compiled from infor-mation from each of the contributing entities. Following are some general notes about the information contained in this publication.

Symbol and Exchange = the stock exchange where the largest volume of the equity trades and the company’s ticker on that exchange. Specific exchange abbreviations are defined on the following page.

Currency = U.S. dollars unless otherwise noted. Currencies are defined on the following page.

Closing Price = last price from indicated date on the indicated stock exchange.

Target Price = Raymond James & Associates (USA) and Raymond James Argentina have target prices only for stocks with Strong Buy 1 or Outperform 2 ratings. Raymond James Ltd. (Canada) has target prices for all stock ratings. Raymond James Euro Equities/Raymond James Financial International Limited has target prices for stocks with Strong Buy 1, Outperform 2, and Underperform 4 ratings. Projected 12-month price targets may not reflect recent stronger price action in a specific stock.

Earnings = EPS unless otherwise denoted. Currency for earnings is the same as that of the Closing Price unless otherwise denoted. In situations where the currency for the closing price differs from the currency for earnings, a currency adjustment factor has been employed. See Footnotes on the following page.

Analysts = the initials of the lead analyst on the specific stock and the secondary analyst if applicable.

Definitions of Stock and Suitability Ratings can be found in the Disclosures section at the back of this publication.

International investments involve additional risks such as currency fluctuations, differing financial accounting standards, and possible political and economic instability. Any foreign securities discussed in this report are generally not eligible for sale in the U.S. unless they are listed on a U.S. exchange. Investing in securities of issuers organized outside of the U.S., including ADRs, may entail certain risks. The securities of non-U.S. issuers may not be registered with, nor be subject to the reporting requirements of, the U.S. Securities and Exchange Commission. There may be limited information available on such securities. This report is being provided for informational purposes only and does not represent a solicitation for the purchase or sale of a security in any state where such a solicitation would be illegal. Please ask your Financial Advisor for additional details and to determine if a particular security is eligible for solicitation in your state.

Limited Partnerships may generate Unrelated Business Taxable Income (UBTI), which can create a tax liability that must be paid from a retirement account. You should receive a Schedule K-1 from the partnership annually that would include UBTI and other financial information. Please consult with your tax advisor to determine whether you must file and pay tax from your account.


Exchanges

AMS ---- Amsterdam Stock Exchange

BA ---- Buenos Aires SE

BATS --- BATS BZX

BIT ---- Italy – Borsa Italiana

EBR ---- Euronext Brussels

ELI ---- Euronext Lisbon

EPA ---- Euronext Paris

ETR ---- Germany – XETRA

HEL ---- Helsinki Stock Exchange

L ---- London Stock Exchange

M ---- NYSE MKT

MAD --- Madrid Stock Exchange

MCE --- Madrid Stock Exchange C.A.T.S.

N --- NYSE

OSL --- Oslo Stock Exchange

OTC ---- OTC

PRG --- Prague Stock Exchange

Q --- NASDAQ

STO --- Stockholm Stock Exchange

SWF --- Switzerland – Swiss Exchange

T --- TSX

V --- TSX Venture

WBAG --- Austria, Wiener Borse

Currencies

AR$ ---- Argentine peso

p ---- British pence

£ ---- British pound

C$ ---- Canadian dollar

CZK ---- Czech koruna

€ --- Euro

NOK --- Norwegian krone

SEK --- Swedish krona

CHF --- Swiss franc

US$ or $ --- U.S. dollar

Footnotes

NA ---- Not Available.

NM ---- Not Meaningful.

R ---- Research Restricted.

UR ---- Under Review.

$D ---- EPS is shown in U.S. dollars.

$E ---- EPS is shown in euros.

$R ---- EPS is shown in South African rand.

ae ---- EPS is Adjusted EBITDA.

af ---- EPS is Adjusted Funds from Operations (AFFO).

ca ---- EPS is Cash Available for Distribution/Share.

cb ---- EPS is EBITDA (mil.).

cf ---- EPS is Cash Flow per Share.

cu ---- EPS is Cash Distribution per Unit.

ed --- EPS is Earnings per ADS.

f --- Fiscal years ending before May are treated as previous year.

fa --- EPS is Adjusted Free Cash Flow/Share.

fc --- EPS is Free Cash Flow/Share.

is --- Reported figures are in accordance with International Financial Reporting Standards (IFRS).

ni --- EPS is Net Investment Income per Share.

r --- Figures are based on ADRs/ADSs.

rf --- EPS is Recurring Free Cash Flow per Share.

sa --- EPS is Sales (mil.).

vf --- EPS is Valuation Free Cash Flow/Share.

x --- EPS is Funds From Operations (FFO).

y --- EPS is Distributable Cash Flow per Share.

Company Index


1st Constitution Bancorp (FCCY:Q) 36 8point3 Energy Partners L.P. (CAFD:Q) 30 AAC Holdings, Inc. (AAC:N) 45 Aaron's Inc. (AAN:N) 20 Abaxis, Inc. (ABAX:Q) 45 Abbott Laboratories (ABT:N) 48 Abiomed Inc. (ABMD:Q) 48 Acadia Healthcare Co. (ACHC:Q) 45 Acadian Timber Corp. (ADN:T) 56 Accenture plc (ACN:N) 71 Access National Corporation (ANCX:Q) 36 AccorHotels (ACCP.PA:EPA) 63 ACI Worldwide, Inc. (ACIW:Q) 69 Acorda Therapeutics, Inc. (ACOR:Q) 46 Adecoagro S.A. (AGRO:N) 58 Adidas (ADSGn.DE:ETR) 23 ADMA Biologics, Inc. (ADMA:Q) 46 ADP (ADP.PA:EPA) 54 ADTRAN, Inc. (ADTN:Q) 68 Advance Auto Parts, Inc. (AAP:N) 19 Advanced Energy Industries, Inc. (AEIS:Q) 30 Advanced Micro Devices (AMD:Q) 72 Advantage Oil & Gas Ltd. (AAV:T) 31 The Advisory Board Company (ABCO:Q) 47 Aecon Group (ARE:T) 52 AeroVironment Inc. (AVAV:Q) 66 Aetna (AET:N) 45 Aflac, Inc. (AFL:N) 41 Agnico Eagle Mines (AEM:N) 57 Agree Realty Corporation (ADC:N) 60 Agrium Inc. (AGU:N) 55 AGT Food and Ingredients Inc. (AGT:T) 55 Ahold (AHLN.AS:AMS) 23 AIMIA (AIM:T) 22 Air Canada (AC:T) 78 Air France-KLM (AIRF.PA:EPA) 79 Air Liquide (AIRP.PA:EPA) 54 Airbus Group (AIR.PA:EPA) 53 Akamai Technologies, Inc. (AKAM:Q) 70 Akorn, Inc. (AKRX:Q) 49 AkzoNobel (AKZO.AS:AMS) 54 Alacer Gold Corp (ASR:T) 57 Alamos Gold Inc. (AGI:N) 57 Alaris Royalty Corp. (AD:T) 52 Alarm.com Holdings (ALRM:Q) 69 Alaska Air Group (ALK:N) 76 Alcentra Capital Corporation (ABDC:Q) 42 Alere, Inc. (ALR:N) 47 Alexion Pharmaceuticals Inc. (ALXN:Q) 46 Alibaba Group Holding Ltd. (BABA:N) 70 Allegiant Travel Co. (ALGT:Q) 77 Allergan plc (AGN:N) 49 Alliance Data Systems Corp. (ADS:N) 69 Allied Properties REIT (AP.UN:T) 62 Allscripts Healthcare Solutions Inc. (MDRX:Q) 47 Allstate Corporation (ALL:N) 41 Alphabet, Inc. (GOOG:Q) 71 AltaGas Ltd. (ALA:T) 30 Alterra Power Corp. (AXY:T) 30 Altius Minerals Corporation (ALS:T) 56 AMAG Pharmaceuticals, Inc. (AMAG:Q) 46 Amazon.com Inc. (AMZN:Q) 70

Amber Road, Inc. (AMBR:N) 67 Amedisys (AMED:Q) 45 America Movil, S.A.B. de C.V. (AMX:N) 72 American Airlines Group, Inc. (AAL:Q) 76 American Equity Investment Life Holding Company (AEL:N) 41 American Farmland Company (AFCO:M) 60 American Financial Group, Inc. (AFG:N) 41 American Homes 4 Rent (AMH:N) 61 American National Bankshares, Inc. (AMNB:Q) 36 American Railcar Industries, Inc. (ARII:Q) 77 American River Bankshares (AMRB:Q) 36 American Tower (AMT:N) 72 AmeriGas Partners L.P. (APU:N) 27 AmerisourceBergen Corp. (ABC:N) 47 Amgen, Inc. (AMGN:Q) 46 Amphastar Pharmaceuticals, Inc. (AMPH:Q) 49 AmSurg Corporation (AMSG:Q) 45 Anadarko Petroleum Corp. (APC:N) 25 Analog Devices, Inc. (ADI:Q) 66 Angie's List, Inc. (ANGI:Q) 71 AngioDynamics (ANGO:Q) 48 ANI Pharmaceuticals, Inc. (ANIP:Q) 49 Antero Midstream Partners L.P. (AM:N) 27 Antero Resources Corporation (AR:N) 25 Anthem (ANTM:N) 45 Aon plc (AON:N) 40 Apache Corporation (APA:N) 25 Apartment Investment and Management Company (AIV:N) 61 Apollo Investment Corp. (AINV:Q) 42 Apple Inc. (AAPL:Q) 69 Applied Micro Circuits Corporation (AMCC:Q) 72 Applied Optoelectronics, Inc. (AAOI:Q) 68 ARC Resources Ltd. (ARX:T) 31 ArcBest Corp. (ARCB:Q) 78 Archrock Partners L.P. (APLP:Q) 28 Ares Capital Corp. (ARCC:Q) 42 Argo Group International Holdings, Ltd. (AGII:Q) 41 Arista Networks (ANET:N) 68 Arkema (AKE.PA:EPA) 54 ARM Holdings plc (ARMH:Q) 72 Armada Hoffler Properties (AHH:N) 61 ARRIS (ARRS:Q) 68 Arrow Electronics, Inc. (ARW:N) 71 Arthur J. Gallagher & Co. (AJG:N) 40 Artis REIT (AX.UN:T) 62 Asanko Gold Inc. (AKG:T) 57 Associated Banc-Corp (ASB:M) 36 Assurant, Inc. (AIZ:N) 41 AT&T Inc. (T:N) 73 Athabasca Oil Corp. (ATH:T) 31 athenahealth Inc. (ATHN:Q) 47 Atlantic Capital Bancshares, Inc. (ACBI:Q) 36 Atlassian (TEAM:Q) 70 ATN International Inc. (ATNI:Q) 72 Atwood Oceanics (ATW:N) 29 Autogrill (AGL.BIT:BIT) 23 AutoZone, Inc. (AZO:N) 19 Avigilon Corporation (AVO:T) 74 Avnet, Inc. (AVT:N) 71 B2Gold Corp. (BTO:T) 57 BAE Systems (BAES.L:L) 53 Baker Hughes, Inc. (BHI:N) 28

Company Index


Banc of California, Inc. (BANC:N) 36 BancFirst Corporation (BANF:Q) 36 Banco Macro S.A. (BMA:N) 43 The Bancorp, Inc. (TBBK:Q) 36 BancorpSouth, Inc. (BXS:N) 36 Bank of America Corporation (BAC:N) 36 Bank of Commerce Holdings (BOCH:Q) 36 Bank of Marin Bancorp (BMRC:Q) 36 Bank of New York Mellon Corp (BK:N) 36 Bank of the Ozarks Inc. (OZRK:Q) 36 Banner Corporation (BANR:Q) 36 Barrick Gold Corporation (ABX:N) 57 BASF (BASFn.DE:ETR) 54 Basic Energy Services, Inc. (BAS:N) 29 BATS Global Markets, Inc. (BATS:BATS) 40 Baxter International Inc. (BAX:N) 48 Baylin Technologies Inc. (BYL:T) 74 Baytex Energy Corporation (BTE:T) 31 BB&T Corporation (BBT:N) 36 BBCN Bancorp, Inc. (BBCN:Q) 36 BBVA Banco Frances (BFR:N) 43 Beacon Roofing Supply, Inc. (BECN:Q) 51 Bear Creek Mining Corp. (BCM:V) 57 Becton, Dickinson and Company (BDX:N) 48 Bed Bath & Beyond (BBBY:Q) 20 Beiersdorf (BEIG.DE:ETR) 23 Bellatrix Exploration Ltd. (BXE:T) 31 Benefitfocus, Inc. (BNFT:Q) 67 Best Buy Company, Incorporated (BBY:N) 19 BGC Partners, Inc. (BGCP:Q) 40 BIC (BB.FP:EPA) 23 Big Lots Inc. (BIG:N) 20 Biogen Inc. (BIIB:Q) 46 BioMarin Pharmaceutical Inc. (BMRN:Q) 46 Birchcliff Energy Ltd. (BIR:T) 31 Bird Construction Inc. (BDT:T) 52 Black Diamond Group Limited (BDI:T) 32 Black Stone Minerals L.P. (BSM:N) 25 BlackBerry (BBRY:Q) 74 Blackhawk Network Holdings, Inc. (HAWK:Q) 69 Bloomin' Brands, Inc. (BLMN:Q) 21 Blue Capital Reinsurance Holdings Ltd. (BCRH:N) 41 Blueprint Medicines Corporation (BPMC:Q) 46 BNC Bancorp (BNCN:Q) 36 Boardwalk Pipeline Partners L.P. (BWP:N) 27 Boardwalk REIT (BEI.UN:T) 63 BofI Holding, Inc. (BOFI:Q) 36 BOK Financial Corp. (BOKF:Q) 36 Bombardier Inc. (BBD.B:T) 52 Bonanza Creek Energy, Inc. (BCEI:N) 25 Bonavista Energy Corporation (BNP:T) 31 Bonterra Energy Corp. (BNE:T) 31 Booz Allen Hamilton Holding Corp. (BAH:N) 71 Boralex, Inc. (BLX:T) 32 Boston Scientific Corp. (BSX:N) 48 Bottomline Technologies (EPAY:Q) 69 Bouygues (BOUY.PA:EPA) 75 Box, Inc. (BOX:N) 67 Boyd Group Income Fund (BYD.UN:T) 53 BP plc (BP:N) 26 Brandywine Realty Trust (BDN:N) 61 Briggs & Stratton (BGG:N) 19

Brightcove Inc. (BCOV:Q) 67 Brinker International (EAT:N) 21 Broadcom Limited (AVGO:Q) 66 Broadridge Financial Solutions, Inc. (BR:N) 40 BroadSoft, Inc. (BSFT:Q) 68 Brookfield Canada Office Properties (BOX.UN:T) 62 Brookfield Infrastructure Partners L.P. (BIP:N) 52 Brookfield Renewable Energy Partners L.P. (BEP:N) 52 Brown & Brown, Inc. (BRO:N) 40 Brunswick Corp. (BC:N) 21 BT (BT.L:L) 75 Buffalo Wild Wings, Inc. (BWLD:Q) 21 C.H. Robinson Worldwide (CHRW:Q) 77 C.R. Bard, Inc. (BCR:N) 48 C1 Financial, Inc. (BNK:N) 36 CA Technologies (CA:Q) 70 Cabela’s Inc. (CAB:N) 20 Cabot Oil & Gas Corp. (COG:N) 25 CACI International Inc. (CACI:N) 71 CAE Inc. (CAE:T) 52 CafePress Inc. (PRSS:Q) 70 CalAtlantic Group Inc. (CAA:N) 59 Calfrac Well Services (CFW:T) 32 California Resources Corporation (CRC:N) 25 Calix, Inc. (CALX:N) 68 Callaway Golf Co. (ELY:N) 20 Calumet Specialty Products Partners L.P. (CLMT:Q) 27 Campari (CPR.MI:BIT) 22 Canadian Apartment Properties REIT (CAR.UN:T) 63 Canadian Energy Services & Technology Corp. (CEU:T) 32 Canadian National Railway (CNR:T) 78 Canadian Natural Resources Ltd (CNQ:T) 32 Canadian Pacific Railway, LTD (CP:T) 78 Canadian Tire Corporation (CTC.A:T) 22 Canam Group (CAM:T) 53 Canexus Corporation (CUS:T) 52 Canfor Corp. (CFP:T) 56 Canfor Pulp Products Inc. (CFX:T) 56 CanWel Building Materials Group Ltd. (CWX:T) 78 Canyon Services Group Inc. (FRC:T) 32 Capital Power Corporation (CPX:T) 32 Capital Product Partners L.P. (CPLP:Q) 27 Capital Senior Living Corp. (CSU:N) 45 Capstone Mining Corp. (CS:T) 56 Cara Operations Limited (CAO:T) 22 Cardinal Financial Corporation (CFNL:Q) 36 Cardinal Health Inc. (CAH:N) 47 CareDx, Inc. (CDNA:Q) 47 CareTrust REIT, Inc (CTRE:Q) 60 Carolina Financial Corporation (CARO:Q) 36 Carrefour (CARR.PA:EPA) 23 Carriage Services, Inc. (CSV:N) 46 Carrols Restaurant Group, Inc. (TAST:Q) 21 Cascadian Therapeutics Inc. (CASC:Q) 46 Casella Waste Systems, Inc. (CWST:Q) 51 Casey's General Stores, Inc. (CASY:Q) 20 Casino (CASP.PA:EPA) 23 Castlight Health, Inc. (CSLT:N) 67 Catalent, Inc. (CTLT:N) 49 CatchMark Timber Trust, Inc. (CTT:N) 62 Cavium Inc. (CAVM:Q) 72 CBL & Associates Properties, Inc. (CBL:N) 60

Company Index


CBOE Holdings, Inc. (CBOE:Q) 40 CDW Corporation (CDW:Q) 71 Cedar Realty Trust, Inc. (CDR:N) 61 Celadon Group, Inc. (CGI:N) 78 Celgene Corporation (CELG:Q) 46 Cenovus Energy, Inc. (CVE:T) 32 Centene (CNC:N) 45 CenterState Banks, Inc. (CSFL:Q) 36 Central Pacific Financial Corp. (CPF:N) 36 CenturyLink (CTL:N) 73 Cepheid (CPHD:Q) 47 Cerner Corporation (CERN:Q) 47 Cervus Equipment Corp. (CVL:T) 52 CEZ (CEZsp.PR:PRG) 33 CGI Group (GIB.A:T) 74 ChannelAdvisor Corporation (ECOM:N) 67 Charles River Laboratories (CRL:N) 49 The Charles Schwab Corporation (SCHW:N) 40 Chart Industries, Inc. (GTLS:Q) 29 Charter Communications, Inc. (CHTR:Q) 73 Check Point Software Technologies (CHKP:Q) 70 Cheesecake Factory Inc. (CAKE:Q) 21 Chegg, Inc. (CHGG:N) 70 Chemical Financial Corp. (CHFC:Q) 36 Chemtrade Logistics Income Fund (CHE.UN:T) 52 Cheniere Energy Partners L.P. (CQP:M) 27 Cheniere Energy, Inc. (LNG:M) 27 Chesapeake Energy Corp. (CHK:N) 25 Chevron Corp. (CVX:N) 26 Chinook Energy Inc. (CKE:T) 31 Chipotle Mexican Grill, Inc. (CMG:N) 21 Choice Properties REIT (CHP.UN:T) 63 Christian Dior (DIOR.PA:EPA) 23 Chubb Limited (CB:N) 41 Church & Dwight Co., Inc. (CHD:N) 21 Chuy's Holdings, Inc. (CHUY:Q) 21 Ciena Corporation (CIEN:N) 68 CIGNA Corporation (CI:N) 45 Cimarex Energy Co. (XEC:N) 25 Cincinnati Bell Inc. (CBB:N) 73 Cineplex Inc. (CGX:T) 22 Cisco Systems (CSCO:Q) 68 Citrix Systems Inc. (CTXS:Q) 70 Civitas Solutions, Inc. (CIVI:N) 45 Clariant (CLN.VX:SWF) 54 Clayton Williams Energy, Inc. (CWEI:N) 25 Clean Energy Fuels Corp. (CLNE:Q) 29 Clean Harbors (CLH:N) 51 The Clorox Company (CLX:N) 21 CM Finance Inc. (CMFN:Q) 42 CME Group Inc. (CME:Q) 40 CNO Financial Group (CNO:N) 41 Cobham (COB.L:L) 53 Coeur Mining Inc. (CDE:N) 57 Cogent Communications Holdings Inc. (CCOI:Q) 73 Cognex Corporation (CGNX:Q) 66 Colliers International Group Inc. (CIGI:Q) 62 Colruyt (COLR.BR:EBR) 23 Columbia Banking System, Inc. (COLB:Q) 36 Comcast Corp. (CMCSA:Q) 73 Comerica Inc. (CMA:N) 36 Commerce Bancshares, Inc. (CBSH:Q) 36

CommScope Holding Company, Inc. (COMM:Q) 68 Communications Sales & Leasing, Inc. (CSAL:Q) 73 Community Bank System, Inc. (CBU:N) 36 Community Health Systems, Inc. (CYH:N) 48 Community Trust Bancorp, Inc. (CTBI:Q) 36 CommVault Systems Inc. (CVLT:Q) 70 Compass Diversified Holdings (CODI:N) 42 Compass Group (CPG.L:L) 23 Computer Programs and Systems, Inc. (CPSI:Q) 47 Computer Sciences Corporation (CSC:N) 71 Comtech Telecommunications Corp. (CMTL:Q) 72 Concho Resources Inc. (CXO:N) 25 Conifer Holdings, Inc. (CNFR:Q) 41 Conifex Timber Inc. (CFF:T) 56 ConnectOne Bancorp, Inc. (CNOB:Q) 36 Connecture Inc. (CNXR:Q) 47 ConocoPhillips (COP:N) 25 CONSOL Energy Inc. (CNX:N) 25 Consolidated Communications Holdings (CNSL:Q) 73 Continental Resources Inc. (CLR:N) 25 Control4 Corporation (CTRL:Q) 69 The Cooper Companies, Inc. (COO:N) 48 Copa Holdings, S.A. (CPA:N) 76 Copper Mountain Mining (CUM:T) 56 Core-Mark Holding Company, Inc. (CORE:Q) 20 Corporate Office Properties Trust (OFC:N) 61 Costco Wholesale Corporation (COST:Q) 20 Covanta Holding Corp. (CVA:N) 51 Covestro (1COV.DE:ETR) 54 CPI Card Group Inc. (PMTS:Q) 69 Crawford & Company (CRD.B:N) 40 Credit Acceptance Corp. (CACC:Q) 42 CREIT (REF.UN:T) 62 Crescent Point Energy (CPG:T) 31 Crestwood Equity Partners L.P. (CEQP:N) 27 Cresud SACIFYA (CRESY:Q) 58 Crew Energy Inc. (CR:T) 31 Criteo S.A. (CRTO:Q) 70 Crombie REIT (CRR.UN:T) 63 CrossAmerica Partners L.P. (CAPL:N) 27 Crown Capital Partners Inc. (CRN:T) 43 Crown Castle International (CCI:N) 72 CSI Compressco Partners L.P. (CCLP:Q) 28 CSRA Inc. (CSRA:N) 71 CST Brands, Inc. (CST:N) 20 CSX Corp. (CSX:Q) 77 CT Real Estate Investment Trust (CRT.UN:T) 63 Ctrip.com International, Ltd. (CTRP:Q) 71 CU Bancorp (CUNB:Q) 36 CubeSmart (CUBE:N) 61 Cubic Corporation (CUB:N) 66 Culp, Inc. (CFI:N) 19 CVB Financial Corp. (CVBF:Q) 37 CVS Health (CVS:N) 47 Cypress Energy Partners L.P. (CELP:N) 29 CyrusOne Inc. (CONE:Q) 73 D.R. Horton, Inc. (DHI:N) 59 Darden Restaurants (DRI:N) 21 Dave & Buster's Entertainment, Inc. (PLAY:Q) 21 DaVita HealthCare Partners Inc. (DVA:N) 45 Dawson Geophysical Company (DWSN:Q) 29 DCT Industrial Trust, Inc. (DCT:N) 61

Company Index


Del Frisco’s Restaurant Group, Inc. (DFRG:Q) 21 Delek Logistics Partners L.P. (DKL:N) 27 Delek US Holdings, Inc. (DK:N) 26 Delhaize (DELB.BR:EBR) 23 Delphi Energy Corp. (DEE:T) 31 Delta Air Lines, Inc. (DAL:N) 76 Demandware (DWRE:N) 67 Denbury Resources Inc. (DNR:N) 25 The Descartes Systems Group Inc. (DSGX:Q) 74 Detour Gold Corp. (DGC:T) 57 Deutsche Telekom (DTE.DE:ETR) 75 Devon Energy Corporation (DVN:N) 25 DexCom Inc. (DXCM:Q) 48 DH Corporation (DH:T) 69 Dia (DIDA.MC:MAD) 23 Diageo (DGE.L:L) 22 Diamond Offshore (DO:N) 29 Diamondback Energy, Inc. (FANG:Q) 25 DiamondRock Hospitality Company (DRH:N) 60 Dick`s Sporting Goods Inc. (DKS:N) 20 Digi International Inc. (DGII:Q) 69 Digital Realty Trust, Inc. (DLR:N) 61 DigitalGlobe, Inc. (DGI:N) 72 DineEquity, Inc. (DIN:N) 21 Diodes Incorporated (DIOD:Q) 66 Dipexium Pharmaceuticals, Inc. (DPRX:Q) 49 Diplomat Pharmacy, Inc. (DPLO:N) 49 DIRTT Environmental Solutions Ltd. (DRT:T) 53 DISH Network Corp. (DISH:Q) 72 The Dixie Group (DXYN:Q) 19 Dollar General Corp. (DG:N) 20 Dollar Tree, Inc. (DLTR:Q) 20 Dollarama (DOL:T) 22 Domtar (UFS:N) 56 Douglas Emmett (DEI:N) 61 DragonWave (DRWI:Q) 74 DSM (DSMN.AMS:AMS) 54 Duluth Holdings Inc. (DLTH:Q) 20 DuPont Fabros Technology Inc. (DFT:N) 61 E*TRADE FINANCIAL Corporation (ETFC:Q) 40 E.On (EONGn.DE:ETR) 33 East West Bancorp, Inc. (EWBC:Q) 37 Easterly Government Properties, Inc. (DEA:N) 61 Eastern Virginia Bankshares, Inc. (EVBS:Q) 37 EastGroup Properties, Inc. (EGP:N) 61 easyJet plc (EZJ.L:L) 79 eBay Inc. (EBAY:Q) 70 EchoStar Corporation (SATS:Q) 72 Ecopetrol S.A. (EC:N) 26 Edenor (EDN:N) 34 Edenred (EDEN.PA:EPA) 23 EDF (EDF.PA:EPA) 33 Eiffage (FOUG.PA:EPA) 54 Eldorado Gold Corp. (EGO:N) 57 Element Financial Corporation (EFN:T) 43 Elior (ELIOR.PA:EPA) 23 EMC Corporation (EMC:N) 71 Empire Company Limited (EMP.A:T) 22 Encore Capital Group Inc. (ECPG:Q) 42 Endeavour Mining Corp. (EDV:T) 57 Endeavour Silver Corp. (EDR:T) 57 Endo International plc (ENDP:Q) 49

Enel (ENEI.MI:BIT) 33 Enerflex Ltd. (EFX:T) 32 Energen Corp. (EGN:N) 25 Energy Transfer Equity L.P. (ETE:N) 27 Energy Transfer Partners L.P. (ETP:N) 27 EnerNOC, Inc. (ENOC:Q) 30 Enerplus Corporation (ERF:T) 31 Engie (GSZ.PA:EPA) 33 Eni (ENI.MI:BIT) 33 EnLink Midstream LLC (ENLC:N) 27 EnLink Midstream Partners L.P. (ENLK:N) 27 Enphase Energy, Inc. (ENPH:Q) 30 Ensco plc (ESV:N) 29 Ensign Energy Services Inc. (ESI:T) 31 Enterprise Products Partners L.P. (EPD:N) 27 Envestnet, Inc. (ENV:N) 40 Enviva Partners L.P. (EVA:N) 30 EOG Resources, Inc. (EOG:N) 25 Equinix (EQIX:Q) 73 Equity One, Inc. (EQY:N) 61 Equity Residential (EQR:N) 61 Ericsson (ERIC:Q) 68 Essential Energy Services Ltd. (ESN:T) 32 Essex Property Trust, Inc. (ESS:N) 61 Essilor (ESSI.PA:EPA) 23 Estee Lauder Companies (EL:N) 21 Ethan Allen Interiors (ETH:N) 19 EV Energy Partners L.P. (EVEP:Q) 25 EverBank Financial Corp (EVER:N) 37 Evertz Technologies Ltd. (ET:T) 74 Expedia, Inc. (EXPE:Q) 71 Expeditors International of Washington, Inc. (EXPD:Q) 77 Express Scripts (ESRX:Q) 45 Extra Space Storage (EXR:N) 61 Extreme Networks, Inc. (EXTR:Q) 68 Exxon Mobil Corp. (XOM:N) 26 F5 Networks, Inc. (FFIV:Q) 68 Facebook, Inc. (FB:Q) 71 FactSet Research Systems Inc. (FDS:N) 40 Fairchild Semiconductor International (FCS:Q) 66 Farmers Capital Bank Corp. (FFKT:Q) 37 Farmers National Banc Corp. (FMNB:Q) 37 Fastenal Company (FAST:Q) 51 Fate Therapeutics, Inc. (FATE:Q) 46 FBL Financial Group (FFG:N) 41 Federal Realty Investment Trust (FRT:N) 61 Federated National Holding Company (FNHC:Q) 41 FedEx Corporation (FDX:N) 77 Ferrellgas Partners L.P. (FGP:N) 27 Ferrovial (FER.MC:MAD) 54 Fidelity National Information Services (FIS:N) 69 Fidus Investment Corporation (FDUS:Q) 42 Fiesta Restaurant Group, Inc. (FRGI:Q) 21 Fifth Street Finance Corp. (FSC:Q) 42 Fifth Third Bancorp (FITB:Q) 37 Financial Engines, Inc. (FNGN:Q) 40 Finisar Corporation (FNSR:Q) 68 Finning International (FTT:T) 52 FireEye Inc. (FEYE:Q) 70 First Bancorp (FBNC:Q) 37 First Busey Corporation (BUSE:Q) 37 First Business Financial Services, Inc. (FBIZ:Q) 37

Company Index


First Capital Realty (FCR:T) 63 First Commonwealth Financial Corp. (FCF:N) 37 First Community Corporation (FCCO:Q) 37 First Defiance Financial Corp. (FDEF:Q) 37 First Financial Bancorp (FFBC:Q) 37 First Financial Corporation (THFF:Q) 37 First Foundation Inc. (FFWM:Q) 37 First Horizon National Corporation (FHN:N) 37 First Industrial Realty Trust, Inc. (FR:N) 61 First Majestic Silver (FR:T) 57 First Midwest Bancorp, Inc. (FMBI:Q) 37 The First of Long Island Corporation (FLIC:Q) 37 First Potomac Realty Trust (FPO:N) 61 First Quantum Minerals Ltd. (FM:T) 56 First Republic Bank (FRC:N) 37 First Solar, Inc. (FSLR:Q) 30 FirstMerit Corp. (FMER:Q) 37 FirstService Corporation (FSV:Q) 62 Fitbit, Inc. (FIT:N) 69 FleetCor Technologies (FLT:N) 69 Fleetmatics Group PLC (FLTX:N) 67 Flex (FLEX:Q) 69 FLIR Systems (FLIR:Q) 66 FMC Technologies, Inc. (FTI:N) 28 Fnac (FNAC.PA:EPA) 23 Fortinet Inc. (FTNT:Q) 70 Fortress Paper (FTP:T) 56 Fortress Transportation & Infrastructure Investors LLC (FTAI:N) 77 Fortum (FUM1V.HE:HEL) 33 Fortuna Silver Mines Inc. (FVI:T) 57 Forward Air Corporation (FWRD:Q) 77 Four Corners Property Trust, Inc. (FCPT:N) 60 Franco-Nevada Corp. (FNV:N) 57 Fraport (FRAG.DE:ETR) 54 Freehold Royalties Ltd. (FRU:T) 31 Frontier Communications Corp. (FTR:Q) 73 Fulton Financial (FULT:Q) 37 GAIN Capital Holdings, Inc. (GCAP:N) 40 Galena Biopharma Inc. (GALE:Q) 46 Garmin Ltd. (GRMN:Q) 69 GATX Corporation (GMT:N) 77 Genesee & Wyoming Inc. (GWR:N) 77 Genesis Energy L.P. (GEL:N) 27 GenMark Diagnostics, Inc. (GNMK:Q) 47 Genomic Health (GHDX:Q) 47 Genworth Financial (GNW:N) 41 GeoPark Limited (GPRK:N) 34 German American Bancorp, Inc. (GABC:Q) 37 Gibson Energy Inc. (GEI:T) 30 Gigamon Inc. (GIMO:N) 68 GigPeak, Inc. (GIG:M) 66 Gildan Activewear (GIL:N) 22 Givaudan (GIVN.VX:SWF) 54 GKN (GKN.L:L) 53 Glacier Bancorp, Inc. (GBCI:Q) 37 Global Partners L.P. (GLP:N) 27 Global Payments Inc. (GPN:N) 69 GMS Inc. (GMS:N) 51 GoDaddy Inc. (GDDY:N) 70 goeasy Ltd. (GSY:T) 43 GOL Linhas Aereas Inteligentes S.A. (GOL:N) 77 Golar LNG Partners L.P. (GMLP:Q) 27

Goldcorp Inc. (GG:N) 57 Goldman Sachs BDC, Inc. (GSBD:N) 42 Golub Capital BDC, Inc. (GBDC:Q) 42 GoPro, Inc. (GPRO:Q) 69 Granite Oil Corp. (GXO:T) 31 Great Canadian Gaming (GC:T) 22 Green Plains Partners L.P. (GPP:Q) 29 The Greenbrier Companies, Inc. (GBX:N) 77 Grenville Strategic Royalty Corp. (GRC:V) 52 Groupon, Inc. (GRPN:Q) 70 GrubHub Inc. (GRUB:N) 70 Grupo Clarin S.A. (GCLA:BA) 75 Grupo Financiero Galicia (GGAL:Q) 43 Guaranty Federal Bancshares Inc. (GFED:Q) 37 Guyana Goldfields Inc. (GUY:T) 57 H&M (HMb.ST:STO) 23 H&R REIT (HR.UN:T) 62 The Habit Restaurants, Inc. (HABT:Q) 21 Haemonetics Corporation (HAE:N) 48 Halliburton (HAL:N) 28 Hallmark Financial Services Inc. (HALL:Q) 41 Halogen Software, Inc. (HGN:T) 67 Halyard Health Inc. (HYH:N) 48 Hancock Holding Company (HBHC:Q) 37 Hanmi Financial Corporation (HAFC:Q) 37 Harley-Davidson, Inc. (HOG:N) 21 Harman International, Inc. (HAR:N) 69 Harmonic Inc. (HLIT:Q) 68 Harris Corporation (HRS:N) 69 Haverty Furniture Companies Inc. (HVT:N) 20 HCA Holdings, Inc. (HCA:N) 48 HD Supply Holdings Inc. (HDS:Q) 51 Health Insurance Innovations, Inc. (HIIQ:Q) 41 Healthcare Trust of America, Inc. (HTA:N) 60 HealthEquity, Inc. (HQY:Q) 40 HealthSouth Corporation (HLS:N) 45 HealthStream, Inc. (HSTM:Q) 47 Heartland Express, Inc. (HTLD:Q) 78 Heartland Financial USA, Inc. (HTLF:Q) 37 Heartware International, Inc. (HTWR:Q) 48 HEICO Corporation (HEI:N) 69 Helix Energy Solutions Group (HLX:N) 28 Henkel (HNKG_p.DE:ETR) 23 Hercules Capital, Inc. (HTGC:N) 42 Heritage Financial Corporation (HFWA:Q) 37 Heritage Oaks Bancorp (HEOP:Q) 37 Herman Miller (MLHR:Q) 19 Héroux-Devtek Inc. (HRX:T) 52 Hersha Hospitality Trust (HT:N) 60 Heska Corporation (HSKA:Q) 45 Hess Corp. (HES:N) 25 Hewlett Packard Enterprise Company (HPE:N) 71 Hibbett Sports, Inc. (HIBB:Q) 20 Hi-Crush Partners L.P. (HCLP:N) 29 Hill-Rom Holdings, Inc. (HRC:N) 48 Hilltop Holdings Inc. (HTH:N) 37 Hilton Worldwide Holdings Inc. (HLT:N) 60 HNI Corporation (HNI:N) 19 Holly Energy Partners L.P. (HEP:N) 27 HollyFrontier Corp. (HFC:N) 26 Hologic Inc. (HOLX:Q) 48 Home Bancorp, Inc. (HBCP:Q) 37

Company Index


Home BancShares, Inc. (HOMB:Q) 37 The Home Depot Inc. (HD:N) 20 HopFed Bancorp, Inc. (HFBC:Q) 37 Horizon Bancorp (HBNC:Q) 38 Horizon North Logistics Inc. (HNL:T) 32 Horizon Technology Finance Corporation (HRZN:Q) 42 Host Hotels & Resorts Inc. (HST:N) 60 Houston Wire & Cable Company (HWCC:Q) 51 Hub Group, Inc. (HUBG:Q) 77 HubSpot, Inc. (HUBS:N) 67 HudBay Minerals, Inc. (HBM:T) 56 Humana (HUM:N) 45 Huntington Bancshares Inc. (HBAN:Q) 38 Husky Energy Inc. (HSE:T) 32 Hyatt Hotels Corporation (H:N) 60 Hydro One Ltd. (H:T) 52 IAG (IAG.MC:MAD) 79 IAMGOLD Corp. (IAG:N) 57 IBERIABANK Corporation (IBKC:Q) 38 IBI Group Inc. (IBG:T) 52 ICON plc (ICLR:Q) 49 ICU Medical, Inc. (ICUI:Q) 48 IDEXX Laboratories, Inc. (IDXX:Q) 45 Iliad (ILD.PA:EPA) 75 Impax Laboratories, Inc. (IPXL:Q) 49 Imperial Oil Limited (IMO:T) 32 INC Research Holdings (INCR:Q) 49 Incyte Corporation (INCY:Q) 46 Inditex (ITX.MC:MAD) 23 Infinera Corporation (INFN:Q) 68 Infinity Property and Casualty Corporation (IPCC:Q) 41 Ingram Micro Inc. (IM:N) 71 Innergex Renewable Energy, Inc. (INE:T) 32 Insight Enterprises, Inc. (NSIT:Q) 71 Insperity (NSP:N) 45 Instructure, Inc. (INST:N) 67 Insulet (PODD:Q) 48 Intact Financial Corporation (IFC:T) 43 Integra LifeSciences Corp. (IART:Q) 48 Intel Corporation (INTC:Q) 72 Inteliquent (IQNT:Q) 73 Intelsat S.A. (I:N) 72 Inter Parfums, Inc. (IPAR:Q) 21 Inter Pipeline Ltd. (IPL:T) 30 Interactive Intelligence Group Inc. (ININ:Q) 67 Intercontinental Exchange, Inc. (ICE:N) 40 Intercontinental Hotels (IHG.L:L) 63 Interface, Inc. (TILE:Q) 19 Interfor Corp. (IFP:T) 56 Internap Network Services Corp. (INAP:Q) 73 InterOil Corp. (IOC:N) 25 InterRent REIT (IIP.UN:T) 63 InterXion Holding NV (INXN:N) 73 Intuit Inc. (INTU:Q) 69 Intuitive Surgical, Inc. (ISRG:Q) 48 Inversora Juramento SA (INVJ:BA) 58 IPG Photonics (IPGP:Q) 66 Iridium Communications Inc. (IRDM:Q) 72 iRobot Corporation (IRBT:Q) 66 IRSA Inversiones y Representaciones SA (IRS:N) 64 Ivanhoe Mines Ltd. (IVN:T) 56 J.B. Hunt Transport Services, Inc. (JBHT:Q) 77

Jabil Circuit, Inc. (JBL:N) 69 Jernigan Capital, Inc. (JCAP:N) 61 Jeronimo Martins (JMT.LS:ELI) 23 JetBlue Airways (JBLU:Q) 77 Johnson & Johnson (JNJ:N) 48 Juniper Networks, Inc. (JNPR:N) 68 Juno Therapeutics, Inc. (JUNO:Q) 46 Kansas City Southern (KSU:N) 77 Karyopharm Therapeutics Inc. (KPTI:Q) 46 KB Home (KBH:N) 59 KCG Holdings, Inc. (KCG:N) 40 Kelt Exploration Ltd. (KEL:T) 31 Kemper Corp. (KMPR:N) 41 Kering (KER.PA:EPA) 23 Keryx Biopharmaceuticals, Inc. (KERX:Q) 46 Key Energy Services Inc. (KEG:N) 29 KeyCorp (KEY:N) 38 Keyera Corp (KEY:T) 30 Killam Apartment REIT (KMP.UN:T) 63 Kimco Realty Corporation (KIM:N) 61 Kinder Morgan, Inc. (KMI:N) 27 Kinross Gold Corporation (KGC:N) 57 Kite Pharma, Inc. (KITE:Q) 46 Kite Realty Group Trust (KRG:N) 61 Knight Transportation, Inc. (KNX:N) 78 Knoll, Inc. (KNL:N) 19 KNOT Offshore Partners L.P. (KNOP:N) 27 Kona Grill, Inc. (KONA:Q) 21 Kosmos Energy Ltd. (KOS:N) 25 KPN (KPN.AS:AMS) 75 KVH Industries (KVHI:Q) 72 La Quinta Holdings, Inc. (LQ:N) 60 Laboratory Corporation of America Holdings (LH:N) 46 Labrador Iron Ore Royalty Corp. (LIF:T) 56 Lakeland Bancorp, Inc. (LBAI:Q) 38 Lakeland Financial Corporation (LKFN:Q) 38 Landmark Infrastructure Partners L.P. (LMRK:Q) 72 Landstar System, Inc. (LSTR:Q) 77 Lannett Company, Inc. (LCI:N) 49 Lanxess (LXSG.DE:ETR) 54 Laredo Petroleum Inc. (LPI:N) 25 LaSalle Hotel Properties (LHO:N) 60 LATAM Airlines Group S.A. (LFL:N) 76 Lazard Ltd (LAZ:N) 40 La-Z-Boy Inc. (LZB:N) 19 Legacy Reserves L.P. (LGCY:Q) 25 LegacyTexas Financial Group, Inc. (LTXB:Q) 38 Leggett & Platt (LEG:N) 19 Lending Club (LC:N) 69 Lennar Corporation (LEN:N) 59 Leucrotta Exploration Inc. (LXE:V) 31 Level 3 Communications Inc. (LVLT:N) 73 LifePoint Health, Inc. (LPNT:Q) 48 Limelight Networks (LLNW:Q) 70 Lincoln National Corp. (LNC:N) 41 Linear Technology Corporation (LLTC:Q) 66 LinkedIn Corp. (LNKD:N) 71 LINN Energy, LLC (LINEQ:OTC) 25 LinnCo, LLC (LNCOQ:OTC) 25 LKQ Corporation (LKQ:Q) 51 Loblaw Companies Ltd. (L:T) 22 Logitech International SA (LOGI:Q) 68

Company Index


L'Oréal (OREP.PA:EPA) 23 Lowe's Companies, Inc. (LOW:N) 20 Lufthansa (LHAG.DE:ETR) 79 Lumber Liquidators Holdings, Inc. (LL:N) 20 Lumenpulse Inc. (LMP:T) 74 Lumentum Holdings, Inc. (LITE:Q) 68 Lundin Mining Corporation (LUN:T) 56 Luxottica (LUX.MI:BIT) 23 LVMH (LVMH.PA:EPA) 23 MacDonald Dettwiler & Associates (MDA:T) 74 MACOM Technology Solutions Holdings Inc. (MTSI:Q) 66 Magellan Health (MGLN:Q) 45 Magellan Midstream Partners L.P. (MMP:N) 27 Main Street Capital Corp. (MAIN:N) 42 Malibu Boats, Inc. (MBUU:Q) 21 Mandalay Resources Corp. (MND:T) 57 Manhattan Associates, Inc. (MANH:Q) 67 Manning & Napier Inc. (MN:N) 35 Marathon Oil Corp. (MRO:N) 25 Marathon Petroleum Corp. (MPC:N) 26 MarineMax (HZO:N) 21 MarketAxess Holdings Inc. (MKTX:Q) 40 Marketo, Inc. (MKTO:Q) 67 Marriott International, Inc. (MAR:Q) 60 Marsh and McLennan Companies, Inc. (MMC:N) 40 Marten Transport, Ltd. (MRTN:Q) 78 Martin Midstream Partners L.P. (MMLP:Q) 27 Marvell Technology Group, Ltd. (MRVL:Q) 72 Masco Corporation (MAS:N) 19 Masimo Corp. (MASI:Q) 48 MasterCard, Inc. (MA:N) 69 Mattress Firm Holding Corp. (MFRM:Q) 20 Maxim Integrated (MXIM:Q) 66 MAXIMUS Inc. (MMS:N) 71 MB Financial, Inc. (MBFI:Q) 38 MCBC Holdings, Inc. (MCFT:Q) 21 McDonald's Corporation (MCD:N) 21 McKesson Corporation (MCK:N) 47 MDC Holdings (MDC:N) 59 MEDNAX, Inc. (MD:N) 45 MEG Energy Corp. (MEG:T) 32 Meggitt (MGGT.L:L) 53 Melia Hotels International (MEL.MC:MAD) 63 Memorial Production Partners L.P. (MEMP:Q) 25 Memorial Resource Development Corp (MRD:Q) 26 Mercantile Bank Corp. (MBWM:Q) 38 Mercer International Inc. (MERC:Q) 56 Mercury General Corporation (MCY:N) 41 Meridian Bioscience, Inc. (VIVO:Q) 47 Merit Medical Systems Inc. (MMSI:Q) 48 Meta Financial Group, Inc. (CASH:Q) 38 Methanex (MEOH:Q) 52 MetLife, Inc. (MET:N) 41 Metro (MEOG.DE:ETR) 23 Metro, Inc. (MRU:T) 22 The Michaels Companies, Inc. (MIK:Q) 20 Micron Technology, Inc. (MU:Q) 72 Microsemi Corporation (MSCC:Q) 66 Microsoft (MSFT:Q) 70 Mid-America Apartment Communities, Inc. (MAA:N) 61 Mid-Con Energy Partners L.P. (MCEP:Q) 26 MidSouth Bancorp, Inc. (MSL:N) 38

MidWestOne Financial Group, Inc. (MOFG:Q) 38 MiX Telematics Limited (MIXT:N) 67 MobileIron, Inc. (MOBL:Q) 70 Mobileye N.V. (MBLY:N) 69 Model N, Inc. (MODN:N) 67 Mohawk Industries (MHK:N) 19 Molina Healthcare (MOH:N) 45 Monolithic Power Systems, Inc. (MPWR:Q) 66 Moody's Corporation (MCO:N) 40 Motorola Solutions, Inc. (MSI:N) 69 MPLX L.P. (MPLX:N) 27 MRC Global (MRC:N) 51 MSC Industrial Direct (MSM:N) 51 MSCI Inc. (MSCI:N) 40 Mullen Group Ltd. (MTL:T) 32 Murphy Oil Corp. (MUR:N) 26 Murphy USA Inc. (MUSA:N) 20 Mylan N.V. (MYL:Q) 49 Nabors Industries Ltd. (NBR:N) 29 NantKwest, Inc. (NK:Q) 46 Nasdaq Inc. (NDAQ:Q) 40 National Commerce Corporation (NCOM:Q) 38 National Fuel Gas Company (NFG:N) 26 National Interstate Corporation (NATL:Q) 41 National Oilwell Varco Inc. (NOV:N) 28 National Retail Properties, Inc. (NNN:N) 60 Natus Medical Inc. (BABY:Q) 48 NCI, Inc. (NCIT:Q) 71 NeoPhotonics Corporation (NPTN:N) 68 NetApp Inc. (NTAP:Q) 71 Netflix Inc. (NFLX:Q) 70 NETGEAR Inc. (NTGR:Q) 69 NetSuite, Inc. (N:N) 67 NeuroDerm Ltd. (NDRM:Q) 46 Nevsun Resources Ltd. (NSU:T) 56 New Gold, Inc. (NGD:M) 57 New Relic, Inc. (NEWR:N) 70 New York Community Bancorp, Inc. (NYCB:N) 38 Newell Brands Inc. (NWL:N) 21 Newfield Exploration Company (NFX:N) 26 Newmarket Gold Inc. (NMI:T) 57 Newpark Resources (NR:N) 29 Newtek Business Services Corp. (NEWT:Q) 42 NexJ Systems Inc. (NXJ:T) 74 NGL Energy Partners L.P. (NGL:N) 27 NH Hoteles (NHH.MC:MAD) 63 NIC Inc. (EGOV:Q) 71 Nimble Storage (NMBL:N) 71 Noble Corp plc (NE:N) 29 Noble Energy, Inc. (NBL:N) 26 Nokia (NOK:N) 68 Norbord Inc. (OSB:T) 56 Norfolk Southern Corp. (NSC:N) 77 North American Energy Partners (NOA:T) 52 Northern Oil & Gas Inc. (NOG:M) 26 Northern Trust Corporation (NTRS:Q) 38 Northland Power, Inc. (NPI:T) 32 NOW Inc. (DNOW:N) 51 Nuance Communications, Inc. (NUAN:Q) 69 NuStar Energy L.P. (NS:N) 27 NuStar GP Holdings, LLC (NSH:N) 27 NuVista Energy Ltd. (NVA:T) 31

Company Index


NVIDIA Corporation (NVDA:Q) 72 NXP Semiconductors N.V. (NXPI:Q) 66 O`Reilly Automotive, Inc. (ORLY:Q) 19 Oasis Petroleum Inc. (OAS:N) 26 Occidental Petroleum Corp. (OXY:N) 26 Ocean Rig UDW (ORIG:Q) 29 OceanaGold Corp. (OGC:T) 57 Oil States International, Inc. (OIS:N) 28 Old Dominion Freight Line, Inc. (ODFL:Q) 78 Old Line Bancshares Inc. (OLBK:Q) 38 Old National Bancorp (ONB:Q) 38 Old Republic International Corp. (ORI:N) 41 ON Semiconductor Corporation (ON:Q) 66 OnDeck Capital, Inc. (ONDK:N) 69 OneMain Holdings, Inc. (OMF:N) 42 Open Text (OTEX:Q) 74 Oracle Corp. (ORCL:N) 70 Orange (ORA.PA:EPA) 75 Orange Belgium (OBEL.BR:EBR) 75 OraSure Technologies, Inc. (OSUR:Q) 47 ORBCOMM, Inc. (ORBC:Q) 72 Orbital ATK, Inc. (OA:N) 72 Ovivo Inc. (OVI.A:T) 53 Pacific Continental Corporation (PCBK:Q) 38 Pacific Drilling (PACD:N) 29 Pacific Premier Bancorp, Inc. (PPBI:Q) 38 Painted Pony Petroleum Ltd. (PPY:T) 31 Palo Alto Networks (PANW:N) 70 Pampa Energia SA (PAM:N) 34 Pan American Silver (PAAS:Q) 57 Pandora Media, Inc. (P:N) 71 Panera Bread Co. (PNRA:Q) 21 Papa Murphy's Holdings, Inc. (FRSH:Q) 21 Paramount Resources Ltd. (POU:T) 31 PAREXEL (PRXL:Q) 49 Park Sterling Corporation (PSTB:Q) 38 Parkway Properties (PKY:N) 61 Parsley Energy, Inc. (PE:N) 26 Pattern Energy Group Inc. (PEGI:Q) 52 Patterson-UTI Energy, Inc. (PTEN:Q) 29 Paylocity Holding Corporation (PCTY:Q) 67 PayPal Holdings, Inc. (PYPL:Q) 69 PBF Energy, Inc. (PBF:N) 26 PBF Logistics L.P. (PBFX:N) 27 PC Connection, Inc. (PCCC:Q) 71 Pebblebrook Hotel Trust (PEB:N) 60 Pembina Pipeline Corp. (PPL:T) 30 Pengrowth Energy Corporation (PGF:T) 31 Penn West Petroleum Ltd. (PWT:T) 31 PennTex Midstream Partners L.P. (PTXP:Q) 27 Peoples Bancorp Inc. (PEBO:Q) 38 Pernod Ricard (PERP.PA:EPA) 22 Perrigo Company PLC (PRGO:N) 49 Petrobras Argentina (PZE:N) 34 Petróleo Brasileiro S.A. (PBR:N) 26 Peyto Exploration and Development (PEY:T) 31 PGT, Inc. (PGTI:Q) 19 Phillips 66 (PSX:N) 26 Phillips 66 Partners L.P. (PSXP:N) 27 Physicians Realty Trust (DOC:N) 60 Pier 1 Imports Incorporated (PIR:N) 20 Pinnacle Financial Partners, Inc. (PNFP:Q) 38

Pioneer Energy Services Corp (PES:N) 29 Pioneer Natural Resources Company (PXD:N) 26 Plains All American Pipeline L.P. (PAA:N) 27 Plains GP Holdings L.P. (PAGP:N) 27 Plantronics, Inc. (PLT:N) 68 Plaza Retail REIT (PLZ.UN:T) 63 PNC Financial Services Group, Inc. (PNC:N) 38 Polaris Industries (PII:N) 21 Polycom Inc. (PLCM:Q) 68 Post Properties, Inc. (PPS:N) 61 Potash Corp. of Saskatchewan Inc. (POT:N) 55 Potlatch Corporation (PCH:Q) 62 Power Integrations, Inc. (POWI:Q) 66 PRA Group Inc. (PRAA:Q) 42 PrairieSky Royalty Ltd. (PSK:T) 31 Praxair, Inc. (PX:N) 51 Precision Drilling Corporation (PD:T) 31 Preferred Bank (PFBC:Q) 38 Premier, Inc. (PINC:Q) 47 Press Ganey Holdings, Inc. (PGND:N) 47 Prestige Brands Holdings Inc. (PBH:N) 21 priceline.com Incorporated (PCLN:Q) 71 Primerica, Inc. (PRI:N) 41 Principal Financial Group Inc. (PFG:N) 41 PrivateBancorp, Inc. (PVTB:Q) 38 ProAssurance Corp. (PRA:N) 41 The Procter & Gamble Company (PG:N) 21 Progressive Corporation (PGR:N) 41 Prospect Capital Corporation (PSEC:Q) 42 Prosperity Bancshares, Inc. (PB:N) 38 Proteon Therapeutics, Inc. (PRTO:Q) 46 Proximus (PROX.BR:EBR) 75 Prudential Financial, Inc. (PRU:N) 41 Public Storage (PSA:N) 61 PulteGroup Inc. (PHM:N) 59 Puma (PUMG.DE:ETR) 23 Pure Industrial Real Estate Trust (AAR.UN:T) 62 Pure Storage, Inc. (PSTG:N) 71 Q2 Holdings Inc. (QTWO:N) 67 QCR Holdings, Inc. (QCRH:Q) 38 QEP Resources, Inc. (QEP:N) 26 Qorvo, Inc. (QRVO:Q) 66 QUALCOMM, Inc. (QCOM:Q) 69 Quality Systems Inc. (QSII:Q) 47 Quest Diagnostics Inc. (DGX:N) 46 Quidel Corporation (QDEL:Q) 47 Quintiles Transnational Holdings (Q:N) 49 Rackspace Hosting (RAX:N) 73 Raging River Exploration Inc. (RRX:T) 31 Rallye (GENC.PA:EPA) 23 Ramco-Gershenson Properties Trust (RPT:N) 61 Range Resources Corp. (RRC:N) 26 Rapid7, Inc. (RPD:Q) 70 Rayonier, Inc. (RYN:N) 62 RB (RB.L:L) 23 Realty Income (O:N) 60 Red Hat, Inc. (RHT:N) 70 Red Robin Gourmet Burgers, Inc. (RRGB:Q) 21 Redknee Solutions Inc. (RKN:T) 74 Regency Centers Corp. (REG:N) 61 Regeneron Pharmaceuticals, Inc. (REGN:Q) 46 Regions Financial Corporation (RF:N) 38

Company Index


Reinsurance Group of America, Inc. (RGA:N) 41 Relypsa, Inc. (RLYP:Q) 46 Remy Cointreau (RCOP.PA:EPA) 22 Renasant Corporation (RNST:Q) 38 Rent-A-Center Inc. (RCII:Q) 20 Republic Services, Inc. (RSG:N) 51 Resolute Energy Corp. (REN:N) 26 Restoration Hardware Holdings, Inc. (RH:N) 20 Retail Opportunity Investments Corp. (ROIC:Q) 61 RingCentral, Inc. (RNG:N) 67 RioCan REIT (REI.UN:T) 63 Ritchie Bros. Auctioneers (RBA:N) 52 Rite Aid Corporation (RAD:N) 47 Riverview Bancorp, Inc. (RVSB:Q) 38 RLJ Lodging Trust (RLJ:N) 60 RMP Energy Inc. (RMP:T) 31 Roadrunner Transportation Systems, Inc. (RRTS:N) 77 Rocky Mountain Dealerships Inc. (RME:T) 52 Rolls-Royce (RR.L:L) 53 Rose Rock Midstream L.P. (RRMS:N) 27 Rowan Companies (RDC:N) 29 Royal Gold Inc. (RGLD:Q) 57 RPC, Inc. (RES:N) 29 RSP Permian Inc. (RSPP:N) 26 RTI Surgical Inc. (RTIX:Q) 48 Rubicon Project, Inc. (RUBI:N) 71 Rush Enterprises, Inc. (RUSHA:Q) 77 Russel Metals (RUS:T) 53 Ruth`s Hospitality Group, Inc. (RUTH:Q) 21 RWE (RWEG.DE:ETR) 33 Ryanair Holdings plc (RYAAY:Q) 77 Ryder System, Inc. (R:N) 77 Ryman Hospitality Properties Inc. (RHP:N) 60 S&P Global Inc. (SPGI:N) 40 S&T Bancorp, Inc. (STBA:Q) 38 Sabra Health Care REIT, Inc. (SBRA:Q) 60 Safran (SAF.PA:EPA) 53 Sagent Pharmaceuticals, Inc. (SGNT:Q) 49 Saia, Inc. (SAIA:Q) 78 Saipem (SPMI.MI:BIT) 33 salesforce.com, Inc. (CRM:N) 67 Sally Beauty Holdings Inc. (SBH:N) 21 Salvatore Ferragamo (SFER.MI:BIT) 23 Sandstorm Gold Ltd. (SSL:T) 57 Saul Centers, Inc. (BFS:N) 61 Savanna Energy Services (SVY:T) 31 SBA Communications (SBAC:Q) 72 ScanSource, Inc. (SCSC:Q) 71 Schlumberger Ltd. (SLB:N) 28 SciQuest (SQI:Q) 67 The Scotts Miracle-Gro Company (SMG:N) 21 Secure Energy Services Inc. (SES:T) 32 SEI Investments Co. (SEIC:Q) 40 Select Comfort Corp. (SCSS:Q) 19 SEMAFO Inc. (SMF:T) 57 SemGroup Corporation (SEMG:N) 28 Semtech Corporation (SMTC:Q) 66 Senior (SNR.L:L) 53 Senior Housing Properties Trust (SNH:N) 60 Senseonics Holdings, Inc. (SENS:M) 48 Service Corporation International (SCI:N) 46 ServiceNow, Inc. (NOW:N) 70

ServisFirst Bancshares, Inc. (SFBS:Q) 38 Seven Generations Energy Ltd. (VII:T) 31 Shenandoah Telecommunications Co. (SHEN:Q) 72 Shopify Inc. (SHOP:N) 67 Shutterfly, Inc. (SFLY:Q) 70 Shutterstock, Inc. (SSTK:N) 70 Siderar Sociedad Anonima Industrial Y Comercial (ERAR:BA) 58 Sienna Senior Living Inc. (SIA:T) 62 Sierra Bancorp (BSRR:Q) 38 Sierra Wireless (SWIR:Q) 74 Signature Bank (SBNY:Q) 38 Silver Spring Networks, Inc. (SSNI:N) 30 Silver Wheaton (SLW:N) 57 Silvercorp Metals Inc. (SVM:T) 57 Silvercrest Asset Management Group Inc. (SAMG:Q) 35 Simmons First National Corporation (SFNC:Q) 39 Simon Property Group, Inc. (SPG:N) 60 Sky (SKY.L:L) 75 SkyWest, Inc. (SKYW:Q) 77 Skyworks Solutions (SWKS:Q) 66 Slate Retail REIT (SRT.U:T) 63 Sleep Country Canada Holdings Inc. (ZZZ:T) 22 SM Energy Company (SM:N) 26 SmartREIT (SRU.UN:T) 63 SNC-Lavalin (SNC:T) 52 Sociedad Comercial del Plata (COME.BA:BA) 34 Sodexo (EXHO.PA:EPA) 23 SolarCity Corp. (SCTY:Q) 30 Solvay (SOLB.BR:EBR) 54 Southcross Energy Partners L.P. (SXE:N) 28 Southwest Airlines Co. (LUV:N) 77 Southwest Bancorp, Inc. (OKSB:Q) 39 Southwestern Energy Company (SWN:N) 26 Sovran Self Storage, Inc. (SSS:N) 61 Spectra Energy Corp. (SE:N) 28 Spectra Energy Partners L.P. (SEP:N) 28 Spectrum Brands Holdings, Inc. (SPB:N) 21 Spirit Airlines, Inc. (SAVE:Q) 77 Spirit Realty Capital, Inc. (SRC:N) 60 Splunk Inc. (SPLK:Q) 70 Sprague Resources L.P. (SRLP:N) 28 Sprint Corp. (S:N) 72 SS&C Technologies Holdings, Inc. (SSNC:Q) 40 St. Joe Company (JOE:N) 59 STAG Industrial Inc. (STAG:N) 61 Stanley Black & Decker (SWK:N) 19 Stantec Inc (STN:T) 52 Starwood Hotels & Resorts Worldwide (HOT:N) 60 State Street Corporation (STT:N) 39 Steelcase, Inc. (SCS:N) 19 Stellus Capital Investment Corporation (SCM:N) 42 Stericycle Inc. (SRCL:Q) 48 STERIS plc (STE:N) 48 Stock Yards Bancorp Inc. (SYBT:Q) 39 StoneMor Partners L.P. (STON:N) 46 STORE Capital Corporation (STOR:N) 60 Storm Resources Ltd. (SRX:V) 31 Strad Energy Services Ltd. (SDY:T) 32 Strongco Corp. (SQP:T) 52 Stuart Olson Inc. (SOX:T) 52 Suburban Propane Partners L.P. (SPH:N) 28 Suez Environnement (SEVI.PA:EPA) 33

Company Index


Summit Hotel Properties, Inc. (INN:N) 60 Suncor Energy Inc (SU:T) 32 Sunoco L.P. (SUN:N) 28 SunPower Corp. (SPWR:Q) 30 Sunstone Hotel Investors, Inc. (SHO:N) 60 SunTrust Banks, Inc. (STI:N) 39 Superior Energy Services, Inc. (SPN:N) 29 Superior Plus Corporation (SPB:T) 52 Surgery Partners, Inc. (SGRY:Q) 45 SVB Financial Group (SIVB:Q) 39 Swift Transportation Company (SWFT:N) 78 Symantec Corp. (SYMC:Q) 70 Symrise (SY1G.DE:ETR) 54 Synchronoss Technologies, Inc. (SNCR:Q) 69 Synergy Resources Corporation (SYRG:Q) 26 Syngenta (SYNN.VX:SWF) 54 SYNNEX Corporation (SNX:N) 71 Synovus Financial Corp. (SNV:N) 39 Tahoe Resources Inc. (THO:T) 57 TAL International Group, Inc. (TAL:N) 77 TalkTalk Telecom Group (TALK.L:L) 75 Talmer Bancorp, Inc. (TLMR:Q) 39 Tangoe Inc. (TNGO:Q) 67 Targa Resources Corp. (TRGP:N) 28 Taseko Mines Ltd. (TKO:T) 56 Taubman Centers, Inc. (TCO:N) 60 TCF Financial Corporation (TCB:N) 39 TCP Capital Corp. (TCPC:Q) 42 TD Ameritrade Holding Corporation (AMTD:Q) 40 Tech Data Corporation (TECD:Q) 71 Technip (TECF.PA:EPA) 33 Teck Resources Limited (TCK.B:T) 56 Teekay Corporation (TK:N) 28 Teekay LNG Partners L.P. (TGP:N) 28 Teekay Offshore Partners L.P. (TOO:N) 28 Telecom Argentina S.A. (TEO:N) 75 Telecom Italia (TLIT.MI:BIT) 75 Teledyne Technologies Incorporated (TDY:N) 69 Teleflex, Inc. (TFX:N) 48 Telefonica (TEF.MC:MCE) 75 Telenet Group (TNET.BR:EBR) 75 Telephone and Data Systems, Inc. (TDS:N) 72 Telia Company (TELIA.ST:STO) 75 Teligent, Inc. (TLGT:Q) 49 Tempur Sealy International, Inc. (TPX:N) 19 Tenaris S.A. (TS:N) 34 Tenet Healthcare Corporation (THC:N) 48 Territorial Bancorp Inc. (TBNK:Q) 39 Tesaro, Inc. (TSRO:Q) 46 Tesoro Corp. (TSO:N) 26 Tesoro Logistics L.P. (TLLP:N) 28 TETRA Technologies Inc. (TTI:N) 29 Teva Pharmaceutical Industries, Ltd. (TEVA:N) 49 Texas Capital Bancshares, Inc. (TCBI:Q) 39 Texas Instruments Incorporated (TXN:Q) 66 Texas Roadhouse, Inc. (TXRH:Q) 21 Textainer Group Holdings Limited (TGH:N) 77 TG Therapeutics, Inc. (TGTX:Q) 46 TGLT S.A. (TGLT:BA) 64 Thales (TCFP.PA:EPA) 53 THL Credit, Inc. (TCRD:Q) 42 Timbercreek Mortgage Investment Corporation (TMC:T) 62

Timbercreek Senior Mortgage Investment Corp. (MTG:T) 62 T-Mobile US Inc. (TMUS:Q) 72 Tod's Group (TOD.MI:BIT) 23 Toll Brothers, Inc. (TOL:N) 59 Torchmark Corporation (TMK:N) 41 The Toro Company (TTC:N) 19 Toromont Industries (TIH:T) 52 Total (TOTF.PA:EPA) 33 Tourmaline Oil Corp. (TOU:T) 31 TPG Specialty Lending, Inc. (TSLX:N) 42 Tractor Supply Co. (TSCO:Q) 20 TransAlta Renewables Inc. (RNW:T) 32 Transener (TRAN:BA) 34 TransEnterix, Inc. (TRXC:M) 48 TransGlobe Energy Corp. (TGA:Q) 26 Transocean (RIG:N) 29 Transportadora de Gas del Sur (TGS:N) 34 TravelCenters of America LLC (TA:N) 20 The Travelers Companies, Inc. (TRV:N) 41 Tree Island Steel Ltd. (TSL:T) 53 Trevali Mining Corporation (TV:T) 56 Triangle Capital Corporation (TCAP:N) 42 Trican Well Service (TCW:T) 32 TriCo Bancshares (TCBK:Q) 39 Tricon Capital Group Inc. (TCN:T) 63 Trilogy Energy Corp. (TET:T) 31 Trimble Navigation Limited (TRMB:Q) 66 Trina Solar Limited (TSL:N) 30 Trinidad Drilling Ltd. (TDG:T) 31 Trinity Biotech plc (TRIB:Q) 47 Trinity Industries, Inc. (TRN:N) 77 TripAdvisor, Inc. (TRIP:Q) 71 True North Commercial REIT (TNT.UN:T) 62 Trustmark Corporation (TRMK:Q) 39 TubeMogul, Inc. (TUBE:Q) 70 Twitter, Inc. (TWTR:N) 71 U.S. Bancorp (USB:N) 39 U.S. Cellular (USM:N) 72 U.S. Ecology, Inc. (ECOL:Q) 51 U.S. Geothermal (HTM:M) 30 Ubiquiti Networks, Inc. (UBNT:Q) 69 Ulta Salon, Cosmetics & Fragrance, Inc. (ULTA:Q) 21 Ultimate Software Group Inc. (ULTI:Q) 67 Ultragenyx Pharmaceutical Inc. (RARE:Q) 46 UMB Financial Corporation (UMBF:Q) 39 Umpqua Holdings Corp. (UMPQ:Q) 39 Under Armour Inc. (UA:N) 20 Union Bankshares Corporation (UBSH:Q) 39 Union Pacific Corp. (UNP:N) 77 Unisys Corporation (UIS:N) 71 Unit Corporation (UNT:N) 29 United Bankshares, Inc. (UBSI:Q) 39 United Community Banks, Inc. (UCBI:Q) 39 United Continental Holdings, Inc. (UAL:N) 76 United Insurance Holdings Corp. (UIHC:Q) 41 United Parcel Service (UPS:N) 77 UnitedHealth Group (UNH:N) 45 Universal American Corp. (UAM:N) 45 Universal Health Services, Inc. (UHS:N) 48 Unum Group (UNM:N) 41 Upland Software, Inc. (UPLD:Q) 67 UrtheCast Corp. (UR:T) 74

Company Index


USA Compression Partners L.P. (USAC:N) 28 Valero Energy Corp. (VLO:N) 26 Valero Energy Partners L.P. (VLP:N) 28 Vanguard Natural Resources, LLC (VNR:Q) 26 Vantiv, Inc. (VNTV:N) 69 VCA Inc. (WOOF:Q) 45 Veolia Environnement (VIE.PA:EPA) 33 Verastem, Inc. (VSTM:Q) 46 Verbund (VERB.VI:WBAG) 33 Veresen Inc. (VSN:T) 30 Verifone Systems, Inc. (PAY:N) 69 Verisk Analytics Inc. (VRSK:Q) 40 Verizon Communications (VZ:N) 73 ViaSat, Inc. (VSAT:Q) 72 Vinci (SGEF.PA:EPA) 54 Viper Energy Partners L.P. (VNOM:Q) 26 Virgin America Inc. (VA:Q) 76 Virtus Investment Partners, Inc. (VRTS:Q) 35 Visa, Inc. (V:N) 69 Vishay Intertechnology, Inc. (VSH:N) 66 Visteon Corporation (VC:N) 68 Vivendi (VIV.PA:EPA) 75 VMware (VMW:N) 70 Vodafone (VOD.L:L) 75 Voya Financial Inc. (VOYA:N) 41 W.W. Grainger, Inc. (GWW:N) 51 Wabtec Corporation (WAB:N) 77 Wajax Corp. (WJX:T) 52 Walgreens Boots Alliance Inc. (WBA:Q) 47 Wal-Mart Stores Inc. (WMT:N) 20 Washington Federal, Inc. (WAFD:Q) 39 Washington REIT (WRE:N) 61 WashingtonFirst Bankshares, Inc. (WFBI:Q) 39 Waste Connections, Inc. (WCN:N) 51 Waste Management, Inc. (WM:N) 51 Wayfair, Inc. (W:N) 70 WCI Communities, Inc. (WCIC:N) 59 Weatherford (WFT:N) 28 WebMD Health Corp (WBMD:Q) 47 Webster Financial Corp. (WBS:N) 39 WellCare Health Plans (WCG:N) 45 Wells Fargo & Co. (WFC:N) 39 Welltower Inc. (HCN:N) 60 Werner Enterprises, Inc. (WERN:Q) 78

WesBanco, Inc. (WSBC:Q) 39 WESCO International (WCC:N) 51 West Fraser Timber (WFT:T) 56 Western Energy Services Corp. (WRG:T) 31 Western Forest Products Inc. (WEF:T) 56 Western Refining Logistics L.P. (WNRL:N) 28 Western Refining, Inc. (WNR:N) 26 WesternOne Inc. (WEQ:T) 53 WestJet Airlines (WJA:T) 78 Westport Fuel Systems Inc. (WPRT:Q) 29 Weyerhaeuser Company (WY:N) 62 Whirlpool Corp. (WHR:N) 19 Whistler Blackcomb Holdings Inc. (WB:T) 53 Whitbread (WTB.L:L) 63 Whitecap Resources Inc. (WCP:T) 31 Whiting Petroleum Corp. (WLL:N) 26 The Williams Companies, Inc. (WMB:N) 28 Williams Partners L.P. (WPZ:N) 28 Williams-Sonoma (WSM:N) 20 Willis Towers Watson plc (WLTW:Q) 40 Wilshire Bancorp, Inc. (WIBC:Q) 39 Windstream Holdings Inc. (WIN:Q) 73 Winpak Ltd. (WPK:T) 22 Wintrust Financial Corporation (WTFC:Q) 39 Wix.com Ltd. (WIX:Q) 70 Workiva Inc. (WK:N) 67 WPX Energy Inc. (WPX:N) 26 WSP Global Inc. (WSP:T) 52 Xilinx, Inc. (XLNX:Q) 72 XPO Logistics, Inc. (XPO:N) 77 Yadkin Financial Corporation (YDKN:N) 39 Yahoo! Inc. (YHOO:Q) 71 Yamana Gold Inc. (AUY:N) 57 Yangarra Resources Ltd. (YGR:T) 31 Yara (YAR.OL:OSL) 54 Yelp, Inc. (YELP:N) 71 YPF (YPF:N) 34 YRC Worldwide Inc. (YRCW:Q) 78 Zayo Group Holdings, Inc. (ZAYO:N) 73 ZCL Composites (ZCL:T) 53 Zillow Group, Inc. (Z:Q) 71 Zions Bancorporation (ZION:Q) 39 ZIOPHARM Oncology, Inc. (ZIOP:Q) 46 Zodiac Aerospace (ZODC.PA:EPA) 53


Consumer

USA Canada Europe

Building Products ........................................................ 19

Appliances and Other Building Products ................. 19

Floor Covering ......................................................... 19

Tools and Outdoor Power Equipment ..................... 19

Furniture & Furnishings Suppliers .............................. 19

Office Furniture ....................................................... 19

Residential Furniture ............................................... 19

Hardline Retail ............................................................ 19

Automotive Aftermarket Retailers .......................... 19

Consumer Electronics Retailers ............................... 19

Convenience Stores ................................................. 20

Hardlines ................................................................. 20

Pet Food and Farm Supplies .................................... 20

Sporting Goods ........................................................ 20

Value Retailers ......................................................... 20

Home & Other Retailers ............................................. 20

Big Box Retailers ...................................................... 20

Furniture & Furnishings ........................................... 20

Household & Personal Care Products ......................... 21

Leisure Products ......................................................... 21

Restaurants ................................................................. 21

Consumer & Retail...................................................... 22

Consumer Goods ......................................................... 22

Beverages ................................................................. 22

Eyecare & Eyewear .................................................. 23

Home & Personal Care ............................................. 23

Luxury Goods ........................................................... 23

Foodservices ............................................................... 23

Retail ........................................................................... 23

Apparel..................................................................... 23

Consumer Electronics .............................................. 23

Food Retail ............................................................... 23

Sporting Goods ........................................................ 23


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Consumer - USA Budd Bugatch, CFA [email protected] Joseph Altobello, CFA [email protected]

Sam Darkatsh [email protected] Brian M. Vaccaro, CFA [email protected]

Dan Wewer, CFA [email protected] Benjamin Brownlow [email protected]

Building Products Appliances and Other Building Products Masco Corporation MAS N 2 H/GRW 29.28 33.00 32.92 22.52 18.8 1.19 1.56 1.90 Dec 9,750 1.3 SD,BB PGT, Inc. PGTI Q 1 H/GRW 9.51 13.50 16.28 8.69 16.4 0.58 0.58 0.82 Dec 480 0.0 SD,BB Whirlpool Corp. WHR N 1 M/INC 154.46 215.00 193.59 123.60 10.4 12.38 14.90 16.80 Dec 12,063 2.6 SD,BB

Floor Covering The Dixie Group DXYN Q 2 H/GRW 3.48 5.00 11.50 3.00 NM (0.03) (0.14) 0.18 Dec 54 0.0 SD,BB Interface, Inc. TILE Q 4 NM 14.85 NM 27.17 13.70 14.9 1.10 1.00 1.18 Dec 976 1.3 SD,BB Mohawk Industries MHK N 1 H/GRW 177.96 240.00 212.16 148.56 14.2 10.20 12.50 13.60 Dec 13,258 0.0 SD,BB

Tools and Outdoor Power Equipment Briggs & Stratton BGG N 3 M/INC 19.84 NM 24.48 15.47 15.0 1.42 1.32 1.50 Jun 851 2.7 SD,BB Stanley Black & Decker SWK N 3 M/INC 104.24 NM 115.16 88.72 16.4 5.92 6.35 6.95 Dec 15,375 2.1 SD,BB The Toro Company TTC N 3 H/GRW 83.67 NM 89.99 64.71 20.7 3.55 4.05 4.60 Oct 4,686 1.4 SD,BB

Furniture & Furnishings Suppliers Office Furniture Herman Miller MLHR Q 3 H/GRW 28.11 NM 34.07 22.60 12.2 1.82 2.17 A 2.30 May 1,684 2.4 BB HNI Corporation HNI N 2 M/GRW 43.67 52.00 53.35 29.84 15.5 2.58 2.82 3.30 Dec 1,930 2.5 BB Knoll, Inc. KNL N 2 H/GRW 22.24 26.00 25.84 16.42 13.6 1.52 1.63 1.83 Dec 1,085 2.7 BB Steelcase, Inc. SCS N 3 M/GRW 13.21 NM 20.37 11.67 12.0 0.89 1.04 A 1.10 Feb 1,617 3.6 BB

Residential Furniture Culp, Inc. CFI N 3 M/GRW 27.51 NM 35.23 22.61 14.2 1.55 1.86 A 1.94 Apr 338 1.0 BB Ethan Allen Interiors ETH N 2 H/GRW 31.35 35.00 35.31 22.46 17.0 1.41 1.84 2.09 Jun 890 2.2 BB La-Z-Boy Inc. LZB N 1 H/GRW 27.17 31.00 29.34 19.56 15.3 1.26 1.62 A 1.78 Apr 1,339 1.5 BB Leggett & Platt LEG N 2 M/INC 47.89 51.00 51.28 36.64 19.2 2.34 2.50 2.75 Dec 6,427 2.8 BB Select Comfort Corp. SCSS Q 1 H/GRW 20.38 25.00 30.95 14.28 15.2 0.97 1.34 1.75 Dec 952 0.0 BB Tempur Sealy International, Inc. TPX N 2 H/GRW 53.95 65.00 82.61 50.80 13.7 3.19 3.94 4.48 Dec 3,345 0.0 BB

Hardline Retail Automotive Aftermarket Retailers Advance Auto Parts, Inc. AAP N 3 H/GRW 153.78 NM 201.24 131.59 19.8 7.82 7.78 8.42 Dec 11,257 0.2 DW AutoZone, Inc. AZO N 1 M/GRW 767.65 915.00 810.00 662.70 18.8 36.03 40.78 46.04 Aug 26,023 0.0 DW O`Reilly Automotive, Inc. ORLY Q 1 M/GRW 267.73 315.00 277.96 225.00 24.5 9.29 10.92 12.61 Dec 29,102 0.0 DW

Consumer Electronics Retailers Best Buy Company, Incorporated BBY N 1 M/GRW 29.37 38.00 39.10 25.31 10.0 2.60 2.78 A 2.93 Jan 10,344 3.8 DW


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Consumer - USA Convenience Stores Casey's General Stores, Inc. CASY Q 2 H/GRW 124.08 130.00 129.53 94.32 22.2 4.62 5.73 A 5.60 Apr 4,845 0.8 BBL,DW Core-Mark Holding Company, Inc. CORE Q 2 M/GRW 90.49 45.00 94.28 56.22 65.1 1.16 1.39 1.71 Dec 4,199 0.4 BBL,DW CST Brands, Inc. CST N 2 H/GRW 41.38 42.00 45.28 29.73 20.0 1.95 2.07 2.16 Dec 3,132 0.6 BBL,DW Murphy USA Inc. MUSA N 3 H/GRW 71.74 NM 73.55 47.73 15.6 3.24 4.60 4.58 Dec 2,826 0.0 BBL,DW TravelCenters of America LLC TA N 3 H/GRW 7.70 NM 16.95 6.41 96.2 0.93 0.08 0.57 Dec 299 0.0 BBL,DW

Hardlines Duluth Holdings Inc. DLTH Q 2 H/GRW 22.93 28.00 27.21 12.76 33.7 0.66 0.68 0.87 Feb 741 0.0 DW The Michaels Companies, Inc. (f) MIK Q 2 M/GRW 26.89 32.00 31.37 19.46 13.7 1.72 1.96 2.17 Jan 5,586 0.0 DW

Pet Food and Farm Supplies Tractor Supply Co. TSCO Q 1 M/GRW 92.90 110.00 97.25 75.00 26.2 3.00 3.55 4.04 Dec 13,164 1.0 DW

Sporting Goods Cabela’s Inc. CAB N 3 H/GRW 46.31 NM 53.79 33.03 14.2 2.88 3.25 3.56 Dec 3,320 0.0 DW Callaway Golf Co. ELY N 3 H/GRW 9.70 NM 10.62 7.97 31.3 0.17 0.31 0.38 Dec 741 0.4 DW Dick`s Sporting Goods Inc. (f) DKS N 3 H/GRW 40.07 NM 53.83 33.42 13.6 2.87 2.94 3.44 Jan 5,017 1.5 DW Hibbett Sports, Inc. (f) HIBB Q 3 H/GRW 33.52 NM 48.20 27.58 11.0 2.87 3.04 3.31 Jan 875 0.0 DW Under Armour Inc. UA N 3 M/GRW 35.92 NM 54.70 32.66 57.0 0.53 0.63 0.84 Dec 15,582 0.0 DW

Value Retailers Big Lots Inc. (f) BIG N 3 H/GRW 49.04 NM 53.35 33.78 13.8 3.01 3.55 3.77 Jan 2,732 1.7 DW Dollar General Corp. (f) DG N 1 M/GRW 93.51 105.00 93.78 59.75 19.9 3.96 4.70 5.30 Jan 29,016 1.1 DW Dollar Tree, Inc. (f) DLTR Q 3 H/GRW 92.56 NM 93.33 60.31 23.7 2.59 3.91 4.45 Jan 19,225 0.0 DW

Home & Other Retailers Big Box Retailers Costco Wholesale Corporation COST Q 3 M/GRW 154.26 NM 169.73 117.03 29.2 5.25 5.28 5.81 Aug 67,623 1.0 BB The Home Depot Inc. (f) HD N 3 M/GRW 124.67 NM 137.82 92.17 19.8 5.40 6.31 7.25 Jan 155,214 2.2 BB Lowe's Companies, Inc. (f) LOW N 3 M/GRW 76.32 NM 80.76 62.62 18.9 3.29 4.03 4.55 Jan 69,451 1.8 BB Lumber Liquidators Holdings, Inc. LL N 3 H/SPEC 14.29 NM 21.83 10.01 NM (0.78) (1.06) 0.10 Dec 387 0.0 BB Wal-Mart Stores Inc. WMT N 1 M/GRW 71.50 80.00 74.14 56.30 16.6 5.07 4.59 A 4.31 Jan 224,796 2.8 BB

Furniture & Furnishings Aaron's Inc. AAN N 1 M/GRW 21.10 34.00 40.80 20.24 9.1 2.14 2.33 2.50 Dec 1,532 0.5 BB Bed Bath & Beyond (f) BBBY Q 1 M/GRW 41.86 55.00 70.83 41.15 8.4 5.04 5.00 6.05 Feb 6,559 1.2 BB Haverty Furniture Companies Inc. HVT N 2 H/GRW 17.14 23.00 24.54 16.65 14.8 1.20 1.16 1.26 Dec 380 2.3 BB Mattress Firm Holding Corp. (f) MFRM Q 3 H/GRW 34.93 NM 65.51 27.18 17.5 2.36 2.00 2.84 Jan 1,297 0.0 BB Pier 1 Imports Incorporated PIR N 1 H/GRW 5.34 9.00 13.28 3.76 11.6 0.84 0.46 A 0.46 Feb 446 5.2 BB Rent-A-Center Inc. RCII Q 1 H/INC 11.41 21.00 30.04 9.76 5.4 2.03 2.13 2.32 Dec 606 2.8 BB Restoration Hardware Holdings, Inc. RH N 3 H/GRW 25.39 NM 106.49 24.75 15.1 2.72 1.68 2.76 Jan 1,031 0.0 BB Williams-Sonoma (f) WSM N 3 M/GRW 49.56 NM 89.38 47.33 14.0 3.37 3.54 4.18 Jan 4,428 3.0 BB


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Consumer - USA Household & Personal Care Products Church & Dwight Co., Inc. CHD N 3 M/GRW 98.74 NM 107.36 76.85 28.0 3.25 3.53 3.80 Dec 12,655 1.4 JA The Clorox Company CLX N 3 M/INC 137.03 NM 137.62 103.89 27.7 4.57 4.95 5.25 Jun 17,718 2.3 JA Estee Lauder Companies EL N 2 M/GRW 87.24 100.00 97.48 73.67 27.7 2.83 3.15 3.60 Jun 32,207 1.4 JA Inter Parfums, Inc. IPAR Q 3 M/GRW 27.59 NM 34.83 20.37 26.0 0.98 1.06 1.24 Dec 857 2.2 JA Newell Brands Inc. NWL N 2 M/GRW 45.08 50.00 50.90 33.26 15.8 2.18 2.85 2.95 Dec 12,293 1.7 JA Prestige Brands Holdings Inc. PBH N 3 H/GRW 53.23 NM 58.09 42.49 22.7 1.86 2.17 A 2.34 Mar 2,808 0.0 JA The Procter & Gamble Company PG N 3 M/GRW 81.23 NM 84.21 65.02 22.3 3.76 3.64 3.98 Jun 216,222 3.3 JA Sally Beauty Holdings Inc. SBH N 2 H/GRW 28.12 35.00 32.93 21.94 16.2 1.53 1.74 1.94 Sep 4,101 0.0 JA The Scotts Miracle-Gro Company SMG N 3 H/GRW 66.63 NM 75.13 58.11 17.1 3.53 3.90 4.40 Sep 4,064 2.8 JA Spectrum Brands Holdings, Inc. SPB N 2 H/GRW 111.73 125.00 122.52 87.65 21.9 4.31 5.10 5.60 Sep 6,637 1.4 JA Ulta Salon, Cosmetics & Fragrance, Inc. (f) ULTA Q 3 H/GRW 235.04 NM 242.91 120.38 38.2 4.98 6.15 7.50 Jan 14,719 0.0 JA

Leisure Products Brunswick Corp. BC N 3 H/GRW 41.82 NM 55.76 36.05 12.2 2.57 3.42 3.85 Dec 3,881 1.4 JA Harley-Davidson, Inc. HOG N 4 NM 42.39 NM 60.67 36.36 11.2 3.69 3.78 3.85 Dec 7,808 2.9 JA Malibu Boats, Inc. MBUU Q 1 H/GRW 11.58 18.00 21.47 11.38 9.9 0.93 1.17 1.40 Jun 225 0.0 JA MarineMax HZO N 1 H/GRW 16.20 24.00 24.34 13.56 21.0 1.92 0.77 1.15 Sep 400 0.0 JA MCBC Holdings, Inc. MCFT Q 1 H/GRW 10.47 14.00 16.47 10.25 19.8 0.29 0.53 1.24 Jun 195 0.0 JA Polaris Industries PII N 1 M/GRW 78.21 106.00 156.35 67.80 12.2 6.75 6.40 7.10 Dec 5,162 2.8 JA

Restaurants Bloomin' Brands, Inc. BLMN Q 2 H/GRW 17.42 21.00 23.83 14.91 12.4 1.27 1.40 1.63 Dec 2,104 1.6 BV Brinker International EAT N 3 M/GRW 44.98 NM 60.34 43.20 12.8 3.09 3.52 3.40 Jun 2,753 2.8 BV Buffalo Wild Wings, Inc. BWLD Q 2 H/GRW 139.01 150.00 205.83 122.25 24.3 4.97 5.73 6.80 Dec 2,669 0.0 BV Carrols Restaurant Group, Inc. TAST Q 1 H/GRW 11.80 16.50 14.80 10.12 18.4 0.23 0.64 0.68 Dec 527 0.0 BV Cheesecake Factory Inc. CAKE Q 3 M/GRW 47.25 NM 58.86 44.16 17.7 2.37 2.67 2.90 Dec 2,363 1.7 BV Chipotle Mexican Grill, Inc. CMG N 3 H/GRW 388.78 NM 758.61 384.77 60.3 15.10 6.45 12.85 Dec 11,625 0.0 BV Chuy's Holdings, Inc. CHUY Q 3 H/GRW 33.72 NM 37.34 25.69 31.2 0.93 1.08 1.28 Dec 566 0.0 BV Darden Restaurants DRI N 4 NM 64.94 NM 68.68 53.38 18.5 2.63 3.51 4.05 May 8,403 3.1 BV Dave & Buster's Entertainment, Inc. PLAY Q 2 H/GRW 45.07 50.00 48.79 29.54 23.1 1.52 1.95 2.28 Jan 1,943 0.0 BV Del Frisco’s Restaurant Group, Inc. DFRG Q 2 H/GRW 14.41 19.50 19.00 12.25 17.0 0.80 0.85 0.90 Dec 337 0.0 BV DineEquity, Inc. DIN N 2 M/GRW 81.99 105.00 106.09 77.36 13.0 6.19 6.30 6.85 Dec 1,509 4.5 BV Fiesta Restaurant Group, Inc. FRGI Q 2 H/GRW 21.01 37.50 62.50 20.15 14.6 1.52 1.44 1.65 Dec 560 0.0 BV The Habit Restaurants, Inc. HABT Q 2 H/GRW 15.98 25.00 32.85 15.48 51.5 0.29 0.31 0.34 Dec 415 0.0 BV Kona Grill, Inc. KONA Q 2 H/GRW 11.32 19.00 22.00 10.64 NM (0.38) (0.53) (0.41) Dec 127 0.0 BV McDonald's Corporation MCD N 3 M/GRW 116.30 NM 131.96 87.50 20.7 4.97 5.62 6.22 Dec 104,077 3.1 BV Panera Bread Co. PNRA Q 3 M/GRW 207.46 NM 221.44 165.17 31.2 6.21 6.65 7.45 Dec 5,021 0.0 BV Papa Murphy's Holdings, Inc. FRSH Q 2 H/GRW 6.65 15.00 21.75 6.48 22.9 0.47 0.29 0.40 Dec 112 0.0 BV Red Robin Gourmet Burgers, Inc. RRGB Q 1 H/GRW 50.17 70.00 95.00 46.82 15.2 3.32 3.30 3.90 Dec 692 0.0 BV Ruth`s Hospitality Group, Inc. RUTH Q 3 M/GRW 15.82 NM 18.78 14.90 16.5 0.87 0.96 1.14 Dec 532 1.8 BV Texas Roadhouse, Inc. TXRH Q 3 H/GRW 44.36 NM 46.81 31.55 24.6 1.37 1.80 2.10 Dec 3,141 1.7 BV


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Consumer - CAN Kenric S. Tyghe, MBA [email protected]

Consumer & Retail AIMIA (ae) AIM T 2 M/GRW C$7.52 15.00 14.50 7.28 NM 226 234 255 Dec 1,151 10.0 KT Canadian Tire Corporation CTC.A T 2 M/GRW C$136.98 160.00 147.00 101.53 15.5 8.28 8.82 9.58 Dec 10,137 1.7 KT Cara Operations Limited CAO T 3 M/GRW C$29.00 34.00 36.99 22.85 16.3 1.30 1.78 2.00 Dec 1,537 1.4 KT Cineplex Inc. CGX T 2 M/INC C$51.29 56.00 52.50 42.00 23.2 1.55 2.21 2.54 Dec 3,231 3.1 KT Dollarama DOL T 2 M/GRW C$88.02 105.00 94.87 66.32 25.1 2.19 3.00 A 3.51 Jan 10,826 0.5 KT Empire Company Limited EMP.A T 3 M/GRW C$21.40 24.00 31.15 20.14 14.8 1.87 1.45 1.59 Apr 5,817 1.9 KT Gildan Activewear GIL N 1 M/GRW US$27.13 35.00 35.15 22.43 16.5 1.47 1.64 2.03 Dec 6,593 1.1 KT Great Canadian Gaming GC T 2 H/GRW C$17.66 24.00 24.24 14.66 15.2 1.12 1.16 1.35 Dec 1,155 0.0 KT Loblaw Companies Ltd. L T 2 M/GRW C$68.23 78.00 74.59 61.25 17.6 3.45 3.87 4.28 Dec 28,152 1.5 KT Metro, Inc. MRU T 2 M/GRW C$44.68 48.00 45.36 32.87 18.5 2.03 2.41 2.62 Sep 10,710 1.2 KT Sleep Country Canada Holdings Inc. ZZZ T 3 M/INC C$22.53 22.00 24.96 14.09 17.6 1.05 1.28 1.49 Dec 856 2.3 KT Winpak Ltd. WPK T 2 M/GRW C$46.32 51.00 50.91 36.25 28.2 1.55 1.64 1.88 Dec 3,011 0.3 KT

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Consumer - EUR Hermine de Bentzmann, RJEE [email protected] Cedric Lecasble, RJEE [email protected]

Julien Richer, CFA, RJEE [email protected]

Consumer Goods Beverages Campari CPR.MI BIT 3 €8.29 NM 8.99 6.36 23.0 0.32 0.36 0.43 Dec 4,816 1.1 HB Diageo DGE.L L 3 1,914p NM 1,964 1,593 21.9 88.80 87.30 94.90 Jun £48,156 3.1 HB Pernod Ricard PERP.PA EPA 3 €94.42 NM 111.70 88.00 17.8 4.99 5.31 5.59 Jun 25,061 2.1 HB Remy Cointreau RCOP.PA EPA 2 €71.92 84.00 77.50 50.29 28.8 1.95 2.27 A 2.50 Mar 3,505 2.3 HB


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Consumer - EUR Eyecare & Eyewear Essilor ESSI.PA EPA 2 €113.10 116.00 125.15 95.01 29.7 3.50 3.81 4.28 Dec 24,000 1.1 CL Luxottica LUX.MI BIT 2 €44.23 58.00 67.80 43.15 24.0 1.77 1.84 2.04 Dec 21,213 2.1 CL

Home & Personal Care Beiersdorf BEIG.DE ETR 4 €79.10 69.00 89.54 67.92 26.7 2.92 2.96 3.16 Dec 19,933 0.9 HB BIC BB.FP EPA 3 €123.00 NM 162.20 114.30 20.3 6.72 6.05 6.79 Dec 5,892 2.8 HB Henkel HNKG_p.DE ETR 2 €105.85 112.00 113.05 87.17 20.5 4.88 5.17 5.48 Dec 43,656 1.5 HB L'Oréal OREP.PA EPA 2 €162.80 185.00 178.95 140.40 25.1 6.18 6.48 6.85 Dec 91,653 2.0 HB RB RB.L L 3 6,991p NM 7,078 5,403 24.7 259.00 283.00 304.00 Dec £49,273 2.1 HB

Luxury Goods Christian Dior DIOR.PA EPA 2 €137.55 196.00 195.35 133.75 14.7 7.92 9.34 10.55 Jun 24,993 2.5 HB Kering KER.PA EPA 3 €138.60 NM 181.95 136.55 14.8 8.07 9.38 10.61 Dec 17,501 3.1 HB LVMH LVMH.PA EPA 1 €131.40 189.00 176.60 130.55 15.8 7.51 8.30 9.15 Dec 66,617 2.9 HB Salvatore Ferragamo SFER.MI BIT 1 €18.10 27.00 30.72 17.26 15.6 1.03 1.16 1.28 Dec 3,055 2.9 HB Tod's Group TOD.MI BIT 4 €48.21 55.00 98.00 46.81 16.1 3.03 3.00 3.24 Dec 1,595 3.9 HB

Foodservices Autogrill AGL.BIT BIT 2 €7.04 10.00 8.94 6.11 17.6 0.31 0.40 0.46 Dec 1,788 2.3 JR Compass Group CPG.L L 3 1,345p NM 1,382 963 22.8 52.30 58.93 63.34 Sep £22,112 2.2 JR Edenred EDEN.PA EPA 2 €16.00 18.00 24.35 13.22 18.0 0.78 0.89 1.11 Dec 3,739 5.3 JR Elior ELIOR.PA EPA 2 €18.97 23.00 20.70 16.40 21.8 0.65 0.87 1.11 Sep 3,262 2.3 JR Sodexo EXHO.PA EPA 4 €91.94 92.00 97.63 70.45 22.5 4.60 4.09 4.30 Aug 14,444 2.4 JR

Retail Apparel H&M HMb.ST STO 3 SEK236.60 NM 362.00 234.50 20.4 12.63 11.58 12.73 Nov 391,597 4.1 CL Inditex ITX.MC MAD 2 €28.42 36.00 35.38 26.00 27.9 0.92 1.02 1.15 Jan 88,561 2.3 CL

Consumer Electronics Fnac FNAC.PA EPA 1 €48.00 70.00 64.95 44.70 15.3 3.33 3.13 3.27 Dec 941 0.0 CL

Food Retail Ahold AHLN.AS AMS 3 €18.94 NM 21.20 15.90 16.9 1.02 1.12 1.24 Dec 15,796 3.0 CL Carrefour CARR.PA EPA 2 €21.45 28.00 32.34 20.90 13.2 1.54 1.62 1.83 Dec 15,836 3.4 CL Casino CASP.PA EPA 2 €45.85 57.00 72.20 34.38 15.6 3.23 2.93 3.43 Dec 5,190 6.8 CL Colruyt COLR.BR EBR 4 €49.46 40.00 54.98 39.65 19.7 2.51 E 2.57 2.63 Mar 7,747 2.1 CL Delhaize DELB.BR EBR 3 €89.12 NM 98.25 71.36 18.1 4.92 E 5.55 5.99 Dec 9,291 1.6 CL Dia DIDA.MC MAD 1 €4.77 6.80 6.99 4.15 11.1 0.41 0.43 0.50 Dec 2,967 4.4 CL Jeronimo Martins JMT.LS ELI 3 €13.35 NM 15.06 10.66 23.0 0.53 0.58 0.67 Dec 8,398 2.2 CL Metro MEOG.DE ETR 1 €26.28 33.00 31.76 21.58 15.7 1.48 1.67 1.93 Sep 8,588 3.8 CL Rallye GENC.PA EPA 3 €14.20 NM 29.00 11.81 NM (0.28) E 0.71 2.29 Dec 693 12.9 CL

Sporting Goods Adidas ADSGn.DE ETR 4 €119.75 95.00 124.75 62.51 28.1 3.44 4.26 5.25 Dec 25,054 1.7 CL Puma PUMG.DE ETR 3 €194.15 NM 219.30 142.35 54.4 2.48 3.57 6.34 Dec 2,928 0.3 CL


Energy

USA Canada Europe

Exploration and Production ........................................ 25

Independent Refiners ................................................. 26

Integrated Oil and Gas ................................................ 26

Midstream Suppliers................................................... 27

Oilfield Services .......................................................... 28

Compression ............................................................ 28

Diversified Oilfield Services ..................................... 28

Manufacturing & Fabrication .................................. 28

Offshore Construction ............................................. 28

Offshore Drillers ...................................................... 29

Onshore Drillers....................................................... 29

Production/Workover/Miscellaneous ..................... 29

Renewable Energy and Clean Technology .................. 29

Fuels and Chemicals ................................................ 29

Power ...................................................................... 30

Alternative Energy & Clean Tech ................................ 30

Energy Infrastructure ................................................. 30

Midstream ............................................................... 30

Intermediate Oil & Gas Producers .............................. 31

Junior Oil & Gas Producers ......................................... 31

Oil & Gas Energy Services ........................................... 31

Contract Drillers ...................................................... 31

Facilities & Infrastructure ........................................ 32

Pressure Pumpers ................................................... 32

Well Site & Other Services ...................................... 32

Oil Sands ..................................................................... 32

Power & Utilities ........................................................ 32

Independent Power Producers ............................... 32

Senior Oil & Gas Producers ........................................ 32


Oilfield Services ........................................................... 33

Diversified Oilfield Services ...................................... 33

Utilities ........................................................................ 33

Electricity & Gas ....................................................... 33

Environmental Services ............................................ 33

Argentina

Diversified Holdings .................................................... 34

Electric Utilities ........................................................... 34

Exploration and Production ........................................ 34

Gas Utility .................................................................... 34


Oilfield Services ........................................................... 34

Manufacturing & Fabrication ................................... 34


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Energy - USA J. Marshall Adkins [email protected] John Freeman, CFA [email protected]

Darren Horowitz [email protected] Pavel Molchanov [email protected]

Kevin Smith [email protected] Benjamin Brownlow [email protected]

Justin Jenkins [email protected] Praveen Narra, CFA [email protected]

Exploration and Production Anadarko Petroleum Corp. APC N 2 H/GRW 49.50 57.00 80.79 28.16 NM (2.00) (2.47) 1.13 Dec 25,265 0.4 JF,KS Antero Resources Corporation AR N 2 H/GRW 26.56 38.00 34.93 18.50 29.2 0.57 0.91 1.17 Dec 7,359 0.0 JF,KS Apache Corporation APA N 2 H/GRW 52.00 65.00 59.59 32.20 NM (0.38) (1.02) 3.44 Dec 19,684 1.9 JF,KS Black Stone Minerals L.P. (cu) BSM N 2 H/INC 14.30 20.00 17.75 10.71 12.7 0.79 1.13 1.23 Dec 1,385 7.3 KS Bonanza Creek Energy, Inc. BCEI N 4 NM 1.92 NM 18.98 0.88 NM (0.45) (0.86) (0.25) Dec 95 0.0 KS,JF Cabot Oil & Gas Corp. COG N 3 H/GRW 24.06 NM 31.99 14.88 NM 0.13 (0.18) 0.08 Dec 11,188 0.3 KS,JF California Resources Corporation CRC N 3 H/GRW 11.00 NM 66.20 2.81 NM (8.10) (0.70) 10.40 Dec 424 0.0 PM Chesapeake Energy Corp. CHK N 4 NM 4.06 NM 11.90 1.50 NM 0.68 (0.21) 0.86 Dec 2,774 8.6 JF,KS Cimarex Energy Co. XEC N 3 H/GRW 109.50 NM 124.91 72.77 NM (0.59) 0.63 4.62 Dec 10,382 0.3 JF,KS Clayton Williams Energy, Inc. CWEI N 4 NM 27.87 NM 70.87 6.35 NM (5.81) (8.87) (5.25) Dec 339 0.0 KS Concho Resources Inc. CXO N 1 H/GRW 115.48 150.00 130.03 69.94 NM 0.98 0.16 0.47 Dec 15,193 0.0 JF,KS ConocoPhillips COP N 3 M/INC 40.78 NM 61.74 31.05 NM (1.39) (0.59) 4.13 Dec 50,718 2.5 PM CONSOL Energy Inc. CNX N 3 H/GRW 13.63 NM 23.52 4.54 NM (0.41) (0.54) (0.74) Dec 3,126 0.3 KS,JF Continental Resources Inc. CLR N 1 H/GRW 41.03 50.00 45.92 13.94 NM (0.31) (0.69) 1.77 Dec 15,369 0.0 JF,KS Denbury Resources Inc. DNR N 4 NM 3.79 NM 6.44 0.86 NM 0.38 (0.06) 0.37 Dec 1,329 0.0 KS,JF Devon Energy Corporation DVN N 2 H/GRW 33.75 41.00 59.99 18.07 NM 2.53 (0.83) 1.65 Dec 17,685 0.7 KS,JF Diamondback Energy, Inc. FANG Q 2 H/GRW 83.77 94.00 96.01 55.48 74.1 1.78 1.13 3.35 Dec 6,006 0.0 JF,KS Energen Corp. EGN N 2 H/GRW 43.86 57.00 69.11 20.76 NM 0.81 (1.24) 0.82 Dec 4,255 0.0 JF,KS EOG Resources, Inc. EOG N 3 H/GRW 78.59 NM 89.52 57.15 NM 0.06 (1.29) 2.21 Dec 43,240 0.9 KS,JF EV Energy Partners L.P. EVEP Q 3 H/INC 2.16 NM 11.96 1.60 NM 6.03 (1.03) (0.51) Dec 106 0.0 KS Hess Corp. HES N 2 H/GRW 52.63 75.00 67.98 32.41 NM (3.92) (3.85) 0.23 Dec 15,778 1.9 PM InterOil Corp. IOC N 3 H/SPEC 40.67 NM 61.15 21.18 NM (3.31) (1.41) (1.43) Dec 2,021 0.0 PM Kosmos Energy Ltd. KOS N 1 H/GRW 5.10 7.00 8.58 3.17 NM (0.11) (0.30) 0.15 Dec 1,960 0.0 PM Laredo Petroleum Inc. LPI N 2 H/GRW 9.94 16.00 14.19 3.90 13.4 0.21 0.74 0.97 Dec 2,122 0.0 JF,KS Legacy Reserves L.P. LGCY Q 3 H/GRW 1.65 NM 10.49 0.61 NM (0.75) (1.40) 0.16 Dec 114 0.0 KS LINN Energy, LLC LINEQ OTC 4 NM 0.09 NM 9.66 0.09 0.2 3.42 0.41 (0.33) Dec 32 0.0 KS LinnCo, LLC LNCOQ OTC 4 NM 0.08 NM 9.84 0.06 0.2 3.42 0.41 (0.33) Dec 26 0.0 KS Marathon Oil Corp. MRO N 2 M/GRW 13.66 15.00 27.38 6.52 NM (1.28) (0.61) 0.87 Dec 9,972 1.5 PM Memorial Production Partners L.P. MEMP Q 3 H/INC 1.77 NM 15.12 1.57 NM 0.17 (0.36) (0.50) Dec 147 6.8 KS


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Energy - USA Exploration and Production Memorial Resource Development Corp MRD Q 3 H/GRW 15.50 NM 20.55 8.30 25.8 0.32 0.60 0.35 Dec 3,182 0.0 JF,KS Mid-Con Energy Partners L.P. MCEP Q 4 NM 1.73 NM 5.30 0.72 3.3 0.11 0.52 0.47 Dec 52 0.0 KS Murphy Oil Corp. MUR N 3 M/INC 28.19 NM 41.98 14.30 NM (3.08) (0.58) 1.98 Dec 4,851 5.0 PM National Fuel Gas Company NFG N 3 H/GRW 55.31 NM 60.08 37.03 18.8 2.97 2.94 2.91 Sep 4,695 2.9 KS,JF Newfield Exploration Company NFX N 1 H/GRW 40.41 51.00 44.08 20.84 40.0 1.05 1.01 1.45 Dec 8,007 0.0 KS,JF Noble Energy, Inc. NBL N 3 H/GRW 33.99 NM 44.51 23.77 NM 0.53 (1.12) 0.10 Dec 14,718 1.2 JF,KS Northern Oil & Gas Inc. NOG M 3 H/GRW 4.40 NM 6.88 1.99 21.0 0.78 0.21 0.99 Dec 280 0.0 JF,KS Oasis Petroleum Inc. OAS N 2 H/GRW 8.81 13.00 16.13 3.40 NM 0.78 (0.74) 0.11 Dec 1,591 0.0 JF,KS Occidental Petroleum Corp. OXY N 1 M/INC 73.12 85.00 78.31 58.22 88.1 0.11 0.83 4.05 Dec 55,820 4.1 PM Parsley Energy, Inc. PE N 1 H/GRW 24.57 36.00 28.01 13.29 NM (0.18) 0.00 0.71 Dec 3,342 0.0 JF,KS Pioneer Natural Resources Company PXD N 1 H/GRW 146.61 210.00 171.88 103.50 NM (0.12) (0.98) 4.13 Dec 23,979 0.1 JF,KS QEP Resources, Inc. QEP N 1 H/GRW 16.90 29.00 20.96 8.54 NM 0.04 (1.19) 0.14 Dec 3,664 0.5 KS,JF Range Resources Corp. RRC N 2 H/GRW 42.49 45.00 50.25 19.21 NM 0.46 (0.49) 0.41 Dec 7,210 0.2 KS,JF Resolute Energy Corp. REN N 4 NM 2.92 NM 5.10 1.24 NM (2.80) (4.20) 0.15 Dec 9 0.0 JF,KS RSP Permian Inc. RSPP N 1 H/GRW 32.47 45.00 36.50 16.74 NM 0.56 0.22 1.37 Dec 3,301 0.0 JF,KS SM Energy Company SM N 2 H/GRW 25.19 37.00 47.00 6.99 NM (0.54) (2.24) 0.50 Dec 1,715 0.4 KS,JF Southwestern Energy Company SWN N 4 NM 12.42 NM 23.43 5.00 NM 0.19 (0.58) 0.52 Dec 4,839 0.0 KS,JF Synergy Resources Corporation SYRG Q 1 H/GRW 6.47 9.50 12.24 5.01 NM 0.30 0.02 0.25 Dec 785 0.0 JF,KS TransGlobe Energy Corp. TGA Q 2 H/GRW 1.75 5.00 4.03 1.00 NM (0.42) (0.31) 0.30 Dec 126 0.0 PM Vanguard Natural Resources, LLC VNR Q 3 H/SPEC 1.15 NM 15.50 1.07 2.3 0.52 0.49 0.63 Dec 151 0.0 KS Viper Energy Partners L.P. (cu) VNOM Q 3 H/INC 17.89 NM 21.50 12.69 17.9 0.84 1.00 1.88 Dec 1,426 3.4 KS Whiting Petroleum Corp. WLL N 2 H/GRW 8.56 15.00 35.10 3.35 NM (0.78) (1.44) 0.66 Dec 1,750 0.0 JF,KS WPX Energy Inc. WPX N 2 H/GRW 8.29 12.00 13.02 2.53 NM (0.50) (0.50) (0.35) Dec 2,294 37.7 KS,JF

Independent Refiners Delek US Holdings, Inc. DK N 2 H/GRW 11.90 16.00 40.47 11.41 NM 1.68 (0.11) 1.50 Dec 739 5.0 JJ HollyFrontier Corp. HFC N 3 H/GRW 22.92 NM 54.73 22.53 11.9 4.72 1.92 2.75 Dec 4,052 5.8 JJ Marathon Petroleum Corp. MPC N 2 H/GRW 32.93 42.00 60.38 29.24 9.7 5.91 3.40 3.50 Dec 17,486 3.9 JJ PBF Energy, Inc. PBF N 3 H/GRW 22.20 NM 41.75 21.87 8.0 4.25 2.78 5.00 Dec 2,282 5.4 JJ Phillips 66 PSX N 2 H/GRW 76.90 88.00 94.12 69.79 14.7 7.67 5.24 7.00 Dec 41,118 2.9 JJ Tesoro Corp. TSO N 3 H/GRW 72.16 NM 119.67 67.80 10.1 14.04 7.17 7.50 Dec 8,746 2.8 JJ Valero Energy Corp. VLO N 2 H/GRW 51.13 64.00 73.88 50.03 9.8 9.11 5.23 6.50 Dec 24,082 4.7 JJ Western Refining, Inc. WNR N 3 H/GRW 18.33 NM 50.71 18.14 8.6 4.88 2.14 2.75 Dec 1,673 8.3 JJ

Integrated Oil and Gas BP plc (ed, r) BP N 3 M/INC 31.99 NM 41.52 27.01 18.6 1.93 1.72 4.33 Dec 99,361 7.5 PM Chevron Corp. CVX N 3 M/INC 100.36 NM 104.45 69.58 37.4 3.41 2.68 9.02 Dec 187,653 4.3 PM Ecopetrol S.A. (ed, r) EC N 3 H/GRW 8.98 NM 13.35 5.16 14.7 0.26 0.61 1.85 Dec 18,461 0.0 PM Exxon Mobil Corp. XOM N 4 NM 88.86 NM 92.07 66.55 25.2 3.85 3.53 6.63 Dec 371,257 3.4 PM Petróleo Brasileiro S.A. (ed, r) PBR N 4 NM 6.32 NM 9.59 2.71 9.2 0.00 0.69 1.97 Dec 41,220 0.0 PM


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Energy - USA Midstream Suppliers AmeriGas Partners L.P. APU N 3 H/INC 45.48 NM 47.85 30.80 18.3 1.92 2.49 2.77 Sep 4,226 8.3 BBL,DH Antero Midstream Partners L.P. AM N 1 H/GRW 25.18 30.00 29.36 16.47 25.2 0.76 1.00 0.95 Dec 4,436 3.7 DH Boardwalk Pipeline Partners L.P. BWP N 3 H/INC 16.99 NM 18.16 8.86 15.3 0.87 1.11 1.24 Dec 4,253 2.4 DH Calumet Specialty Products Partners L.P. CLMT Q 4 NM 4.31 NM 28.33 3.42 NM (2.00) (1.30) (0.56) Dec 327 0.0 JJ,DH Capital Product Partners L.P. CPLP Q 3 H/INC 2.91 NM 8.47 2.41 8.8 0.37 0.33 0.25 Dec 350 10.3 BBL,DH Cheniere Energy Partners L.P. CQP M 3 H/INC 28.44 NM 32.80 19.22 NM (0.43) (0.54) 0.19 Dec 9,607 6.0 DH,PM Cheniere Energy, Inc. LNG M 3 H/GRW 33.75 NM 71.11 22.80 NM (2.43) (2.70) (2.14) Dec 7,698 0.0 PM,DH Crestwood Equity Partners L.P. CEQP N 3 H/INC 19.48 NM 44.70 7.90 NM (54.00) (1.31) (0.24) Dec 3,631 12.3 DH CrossAmerica Partners L.P. CAPL N 2 H/INC 23.53 29.00 31.49 17.39 40.6 0.35 0.58 0.89 Dec 781 10.2 BBL,DH Delek Logistics Partners L.P. DKL N 2 H/INC 24.92 35.00 48.46 21.84 10.1 2.53 2.46 3.01 Dec 608 9.8 JJ,DH Energy Transfer Equity L.P. ETE N 3 H/GRW 13.60 NM 33.06 4.00 11.5 1.13 1.18 1.61 Dec 14,209 8.4 DH Energy Transfer Partners L.P. ETP N 2 H/INC 37.31 38.00 54.64 18.62 54.9 0.01 0.68 2.47 Dec 19,349 11.3 DH EnLink Midstream LLC ENLC N 2 H/GRW 14.85 15.00 31.85 6.41 20.1 (2.17) 0.74 0.84 Dec 2,435 6.9 DH EnLink Midstream Partners L.P. ENLK N 3 H/INC 15.35 NM 23.38 6.32 NM (4.33) (1.69) 0.02 Dec 3,531 10.2 DH Enterprise Products Partners L.P. EPD N 1 H/INC 27.76 31.00 31.17 19.00 21.0 1.26 1.32 1.39 Dec 52,022 5.7 DH Ferrellgas Partners L.P. FGP N 4 NM 17.33 NM 23.22 13.76 NM 0.28 (0.57) 0.28 Jul 1,716 11.8 BBL,DH Genesis Energy L.P. GEL N 2 H/INC 35.85 36.00 48.15 19.55 22.0 4.12 1.63 1.98 Dec 3,943 7.5 DH,JJ Global Partners L.P. GLP N 3 H/INC 12.94 NM 35.67 12.28 NM 1.16 (0.94) (0.55) Dec 437 14.3 DH,JJ Golar LNG Partners L.P. GMLP Q 3 H/INC 16.88 NM 25.80 7.55 6.8 2.58 2.50 2.68 Dec 1,032 13.7 BBL,DH Holly Energy Partners L.P. HEP N 4 NM 33.64 NM 36.99 21.44 16.7 1.62 2.01 1.92 Dec 1,973 6.8 JJ,DH Kinder Morgan, Inc. KMI N 2 H/INC 17.40 20.00 39.11 11.20 26.4 0.14 0.66 0.84 Dec 38,789 2.9 DH KNOT Offshore Partners L.P. KNOP N 2 H/INC 17.48 20.00 21.00 9.68 10.0 1.48 1.74 1.76 Dec 510 11.9 BBL,DH Magellan Midstream Partners L.P. MMP N 1 H/INC 74.51 78.00 77.45 54.51 21.4 3.59 3.48 4.00 Dec 16,972 4.3 DH,JJ Martin Midstream Partners L.P. MMLP Q 2 H/INC 21.91 25.00 33.24 13.27 19.9 0.62 1.10 1.16 Dec 777 14.8 DH MPLX L.P. MPLX N 3 H/GRW 31.42 NM 73.31 16.34 NM 1.23 0.17 1.45 Dec 10,620 6.4 JJ,DH NGL Energy Partners L.P. NGL N 3 H/INC 17.81 NM 32.24 5.57 20.2 (0.36) (2.88) A 0.88 Mar 1,857 8.8 DH NuStar Energy L.P. NS N 3 H/INC 47.00 NM 61.19 25.65 20.5 3.30 2.29 2.60 Dec 3,661 9.3 DH,JJ NuStar GP Holdings, LLC NSH N 3 H/INC 23.80 NM 39.05 12.86 15.4 1.68 1.55 1.62 Dec 1,022 9.2 DH,JJ PBF Logistics L.P. PBFX N 2 H/INC 21.42 23.00 24.75 15.39 10.1 2.18 2.13 2.34 Dec 681 7.8 JJ,DH PennTex Midstream Partners L.P. PTXP Q 2 H/INC 15.46 15.00 19.80 8.54 31.6 0.17 0.49 0.63 Dec 618 7.1 DH Phillips 66 Partners L.P. PSXP N 2 H/INC 51.70 70.00 73.40 40.00 22.8 1.89 2.27 3.50 Dec 4,373 3.7 JJ,DH Plains All American Pipeline L.P. PAA N 3 H/INC 25.08 NM 44.29 14.82 18.0 1.46 1.39 1.84 Dec 9,975 11.2 DH,JJ Plains GP Holdings L.P. PAGP N 3 H/INC 9.76 NM 26.86 4.72 13.0 0.53 0.75 0.81 Dec 2,186 9.5 DH,JJ Rose Rock Midstream L.P. RRMS N 3 H/INC 24.22 NM 48.12 6.67 18.1 0.79 1.34 1.42 Dec 892 10.9 DH,JJ


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Energy - USA Midstream Suppliers SemGroup Corporation SEMG N 3 H/INC 29.33 NM 81.31 13.98 NM 0.69 (0.21) 0.95 Dec 1,294 6.1 DH,JJ Southcross Energy Partners L.P. SXE N 4 NM 1.86 NM 12.81 0.38 NM (1.69) (1.20) (1.07) Dec 105 0.0 DH Spectra Energy Corp. SE N 1 M/INC 34.54 33.00 35.07 21.43 27.6 0.29 1.25 1.47 Dec 23,625 4.7 DH Spectra Energy Partners L.P. SEP N 2 H/INC 45.85 51.00 52.49 36.21 13.3 3.30 3.45 4.20 Dec 13,425 5.6 DH Sprague Resources L.P. SRLP N 2 H/INC 23.39 26.00 28.10 15.55 8.9 3.65 2.63 3.33 Dec 498 9.1 JJ,DH Suburban Propane Partners L.P. SPH N 3 H/INC 32.04 NM 41.14 20.93 97.1 1.38 0.33 1.71 Sep 1,947 11.1 BBL,DH Sunoco L.P. SUN N 2 H/INC 29.18 42.00 46.08 22.86 13.6 1.57 2.14 2.55 Dec 2,784 11.2 BBL,DH Targa Resources Corp. TRGP N 3 H/GRW 38.73 NM 92.13 14.55 NM 0.42 (0.14) (0.30) Dec 6,219 9.4 DH Teekay Corporation TK N 3 H/GRW 6.72 NM 44.58 4.37 NM 1.12 (0.16) 2.04 Dec 489 3.3 BBL,DH Teekay LNG Partners L.P. TGP N 3 H/INC 10.73 NM 33.13 7.92 8.3 2.31 1.29 2.99 Dec 854 5.2 BBL,DH Teekay Offshore Partners L.P. TOO N 2 H/INC 5.05 8.00 20.38 2.30 6.5 0.95 0.78 1.45 Dec 540 8.7 BBL,DH Tesoro Logistics L.P. TLLP N 1 H/INC 46.60 57.00 59.43 35.18 16.9 2.33 2.76 3.11 Dec 4,363 7.0 JJ,DH Valero Energy Partners L.P. VLP N 2 H/GRW 44.50 53.00 54.50 37.96 14.8 2.09 3.00 3.92 Dec 2,906 3.1 JJ,DH Western Refining Logistics L.P. WNRL N 1 H/GRW 24.66 28.00 30.65 17.35 15.7 1.31 1.57 2.25 Dec 1,167 6.5 JJ,DH The Williams Companies, Inc. WMB N 3 H/GRW 20.00 NM 58.77 10.22 NM (0.76) 0.14 1.22 Dec 15,000 12.8 DH Williams Partners L.P. WPZ N 2 H/INC 32.40 33.00 52.56 12.69 NM (3.28) 0.28 1.63 Dec 19,567 10.5 DH

Oilfield Services Compression Archrock Partners L.P. APLP Q 2 H/INC 13.16 13.00 24.16 5.36 34.6 1.15 0.38 0.38 Dec 790 8.7 JMA,PN CSI Compressco Partners L.P. CCLP Q 2 H/INC 7.48 9.00 18.79 3.74 NM 0.10 (0.39) 0.06 Dec 248 20.2 JMA,PN USA Compression Partners L.P. USAC N 2 H/INC 13.70 16.00 20.95 7.03 36.1 (2.65) 0.38 0.34 Dec 399 15.3 JMA,PN

Diversified Oilfield Services Baker Hughes, Inc. BHI N 1 H/GRW 42.06 56.00 61.96 37.58 NM (0.48) (0.85) 1.05 Dec 18,422 1.6 JMA,PN Halliburton HAL N 1 H/GRW 41.88 51.00 46.69 27.64 NM 1.56 0.00 1.80 Dec 35,933 1.7 JMA,PN Schlumberger Ltd. SLB N 3 H/GRW 75.07 NM 86.69 59.60 53.6 3.36 1.40 2.30 Dec 93,988 2.7 JMA,PN Weatherford WFT N 1 H/GRW 5.29 9.00 12.39 4.71 NM (0.33) (1.00) (0.10) Dec 4,735 0.0 JMA,PN

Manufacturing & Fabrication FMC Technologies, Inc. FTI N 3 H/GRW 24.42 NM 41.72 22.30 22.4 2.23 1.09 1.35 Dec 5,524 0.0 JMA,PN National Oilwell Varco Inc. NOV N 2 H/GRW 31.61 44.00 49.45 25.74 NM 2.75 (1.05) 0.65 Dec 11,919 5.8 JMA,PN Oil States International, Inc. OIS N 2 H/GRW 30.19 36.00 37.88 21.44 NM 0.83 (0.90) (0.15) Dec 1,551 0.0 JMA,PN

Offshore Construction Helix Energy Solutions Group HLX N 3 H/GRW 6.03 NM 13.20 2.60 NM 0.20 (0.40) (0.30) Dec 648 0.0 JMA,PN


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Energy - USA Offshore Drillers Atwood Oceanics ATW N 3 H/GRW 11.35 NM 27.59 4.82 2.4 7.74 4.65 (1.35) Sep 735 0.0 PN,JMA Diamond Offshore DO N 3 H/GRW 23.43 NM 26.84 14.18 16.7 2.98 1.40 0.70 Dec 3,259 0.0 PN,JMA Ensco plc ESV N 3 H/GRW 9.07 NM 22.79 7.25 4.7 4.43 1.95 1.00 Dec 2,099 0.4 PN,JMA Noble Corp plc NE N 3 H/GRW 8.03 NM 15.52 6.66 10.7 2.61 0.75 (0.95) Dec 1,953 1.0 PN,JMA Ocean Rig UDW ORIG Q 4 NM 2.36 NM 5.55 0.66 2.9 2.28 0.80 (1.85) Dec 311 0.0 PN,JMA Pacific Drilling PACD N 4 NM 7.01 NM 29.40 3.00 NM 8.10 (4.50) (15.50) Dec 148 0.0 PN,JMA Rowan Companies RDC N 2 H/GRW 16.96 20.00 21.83 10.67 5.8 3.54 2.90 (0.15) Dec 2,106 0.0 PN,JMA Transocean RIG N 4 NM 10.60 NM 17.19 7.67 NM 3.83 0.05 (1.20) Dec 3,870 0.0 PN,JMA

Onshore Drillers Nabors Industries Ltd. NBR N 1 H/GRW 9.25 12.00 14.76 4.93 NM (0.29) (1.65) (1.20) Dec 2,609 2.6 JMA,PN Patterson-UTI Energy, Inc. PTEN Q 1 H/GRW 19.33 24.00 22.12 10.94 NM (0.72) (2.30) (1.30) Dec 2,845 0.4 JMA,PN Pioneer Energy Services Corp PES N 4 NM 3.80 NM 6.76 0.95 NM (0.87) (1.20) (0.80) Dec 238 0.0 JMA,PN Unit Corporation UNT N 1 H/GRW 15.35 20.00 28.09 3.90 NM (0.15) (0.80) 1.00 Dec 790 0.0 JMA,PN

Production/Workover/Miscellaneous Basic Energy Services, Inc. BAS N 3 H/SPEC 1.46 NM 7.90 1.44 NM (4.50) (5.10) (3.10) Dec 62 0.0 JMA,PN Cypress Energy Partners L.P. CELP N 2 H/INC 8.95 11.00 16.85 5.28 33.1 0.83 0.27 0.69 Dec 107 18.2 JMA,PN Dawson Geophysical Company DWSN Q 1 H/SPEC 7.28 8.00 8.42 2.90 NM (1.14) (1.42) (0.70) Dec 154 0.0 JMA,PN Hi-Crush Partners L.P. HCLP N 1 H/GRW 10.92 17.00 31.00 3.55 NM 0.81 (0.85) 0.25 Dec 405 0.0 JMA,PN Key Energy Services Inc. KEG N 3 H/SPEC 0.21 NM 1.95 0.18 NM (1.14) (1.00) (0.65) Dec 33 0.0 JMA,PN Newpark Resources NR N 1 H/GRW 5.34 7.00 8.26 3.35 NM (0.23) (0.45) 0.15 Dec 449 0.0 JMA,PN RPC, Inc. RES N 1 H/GRW 14.23 18.00 16.84 8.45 NM (0.45) (0.70) 0.45 Dec 3,097 1.4 JMA,PN Superior Energy Services, Inc. SPN N 1 H/GRW 16.88 22.00 21.11 8.25 NM (1.29) (2.05) (0.70) Dec 2,556 0.0 JMA,PN TETRA Technologies Inc. TTI N 2 H/GRW 5.54 7.00 9.44 4.62 NM 0.31 (0.45) (0.10) Dec 445 0.0 JMA,PN

Renewable Energy and Clean Technology Fuels and Chemicals Chart Industries, Inc. GTLS Q 2 H/GRW 22.06 30.00 38.10 13.27 37.4 1.25 0.59 1.32 Dec 675 0.0 PM Clean Energy Fuels Corp. CLNE Q 3 H/GRW 3.07 NM 6.94 2.15 NM (0.78) (0.44) (0.62) Dec 306 0.0 PM Green Plains Partners L.P. GPP Q 1 M/INC 15.37 21.00 16.54 10.92 9.7 0.76 1.59 1.79 Dec 489 10.5 PM Westport Fuel Systems Inc. WPRT Q 3 H/GRW 1.46 NM 5.10 1.30 NM (1.50) (0.91) (0.53) Dec 93 0.0 PM


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Energy - USA Power 8point3 Energy Partners L.P. CAFD Q 1 M/INC 14.77 20.00 20.39 10.26 23.4 0.79 0.63 0.86 Nov 1,049 6.3 PM Advanced Energy Industries, Inc. AEIS Q 2 H/GRW 35.58 37.00 39.03 21.12 14.2 1.84 2.50 2.66 Dec 1,427 0.0 PM EnerNOC, Inc. ENOC Q 1 H/GRW 5.93 12.00 11.21 2.92 NM (1.74) (3.00) (2.30) Dec 205 0.0 PM Enphase Energy, Inc. ENPH Q 3 H/GRW 1.91 NM 8.08 1.63 NM (0.17) (0.78) (0.43) Dec 88 0.0 PM Enviva Partners L.P. EVA N 1 M/INC 19.81 24.00 24.86 11.85 13.7 1.03 1.45 1.56 Dec 499 10.3 PM First Solar, Inc. FSLR Q 3 H/GRW 44.23 NM 74.29 40.25 10.3 4.96 4.29 3.37 Dec 4,542 0.0 PM Silver Spring Networks, Inc. SSNI N 2 H/GRW 10.29 16.00 16.18 9.55 60.5 0.09 0.17 0.25 Dec 537 0.0 PM SolarCity Corp. SCTY Q 1 H/GRW 22.62 50.00 61.72 16.31 NM (7.91) (8.63) (9.15) Dec 2,219 0.0 PM SunPower Corp. SPWR Q 2 H/GRW 13.49 30.00 31.10 13.29 7.6 2.16 1.78 1.97 Dec 1,851 0.0 PM Trina Solar Limited (r) TSL N 3 H/GRW 6.96 NM 12.05 6.91 7.0 1.26 1.00 1.42 Dec 733 0.0 PM

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Energy - CAN Andrew Bradford, CFA [email protected] Steven Li, CFA [email protected]

Kurt Molnar [email protected] Chris Cox, CFA [email protected]

Jeremy McCrea, CFA [email protected] David Quezada, CFA [email protected]

Alternative Energy & Clean Tech Alterra Power Corp. AXY T 2 H/SPEC C$0.48 0.75 0.55 0.40 16.0 (0.04) 0.03 0.03 Dec 225 0.0 SLi U.S. Geothermal HTM M 3 H/SPEC US$0.80 0.85 0.87 0.48 16.0 0.05 0.05 0.07 Dec 86 0.0 SLi

Energy Infrastructure Midstream AltaGas Ltd. (af) ALA T 2 M/INC C$30.33 33.00 39.40 27.09 10.2 2.79 2.97 3.19 Dec 4,941 6.5 CC Gibson Energy Inc. (af) GEI T 2 M/INC C$14.71 21.00 23.44 11.46 11.9 1.75 1.24 1.85 Dec 2,076 9.0 CC Inter Pipeline Ltd. (af) IPL T 3 M/INC C$26.08 27.50 29.65 18.43 12.1 2.02 2.15 2.19 Dec 8,781 6.0 CC Keyera Corp (af) KEY T 2 M/INC C$36.58 46.00 44.84 32.87 13.6 2.85 2.68 3.04 Dec 6,303 4.1 CC Pembina Pipeline Corp. (af) PPL T 2 M/INC C$37.59 43.00 41.00 26.05 15.9 2.52 2.37 2.94 Dec 14,592 5.1 CC Veresen Inc. (af) VSN T 3 M/INC C$10.23 10.50 17.26 6.65 10.1 1.07 1.01 0.97 Dec 3,084 9.8 CC


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Energy - CAN Intermediate Oil & Gas Producers Advantage Oil & Gas Ltd. (cf) AAV T 2 H/GRW C$6.98 10.00 8.36 5.85 8.7 0.72 0.80 1.13 Dec 1,288 0.0 KM ARC Resources Ltd. (cf) ARX T 2 H/INC C$20.24 27.00 23.35 14.43 10.3 2.26 1.96 2.28 Dec 7,230 3.0 JM Athabasca Oil Corp. (cb) ATH T 2 H/GRW C$1.36 2.75 2.09 0.91 NM (26) (5) 18 Dec 550 0.0 CC Baytex Energy Corporation (cf) BTE T 3 H/GRW C$6.60 7.50 19.79 1.57 NM 542 390 407 Dec 1,391 0.0 CC Bellatrix Exploration Ltd. (cf) BXE T 3 H/GRW C$1.32 1.50 3.30 1.11 4.6 0.57 0.29 0.47 Dec 281 0.0 JM Birchcliff Energy Ltd. (cf) BIR T R H/GRW C$6.30 R 7.55 2.85 R R R R Dec R R KM Bonavista Energy Corporation (cf) BNP T 3 H/GRW C$3.01 3.50 7.15 0.94 2.9 1.72 1.04 1.07 Dec 777 1.3 JM Bonterra Energy Corp. (cf) BNE T 2 H/INC C$24.28 32.00 32.00 11.71 7.5 3.62 3.23 4.28 Dec 804 4.9 JM Crescent Point Energy (cf) CPG T 2 M/GRW C$19.12 26.00 26.18 11.31 NM 1,978 1,731 1,762 Dec 9,671 1.9 CC Crew Energy Inc. (cf) CR T 1 H/GRW C$5.41 8.75 6.37 2.65 11.5 0.60 0.47 0.80 Dec 763 0.0 KM Enerplus Corporation (cf) ERF T 2 H/GRW C$7.73 10.50 11.09 2.68 6.1 2.39 1.27 1.99 Dec 1,859 1.6 KM Freehold Royalties Ltd. (cf) FRU T 2 H/INC C$11.29 15.00 16.31 8.29 13.6 1.14 0.83 1.01 Dec 1,332 4.3 JM Kelt Exploration Ltd. (cf) KEL T 2 H/GRW C$4.25 6.50 8.85 2.51 12.9 0.36 0.33 0.67 Dec 740 0.0 JM NuVista Energy Ltd. (cf) NVA T 2 H/GRW C$5.81 8.50 7.18 2.72 8.2 0.84 0.71 0.84 Dec 910 0.0 KM Painted Pony Petroleum Ltd. (cf) PPY T 2 H/GRW C$7.15 8.50 8.27 2.72 10.7 0.28 0.67 1.88 Dec 715 0.0 JM Paramount Resources Ltd. (cf) POU T 2 H/GRW C$9.26 15.00 29.48 2.86 6.8 0.88 1.37 2.25 Dec 983 0.0 KM Pengrowth Energy Corporation (cf) PGF T 3 H/INC C$2.24 2.25 3.15 0.66 NM 643 490 324 Dec 1,220 0.0 CC Penn West Petroleum Ltd. (cf) PWT T 2 H/GRW C$1.72 3.00 2.19 0.60 6.6 0.36 0.26 0.30 Dec 864 0.0 JM Peyto Exploration and Development (cf) PEY T 2 M/GRW C$33.32 41.00 36.50 21.55 11.1 3.59 3.01 4.80 Dec 5,481 4.0 KM PrairieSky Royalty Ltd. (cf) PSK T 2 H/INC C$23.66 28.00 31.65 17.15 29.9 1.14 0.79 1.01 Dec 5,456 3.0 JM Raging River Exploration Inc. (cf) RRX T 3 H/GRW C$9.96 12.00 11.66 6.50 12.9 0.81 0.77 1.06 Dec 2,350 0.0 JM Seven Generations Energy Ltd. (cf) VII T 2 H/GRW C$24.13 31.00 26.83 11.25 11.5 1.66 2.09 3.23 Dec 6,703 0.0 KM Tourmaline Oil Corp. (cf) TOU T 2 H/GRW C$30.97 39.50 38.27 20.83 10.3 3.96 3.00 5.23 Dec 7,179 0.0 KM Trilogy Energy Corp. (cf) TET T 2 H/GRW C$5.20 8.50 6.02 1.99 9.6 0.87 0.54 0.96 Dec 655 0.0 KM Whitecap Resources Inc. (cf) WCP T 2 H/INC C$9.57 13.00 13.83 5.60 8.2 1.69 1.17 1.38 Dec 3,047 2.9 JM

Junior Oil & Gas Producers Chinook Energy Inc. (cf) CKE T 3 H/GRW C$0.49 0.50 0.97 0.40 NM 0.04 0.00 0.06 Dec 104 0.0 KM Delphi Energy Corp. (cf) DEE T 1 H/GRW C$1.02 1.90 1.38 0.62 4.2 0.28 0.24 0.27 Dec 159 0.0 KM Granite Oil Corp. (cf) GXO T 1 H/INC C$7.39 10.50 9.39 4.06 8.1 2.38 0.91 1.04 Dec 244 5.7 KM Leucrotta Exploration Inc. (cf) LXE V 2 H/GRW C$1.62 2.00 1.88 0.70 NM 0.00 0.01 0.09 Dec 268 0.0 KM RMP Energy Inc. (cf) RMP T 3 H/GRW C$1.15 1.65 2.48 0.99 3.6 0.75 0.32 0.47 Dec 174 0.0 KM Storm Resources Ltd. (cf) SRX V 2 H/GRW C$3.66 4.90 4.89 2.86 11.8 0.34 0.31 0.59 Dec 438 0.0 KM Yangarra Resources Ltd. (cf) YGR T 2 H/GRW C$1.00 1.50 1.32 0.40 3.7 0.33 0.27 0.35 Dec 79 0.0 JM

Oil & Gas Energy Services Contract Drillers Ensign Energy Services Inc. (cb) ESI T 3 H/INC C$6.70 7.50 12.46 4.72 NM 326 176 204 Dec 1,120 7.2 AB Precision Drilling Corporation (cb) PD T 3 H/GRW C$6.31 6.10 8.41 3.42 NM 489 233 307 Dec 1,913 0.0 AB Savanna Energy Services (cb) SVY T 1 H/GRW C$1.55 3.75 1.98 0.97 NM 100 56 60 Dec 150 0.0 AB Trinidad Drilling Ltd. (cb) TDG T 2 H/GRW C$2.44 3.40 4.09 1.41 NM 186 139 110 Dec 547 0.0 AB Western Energy Services Corp. (cb) WRG T 2 H/GRW C$3.23 4.75 5.96 2.05 NM 61 7 45 Dec 253 0.0 AB


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Energy - CAN Facilities & Infrastructure Black Diamond Group Limited (cb) BDI T 2 H/INC C$4.95 6.50 17.66 3.74 NM 90 57 62 Dec 220 6.1 AB Enerflex Ltd. (cb) EFX T 2 H/INC C$10.14 15.00 14.62 8.59 NM 193 195 223 Dec 822 3.4 AB Horizon North Logistics Inc. (cb) HNL T 2 H/INC C$1.36 1.75 4.03 1.06 NM 62 36 36 Dec 192 5.9 AB Secure Energy Services Inc. (cb) SES T 1 H/INC C$8.36 10.50 13.14 5.33 NM 111 93 166 Dec 1,401 2.9 AB

Pressure Pumpers Calfrac Well Services (cb) CFW T 2 H/GRW C$3.37 5.70 7.76 1.06 NM 32 (30) 136 Dec 430 0.0 AB Canyon Services Group Inc. (cb) FRC T 2 H/GRW C$5.29 7.20 5.98 2.85 NM 31 (17) 53 Dec 475 0.0 AB Trican Well Service (cb) TCW T 1 H/GRW C$2.07 3.30 4.21 0.34 NM (53) (53) 71 Dec 428 0.0 AB

Well Site & Other Services Canadian Energy Services & Technology Corp. (cb) CEU T 2 H/GRW C$3.65 5.00 7.69 2.85 NM 89 27 103 Dec 983 0.8 AB Essential Energy Services Ltd. (cb) ESN T 1 H/INC C$0.62 1.40 1.22 0.45 NM 21 17 42 Dec 83 1.6 AB Mullen Group Ltd. (cb) MTL T 2 H/INC C$13.60 16.00 20.94 13.02 NM 213 183 227 Dec 1,443 2.6 AB Strad Energy Services Ltd. (cb) SDY T 1 H/INC C$1.45 2.90 3.00 1.31 NM 18 16 31 Dec 58 0.0 AB

Oil Sands MEG Energy Corp. (cb) MEG T 2 H/GRW C$6.07 10.00 20.68 3.46 NM 303 343 573 Dec 1,368 0.0 CC

Power & Utilities Independent Power Producers Boralex, Inc. BLX T 2 M/INC C$18.90 21.00 19.00 11.79 39.4 (0.21) 0.48 0.60 Dec 1,230 3.0 DQ Capital Power Corporation CPX T 3 M/GRW C$19.01 18.00 22.42 15.41 17.8 0.97 1.07 1.11 Dec 1,827 7.7 DQ Innergex Renewable Energy, Inc. INE T 1 M/GRW C$14.14 16.25 14.97 9.51 40.4 (0.37) 0.35 0.47 Dec 1,527 4.5 DQ Northland Power, Inc. NPI T 1 M/GRW C$22.08 27.00 22.95 14.45 33.5 0.16 0.66 1.20 Dec 3,785 4.9 DQ TransAlta Renewables Inc. RNW T 2 M/GRW C$12.64 14.50 13.20 8.99 32.4 1.10 0.39 0.90 Dec 3,163 7.0 DQ

Senior Oil & Gas Producers Canadian Natural Resources Ltd (cb) CNQ T 2 M/GRW C$37.66 48.00 40.59 20.99 NM 5,758 4,543 7,076 Dec 41,234 2.4 CC Cenovus Energy, Inc. (cb) CVE T 3 M/GRW C$17.04 19.00 22.35 12.74 NM 2,010 1,339 1,777 Dec 14,199 1.2 CC Husky Energy Inc. (cb) HSE T 3 M/GRW C$14.55 18.00 24.02 11.34 NM 3,536 2,342 3,036 Dec 14,630 0.0 CC Imperial Oil Limited (cb) IMO T 3 M/GRW C$38.86 51.00 49.40 37.25 NM 3,412 2,741 4,367 Dec 33,047 1.5 CC Suncor Energy Inc (cb) SU T 2 M/GRW C$34.33 42.00 40.35 27.32 NM 8,030 5,946 8,984 Dec 57,135 3.4 CC


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Energy - EUR Emmanuel Retif, RJEE [email protected] Jean-Pierre Dmirdjian, RJEE [email protected]

Integrated Oil and Gas Eni ENI.MI BIT 2 €13.23 16.50 16.44 10.93 33.9 0.12 0.39 1.51 Dec 48,080 6.0 JPD Total ($D) TOTF.PA EPA 2 €40.33 47.00 47.40 35.21 10.0 4.56 4.05 5.86 Dec 99,958 6.1 JPD

Oilfield Services Diversified Oilfield Services Saipem SPMI.MI BIT 4 €0.34 0.33 1.24 0.28 11.4 (1.38) 0.03 0.02 Dec 3,448 0.0 JPD Technip TECF.PA EPA 3 €45.85 NM 56.96 35.11 10.7 3.50 4.30 2.74 Dec 5,456 4.4 JPD

Utilities Electricity & Gas CEZ CEZsp.PR PRG S CZK396.10 NM 603.00 362.10 NM UR UR NA Dec 211,517 UR ER E.On EONGn.DE ETR 2 €8.23 10.30 12.69 7.08 11.4 0.86 0.72 0.67 Dec 15,705 4.9 ER EDF EDF.PA EPA 2 €9.70 14.30 21.30 9.13 6.6 2.34 1.48 1.14 Dec 17,925 10.3 ER Enel ENEI.MI BIT 1 €3.59 4.70 4.45 3.33 10.9 0.33 E 0.30 0.34 Dec 33,719 4.5 ER Engie GSZ.PA EPA 1 €13.18 15.20 18.12 12.34 12.7 1.03 1.04 1.05 Dec 32,097 7.6 ER Fortum FUM1V.HE HEL 4 €13.33 11.20 17.21 10.99 19.0 0.82 0.70 0.61 Dec 11,842 5.3 ER RWE RWEG.DE ETR 2 €12.13 14.30 20.58 9.13 12.9 1.83 0.94 0.93 Dec 7,451 0.0 ER Verbund VERB.VI WBAG S €12.21 NM 14.40 10.00 NM UR UR UR Dec 4,235 UR ER

Environmental Services Suez Environnement SEVI.PA EPA 1 €12.91 19.20 18.46 12.91 15.7 0.77 0.82 0.94 Dec 6,972 5.0 ER Veolia Environnement VIE.PA EPA 1 €18.06 25.30 22.98 17.79 17.9 0.88 1.01 1.22 Dec 9,868 4.4 ER


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Energy - ARG Santiago Wesenack, CFA [email protected]

Diversified Holdings Sociedad Comercial del Plata ($D) COME.BA BA 3 H/SPEC AR$2.74 NM 4.05 2.53 39.1 0.19 0.07 0.09 Dec 3,726 0.0 SW

Electric Utilities Edenor (ed, r) EDN N 3 H/SPEC US$15.99 NM 20.50 11.40 26.6 2.01 0.60 2.10 Dec 718 0.0 SW Pampa Energia SA (ed, r) PAM N 2 H/SPEC US$25.86 29.00 27.30 13.16 14.7 3.35 1.76 2.13 Dec 1,753 0.0 SW Transener TRAN BA 2 H/SPEC AR$6.58 9.50 9.40 4.15 16.0 0.12 0.41 0.92 Dec 2,926 0.0 SW

Exploration and Production GeoPark Limited GPRK N 2 H/SPEC US$3.18 10.25 4.81 1.90 NM (4.04) NA NA Dec 184 0.0 SW

Gas Utility Transportadora de Gas del Sur (ed, r) TGS N 2 H/SPEC US$6.34 8.00 7.24 3.47 18.1 (0.07) 0.35 0.61 Dec 1,008 0.0 SW

Integrated Oil and Gas Petrobras Argentina (ed, r) PZE N 3 H/SPEC US$6.12 NM 7.25 4.69 6.3 0.39 0.97 1.10 Dec 1,236 1.2 SW YPF (ed, r) YPF N 2 H/SPEC US$18.47 27.00 27.76 12.67 14.2 0.98 1.30 2.19 Dec 7,256 0.4 SW

Oilfield Services Manufacturing & Fabrication Tenaris S.A. (ed, r) TS N 3 H/SPEC US$26.53 NM 29.74 18.53 NM (0.14) 0.09 0.26 Dec 15,661 3.4 SW


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Financial Services - USA Daniel E. Cardenas [email protected] Robert Dodd, Ph.D. [email protected]

David J. Long, CFA [email protected] Patrick O'Shaughnessy, CFA [email protected]

C. Gregory Peters [email protected] Michael Rose [email protected]

Steven D. Schwartz, CFA [email protected] William J. Wallace IV [email protected]

Donald A. Worthington [email protected]

Asset Management Manning & Napier Inc. MN N 3 M/INC 9.60 NM 11.40 5.60 13.0 0.94 0.74 0.77 Dec 804 6.7 SDS Silvercrest Asset Management Group Inc. SAMG Q 2 M/GRW 12.12 15.00 14.91 9.84 17.3 0.81 0.70 0.80 Dec 154 4.0 SDS Virtus Investment Partners, Inc. VRTS Q 3 H/GRW 73.49 NM 141.97 66.12 11.4 3.92 6.42 6.85 Dec 607 2.4 SDS

Financial Services

USA Canada

Asset Management ..................................................... 35

Banking ....................................................................... 36

Capital Markets .......................................................... 40

Brokerages & Exchanges ......................................... 40

Capital Markets Technology .................................... 40

Insurance .................................................................... 40

Insurance Technology & Brokerage ......................... 40

Life and Health Insurance ........................................ 41

Non-Life Insurance .................................................. 41

Specialty Finance ........................................................ 42

Investment Companies ............................................ 42

Specialty Consumer Finance .................................... 42

Diversified Financials .................................................. 43

Argentina

Latin American Banking ............................................... 43


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Financial Services - USA Banking 1st Constitution Bancorp FCCY Q 3 H/GRW 12.08 NM 13.30 10.76 12.1 1.07 1.00 1.05 Dec 95 0.0 WW Access National Corporation ANCX Q 2 H/INC 19.33 21.00 22.22 16.26 13.3 1.47 1.45 1.45 Dec 205 3.1 WW American National Bankshares, Inc. AMNB Q 2 M/INC 25.30 27.00 27.69 21.88 13.7 1.83 1.85 1.95 Dec 218 3.6 WW American River Bankshares AMRB Q 2 H/GRW 10.11 11.50 11.19 9.15 12.6 0.70 0.80 0.87 Dec 74 0.0 DAW Associated Banc-Corp ASB M 3 H/GRW 15.84 NM 20.90 15.45 13.5 1.17 1.17 1.22 Dec 2,392 2.8 DJL Atlantic Capital Bancshares, Inc. ACBI Q 2 H/GRW 13.48 15.00 17.50 11.55 22.5 0.57 0.60 0.85 Dec 332 0.0 WW Banc of California, Inc. BANC N 2 H/GRW 17.77 23.00 20.85 11.71 10.9 1.34 1.63 2.01 Dec 782 2.7 DAW BancFirst Corporation BANF Q 3 M/GRW 57.13 NM 68.82 51.14 13.7 3.80 4.18 4.41 Dec 886 2.5 DC The Bancorp, Inc. TBBK Q 3 H/SPEC 5.73 NM 9.86 3.88 38.2 0.06 0.15 0.65 Dec 217 0.0 WW BancorpSouth, Inc. BXS N 3 M/GRW 20.54 NM 27.23 18.69 13.3 1.43 1.55 1.72 Dec 1,939 1.9 MR Bank of America Corporation BAC N 2 M/GRW 12.18 16.00 18.48 10.99 9.4 1.31 1.30 1.54 Dec 125,609 1.6 MR Bank of Commerce Holdings BOCH Q 2 H/GRW 6.39 7.00 7.39 5.05 12.3 0.62 0.52 0.86 Dec 86 1.9 DAW Bank of Marin Bancorp BMRC Q 3 M/GRW 48.39 NM 56.77 45.65 14.4 3.04 3.35 3.37 Dec 295 2.1 DAW Bank of New York Mellon Corp BK N 2 M/GRW 35.88 45.00 45.45 32.20 11.8 2.88 3.04 3.30 Dec 38,646 1.9 DJL Bank of the Ozarks Inc. OZRK Q 1 M/GRW 34.82 52.00 54.96 33.66 13.8 2.15 2.52 3.15 Dec 3,158 1.8 MR Banner Corporation BANR Q 2 M/GRW 39.03 48.00 53.55 35.39 14.1 1.89 2.76 3.30 Dec 1,335 2.2 DAW BB&T Corporation BBT N 3 M/INC 33.05 NM 41.90 29.95 11.9 2.55 2.77 3.19 Dec 25,858 3.4 MR BBCN Bancorp, Inc. BBCN Q 2 H/GRW 14.09 17.00 19.63 13.59 11.4 1.16 1.24 1.45 Dec 1,122 3.1 DAW BNC Bancorp BNCN Q 2 H/GRW 21.60 24.00 26.29 18.88 13.5 1.49 1.60 1.85 Dec 881 0.9 WW BofI Holding, Inc. BOFI Q 1 H/GRW 15.72 32.00 35.98 13.47 8.5 1.34 1.86 2.15 Jun 990 0.0 DAW BOK Financial Corp. BOKF Q 2 M/GRW 56.78 65.00 75.18 44.13 14.5 4.24 3.92 4.60 Dec 3,759 3.0 MR C1 Financial, Inc. BNK N 3 H/GRW 21.52 NM 24.88 17.66 22.4 0.96 E 1.45 1.85 Dec 346 0.0 MR Cardinal Financial Corporation CFNL Q 2 M/GRW 20.51 23.00 24.99 17.51 14.1 1.39 1.45 1.52 Dec 665 2.3 MR Carolina Financial Corporation CARO Q 2 H/GRW 18.04 20.00 19.55 12.57 13.4 1.54 1.35 1.50 Dec 217 0.7 WW CenterState Banks, Inc. CSFL Q 2 H/GRW 14.86 18.00 16.59 12.20 12.7 0.87 1.17 1.28 Dec 712 1.1 MR Central Pacific Financial Corp. CPF N 2 H/GRW 21.93 25.00 24.91 18.47 14.9 1.40 1.47 1.56 Dec 683 2.6 DAW Chemical Financial Corp. CHFC Q 1 H/GRW 35.09 44.00 40.14 29.40 13.1 2.54 2.67 3.08 Dec 1,342 3.0 DJL Columbia Banking System, Inc. COLB Q 3 M/GRW 26.28 NM 36.27 26.17 15.0 1.71 1.75 1.95 Dec 1,524 2.9 DAW Comerica Inc. CMA N 2 M/GRW 36.96 48.00 52.93 30.48 15.0 2.66 2.46 3.15 Dec 6,468 2.4 MR Commerce Bancshares, Inc. CBSH Q 3 H/GRW 44.84 NM 49.41 37.44 16.7 2.47 2.68 2.81 Dec 4,327 2.0 DJL Community Bank System, Inc. CBU N 3 M/INC 38.45 NM 44.11 34.15 17.1 2.31 2.25 2.35 Dec 1,696 3.2 WW Community Trust Bancorp, Inc. CTBI Q 3 M/INC 33.10 NM 37.63 30.89 12.1 2.66 2.74 2.84 Dec 583 3.7 DC ConnectOne Bancorp, Inc. CNOB Q 1 H/GRW 15.12 21.00 22.55 14.86 10.4 1.29 1.45 1.70 Dec 456 2.0 WW CU Bancorp CUNB Q 2 H/GRW 22.37 27.00 27.66 20.35 14.9 1.18 1.50 1.75 Dec 389 0.0 DAW


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Financial Services - USA Banking CVB Financial Corp. CVBF Q 3 M/GRW 15.31 NM 18.77 14.02 15.6 0.93 0.98 1.04 Dec 1,650 3.1 DAW East West Bancorp, Inc. EWBC Q 3 H/GRW 31.56 NM 45.91 27.25 11.0 2.66 2.87 2.95 Dec 4,548 2.5 DJL Eastern Virginia Bankshares, Inc. EVBS Q 3 H/GRW 6.92 NM 7.74 6.10 14.4 0.38 0.48 0.50 Dec 91 1.2 WW EverBank Financial Corp EVER N 2 M/GRW 13.78 17.00 21.18 12.32 9.7 1.23 1.42 1.55 Dec 1,667 1.7 MR Farmers Capital Bank Corp. FFKT Q 3 H/GRW 27.24 NM 29.52 23.99 15.4 1.93 1.77 1.78 Dec 204 1.0 DC Farmers National Banc Corp. FMNB Q 2 H/GRW 8.93 10.00 9.68 7.60 11.9 0.54 0.75 0.80 Dec 240 1.8 DC Fifth Third Bancorp FITB Q 3 M/GRW 16.26 NM 21.93 13.84 10.7 1.55 1.52 1.62 Dec 12,528 3.2 DJL First Bancorp FBNC Q 2 H/GRW 17.74 22.00 21.94 16.01 13.1 1.30 1.35 1.60 Dec 353 1.8 WW First Busey Corporation BUSE Q 3 H/GRW 20.25 NM 22.91 17.68 13.3 1.36 1.52 1.72 Dec 581 3.4 DC First Business Financial Services, Inc. FBIZ Q 2 H/GRW 22.93 28.00 27.35 20.06 10.8 1.93 2.12 2.34 Dec 199 2.1 DC First Commonwealth Financial Corp. FCF N 3 H/GRW 8.49 NM 9.95 7.85 13.1 0.61 0.65 0.70 Dec 755 3.3 WW First Community Corporation FCCO Q 3 H/GRW 14.34 NM 15.59 11.53 14.9 0.92 0.96 1.05 Dec 96 2.2 WW First Defiance Financial Corp. FDEF Q 3 H/GRW 37.92 NM 42.46 34.80 12.9 2.82 2.94 3.02 Dec 341 2.3 DC First Financial Bancorp FFBC Q 2 H/GRW 18.11 21.00 21.00 13.76 12.7 1.26 1.43 1.54 Dec 1,121 3.5 DC First Financial Corporation THFF Q 3 H/GRW 34.77 NM 37.78 31.15 14.0 2.35 2.49 2.55 Dec 428 2.9 DC First Foundation Inc. FFWM Q 2 H/GRW 20.21 26.00 24.89 19.06 13.9 1.16 1.45 1.83 Dec 323 0.0 DAW First Horizon National Corporation FHN N 3 H/GRW 12.54 NM 16.35 11.51 13.5 0.83 0.93 1.05 Dec 2,916 2.2 MR First Midwest Bancorp, Inc. FMBI Q 3 H/GRW 15.94 NM 19.81 14.56 13.2 1.12 1.21 1.32 Dec 1,296 2.3 DC The First of Long Island Corporation FLIC Q 3 M/INC 28.27 NM 31.94 22.81 13.5 1.81 2.10 2.35 Dec 401 2.8 WW First Republic Bank FRC N 2 H/GRW 64.25 77.00 73.22 56.32 17.8 3.18 3.60 4.10 Dec 9,388 1.0 DJL FirstMerit Corp. FMER Q 3 H/GRW 18.76 NM 23.15 15.33 13.8 1.35 1.36 1.44 Dec 3,109 3.6 DJL Fulton Financial FULT Q 3 M/GRW 12.74 NM 14.59 11.48 14.0 0.85 0.91 0.97 Dec 2,209 3.1 DAW German American Bancorp, Inc. GABC Q 2 M/GRW 31.17 34.00 34.85 28.25 13.3 2.27 2.34 2.55 Dec 477 2.3 DC Glacier Bancorp, Inc. GBCI Q 3 M/GRW 24.68 NM 30.20 21.90 15.0 1.56 1.64 1.78 Dec 1,881 3.1 DC Guaranty Federal Bancshares Inc. GFED Q 2 H/GRW 15.80 18.00 16.25 14.15 11.8 1.34 1.34 1.45 Dec 70 2.0 DC Hancock Holding Company HBHC Q 2 H/GRW 23.88 29.00 32.65 20.01 15.4 1.82 1.55 2.20 Dec 1,851 4.0 MR Hanmi Financial Corporation HAFC Q 2 H/GRW 21.97 27.00 28.09 18.92 12.2 1.68 1.80 1.90 Dec 709 2.5 DAW Heartland Financial USA, Inc. HTLF Q 1 H/GRW 32.64 42.00 39.45 25.95 11.0 2.59 2.97 3.15 Dec 800 1.2 DC Heritage Financial Corporation HFWA Q 3 H/GRW 16.47 NM 19.80 16.40 13.1 1.25 1.26 1.35 Dec 494 2.9 DAW Heritage Oaks Bancorp HEOP Q 3 H/GRW 7.69 NM 9.25 6.95 15.7 0.45 0.49 0.60 Dec 262 3.1 DAW Hilltop Holdings Inc. HTH N 3 H/GRW 19.30 NM 24.50 14.28 12.5 1.56 1.55 1.75 Dec 1,903 0.0 MR Home Bancorp, Inc. HBCP Q 2 H/GRW 24.99 30.00 28.95 21.29 11.1 1.94 2.25 2.35 Dec 181 1.6 WW Home BancShares, Inc. HOMB Q 2 M/GRW 18.55 23.50 23.75 16.94 15.5 1.02 1.20 1.30 Dec 1,302 1.9 MR HopFed Bancorp, Inc. HFBC Q 3 H/GRW 11.66 NM 12.52 10.81 29.9 0.30 0.39 0.50 Dec 73 1.4 DC


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Financial Services - USA Banking Horizon Bancorp HBNC Q 2 H/GRW 24.11 28.00 29.19 20.50 10.9 2.18 2.22 2.55 Dec 287 2.5 DC Huntington Bancshares Inc. HBAN Q 2 M/GRW 8.09 11.50 11.90 7.83 9.5 0.85 0.85 0.95 Dec 6,445 3.5 DJL IBERIABANK Corporation IBKC Q 1 M/GRW 55.62 74.00 69.99 42.20 12.2 4.05 4.56 5.02 Dec 2,292 2.4 MR KeyCorp KEY N 3 M/GRW 10.29 NM 15.46 9.88 9.4 1.10 1.10 1.34 Dec 8,667 3.3 DJL Lakeland Bancorp, Inc. LBAI Q 2 M/GRW 10.82 12.00 12.50 9.72 10.8 0.88 1.00 1.05 Dec 446 3.5 WW Lakeland Financial Corporation LKFN Q 3 M/GRW 44.78 NM 49.91 39.01 15.4 2.75 2.90 3.04 Dec 748 2.2 DC LegacyTexas Financial Group, Inc. LTXB Q 1 M/GRW 24.17 31.00 32.50 16.79 13.2 1.56 1.83 2.05 Dec 1,152 2.3 MR MB Financial, Inc. MBFI Q 3 H/GRW 32.86 NM 36.71 27.98 15.0 2.06 2.19 2.43 Dec 2,418 2.3 DJL Mercantile Bank Corp. MBWM Q 2 M/GRW 23.18 26.00 26.27 18.42 13.6 1.65 1.71 1.94 Dec 376 2.8 DC Meta Financial Group, Inc. CASH Q 1 H/GRW 50.04 60.00 53.76 36.22 12.5 3.01 4.00 4.60 Sep 425 1.0 DC MidSouth Bancorp, Inc. MSL N 1 H/GRW 9.14 12.00 15.72 6.51 14.1 0.82 0.65 0.90 Dec 104 3.9 WW MidWestOne Financial Group, Inc. MOFG Q 2 H/GRW 27.54 32.00 34.04 24.71 11.0 2.53 2.50 2.85 Dec 314 2.3 DC National Commerce Corporation NCOM Q 2 H/GRW 22.71 26.00 29.54 20.50 14.7 1.08 1.55 1.85 Dec 247 0.0 WW New York Community Bancorp, Inc. NYCB N 2 M/INC 14.40 17.00 19.18 14.25 12.6 1.10 1.14 1.27 Dec 7,011 4.7 WW Northern Trust Corporation NTRS Q 1 M/GRW 61.67 83.00 79.25 54.38 15.2 3.88 4.05 4.45 Dec 14,073 2.3 DJL Old Line Bancshares Inc. OLBK Q 2 H/GRW 17.92 20.00 19.64 15.24 15.6 1.05 1.15 1.45 Dec 194 1.3 WW Old National Bancorp ONB Q 2 H/GRW 11.68 14.00 15.00 10.69 12.4 0.97 0.94 1.02 Dec 1,336 4.5 DJL Pacific Continental Corporation PCBK Q 2 M/GRW 15.03 18.00 17.12 12.61 13.0 0.96 1.16 1.32 Dec 295 2.9 DAW Pacific Premier Bancorp, Inc. PPBI Q 2 H/GRW 22.87 25.00 25.29 16.63 13.5 1.19 1.70 2.00 Dec 629 0.0 DAW Park Sterling Corporation PSTB Q 2 H/GRW 6.71 8.00 8.20 5.90 12.2 0.41 0.55 0.60 Dec 356 1.8 WW Peoples Bancorp Inc. PEBO Q 2 H/GRW 21.49 24.00 24.33 16.34 12.4 1.13 1.74 1.86 Dec 391 3.0 DC Pinnacle Financial Partners, Inc. PNFP Q 3 M/GRW 45.15 NM 57.99 43.32 14.5 2.61 3.11 3.52 Dec 1,896 1.2 MR PNC Financial Services Group, Inc. PNC N 4 NM 77.88 NM 100.52 77.40 11.5 7.03 6.75 7.10 Dec 38,862 2.6 MR Preferred Bank PFBC Q 2 H/GRW 27.28 36.00 36.82 26.35 11.6 2.13 2.36 2.55 Dec 385 2.2 DAW PrivateBancorp, Inc. PVTB Q 1 H/GRW 34.24 49.00 45.79 31.18 13.4 2.31 2.56 2.72 Dec 2,719 0.1 DJL Prosperity Bancshares, Inc. PB N 2 M/GRW 45.05 58.00 59.97 33.57 11.1 4.08 4.05 4.15 Dec 3,131 2.7 MR QCR Holdings, Inc. QCRH Q 2 H/GRW 26.00 30.00 28.74 18.05 12.1 1.98 2.14 2.63 Dec 307 0.3 DC Regions Financial Corporation RF N 1 M/GRW 7.91 11.50 10.87 7.00 9.6 0.71 0.82 0.92 Dec 10,085 3.3 MR Renasant Corporation RNST Q 1 M/GRW 30.28 40.00 37.28 29.49 12.9 2.09 2.35 2.58 Dec 1,223 2.4 MR Riverview Bancorp, Inc. RVSB Q 3 H/GRW 4.67 NM 5.48 4.08 15.6 0.20 0.28 A 0.30 Mar 105 1.7 DAW S&T Bancorp, Inc. STBA Q 3 H/GRW 23.34 NM 34.00 23.10 12.0 2.03 1.95 2.15 Dec 815 3.3 WW ServisFirst Bancshares, Inc. SFBS Q 2 M/GRW 45.66 54.00 52.72 24.77 16.6 2.38 2.75 3.05 Dec 1,196 0.7 WW Sierra Bancorp BSRR Q 2 H/GRW 16.39 20.00 21.70 15.50 12.1 1.33 1.35 1.52 Dec 218 2.9 DAW Signature Bank SBNY Q 1 H/GRW 114.99 162.00 163.15 114.36 13.8 7.29 8.32 9.55 Dec 6,163 0.0 DJL


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Financial Services - USA Banking Simmons First National Corporation SFNC Q 3 M/INC 42.84 NM 58.75 38.30 12.8 3.18 3.36 3.75 Dec 1,298 2.2 MR Southwest Bancorp, Inc. OKSB Q 3 H/GRW 15.74 NM 19.00 14.00 18.5 0.99 0.85 1.10 Dec 304 2.0 DC State Street Corporation STT N 3 M/GRW 50.79 NM 81.26 50.60 10.6 4.88 4.79 5.42 Dec 20,093 2.7 DJL Stock Yards Bancorp Inc. SYBT Q 3 M/GRW 27.16 NM 29.99 22.35 15.8 1.66 1.72 1.77 Dec 611 2.5 DC SunTrust Banks, Inc. STI N 2 M/GRW 37.84 47.00 45.84 31.07 11.1 3.58 3.40 3.70 Dec 19,124 2.5 MR SVB Financial Group SIVB Q 1 H/GRW 83.51 132.00 152.99 77.87 12.1 6.62 6.92 7.75 Dec 4,317 0.0 DJL Synovus Financial Corp. SNV N 3 M/GRW 27.07 NM 33.80 25.48 14.9 1.62 1.82 2.05 Dec 3,405 1.8 MR Talmer Bancorp, Inc. TLMR Q 1 H/GRW 18.07 22.50 20.50 14.51 14.7 1.05 1.23 1.37 Dec 1,207 1.1 DJL TCF Financial Corporation TCB N 3 H/GRW 11.79 NM 17.07 10.37 10.4 1.07 1.13 1.22 Dec 2,002 2.5 DJL Territorial Bancorp Inc. TBNK Q 3 M/GRW 25.84 NM 29.44 23.50 15.0 1.59 1.72 1.85 Dec 240 2.8 DAW Texas Capital Bancshares, Inc. TCBI Q 1 M/GRW 41.63 52.00 63.25 29.78 13.4 2.91 3.10 3.60 Dec 1,911 0.0 MR TriCo Bancshares TCBK Q 2 H/GRW 26.41 30.00 29.65 22.89 13.3 1.90 1.98 2.10 Dec 602 2.3 DAW Trustmark Corporation TRMK Q 3 M/INC 23.17 NM 26.04 19.75 13.9 1.71 1.67 1.76 Dec 1,566 4.0 MR U.S. Bancorp USB N 3 M/GRW 38.69 NM 46.26 37.07 11.8 3.16 3.28 3.48 Dec 67,011 2.6 DJL UMB Financial Corporation UMBF Q 3 H/GRW 50.18 NM 58.89 39.55 16.8 2.43 2.98 3.25 Dec 2,479 2.0 DJL Umpqua Holdings Corp. UMPQ Q 1 H/GRW 14.72 18.00 18.89 13.46 12.6 1.16 1.17 1.26 Dec 3,241 4.3 DJL Union Bankshares Corporation UBSH Q 1 H/INC 24.10 30.00 27.39 20.57 14.6 1.45 1.65 2.00 Dec 1,057 3.2 WW United Bankshares, Inc. UBSI Q 3 M/INC 34.75 NM 43.43 32.22 17.0 1.96 2.05 2.10 Dec 2,422 3.8 WW United Community Banks, Inc. UCBI Q 2 H/GRW 17.20 22.00 22.23 15.74 12.3 1.27 1.40 1.57 Dec 1,230 1.6 MR Washington Federal, Inc. WAFD Q 3 H/GRW 22.84 NM 26.34 19.11 13.7 1.67 1.67 1.78 Sep 2,085 2.5 DAW WashingtonFirst Bankshares, Inc. WFBI Q 2 M/GRW 20.01 24.00 24.28 15.95 16.0 1.20 1.25 1.45 Dec 245 1.2 WW Webster Financial Corp. WBS N 3 H/GRW 31.44 NM 40.72 30.09 14.6 2.13 2.15 2.35 Dec 2,880 3.2 WW Wells Fargo & Co. WFC N 2 M/GRW 45.01 54.00 58.77 44.50 10.9 4.12 4.14 4.43 Dec 228,466 3.4 DJL WesBanco, Inc. WSBC Q 3 M/GRW 29.53 NM 36.11 26.93 13.0 2.33 2.27 2.50 Dec 1,134 3.3 WW Wilshire Bancorp, Inc. WIBC Q 2 H/GRW 9.82 12.00 13.02 9.40 12.3 0.78 0.80 0.95 Dec 774 2.4 DAW Wintrust Financial Corporation WTFC Q 1 H/GRW 46.88 59.00 55.79 37.96 13.5 3.10 3.47 3.65 Dec 2,274 1.0 DJL Yadkin Financial Corporation YDKN N 2 H/GRW 23.49 27.00 28.23 18.80 13.8 1.50 1.70 1.95 Dec 1,210 1.7 WW Zions Bancorporation ZION Q 1 H/GRW 23.59 31.00 32.42 19.65 13.9 1.63 1.70 1.98 Dec 4,824 1.0 DJL


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Financial Services - USA Capital Markets Brokerages & Exchanges BATS Global Markets, Inc. BATS BATS 4 NM 24.45 NM 29.01 22.40 21.1 0.92 1.16 1.30 Dec 2,347 0.0 PO BGC Partners, Inc. BGCP Q 1 H/INC 8.38 14.00 10.05 7.80 9.6 0.74 0.87 1.05 Dec 3,644 6.7 PO CBOE Holdings, Inc. CBOE Q 3 M/GRW 63.56 NM 72.53 56.42 26.2 2.40 2.43 2.75 Dec 5,199 1.4 PO The Charles Schwab Corporation SCHW N 3 M/GRW 24.05 NM 35.72 21.51 19.4 1.03 1.24 1.40 Dec 31,818 1.0 PO CME Group Inc. CME Q 3 M/GRW 92.97 NM 100.87 81.87 21.1 3.86 4.40 4.80 Dec 31,470 2.6 PO E*TRADE FINANCIAL Corporation ETFC Q 2 H/GRW 21.83 30.00 30.98 19.61 13.2 1.17 1.65 1.85 Dec 6,259 0.0 PO GAIN Capital Holdings, Inc. GCAP N 3 H/GRW 6.11 NM 10.19 5.75 6.8 0.77 0.90 0.85 Dec 299 3.3 PO Intercontinental Exchange, Inc. ICE N 2 M/GRW 242.21 290.00 271.95 220.28 20.2 11.37 12.00 13.90 Dec 27,128 1.4 PO KCG Holdings, Inc. KCG N 2 H/GRW 13.12 17.00 14.34 9.75 14.4 0.59 0.91 1.15 Dec 1,170 0.0 PO Lazard Ltd LAZ N 1 H/GRW 27.00 48.00 59.82 26.21 9.6 3.60 2.82 3.45 Dec 3,423 5.6 PO MarketAxess Holdings Inc. MKTX Q 2 M/GRW 135.87 133.00 144.14 86.19 43.7 2.55 3.11 3.70 Dec 5,109 0.8 PO Nasdaq Inc. NDAQ Q 2 M/GRW 61.43 67.00 67.61 47.81 18.6 3.17 3.31 3.70 Dec 10,345 2.1 PO TD Ameritrade Holding Corporation AMTD Q 2 M/GRW 26.68 33.00 38.72 24.88 17.2 1.49 1.55 1.70 Sep 14,274 2.5 PO

Capital Markets Technology Broadridge Financial Solutions, Inc. BR N 3 M/GRW 61.60 NM 66.05 48.56 22.7 2.48 2.71 3.10 Jun 7,238 1.9 PO Envestnet, Inc. ENV N 1 H/GRW 31.86 45.00 46.45 19.30 29.5 0.98 1.08 1.55 Dec 1,359 0.0 PO FactSet Research Systems Inc. FDS N 3 M/GRW 151.19 NM 177.28 135.95 24.4 5.60 6.20 6.90 Aug 6,200 1.3 PO Financial Engines, Inc. FNGN Q 3 M/GRW 24.15 NM 46.34 23.22 23.2 0.93 1.04 1.20 Dec 1,512 1.2 PO Moody's Corporation MCO N 3 M/GRW 87.88 NM 113.87 77.76 19.1 4.60 4.60 5.15 Dec 17,077 1.7 PO MSCI Inc. MSCI N 3 M/GRW 71.86 NM 79.86 56.87 24.4 2.32 2.95 3.45 Dec 6,937 1.2 PO S&P Global Inc. SPGI N 3 M/GRW 99.38 NM 112.75 78.55 20.9 4.53 4.76 5.60 Dec 26,435 1.4 PO SEI Investments Co. SEIC Q 2 M/GRW 44.43 53.00 55.48 32.01 21.7 1.97 2.05 2.50 Dec 7,194 1.2 PO SS&C Technologies Holdings, Inc. SSNC Q 2 H/GRW 26.45 34.50 38.60 23.62 16.3 1.33 1.62 1.88 Dec 5,401 1.9 PO

Insurance Insurance Technology & Brokerage Aon plc AON N 4 NM 100.80 NM 110.04 83.83 15.5 6.18 6.50 7.15 Dec 27,387 1.3 CGP Arthur J. Gallagher & Co. AJG N 2 M/INC 44.06 49.00 48.64 35.96 15.7 2.55 2.80 3.00 Dec 7,803 3.4 CGP Brown & Brown, Inc. BRO N 2 H/GRW 34.82 37.00 36.99 28.41 19.9 1.67 1.75 1.85 Dec 4,983 1.4 CGP Crawford & Company CRD.B N 2 H/GRW 7.84 9.00 8.76 3.99 12.1 0.45 0.65 0.80 Dec 433 2.6 CGP HealthEquity, Inc. HQY Q 2 H/GRW 27.72 32.00 35.78 15.80 59.0 0.23 0.34 A 0.47 Jan 1,605 0.0 CGP Marsh and McLennan Companies, Inc. MMC N 2 M/GRW 63.73 66.00 67.91 50.81 19.0 3.04 3.35 3.65 Dec 33,841 1.9 CGP Verisk Analytics Inc. VRSK Q 3 H/GRW 76.00 NM 82.00 64.79 24.1 3.08 3.15 3.40 Dec 12,768 0.0 CGP Willis Towers Watson plc WLTW Q 1 H/GRW 113.40 150.00 130.97 104.11 14.5 NA 7.80 8.85 Dec 15,649 1.7 CGP


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Financial Services - USA Life and Health Insurance Aflac, Inc. AFL N 3 M/GRW 67.33 NM 71.97 51.41 10.2 6.16 6.60 6.70 Dec 27,955 2.4 SDS American Equity Investment Life Holding Company AEL N 2 H/GRW 13.60 19.00 30.02 12.65 6.5 2.42 2.10 2.60 Dec 1,118 1.6 SDS Assurant, Inc. AIZ N 3 H/GRW 81.01 NM 89.22 64.37 13.3 5.78 6.10 7.50 Dec 5,136 2.5 SDS CNO Financial Group CNO N 2 H/GRW 16.06 22.00 20.88 14.66 11.2 1.41 1.44 1.65 Dec 2,876 2.0 SDS FBL Financial Group FFG N 3 H/GRW 56.66 NM 69.80 53.80 13.6 4.19 4.17 4.35 Dec 1,411 3.0 SDS Genworth Financial GNW N 2 H/SPEC 2.56 6.00 7.90 1.57 3.4 0.51 0.75 0.91 Dec 1,276 0.0 SDS Health Insurance Innovations, Inc. HIIQ Q 3 H/SPEC 3.96 NM 8.54 3.72 9.9 0.27 0.40 0.54 Dec 57 0.0 SDS Kemper Corp. KMPR N 3 M/INC 29.67 NM 41.65 23.51 27.7 1.35 1.07 2.20 Dec 1,516 3.2 SDS Lincoln National Corp. LNC N 1 H/GRW 35.50 59.00 61.20 30.39 5.7 5.46 6.25 7.43 Dec 8,485 2.8 SDS MetLife, Inc. MET N 1 H/GRW 36.53 51.00 58.13 35.00 7.1 4.86 5.17 5.75 Dec 40,110 4.4 SDS Primerica, Inc. PRI N 2 H/GRW 52.73 58.00 58.81 37.09 12.1 3.72 4.35 4.80 Dec 2,494 1.3 SDS Principal Financial Group Inc. PFG N 2 H/GRW 38.14 52.00 58.02 33.09 8.8 4.26 4.35 4.73 Dec 11,076 4.1 SDS Prudential Financial, Inc. PRU N 1 H/GRW 66.93 91.00 92.60 57.19 7.0 10.06 9.62 10.50 Dec 29,657 4.2 SDS Reinsurance Group of America, Inc. RGA N 3 M/GRW 90.26 NM 99.83 76.96 10.0 8.43 9.00 9.88 Dec 5,786 1.6 SDS Torchmark Corporation TMK N 4 NM 57.68 NM 63.26 48.47 13.0 4.14 4.42 4.82 Dec 7,060 1.0 SDS Unum Group UNM N 2 M/GRW 29.99 37.00 38.15 23.99 7.9 3.63 3.80 4.20 Dec 7,129 2.5 SDS Voya Financial Inc. VOYA N 2 H/GRW 23.64 40.50 48.08 23.51 7.7 2.92 3.06 3.85 Dec 4,823 0.2 SDS

Non-Life Insurance Allstate Corporation ALL N 1 M/GRW 66.06 78.00 69.48 54.12 13.8 5.22 4.80 6.50 Dec 24,977 2.0 CGP American Financial Group, Inc. AFG N 2 H/GRW 69.25 77.00 75.68 64.81 12.6 5.44 5.50 5.60 Dec 6,025 1.6 CGP Argo Group International Holdings, Ltd. AGII Q 1 H/GRW 49.35 68.18 60.36 41.55 13.7 3.36 3.59 3.77 Dec 1,505 1.6 CGP Blue Capital Reinsurance Holdings Ltd. BCRH N 2 H/INC 17.94 19.00 19.51 14.98 10.9 2.36 1.65 1.55 Dec 158 10.4 CGP Chubb Limited CB N 2 H/GRW 121.83 132.00 128.78 96.00 12.4 9.76 9.85 10.40 Dec 56,564 2.3 CGP Conifer Holdings, Inc. CNFR Q 2 H/GRW 6.63 8.00 10.95 5.32 NM (0.09) (0.18) 0.30 Dec 50 0.0 CGP Federated National Holding Company FNHC Q 2 H/GRW 18.40 28.00 32.61 18.00 7.4 2.73 2.50 2.85 Dec 254 1.3 CGP Hallmark Financial Services Inc. HALL Q 3 H/GRW 11.02 NM 13.29 9.33 10.1 1.04 1.09 1.15 Dec 209 0.0 CGP Infinity Property and Casualty Corporation IPCC Q 2 H/GRW 76.30 84.00 87.61 73.27 20.6 4.35 3.70 4.95 Dec 839 2.7 CGP Mercury General Corporation MCY N 3 H/INC 49.93 NM 57.19 42.97 26.8 2.34 1.86 2.50 Dec 2,756 5.0 CGP National Interstate Corporation NATL Q 4 NM 29.70 NM 31.77 21.15 18.6 1.16 1.60 1.65 Dec 592 1.9 CGP Old Republic International Corp. ORI N 2 M/INC 18.10 20.00 19.36 14.86 12.5 1.28 1.45 1.55 Dec 4,682 4.1 CGP ProAssurance Corp. PRA N 3 H/GRW 50.69 NM 53.62 45.78 22.5 2.61 2.25 2.25 Dec 2,697 2.4 CGP Progressive Corporation PGR N 2 H/GRW 31.36 36.00 35.54 27.23 18.4 2.03 1.70 2.00 Dec 18,283 2.8 CGP The Travelers Companies, Inc. TRV N 3 M/INC 110.35 NM 118.28 95.21 11.3 10.88 9.80 9.80 Dec 32,266 2.4 CGP United Insurance Holdings Corp. UIHC Q 2 H/GRW 15.75 20.00 20.04 12.12 13.7 1.24 1.15 1.50 Dec 340 1.5 CGP


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Financial Services - USA Specialty Finance Investment Companies Alcentra Capital Corporation (ni) ABDC Q 1 H/INC 12.16 16.00 13.48 8.87 8.3 1.43 1.47 1.46 Dec 164 11.2 RD Apollo Investment Corp. (ni) AINV Q 3 H/INC 5.26 NM 7.29 4.26 7.2 0.96 0.83 A 0.73 Mar 1,190 15.2 RD Ares Capital Corp. (ni) ARCC Q 2 H/INC 13.87 17.00 16.69 11.01 8.9 1.62 1.56 1.67 Dec 4,355 11.0 RD CM Finance Inc. (ni) CMFN Q 2 H/INC 8.25 11.00 13.98 6.33 5.6 1.48 1.47 1.28 Jun 113 17.1 RD Compass Diversified Holdings (y) CODI N 2 H/INC 16.28 18.50 17.25 9.70 12.4 1.52 1.31 1.44 Dec 786 8.8 RD Fidus Investment Corporation (ni) FDUS Q 1 H/INC 14.97 20.00 16.00 7.49 9.2 1.64 1.62 1.74 Dec 281 10.4 RD Fifth Street Finance Corp. (ni) FSC Q 3 H/INC 4.75 NM 6.77 4.40 7.0 0.75 0.68 0.70 Sep 728 15.2 RD Goldman Sachs BDC, Inc. (ni) GSBD N 2 H/INC 19.98 24.00 25.42 16.66 9.7 2.15 2.06 2.18 Dec 707 9.0 RD Golub Capital BDC, Inc. (ni) GBDC Q 2 H/INC 17.67 19.00 17.80 14.80 14.0 1.20 1.26 1.30 Sep 910 7.2 RD Hercules Capital, Inc. (ni) HTGC N 2 H/INC 11.89 15.00 12.64 9.88 9.6 1.05 1.24 1.36 Dec 871 10.4 RD Horizon Technology Finance Corporation (ni) HRZN Q 3 H/INC 11.60 NM 12.80 9.01 8.2 1.25 1.41 1.43 Dec 135 11.9 RD Main Street Capital Corp. (ni) MAIN N 2 H/INC 31.88 34.00 33.15 24.21 14.8 2.18 2.16 2.17 Dec 1,266 6.8 RD Newtek Business Services Corp. (ni) NEWT Q 2 H/SPEC 12.11 16.00 19.82 9.37 7.0 2.06 1.73 2.10 Dec 175 12.6 RD Prospect Capital Corporation (ni) PSEC Q 4 NM 7.63 NM 8.09 5.21 7.4 1.03 1.03 1.00 Jun 2,710 13.1 RD Stellus Capital Investment Corporation (ni) SCM N 2 H/INC 10.18 11.00 11.93 7.15 7.8 1.33 1.30 1.35 Dec 127 13.4 RD TCP Capital Corp. (ni) TCPC Q 2 H/INC 14.78 19.00 15.99 12.00 9.7 1.65 1.53 1.59 Dec 723 9.7 RD THL Credit, Inc. (ni) TCRD Q 2 H/INC 10.85 13.00 12.51 8.58 7.3 1.41 1.48 1.56 Dec 361 12.5 RD TPG Specialty Lending, Inc. (ni) TSLX N 2 H/INC 16.50 19.50 18.13 12.68 10.4 1.77 1.58 1.66 Dec 977 9.5 RD Triangle Capital Corporation (ni) TCAP N 4 NM 18.36 NM 24.19 14.91 10.5 2.16 1.75 2.03 Dec 615 9.8 RD

Specialty Consumer Finance Credit Acceptance Corp. CACC Q 4 NM 170.03 NM 277.98 159.43 11.0 14.32 15.52 18.48 Dec 3,457 0.0 RD Encore Capital Group Inc. ECPG Q 2 H/GRW 21.58 32.00 44.43 16.09 4.2 5.15 5.10 6.09 Dec 550 0.0 RD OneMain Holdings, Inc. OMF N 3 H/GRW 21.20 NM 52.00 18.55 4.9 2.36 4.31 5.69 Dec 2,857 0.0 RD PRA Group Inc. PRAA Q 2 H/GRW 22.80 32.00 64.82 20.00 7.3 3.99 3.12 4.02 Dec 1,056 0.0 RD


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Financial Services - CAN Michael Overvelde, CFA, CPA, CA [email protected]

Diversified Financials Crown Capital Partners Inc. CRN T 2 H/INC C$9.15 11.00 10.50 6.72 12.4 NA 0.74 1.07 Dec 87 4.8 MO Element Financial Corporation EFN T 1 M/GRW C$13.30 23.00 20.47 11.47 8.5 1.07 1.57 1.85 Dec 5,295 0.8 MO goeasy Ltd. GSY T 2 H/INC C$17.54 30.00 22.44 13.65 7.1 1.69 2.47 3.15 Dec 246 2.9 MO Intact Financial Corporation IFC T 2 M/INC C$88.78 96.00 96.77 77.49 18.5 5.54 4.79 7.10 Dec 11,675 2.6 MO

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Financial Services - ARG Fernando Suarez [email protected] Santiago Wesenack, CFA [email protected]

Latin American Banking Banco Macro S.A. (ed, r) BMA N 2 H/SPEC US$68.11 82.00 76.27 35.93 9.8 6.51 6.94 8.24 Dec 3,984 1.5 FS BBVA Banco Frances (ed, r) BFR N 3 H/SPEC US$18.94 NM 25.35 12.51 10.5 1.62 1.80 2.16 Dec 3,390 1.5 FS Grupo Financiero Galicia (ed, r) GGAL Q 2 H/SPEC US$28.73 36.00 32.05 15.30 9.8 2.56 2.94 3.56 Dec 3,735 1.1 FS


Healthcare

USA

Alternate Site Healthcare Providers ........................... 45

Animal Health ............................................................. 45

Benefits Management ................................................ 45

Health Benefits Management ................................. 45

Pharmacy Benefits Management ............................ 45

Biotechnology ............................................................. 46

Clinical Laboratories ................................................... 46

Death Care .................................................................. 46

Diagnostics.................................................................. 47

Drug Distributors ........................................................ 47

Drug Stores ................................................................. 47

Healthcare Information Technology ........................... 47

Hospital Supplies & Equipment .................................. 48

Hospitals ..................................................................... 48

Medical Devices .......................................................... 48

Pharma Services ......................................................... 49

Specialty Pharmaceuticals .......................................... 49


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Healthcare - USA John W. Ransom [email protected] Michael J. Baker [email protected]

Jayson Bedford [email protected] Reni Benjamin, Ph.D. [email protected]

Nicholas Jansen [email protected] Lawrence Keusch [email protected]

Christopher Raymond [email protected] Elliot Wilbur, CFA [email protected]

Alternate Site Healthcare Providers AAC Holdings, Inc. AAC N 2 H/SPEC 20.03 27.00 46.60 14.36 21.1 0.97 0.95 1.03 Dec 443 0.0 JWR Acadia Healthcare Co. ACHC Q 2 H/GRW 51.03 75.00 85.62 49.77 18.0 2.23 2.84 3.72 Dec 4,470 0.0 JWR,NJ Amedisys AMED Q 3 H/GRW 48.55 NM 54.42 31.16 27.9 1.48 1.74 2.19 Dec 1,626 0.0 JWR,NJ AmSurg Corporation AMSG Q 1 H/GRW 76.20 100.00 87.42 54.11 17.5 3.71 4.35 4.97 Dec 4,351 0.0 JWR,NJ Capital Senior Living Corp. CSU N 1 H/GRW 16.15 25.00 25.55 14.58 33.6 0.44 0.48 1.58 Dec 465 0.0 JWR,NJ Civitas Solutions, Inc. CIVI N 2 H/GRW 19.44 26.00 30.23 15.19 39.7 0.48 0.49 0.85 Sep 723 0.0 JWR DaVita HealthCare Partners Inc. DVA N 3 H/GRW 73.78 NM 81.89 61.36 18.5 3.83 3.98 4.45 Dec 15,339 0.0 JWR,NJ HealthSouth Corporation HLS N 2 H/GRW 37.68 45.00 48.37 30.26 15.1 2.30 2.49 2.82 Dec 3,474 2.4 JWR,NJ MEDNAX, Inc. MD N 2 H/GRW 68.02 75.00 86.09 61.40 15.4 4.07 4.42 4.89 Dec 6,321 0.0 JWR,NJ Surgery Partners, Inc. SGRY Q 1 H/GRW 16.10 25.00 22.32 11.76 25.2 0.92 0.64 0.91 Dec 773 0.0 JWR

Animal Health Abaxis, Inc. ABAX Q 3 H/GRW 43.97 NM 58.15 37.71 31.4 0.91 1.36 A 1.40 Mar 1,003 1.1 NJ Heska Corporation HSKA Q 2 H/GRW 36.11 44.00 40.73 26.26 42.5 0.74 0.85 1.25 Dec 240 0.0 NJ IDEXX Laboratories, Inc. IDXX Q 3 H/GRW 86.62 NM 91.95 61.58 38.8 2.11 2.23 2.60 Dec 7,865 0.0 NJ VCA Inc. WOOF Q 2 H/GRW 64.18 70.00 68.04 44.00 22.0 2.38 2.92 3.35 Dec 5,231 0.0 NJ

Benefits Management Health Benefits Management Aetna AET N 3 M/GRW 115.56 NM 129.74 92.42 14.4 7.71 8.05 8.75 Dec 40,515 0.9 MJB Anthem ANTM N 3 M/GRW 124.85 NM 165.93 115.63 11.5 10.16 10.85 12.00 Dec 47,356 2.1 MJB Centene CNC N 3 H/GRW 67.73 NM 83.00 47.36 16.5 3.03 4.10 4.82 Dec 11,545 0.0 MJB CIGNA Corporation CI N 3 H/GRW 122.09 NM 168.36 121.87 13.1 8.66 9.30 10.16 Dec 33,880 0.0 MJB Humana HUM N 3 M/GRW 176.94 NM 196.30 155.24 20.0 7.75 8.85 9.86 Dec 26,371 0.7 MJB Insperity NSP N 3 H/GRW 72.72 NM 76.24 41.77 20.7 2.19 3.52 4.10 Dec 1,862 1.4 MJB Magellan Health MGLN Q 3 H/GRW 62.42 NM 71.88 45.40 23.9 1.21 2.61 3.41 Dec 1,729 0.0 MJB Molina Healthcare MOH N 3 H/GRW 49.02 NM 82.37 44.50 19.2 2.73 2.55 3.51 Dec 2,794 0.0 MJB UnitedHealth Group UNH N 1 M/GRW 137.11 150.00 140.89 95.00 17.4 6.45 7.90 8.95 Dec 148,490 1.8 MJB Universal American Corp. UAM N 4 NM 7.24 NM 10.27 5.55 40.2 (0.14) 0.18 0.26 Dec 617 0.0 MJB WellCare Health Plans WCG N 3 H/GRW 103.91 NM 110.81 69.16 22.3 3.44 4.66 5.71 Dec 4,468 0.0 MJB

Pharmacy Benefits Management Express Scripts ESRX Q 3 H/GRW 73.21 NM 94.61 65.55 11.5 5.53 6.37 6.83 Dec 46,305 0.0 MJB


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Healthcare - USA Biotechnology Acorda Therapeutics, Inc. ACOR Q 3 H/GRW 24.48 NM 43.63 23.85 64.4 1.05 0.38 1.00 Dec 1,125 0.0 CR ADMA Biologics, Inc. ADMA Q 1 H/SPEC 6.48 15.00 10.28 4.15 NM (1.73) (1.55) (0.82) Dec 69 0.0 RB Alexion Pharmaceuticals Inc. ALXN Q 1 H/GRW 111.89 200.00 208.88 110.56 22.4 4.99 5.00 6.55 Dec 25,086 0.0 CR AMAG Pharmaceuticals, Inc. AMAG Q 3 H/GRW 22.05 NM 77.73 17.92 4.1 4.43 5.41 7.04 Dec 762 0.0 CR Amgen, Inc. AMGN Q 3 M/GRW 144.58 NM 181.81 130.09 13.1 10.38 11.03 11.89 Dec 108,623 2.8 CR Biogen Inc. BIIB Q 1 H/GRW 224.60 384.00 412.24 223.02 11.9 17.01 18.93 20.18 Dec 49,199 0.0 CR BioMarin Pharmaceutical Inc. BMRN Q 2 H/GRW 74.61 108.00 151.75 62.12 NM (0.89) (0.44) 0.13 Dec 12,051 0.0 CR Blueprint Medicines Corporation BPMC Q 2 H/SPEC 17.56 23.00 33.10 13.04 NM (3.07) (2.93) (3.40) Dec 477 0.0 CR Cascadian Therapeutics Inc. CASC Q 2 H/SPEC 0.88 3.00 4.02 0.82 NM (0.34) (0.42) (0.40) Dec 83 0.0 RB Celgene Corporation CELG Q 1 H/GRW 94.85 161.00 140.72 92.98 16.5 4.71 5.75 7.05 Dec 73,480 0.0 CR Fate Therapeutics, Inc. FATE Q 2 H/SPEC 1.73 4.00 8.37 1.46 NM (1.18) (1.32) (1.34) Dec 50 0.0 RB Galena Biopharma Inc. GALE Q 2 H/SPEC 2.01 2.00 2.49 0.59 NM (0.25) (0.26) (0.21) Dec 365 0.0 RB Incyte Corporation INCY Q 3 H/GRW 72.44 NM 133.62 55.00 NM 0.03 (0.16) 1.07 Dec 13,575 0.0 RB Juno Therapeutics, Inc. JUNO Q 2 H/SPEC 37.43 52.00 59.60 22.37 NM (2.72) (2.87) (3.38) Dec 3,787 0.0 RB Karyopharm Therapeutics Inc. KPTI Q 2 H/SPEC 6.76 13.00 27.71 4.83 NM (3.32) (3.18) (3.11) Dec 243 0.0 CR Keryx Biopharmaceuticals, Inc. KERX Q 2 H/SPEC 5.78 6.00 10.51 2.80 NM (1.19) (1.16) (0.54) Dec 612 0.0 RB Kite Pharma, Inc. KITE Q 2 H/SPEC 49.39 61.00 89.84 38.41 NM (2.33) (6.13) (8.14) Dec 2,423 0.0 RB NantKwest, Inc. NK Q 3 H/SPEC 5.81 NM 38.48 5.43 NM (3.31) (1.56) (1.78) Dec 476 0.0 RB NeuroDerm Ltd. NDRM Q 2 H/SPEC 15.72 20.00 26.50 11.76 NM (0.82) (1.60) (1.79) Dec 340 0.0 CR Proteon Therapeutics, Inc. PRTO Q 2 H/SPEC 6.70 18.00 20.00 4.90 NM (1.30) (1.74) (1.92) Dec 111 0.0 CR Regeneron Pharmaceuticals, Inc. REGN Q 2 H/GRW 331.05 524.00 605.93 329.09 28.1 12.07 11.80 18.15 Dec 34,758 0.0 CR Relypsa, Inc. RLYP Q 3 H/SPEC 15.89 NM 35.97 10.26 NM (4.39) (5.59) (4.85) Dec 711 0.0 RB Tesaro, Inc. TSRO Q 1 H/SPEC 40.61 57.00 66.95 29.51 NM (6.38) (6.92) (4.54) Dec 1,816 0.0 CR TG Therapeutics, Inc. TGTX Q 1 H/SPEC 6.07 20.00 19.05 5.85 NM (1.38) (1.18) (1.39) Dec 328 0.0 RB Ultragenyx Pharmaceutical Inc. RARE Q 2 H/SPEC 47.26 94.00 137.05 46.52 NM (3.96) (6.07) (5.73) Dec 1,843 0.0 CR Verastem, Inc. VSTM Q 2 H/SPEC 1.23 3.00 8.07 1.05 NM (1.61) (0.74) (0.68) Dec 46 0.0 RB ZIOPHARM Oncology, Inc. ZIOP Q 3 H/SPEC 5.31 NM 14.93 4.56 NM (0.96) (0.40) (0.50) Dec 700 0.0 RB

Clinical Laboratories Laboratory Corporation of America Holdings LH N 2 H/GRW 125.53 145.00 131.99 97.79 14.3 7.91 8.78 9.75 Dec 12,817 0.0 NJ Quest Diagnostics Inc. DGX N 3 M/GRW 77.58 NM 80.54 59.66 15.3 4.77 5.08 5.48 Dec 10,939 2.1 NJ

Death Care Carriage Services, Inc. (rf) CSV N 1 M/GRW 22.01 28.00 25.96 19.03 8.8 2.38 2.51 2.80 Dec 368 0.9 JWR,NJ Service Corporation International (rf) SCI N 1 H/GRW 25.87 32.00 32.02 20.21 15.0 1.64 1.72 2.04 Dec 5,122 2.0 JWR,NJ StoneMor Partners L.P. (y) STON N 1 M/INC 24.24 30.00 32.06 22.04 10.3 2.22 2.36 2.51 Dec 788 10.9 JWR,NJ


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Healthcare - USA Diagnostics Alere, Inc. ALR N 3 H/GRW 40.47 NM 55.99 31.96 18.6 2.18 E 2.43 2.97 Dec 3,488 0.0 NJ CareDx, Inc. CDNA Q 3 H/SPEC 4.61 NM 8.00 3.70 NM (1.05) (0.90) (0.39) Dec 87 0.0 NJ Cepheid CPHD Q 3 H/GRW 28.61 NM 63.69 25.09 NM (0.67) (0.52) 0.41 Dec 2,117 0.0 NJ GenMark Diagnostics, Inc. GNMK Q 2 H/GRW 8.14 12.00 10.55 4.20 NM (1.00) (1.15) (0.88) Dec 348 0.0 NJ Genomic Health GHDX Q 2 H/GRW 25.00 30.00 35.79 20.05 NM (1.04) (0.41) 0.07 Dec 823 0.0 NJ Meridian Bioscience, Inc. VIVO Q 4 NM 18.19 NM 21.49 16.60 20.9 0.85 0.87 0.91 Sep 771 4.4 NJ OraSure Technologies, Inc. OSUR Q 3 H/GRW 6.55 NM 7.99 4.39 28.5 0.14 0.23 0.26 Dec 367 0.0 NJ Quidel Corporation QDEL Q 2 H/GRW 16.67 21.50 24.59 13.21 NM (0.18) (0.10) 0.34 Dec 545 0.0 NJ Trinity Biotech plc TRIB Q 2 H/GRW 10.99 15.00 19.03 9.20 91.6 0.46 0.12 0.31 Dec 259 2.0 NJ

Drug Distributors AmerisourceBergen Corp. ABC N 3 M/GRW 73.85 NM 115.41 73.31 13.4 4.96 5.51 5.82 Sep 16,934 1.8 JWR,NJ Cardinal Health Inc. CAH N 3 M/GRW 73.69 NM 91.23 73.25 14.1 4.38 5.23 5.32 Jun 24,391 2.4 JWR,NJ McKesson Corporation MCK N 3 M/GRW 172.63 NM 236.86 148.29 12.9 11.11 12.08 A 13.40 Mar 39,532 0.6 JWR,NJ

Drug Stores CVS Health CVS N 2 M/GRW 93.24 120.00 113.65 81.37 16.1 5.16 5.80 6.45 Dec 100,792 1.8 JWR,MJB Rite Aid Corporation RAD N 3 H/GRW 7.55 NM 9.47 5.88 83.9 2.08 0.16 A 0.09 Feb 7,870 0.0 JWR,NJ Walgreens Boots Alliance Inc. WBA Q 2 M/GRW 79.39 95.00 97.30 71.50 17.6 3.88 4.50 5.05 Aug 86,376 1.8 JWR,NJ

Healthcare Information Technology The Advisory Board Company ABCO Q 2 H/GRW 33.74 38.00 60.38 18.87 19.5 1.51 1.73 1.85 Dec 1,379 0.0 NJ Allscripts Healthcare Solutions Inc. MDRX Q 3 H/GRW 11.88 NM 15.78 11.47 20.5 0.47 0.58 0.67 Dec 2,266 0.0 NJ athenahealth Inc. ATHN Q 2 H/GRW 126.89 165.00 170.42 110.68 69.7 1.35 1.82 2.37 Dec 4,980 0.0 NJ Cerner Corporation CERN Q 2 H/GRW 53.71 57.00 75.00 49.59 22.9 2.11 2.35 2.65 Dec 18,149 0.0 NJ Computer Programs and Systems, Inc. CPSI Q 3 H/INC 37.85 NM 59.16 36.04 11.3 2.24 3.34 4.32 Dec 512 6.8 NJ Connecture Inc. CNXR Q 1 H/GRW 2.45 4.00 11.99 1.15 NM (0.34) (0.32) 0.09 Dec 83 0.0 NJ HealthStream, Inc. HSTM Q 3 H/GRW 24.47 NM 32.30 17.80 84.4 0.28 0.29 0.40 Dec 776 0.0 NJ Premier, Inc. PINC Q 2 H/GRW 31.08 36.00 39.11 29.68 19.2 1.43 1.62 1.80 Jun 4,507 0.0 NJ Press Ganey Holdings, Inc. PGND N 2 H/GRW 37.78 38.00 38.72 23.68 34.7 0.95 1.09 1.23 Dec 1,996 0.0 NJ Quality Systems Inc. QSII Q 2 H/GRW 11.14 18.00 17.50 11.10 13.6 0.62 0.72 A 0.82 Mar 679 0.0 NJ WebMD Health Corp WBMD Q 1 H/GRW 56.78 72.00 67.55 37.57 30.7 1.48 1.85 2.10 Dec 2,214 0.0 NJ


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Healthcare - USA Hospital Supplies & Equipment Baxter International Inc. BAX N 3 M/GRW 42.35 NM 46.95 32.18 25.8 1.38 1.64 1.82 Dec 23,344 1.2 LK Becton, Dickinson and Company BDX N 1 M/GRW 163.01 190.00 172.20 128.87 19.1 7.16 8.54 9.55 Sep 34,591 1.6 LK C.R. Bard, Inc. BCR N 2 M/GRW 225.03 242.00 230.76 169.09 22.2 9.09 10.14 11.39 Dec 18,002 0.5 LK The Cooper Companies, Inc. COO N 2 H/GRW 162.99 185.00 179.97 119.28 19.4 7.44 8.42 9.27 Oct 7,889 0.0 LK Haemonetics Corporation HAE N 4 NM 28.41 NM 42.24 25.98 19.2 1.85 1.64 A 1.48 Mar 1,447 0.0 LK Halyard Health Inc. HYH N 3 H/GRW 31.22 NM 41.84 22.76 19.0 2.11 1.64 1.86 Dec 1,455 0.0 LK Hill-Rom Holdings, Inc. HRC N 3 M/GRW 48.36 NM 58.73 42.99 14.7 2.64 3.28 3.56 Sep 3,162 1.4 LK Intuitive Surgical, Inc. ISRG Q 2 H/GRW 629.90 690.00 661.94 447.00 30.4 19.28 20.71 24.10 Dec 23,999 0.0 LK Masimo Corp. MASI Q 2 H/GRW 50.17 53.00 53.55 33.03 27.4 1.56 1.83 2.10 Dec 2,458 0.0 LK Stericycle Inc. SRCL Q 3 H/GRW 99.17 NM 151.57 91.05 20.0 4.71 4.97 5.56 Dec 8,413 0.0 LK STERIS plc STE N 2 M/GRW 63.28 84.00 78.77 60.75 16.0 2.99 3.39 A 3.95 Mar 5,434 1.8 LK Teleflex, Inc. TFX N 1 M/GRW 169.02 200.00 176.84 122.13 23.3 6.33 7.25 8.05 Dec 7,051 0.8 LK TransEnterix, Inc. TRXC M 2 H/SPEC 1.10 3.00 6.10 1.03 NM (0.64) (0.47) (0.28) Dec 69 0.0 LK

Hospitals Community Health Systems, Inc. CYH N 4 NM 12.08 NM 53.50 10.59 5.8 3.24 2.08 2.53 Dec 1,329 0.0 JWR,NJ HCA Holdings, Inc. HCA N 1 H/GRW 74.43 95.00 95.49 43.91 11.6 5.57 6.44 7.10 Dec 29,846 0.0 JWR,NJ LifePoint Health, Inc. LPNT Q 2 H/GRW 63.83 75.00 88.18 58.20 17.3 4.09 3.70 4.44 Dec 2,840 0.0 JWR,NJ Tenet Healthcare Corporation THC N 2 H/GRW 26.04 38.00 60.93 21.39 13.6 2.06 1.92 2.37 Dec 2,612 0.0 JWR,NJ Universal Health Services, Inc. UHS N 2 M/GRW 129.36 145.00 148.57 100.82 17.3 6.87 7.47 8.13 Dec 12,794 0.3 JWR,NJ

Medical Devices Abbott Laboratories ABT N 2 M/GRW 36.95 48.00 51.74 36.00 16.9 2.15 2.19 2.48 Dec 54,834 2.8 JB Abiomed Inc. ABMD Q 2 H/GRW 101.23 112.00 110.68 64.03 95.5 0.64 0.85 A 1.06 Mar 4,312 0.0 JB AngioDynamics ANGO Q 3 H/GRW 13.50 NM 17.00 9.71 23.7 0.58 0.57 0.67 May 491 0.0 JB Boston Scientific Corp. BSX N 1 H/GRW 21.98 25.00 23.35 14.18 20.4 0.93 1.08 1.23 Dec 29,773 0.0 JB DexCom Inc. DXCM Q 2 H/GRW 75.91 81.00 103.29 47.92 NM (0.26) (0.34) 0.04 Dec 6,179 0.0 JB Heartware International, Inc. HTWR Q 2 H/GRW 57.79 38.00 94.15 25.02 NM (4.21) (3.94) (2.64) Dec 1,011 0.0 JB Hologic Inc. HOLX Q 3 H/GRW 32.93 NM 43.00 31.84 17.2 1.67 1.91 2.08 Sep 9,481 0.0 JB ICU Medical, Inc. ICUI Q 1 H/GRW 105.04 123.00 124.69 85.56 23.8 3.96 4.42 4.89 Dec 1,744 0.0 JB Insulet PODD Q 3 H/GRW 28.22 NM 40.21 23.94 NM (0.81) (0.57) (0.37) Dec 1,612 0.0 JB Integra LifeSciences Corp. IART Q 2 H/GRW 75.83 83.00 78.24 54.75 22.3 3.08 3.40 3.92 Dec 2,844 0.0 JB Johnson & Johnson JNJ N 2 M/INC 116.55 120.00 117.74 81.79 17.7 6.20 6.58 6.98 Dec 325,757 2.6 JB Merit Medical Systems Inc. MMSI Q 1 H/GRW 18.44 23.00 26.42 15.47 18.8 0.87 0.98 1.12 Dec 822 0.0 JB Natus Medical Inc. BABY Q 3 H/GRW 35.96 NM 51.05 29.34 21.9 1.55 1.64 1.83 Dec 1,194 0.0 JB RTI Surgical Inc. RTIX Q 3 H/GRW 3.52 NM 7.48 2.81 17.6 0.23 0.20 0.26 Dec 205 0.0 JB Senseonics Holdings, Inc. SENS M 2 H/SPEC 3.82 5.00 4.05 2.53 NM (0.45) (0.53) (0.58) Dec 356 0.0 JB


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Healthcare - USA Pharma Services Catalent, Inc. CTLT N 3 H/GRW 21.29 NM 34.42 18.92 16.8 1.63 1.27 1.60 Jun 2,654 0.0 JWR,MJB Charles River Laboratories CRL N 3 H/GRW 75.95 NM 87.95 59.99 17.3 3.76 4.40 5.01 Dec 3,578 0.0 MJB Diplomat Pharmacy, Inc. DPLO N 2 H/GRW 32.06 35.00 52.33 22.41 34.8 0.75 0.92 1.19 Dec 2,196 0.0 JWR ICON plc ICLR Q 3 H/GRW 65.72 NM 84.14 62.31 14.0 3.98 4.71 5.22 Dec 3,619 0.0 MJB INC Research Holdings INCR Q 2 H/GRW 36.93 53.00 57.11 34.19 15.4 2.00 2.40 2.78 Dec 1,994 0.0 MJB PAREXEL PRXL Q 3 H/GRW 58.65 NM 76.17 56.00 17.1 2.79 3.43 3.90 Jun 3,097 0.0 MJB Quintiles Transnational Holdings Q N 1 M/GRW 61.32 82.00 80.45 55.01 16.2 3.33 3.79 4.20 Dec 7,336 0.0 MJB

Specialty Pharmaceuticals Akorn, Inc. AKRX Q 2 H/GRW 26.37 34.00 47.35 17.57 12.0 2.02 2.19 2.42 Dec 3,149 0.0 EW Allergan plc AGN N 2 M/GRW 217.48 275.00 340.34 195.50 15.2 13.43 14.33 17.62 Dec 85,992 0.0 EW Amphastar Pharmaceuticals, Inc. AMPH Q 1 H/GRW 15.51 18.00 18.30 10.50 NM (0.06) 0.05 0.47 Dec 697 0.0 EW ANI Pharmaceuticals, Inc. ANIP Q 1 H/GRW 52.55 68.00 73.54 26.80 14.6 2.72 3.61 4.31 Dec 603 0.0 EW Dipexium Pharmaceuticals, Inc. DPRX Q 1 H/SPEC 9.95 22.00 17.10 6.04 NM (1.99) (2.44) (2.26) Dec 103 0.0 EW Endo International plc ENDP Q 3 H/GRW 13.69 NM 88.54 12.56 2.9 4.66 4.66 5.09 Dec 3,048 0.0 EW Impax Laboratories, Inc. IPXL Q 3 H/GRW 28.01 NM 51.42 27.62 15.5 1.45 1.81 2.34 Dec 2,047 0.0 EW Lannett Company, Inc. LCI N 2 H/GRW 22.82 31.00 62.90 16.91 7.0 4.04 3.27 3.55 Jun 835 0.0 EW Mylan N.V. MYL Q 3 H/GRW 41.81 NM 73.91 37.59 8.6 4.30 4.86 5.36 Dec 20,544 0.0 EW Perrigo Company PLC PRGO N 3 M/GRW 87.75 NM 198.42 84.85 10.6 7.59 8.28 9.05 Dec 12,566 0.7 EW Sagent Pharmaceuticals, Inc. SGNT Q 1 H/GRW 14.32 25.00 26.47 10.55 65.1 (0.67) 0.22 0.76 Dec 470 0.0 EW Teligent, Inc. TLGT Q 1 H/GRW 6.62 11.00 9.18 4.46 NM (0.06) 0.04 0.27 Dec 351 0.0 EW Teva Pharmaceutical Industries, Ltd. (r) TEVA N 3 M/GRW 48.53 NM 72.31 48.01 9.1 5.46 5.35 6.19 Dec 44,065 2.8 EW


Industrial

USA Canada Europe

Specialty Distribution ................................................. 51

Waste and Industrial Services ..................................... 51

Industrial Services.................................................... 51

Waste Services ........................................................ 51

Aerospace & Aviation ................................................. 52

Chemicals ................................................................... 52

Diversified Income Corps. ........................................... 52

Infrastructure & Construction .................................... 52

Asset Ownership & Management ........................... 52

Construction ............................................................ 52

Engineering ............................................................. 52

Machinery ............................................................... 52

Related Products & Services.................................... 53

Special Situations ....................................................... 53

Aerospace & Defence .................................................. 53

Commercial Aerospace ............................................ 53

Defence .................................................................... 53

Chemicals .................................................................... 54

Agrochemicals .......................................................... 54

Consumer Chemicals ................................................ 54

Diversified Chemicals ............................................... 54

Industrial Chemicals ................................................. 54

Industrial Gases ........................................................ 54

Infrastructure & Construction ..................................... 54

Construction Groups ................................................ 54

Infrastructure Operators .......................................... 54


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Industrial - USA Patrick Tyler Brown, CFA [email protected] Sam Darkatsh [email protected]

Budd Bugatch, CFA [email protected]

Specialty Distribution Beacon Roofing Supply, Inc. BECN Q 1 H/GRW 42.86 52.00 45.72 29.88 19.5 1.38 2.20 2.65 Sep 2,542 0.0 SD,BB Fastenal Company FAST Q 3 H/GRW 42.70 NM 49.99 34.45 24.0 1.77 1.78 1.91 Dec 12,345 2.8 SD,BB GMS Inc. GMS N 2 H/GRW 20.00 26.00 23.75 19.28 12.0 0.91 1.66 1.57 Apr 826 0.0 SD HD Supply Holdings Inc. HDS Q 3 H/GRW 32.87 NM 36.81 21.26 11.9 1.72 2.76 3.17 Jan 6,598 0.0 SD,BB Houston Wire & Cable Company HWCC Q 3 H/GRW 5.22 NM 10.55 4.79 NM 0.30 0.00 0.14 Dec 86 4.6 SD,BB LKQ Corporation LKQ Q 2 H/GRW 29.52 36.00 34.26 23.95 16.3 1.49 1.81 2.10 Dec 9,104 0.0 SD MRC Global MRC N 3 H/GRW 13.09 NM 15.80 8.50 NM (3.38) (0.48) 0.05 Dec 1,318 0.0 SD,BB MSC Industrial Direct MSM N 2 H/GRW 69.38 78.00 78.35 54.19 18.4 3.79 3.78 4.05 Aug 4,253 2.5 SD,BB NOW Inc. DNOW N 3 H/GRW 16.80 NM 20.33 12.03 NM (0.61) (1.92) 0.15 Dec 1,798 0.0 SD Praxair, Inc. PX N 1 M/INC 107.01 133.00 121.28 95.60 19.1 5.81 5.60 6.25 Dec 30,526 2.8 SD W.W. Grainger, Inc. GWW N 3 M/GRW 216.21 NM 240.00 176.85 18.4 11.94 11.75 12.25 Dec 13,427 2.3 SD,BB WESCO International WCC N 3 H/GRW 51.17 NM 71.36 34.00 13.3 4.18 3.85 4.15 Dec 2,395 0.0 SD,BB

Waste and Industrial Services Industrial Services Clean Harbors CLH N 4 NM 49.01 NM 54.54 37.09 81.7 1.30 0.60 1.63 Dec 2,823 0.0 TB

Waste Services Casella Waste Systems, Inc. CWST Q 1 H/SPEC 7.54 9.50 7.90 4.97 NM (0.21) 0.01 0.07 Dec 311 0.0 TB Covanta Holding Corp. CVA N 1 H/INC 15.75 18.50 21.80 12.48 NM 0.07 0.05 0.03 Dec 2,032 6.3 TB Republic Services, Inc. RSG N 1 M/GRW 49.39 54.00 50.37 38.99 23.0 2.06 2.15 2.37 Dec 17,124 2.4 TB U.S. Ecology, Inc. ECOL Q 3 H/GRW 43.99 NM 52.99 29.89 22.7 1.61 1.94 2.00 Dec 955 1.6 TB Waste Connections, Inc. WCN N 1 H/GRW 69.46 83.00 74.23 43.22 26.7 NA 2.60 3.35 Dec 7,562 0.8 TB Waste Management, Inc. WM N 3 M/INC 63.65 NM 64.00 45.86 22.3 2.62 2.85 3.02 Dec 28,463 2.6 TB


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Industrial - CAN Ben Cherniavsky [email protected] Frederic Bastien, CFA [email protected]

Steve Hansen, CFA, CPA, CMA [email protected] Daryl Swetlishoff, CFA [email protected]

David Quezada, CFA [email protected] Michael Overvelde, CFA, CPA, CA [email protected]

Aerospace & Aviation Bombardier Inc. BBD.B T 3 H/GRW C$1.81 1.30 2.43 0.72 NM 0.16 (0.14) (0.04) Dec 4,022 0.0 SH,BC CAE Inc. (f) CAE T 3 M/GRW C$15.73 16.50 16.84 13.04 16.6 0.76 0.86 A 0.95 Mar 4,247 1.9 BC Héroux-Devtek Inc. (f) HRX T 3 M/GRW C$14.76 15.50 15.85 10.98 17.4 0.55 0.77 A 0.85 Mar 531 0.0 BC

Chemicals Canexus Corporation CUS T 3 H/INC C$1.30 1.50 1.71 1.03 6.5 0.02 0.20 0.21 Dec 243 3.1 SH Chemtrade Logistics Income Fund CHE.UN T 2 M/INC C$17.20 20.00 20.65 14.38 19.8 (0.95) 0.87 0.92 Dec 1,189 7.0 SH Methanex MEOH Q 1 H/INC US$27.97 40.00 56.83 22.73 43.7 1.20 0.64 2.70 Dec 2,512 3.9 SH Superior Plus Corporation SPB T 3 H/INC C$10.25 12.00 13.22 8.42 8.4 0.12 1.22 1.39 Dec 1,446 7.0 SH

Diversified Income Corps. Alaris Royalty Corp. AD T 2 H/INC C$29.71 31.00 32.00 21.00 15.7 1.68 1.89 2.26 Dec 1,090 5.5 MO Grenville Strategic Royalty Corp. GRC V 3 H/SPEC C$0.37 0.50 0.92 0.34 18.3 0.08 0.02 NA Dec 47 13.7 DQ

Infrastructure & Construction Asset Ownership & Management Brookfield Infrastructure Partners L.P. (x) BIP N 1 M/INC US$41.87 54.00 45.36 30.50 10.3 3.59 4.05 4.35 Dec 9,634 5.4 FB Brookfield Renewable Energy Partners L.P. (x) BEP N 2 M/INC US$28.88 35.00 30.44 20.36 12.2 1.69 2.37 2.50 Dec 8,632 6.2 FB Hydro One Ltd. H T 3 M/INC C$25.32 25.00 25.34 21.01 21.6 1.16 1.17 1.25 Dec 15,093 3.3 FB Pattern Energy Group Inc. (ca) PEGI Q 2 M/INC US$21.43 26.00 30.19 14.56 11.1 1.31 1.93 2.25 Dec 1,594 7.3 FB

Construction Aecon Group ARE T 2 H/INC C$16.89 19.00 17.94 10.25 18.6 1.03 0.91 1.10 Dec 1,181 2.7 FB Bird Construction Inc. BDT T 3 H/INC C$13.15 13.00 14.71 9.88 13.8 0.98 0.95 0.90 Dec 559 5.8 FB North American Energy Partners NOA T 2 H/INC C$3.76 4.00 3.97 1.95 NM (0.23) 0.01 0.07 Dec 125 2.1 BC Stuart Olson Inc. SOX T 3 H/INC C$6.07 7.00 7.03 4.45 20.9 0.39 0.29 0.50 Dec 161 7.9 FB

Engineering IBI Group Inc. IBG T 2 H/GRW C$4.68 6.00 5.35 1.56 27.5 0.49 0.17 0.45 Dec 146 NM FB SNC-Lavalin SNC T 2 M/GRW C$51.73 60.00 53.76 35.89 21.1 2.68 2.45 2.95 Dec 7,754 2.0 FB Stantec Inc STN T 2 M/GRW C$30.64 35.00 38.09 27.99 17.8 1.60 1.72 2.10 Dec 3,524 1.5 BC,FB WSP Global Inc. WSP T 2 M/INC C$37.53 50.00 49.18 35.11 17.5 2.04 2.15 2.65 Dec 3,742 4.0 FB

Machinery Cervus Equipment Corp. CVL T 3 M/GRW C$11.25 11.00 16.10 10.41 14.4 0.82 0.78 1.05 Dec 176 2.5 BC Finning International FTT T 3 M/GRW C$20.97 20.00 24.24 16.37 21.0 1.29 1.00 1.40 Dec 3,525 3.5 BC Ritchie Bros. Auctioneers RBA N 2 M/GRW US$31.98 34.50 34.69 21.03 25.0 1.13 1.28 1.40 Dec 3,428 2.0 BC Rocky Mountain Dealerships Inc. RME T 3 M/GRW C$6.91 7.50 9.49 5.50 9.3 0.71 0.74 0.85 Dec 134 6.7 BC Strongco Corp. SQP T 3 H/GRW C$1.60 2.00 2.70 1.45 40.0 (0.22) 0.04 0.14 Dec 21 0.0 BC Toromont Industries TIH T 3 M/GRW C$36.58 40.50 38.80 27.25 18.3 1.86 2.00 2.19 Dec 2,868 2.0 BC Wajax Corp. WJX T 3 M/GRW C$14.74 16.00 25.82 13.37 19.1 1.50 0.77 1.30 Dec 295 6.8 BC


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Industrial - CAN Related Products & Services Canam Group CAM T 2 H/INC C$12.66 19.00 15.26 11.76 9.4 1.08 1.35 1.60 Dec 598 1.3 FB Ovivo Inc. OVI.A T 2 H/GRW C$2.76 3.00 3.06 1.10 16.2 (0.76) 0.13 A 0.17 Mar 122 NM FB Russel Metals RUS T 3 M/INC C$22.20 23.00 24.89 13.95 20.2 (1.42) 1.10 1.55 Dec 1,370 6.8 FB WesternOne Inc. WEQ T 3 H/GRW C$0.32 0.45 0.82 0.21 NM (0.50) (0.28) (0.15) Dec 13 NM FB ZCL Composites ZCL T 2 H/GRW C$8.91 9.25 9.30 5.00 14.8 0.44 0.60 0.70 Dec 271 3.6 BC

Special Situations Boyd Group Income Fund (cb) BYD.UN T 2 M/GRW C$72.32 85.00 79.98 51.21 NM 96 123 141 Dec 1,302 0.7 SH DIRTT Environmental Solutions Ltd. DRT T 1 H/GRW C$5.16 7.50 7.98 4.30 21.5 0.22 0.24 0.37 Dec 466 0.0 DQ,DS Tree Island Steel Ltd. TSL T 2 H/GRW C$3.62 5.75 4.04 2.50 6.6 0.52 0.55 0.57 Dec 113 2.2 DQ Whistler Blackcomb Holdings Inc. (cb) WB T 2 M/INC C$23.92 28.50 28.04 19.01 NM 93 124 134 Sep 909 4.1 BC

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Industrial - EUR Harry Breach, RJFI [email protected] Mehdi Boudokhane, RJEE [email protected]

Patrick Lambert, RJFI [email protected]

Aerospace & Defence Commercial Aerospace Airbus Group AIR.PA EPA 1 €49.92 80.00 68.50 49.51 16.1 3.41 3.10 4.20 Dec 38,802 2.6 HB GKN GKN.L L 1 253p 440 342 246 8.9 27.80 28.40 32.00 Dec £4,343 3.6 HB Meggitt MGGT.L L 1 364p 550 514 338 10.7 31.60 34.00 37.00 Dec £2,822 3.8 HB Rolls-Royce RR.L L 3 652p NM 876 492 24.1 59.00 27.00 34.00 Dec £11,988 2.5 HB Safran SAF.PA EPA 3 €56.02 NM 72.45 48.87 15.1 3.55 3.70 3.90 Dec 23,328 2.5 HB Senior SNR.L L 3 186p NM 303 167 11.6 19.00 16.00 17.50 Dec £780 3.8 HB Zodiac Aerospace ZODC.PA EPA 3 €19.53 NM 30.45 14.08 30.0 0.72 0.65 1.00 Aug 5,410 1.6 HB

Defence BAE Systems BAES.L L 4 469p 420 536 419 12.0 40.20 39.00 40.00 Dec £14,842 4.5 HB Cobham COB.L L 4 142p 125 263 124 11.4 16.50 12.50 12.50 Dec £1,908 4.9 HB Thales TCFP.PA EPA 1 €70.33 85.00 79.23 52.08 18.1 3.89 E 4.25 4.85 Dec 14,778 1.9 HB


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Industrial - EUR Chemicals Agrochemicals Syngenta (sa) SYNN.VX SWF 3 CHF367.50 NM 420.00 288.50 NM 13,615 E 13,848 14,590 Dec $33,731 3.1 PL Yara (sa) YAR.OL OSL 3 NOK257.10 NM 431.40 256.10 NM 111,896 96,793 94,340 Dec 70,418 5.8 PL

Consumer Chemicals AkzoNobel (sa) AKZO.AS AMS 1 €52.72 90.00 71.23 49.91 NM 14,859 114,635 15,059 Dec 13,159 2.9 PL Givaudan (sa) GIVN.VX SWF 2 CHF1816.00 2297.00 1959.00 1521.00 NM 4,396 4,604 4,790 Dec 16,696 3.0 PL Symrise (sa) SY1G.DE ETR 3 €55.87 NM 64.47 50.37 NM 2,602 2,977 3,117 Dec 7,253 1.4 PL

Diversified Chemicals BASF (sa) BASFn.DE ETR 4 €65.19 77.00 85.87 56.01 NM 70,449 58,107 61,463 Dec 59,876 4.4 PL DSM (sa) DSMN.AMS AMS 1 €49.20 61.00 57.45 38.71 NM 8,935 7,809 8,046 Dec 8,566 3.4 PL

Industrial Chemicals Arkema (sa) AKE.PA EPA 1 €63.88 91.00 75.00 48.17 NM 7,683 7,730 8,101 Dec 4,752 4.5 PL Clariant (sa) CLN.VX SWF 3 CHF15.68 NM 20.35 15.26 NM 5,807 5,965 6,202 Dec 5,061 2.6 PL Covestro (sa) 1COV.DE ETR 2 €37.27 47.00 43.24 24.35 NM 12,082 11,643 12,102 Dec 7,546 1.9 PL Lanxess (sa) LXSG.DE ETR 2 €37.91 50.00 56.50 32.90 NM 7,902 7,705 7,963 Dec 3,469 1.6 PL Solvay (sa) SOLB.BR EBR 2 €80.18 119.00 122.88 70.52 NM 10,577 12,363 13,172 Dec 8,320 4.0 PL

Industrial Gases Air Liquide (sa) AIRP.PA EPA 2 €88.71 140.00 123.65 88.25 NM 16,442 E 16,596 17,319 Dec 30,531 4.4 PL

Infrastructure & Construction Construction Groups Eiffage FOUG.PA EPA 3 €58.80 NM 70.17 47.80 13.9 3.44 4.22 4.89 Dec 5,611 2.6 MB Vinci SGEF.PA EPA 2 €58.57 74.00 68.29 51.10 13.9 3.69 4.21 4.45 Dec 34,466 3.5 MB

Infrastructure Operators ADP ADP.PA EPA 4 €94.14 95.00 117.00 93.30 19.7 4.35 4.78 5.05 Dec 9,316 3.0 MB Ferrovial FER.MC MAD 2 €15.96 22.10 22.58 15.16 24.5 0.98 0.65 0.75 Dec 11,682 4.6 MB Fraport FRAG.DE ETR 4 €44.96 53.00 61.32 44.96 16.5 2.73 E 3.06 3.42 Dec 4,146 3.0 MB


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Mining & Natural Resources - CAN Daryl Swetlishoff, CFA [email protected] Alex Terentiew, MBA [email protected]

Steve Hansen, CFA, CPA, CMA [email protected] Chris Thompson, M.Sc. (Eng), P.Geo [email protected]

Phil Russo [email protected]

Agribusiness AGT Food and Ingredients Inc. AGT T 2 H/INC C$33.51 43.00 42.16 25.10 16.3 2.02 2.05 2.79 Dec 804 1.8 SH

Fertilizers Agrium Inc. AGU N 3 M/GRW US$88.66 92.00 109.46 79.94 16.7 7.25 5.30 6.15 Dec 12,235 3.9 SH Potash Corp. of Saskatchewan Inc. POT N 3 M/GRW US$15.81 16.00 31.38 14.64 25.1 1.52 0.63 1.05 Dec 13,246 6.3 SH

Mining & Natural Resources

Canada

Agribusiness ............................................................... 55

Fertilizers .................................................................... 55

Forest Products .......................................................... 56

Building Materials ................................................... 56

Pulp & Paper ........................................................... 56

Mining ........................................................................ 56

Base Metals & Minerals .......................................... 56

Iron Ore ................................................................... 56

Precious Metals - Gold ............................................ 57

Precious Metals - Silver ........................................... 57

Argentina

Agribusiness & Natural Resources .............................. 58

Agribusiness ............................................................. 58

Natural Resources .................................................... 58


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Mining & Natural Resources - CAN Forest Products Building Materials Acadian Timber Corp. ADN T 2 M/INC C$16.42 22.00 21.33 15.70 15.5 0.81 1.06 1.25 Dec 274 6.1 DS Canfor Corp. CFP T 2 H/GRW C$12.30 19.00 28.57 11.96 11.9 0.43 1.03 1.53 Dec 1,633 0.0 DS Conifex Timber Inc. CFF T 2 H/SPEC C$3.47 4.75 6.55 1.50 2.4 (0.82) 1.44 0.89 Dec 73 0.0 DS Interfor Corp. IFP T 1 H/GRW C$10.31 16.50 21.65 8.67 11.9 (0.29) 0.87 1.61 Dec 722 0.0 DS Norbord Inc. OSB T 1 H/GRW C$25.00 35.00 29.10 18.64 14.5 (0.12) 1.72 2.51 Dec 2,168 1.6 DS West Fraser Timber WFT T 2 M/GRW C$36.22 54.00 70.07 35.35 10.1 0.57 3.59 4.84 Dec 3,064 0.8 DS Western Forest Products Inc. WEF T 1 H/GRW C$1.97 2.75 2.40 1.57 7.9 0.18 0.25 0.35 Dec 800 4.1 DS

Pulp & Paper Canfor Pulp Products Inc. CFX T 2 H/GRW C$10.14 15.25 16.31 9.05 6.7 1.59 1.51 1.21 Dec 693 2.5 DS Domtar UFS N 2 H/INC US$33.73 50.00 43.74 29.88 13.0 3.33 2.60 3.52 Dec 2,118 4.7 DS Fortress Paper FTP T 3 H/GRW C$4.10 5.00 5.72 2.84 NM (2.19) (0.87) 0.23 Dec 61 0.0 DS Mercer International Inc. MERC Q 2 H/INC US$7.70 14.00 14.21 5.95 8.0 1.17 0.96 1.87 Dec 498 6.0 DS

Mining Base Metals & Minerals Altius Minerals Corporation ALS T 2 H/GRW C$9.77 14.50 14.78 7.39 NM (0.04) (0.14) A 0.07 Apr 391 1.2 AT Capstone Mining Corp. CS T 2 H/GRW C$0.69 1.10 1.26 0.27 NM (0.08) (0.04) 0.04 Dec 264 0.0 AT Copper Mountain Mining CUM T 3 H/GRW C$0.47 0.65 1.24 0.33 NM 0.06 (0.03) 0.15 Dec 56 0.0 AT First Quantum Minerals Ltd. FM T 2 H/GRW C$8.24 12.00 17.19 2.15 25.0 0.41 0.33 0.40 Dec 5,680 0.1 AT HudBay Minerals, Inc. HBM T 2 H/GRW C$5.57 7.75 10.69 2.26 92.8 0.01 0.06 0.46 Dec 1,287 0.4 AT Ivanhoe Mines Ltd. IVN T 2 H/SPEC C$0.96 1.60 1.13 0.53 5.1 0.92 0.19 (0.01) Dec 746 0.0 AT Lundin Mining Corporation LUN T 3 H/GRW C$4.16 5.25 5.32 2.98 NM (0.04) 0.04 0.30 Dec 2,993 0.0 AT Nevsun Resources Ltd. NSU T 3 H/INC C$3.74 5.00 4.94 3.27 37.4 0.11 0.10 0.05 Dec 1,111 4.3 AT Taseko Mines Ltd. TKO T 3 H/GRW C$0.62 0.75 0.88 0.35 NM (0.09) (0.27) (0.11) Dec 138 0.0 AT Teck Resources Limited TCK.B T 4 H/INC C$14.91 13.00 16.40 3.65 33.9 0.30 0.44 1.07 Dec 8,590 0.7 AT Trevali Mining Corporation TV T 2 H/SPEC C$0.49 0.95 0.97 0.25 9.8 (0.04) 0.05 0.16 Dec 184 0.0 AT

Iron Ore Labrador Iron Ore Royalty Corp. LIF T 3 H/INC C$11.68 16.00 17.44 6.85 13.7 0.86 0.85 1.11 Dec 748 8.6 AT


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Mining & Natural Resources - CAN Precious Metals - Gold Agnico Eagle Mines AEM N 3 H/INC US$52.54 53.00 53.44 21.00 53.6 0.19 0.98 1.56 Dec 11,401 0.6 PR Alacer Gold Corp ASR T 2 H/GRW C$3.04 4.50 3.57 2.08 60.8 0.16 0.05 NA Dec US$897 0.0 PR Alamos Gold Inc. AGI N 2 H/INC US$8.28 10.00 8.59 2.27 NM (0.30) (0.01) 0.18 Dec 2,178 0.2 PR Asanko Gold Inc. AKG T 2 H/GRW C$5.42 6.75 5.82 1.77 23.6 (0.04) 0.23 0.43 Dec 1,164 0.0 CT B2Gold Corp. (cf) BTO T 2 H/GRW C$3.28 3.75 3.28 0.86 14.3 0.18 0.23 0.25 Dec 3,277 0.0 CT Barrick Gold Corporation ABX N 3 H/INC US$21.11 20.00 21.40 5.91 36.4 0.29 0.58 1.51 Dec 24,593 0.4 PR Detour Gold Corp. DGC T 2 H/SPEC C$33.02 38.50 34.23 10.62 51.6 (0.25) 0.64 1.17 Dec US$5,712 0.0 PR Eldorado Gold Corp. EGO N 2 H/GRW US$4.47 7.00 5.16 1.87 NM 0.01 (0.04) 0.21 Dec 3,205 0.4 PR Endeavour Mining Corp. (cf) EDV T R H/GRW C$21.56 R 22.83 4.35 R R R R Dec R R CT Franco-Nevada Corp. FNV N 2 H/INC US$72.54 75.00 74.39 38.20 86.4 0.57 0.84 0.99 Dec 11,389 1.2 PR Goldcorp Inc. GG N 2 H/INC US$18.40 24.00 20.24 9.46 59.4 (0.11) 0.31 0.55 Dec 15,412 0.7 PR Guyana Goldfields Inc. GUY T 3 H/SPEC C$9.18 10.50 10.35 2.48 20.0 0.13 0.46 0.46 Oct 1,414 0.0 PR IAMGOLD Corp. IAG N 3 H/GRW C$5.71 4.00 5.79 1.50 NM (2.00) (0.05) (0.06) Dec US$2,318 0.0 PR Kinross Gold Corporation KGC N 2 H/GRW US$5.15 7.00 5.82 1.31 21.5 (0.08) 0.24 0.35 Dec 6,407 0.0 PR Mandalay Resources Corp. (cf) MND T 2 H/INC C$1.18 1.40 1.20 0.59 5.4 0.17 0.22 0.29 Dec 516 2.5 CT New Gold, Inc. NGD M 3 H/GRW C$5.62 5.00 6.25 2.52 56.2 (0.02) 0.10 0.18 Dec US$2,884 0.0 PR Newmarket Gold Inc. (cf) NMI T 2 H/GRW C$3.80 5.00 4.10 0.16 6.2 0.63 0.61 0.75 Dec 719 0.0 CT OceanaGold Corp. (cf) OGC T 2 H/GRW C$5.00 6.00 5.03 1.79 10.6 0.50 0.47 0.73 Dec 3,041 0.4 CT Royal Gold Inc. RGLD Q 3 H/INC US$69.15 72.00 72.00 24.68 NM 1.02 (1.78) 1.98 Jun 4,495 1.3 PR Sandstorm Gold Ltd. SSL T R H/GRW C$6.29 R 6.41 2.82 R R R R Dec R R PR SEMAFO Inc. SMF T 2 H/GRW C$6.67 7.25 6.69 2.46 14.8 0.50 0.45 0.47 Dec 2,156 0.0 CT Tahoe Resources Inc. (cf) THO T 2 H/INC C$18.85 22.25 18.88 9.45 16.8 0.86 1.12 1.48 Dec US$5,859 1.3 CT Yamana Gold Inc. AUY N 2 H/INC US$5.08 7.00 5.38 1.38 15.9 (0.08) 0.32 0.26 Dec 4,811 0.4 PR

Precious Metals - Silver Bear Creek Mining Corp. (cf) BCM V 2 H/SPEC C$2.41 4.30 2.82 0.50 NM (0.14) (0.04) (0.06) Dec 241 0.0 CT Coeur Mining Inc. (cf) CDE N 2 H/GRW US$10.13 12.25 10.45 1.62 9.6 0.54 1.05 1.55 Dec 1,647 0.0 CT Endeavour Silver Corp. EDR T 3 H/GRW C$4.93 4.25 5.36 1.46 21.4 0.35 0.23 0.20 Dec 585 0.0 CT First Majestic Silver (cf) FR T 4 H/GRW C$16.29 11.25 17.56 3.50 21.7 0.36 0.75 0.82 Dec 2,696 0.0 CT Fortuna Silver Mines Inc. (cf) FVI T R H/GRW C$8.07 R 8.95 2.65 R R R R Dec R R CT Pan American Silver (cf) PAAS Q 2 H/INC US$14.82 18.50 16.49 5.38 12.0 0.55 1.23 1.46 Dec 2,262 1.3 CT Silver Wheaton SLW N 2 H/INC US$22.01 28.00 22.19 10.04 31.0 0.53 0.71 0.85 Dec 8,892 1.0 PR Silvercorp Metals Inc. (cf) SVM T 3 H/GRW C$2.83 3.00 3.10 0.60 11.8 0.29 0.19 A 0.24 Mar 491 0.0 CT


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Mining & Natural Resources - ARG Fernando Suarez [email protected] Santiago Wesenack, CFA [email protected]

Agribusiness & Natural Resources Agribusiness Adecoagro S.A. AGRO N 2 H/SPEC US$10.43 15.00 13.42 6.71 33.6 0.14 0.31 0.60 Dec 1,277 0.0 FS Cresud SACIFYA (ed, r) CRESY Q 2 H/SPEC US$12.95 19.00 14.00 8.50 NM 0.19 0.02 0.02 Jun 650 0.0 FS Inversora Juramento SA INVJ BA 3 H/SPEC AR$7.47 NM 8.99 3.97 NM NA NA NA Sep 3,232 0.0 FS

Natural Resources Siderar Sociedad Anonima Industrial Y Comercial ERAR BA 3 H/SPEC AR$7.27 NM 10.50 4.80 10.2 0.39 0.71 1.02 Dec 32,839 5.8 FS


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Real Estate - USA Paul D. Puryear [email protected] William A. Crow [email protected]

Buck Horne, CFA [email protected] Collin Mings, CFA [email protected]

Jonathan Hughes, CFA [email protected]

Housing CalAtlantic Group Inc. CAA N 2 M/GRW 34.66 39.00 46.75 26.97 9.6 2.26 3.60 4.48 Dec 4,714 0.5 BH,PDP D.R. Horton, Inc. DHI N 3 M/GRW 29.48 NM 33.10 22.97 12.4 2.00 2.37 2.60 Sep 11,017 1.1 BH,PDP KB Home KBH N 3 H/GRW 14.11 NM 17.30 9.04 10.6 0.83 1.33 1.70 Nov 1,336 0.7 BH,PDP Lennar Corporation LEN N 2 M/GRW 43.74 53.00 56.04 37.14 11.3 3.47 3.87 4.25 Nov 10,056 0.4 BH,PDP MDC Holdings MDC N 3 H/INC 22.68 NM 31.23 19.28 10.8 1.34 2.10 2.60 Dec 1,107 4.4 BH,PDP PulteGroup Inc. PHM N 3 M/GRW 18.01 NM 22.10 14.61 11.3 1.36 1.60 2.00 Dec 6,313 2.0 BH,PDP St. Joe Company JOE N 3 M/GRW 16.65 NM 21.64 14.27 NM (0.02) 0.12 0.00 Dec 1,237 0.0 BH,PDP Toll Brothers, Inc. TOL N 1 M/GRW 25.46 37.00 42.19 23.75 9.8 1.97 2.60 3.20 Oct 4,448 0.0 BH,PDP WCI Communities, Inc. WCIC N 2 M/GRW 15.88 20.00 27.08 15.41 12.2 1.34 1.30 2.10 Dec 422 0.0 BH,PDP

Real Estate

USA Canada Europe

Housing ....................................................................... 59

Lodging ....................................................................... 60

REITs ........................................................................... 60

Farmland ................................................................. 60

Healthcare ............................................................... 60

Hotels ...................................................................... 60

Malls ........................................................................ 60

Net Lease ................................................................. 60

Office/Industrial ...................................................... 61

Residential ............................................................... 61

Self Storage ............................................................. 61

Shopping Centers .................................................... 61

Timber ..................................................................... 62

Real Estate .................................................................. 62

Healthcare ............................................................... 62

Industrial ................................................................. 62

Mortgage Investment Corporations ........................ 62

Office/Diversified .................................................... 62

Real Estate Services ................................................. 62

Residential ............................................................... 63

Retail ....................................................................... 63

Hotels .......................................................................... 63

Argentina

Diversified Real Estate................................................. 64

Real Estate .................................................................. 64


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Real Estate - USA Lodging Hilton Worldwide Holdings Inc. HLT N 2 M/GRW 21.13 25.00 28.52 16.16 22.2 0.81 0.95 1.09 Dec 20,914 1.3 WAC,PDP Hyatt Hotels Corporation H N 3 H/GRW 45.50 NM 59.94 34.06 32.7 0.90 1.39 1.67 Dec 6,133 0.0 WAC,PDP La Quinta Holdings, Inc. LQ N 3 H/GRW 10.88 NM 24.18 9.42 19.4 0.54 0.56 0.63 Dec 1,337 0.0 WAC,PDP Marriott International, Inc. MAR Q 3 M/GRW 61.21 NM 79.88 56.43 16.4 3.15 3.73 4.33 Dec 15,560 1.6 WAC,PDP Starwood Hotels & Resorts Worldwide HOT N 3 M/GRW 69.64 NM 81.29 53.16 23.1 3.11 3.02 3.08 Dec 11,804 2.2 WAC,PDP

REITs Farmland American Farmland Company (x) AFCO M 2 H/INC 5.73 8.00 8.00 4.95 31.8 (0.51) 0.18 0.35 Dec 116 4.4 CM,PDP

Healthcare CareTrust REIT, Inc (x) CTRE Q 2 M/INC 13.18 15.00 13.98 9.12 12.2 0.94 1.08 1.22 Dec 757 5.2 JH,PDP Healthcare Trust of America, Inc. (x) HTA N 3 M/INC 32.27 NM 32.45 22.35 19.7 1.53 1.64 1.75 Dec 4,216 3.7 JH,PDP Physicians Realty Trust (x) DOC N 2 M/INC 20.92 21.00 20.96 13.86 21.1 0.93 0.99 1.17 Dec 2,891 4.3 JH,PDP Sabra Health Care REIT, Inc. (x) SBRA Q 3 M/INC 20.00 NM 27.66 14.92 9.0 2.33 2.22 2.28 Dec 1,316 8.4 JH,PDP Senior Housing Properties Trust (x) SNH N 4 NM 20.57 NM 20.64 13.50 10.9 1.84 1.88 1.90 Dec 4,881 7.6 JH,PDP Welltower Inc. (x) HCN N 3 M/INC 73.36 NM 74.96 52.80 16.1 4.38 4.55 4.70 Dec 26,123 4.7 JH,PDP

Hotels DiamondRock Hospitality Company (x) DRH N 3 M/INC 8.62 NM 13.86 7.28 8.0 1.01 1.08 1.11 Dec 1,740 5.8 WAC,PDP Hersha Hospitality Trust (x) HT N 3 M/INC 15.74 NM 28.60 15.36 6.3 2.35 2.49 2.58 Dec 740 7.1 WAC,PDP Host Hotels & Resorts Inc. (x) HST N 3 M/INC 14.79 NM 21.40 12.17 8.9 1.54 1.67 1.71 Dec 11,174 5.4 WAC,PDP LaSalle Hotel Properties (x) LHO N 3 M/INC 22.01 NM 38.46 19.01 7.3 2.83 3.02 3.06 Dec 2,489 8.2 WAC,PDP Pebblebrook Hotel Trust (x) PEB N 2 M/INC 24.41 31.50 46.66 20.51 9.0 2.50 2.72 2.80 Dec 1,762 6.2 WAC,PDP RLJ Lodging Trust (x) RLJ N 3 M/INC 20.00 NM 32.14 16.15 7.2 2.50 2.79 2.89 Dec 2,508 6.6 WAC,PDP Ryman Hospitality Properties Inc. (x) RHP N 3 M/INC 47.51 NM 61.02 41.50 8.9 5.30 5.36 5.58 Dec 2,437 6.3 WAC,PDP Summit Hotel Properties, Inc. (x) INN N 2 M/INC 12.00 14.00 14.61 9.00 9.0 1.25 1.33 1.37 Dec 1,052 4.4 WAC,PDP Sunstone Hotel Investors, Inc. (x) SHO N 2 M/GRW 11.37 15.00 16.04 9.53 9.4 1.31 1.21 1.27 Dec 2,462 1.8 WAC,PDP

Malls CBL & Associates Properties, Inc. (x) CBL N 3 M/INC 9.13 NM 16.61 8.98 3.9 2.32 2.33 2.39 Dec 1,826 11.6 CM,PDP Simon Property Group, Inc. (x) SPG N 2 M/INC 207.95 220.00 214.80 170.99 18.9 9.86 10.98 11.92 Dec 75,216 3.1 CM,PDP Taubman Centers, Inc. (x) TCO N 3 M/INC 71.76 NM 79.74 63.32 18.5 3.31 3.88 4.10 Dec 4,327 3.3 CM,PDP

Net Lease Agree Realty Corporation (x) ADC N 2 M/INC 46.69 46.00 46.91 27.74 18.2 2.39 2.56 2.76 Dec 1,088 4.1 CM,PDP Four Corners Property Trust, Inc. (x) FCPT N 3 M/INC 19.54 NM 24.44 14.09 15.0 1.51 1.30 1.35 Dec 1,168 5.0 CM,PDP National Retail Properties, Inc. (x) NNN N 3 M/INC 49.13 NM 49.27 33.62 21.0 2.15 2.34 2.48 Dec 7,035 3.5 CM,PDP Realty Income (x) O N 3 M/INC 66.97 NM 67.13 43.15 23.3 2.76 2.88 3.04 Dec 16,816 3.6 CM,PDP Spirit Realty Capital, Inc. (x) SRC N 3 M/INC 12.21 NM 12.21 8.89 13.7 0.82 0.89 0.91 Dec 5,414 5.7 CM,PDP STORE Capital Corporation (x) STOR N 2 M/INC 27.85 28.00 27.93 19.63 18.0 1.41 1.55 1.68 Dec 3,534 3.9 CM,PDP


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Real Estate - USA Office/Industrial Armada Hoffler Properties (x) AHH N 2 M/INC 13.20 13.50 13.48 9.50 14.7 0.87 0.90 1.06 Dec 622 5.5 WAC,PDP Brandywine Realty Trust (x) BDN N 3 M/INC 15.75 NM 16.45 11.22 17.3 1.45 0.91 1.39 Dec 2,796 3.8 WAC,PDP Corporate Office Properties Trust (x) OFC N 2 M/INC 28.36 29.00 28.48 19.52 14.4 2.01 1.97 2.08 Dec 2,788 3.9 WAC,PDP DCT Industrial Trust, Inc. (x) DCT N 2 M/INC 45.34 45.50 46.34 31.08 21.2 1.94 2.14 2.27 Dec 4,017 2.6 WAC,PDP Digital Realty Trust, Inc. (x) DLR N 3 M/INC 104.12 NM 105.37 60.66 19.6 4.86 5.32 5.92 Dec 17,138 3.3 WAC,PDP Douglas Emmett (x) DEI N 2 M/INC 33.74 36.00 34.70 24.73 19.0 1.63 1.78 1.93 Dec 6,033 2.6 WAC,PDP DuPont Fabros Technology Inc. (x) DFT N 3 M/INC 45.81 NM 47.32 24.88 16.7 2.39 2.75 3.08 Dec 4,091 4.1 WAC,PDP Easterly Government Properties, Inc. (x) DEA N 2 M/GRW 18.90 19.50 19.97 15.25 15.9 1.04 1.19 1.30 Dec 868 4.4 WAC,PDP EastGroup Properties, Inc. (x) EGP N 2 M/INC 67.00 64.00 68.92 49.31 16.9 3.67 3.97 4.22 Dec 2,171 3.6 WAC,PDP First Industrial Realty Trust, Inc. (x) FR N 2 M/INC 26.46 26.00 27.14 18.54 18.4 1.27 1.44 1.54 Dec 3,204 2.9 WAC,PDP First Potomac Realty Trust (x) FPO N 3 M/INC 9.06 NM 12.11 7.90 10.0 0.90 0.91 0.93 Dec 550 4.4 WAC,PDP Parkway Properties (x) PKY N 2 M/INC 16.10 18.50 18.68 11.54 12.5 1.34 1.29 1.36 Dec 1,876 4.7 WAC,PDP STAG Industrial Inc. STAG N 2 M/INC 22.72 23.50 23.29 14.97 14.4 1.49 1.58 1.73 Dec 1,638 6.1 WAC,PDP Washington REIT (x) WRE N 3 M/INC 29.87 NM 30.86 23.78 17.9 1.59 1.67 1.82 Dec 2,046 4.0 WAC,PDP

Residential American Homes 4 Rent (x) AMH N 1 M/GRW 19.16 21.00 19.34 13.16 20.8 0.62 0.92 1.08 Dec 5,656 1.0 BH,PDP Apartment Investment and Management Company (x) AIV N 1 M/INC 41.70 46.00 43.62 34.71 18.1 2.23 2.31 2.47 Dec 6,830 3.2 BH,PDP Equity Residential (x) EQR N 3 M/INC 65.97 NM 82.39 61.90 21.4 3.46 3.08 3.29 Dec 25,135 3.1 BH,PDP Essex Property Trust, Inc. (x) ESS N 2 M/INC 218.55 250.00 244.71 191.25 20.1 9.82 10.90 11.90 Dec 14,993 2.9 BH,PDP Mid-America Apartment Communities, Inc. (x) MAA N 2 M/INC 102.91 111.00 104.05 72.51 17.5 5.51 5.89 6.25 Dec 8,202 3.2 BH,PDP Post Properties, Inc. (x) PPS N 3 M/INC 58.86 NM 62.55 52.08 18.5 2.98 3.19 3.40 Dec 3,167 3.2 BH,PDP

Self Storage CubeSmart (x) CUBE N 2 M/INC 30.19 35.00 33.52 22.86 21.4 1.25 1.41 1.59 Dec 5,413 2.8 JH,PDP Extra Space Storage (x) EXR N 1 M/INC 90.31 106.00 94.81 64.78 23.8 3.13 3.80 4.25 Dec 12,038 3.5 JH,PDP Jernigan Capital, Inc. JCAP N 2 H/GRW 13.53 16.00 20.57 10.10 10.7 (0.61) 1.27 1.47 Dec 84 10.3 JH,PDP Public Storage (x) PSA N 3 M/INC 250.21 NM 277.60 182.08 25.7 8.90 9.75 10.60 Dec 43,512 2.9 JH,PDP Sovran Self Storage, Inc. (x) SSS N 2 M/INC 103.90 124.00 118.18 85.69 18.7 4.94 5.55 6.10 Dec 4,114 3.7 JH,PDP

Shopping Centers Cedar Realty Trust, Inc. (x) CDR N 2 M/INC 7.07 7.50 7.40 5.75 14.1 0.53 0.50 0.60 Dec 605 2.8 CM,PDP Equity One, Inc. (x) EQY N 4 NM 30.55 NM 30.63 22.52 23.5 1.22 1.30 1.45 Dec 4,317 2.9 CM,PDP Federal Realty Investment Trust (x) FRT N 3 M/INC 159.11 NM 160.47 124.87 28.1 5.05 5.67 6.14 Dec 11,058 2.4 CM,PDP Kimco Realty Corporation (x) KIM N 3 M/INC 29.99 NM 30.05 22.07 20.0 1.46 1.50 1.59 Dec 12,545 3.4 CM,PDP Kite Realty Group Trust (x) KRG N 2 M/INC 27.01 30.00 30.00 22.82 13.1 2.11 2.06 2.18 Dec 2,304 4.3 CM,PDP Ramco-Gershenson Properties Trust (x) RPT N 2 M/INC 18.66 20.00 19.04 14.74 13.6 1.36 1.37 1.45 Dec 1,519 4.5 CM,PDP Regency Centers Corp. (x) REG N 2 M/INC 79.00 84.00 80.23 55.79 24.2 3.04 3.26 3.54 Dec 7,710 2.5 CM,PDP Retail Opportunity Investments Corp. (x) ROIC Q 1 M/INC 20.65 23.00 21.10 15.30 19.7 0.96 1.05 1.12 Dec 2,055 3.5 CM,PDP Saul Centers, Inc. (x) BFS N 3 M/INC 57.21 NM 60.27 46.46 17.9 2.94 3.19 3.29 Dec 1,219 3.3 CM,PDP


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Real Estate - USA Timber CatchMark Timber Trust, Inc. (ca) CTT N 2 M/INC 11.50 13.00 12.29 7.90 16.9 0.66 0.68 0.74 Dec 446 4.7 CM,PDP Potlatch Corporation PCH Q 2 M/INC 31.32 37.00 36.59 24.01 NM 0.77 0.14 1.40 Dec 1,284 4.8 CM,PDP Rayonier, Inc. RYN N 3 M/INC 24.80 NM 26.49 17.85 82.7 0.37 0.30 0.36 Dec 3,044 4.0 CM,PDP Weyerhaeuser Company WY N 2 M/INC 26.77 35.00 32.72 22.06 28.2 0.89 0.95 1.15 Dec 20,953 4.6 CM,PDP

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Real Estate - CAN Ken Avalos* [email protected] Frederic Bastien, CFA [email protected]

Johann Rodrigues, (Associate Analyst) [email protected]

Real Estate Healthcare Sienna Senior Living Inc. (x) SIA T 3 H/INC C$17.29 NM 18.13 14.50 14.2 1.15 1.22 1.28 Dec 783 5.2 KA

Industrial Pure Industrial Real Estate Trust (x) AAR.UN T 3 M/INC C$5.13 NM 5.27 4.10 12.2 0.39 0.42 0.44 Dec 957 6.0 KA

Mortgage Investment Corporations Timbercreek Mortgage Investment Corporation TMC T 2 M/INC C$8.23 9.00 8.53 6.95 11.4 0.72 0.72 0.74 Dec 333 8.7 JR,KA Timbercreek Senior Mortgage Investment Corp. MTG T 2 M/INC C$8.53 9.00 8.66 7.16 13.3 0.61 0.64 0.66 Dec 269 7.0 KA

Office/Diversified Allied Properties REIT (x) AP.UN T 1 M/INC C$37.99 40.00 38.22 29.11 16.4 2.17 2.32 2.55 Dec 2,986 3.8 KA Artis REIT (x) AX.UN T 1 M/INC C$13.10 15.00 14.08 10.45 8.6 1.49 1.53 1.59 Dec 1,945 8.2 KA Brookfield Canada Office Properties (x) BOX.UN T 3 M/INC C$28.70 NM 29.73 23.02 17.2 1.61 1.67 1.72 Dec 2,678 4.6 KA CREIT (x) REF.UN T 2 M/INC C$47.38 47.00 47.50 38.50 15.3 3.03 3.10 3.16 Dec 3,463 3.8 JR,KA H&R REIT (x) HR.UN T 2 M/INC C$21.60 23.00 23.29 18.03 11.0 1.92 1.97 2.01 Dec 6,636 6.2 KA True North Commercial REIT (x) TNT.UN T 2 M/INC C$5.88 6.00 6.05 4.67 8.6 0.67 0.68 0.72 Dec 128 10.0 JR,KA

Real Estate Services Colliers International Group Inc. CIGI Q 2 H/GRW US$33.34 48.00 50.72 30.76 13.6 2.29 2.45 2.75 Dec 1,294 0.5 FB FirstService Corporation FSV Q 3 M/GRW US$44.47 46.00 47.87 25.71 28.7 1.20 1.55 1.85 Dec 1,619 1.0 FB

*Ken Avalos is a Raymond James & Associates employee.


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Real Estate - CAN Residential Boardwalk REIT (x) BEI.UN T 1 M/INC C$54.35 63.00 61.17 38.47 15.8 3.56 3.45 3.53 Dec 2,777 4.1 KA Canadian Apartment Properties REIT (x) CAR.UN T 3 M/INC C$32.43 NM 32.50 24.90 18.4 1.67 1.76 1.82 Dec 4,196 3.8 KA InterRent REIT (x) IIP.UN T 3 M/INC C$7.76 NM 7.98 6.00 18.0 0.35 0.43 0.51 Dec 553 3.0 KA Killam Apartment REIT (x) KMP.UN T 2 M/INC C$12.53 13.25 12.79 9.21 14.4 0.78 0.87 0.90 Dec 789 4.7 KA Tricon Capital Group Inc. TCN T 1 M/GRW C$8.18 12.00 12.11 7.53 16.4 0.56 0.50 0.57 Dec 1,006 3.2 KA

Retail Choice Properties REIT (x) CHP.UN T 3 M/INC C$13.80 NM 14.17 10.57 13.8 0.97 1.00 1.03 Dec 5,637 4.9 KA Crombie REIT (x) CRR.UN T 2 M/INC C$15.23 15.00 15.26 12.21 13.0 1.13 1.17 1.20 Dec 2,004 5.8 KA CT Real Estate Investment Trust (x) CRT.UN T 3 M/INC C$14.79 NM 15.60 11.26 14.0 1.04 1.06 1.11 Dec 2,834 4.6 KA First Capital Realty (x) FCR T 2 M/INC C$21.81 22.00 22.19 16.93 20.0 1.05 1.09 1.14 Dec 4,933 3.9 KA,JR Plaza Retail REIT (x) PLZ.UN T 2 M/INC C$4.78 5.25 5.01 4.10 14.1 0.32 0.34 0.36 Dec 475 5.4 JR,KA RioCan REIT (x) REI.UN T 3 M/INC C$28.63 NM 28.72 22.14 16.9 1.74 1.69 1.74 Dec 9,299 4.9 KA Slate Retail REIT (x) SRT.U T 2 M/INC US$10.26 11.75 11.34 9.20 7.8 1.32 1.32 1.37 Dec 363 7.6 JR,KA SmartREIT (x) SRU.UN T 3 M/INC C$36.62 NM 36.80 27.47 16.6 2.10 2.21 2.28 Dec 5,661 4.5 KA

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Real Estate - EUR Julien Richer, CFA, RJEE [email protected]

Hotels AccorHotels ACCP.PA EPA 1 €32.89 46.00 48.31 29.96 17.9 0.88 1.84 2.34 Dec 7,728 3.4 JR Intercontinental Hotels ($D) IHG.L L 2 2,599p 2,850 2,951 2,171 NM 1.75 1.87 2.02 Dec $6,489 3.2 JR Melia Hotels International MEL.MC MAD 1 €9.30 14.50 13.71 7.16 23.8 0.16 0.39 0.47 Dec 1,850 0.9 JR NH Hoteles NHH.MC MAD 3 €3.62 NM 5.98 3.17 32.9 0.00 0.11 0.18 Dec 1,267 0.0 JR Whitbread WTB.L L 2 3,414p 4,650 5,315 3,386 14.6 239.00 234.00 268.00 Feb £6,248 2.7 JR


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Real Estate - ARG Fernando Suarez [email protected]

Diversified Real Estate IRSA Inversiones y Representaciones SA (ed, r) IRS N 3 H/SPEC US$15.66 NM 19.13 8.09 NM 0.75 (0.84) 0.06 Jun 907 0.9 FS

Real Estate TGLT S.A. TGLT BA S H/SPEC AR$19.95 NM 20.50 9.50 NM NA NA NA Dec 1,402 0.0 FS


Technology & Communications

USA Canada Europe

Advanced Industrial Technology ................................. 66

Analog and Communications Semiconductors ........... 66

Application Software .................................................. 67

Communications Equipment ...................................... 68

Communications Technology ..................................... 68

Enterprise Communications .................................... 68

Mobile Devices ........................................................ 69

Defense Communications ........................................... 69

Electronic Manufacturing Services ............................. 69

FinTech & Transaction Processing .............................. 69

Infrastructure Software .............................................. 70

Internet ....................................................................... 70

eCommerce ............................................................. 70

Internet & Advertising Technology .......................... 70

Online Advertising ................................................... 71

Online Travel ........................................................... 71

IT Hardware and Distribution ..................................... 71

IT Services ................................................................... 71

Satellite & Space ......................................................... 72

Semiconductors .......................................................... 72

Telecommunications Services .................................... 72

Towers ..................................................................... 72

Wireless ................................................................... 72

Wireline ................................................................... 73

IT Hardware ................................................................ 74

Software/IT Services ................................................... 74

Telecoms ..................................................................... 75

Argentina

Telecom & Media ........................................................ 75

Telecommunications Services ..................................... 75


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Technology & Communications - USA Brian G. Alexander, CFA [email protected] Robert P. Anastasi, CFA [email protected]

Ric Prentiss [email protected] Brian Gesuale [email protected]

Wayne Johnson [email protected] Aaron Kessler, CFA [email protected]

Simon Leopold [email protected] Steven Li, CFA* [email protected]

Frank G. Louthan IV [email protected] Tavis C. McCourt, CFA [email protected]

Hans Mosesmann [email protected] Chris Quilty [email protected]

J. Steven Smigie [email protected] Terry Tillman [email protected]

Michael Turits, Ph.D. [email protected] Justin Patterson, CFA [email protected]

Brian Peterson, CFA [email protected] William A. Crow [email protected]

Advanced Industrial Technology AeroVironment Inc. AVAV Q 3 H/GRW 28.41 NM 32.44 19.10 NM 0.13 0.05 0.28 Apr 656 0.0 BG Cognex Corporation CGNX Q 3 H/GRW 38.87 NM 49.00 28.01 32.4 1.22 1.20 1.37 Dec 3,306 0.8 BG Cubic Corporation CUB N 2 H/GRW 38.30 48.00 49.79 30.11 16.9 2.79 2.26 2.98 Sep 1,033 0.7 BG FLIR Systems FLIR Q 1 H/GRW 29.08 37.00 34.09 25.12 17.5 1.56 1.66 1.89 Dec 4,036 1.7 BG IPG Photonics IPGP Q 3 H/GRW 76.50 NM 102.90 70.21 16.3 4.53 4.68 5.16 Dec 4,052 0.0 BG iRobot Corporation IRBT Q 3 H/GRW 33.95 NM 39.00 27.55 26.1 1.47 1.30 1.84 Dec 1,002 0.0 BG Trimble Navigation Limited TRMB Q 2 H/GRW 24.07 30.00 27.79 15.90 19.7 1.13 1.22 1.44 Dec 6,051 0.0 BG

Analog and Communications Semiconductors Analog Devices, Inc. ADI Q 2 H/GRW 52.55 60.00 66.28 47.24 19.5 3.16 2.69 3.12 Oct 16,411 3.2 JSS Broadcom Limited AVGO Q 2 H/GRW 143.63 180.00 166.00 100.00 15.6 NA 9.22 10.99 Oct 56,707 1.4 JSS Diodes Incorporated DIOD Q 2 H/GRW 17.29 21.00 25.20 16.58 16.6 0.86 1.04 1.40 Dec 851 0.0 JSS Fairchild Semiconductor International FCS Q 3 H/GRW 19.81 NM 21.71 12.22 23.6 0.77 0.84 1.22 Dec 2,308 0.0 JSS GigPeak, Inc. GIG M 2 H/SPEC 1.71 3.50 3.42 1.48 21.4 0.09 0.08 0.14 Dec 77 0.0 JSS Linear Technology Corporation LLTC Q 4 NM 44.09 NM 47.89 36.41 21.9 2.13 2.01 2.05 Jun 10,793 2.9 JSS MACOM Technology Solutions Holdings Inc. MTSI Q 2 H/GRW 29.81 46.00 45.46 25.82 20.0 1.15 1.49 2.36 Sep 1,592 0.0 JSS Maxim Integrated MXIM Q 2 H/GRW 33.84 40.00 42.18 29.47 20.9 1.53 1.62 2.11 Jun 9,807 3.5 JSS Microsemi Corporation MSCC Q 1 H/GRW 30.15 42.00 39.56 28.24 12.9 2.25 2.33 3.16 Sep 2,909 0.0 JSS Monolithic Power Systems, Inc. MPWR Q 2 H/GRW 63.30 69.00 71.05 40.75 50.2 0.95 1.26 1.46 Dec 2,633 1.3 JSS NXP Semiconductors N.V. NXPI Q 2 H/GRW 75.04 94.00 101.17 61.61 16.0 4.82 4.69 6.22 Dec 25,664 0.0 JSS ON Semiconductor Corporation ON Q 2 H/GRW 8.24 10.00 12.09 6.97 9.8 0.83 0.84 1.02 Dec 3,424 0.0 JSS Power Integrations, Inc. POWI Q 3 H/GRW 47.41 NM 54.72 36.04 33.6 1.56 1.41 1.43 Dec 1,384 1.1 JSS Qorvo, Inc. QRVO Q 2 H/GRW 50.69 51.00 82.25 33.30 10.5 3.97 4.37 A 4.85 Mar 6,742 0.0 JSS Semtech Corporation SMTC Q 2 H/GRW 21.61 27.00 24.76 14.04 20.4 1.16 0.61 A 1.06 Jan 1,418 0.0 JSS Skyworks Solutions SWKS Q 2 H/GRW 58.01 80.00 106.74 54.50 10.5 5.27 5.51 6.19 Sep 11,213 1.8 JSS Texas Instruments Incorporated TXN Q 2 H/INC 59.07 64.00 63.31 43.49 19.3 3.02 3.06 3.32 Dec 60,133 2.6 JSS,HM Vishay Intertechnology, Inc. VSH N 3 H/GRW 11.78 NM 13.51 9.22 14.5 0.72 0.81 0.83 Dec 1,774 2.1 JSS

*Steven Li is a Raymond James Ltd. employee.


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Technology & Communications - USA Application Software Amber Road, Inc. AMBR N 2 H/GRW 6.94 9.50 7.83 3.42 NM (0.73) (0.56) (0.45) Dec 187 0.0 TT,BP Benefitfocus, Inc. BNFT Q 1 H/GRW 34.49 45.00 46.43 21.04 NM (1.79) (1.07) (0.48) Dec 1,093 0.0 TT,BP Box, Inc. BOX N 3 H/GRW 10.02 NM 19.33 8.82 NM (8.14) (1.12) A (0.76) Jan 1,397 0.0 TT,BP Brightcove Inc. BCOV Q 3 H/GRW 8.16 NM 9.00 4.70 NM 0.03 0.05 0.10 Dec 274 0.0 TT,BP Castlight Health, Inc. CSLT N 2 H/GRW 3.89 5.00 8.42 2.54 NM (0.68) (0.41) (0.16) Dec 406 0.0 BP,TT ChannelAdvisor Corporation ECOM N 3 H/GRW 13.56 NM 15.00 8.71 NM (0.29) (0.27) (0.17) Dec 382 0.0 TT,BP Demandware DWRE N 3 H/GRW 74.83 NM 75.90 26.47 NM 0.29 0.24 0.38 Dec 2,829 0.0 TT,BP Fleetmatics Group PLC FLTX N 2 H/GRW 39.36 51.00 62.86 34.41 22.2 1.58 1.77 2.18 Dec 1,533 0.0 BP,TT Halogen Software, Inc. (is) HGN T 2 H/GRW C$8.73 10.00 11.05 6.52 NM (0.61) (0.10) 0.02 Dec 190 0.0 TT,SLi HubSpot, Inc. HUBS N 2 H/GRW 41.69 56.00 60.11 27.00 NM (0.74) (0.65) (0.44) Dec 1,622 0.0 TT,BP Instructure, Inc. INST N 1 H/GRW 17.55 28.00 23.63 13.21 NM (2.08) (1.85) (1.43) Dec 532 0.0 TT,BP Interactive Intelligence Group Inc. ININ Q 3 H/GRW 38.28 NM 46.36 21.42 NM 0.05 (0.08) 0.20 Dec 831 0.0 TT,BP Manhattan Associates, Inc. MANH Q 2 M/GRW 60.69 75.00 77.75 44.14 34.5 1.52 1.76 1.96 Dec 4,467 0.0 TT,BP Marketo, Inc. MKTO Q 3 H/GRW 34.70 NM 35.30 12.86 NM (0.61) (0.49) (0.31) Dec 1,690 0.0 TT,BP MiX Telematics Limited ($R) MIXT N 2 H/GRW 4.52 6.00 7.97 3.33 NM 0.13 0.23 A 0.15 Mar 137 3.1 TT,BP Model N, Inc. MODN N 3 H/GRW 12.78 NM 13.98 9.19 NM (0.29) (0.63) (0.32) Sep 373 0.0 BP,TT NetSuite, Inc. N N 4 NM 67.36 NM 102.46 51.75 NM 0.22 0.45 0.69 Dec 5,443 0.0 TT,BP Paylocity Holding Corporation PCTY Q 2 H/GRW 39.00 44.00 46.90 24.00 NM 0.01 0.27 0.31 Jun 2,083 0.0 TT,BP Q2 Holdings Inc. QTWO N 2 H/GRW 26.14 30.00 30.44 16.44 NM (0.37) (0.36) (0.18) Dec 1,121 0.0 TT,BP RingCentral, Inc. RNG N 1 H/GRW 19.21 30.00 25.67 13.88 NM (0.13) 0.05 0.20 Dec 1,445 0.0 TT,BP salesforce.com, Inc. CRM N 1 H/GRW 76.07 105.00 84.48 52.60 80.1 0.53 0.75 A 0.95 Jan 52,245 0.0 TT,BP SciQuest SQI Q 3 H/GRW 17.57 NM 17.81 9.49 53.2 0.29 0.33 0.38 Dec 490 0.0 TT,BP Shopify Inc. SHOP N 2 H/GRW 27.16 34.00 41.11 18.48 NM (0.13) (0.21) (0.03) Dec 2,463 0.0 TT,BP Tangoe Inc. TNGO Q 3 H/GRW 6.91 NM 13.00 5.32 NM UR UR UR Dec 284 0.0 BP,TT Ultimate Software Group Inc. ULTI Q 2 H/GRW 195.02 225.00 216.27 148.26 58.0 2.65 3.36 4.15 Dec 5,812 0.0 TT,BP Upland Software, Inc. UPLD Q 2 H/GRW 7.50 9.00 9.25 5.95 35.7 (0.11) 0.21 0.26 Dec 118 0.0 TT,BP Workiva Inc. WK N 2 H/GRW 12.25 16.00 18.80 10.92 NM (0.81) (1.16) (0.98) Dec 507 0.0 TT,BP


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Technology & Communications - USA Communications Equipment ADTRAN, Inc. ADTN Q 3 M/GRW 17.14 NM 20.80 13.92 24.5 0.36 0.70 0.78 Dec 847 2.1 SL Applied Optoelectronics, Inc. AAOI Q 1 H/GRW 9.20 15.00 22.79 8.08 18.0 1.03 0.51 1.24 Dec 155 0.0 SL Arista Networks ANET N 3 H/GRW 60.93 NM 88.25 52.51 19.9 2.43 3.06 3.30 Dec 4,399 0.0 SL ARRIS ARRS Q 1 H/GRW 20.30 33.00 32.93 20.22 7.8 2.16 2.60 3.00 Dec 3,892 0.0 SL Calix, Inc. CALX N 3 H/GRW 6.38 NM 9.07 5.64 NM 0.12 0.03 0.40 Dec 305 0.0 SL Ciena Corporation CIEN N 2 H/GRW 17.95 23.00 26.50 15.62 13.0 1.26 1.38 1.63 Oct 3,195 0.0 SL Cisco Systems CSCO Q 2 M/GRW 27.31 31.00 29.49 22.46 11.7 2.21 2.34 2.42 Jul 139,199 3.8 SL CommScope Holding Company, Inc. COMM Q 2 H/GRW 28.52 33.00 34.12 19.37 11.6 1.86 2.46 2.75 Dec 5,472 0.0 SL Ericsson ERIC Q 3 M/GRW 7.17 NM 11.08 7.03 10.7 0.72 0.67 0.72 Dec 23,604 6.4 SL Extreme Networks, Inc. EXTR Q 3 H/GRW 3.15 NM 4.55 2.11 11.3 0.06 0.28 0.27 Jun 318 0.0 SL F5 Networks, Inc. FFIV Q 3 H/GRW 108.64 NM 135.20 86.03 15.2 6.63 7.17 7.66 Sep 7,366 0.0 SL Finisar Corporation FNSR Q 2 H/GRW 16.78 22.00 19.20 10.66 12.7 1.05 1.03 A 1.32 Apr 1,807 0.0 SL Gigamon Inc. GIMO N 2 H/GRW 35.47 35.00 38.96 18.93 30.8 0.81 1.15 1.35 Dec 1,295 0.0 SL Harmonic Inc. HLIT Q 4 NM 2.65 NM 7.13 2.51 29.4 0.10 0.09 0.35 Dec 205 0.0 SL Infinera Corporation INFN Q 2 H/GRW 10.18 17.00 25.24 10.11 12.0 0.78 0.85 0.76 Dec 1,440 0.0 SL Juniper Networks, Inc. JNPR N 3 H/GRW 21.24 NM 32.39 21.18 10.4 2.04 2.05 2.10 Dec 8,303 1.9 SL Lumentum Holdings, Inc. LITE Q 2 H/GRW 22.33 30.00 27.91 13.97 18.0 1.10 1.24 1.77 Jun 1,373 0.0 SL NeoPhotonics Corporation NPTN N 1 H/GRW 8.77 16.00 14.60 5.61 12.2 0.53 0.72 1.06 Dec 363 0.0 SL Nokia (r) NOK N 3 M/GRW 5.08 NM 7.63 5.01 24.2 0.42 0.21 0.23 Dec 20,051 3.1 SL

Communications Technology Visteon Corporation VC N 3 M/GRW 64.55 NM 121.65 58.83 21.5 2.81 3.00 3.82 Dec 3,228 0.0 TMC

Enterprise Communications BroadSoft, Inc. BSFT Q 1 H/GRW 39.11 45.00 44.49 26.99 19.6 1.98 2.00 2.50 Dec 1,145 0.0 TMC Logitech International SA LOGI Q 3 H/GRW 15.01 NM 16.73 12.52 14.7 1.09 0.98 A 1.02 Mar 2,446 3.5 TMC Plantronics, Inc. PLT N 3 M/GRW 41.35 NM 58.73 32.13 13.9 3.06 2.84 A 2.97 Mar 1,378 1.5 TMC Polycom Inc. PLCM Q 3 H/GRW 10.97 NM 14.09 8.79 11.0 0.89 1.00 1.10 Dec 1,507 0.0 TMC


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Technology & Communications - USA Mobile Devices Alarm.com Holdings ALRM Q 2 H/GRW 23.86 25.00 25.75 10.26 49.7 0.36 0.48 0.49 Dec 1,085 0.0 TMC Apple Inc. AAPL Q 3 M/GRW 92.04 NM 132.97 89.47 11.3 9.22 8.15 8.52 Sep 514,872 2.5 TMC Control4 Corporation CTRL Q 3 H/GRW 7.85 NM 9.50 5.41 11.4 0.32 0.69 0.76 Dec 195 0.0 TMC Digi International Inc. DGII Q 3 H/GRW 9.71 NM 13.53 7.70 23.1 0.26 0.42 0.45 Sep 251 0.0 TMC Fitbit, Inc. FIT N 2 H/GRW 11.89 23.00 51.90 11.85 10.3 1.07 1.15 1.44 Dec 2,591 0.0 TMC Garmin Ltd. GRMN Q 2 M/GRW 39.68 52.00 46.72 30.93 17.1 2.52 2.32 2.55 Dec 7,507 5.1 TMC GoPro, Inc. GPRO Q 2 H/GRW 10.21 16.00 65.49 8.62 NM 0.76 (0.93) 0.80 Dec 1,492 0.0 TMC Harman International, Inc. HAR N 1 M/GRW 66.22 115.00 124.86 64.93 10.7 5.71 6.20 6.94 Jun 4,692 2.1 TMC Mobileye N.V. MBLY N 2 H/GRW 39.79 58.00 64.48 23.57 58.5 0.48 0.68 1.05 Dec 9,490 0.0 TMC Motorola Solutions, Inc. MSI N 3 M/GRW 63.08 NM 76.83 56.40 13.8 3.46 4.56 4.80 Dec 11,014 2.6 TMC NETGEAR Inc. NTGR Q 2 M/GRW 45.13 49.00 48.80 28.12 16.4 2.25 2.76 3.15 Dec 1,593 0.0 TMC Nuance Communications, Inc. NUAN Q 2 H/GRW 14.72 25.00 21.83 14.37 9.7 1.28 1.52 1.66 Sep 4,628 0.0 TMC QUALCOMM, Inc. QCOM Q 3 M/GRW 51.14 NM 66.05 42.24 12.6 4.65 4.05 4.39 Sep 75,022 4.1 TMC Synchronoss Technologies, Inc. SNCR Q 1 H/GRW 30.79 41.00 49.53 20.33 12.6 2.24 2.44 2.72 Dec 1,469 0.0 TMC Ubiquiti Networks, Inc. UBNT Q 3 H/GRW 36.23 NM 41.21 25.75 15.3 1.97 2.37 2.50 Jun 3,004 0.0 TMC

Defense Communications Harris Corporation HRS N 2 H/GRW 78.49 90.00 89.78 70.10 13.8 5.14 5.68 6.06 Jun 9,771 2.5 CQ HEICO Corporation HEI N 2 H/GRW 63.45 72.00 67.97 47.24 28.6 1.97 2.22 2.38 Oct 4,253 0.3 CQ Teledyne Technologies Incorporated TDY N 2 H/GRW 92.95 100.00 111.81 73.66 18.2 5.45 5.10 5.38 Dec 3,205 0.0 CQ

Electronic Manufacturing Services Flex FLEX Q 1 H/GRW 11.69 14.00 13.23 8.85 9.5 1.08 1.14 A 1.23 Mar 6,462 0.0 BGA Jabil Circuit, Inc. JBL N 2 H/GRW 17.33 21.00 26.00 16.78 9.5 2.07 1.83 2.00 Aug 3,346 1.8 BGA

FinTech & Transaction Processing ACI Worldwide, Inc. ACIW Q 4 NM 18.54 NM 25.21 15.07 33.7 0.80 0.55 0.61 Dec 2,164 0.0 WJ Alliance Data Systems Corp. ADS N 2 H/GRW 186.40 246.00 307.78 176.63 11.1 15.05 16.75 19.14 Dec 10,998 0.0 WJ Blackhawk Network Holdings, Inc. HAWK Q 2 H/GRW 31.40 43.00 48.40 29.91 12.4 2.57 2.54 2.89 Dec 1,802 0.0 WJ Bottomline Technologies EPAY Q 3 H/GRW 20.54 NM 31.58 20.51 14.2 1.44 1.45 1.33 Jun 786 0.0 WJ CPI Card Group Inc. PMTS Q 2 H/GRW 4.48 8.00 13.50 3.38 8.5 0.83 0.53 0.85 Dec 253 4.0 WJ DH Corporation DH T 1 M/INC C$31.19 45.00 44.14 28.52 12.6 2.56 2.48 2.75 Dec 3,330 4.1 WJ Fidelity National Information Services FIS N 2 M/GRW 68.36 80.00 75.80 55.11 18.1 3.22 3.77 4.29 Dec 22,217 1.5 WJ FleetCor Technologies FLT N 2 H/GRW 134.67 170.00 164.61 107.56 20.5 6.30 6.58 7.52 Dec 12,699 0.0 WJ Global Payments Inc. GPN N 3 M/GRW 67.48 NM 78.92 50.70 22.8 2.52 2.96 3.52 May 10,513 0.1 WJ Intuit Inc. INTU Q 3 M/GRW 104.18 NM 108.95 79.63 28.5 2.64 3.65 4.37 Jul 26,711 1.2 WJ Lending Club LC N 3 H/GRW 4.30 NM 15.14 3.44 22.6 0.14 0.19 0.29 Dec 1,640 0.0 WJ MasterCard, Inc. MA N 3 M/GRW 89.07 NM 101.76 74.61 25.7 3.43 3.47 4.11 Dec 98,155 0.9 WJ OnDeck Capital, Inc. ONDK N 3 H/GRW 4.71 NM 14.90 4.20 NM 0.13 (0.75) (0.71) Dec 332 0.0 WJ PayPal Holdings, Inc. PYPL Q 2 H/GRW 34.20 47.00 42.55 30.00 23.3 1.28 1.47 1.76 Dec 41,314 0.0 WJ Vantiv, Inc. VNTV N 2 M/GRW 52.35 65.00 58.09 37.69 20.1 2.24 2.61 2.93 Dec 10,302 0.0 WJ Verifone Systems, Inc. PAY N 1 H/GRW 17.06 29.00 35.45 16.99 9.2 1.83 1.85 2.22 Oct 1,886 0.0 WJ Visa, Inc. V N 3 M/GRW 73.34 NM 81.73 60.00 26.6 2.62 2.76 3.20 Sep 174,904 0.8 WJ


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Technology & Communications - USA Infrastructure Software Akamai Technologies, Inc. AKAM Q 3 H/GRW 51.16 NM 76.98 39.43 19.2 2.52 2.66 2.92 Dec 9,007 0.0 MT Atlassian TEAM Q 2 H/GRW 24.95 27.00 31.46 16.92 75.6 0.28 0.33 0.33 Jun 5,896 0.0 MT CA Technologies CA Q 3 H/INC 31.26 NM 33.58 25.16 12.3 2.53 2.43 A 2.54 Mar 12,898 3.3 MT Check Point Software Technologies CHKP Q 3 H/GRW 77.07 NM 89.98 65.09 17.1 4.17 4.50 5.03 Dec 13,480 0.0 MT Citrix Systems Inc. CTXS Q 3 H/GRW 77.02 NM 90.00 60.91 15.6 4.34 4.95 5.40 Dec 11,903 0.0 MT CommVault Systems Inc. CVLT Q 3 H/GRW 41.81 NM 47.42 29.41 46.5 1.40 0.91 A 0.90 Mar 1,845 0.0 MT FireEye Inc. FEYE Q 3 H/GRW 14.65 NM 50.94 11.35 NM (1.61) (1.24) (0.64) Dec 2,417 0.0 MT Fortinet Inc. FTNT Q 2 H/GRW 29.97 41.00 50.31 23.16 42.8 0.51 0.70 0.86 Dec 5,142 0.0 MT Limelight Networks LLNW Q 4 NM 1.32 NM 4.29 0.90 NM (0.11) 0.00 0.04 Dec 136 0.0 MT Microsoft MSFT Q 1 M/GRW 48.43 65.00 56.85 39.72 18.1 2.63 2.67 2.75 Jun 381,144 3.0 MT MobileIron, Inc. MOBL Q 2 H/GRW 2.89 4.50 6.20 2.78 NM (0.71) (0.51) (0.36) Dec 246 0.0 MT New Relic, Inc. NEWR N 2 H/GRW 27.47 34.00 40.13 20.39 NM (0.85) (0.85) A (0.65) Mar 1,373 0.0 MT Oracle Corp. ORCL N 2 M/GRW 38.48 45.00 42.00 33.13 13.6 2.77 2.61 A 2.82 May 158,961 1.6 MT Palo Alto Networks PANW N 1 H/GRW 116.76 188.00 200.55 111.09 70.3 0.86 1.66 2.49 Jul 10,462 0.0 MT Rapid7, Inc. RPD Q 2 H/SPEC 12.14 16.00 27.45 9.05 NM (1.45) (0.91) (0.75) Dec 492 0.0 MT Red Hat, Inc. RHT N 2 H/GRW 70.14 85.00 84.44 59.59 31.7 1.60 1.91 A 2.21 Feb 12,708 0.0 MT ServiceNow, Inc. NOW N 1 H/GRW 63.67 83.00 91.28 46.00 NM 0.40 0.63 1.05 Dec 10,843 0.0 MT Splunk Inc. SPLK Q 2 H/GRW 50.97 65.00 76.85 29.85 NM 0.09 0.18 A 0.29 Jan 6,762 0.0 MT Symantec Corp. SYMC Q 3 M/INC 19.95 NM 24.21 16.14 18.5 1.88 1.32 A 1.08 Mar 12,209 1.5 MT VMware VMW N 3 H/GRW 55.34 NM 93.43 43.25 13.3 4.07 4.16 4.42 Dec 23,469 0.0 MT

Internet eCommerce Alibaba Group Holding Ltd. BABA N 2 H/GRW 74.23 95.00 86.42 57.20 23.7 2.25 2.61 A 3.13 Mar 188,990 0.0 AK,JP Amazon.com Inc. AMZN Q 2 H/GRW 691.36 770.00 731.50 425.57 59.0 6.06 11.71 17.54 Dec 338,766 0.0 AK,JP CafePress Inc. PRSS Q 4 NM 2.97 NM 4.96 2.93 NM (0.37) (0.37) (0.31) Dec 50 0.0 AK,JP Chegg, Inc. CHGG N 3 H/GRW 4.61 NM 8.84 3.15 NM (0.67) (0.50) (0.28) Dec 411 0.0 AK,JP eBay Inc. EBAY Q 3 H/GRW 22.72 NM 29.83 21.52 11.9 1.83 1.91 2.07 Dec 26,582 0.0 AK,JP Groupon, Inc. GRPN Q 3 H/GRW 2.98 NM 5.32 2.15 NM 0.14 (0.11) 0.00 Dec 1,737 0.0 AK,JP GrubHub Inc. GRUB N 2 H/GRW 28.62 28.00 36.31 17.77 34.9 0.68 0.82 0.99 Dec 2,453 0.0 AK,JP Netflix Inc. NFLX Q 2 H/GRW 85.33 130.00 133.27 79.95 NM 0.28 0.42 1.59 Dec 37,375 0.0 JP,AK Shutterfly, Inc. SFLY Q 3 H/GRW 44.65 NM 49.16 35.22 91.1 (0.02) 0.49 0.77 Dec 1,545 0.0 AK,JP Shutterstock, Inc. SSTK N 2 H/GRW 41.27 51.00 59.56 25.44 27.7 1.21 1.49 1.83 Dec 1,449 0.0 AK,JP Wayfair, Inc. W N 2 H/GRW 38.84 48.00 56.84 28.85 NM (0.56) (1.22) (0.57) Dec 3,287 0.0 AK,JP

Internet & Advertising Technology Criteo S.A. ($E) CRTO Q 2 H/GRW 40.80 48.00 57.30 24.23 NM 1.38 1.78 2.27 Dec 2,566 0.0 JP,AK GoDaddy Inc. GDDY N 2 H/GRW 30.48 37.00 35.35 21.04 NM (0.81) 0.13 0.89 Dec 4,821 0.0 AK,JP TubeMogul, Inc. TUBE Q 3 H/GRW 10.69 NM 16.33 9.11 NM (0.42) (0.29) (0.11) Dec 382 0.0 JP,AK Wix.com Ltd. WIX Q 2 H/GRW 27.41 30.00 29.47 14.79 NM (0.71) (0.53) (0.10) Dec 1,104 0.0 AK,JP


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Technology & Communications - USA Online Advertising Alphabet, Inc. GOOG Q 2 H/GRW 668.26 820.00 789.87 515.18 20.1 29.48 33.22 38.98 Dec 467,114 0.0 AK,JP Angie's List, Inc. ANGI Q 3 H/SPEC 6.57 NM 11.25 3.73 46.9 0.18 0.14 0.32 Dec 385 0.0 AK,JP Facebook, Inc. FB Q 2 H/GRW 108.97 140.00 121.08 72.00 28.7 2.28 3.80 4.97 Dec 314,705 0.0 AK,JP LinkedIn Corp. LNKD N 3 H/GRW 189.44 NM 258.39 98.25 50.7 2.84 3.74 4.41 Dec 25,385 0.0 JP,AK Pandora Media, Inc. P N 3 H/GRW 11.49 NM 22.60 7.10 NM 0.09 (0.55) (0.39) Dec 2,605 0.0 JP,AK Rubicon Project, Inc. RUBI N 2 H/GRW 12.61 23.00 20.37 11.72 13.4 1.08 0.94 1.12 Dec 606 0.0 AK,JP Twitter, Inc. TWTR N 2 H/GRW 15.84 19.00 38.82 13.73 27.8 0.40 0.57 0.67 Dec 11,120 0.0 AK,JP Yahoo! Inc. YHOO Q 2 H/GRW 35.22 45.00 39.98 26.15 61.8 0.59 0.57 0.75 Dec 33,505 0.0 AK,JP Yelp, Inc. YELP N 3 H/GRW 26.63 NM 44.32 14.53 NM (0.44) (0.23) 0.16 Dec 2,082 0.0 AK,JP Zillow Group, Inc. Z Q 3 H/GRW 32.81 NM 35.50 15.36 NM (0.87) (0.50) 0.02 Dec 6,349 0.0 AK,JP

Online Travel Ctrip.com International, Ltd. (r) CTRP Q 2 H/GRW 37.90 55.00 57.36 27.25 NM 1.37 0.37 1.00 Dec 21,830 0.0 JP,AK Expedia, Inc. EXPE Q 2 H/GRW 98.44 136.00 140.51 88.40 20.6 3.70 4.77 6.80 Dec 14,766 1.0 JP,AK priceline.com Incorporated PCLN Q 2 H/GRW 1186.05 1400.00 1476.52 954.02 17.1 58.33 69.38 80.60 Dec 59,896 0.0 JP,AK TripAdvisor, Inc. TRIP Q 4 NM 60.03 NM 94.00 53.48 36.6 2.05 1.64 2.15 Dec 8,824 0.0 JP,AK

IT Hardware and Distribution Arrow Electronics, Inc. ARW N 3 M/GRW 60.01 NM 68.07 45.23 9.0 6.19 6.65 6.95 Dec 5,569 0.0 BGA Avnet, Inc. AVT N 3 M/GRW 38.92 NM 46.95 36.42 8.9 4.49 4.35 4.40 Jun 5,126 1.7 BGA CDW Corporation CDW Q 3 H/GRW 39.29 NM 46.92 30.40 12.1 2.93 3.25 3.50 Dec 6,636 1.1 BGA EMC Corporation EMC N 2 H/GRW 27.04 30.00 28.77 22.66 14.9 1.82 1.82 1.90 Dec 53,134 1.7 BGA Hewlett Packard Enterprise Company HPE N 3 H/GRW 17.20 NM 19.85 11.63 9.2 1.84 1.86 2.00 Oct 29,653 1.3 BGA Ingram Micro Inc. IM N 3 H/GRW 34.36 NM 36.66 23.70 14.0 2.65 2.45 2.65 Dec 5,216 1.2 BGA Insight Enterprises, Inc. NSIT Q 4 NM 24.72 NM 30.83 18.26 11.0 2.12 2.25 2.45 Dec 925 0.0 BGA NetApp Inc. NTAP Q 3 H/GRW 22.96 NM 34.81 20.66 11.5 2.70 2.15 A 2.00 Apr 6,452 3.3 BGA Nimble Storage NMBL N 3 H/GRW 7.26 NM 29.15 5.64 NM (0.58) (0.47) A (0.72) Jan 611 0.0 BGA PC Connection, Inc. PCCC Q 3 M/GRW 22.98 NM 25.85 19.19 12.3 1.76 1.87 2.02 Dec 614 0.0 BGA Pure Storage, Inc. PSTG N 2 H/GRW 9.82 20.00 20.60 9.62 NM (0.89) (0.89) A (0.64) Jan 1,856 0.0 BGA ScanSource, Inc. SCSC Q 2 H/GRW 35.69 44.00 42.54 27.46 12.3 2.53 2.91 3.10 Jun 916 0.0 CQ SYNNEX Corporation SNX N 3 H/GRW 90.32 NM 102.83 71.00 14.5 6.28 6.25 7.05 Nov 3,568 0.9 BGA Tech Data Corporation TECD Q 3 M/GRW 70.45 NM 83.51 54.24 10.9 4.97 5.77 A 6.45 Jan 2,494 0.0 BGA

IT Services Accenture plc ACN N 3 M/GRW 109.29 NM 120.78 88.43 20.6 4.82 5.31 5.78 Aug 70,675 2.0 BG Booz Allen Hamilton Holding Corp. BAH N 3 H/GRW 27.73 NM 31.34 24.92 16.3 1.60 1.65 A 1.70 Mar 4,148 2.2 BG CACI International Inc. CACI N 2 H/GRW 87.61 110.00 111.13 72.19 15.8 5.17 5.53 6.21 Jun 2,164 0.0 BG Computer Sciences Corporation CSC N 3 H/GRW 46.87 NM 52.55 24.27 16.3 2.24 2.52 A 2.87 Mar 6,637 1.2 BG CSRA Inc. CSRA N 2 H/GRW 22.15 34.00 33.44 20.98 11.2 1.77 1.96 A 1.98 Mar 3,633 1.8 BG MAXIMUS Inc. MMS N 2 H/GRW 50.97 62.00 70.00 45.15 19.5 2.39 2.61 2.98 Sep 3,308 0.4 BG NCI, Inc. NCIT Q 3 H/GRW 13.27 NM 17.18 10.01 13.8 0.91 0.96 1.00 Dec 184 0.0 BG NIC Inc. EGOV Q 3 H/GRW 20.38 NM 21.35 14.48 29.5 0.63 0.69 0.74 Dec 1,343 0.0 BG Unisys Corporation UIS N 3 H/SPEC 6.83 NM 21.20 6.82 3.9 2.26 1.73 1.95 Dec 342 0.0 BG


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Technology & Communications - USA Satellite & Space Comtech Telecommunications Corp. (ae) CMTL Q 3 H/GRW 11.34 NM 30.93 11.24 NM 51 46 78 Jul 183 10.6 CQ DigitalGlobe, Inc. (ae) DGI N 3 H/GRW 19.78 NM 28.98 11.80 NM 355 345 372 Dec 1,256 0.0 CQ EchoStar Corporation (ae) SATS Q 2 H/GRW 37.25 60.00 49.54 30.86 NM 910 910 964 Dec 3,492 0.0 CQ Intelsat S.A. (ae) I N 3 H/GRW 2.15 NM 12.00 1.44 NM 1,855 1,661 1,740 Dec 232 0.0 CQ Iridium Communications Inc. (ae) IRDM Q 1 H/GRW 8.20 13.00 9.75 5.85 NM 234 251 260 Dec 783 0.0 CQ KVH Industries KVHI Q 1 H/GRW 8.03 15.00 13.99 7.51 10.3 0.75 0.78 1.08 Dec 127 0.0 CQ ORBCOMM, Inc. (ae) ORBC Q 1 H/GRW 9.57 11.00 10.49 5.27 NM 42 51 62 Dec 678 0.0 CQ Orbital ATK, Inc. OA N 2 H/GRW 83.16 95.00 94.92 56.06 15.4 5.04 5.40 6.05 Dec 4,942 1.4 CQ ViaSat, Inc. (ae) VSAT Q 3 H/GRW 66.47 NM 79.15 56.02 NM 345 331 A 355 Mar 3,252 0.0 CQ

Semiconductors Advanced Micro Devices AMD Q 2 H/GRW 4.72 6.00 5.52 1.61 NM (0.84) (0.33) (0.10) Dec 3,743 0.0 HM Applied Micro Circuits Corporation AMCC Q 1 H/SPEC 5.89 11.00 7.68 4.69 49.1 (0.22) (0.11) A 0.12 Mar 498 0.0 HM ARM Holdings plc (r) ARMH Q 2 M/GRW 40.99 62.00 51.23 36.68 27.0 1.34 1.52 1.73 Dec 19,364 0.8 HM Cavium Inc. CAVM Q 1 H/GRW 36.25 65.00 74.24 35.90 NM (0.31) 0.11 1.25 Dec 2,164 0.0 HM Intel Corporation INTC Q 4 NM 30.72 NM 35.59 24.87 16.5 2.33 1.86 2.33 Dec 149,760 3.4 HM Marvell Technology Group, Ltd. MRVL Q S NM 9.12 NM 13.75 7.40 NM 1.15 UR UR Jan 4,721 2.6 HM Micron Technology, Inc. MU Q 1 H/GRW 12.23 17.00 20.57 9.31 87.4 2.70 0.14 1.65 Aug 12,670 0.0 HM NVIDIA Corporation NVDA Q 1 H/GRW 45.24 55.00 48.54 19.09 28.3 1.12 1.07 A 1.60 Jan 26,827 1.0 HM Xilinx, Inc. XLNX Q 1 M/GRW 43.84 60.00 50.72 38.70 20.2 2.35 2.05 A 2.17 Mar 11,749 3.0 HM

Telecommunications Services Towers American Tower (af) AMT N 1 H/GRW 108.89 123.00 111.47 83.07 18.7 5.08 5.82 6.80 Dec 46,231 1.9 RP Crown Castle International (af) CCI N 2 M/INC 97.18 94.00 97.34 75.71 20.5 4.30 4.75 4.92 Dec 32,264 3.6 RP SBA Communications (af) SBAC Q 1 H/GRW 100.98 128.00 128.47 82.80 16.8 5.69 6.00 6.90 Dec 12,674 0.0 RP

Wireless America Movil, S.A.B. de C.V. (is, r, vf) AMX N 3 M/GRW 11.40 NM 21.35 11.31 11.4 1.11 1.00 1.08 Dec 40,880 2.8 RP ATN International Inc. (vf) ATNI Q 2 M/GRW 76.25 79.00 83.80 66.05 NM 2.87 (1.55) (2.05) Dec 1,231 1.7 RP DISH Network Corp. DISH Q 3 H/GRW 49.60 NM 69.92 38.85 16.9 1.61 2.93 2.91 Dec 23,050 0.0 RP Landmark Infrastructure Partners L.P. (y) LMRK Q 1 M/INC 15.85 20.00 16.75 10.54 11.2 1.30 1.41 1.58 Dec 236 8.3 RP Shenandoah Telecommunications Co. (vf) SHEN Q 3 M/GRW 36.11 NM 36.76 15.68 NM 1.07 (0.38) 2.13 Dec 1,761 0.7 RP Sprint Corp. (f, vf) S N 3 H/GRW 4.19 NM 5.29 2.18 10.2 (0.07) 0.41 (0.28) Mar 16,525 0.0 RP Telephone and Data Systems, Inc. (vf) TDS N 1 H/GRW 27.57 44.00 30.70 20.83 52.0 (0.46) 0.53 1.07 Dec 3,005 2.0 RP T-Mobile US Inc. (vf) TMUS Q 2 H/GRW 41.20 44.00 44.13 33.23 16.0 1.03 2.58 3.71 Dec 31,394 0.0 RP U.S. Cellular (vf) USM N 1 H/GRW 37.02 49.00 45.87 32.72 NM (0.91) (0.13) 0.42 Dec 3,110 0.0 RP


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Technology & Communications - USA Wireline AT&T Inc. T N 2 M/INC 42.03 41.00 42.23 30.97 15.1 2.70 2.79 2.97 Dec 260,166 4.6 FGL CenturyLink CTL N 2 M/INC 26.82 32.00 32.94 21.94 10.4 2.72 2.58 2.48 Dec 14,648 8.1 FGL Charter Communications, Inc. (fc) CHTR Q 1 H/GRW 216.28 280.00 242.84 172.67 24.2 9.43 8.94 16.22 Dec 67,198 0.0 FGL Cincinnati Bell Inc. CBB N 2 H/GRW 4.15 4.00 4.63 2.80 NM 0.07 0.02 (0.03) Dec 872 0.0 FGL Cogent Communications Holdings Inc. (fa) CCOI Q 2 H/GRW 37.09 41.00 41.93 25.84 28.8 0.74 1.29 1.90 Dec 1,677 4.0 FGL Comcast Corp. CMCSA Q 1 M/GRW 62.46 70.00 64.99 50.01 17.7 3.25 3.52 3.81 Dec 153,777 1.8 FGL Communications Sales & Leasing, Inc. (af) CSAL Q 2 H/INC 26.82 30.00 29.57 15.13 10.2 1.78 2.62 2.69 Dec 4,024 8.9 FGL Consolidated Communications Holdings CNSL Q 3 M/INC 25.20 NM 26.75 17.76 36.0 0.76 0.70 0.58 Dec 1,277 6.2 FGL CyrusOne Inc. (af) CONE Q 1 H/GRW 51.27 59.00 53.63 29.06 19.7 2.31 2.60 3.03 Dec 4,076 3.0 FGL,WAC Equinix (af) EQIX Q 1 H/GRW 371.16 440.00 387.45 242.47 22.7 13.68 16.36 19.06 Dec 26,241 1.9 FGL Frontier Communications Corp. FTR Q 2 M/INC 4.60 6.00 5.85 3.81 NM 0.13 (0.12) (0.21) Dec 5,354 9.1 FGL Inteliquent IQNT Q 2 H/INC 18.26 24.00 23.20 14.56 15.0 1.12 1.22 1.52 Dec 622 3.5 FGL Internap Network Services Corp. INAP Q 2 H/GRW 2.12 5.00 9.99 1.79 NM (0.94) (0.52) (0.41) Dec 119 0.0 FGL InterXion Holding NV ($E) INXN N 2 H/GRW 34.42 38.00 38.70 25.85 NM 0.54 0.49 0.55 Dec 2,415 0.0 FGL Level 3 Communications Inc. (fc) LVLT N 3 H/GRW 47.43 NM 56.11 40.86 15.7 1.81 3.02 3.24 Dec 16,933 0.0 FGL Rackspace Hosting RAX N 2 H/GRW 20.65 25.00 39.37 15.05 20.0 0.90 1.03 1.01 Dec 2,771 0.0 FGL Verizon Communications VZ N 2 M/INC 54.74 55.00 55.22 38.06 14.1 3.99 3.88 4.09 Dec 223,613 4.1 FGL Windstream Holdings Inc. WIN Q 3 H/INC 8.44 NM 9.50 4.42 NM 1.07 (3.46) (1.38) Dec 778 7.1 FGL Zayo Group Holdings, Inc. (fc) ZAYO N 1 H/GRW 26.38 34.00 29.62 19.59 NM 0.29 0.17 0.37 Jun 6,418 0.0 FGL


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Technology & Communications - CAN Steven Li, CFA [email protected]

IT Hardware Avigilon Corporation AVO T 2 H/GRW C$12.67 19.00 18.13 11.20 17.6 0.86 0.72 0.88 Dec 557 0.0 SLi Baylin Technologies Inc. BYL T 2 H/GRW C$2.10 3.25 2.60 1.28 NM (0.78) (0.11) 0.15 Dec 39 0.0 SLi BlackBerry (f) BBRY Q 3 H/GRW US$6.29 8.00 9.46 5.96 NM (0.09) (0.20) A (0.15) Feb 3,283 0.0 SLi DragonWave DRWI Q UR H/GRW US$3.93 NM 14.00 1.40 NM (0.32) (0.28) (0.14) Feb 296 0.0 SLi Evertz Technologies Ltd. (f) ET T 2 M/GRW C$17.50 20.00 19.24 13.29 16.4 0.87 0.92 A 1.07 Apr 1,307 4.1 SLi Lumenpulse Inc. LMP T 2 H/GRW C$16.16 19.00 19.19 12.02 24.5 0.07 0.25 A 0.66 Apr 402 0.0 SLi Sierra Wireless SWIR Q 3 H/GRW US$15.59 15.00 27.07 9.69 21.7 0.80 0.72 1.00 Dec 507 0.0 SLi UrtheCast Corp. UR T 2 H/GRW C$0.93 5.00 4.19 0.90 NM (0.41) (0.23) (0.13) Dec 96 0.0 SLi

Software/IT Services CGI Group GIB.A T 2 M/GRW C$53.85 65.00 63.62 42.49 15.4 3.13 3.49 3.76 Sep 16,887 0.0 SLi The Descartes Systems Group Inc. DSGX Q 2 M/GRW US$18.61 22.50 21.09 14.59 25.1 0.57 0.64 A 0.74 Jan 1,422 0.0 SLi MacDonald Dettwiler & Associates MDA T 3 M/GRW C$82.52 93.00 92.92 70.55 13.1 6.08 6.30 6.76 Dec 3,012 1.8 SLi NexJ Systems Inc. NXJ T 3 H/GRW C$2.07 2.50 2.50 1.25 NM (0.04) (0.24) (0.12) Dec 42 0.0 SLi Open Text OTEX Q 2 M/GRW US$57.34 62.00 61.97 36.65 15.9 3.46 3.61 4.03 Jun 6,978 1.6 SLi Redknee Solutions Inc. RKN T 2 H/GRW C$1.76 2.50 5.23 1.33 NM 0.13 (0.03) 0.12 Sep US$190 0.0 SLi


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Technology & Communications - EUR Stephane Beyazian, RJFI [email protected]

Telecoms Bouygues BOUY.PA EPA 3 €25.57 NM 38.60 25.46 14.1 1.45 1.81 1.99 Dec 8,820 5.9 SB BT BT.L L 4 376p 430 503 360 13.4 32.00 33.00 A 28.00 Mar £37,273 4.0 SB Deutsche Telekom DTE.DE ETR 2 €14.01 16.60 17.56 13.37 17.1 0.82 E 0.89 0.99 Dec 64,558 3.9 SB Iliad ILD.PA EPA 3 €170.15 NM 238.10 170.05 27.2 6.26 E 6.54 7.14 Dec 10,039 0.2 SB KPN KPN.AS AMS 3 €2.96 NM 3.71 2.70 24.7 0.09 0.12 0.11 Dec 12,643 13.8 SB Orange ORA.PA EPA 3 €13.59 NM 16.98 12.21 13.5 0.87 1.01 1.02 Dec 35,987 4.4 SB Orange Belgium OBEL.BR EBR 3 €20.16 NM 22.75 16.38 22.2 0.52 0.91 1.33 Dec 1,210 2.2 SB Proximus PROX.BR EBR 2 €26.78 35.00 35.22 26.41 15.0 1.79 E 1.75 NA Dec 8,623 5.6 SB Sky SKY.L L 4 797p 910 1,180 770 12.7 56.00 62.60 51.60 Jun £13,700 4.3 SB TalkTalk Telecom Group TALK.L L 1 200p 300 393 184 12.2 8.20 8.40 A 16.40 Mar £1,894 8.0 SB Telecom Italia TLIT.MI BIT 2 €0.67 1.16 1.32 0.67 13.4 0.05 0.05 0.06 Dec 12,221 0.0 SB Telefonica TEF.MC MCE 3 €7.66 NM 13.90 7.45 11.3 0.68 E 0.63 NA Dec 37,278 9.8 SB Telenet Group TNET.BR EBR 3 €38.45 NM 54.25 38.15 22.2 1.65 1.73 1.84 Dec 4,499 0.0 SB Telia Company TELIA.ST STO 3 SEK35.69 NM 52.95 35.56 8.7 4.09 E 3.25 3.40 Dec 154,538 5.6 SB Vivendi VIV.PA EPA 3 €15.28 NM 24.83 14.87 29.4 0.52 0.52 0.60 Dec 19,650 13.1 SB Vodafone VOD.L L 3 209p NM 247 198 36.7 5.50 5.10 A 5.70 Mar £55,588 5.6 SB

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Technology & Communications - ARG Fernando Suarez [email protected]

Telecom & Media Grupo Clarin S.A. GCLA BA S NM AR$158.00 NM 161.00 74.00 NM NA NA NA Dec 45,412 0.3 FS

Telecommunications Services Telecom Argentina S.A. (ed, r) TEO N S H/SPEC US$17.87 NM 20.28 13.36 NM 1.38 NA NA Dec 3,463 3.0 FS


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Transportation - USA Patrick Tyler Brown, CFA [email protected] Arthur W. Hatfield, CFA [email protected]

Savanthi Syth, CFA [email protected]

Airlines Hybrid Carriers Alaska Air Group ALK N 2 H/GRW 55.66 88.00 87.17 54.51 8.0 6.52 6.95 7.98 Dec 6,897 2.0 SS Copa Holdings, S.A. (is) CPA N 2 H/INC 49.43 66.00 86.37 39.03 13.5 4.93 3.65 4.75 Dec 2,140 4.1 SS LATAM Airlines Group S.A. (is, r) LFL N 4 NM 5.86 NM 7.44 4.35 29.3 0.11 0.20 0.38 Dec 3,197 0.0 SS Virgin America Inc. VA Q 3 H/GRW 55.99 NM 56.30 26.30 16.0 4.54 3.50 3.35 Dec 2,497 0.0 SS

Legacy Carriers American Airlines Group, Inc. AAL Q 2 H/GRW 25.27 46.00 47.09 24.85 4.9 9.12 5.21 5.75 Dec 17,209 1.6 SS Delta Air Lines, Inc. DAL N 2 H/GRW 33.36 58.00 52.77 32.60 5.4 4.64 6.17 6.40 Dec 25,740 2.4 SS United Continental Holdings, Inc. UAL N 3 H/GRW 37.75 NM 62.21 37.41 5.0 11.88 7.56 7.90 Dec 12,809 0.0 SS

Transportation

USA Canada Europe

Airlines ........................................................................ 76

Hybrid Carriers ........................................................ 76

Legacy Carriers ........................................................ 76

Low Cost Carriers ..................................................... 77

Regional Carriers ..................................................... 77

Transportation Services .............................................. 77

Intermodal and Asset-Light Logistics ....................... 77

Leasing ..................................................................... 77

Parcel Carriers ......................................................... 77

Railroad ................................................................... 77

Transportation Equipment & Supplies .................... 77

Trucking (Truckload and LTL) ................................... 78

Airlines ........................................................................ 78

Railroads ..................................................................... 78

Transportation & Logistics .......................................... 78

Airlines ........................................................................ 79


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Transportation - USA Low Cost Carriers Allegiant Travel Co. ALGT Q 2 H/GRW 138.55 190.00 238.13 134.64 9.9 12.93 14.00 13.75 Dec 2,341 2.0 SS GOL Linhas Aereas Inteligentes S.A. (r) GOL N 3 H/GRW 9.53 NM 24.40 2.44 NM (11.65) (6.38) (5.10) Dec 288 0.0 SS JetBlue Airways JBLU Q 2 H/GRW 15.15 24.00 27.36 14.76 7.1 1.98 2.12 2.15 Dec 5,204 0.0 SS Ryanair Holdings plc (is, r) RYAAY Q 2 M/GRW 66.82 100.00 89.67 66.09 10.9 4.15 5.06 A 6.15 Mar 17,761 0.0 SS Southwest Airlines Co. LUV N 3 H/GRW 36.76 NM 51.34 31.36 9.1 3.53 4.05 4.35 Dec 23,478 1.1 SS Spirit Airlines, Inc. SAVE Q 2 H/GRW 41.31 59.00 64.81 32.73 10.8 4.36 3.81 4.15 Dec 2,970 0.0 SS

Regional Carriers SkyWest, Inc. SKYW Q 2 H/GRW 24.43 28.00 25.90 13.23 9.6 1.99 2.55 2.80 Dec 1,255 0.8 SS

Transportation Services Intermodal and Asset-Light Logistics C.H. Robinson Worldwide CHRW Q 2 M/GRW 72.18 77.00 76.10 59.71 18.9 3.51 3.82 4.12 Dec 10,372 2.4 TB Expeditors International of Washington, Inc. EXPD Q 3 M/GRW 47.07 NM 51.80 40.41 19.5 2.40 2.42 2.62 Dec 8,546 1.7 AH,TB Forward Air Corporation FWRD Q 3 H/GRW 43.15 NM 53.30 36.00 18.5 2.09 2.33 2.67 Dec 1,329 1.1 AH,TB Hub Group, Inc. HUBG Q 3 H/GRW 37.42 NM 44.00 28.19 17.0 2.01 2.20 2.35 Dec 1,322 0.0 TB,AH J.B. Hunt Transport Services, Inc. JBHT Q 3 H/GRW 76.92 NM 89.43 63.58 18.9 3.66 4.06 4.50 Dec 8,769 1.1 TB Landstar System, Inc. LSTR Q 3 M/GRW 65.15 NM 73.60 53.03 20.2 3.37 3.23 3.60 Dec 2,758 0.5 TB,AH Roadrunner Transportation Systems, Inc. RRTS N 3 H/GRW 6.82 NM 26.95 6.39 7.0 1.25 0.97 1.16 Dec 261 0.0 AH XPO Logistics, Inc. XPO N 2 H/GRW 23.30 37.00 47.30 18.04 36.4 (0.67) 0.64 1.97 Dec 3,185 0.0 TB,AH

Leasing GATX Corporation GMT N 3 M/INC 41.98 NM 55.21 33.53 8.2 5.37 5.15 4.65 Dec 1,716 3.8 AH Ryder System, Inc. R N 1 M/INC 57.17 91.00 93.86 45.12 9.3 6.13 6.14 6.45 Dec 3,070 2.9 AH TAL International Group, Inc. TAL N 3 H/INC 11.43 NM 33.37 8.15 9.1 2.81 1.26 1.99 Dec 382 15.7 AH Textainer Group Holdings Limited TGH N 3 H/INC 9.76 NM 27.00 7.13 17.4 1.91 0.56 1.32 Dec 552 9.8 AH

Parcel Carriers FedEx Corporation FDX N 3 M/GRW 146.13 NM 173.12 119.71 12.3 8.92 10.80 A 11.92 May 41,340 1.1 AH,TB United Parcel Service UPS N 3 M/INC 103.77 NM 107.58 87.30 17.9 5.43 5.80 6.35 Dec 101,383 3.0 AH,TB

Railroad CSX Corp. CSX Q 3 M/GRW 24.48 NM 33.63 21.33 13.2 2.00 1.86 2.02 Dec 23,574 2.9 TB Genesee & Wyoming Inc. GWR N 1 H/GRW 52.86 75.00 77.68 41.56 14.6 3.68 3.62 3.65 Dec 3,066 0.0 TB,AH Kansas City Southern KSU N 1 H/GRW 84.53 110.00 101.24 62.20 18.2 4.49 4.65 5.60 Dec 9,155 1.6 TB,AH Norfolk Southern Corp. NSC N 3 M/GRW 79.68 NM 98.75 64.51 14.4 5.10 5.55 6.20 Dec 23,816 3.0 TB,AH Union Pacific Corp. UNP N 1 M/GRW 82.49 100.00 99.71 67.06 16.0 5.49 5.15 5.95 Dec 69,369 2.7 TB,AH

Transportation Equipment & Supplies American Railcar Industries, Inc. ARII Q 4 NM 36.62 NM 57.93 33.02 10.7 6.43 3.42 1.08 Dec 716 4.4 AH Fortress Transportation & Infrastructure Investors LLC FTAI N 1 H/INC 8.99 17.00 18.90 8.65 NM 0.12 0.03 0.71 Dec 681 14.7 AH The Greenbrier Companies, Inc. GBX N 4 NM 26.11 NM 49.24 19.89 4.6 6.10 5.72 2.82 Aug 734 3.1 AH Rush Enterprises, Inc. RUSHA Q 3 H/GRW 20.38 NM 27.45 14.19 16.4 1.61 1.24 1.40 Dec 831 0.0 AH Trinity Industries, Inc. TRN N 4 NM 17.28 NM 30.38 14.94 8.6 5.08 2.00 0.85 Dec 2,604 2.5 AH Wabtec Corporation WAB N 2 M/GRW 67.16 87.00 103.07 60.28 15.0 4.10 4.48 4.70 Dec 6,051 0.5 AH


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Transportation - USA Trucking (Truckload and LTL) ArcBest Corp. ARCB Q 1 H/GRW 14.96 28.00 34.97 14.85 11.3 1.77 1.32 2.15 Dec 385 2.1 AH,TB Celadon Group, Inc. CGI N 1 H/GRW 8.27 20.00 22.95 6.19 7.7 1.52 1.07 1.27 Jun 233 1.0 AH Heartland Express, Inc. HTLD Q 3 H/GRW 16.81 NM 22.13 15.36 20.5 0.84 0.82 0.99 Dec 1,399 0.5 AH Knight Transportation, Inc. KNX N 2 H/GRW 24.88 29.00 29.00 20.56 19.3 1.47 1.29 1.63 Dec 1,993 1.0 AH Marten Transport, Ltd. MRTN Q 3 H/GRW 19.65 NM 22.88 14.62 18.2 1.06 1.08 1.21 Dec 652 0.5 AH Old Dominion Freight Line, Inc. ODFL Q 3 H/GRW 57.15 NM 74.86 48.92 15.2 3.57 3.76 4.39 Dec 4,781 0.0 AH,TB Saia, Inc. SAIA Q 1 H/GRW 23.75 36.00 45.24 18.28 10.8 2.16 2.20 2.58 Dec 598 0.0 AH,TB Swift Transportation Company SWFT N 1 H/GRW 14.45 27.00 24.76 11.74 9.3 1.50 1.55 1.85 Dec 1,964 0.0 AH Werner Enterprises, Inc. WERN Q 1 H/GRW 21.71 32.00 29.34 20.91 15.6 1.71 1.39 1.96 Dec 1,564 1.1 AH YRC Worldwide Inc. YRCW Q 1 H/GRW 7.96 26.00 21.37 6.25 5.8 0.02 1.37 2.39 Dec 258 0.0 AH,TB

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Transportation - CAN Ben Cherniavsky [email protected] Steve Hansen, CFA, CPA, CMA [email protected]

Airlines Air Canada AC T 4 H/GRW C$8.30 8.25 13.68 6.81 2.4 4.18 3.48 2.11 Dec 2,382 0.0 BC WestJet Airlines WJA T 3 H/INC C$20.52 20.50 26.98 14.67 9.9 2.90 2.07 2.00 Dec 2,524 2.7 BC

Railroads Canadian National Railway CNR T 3 M/GRW C$73.73 82.00 83.81 66.62 16.8 4.45 4.40 4.85 Dec 57,959 2.0 SH Canadian Pacific Railway, LTD CP T 1 M/GRW C$158.18 200.00 212.06 140.02 15.1 10.12 10.45 12.30 Dec 24,202 1.3 SH

Transportation & Logistics CanWel Building Materials Group Ltd. CWX T 2 H/INC C$5.54 6.50 6.14 3.70 12.3 0.38 0.45 0.55 Dec 235 10.1 SH


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Transportation - EUR Julien Richer, CFA, RJEE [email protected]

Airlines Air France-KLM AIRF.PA EPA 2 €5.52 9.70 8.84 5.48 2.2 0.34 2.46 2.96 Mar 1,655 0.0 JR easyJet plc EZJ.L L 2 1,020p 1,800 1,846 990 7.0 139.10 146.10 153.30 Sep £4,049 7.2 JR IAG IAG.MC MAD 3 €4.12 NM 8.72 4.08 3.7 0.74 1.11 1.23 Mar 8,339 6.8 JR Lufthansa LHAG.DE ETR 3 €10.05 NM 15.41 9.90 3.6 3.67 2.77 3.02 Dec 4,683 6.2 JR


U.S. Equity Research (800) 248-8863

Management Robert P. Anastasi, CFA (727) 567-2286

Senior Managing Director,

Director of Equity Research

Brian G. Alexander, CFA

(727) 567-2312

Deputy Director of Equity Research

Shawn Borgeson

(727) 567-2571

Managing Director,

Product Development

Mercedes S. van Woerkom (727) 567-2601

Managing Director, Equity Research

Consumer

Budd Bugatch, CFA

(727) 567-2527

Director of Furnishings Research

Joseph Altobello, CFA

(212) 883-4606

Household, Personal Care,

and Leisure Products

Sam Darkatsh (727) 567-2537

Building Products

Brian M. Vaccaro, CFA

(404) 442-5866

Restaurants

Dan Wewer, CFA (404) 442-5846

Hardline Retailers

Benjamin P. Brownlow

(404) 442-5859

Convenience Stores

Energy (800) 945-6275

J. Marshall Adkins

Director of Energy Research

John Freeman, CFA

Exploration & Production

Darren Horowitz

Midstream Suppliers

Pavel Molchanov

Integrated Oil & Gas/ Renewable

Energy & Clean Technology/


Kevin C. Smith


Benjamin P. Brownlow

(404) 442-5859

Midstream Suppliers

Justin Jenkins

Independent Refiners/

Midstream Suppliers

Praveen Narra, CFA

Oilfield Services

Financial Services Daniel E. Cardenas (312) 655-2986

Banking

Robert J. Dodd, Ph.D.

(901) 579-4560

Specialty Finance

David J. Long, CFA

(312) 612-7685

Banking

Patrick J. O'Shaughnessy, CFA

(312) 612-7687

Capital Markets

C. Gregory Peters (727) 567-1534

Insurance Technology & Brokerage/

Non-Life Insurance

Michael Rose (312) 655-2940

Banking

Steven D. Schwartz, CFA (312) 612-7686

Life & Health Insurance/

Asset Management

William J. Wallace IV (301) 657-1548

Banking

Donald A. Worthington (415) 538-5733

Banking

Healthcare John W. Ransom (727) 567-2593

Director of Healthcare Research

Michael J. Baker (727) 567-2499

Benefits Management/Pharma Services

Jayson Bedford (727) 567-2565

Medical Devices

Reni Benjamin, Ph.D. (212) 883-4615

Biotechnology

Nicholas Jansen (727) 567-2446

Healthcare Information

Technology/Diagnostics

Lawrence S. Keusch (617) 897-8992

Hospital Supplies & Equipment

Christopher Raymond (312) 655‐2672

Biotechnology

Elliot Wilbur, CFA (212) 856-4897

Specialty Pharmaceuticals

Industrial Patrick Tyler Brown, CFA (404) 442-5803

Waste & Industrial Services

Sam Darkatsh (727) 567-2537

Specialty Distribution

Macro Research Scott J. Brown, Ph.D. (727) 567-2603

Chief Economist

Jeffrey D. Saut (727) 567-2644

Chief Investment Strategist

Real Estate Paul D. Puryear (727) 567-2253

Director of Real Estate Research

William A. Crow (727) 567-2594

Lodging/REITs

Buck Horne, CFA (727) 567-2561

Housing/REITs

Collin Mings, CFA (727) 567-2585

REITs

Jonathan Hughes, CFA (727) 567-2438 REITs

Technology & Communications

Brian G. Alexander, CFA

(727) 567-2312

Director of Technology Research

Ric Prentiss (727) 567-2567

Director of Telecommunications

Services Research

Brian Gesuale (727) 567-2287

IT Services/Advanced Industrial Technology

Wayne Johnson (404) 442-5837

FinTech & Transaction Processing

Aaron Kessler, CFA (415) 616-8959

Internet

Simon M. Leopold (212) 856-5464

Communications Equipment

Frank G. Louthan IV (404) 442-5867

Telecommunications Services

Tavis C. McCourt, CFA (615) 645-6811

Communications Technology

Hans C. Mosesmann (727) 567-2498

Semiconductors

Chris Quilty (727) 567-2602

Defense Communications/Satellite & Space

J. Steven Smigie (212) 856-4893

Analog & Communications

Semiconductors

Terry Tillman (404) 442-5825

Application Software

Michael Turits, Ph.D. (212) 297-5617

Infrastructure Software

Justin Patterson, CFA (415) 616-8035

Internet

Brian Peterson, CFA (404) 442-5888

Application Software

Transportation

Patrick Tyler Brown, CFA

(404) 442-5803

Transportation Services

Arthur W. Hatfield, CFA (901) 579-4868

Transportation Services

Savanthi Syth, CFA (727) 567-5274

Airlines


U.S. Equity Capital Markets – Sales & Trading

Dan H. McMahon (212) 599-6800, Senior Managing Director – Director, Equity Trading

Paul G. Steinhauser (727) 567-2513, Senior Managing Director – Director, Institutional Sales

Collie Krausnick (901) 529-5321, Senior Managing Director – Director, Agency/Retail Equity Trading and Equity Advisory Group

Institutional Sales St. Petersburg (800) 237-5643

Shawn Borgeson (727) 567-2571

Sarah Concannon (727) 567-2686

Ken Corn (727) 567-2282

Nick Digirolamo (727) 567-2280

Mark Fote (727) 567-2439

Peter L. Gairing (727) 567-2530

Eric Kirby (727) 567-2570

Kevin McElligott (727) 567-2597

Ted Mortonson (727) 567-2285

Mark Ranney (727) 567-1850

David Schaffer (727) 567-2598

Patrick Sauve (727) 567-2526

Dana Williams (727) 567-2278

Jamie Zingaretti (727) 567-2576

Atlanta

Mark Starner (404) 442-5862

Dudley Stephens (404) 442-5828

Boston

Ryan Bagley (617) 897-8965

Grant Hall (617) 897-8966

Dave Hodges (617) 897-8961

John Leffel (617) 897-8967

Chicago

Bill Sammon, Manager (312) 655-2959

Lou Coines (312) 655-2964

Rick Glaisner (312) 612-7672

Lonnie Hatcher (312) 612-7673

Chris Lambert (312) 655-2974

Anthony LanFranca (312) 655-2961

Adin Lohry (727) 567-3468 Tony Montemurro (312) 655-2948

Tim Murnane (312) 655-2988

Andrew K. Northwick (312) 612-7675

Chris Palermo (312) 655-2967

Leigh Pollak (312) 612-7744

Bob Stocking (312) 612-7674

Los Angeles

Mark Hamilton (310) 414-5209

Rob Marckel (310) 414-5201

New York

Alastair Barnes (212) 856-5417 George Billington (212) 297-5607 Jason Gefaell (212) 672-6828

Tom Hartigan (212) 856-5474 Brian Hicks (212) 297-5618 Jeff Karish (212) 297-5604

Susan Lione (212) 856-4886

Institutional Sales (continued) New York

Carol McCarthy (212) 297-5605

Tom Nevitt (212) 297-5608

Gene Pennell (212) 297-5606

Paul Salmore (212) 856-4368

Craig Sapuppo (212) 297-5602

Kelly Schaeffer (212) 856-4887

Rod Spiegel (212) 297-5610

San Francisco

John Cavender (415) 538-5725

Douglas Deubel (888) 734-0540

Zachary Taylor (415) 616-8944

International Institutional Sales & Trading Desk

Byron Mitson,

Head of Agency/Retail Trading

(800) 564-3678

St. Petersburg (727) 567-2100

Sharon Agudio

Ted Powell

Mike Tagliarini

Memphis (800) 564-3678

Tony Johnson

Kenny McClain

Corporate & Executive Services (727) 567-8092

Jeff Fordham

Jeanna Bryan

Rachel Jallick

Nicole Middents

Dakota Rockwell

Scott Warnock

Principal Trading (212) 599-6800

Eric Braunstein

Jesse Lubarsky

Adam Lustig

Ray Moore

Greg Mulvaney

Christian O’Brien

Kevin Prunty

Owen Rice

Doug Shapiro

Brandon Veldman

Institutional Sales Trading Paul Powers, Head of U.S. Sales Trading

(212) 856-5477


Ross Barone

Jake Shumacker

Tom Del Zoppo

Boston (617) 423-5607

Brendan Moses

Steve Svensen

Thomas Ward

Chicago (312) 655-2990

Jacob Forney

Jeff Grimm

Randy Mrozek

Jeff Snower

New York (212) 599-6800

Craig Bugniazet

Michael Cannon

Brian Cohan

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European Equity Research

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Argentine Equity Research

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Strategy

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Important Investor Disclosures

Raymond James & Associates (RJA) is a FINRA member firm and is responsible for the preparation and distribution of research created in the United States. Raymond James & Associates is located at The Raymond James Financial Center, 880 Carillon Parkway, St. Petersburg, FL 33716, (727) 567-1000. Non-U.S. affiliates, which are not FINRA member firms, include the following entities that are responsible for the creation and distribution of research in their respective areas: in Canada, Raymond James Ltd. (RJL), Suite 2100, 925 West Georgia Street, Vancouver, BC V6C 3L2, (604) 659-8200; in Latin America, Raymond James Argentina S.A., San Martin 344, 22nd Floor, Buenos Aires, C10004AAH, Argentina, +54 11 4850 2500; in Europe, Raymond James Euro Equities SAS (also trading as Raymond James International), 40, rue La Boetie, 75008, Paris, France, +33 1 45 64 0500, and Raymond James Financial International Ltd., Broadwalk House, 5 Appold Street, London, England EC2A 2AG, +44 203 798 5600.

This document is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident of or located in any locality, state, country, or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation. The securities discussed in this document may not be eligible for sale in some jurisdictions. This research is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. It does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Investors should consider this report as only a single factor in making their investment decision.

For clients in the United States: Any foreign securities discussed in this report are generally not eligible for sale in the U.S. unless they are listed on a U.S. exchange. This report is being provided to you for informational purposes only and does not represent a solicitation for the purchase or sale of a security in any state where such a solicitation would be illegal. Investing in securities of issuers organized outside of the U.S., including ADRs, may entail certain risks. The securities of non-U.S. issuers may not be registered with, nor be subject to the reporting requirements of, the U.S. Securities and Exchange Commission. There may be limited information available on such securities. Investors who have received this report may be prohibited in certain states or other jurisdictions from purchasing the securities mentioned in this report. Please ask your Financial Advisor for additional details and to determine if a particular security is eligible for purchase in your state.

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Analyst Information

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Ratings and Definitions

Raymond James & Associates (U.S.) definitions

Strong Buy (SB1) Expected to appreciate, produce a total return of at least 15%, and outperform the S&P 500 over the next six to 12 months. For higher yielding and more conservative equities, such as REITs and certain MLPs, a total return of at least 15% is expected to be realized over the next 12 months. Outperform (MO2) Expected to appreciate and outperform the S&P 500 over the next 12-18 months. For higher yielding and more conservative equities, such as REITs and certain MLPs, an Outperform rating is used for securities where we are comfortable with the relative safety of the dividend and expect a total return modestly exceeding the dividend yield over the next 12-18 months. Market Perform (MP3) Expected to perform generally in line with the S&P 500 over the next 12 months. Underperform (MU4) Expected to underperform the S&P 500 or its sector over the next six to 12 months and should be sold. Suspended (S) The rating and price target have been suspended temporarily. This action may be due to market events that made coverage impracticable, or to comply with applicable regulations or firm policies in certain circumstances, including when Raymond James may be providing investment banking services to the company. The previous rating and price target are no longer in effect for this security and should not be relied upon. Raymond James Ltd. (Canada) definitions

Strong Buy (SB1) The stock is expected to appreciate and produce a total return of at least 15% and outperform the S&P/TSX Composite Index over the next six months. Outperform (MO2) The stock is expected to appreciate and outperform the S&P/TSX Composite Index over the next twelve months. Market Perform (MP3) The stock is expected to perform generally in line with the S&P/TSX Composite Index over the next twelve months and is potentially a source of funds for more highly rated securities. Underperform (MU4) The stock is expected to underperform the S&P/TSX Composite Index or its sector over the next six to twelve months and should be sold. Raymond James Argentina S.A. rating definitions

Strong Buy (SB1) Expected to appreciate and produce a total return of at least 25.0% over the next twelve months. Outperform (MO2) Expected to appreciate and produce a total return of between 15.0% and 25.0% over the next twelve months. Market Perform (MP3) Expected to perform in line with the underlying country index. Underperform (MU4) Expected to underperform the underlying country index. Suspended (S) The rating and price target have been suspended temporarily. This action may be due to market events that made coverage impracticable, or to comply with applicable regulations or firm policies in certain circumstances, including when Raymond James may be providing investment banking services to the company. The previous rating and price target are no longer in effect for this security and should not be relied upon.

Raymond James Europe (Raymond James Euro Equities SAS & Raymond James Financial International Limited) rating definitions

Strong Buy (1) Expected to appreciate, produce a total return of at least 15%, and outperform the Stoxx 600 over the next 6 to 12 months. Outperform (2) Expected to appreciate and outperform the Stoxx 600 over the next 12 months. Market Perform (3) Expected to perform generally in line with the Stoxx 600 over the next 12 months. Underperform (4) Expected to underperform the Stoxx 600 or its sector over the next 6 to 12 months. Suspended (S) The rating and target price have been suspended temporarily. This action may be due to market events that made coverage impracticable, or to comply with applicable regulations or firm policies in certain circumstances, including when Raymond James may be providing investment banking services to the company. The previous rating and target price are no longer in effect for this security and should not be relied upon. In transacting in any security, investors should be aware that other securities in the Raymond James research coverage universe might carry a higher or lower rating. Investors should feel free to contact their Financial Advisor to discuss the merits of other available investments.

Rating Distributions

Coverage Universe Rating Distribution* Investment Banking Distribution

RJA RJL RJ Arg RJEE/RJFI RJA RJL RJ Arg RJEE/RJFI

Strong Buy and Outperform (Buy) 56% 69% 53% 50% 19% 44% 0% 0%

Market Perform (Hold) 39% 30% 47% 36% 7% 17% 0% 0%

Underperform (Sell) 5% 2% 0% 14% 4% 0% 0% 0%

* Columns may not add to 100% due to rounding.


Suitability Ratings (SR)

Medium Risk/Income (M/INC) Lower to average risk equities of companies with sound financials, consistent earnings, and dividend yields above that of the S&P 500. Many securities in this category are structured with a focus on providing a consistent dividend or return of capital.

Medium Risk/Growth (M/GRW) Lower to average risk equities of companies with sound financials, consistent earnings growth, the potential for long-term price appreciation, a potential dividend yield, and/or share repurchase program.

High Risk/Income (H/INC) Medium to higher risk equities of companies that are structured with a focus on providing a meaningful dividend but may face less predictable earnings (or losses), more leveraged balance sheets, rapidly changing market dynamics, financial and competitive issues, higher price volatility (beta), and potential risk of principal. Securities of companies in this category may have a less predictable income stream from dividends or distributions of capital.

High Risk/Growth (H/GRW) Medium to higher risk equities of companies in fast growing and competitive industries, with less predictable earnings (or losses), more leveraged balance sheets, rapidly changing market dynamics, financial or legal issues, higher price volatility (beta), and potential risk of principal.

High Risk/Speculation (H/SPEC) High risk equities of companies with a short or unprofitable operating history, limited or less predictable revenues, very high risk associated with success, significant financial or legal issues, or a substantial risk/loss of principal.

Risk Factors

General Risk Factors: Following are some general risk factors that pertain to the businesses of the subject companies and the projected target prices and recommendations included on Raymond James research: (1) Industry fundamentals with respect to customer demand or product / service pricing could change and adversely impact expected revenues and earnings; (2) Issues relating to major competitors or market shares or new product expectations could change investor attitudes toward the sector or this stock; (3) Unforeseen developments with respect to the management, financial condition or accounting policies or practices could alter the prospective valuation; or (4) External factors that affect the U.S. economy, interest rates, the U.S. dollar or major segments of the economy could alter investor confidence and investment prospects. International investments involve additional risks such as currency fluctuations, differing financial accounting standards, and possible political and economic instability.

Additional Risk and Disclosure information, as well as more information on the Raymond James rating system and suitability categories, is available at rjcapitalmarkets.com/Disclosures/index. Copies of research or Raymond James’ summary policies relating to research analyst independence can be obtained by contacting any Raymond James & Associates or Raymond James Financial Services office (please see raymondjames.com for office locations) or by calling 727-567-1000, toll free 800-237-5643 or sending a written request to the Equity Research Library, Raymond James & Associates, Inc., Tower 3, 6

th Floor,

880 Carillon Parkway, St. Petersburg, FL 33716.

For clients in the United Kingdom:

For clients of Raymond James & Associates (London Branch) and Raymond James Financial International Limited (RJFI): This document and any investment to which this document relates is intended for the sole use of the persons to whom it is addressed, being persons who are Eligible Counterparties or Professional Clients as described in the FCA rules or persons described in Articles 19(5) (Investment professionals) or 49(2) (High net worth companies, unincorporated associations etc) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) or any other person to whom this promotion may lawfully be directed. It is not intended to be distributed or passed on, directly or indirectly, to any other class of persons and may not be relied upon by such persons and is therefore not intended for private individuals or those who would be classified as Retail Clients.

For clients of Raymond James Investment Services, Ltd.: This report is for the use of professional investment advisers and managers and is not intended for use by clients.

For purposes of the Financial Conduct Authority requirements, this research report is classified as independent with respect to conflict of interest management. RJA, RJFI, and Raymond James Investment Services, Ltd. are authorised and regulated by the Financial Conduct Authority in the United Kingdom.

For clients in France:

This document and any investment to which this document relates is intended for the sole use of the persons to whom it is addressed, being persons who are Eligible Counterparties or Professional Clients as described in “Code Monétaire et Financier” and Règlement Général de l’Autorité des Marchés Financiers. It is not intended to be distributed or passed on, directly or indirectly, to any other class of persons and may not be relied upon by such persons and is therefore not intended for private individuals or those who would be classified as Retail Clients.

For clients of Raymond James Euro Equities: Raymond James Euro Equities is authorised and regulated by the Autorité de Contrôle Prudentiel et de Résolution and the Autorité des Marchés Financiers.

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This document (and any attachments or exhibits hereto) is intended only for EEA institutional clients or others to whom it may lawfully be submitted.

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This report is not prepared subject to Canadian disclosure requirements, unless a Canadian analyst has contributed to the content of the report. In the case where there is Canadian analyst contribution, the report meets all applicable IIROC disclosure requirements.

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This report is provided to clients of Raymond James only for your personal, noncommercial use. Except as expressly authorized by Raymond James, you may not copy, reproduce, transmit, sell, display, distribute, publish, broadcast, circulate, modify, disseminate or commercially exploit the information contained in this report, in printed, electronic or any other form, in any manner, without the prior express written consent of Raymond James. You also agree not to use the information provided in this report for any unlawful purpose. This is RJA client releasa ble resear ch

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