January 2016 - Raymond James Ltd. | LIFE WELL PLANNED · Raymond James Research Register - January...

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January 2016

2 Raymond James Research Register - January 2016

Contents Consumer Healthcare Real Estate

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

CAN .......................... 23

EUR .......................... 23

USA .......................... 46

USA .......................... 60

CAN .......................... 63

EUR .......................... 64

ARG .......................... 65

Energy Industrial Technology & Communications

USA .......................... 26

CAN .......................... 32

EUR .......................... 34

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

USA .......................... 52

CAN ......................... 53

EUR .......................... 55

USA .......................... 67

CAN .......................... 76

EUR .......................... 77

ARG .......................... 77

Financial Services Mining & Natural Resources Transportation

USA .......................... 36

CAN .......................... 44

ARG .......................... 44

CAN ......................... 56

ARG ......................... 59

USA .......................... 78

CAN .......................... 80

EUR .......................... 81

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 .......................... 82

Canada ..................... 85

Europe ..................... 86

Argentina ................. 87

Raymond James Research Register - January 2016 3

Analyst Index

J. Marshall Adkins (JMA) .......................... 26,52

Brian G. Alexander, CFA (BGA) ...................... 67

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

Robert P. Anastasi, CFA (RPA) ....................... 67

Ken Avalos (KA) ............................................. 63

Michael J. Baker (MJB) .................................. 46

Frederic Bastien, CFA (FB) ........................ 53,63

Jayson Bedford (JB) ....................................... 46

Reni Benjamin, Ph.D. (RB) ............................. 46

Stephane Beyazian (SB)................................ 77

Andrew Bradford, CFA (AB) .......................... 32

Harry Breach (HB) ........................................ 55

Patrick Tyler Brown, CFA (TB) .................. 52,78

Benjamin Brownlow (BBL) ....................... 19,26

Budd Bugatch, CFA (BB) ........................... 19,52

Daniel E. Cardenas (DC) ................................ 36

Ben Cherniavsky (BC) ............................... 53,80

Chris Cox, CFA (CC) ........................................ 32

William A. Crow (WAC) ............................ 60,67

Sam Darkatsh (SD) ................................... 19,52

Hermine de Bentzmann (HB) ........................ 23

Robert Dodd, Ph.D. (RD) ............................... 36

John Freeman, CFA (JF) ................................. 26

Brian Gesuale (BG) ........................................ 67

Steve Hansen, CMA, CFA (SH) ........ 32,53,56,80

Arthur W. Hatfield, CFA (AH) ........................ 78

Buck Horne, CFA (BH) ................................... 60

Darren Horowitz (DH) ................................... 26

Joseph D. Hovorka (JDH) ............................... 19

Jonathan Hughes, CFA (JH) ............................ 60

Nicholas Jansen (NJ) ...................................... 46

Justin Jenkins (JJ) ........................................... 26

Wayne Johnson (WJ) ..................................... 67

Aaron Kessler, CFA (AK)................................. 67

Lawrence Keusch (LK).................................... 46

Patrick Lambert (PL) ...................................... 55

Cedric Lecasble (CL) ...................................... 23

Simon Leopold (SL) ........................................ 67

Steven Li, CFA (SLi) .............................. 32,67,76

David J. Long, CFA (DJL) ................................. 36

Frank G. Louthan IV (FGL) ............................. 67

Tavis C. McCourt, CFA (TMC)......................... 67

Jeremy McCrea, CFA (JM) ............................. 32

Collin Mings, CFA (CM) .................................. 60

Pavel Molchanov (PM) .................................. 26

Kurt Molnar (KM) .......................................... 32

Hans Mosesmann (HM)................................. 67

Praveen Narra, CFA (PN) ............................... 26

Patrick O'Shaughnessy, CFA (PO) .................. 36

Michael Overvelde, CFA, CPA, CA (MO) ........ 44

Justin Patterson, CFA (JP) .............................. 67

C. Gregory Peters (CGP) ................................ 36

Brian Peterson, CFA (BP) ............................... 67

Theoni Pilarinos, CFA (TP) ................... 32,53,80

Ric Prentiss (RP) ............................................ 67

Paul D. Puryear (PDP) .................................... 60

David Quezada, CFA (DQ) .............................. 53

Chris Quilty (CQ) ............................................ 67

John W. Ransom (JWR).................................. 46

Christopher Raymond (CR) ............................ 46

Emmanuel Retif (ER) ................................ 34,55

Federico Rey Marino (FRM) ....... 34,44,59,65,77

Julien Richer, CFA (JR) ......................... 23,64,81

Johann Rodrigues (JR) ................................... 63

Michael Rose (MR) ........................................ 36

Phil Russo (PR) ............................................... 56

David Sadowski (DSa) .................................... 56

Steven D. Schwartz, CFA (SDS) ...................... 36

J. Steven Smigie (JSS) ..................................... 67

Kevin Smith (KS) ............................................ 26

Fernando Suarez (FS) ................. 34,44,59,65,77

Daryl Swetlishoff, CFA (DS) ....................... 53,56

Savanthi Syth, CFA (SS) .................................. 78

Alex Terentiew, MBA, P.Geo (AT) .................. 56

Chris Thompson, M.Sc. (Eng), P.Geo (CT) ...... 56

Terry Tillman (TT) .......................................... 67

Michael Turits, Ph.D. (MT) ............................. 67

Kenric S. Tyghe, MBA (KT) ............................. 23

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

William J. Wallace IV (WW) ........................... 36

Santiago Wesenack, CFA (SW) .................. 34,59

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

Elliot Wilbur, CFA (EW) .................................. 46

Donald A. Worthington (DAW) ...................... 36


Upcoming Events

Institutional Investors Conference (USA) March 6-9, 2016; Orlando, Florida

Research Coverage Changes

Additions Deletions

USA

American Farmland Company (AFCO:N)

Carolina Financial Corporation (CARO:Q)

CNO Financial Group (CNO:N)

Communications Sales & Leasing, Inc. (CSAL:Q)

CSRA Inc. (CSRA:N)

Duluth Holdings Inc. (DLTH:Q)

Infinera Corporation (INFN:Q)

Instructure, Inc. (INST:N)

Spectrum Brands Holdings, Inc. (SPB:N)

WashingtonFirst Bankshares, Inc. (WFBI:Q)

CAN

Bellatrix Exploration Ltd. (BXE:T)

Bonavista Energy Corporation (BNP:T)

Bonterra Energy Corp. (BNE:T)

Enerplus Corporation (ERF:T)

Freehold Royalties Ltd. (FRU:T)

Painted Pony Petroleum Ltd. (PPY:T)

Penn West Petroleum Ltd. (PWT:T)

PrairieSky Royalty Ltd. (PSK:T)

Yangarra Resources Ltd. (YGR:T)

EUR

Air Liquide (AIRP.PA:EPA)

Autogrill (AGL.BIT:BIT)

Elior (ELIOR.PA:EPA)

USA

Altera Corporation (ALTR:Q)

HomeAway, Inc. (AWAY:Q)

Premiere Global Services Inc. (PGI:N)

Steiner Leisure Limited (STNR:Q)

Strategic Hotels & Resorts (BEE:N)

CAN

Amica Mature Lifestyles Inc. (ACC:T)

Legumex Walker Inc. (LWP:T)

Changes

America Movil, S.A.B. de C.V. (AMX:N) not adjusted for spinoff of Telesites

Computer Sciences Corporation (CSC:N) adjusted for spinoff of CSRA Inc. (CSRA:N)

Ctrip.com International, Ltd. (CTRP:Q) adjusted for 2:1 split

Senior Housing Properties Trust (SNH:N) not adjusted for spinoff of RMR Group 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

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

PRG --- Prague Stock Exchange

Q --- NASDAQ

STO --- Stockholm Stock 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

SEK --- Swedish krona

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) 37 8point3 Energy Partners L.P. (CAFD:Q) 31 AAC Holdings, Inc. (AAC:N) 46 Aaron's Inc. (AAN:N) 21 Abaxis, Inc. (ABAX:Q) 46 Abbott Laboratories (ABT:N) 49 Abiomed Inc. (ABMD:Q) 49 Acadia Healthcare Co. (ACHC:Q) 46 Acadian Timber Corp. (ADN:T) 57 Accenture plc (ACN:N) 73 Access National Corporation (ANCX:Q) 37 AccorHotels (ACCP.PA:EPA) 64 ACE Limited (ACE:N) 42 ACI Worldwide, Inc. (ACIW:Q) 75 Acorda Therapeutics, Inc. (ACOR:Q) 47 Adecoagro SA (AGRO:N) 59 Adidas (ADSGn.DE:ETR) 24 ADMA Biologics, Inc. (ADMA:Q) 47 ADP (ADP.PA:EPA) 55 The ADT Corporation (ADT:N) 73 ADTRAN, Inc. (ADTN:Q) 69 Advance Auto Parts, Inc. (AAP:N) 19 Advanced Energy Industries, Inc. (AEIS:Q) 31 Advanced Micro Devices (AMD:Q) 74 The Advisory Board Company (ABCO:Q) 48 Aecon Group (ARE:T) 53 AeroVironment Inc. (AVAV:Q) 73 Aetna (AET:N) 46 Aflac, Inc. (AFL:N) 42 Agnico Eagle Mines (AEM:N) 58 Agree Realty Corporation (ADC:N) 61 Agrium Inc. (AGU:N) 56 AGT Food and Ingredients Inc. (AGT:T) 56 Ahold (AHLN.AS:AMS) 24 AIMIA (AIM:T) 23 Air Canada (AC:T) 80 Air France-KLM (AIRF.PA:EPA) 81 Air Liquide (AIRP.PA:EPA) 55 Airbus Group (AIR.PA:EPA) 55 Airgas, Inc. (ARG:N) 52 Akamai Technologies, Inc. (AKAM:Q) 71 Akorn, Inc. (AKRX:Q) 50 Alacer Gold Corp (ASR:T) 58 Alamos Gold Inc. (AGI:N) 58 Alaris Royalty Corp. (AD:T) 53 Alarm.com Holdings (ALRM:Q) 70 Alaska Air Group (ALK:N) 78 Alcatel-Lucent (ALU:N) 69 Alcentra Capital Corporation (ABDC:Q) 43 Alere, Inc. (ALR:N) 47 Alexion Pharmaceuticals Inc. (ALXN:Q) 47 Alibaba Group Holding Ltd. (BABA:N) 71 Allegiant Travel Co. (ALGT:Q) 79 Allergan plc (AGN:N) 50 Alliance Data Systems Corp. (ADS:N) 75 Allied Properties REIT (AP.UN:T) 63 Allscripts Healthcare Solutions Inc. (MDRX:Q) 48 Allstate Corporation (ALL:N) 42 Alphabet, Inc. (GOOG:Q) 72 AltaGas Ltd. (ALA:T) 32 Alterra Power Corp. (AXY:T) 32 Altius Minerals Corp. (ALS:T) 57

AMAG Pharmaceuticals, Inc. (AMAG:Q) 47 Amazon.com Inc. (AMZN:Q) 71 Amber Road, Inc. (AMBR:N) 68 Amedisys (AMED:Q) 46 America Movil, S.A.B. de C.V. (AMX:N) 74 American Airlines Group, Inc. (AAL:Q) 78 American Equity Investment Life Holding Company (AEL:N) 42 American Farmland Company (AFCO:N) 61 American Financial Group, Inc. (AFG:N) 42 American Homes 4 Rent (AMH:N) 62 American National Bankshares, Inc. (AMNB:Q) 37 American Railcar Industries, Inc. (ARII:Q) 79 American Residential Properties, Inc. (ARPI:N) 62 American River Bankshares (AMRB:Q) 37 American Tower (AMT:N) 74 AmeriGas Partners L.P. (APU:N) 29 AmerisourceBergen Corp. (ABC:N) 48 Amgen, Inc. (AMGN:Q) 47 Amphastar Pharmaceuticals, Inc. (AMPH:Q) 50 AmSurg Corporation (AMSG:Q) 46 Anadarko Petroleum Corp. (APC:N) 26 Analog Devices, Inc. (ADI:Q) 67 Angie's List, Inc. (ANGI:Q) 72 AngioDynamics (ANGO:Q) 49 Antero Midstream Partners L.P. (AM:N) 29 Antero Resources Corporation (AR:N) 26 Anthem (ANTM:N) 46 Aon plc (AON:N) 41 Apache Corporation (APA:N) 26 Apartment Investment and Management Company (AIV:N) 62 Apollo Investment Corp. (AINV:Q) 43 Apple Inc. (AAPL:Q) 70 Applied Micro Circuits Corporation (AMCC:Q) 74 Applied Optoelectronics, Inc. (AAOI:Q) 69 ARC Resources Ltd. (ARX:T) 32 ArcBest Corp. (ARCB:Q) 80 Archrock Partners L.P. (APLP:Q) 30 Arctic Cat, Inc. (ACAT:Q) 19 Ares Capital Corp. (ARCC:Q) 43 Argo Group International Holdings, Ltd. (AGII:Q) 42 Arista Networks (ANET:N) 69 ARM Holdings plc (ARMH:Q) 74 Armada Hoffler Properties (AHH:N) 62 ARRIS Group Inc. (ARRS:Q) 69 Arrow Electronics, Inc. (ARW:N) 72 Arthur J. Gallagher & Co. (AJG:N) 41 Artis REIT (AX.UN:T) 63 Asanko Gold Inc. (AKG:T) 58 Associated Banc-Corp (ASB:M) 37 Assurant, Inc. (AIZ:N) 42 AT&T Inc. (T:N) 75 ATAC Resources Ltd. (ATC:V) 58 Athabasca Oil Corp. (ATH:T) 32 athenahealth Inc. (ATHN:Q) 48 Atlantic Capital Bancshares, Inc. (ACBI:Q) 37 Atlantic Tele-Network, Inc. (ATNI:Q) 74 Atmel Corporation (ATML:Q) 74 Atwood Oceanics (ATW:N) 30 Autogrill (AGL.BIT:BIT) 24 AutoZone, Inc. (AZO:N) 19 Avago Technologies Ltd. (AVGO:Q) 67 Avigilon Corporation (AVO:T) 76

Company Index


Avnet, Inc. (AVT:N) 72 B2Gold Corp. (BTO:T) 58 BAE Systems (BAES.L:L) 55 Baker Hughes, Inc. (BHI:N) 30 Banc of California, Inc. (BANC:N) 37 BancFirst Corporation (BANF:Q) 37 Banco Macro S.A. (BMA:N) 44 The Bancorp, Inc. (TBBK:Q) 37 BancorpSouth, Inc. (BXS:N) 37 Bank of America Corporation (BAC:N) 37 Bank of Commerce Holdings (BOCH:Q) 37 Bank of Marin Bancorp (BMRC:Q) 37 Bank of New York Mellon Corp (BK:N) 37 Bank of the Ozarks Inc. (OZRK:Q) 37 Banner Corporation (BANR:Q) 37 Barrick Gold Corporation (ABX:N) 58 Basic Energy Services, Inc. (BAS:N) 31 Baxter International Inc. (BAX:N) 48 Baylin Technologies Inc. (BYL:T) 76 Baytex Energy Corp. (BTE:T) 32 BB&T Corporation (BBT:N) 37 BBCN Bancorp, Inc. (BBCN:Q) 37 BBVA Banco Frances (BFR:N) 44 Beacon Roofing Supply, Inc. (BECN:Q) 52 Bear Creek Mining Corp. (BCM:V) 58 Becton, Dickinson and Company (BDX:N) 48 Bed Bath & Beyond (BBBY:Q) 21 Beiersdorf (BEIG.DE:ETR) 24 Bellatrix Exploration Ltd. (BXE:T) 32 Benefitfocus, Inc. (BNFT:Q) 68 Best Buy Company, Incorporated (BBY:N) 20 BGC Partners, Inc. (BGCP:Q) 41 BIC (BB.FP:EPA) 24 Big Lots Inc. (BIG:N) 20 Biogen Inc. (BIIB:Q) 47 BioMarin Pharmaceutical Inc. (BMRN:Q) 47 BioMed Realty Trust Inc. (BMR:N) 62 Birchcliff Energy Ltd. (BIR:T) 32 Bird Construction Inc. (BDT:T) 53 Black Diamond Group Limited (BDI:T) 33 Black Stone Minerals L.P. (BSM:N) 26 BlackBerry (BBRY:Q) 76 Blackhawk Network Holdings, Inc. (HAWK:Q) 75 Bloomin' Brands, Inc. (BLMN:Q) 22 Blue Capital Reinsurance Holdings Ltd. (BCRH:N) 42 BNC Bancorp (BNCN:Q) 37 Boardwalk Pipeline Partners L.P. (BWP:N) 29 Boardwalk REIT (BEI.UN:T) 64 BofI Holding, Inc. (BOFI:Q) 37 BOK Financial Corp. (BOKF:Q) 37 Bombardier Inc. (BBD.B:T) 53 Bonanza Creek Energy, Inc. (BCEI:N) 26 Bonavista Energy Corporation (BNP:T) 32 Bonterra Energy Corp. (BNE:T) 32 Booz Allen Hamilton Holding Corp. (BAH:N) 73 Boston Scientific Corp. (BSX:N) 49 Bottomline Technologies (EPAY:Q) 75 Boulder Energy Ltd. (BXO:T) 33 Bouygues (BOUY.PA:EPA) 77 Box, Inc. (BOX:N) 68 Boyd Group Income Fund (BYD.UN:T) 54 BP plc (BP:N) 28

Brandywine Realty Trust (BDN:N) 62 Briggs & Stratton (BGG:N) 20 Brightcove Inc. (BCOV:Q) 68 Brinker International (EAT:N) 22 Broadcom Corporation (BRCM:Q) 74 Broadridge Financial Solutions, Inc. (BR:N) 41 BroadSoft, Inc. (BSFT:Q) 69 Brookfield Canada Office Properties (BOX.UN:T) 63 Brookfield Infrastructure Partners L.P. (BIP:N) 53 Brookfield Renewable Energy Partners L.P. (BEP:N) 53 Brown & Brown, Inc. (BRO:N) 41 Brunswick Corp. (BC:N) 19 BT (BT.L:L) 77 Buffalo Wild Wings, Inc. (BWLD:Q) 22 C.H. Robinson Worldwide (CHRW:Q) 79 C.R. Bard, Inc. (BCR:N) 48 C1 Financial, Inc. (BNK:N) 37 CA Technologies (CA:Q) 71 Cabela’s Inc. (CAB:N) 20 Cablevision Systems Corp. (CVC:N) 75 Cabot Oil & Gas Corp. (COG:N) 26 CACI International Inc. (CACI:N) 73 CAE Inc. (CAE:T) 53 CafePress Inc. (PRSS:Q) 71 CalAtlantic Group Inc. (CAA:N) 60 Calfrac Well Services (CFW:T) 33 California Resources Corporation (CRC:N) 26 Calix, Inc. (CALX:N) 69 Callaway Golf Co. (ELY:N) 20 Calumet Specialty Products Partners L.P. (CLMT:Q) 29 Cameco Corp. (CCO:T) 59 Cameron International Corp. (CAM:N) 30 Campari (CPR.MI:BIT) 23 Campus Crest Communities, Inc. (CCG:N) 62 Canadian Apartment Properties REIT (CAR.UN:T) 64 Canadian National Railway (CNR:T) 80 Canadian Natural Resources Ltd (CNQ:T) 33 Canadian Oil Sands Limited (COS:T) 33 Canadian Pacific Railway (CP:T) 80 Canadian Tire Corporation (CTC.A:T) 23 Canam Group (CAM:T) 54 Canexus Corporation (CUS:T) 53 Canfor Corp. (CFP:T) 57 Canfor Pulp Products Inc. (CFX:T) 57 CanWel Building Materials Group Ltd. (CWX:T) 80 Canyon Services Group Inc. (FRC:T) 33 Capital Product Partners L.P. (CPLP:Q) 29 Capital Senior Living Corp. (CSU:N) 46 Capstone Mining Corp. (CS:T) 57 Cara Operations Limited (CAO:T) 23 Cardinal Financial Corporation (CFNL:Q) 37 Cardinal Health Inc. (CAH:N) 48 CareDx, Inc. (CDNA:Q) 47 CareTrust REIT, Inc (CTRE:Q) 61 Carmike Cinemas, Inc. (CKEC:Q) 19 Carnival Corp. (CCL:N) 19 Carolina Financial Corporation (CARO:Q) 37 Carrefour (CARR.PA:EPA) 24 Carriage Services, Inc. (CSV:N) 47 Carrols Restaurant Group, Inc. (TAST:Q) 22 Casella Waste Systems, Inc. (CWST:Q) 52 Casey's General Stores, Inc. (CASY:Q) 20

Company Index


Casino (CASP.PA:EPA) 24 Castlight Health, Inc. (CSLT:N) 68 Catalent, Inc. (CTLT:N) 49 CatchMark Timber Trust, Inc. (CTT:N) 63 Caterpillar Inc. (CAT:N) 54 Cavium Inc. (CAVM:Q) 74 CBL & Associates Properties, Inc. (CBL:N) 61 CBOE Holdings, Inc. (CBOE:Q) 41 CDW Corporation (CDW:Q) 72 Cedar Realty Trust, Inc. (CDR:N) 62 Celadon Group, Inc. (CGI:N) 80 Celgene Corporation (CELG:Q) 47 Cenovus Energy (CVE:T) 33 Centene (CNC:N) 46 CenterState Banks, Inc. (CSFL:Q) 37 Central Pacific Financial Corp. (CPF:N) 37 Centrica (CNA.L:L) 34 CenturyLink (CTL:N) 75 Cepheid (CPHD:Q) 47 Cerner Corporation (CERN:Q) 48 Cervus Equipment Corp. (CVL:T) 54 CEZ (CEZsp.PR:PRG) 34 CGI Group (GIB.A:T) 76 ChannelAdvisor Corporation (ECOM:N) 68 Charles River Laboratories (CRL:N) 49 The Charles Schwab Corporation (SCHW:N) 41 Chart Industries, Inc. (GTLS:Q) 31 Charter Communications, Inc. (CHTR:Q) 75 Check Point Software Technologies (CHKP:Q) 71 Cheesecake Factory Inc. (CAKE:Q) 22 Chegg, Inc. (CHGG:N) 71 Chemtrade Logistics Income Fund (CHE.UN:T) 53 Cheniere Energy Partners L.P. (CQP:M) 29 Cheniere Energy, Inc. (LNG:M) 29 Chesapeake Energy Corp. (CHK:N) 26 Chesapeake Granite Wash Trust (CHKR:N) 26 Chevron Corp. (CVX:N) 28 Chinook Energy Inc. (CKE:T) 33 Chipotle Mexican Grill, Inc. (CMG:N) 22 Choice Properties REIT (CHP.UN:T) 64 Christian Dior (DIOR.PA:EPA) 24 Chubb Corporation (CB:N) 42 Church & Dwight Co., Inc. (CHD:N) 21 Chuy's Holdings, Inc. (CHUY:Q) 22 Ciena Corporation (CIEN:N) 69 CIGNA Corporation (CI:N) 46 Cimarex Energy Co. (XEC:N) 26 Cincinnati Bell Inc. (CBB:N) 75 Cinemark Holdings, Inc. (CNK:N) 19 Cineplex Inc. (CGX:T) 23 Cisco Systems (CSCO:Q) 69 Citrix Systems Inc. (CTXS:Q) 71 Civitas Solutions, Inc. (CIVI:N) 46 Clayton Williams Energy, Inc. (CWEI:N) 26 Clean Energy Fuels Corp. (CLNE:Q) 31 Clean Harbors (CLH:N) 52 The Clorox Company (CLX:N) 21 CM Finance Inc. (CMFN:Q) 43 CME Group Inc. (CME:Q) 41 CNO Financial Group (CNO:N) 42 Cobham (COB.L:L) 55 Coeur Mining Inc. (CDE:N) 58

Cogent Communications Holdings Inc. (CCOI:Q) 75 Colgate-Palmolive Company (CL:N) 21 Colliers International Group Inc. (CIGI:Q) 63 Colruyt (COLR.BR:EBR) 24 Columbia Banking System, Inc. (COLB:Q) 37 Comcast Corp. (CMCSA:Q) 75 Comerica Inc. (CMA:N) 37 Commerce Bancshares, Inc. (CBSH:Q) 37 CommScope Holding Company, Inc. (COMM:Q) 69 Communications Sales & Leasing, Inc. (CSAL:Q) 75 Community Bank System, Inc. (CBU:N) 37 Community Health Systems, Inc. (CYH:N) 49 Community Trust Bancorp, Inc. (CTBI:Q) 37 CommVault Systems Inc. (CVLT:Q) 71 Compass Diversified Holdings (CODI:N) 43 Compass Group (CPG.L:L) 24 Computer Programs and Systems, Inc. (CPSI:Q) 48 Computer Sciences Corporation (CSC:N) 73 Comtech Telecommunications Corp. (CMTL:Q) 73 Concho Resources Inc. (CXO:N) 26 Conifer Holdings, Inc. (CNFR:Q) 42 Conifex Timber Inc. (CFF:T) 57 ConnectOne Bancorp, Inc. (CNOB:Q) 37 Connecture Inc. (CNXR:Q) 48 ConocoPhillips (COP:N) 26 CONSOL Energy Inc. (CNX:N) 26 Consolidated Communications Holdings (CNSL:Q) 75 Constant Contact, Inc. (CTCT:Q) 68 Continental Resources Inc. (CLR:N) 26 Control4 Corporation (CTRL:Q) 70 The Cooper Companies, Inc. (COO:N) 48 Copa Holdings, S.A. (CPA:N) 78 Copper Mountain Mining (CUM:T) 57 Core-Mark Holding Company, Inc. (CORE:Q) 20 Corporate Office Properties Trust (OFC:N) 62 Costco Wholesale Corporation (COST:Q) 21 Covanta Holding Corp. (CVA:N) 52 CPI Card Group Inc. (PMTS:Q) 75 Crawford & Company (CRD.B:N) 41 Credit Acceptance Corp. (CACC:Q) 43 CREIT (REF.UN:T) 63 Crescent Point Energy (CPG:T) 32 Crestwood Equity Partners L.P. (CEQP:N) 29 Cresud SACIFYA (CRESY:Q) 59 Crew Energy Inc. (CR:T) 32 Criteo S.A. (CRTO:Q) 71 Crombie REIT (CRR.UN:T) 64 CrossAmerica Partners L.P. (CAPL:N) 29 Crown Castle International (CCI:N) 74 CSI Compressco Partners L.P. (CCLP:Q) 30 CSRA Inc. (CSRA:N) 73 CST Brands, Inc. (CST:N) 20 CSX Corp. (CSX:Q) 79 CT Real Estate Investment Trust (CRT.UN:T) 64 Ctrip.com International, Ltd. (CTRP:Q) 72 CU Bancorp (CUNB:Q) 37 CubeSmart (CUBE:N) 62 Cubic Corporation (CUB:N) 73 Culp, Inc. (CFI:N) 19 CVB Financial Corp. (CVBF:Q) 37 CVS Health (CVS:N) 48 Cypress Energy Partners L.P. (CELP:N) 31

Company Index


CyrusOne Inc. (CONE:Q) 75 D.R. Horton, Inc. (DHI:N) 60 Darden Restaurants (DRI:N) 22 Dave & Buster’s Entertainment, Inc. (PLAY:Q) 22 DaVita HealthCare Partners Inc. (DVA:N) 46 Dawson Geophysical Company (DWSN:Q) 31 Del Frisco’s Restaurant Group, Inc. (DFRG:Q) 22 Delek Logistics Partners L.P. (DKL:N) 29 Delek US Holdings, Inc. (DK:N) 28 Delhaize (DELB.BR:EBR) 24 Delphi Energy Corp. (DEE:T) 33 Delta Air Lines, Inc. (DAL:N) 78 Demandware (DWRE:N) 68 Denbury Resources Inc. (DNR:N) 26 Denison Mines Corp. (DML:T) 59 The Descartes Systems Group Inc. (DSGX:Q) 76 Detour Gold Corp. (DGC:T) 58 Deutsche Telekom (DTE.DE:ETR) 77 Devon Energy Corporation (DVN:N) 26 DexCom Inc. (DXCM:Q) 49 DH Corporation (DH:T) 75 Dia (DIDA.MC:MAD) 24 Diageo (DGE.L:L) 23 Diamond Offshore (DO:N) 30 Diamondback Energy, Inc. (FANG:Q) 26 DiamondRock Hospitality Company (DRH:N) 61 Dick`s Sporting Goods Inc. (DKS:N) 20 Digi International Inc. (DGII:Q) 70 Digital Realty Trust, Inc. (DLR:N) 62 DigitalGlobe, Inc. (DGI:N) 73 DineEquity, Inc. (DIN:N) 22 Diodes Incorporated (DIOD:Q) 67 Dipexium Pharmaceuticals, Inc. (DPRX:Q) 50 Diplomat Pharmacy, Inc. (DPLO:N) 49 DIRTT Environmental Solutions Ltd. (DRT:T) 54 DISH Network Corp. (DISH:Q) 74 The Dixie Group (DXYN:Q) 20 Dollar General Corp. (DG:N) 20 Dollar Tree, Inc. (DLTR:Q) 20 Dollarama (DOL:T) 23 Domtar (UFS:N) 57 Douglas Emmett (DEI:N) 62 DragonWave (DRWI:Q) 76 Duluth Holdings Inc. (DLTH:Q) 20 DuPont Fabros Technology Inc. (DFT:N) 62 E*TRADE FINANCIAL Corporation (ETFC:Q) 41 E.On (EONGn.DE:ETR) 34 East West Bancorp, Inc. (EWBC:Q) 38 Easterly Government Properties, Inc. (DEA:N) 62 Eastern Platinum Ltd. (ELR:T) 57 Eastern Virginia Bankshares, Inc. (EVBS:Q) 38 EastGroup Properties, Inc. (EGP:N) 62 easyJet plc (EZJ.L:L) 81 eBay Inc. (EBAY:Q) 71 ECA Marcellus Trust I (ECT:N) 26 EchoStar Corporation (SATS:Q) 73 Ecopetrol S.A. (EC:N) 28 Edenor (EDN:N) 34 Edenred (EDEN.PA:EPA) 24 EDF (EDF.PA:EPA) 34 Eiffage (FOUG.PA:EPA) 55 Eldorado Gold Corp. (EGO:N) 58

Element Financial Corporation (EFN:T) 44 Elior (ELIOR.PA:EPA) 24 Elizabeth Arden Inc. (RDEN:Q) 21 EMC Corporation (EMC:N) 72 Empire Company Limited (EMP.A:T) 23 Encore Capital Group Inc. (ECPG:Q) 43 Endeavour Mining Corp. (EDV:T) 58 Endeavour Silver Corp. (EDR:T) 58 Endo International plc (ENDP:Q) 50 Enel (ENEI.MI:BIT) 34 Enerflex Ltd. (EFX:T) 33 Energen Corp. (EGN:N) 26 Energy Transfer Equity L.P. (ETE:N) 29 Energy Transfer Partners L.P. (ETP:N) 29 EnerNOC, Inc. (ENOC:Q) 31 Enerplus Corporation (ERF:T) 32 Engie (GSZ.PA:EPA) 34 EnLink Midstream LLC (ENLC:N) 29 EnLink Midstream Partners L.P. (ENLK:N) 29 Enphase Energy, Inc. (ENPH:Q) 31 Ensco plc (ESV:N) 30 Ensign Energy Services Inc. (ESI:T) 33 Enterprise Products Partners L.P. (EPD:N) 29 Envestnet, Inc. (ENV:N) 41 Enviva Partners L.P. (EVA:N) 31 EOG Resources, Inc. (EOG:N) 26 Equinix (EQIX:Q) 75 Equity One, Inc. (EQY:N) 62 Equity Residential (EQR:N) 62 Ericsson (ERIC:Q) 69 Essential Energy Services Ltd. (ESN:T) 33 Essex Property Trust, Inc. (ESS:N) 62 Essilor (ESSI.PA:EPA) 23 Estee Lauder Companies (EL:N) 21 Ethan Allen Interiors (ETH:N) 19 EV Energy Partners L.P. (EVEP:Q) 26 EverBank Financial Corp (EVER:N) 38 Evertz Technologies Ltd. (ET:T) 76 Exchange Income Corp (EIF:T) 53 Expedia, Inc. (EXPE:Q) 72 Expeditors International of Washington, Inc. (EXPD:Q) 79 Express Scripts (ESRX:Q) 46 Extra Space Storage (EXR:N) 62 Extreme Networks, Inc. (EXTR:Q) 69 Exxon Mobil Corp. (XOM:N) 28 F5 Networks, Inc. (FFIV:Q) 69 Facebook, Inc. (FB:Q) 72 FactSet Research Systems Inc. (FDS:N) 41 Fairchild Semiconductor International (FCS:Q) 67 Farmers Capital Bank Corp. (FFKT:Q) 38 Fastenal Company (FAST:Q) 52 Fate Therapeutics, Inc. (FATE:Q) 47 FBL Financial Group (FFG:N) 42 Federal Realty Investment Trust (FRT:N) 62 Federated National Holding Company (FNHC:Q) 42 FedEx Corporation (FDX:N) 79 Ferrellgas Partners L.P. (FGP:N) 29 Ferrovial (FER.MC:MAD) 55 Fidelity National Information Services (FIS:N) 75 Fidus Investment Corporation (FDUS:Q) 43 Fiesta Restaurant Group, Inc. (FRGI:Q) 22 Fifth Street Finance Corp. (FSC:Q) 43

Company Index


Fifth Third Bancorp (FITB:Q) 38 Financial Engines, Inc. (FNGN:Q) 41 Finisar Corporation (FNSR:Q) 69 Finning International (FTT:T) 54 FireEye Inc. (FEYE:Q) 71 First Bancorp (FBNC:Q) 38 First Busey Corporation (BUSE:Q) 38 First Business Financial Services, Inc. (FBIZ:Q) 38 First Capital Realty (FCR:T) 64 First Community Corporation (FCCO:Q) 38 First Defiance Financial Corp. (FDEF:Q) 38 First Financial Bancorp (FFBC:Q) 38 First Financial Corporation (THFF:Q) 38 First Foundation Inc. (FFWM:Q) 38 First Horizon National Corporation (FHN:N) 38 First Industrial Realty Trust, Inc. (FR:N) 62 First Majestic Silver (FR:T) 58 First Midwest Bancorp, Inc. (FMBI:Q) 38 The First of Long Island Corporation (FLIC:Q) 38 First Potomac Realty Trust (FPO:N) 62 First Quantum Minerals Ltd. (FM:T) 57 First Republic Bank (FRC:N) 38 First Solar, Inc. (FSLR:Q) 31 FirstMerit Corp. (FMER:Q) 38 FirstService Corporation (FSV:Q) 63 Fission Uranium Corp. (FCU:T) 59 FitBit, Inc. (FIT:N) 70 FleetCor Technologies (FLT:N) 75 Flex (FLEX:Q) 70 FLIR Systems (FLIR:Q) 73 FMC Technologies, Inc. (FTI:N) 30 Fnac (FNAC.PA:EPA) 24 Fortinet Inc. (FTNT:Q) 71 Fortress Paper (FTP:T) 57 Fortress Transportation & Infrastructure Investors LLC (FTAI:N) 79 Fortum (FUM1V.HE:HEL) 34 Fortuna Silver Mines Inc. (FVI:T) 58 Forward Air Corporation (FWRD:Q) 79 Franco-Nevada Corp. (FNV:N) 58 Fraport (FRAG.DE:ETR) 55 Freehold Royalties Ltd. (FRU:T) 32 Frontier Communications Corp. (FTR:Q) 75 Fulton Financial (FULT:Q) 38 GAIN Capital Holdings, Inc. (GCAP:N) 41 Galena Biopharma Inc. (GALE:Q) 47 Garmin Ltd. (GRMN:Q) 70 GATX Corporation (GMT:N) 79 Genesee & Wyoming Inc. (GWR:N) 79 Genesis Energy L.P. (GEL:N) 29 GenMark Diagnostics, Inc. (GNMK:Q) 47 Genomic Health (GHDX:Q) 47 Genworth Financial (GNW:N) 42 GeoPark Limited (GPRK:N) 34 German American Bancorp, Inc. (GABC:Q) 38 Gibson Energy Inc. (GEI:T) 32 Gigamon Inc. (GIMO:N) 69 Gildan Activewear (GIL:N) 23 GKN (GKN.L:L) 55 Glacier Bancorp, Inc. (GBCI:Q) 38 Glacier Media Inc. (GVC:T) 23 Global Partners L.P. (GLP:N) 29 Global Payments Inc. (GPN:N) 75

goeasy Ltd. (GSY:T) 44 GOL Linhas Aereas Inteligentes S.A. (GOL:N) 79 Golar LNG Partners L.P. (GMLP:Q) 29 Goldcorp Inc. (GG:N) 58 Goldman Sachs BDC, Inc. (GSBD:N) 43 Golub Capital BDC, Inc. (GBDC:Q) 43 GoPro, Inc. (GPRO:Q) 70 Granite Oil Corp. (GXO:T) 33 Great Canadian Gaming (GC:T) 23 Green Plains Partners L.P. (GPP:Q) 31 The Greenbrier Companies, Inc. (GBX:N) 79 Grenville Strategic Royalty Corp. (GRC:V) 53 Groupon, Inc. (GRPN:Q) 71 GrubHub Inc. (GRUB:N) 71 Grupo Clarin S.A. (GCLA:BA) 77 Grupo Financiero Galicia (GGAL:Q) 44 Guaranty Federal Bancshares Inc. (GFED:Q) 38 Guyana Goldfields Inc. (GUY:T) 58 H&M (HMb.ST:STO) 24 H&R REIT (HR.UN:T) 63 The Habit Restaurants, Inc. (HABT:Q) 22 Haemonetics Corporation (HAE:N) 48 Halliburton (HAL:N) 30 Hallmark Financial Services Inc. (HALL:Q) 42 Halogen Software, Inc. (HGN:T) 68 Halyard Health Inc. (HYH:N) 48 Hancock Holding Company (HBHC:Q) 38 Hanmi Financial Corporation (HAFC:Q) 38 Harley-Davidson, Inc. (HOG:N) 19 Harman International, Inc. (HAR:N) 70 Harmonic Inc. (HLIT:Q) 69 Harris Corporation (HRS:N) 70 Haverty Furniture Companies Inc. (HVT:N) 21 HCA Holdings, Inc. (HCA:N) 49 HD Supply Holdings Inc. (HDS:Q) 52 Health Insurance Innovations, Inc. (HIIQ:Q) 42 Healthcare Trust of America, Inc. (HTA:N) 61 HealthEquity, Inc. (HQY:Q) 41 HealthSouth Corporation (HLS:N) 46 HealthStream, Inc. (HSTM:Q) 48 Heartland Express, Inc. (HTLD:Q) 80 Heartland Financial USA, Inc. (HTLF:Q) 38 Heartland Payment Systems (HPY:N) 75 Heartware International, Inc. (HTWR:Q) 49 HEICO Corporation (HEI:N) 70 Helix Energy Solutions Group (HLX:N) 30 Henkel (HNKG_p.DE:ETR) 24 Hercules Technology Growth Capital Inc. (HTGC:N) 43 Heritage Financial Corporation (HFWA:Q) 38 Heritage Oaks Bancorp (HEOP:Q) 38 Herman Miller (MLHR:Q) 19 Héroux-Devtek Inc. (HRX:T) 53 Hersha Hospitality Trust (HT:N) 61 Heska Corporation (HSKA:Q) 46 Hess Corp. (HES:N) 26 Hewlett Packard Enterprise Company (HPE:N) 72 Hibbett Sports, Inc. (HIBB:Q) 20 Hi-Crush Partners L.P. (HCLP:N) 31 Hill-Rom Holdings, Inc. (HRC:N) 48 Hilltop Holdings Inc. (HTH:N) 38 Hilton Worldwide Holdings Inc. (HLT:N) 61 HNI Corporation (HNI:N) 19

Company Index


Holly Energy Partners L.P. (HEP:N) 29 HollyFrontier Corp. (HFC:N) 28 Hologic Inc. (HOLX:Q) 49 Home Bancorp, Inc. (HBCP:Q) 38 Home BancShares, Inc. (HOMB:Q) 38 The Home Depot Inc. (HD:N) 21 HopFed Bancorp, Inc. (HFBC:Q) 38 Horizon Bancorp (HBNC:Q) 38 Horizon North Logistics Inc. (HNL:T) 33 Horizon Technology Finance Corporation (HRZN:Q) 43 Host Hotels & Resorts Inc. (HST:N) 61 Houston Wire & Cable Company (HWCC:Q) 52 Hub Group, Inc. (HUBG:Q) 79 HubSpot, Inc. (HUBS:N) 68 HudBay Minerals, Inc. (HBM:T) 57 Humana (HUM:N) 46 Huntington Bancshares Inc. (HBAN:Q) 38 Husky Energy Inc. (HSE:T) 33 Hyatt Hotels Corporation (H:N) 61 IAG (IAG.MC:MAD) 81 IAMGOLD Corp. (IAG:N) 58 IBERIABANK Corporation (IBKC:Q) 38 IBI Group Inc. (IBG:T) 53 ICON plc (ICLR:Q) 49 ICU Medical, Inc. (ICUI:Q) 49 IDEXX Laboratories Inc. (IDXX:Q) 46 Iliad (ILD.PA:EPA) 77 Impax Laboratories, Inc. (IPXL:Q) 50 Imperial Oil Limited (IMO:T) 33 INC Research Holdings (INCR:Q) 49 Inditex (ITX.MC:MAD) 24 Infinera Corporation (INFN:Q) 69 Infinity Property and Casualty Corporation (IPCC:Q) 42 Ingram Micro Inc. (IM:N) 72 Inland Real Estate Corporation (IRC:N) 62 Insight Enterprises, Inc. (NSIT:Q) 72 Insperity (NSP:N) 46 Instructure, Inc. (INST:N) 68 Insulet (PODD:Q) 49 Intact Financial Corporation (IFC:T) 44 Integra LifeSciences Corp. (IART:Q) 49 Intel Corporation (INTC:Q) 74 Inteliquent (IQNT:Q) 75 Intelsat S.A. (I:N) 73 Inter Parfums, Inc. (IPAR:Q) 21 Inter Pipeline Ltd. (IPL:T) 32 Interactive Intelligence Group Inc. (ININ:Q) 69 Intercontinental Exchange, Inc. (ICE:N) 41 Intercontinental Hotels (IHG.L:L) 64 Interface, Inc. (TILE:Q) 20 Interfor Corp. (IFP:T) 57 Internap Network Services Corp. (INAP:Q) 75 InterOil Corp. (IOC:N) 26 InterRent REIT (IIP.UN:T) 64 InterXion Holding NV (INXN:N) 75 Intuit Inc. (INTU:Q) 75 Intuitive Surgical, Inc. (ISRG:Q) 48 Inversora Juramento SA (INVJ:BA) 59 Iridium Communications Inc. (IRDM:Q) 73 iRobot Corporation (IRBT:Q) 73 IRSA Inversiones y Representaciones SA (IRS:N) 65 Ivanhoe Mines Ltd. (IVN:T) 57

J.B. Hunt Transport Services, Inc. (JBHT:Q) 79 Jabil Circuit, Inc. (JBL:N) 70 Jarden Corporation (JAH:N) 21 Jernigan Capital, Inc. (JCAP:N) 62 Jeronimo Martins (JMT.LS:ELI) 24 JetBlue Airways (JBLU:Q) 79 Johnson & Johnson (JNJ:N) 49 Joy Global Inc. (JOY:N) 54 Juniper Networks, Inc. (JNPR:N) 69 Kaminak Gold Corporation (KAM:V) 58 Kansas City Southern (KSU:N) 79 KB Home (KBH:N) 60 KCG Holdings, Inc. (KCG:N) 41 Kelt Exploration Ltd. (KEL:T) 32 Kemper Corp. (KMPR:N) 42 Kering (KER.PA:EPA) 24 Keryx Biopharmaceuticals, Inc. (KERX:Q) 47 Key Energy Services Inc. (KEG:N) 31 KeyCorp (KEY:N) 39 Keyera Corp (KEY:T) 32 Killam Properties Inc. (KMP:T) 64 Kimco Realty Corporation (KIM:N) 62 Kinder Morgan, Inc. (KMI:N) 29 Kinross Gold Corporation (KGC:N) 58 Kite Realty Group Trust (KRG:N) 62 Kivalliq Energy Corp. (KIV:V) 59 Knight Transportation, Inc. (KNX:N) 80 Knoll, Inc. (KNL:N) 19 KNOT Offshore Partners L.P. (KNOP:N) 29 Kona Grill, Inc. (KONA:Q) 22 Kosmos Energy Ltd. (KOS:N) 26 KPN (KPN.AS:AMS) 77 KVH Industries (KVHI:Q) 73 La Quinta Holdings, Inc. (LQ:N) 61 Laboratory Corporation of America Holdings (LH:N) 47 Labrador Iron Ore Royalty Corp. (LIF:T) 57 Lakeland Bancorp, Inc. (LBAI:Q) 39 Lakeland Financial Corporation (LKFN:Q) 39 Landmark Infrastructure Partners L.P. (LMRK:Q) 74 Landstar System, Inc. (LSTR:Q) 79 Lannett Company, Inc. (LCI:N) 50 Laredo Petroleum Inc. (LPI:N) 26 LaSalle Hotel Properties (LHO:N) 61 LATAM Airlines Group S.A. (LFL:N) 78 Lazard Ltd (LAZ:N) 41 La-Z-Boy Inc. (LZB:N) 19 Legacy Reserves L.P. (LGCY:Q) 26 LegacyTexas Financial Group, Inc. (LTXB:Q) 39 Leggett & Platt (LEG:N) 19 Lennar Corporation (LEN:N) 60 Leucrotta Exploration Inc. (LXE:V) 33 Level 3 Communications Inc. (LVLT:N) 75 LifePoint Health, Inc. (LPNT:Q) 49 Limelight Networks (LLNW:Q) 71 Lincoln National Corp. (LNC:N) 42 Linear Technology Corporation (LLTC:Q) 67 LinkedIn Corp. (LNKD:N) 72 LINN Energy, LLC (LINE:Q) 26 LinnCo, LLC (LNCO:Q) 26 LKQ Corporation (LKQ:Q) 52 Loblaw Companies Ltd. (L:T) 23 Logitech International SA (LOGI:Q) 69

Company Index


L'Oréal (OREP.PA:EPA) 24 Lowe`s Companies, Inc. (LOW:N) 21 Lufthansa (LHAG.DE:ETR) 81 Lumber Liquidators Holdings, Inc. (LL:N) 21 Lumenpulse Inc. (LMP:T) 76 Lumentum Holdings, Inc. (LITE:Q) 69 Lundin Mining Corporation (LUN:T) 57 Luxottica (LUX.MI:BIT) 23 LVMH (LVMH.PA:EPA) 24 M/A-COM Technology Solutions (MTSI:Q) 67 MacDonald Dettwiler & Associates (MDA:T) 76 MAG Silver (MAG:T) 58 Magellan Health (MGLN:Q) 46 Magellan Midstream Partners L.P. (MMP:N) 29 Main Street Capital Corp. (MAIN:N) 43 Malibu Boats, Inc. (MBUU:Q) 19 Mandalay Resources Corp. (MND:T) 58 Manhattan Associates, Inc. (MANH:Q) 68 Manning & Napier Inc. (MN:N) 36 Marathon Oil Corp. (MRO:N) 27 Marathon Petroleum Corp. (MPC:N) 28 Marine Products Corporation (MPX:N) 19 MarineMax (HZO:N) 19 MarketAxess Holdings Inc. (MKTX:Q) 41 Marketo, Inc. (MKTO:Q) 68 Marriott International, Inc. (MAR:Q) 61 Marsh and McLennan Companies, Inc. (MMC:N) 41 Marten Transport, Ltd. (MRTN:Q) 80 Martin Midstream Partners L.P. (MMLP:Q) 29 Marvell Technology Group, Ltd. (MRVL:Q) 74 Masco Corporation (MAS:N) 20 Masimo Corp. (MASI:Q) 48 MasterCard, Inc. (MA:N) 75 Mattress Firm Holding Corp. (MFRM:Q) 21 Maxim Integrated (MXIM:Q) 67 MAXIMUS Inc. (MMS:N) 73 MB Financial, Inc. (MBFI:Q) 39 MCBC Holdings, Inc. (MCFT:Q) 19 McCoy Global (MCB:T) 33 McDonald's Corporation (MCD:N) 22 McGraw Hill Financial Inc. (MHFI:N) 41 McKesson Corporation (MCK:N) 48 MDC Holdings (MDC:N) 60 MedAssets (MDAS:Q) 48 MEDNAX, Inc. (MD:N) 46 MEG Energy Corp. (MEG:T) 33 Meggitt (MGGT.L:L) 55 Melia Hotels International (MEL.MC:MAD) 64 Memorial Production Partners L.P. (MEMP:Q) 27 Memorial Resource Development Corp (MRD:Q) 27 Mercantile Bank Corp. (MBWM:Q) 39 Mercer International Inc. (MERC:Q) 57 Mercury General Corporation (MCY:N) 42 Meridian Bioscience, Inc. (VIVO:Q) 47 Merit Medical Systems Inc. (MMSI:Q) 49 Meta Financial Group, Inc. (CASH:Q) 39 Methanex (MEOH:Q) 53 MetLife, Inc. (MET:N) 42 Metro (MEOG.DE:ETR) 24 Metro, Inc. (MRU:T) 23 The Michaels Companies, Inc. (MIK:Q) 20 Micron Technology, Inc. (MU:Q) 74

Microsemi Corporation (MSCC:Q) 67 Microsoft (MSFT:Q) 71 Mid-America Apartment Communities Inc. (MAA:N) 62 Mid-Con Energy Partners L.P. (MCEP:Q) 27 MidSouth Bancorp, Inc. (MSL:N) 39 MidWestOne Financial Group, Inc. (MOFG:Q) 39 MiX Telematics Limited (MIXT:N) 68 MobileIron, Inc. (MOBL:Q) 71 Mobileye N.V. (MBLY:N) 70 Mobistar (MSTAR.BR:EBR) 77 Model N, Inc. (MODN:N) 68 Mohawk Industries (MHK:N) 20 Molina Healthcare (MOH:N) 46 Monolithic Power Systems, Inc. (MPWR:Q) 67 Moody's Corporation (MCO:N) 41 Mosaic Capital Corporation (M:V) 53 Motorola Solutions, Inc. (MSI:N) 70 MRC Global (MRC:N) 52 MSC Industrial Direct (MSM:N) 52 MSCI Inc. (MSCI:N) 41 Mullen Group Ltd. (MTL:T) 33 Murphy Oil Corp. (MUR:N) 27 Murphy USA Inc. (MUSA:N) 20 MV Oil Trust (MVO:N) 27 Mylan N.V. (MYL:Q) 50 Nabors Industries Ltd. (NBR:N) 31 Nasdaq Inc. (NDAQ:Q) 41 National Commerce Corporation (NCOM:Q) 39 National Fuel Gas Company (NFG:N) 27 National Interstate Corporation (NATL:Q) 42 National Oilwell Varco Inc. (NOV:N) 30 National Retail Properties, Inc. (NNN:N) 61 Natus Medical Inc. (BABY:Q) 49 NCI, Inc. (NCIT:Q) 73 NeoPhotonics Corporation (NPTN:N) 69 NetApp Inc. (NTAP:Q) 72 Netflix Inc. (NFLX:Q) 71 NETGEAR Inc. (NTGR:Q) 70 NetSuite, Inc. (N:N) 68 NeuroDerm Ltd. (NDRM:Q) 47 Nevsun Resources Ltd. (NSU:T) 57 New Gold, Inc. (NGD:M) 58 New Relic, Inc. (NEWR:N) 71 New York Community Bancorp, Inc. (NYCB:N) 39 NewBridge Bancorp (NBBC:Q) 39 Newell Rubbermaid Inc. (NWL:N) 21 Newfield Exploration Company (NFX:N) 27 Newmarket Gold Inc. (NMI:T) 58 Newpark Resources (NR:N) 31 Newtek Business Services Corp. (NEWT:Q) 43 NexGen Energy Ltd. (NXE:V) 59 NexJ Systems Inc. (NXJ:T) 76 NGL Energy Partners L.P. (NGL:N) 29 NH Hoteles (NHH.MC:MAD) 64 NIC Inc. (EGOV:Q) 73 Nimble Storage (NMBL:N) 72 Noble Corp plc (NE:N) 30 Noble Energy, Inc. (NBL:N) 27 Nokia (NOK:N) 69 Norbord Inc. (NBD:T) 57 Norfolk Southern Corp. (NSC:N) 79 North American Energy Partners (NOA:T) 53

Company Index


Northern Oil & Gas Inc. (NOG:M) 27 Northern Trust Corporation (NTRS:Q) 39 NOW Inc. (DNOW:N) 52 NTELOS Holdings Corp. (NTLS:Q) 74 Nuance Communications, Inc. (NUAN:Q) 70 NuStar Energy L.P. (NS:N) 29 NuStar GP Holdings, LLC (NSH:N) 29 NuVista Energy Ltd. (NVA:T) 32 NVIDIA Corporation (NVDA:Q) 74 NXP Semiconductors N.V. (NXPI:Q) 67 O`Reilly Automotive, Inc. (ORLY:Q) 19 Oasis Petroleum Inc. (OAS:N) 27 Ocata Therapeutics, Inc. (OCAT:Q) 47 Occidental Petroleum Corp. (OXY:N) 27 Ocean Rig UDW (ORIG:Q) 30 OceanaGold Corp. (OGC:T) 58 Oil States International, Inc. (OIS:N) 30 Old Dominion Freight Line, Inc. (ODFL:Q) 80 Old Line Bancshares Inc. (OLBK:Q) 39 Old National Bancorp (ONB:Q) 39 Old Republic International Corp. (ORI:N) 42 OmniVision Technologies, Inc. (OVTI:Q) 74 On DeckCapital, Inc. (ONDK:N) 75 ON Semiconductor Corporation (ON:Q) 67 Oncothyreon Inc. (ONTY:Q) 47 OneMain Holdings, Inc. (OMF:N) 43 Open Text (OTEX:Q) 76 Oracle Corp. (ORCL:N) 71 Orange (ORA.PA:EPA) 77 OraSure Technologies, Inc. (OSUR:Q) 47 ORBCOMM, Inc. (ORBC:Q) 73 Orbital ATK, Inc. (OA:N) 73 Orezone Gold Corp. (ORE:T) 58 Ovivo Inc. (OVI.A:T) 54 Pacific Continental Corporation (PCBK:Q) 39 Pacific Drilling (PACD:N) 30 Pacific Premier Bancorp, Inc. (PPBI:Q) 39 Painted Pony Petroleum Ltd. (PPY:T) 32 Paladin Energy Ltd. (PDN:T) 59 Palo Alto Networks (PANW:N) 71 Pampa Energia SA (PAM:N) 34 Pan American Silver (PAAS:Q) 58 Pandora Media, Inc. (P:N) 72 Panera Bread Co. (PNRA:Q) 22 Papa Murphy's Holdings, Inc. (FRSH:Q) 22 Paramount Resources Ltd. (POU:T) 32 PAREXEL (PRXL:Q) 49 Park Sterling Corporation (PSTB:Q) 39 Parkway Properties (PKY:N) 62 Parsley Energy, Inc. (PE:N) 27 Pattern Energy Group Inc. (PEGI:Q) 53 Patterson-UTI Energy, Inc. (PTEN:Q) 31 Paylocity Holding Corporation (PCTY:Q) 68 PayPal Holdings, Inc. (PYPL:Q) 75 PBF Energy, Inc. (PBF:N) 28 PC Connection, Inc. (PCCC:Q) 72 Pebblebrook Hotel Trust (PEB:N) 61 Pembina Pipeline Corp. (PPL:T) 32 Pengrowth Energy Corporation (PGF:T) 32 Penn West Petroleum Ltd. (PWT:T) 32 PennTex Midstream Partners L.P. (PTXP:Q) 29 Peoples Bancorp Inc. (PEBO:Q) 39

Pernod Ricard (PERP.PA:EPA) 23 Perrigo Company PLC (PRGO:N) 50 Petrobras Argentina (PZE:N) 35 Petróleo Brasileiro S.A. (PBR:N) 28 Peyto Exploration and Development (PEY:T) 32 PGT, Inc. (PGTI:Q) 20 Phillips 66 (PSX:N) 28 Physicians Realty Trust (DOC:N) 61 Pier 1 Imports Incorporated (PIR:N) 21 Pinnacle Financial Partners, Inc. (PNFP:Q) 39 Pioneer Energy Services Corp (PES:N) 31 Pioneer Natural Resources Company (PXD:N) 27 Plains All American Pipeline L.P. (PAA:N) 29 Plains GP Holdings L.P. (PAGP:N) 29 Plantronics, Inc. (PLT:N) 69 Platinum Group Metals Ltd. (PTM:T) 57 Plaza Retail REIT (PLZ.UN:T) 64 Plum Creek Timber Company, Inc. (PCL:N) 63 PNC Financial Services Group, Inc. (PNC:N) 39 Polaris Industries (PII:N) 19 Polycom Inc. (PLCM:Q) 69 Post Properties, Inc. (PPS:N) 62 Potash Corp. of Saskatchewan Inc. (POT:N) 56 Potlatch Corporation (PCH:Q) 63 Power Integrations, Inc. (POWI:Q) 67 PRA Group Inc. (PRAA:Q) 43 PrairieSky Royalty Ltd. (PSK:T) 32 Praxair, Inc. (PX:N) 52 Precision Drilling Corporation (PD:T) 33 Preferred Bank (PFBC:Q) 39 Premier, Inc. (PINC:Q) 48 Press Ganey Holdings, Inc. (PGND:N) 48 Prestige Brands Holdings Inc. (PBH:N) 21 priceline.com Incorporated (PCLN:Q) 72 Primerica, Inc. (PRI:N) 42 Principal Financial Group Inc. (PFG:N) 42 PrivateBancorp, Inc. (PVTB:Q) 39 ProAssurance Corp. (PRA:N) 42 The Procter & Gamble Company (PG:N) 21 Progressive Corporation (PGR:N) 42 Progressive Waste Solutions Ltd. (BIN:N) 52 Prospect Capital Corporation (PSEC:Q) 43 Prosperity Bancshares, Inc. (PB:N) 39 Proteon Therapeutics, Inc. (PRTO:Q) 47 Proximus (PROX.BR:EBR) 77 Prudential Financial, Inc. (PRU:N) 42 Public Storage (PSA:N) 62 Pulaski Financial Corp. (PULB:Q) 39 PulteGroup Inc. (PHM:N) 60 Puma (PUMG.DE:ETR) 24 Pure Industrial Real Estate Trust (AAR.UN:T) 63 Pure Storage, Inc. (PSTG:N) 72 Q2 Holdings Inc. (QTWO:N) 68 QCR Holdings, Inc. (QCRH:Q) 39 QEP Resources, Inc. (QEP:N) 27 Qorvo, Inc. (QRVO:Q) 67 QUALCOMM, Inc. (QCOM:Q) 70 Quality Systems Inc. (QSII:Q) 48 Quest Diagnostics Inc. (DGX:N) 47 Quidel Corporation (QDEL:Q) 47 Quintiles Transnational Holdings (Q:N) 49 Rackspace Hosting (RAX:N) 75

Company Index


Rallye (GENC.PA:EPA) 24 Ramco-Gershenson Properties Trust (RPT:N) 62 Range Resources Corp. (RRC:N) 27 Rapid7, Inc. (RPD:Q) 71 Rayonier, Inc. (RYN:N) 63 RB (RB.L:L) 24 Realty Income (O:N) 61 Red Hat, Inc. (RHT:N) 71 Red Robin Gourmet Burgers, Inc. (RRGB:Q) 22 Redknee Solutions Inc. (RKN:T) 76 Regal Entertainment Group (RGC:N) 19 Regency Centers Corp. (REG:N) 62 Regeneron Pharmaceuticals, Inc. (REGN:Q) 47 Regions Financial Corporation (RF:N) 39 Reinsurance Group of America, Inc. (RGA:N) 42 Remy Cointreau (RCOP.PA:EPA) 23 Renasant Corporation (RNST:Q) 39 Rent-A-Center Inc. (RCII:Q) 21 Republic Services, Inc. (RSG:N) 52 Resolute Energy Corp. (REN:N) 27 Restoration Hardware Holdings, Inc. (RH:N) 21 Retail Opportunity Investments Corp. (ROIC:Q) 62 Rexel (RXL.PA:EPA) 55 RingCentral, Inc. (RNG:N) 68 RioCan REIT (REI.UN:T) 64 Ritchie Bros. Auctioneers (RBA:N) 54 Rite Aid Corporation (RAD:N) 48 Riverview Bancorp, Inc. (RVSB:Q) 39 RLJ Lodging Trust (RLJ:N) 61 RMP Energy Inc. (RMP:T) 33 Roadrunner Transportation Systems, Inc. (RRTS:N) 79 Rocky Mountain Dealerships Inc. (RME:T) 54 Rolls-Royce (RR.L:L) 55 Rose Rock Midstream L.P. (RRMS:N) 29 Rowan Companies (RDC:N) 30 Roxgold Inc. (ROG:V) 58 Royal Caribbean Cruises Ltd. (RCL:N) 19 Royal Gold Inc. (RGLD:Q) 58 RSP Permian Inc. (RSPP:N) 27 RTI Surgical Inc. (RTIX:Q) 49 Rubicon Project, Inc. (RUBI:N) 72 Rush Enterprises, Inc. (RUSHA:Q) 79 Russel Metals (RUS:T) 54 Ruth`s Hospitality Group, Inc. (RUTH:Q) 22 RWE (RWEG.DE:ETR) 34 Ryanair Holdings plc (RYAAY:Q) 79 Ryder System, Inc. (R:N) 79 Ryman Hospitality Properties Inc. (RHP:N) 61 S&T Bancorp, Inc. (STBA:Q) 39 Sabra Health Care REIT, Inc. (SBRA:Q) 61 Safran (SAF.PA:EPA) 55 Sagent Pharmaceuticals, Inc. (SGNT:Q) 50 Saia, Inc. (SAIA:Q) 80 Saint-Gobain (SGOB.PA:EPA) 55 salesforce.com, Inc. (CRM:N) 68 Sally Beauty Holdings Inc. (SBH:N) 21 Salvatore Ferragamo (SFER.MI:BIT) 24 SanDisk Corp. (SNDK:Q) 74 SandRidge Energy Inc. (SD:N) 27 SandRidge Mississippian Trust I (SDT:N) 27 SandRidge Mississippian Trust II (SDR:N) 27 SandRidge Permian Trust (PER:N) 27

Sandstorm Gold Ltd. (SSL:T) 58 Sandy Spring Bancorp, Inc. (SASR:Q) 39 Santacruz Silver Mining Ltd. (SCZ:V) 58 Saul Centers, Inc. (BFS:N) 62 Savanna Energy Services (SVY:T) 33 SBA Communications (SBAC:Q) 74 ScanSource, Inc. (SCSC:Q) 72 Schlumberger Ltd. (SLB:N) 30 Schneider Electric (SU.PA:EPA) 55 SciQuest (SQI:Q) 68 The Scotts Miracle-Gro Company (SMG:N) 21 Secure Energy Services Inc. (SES:T) 33 SEI Investments Co. (SEIC:Q) 41 Select Comfort Corp. (SCSS:Q) 19 SEMAFO Inc. (SMF:T) 58 SemGroup Corporation (SEMG:N) 29 Semtech Corporation (SMTC:Q) 67 Senior (SNR.L:L) 55 Senior Housing Properties Trust (SNH:N) 61 Service Corporation International (SCI:N) 47 ServiceNow, Inc. (NOW:N) 71 ServisFirst Bancshares, Inc. (SFBS:Q) 39 Seven Generations Energy Ltd. (VII:T) 32 Shenandoah Telecommunications Co. (SHEN:Q) 74 Shopify Inc. (SHOP:N) 68 Shutterfly, Inc. (SFLY:Q) 71 Shutterstock, Inc. (SSTK:N) 71 Siderar Sociedad Anonima Industrial Y Comercial (ERAR:BA) 59 Sienna Senior Living Inc. (SIA:T) 63 Sierra Bancorp (BSRR:Q) 39 Sierra Wireless (SWIR:Q) 76 Signature Bank (SBNY:Q) 39 Silver Spring Networks, Inc. (SSNI:N) 31 Silver Wheaton (SLW:N) 58 Silvercorp Metals Inc. (SVM:T) 58 Silvercrest Asset Management Group Inc. (SAMG:Q) 36 Simmons First National Corporation (SFNC:Q) 40 Simon Property Group, Inc. (SPG:N) 61 Sky (SKY.L:L) 77 SkyWest, Inc. (SKYW:Q) 79 Skyworks Solutions (SWKS:Q) 67 Sleep Country Canada Holdings Inc. (ZZZ:T) 23 SM Energy Company (SM:N) 27 SmartREIT (SRU.UN:T) 64 SNC-Lavalin (SNC:T) 53 Sodexo (EXHO.PA:EPA) 24 SolarCity Corp. (SCTY:Q) 31 Solera Holdings, Inc. (SLH:N) 41 Southcross Energy Partners L.P. (SXE:N) 29 Southwest Airlines Co. (LUV:N) 79 Southwest Bancorp, Inc. (OKSB:Q) 40 Southwestern Energy Company (SWN:N) 27 Sovran Self Storage, Inc. (SSS:N) 62 Spectra Energy Corp. (SE:N) 29 Spectra Energy Partners L.P. (SEP:N) 30 Spectrum Brands Holdings, Inc. (SPB:N) 21 Spirit Airlines, Inc. (SAVE:Q) 79 Spirit Realty Capital, Inc. (SRC:N) 61 Splunk Inc. (SPLK:Q) 71 Sprague Resources L.P. (SRLP:N) 30 Sprint Corp. (S:N) 74 SS&C Technologies Holdings, Inc. (SSNC:Q) 41

Company Index


SSE (SSE.L:L) 34 St. Joe Company (JOE:N) 60 STAG Industrial Inc. (STAG:N) 62 StanCorp Financial Group (SFG:N) 42 Stanley Black & Decker (SWK:N) 20 Stantec Inc (STN:T) 53 Starwood Hotels & Resorts Worldwide (HOT:N) 61 State Street Corporation (STT:N) 40 Steelcase, Inc. (SCS:N) 19 Stellus Capital Investment Corporation (SCM:N) 43 Stericycle Inc. (SRCL:Q) 48 STERIS plc (STE:N) 48 Stock Yards Bancorp Inc. (SYBT:Q) 40 StoneMor Partners L.P. (STON:N) 47 STORE Capital Corporation (STOR:N) 61 Storm Resources Ltd. (SRX:V) 33 Strad Energy Services Ltd. (SDY:T) 33 Strongco Corp. (SQP:T) 54 Stuart Olson Inc. (SOX:T) 53 Student Transportation Inc. (STB:T) 80 Suburban Propane Partners L.P. (SPH:N) 30 Suez Environnement (SEVI.PA:EPA) 34 Summit Hotel Properties, Inc. (INN:N) 61 Suncor Energy Inc (SU:T) 33 Sunoco L.P. (SUN:N) 30 SunPower Corp. (SPWR:Q) 31 Sunstone Hotel Investors, Inc. (SHO:N) 61 SunTrust Banks, Inc. (STI:N) 40 Superior Energy Services, Inc. (SPN:N) 31 Superior Plus Corporation (SPB:T) 53 Surgery Partners, Inc. (SGRY:Q) 46 SVB Financial Group (SIVB:Q) 40 Swift Transportation Company (SWFT:N) 80 Symantec Corp. (SYMC:Q) 71 Symetra Financial Corp. (SYA:N) 42 Synchronoss Technologies, Inc. (SNCR:Q) 70 SYNNEX Corporation (SNX:N) 72 Synovus Financial Corp. (SNV:N) 40 Tahoe Resources Inc. (THO:T) 58 TAL International Group, Inc. (TAL:N) 79 TalkTalk Telecom Group (TALK.L:L) 77 Talmer Bancorp, Inc. (TLMR:Q) 40 Tangoe Inc. (TNGO:Q) 68 Targa Resources Corp. (TRGP:N) 30 Targa Resources Partners L.P. (NGLS:N) 30 Tarkett (TKTT.PA:EPA) 55 Taseko Mines Ltd. (TKO:T) 57 Taubman Centers, Inc. (TCO:N) 61 TCF Financial Corporation (TCB:N) 40 TCP Capital Corp. (TCPC:Q) 43 TD Ameritrade Holding Corporation (AMTD:Q) 41 Tech Data Corporation (TECD:Q) 72 Teck Resources Limited (TCK.B:T) 57 Teekay Corporation (TK:N) 30 Teekay LNG Partners L.P. (TGP:N) 30 Teekay Offshore Partners L.P. (TOO:N) 30 Telecom Argentina S.A. (TEO:N) 77 Telecom Italia (TLIT.MI:BIT) 77 TeleCommunication Systems (TSYS:Q) 73 Teledyne Technologies Incorporated (TDY:N) 70 Teleflex, Inc. (TFX:N) 48 Telefonica (TEF.MC:MCE) 77

Telenet Group (TNET.BR:EBR) 77 Telephone and Data Systems, Inc. (TDS:N) 74 TeliaSonera AB (TLSN.ST:STO) 77 Tempur Sealy International, Inc. (TPX:N) 19 Tenaris S.A. (TS:N) 35 Tenet Healthcare Corporation (THC:N) 49 Territorial Bancorp Inc. (TBNK:Q) 40 Tesaro, Inc. (TSRO:Q) 47 Tesoro Corp. (TSO:N) 28 Tesoro Logistics L.P. (TLLP:N) 30 TETRA Technologies Inc. (TTI:N) 31 Teva Pharmaceutical Industries, Ltd. (TEVA:N) 50 Texas Capital Bancshares, Inc. (TCBI:Q) 40 Texas Instruments Incorporated (TXN:Q) 67 Texas Roadhouse, Inc. (TXRH:Q) 22 Textainer Group Holdings Limited (TGH:N) 79 TG Therapeutics, Inc. (TGTX:Q) 47 TGLT S.A. (TGLT:BA) 65 Thales (TCFP.PA:EPA) 55 THL Credit, Inc. (TCRD:Q) 43 Timbercreek Mortgage Investment Corporation (TMC:T) 63 Timbercreek Senior Mortgage Investment Corp. (MTG:T) 63 Time Warner Cable Inc. (TWC:N) 75 T-Mobile US Inc. (TMUS:Q) 74 Tod's Group (TOD.MI:BIT) 24 Toll Brothers, Inc. (TOL:N) 60 Torchmark Corporation (TMK:N) 42 The Toro Company (TTC:N) 20 Toromont Industries (TIH:T) 54 Tourmaline Oil Corp. (TOU:T) 32 Towers Watson & Co. (TW:Q) 41 Tractor Supply Co. (TSCO:Q) 20 Transener (TRAN:BA) 34 TransEnterix, Inc. (TRXC:M) 48 TransGlobe Energy Corp. (TGA:Q) 27 Transocean (RIG:N) 30 Transportadora de Gas del Sur (TGS:N) 35 TravelCenters of America LLC (TA:N) 20 The Travelers Companies, Inc. (TRV:N) 42 Tree Island Steel Ltd. (TSL:T) 54 Trevali Mining Corporation (TV:T) 57 Triangle Capital Corporation (TCAP:N) 43 Trican Well Service (TCW:T) 33 TriCo Bancshares (TCBK:Q) 40 Tricon Capital Group Inc. (TCN:T) 64 Trilogy Energy Corp. (TET:T) 32 Trina Solar Limited (TSL:N) 31 Trinidad Drilling Ltd. (TDG:T) 33 Trinity Biotech plc (TRIB:Q) 47 Trinity Industries, Inc. (TRN:N) 79 TripAdvisor, Inc. (TRIP:Q) 72 True North Commercial REIT (TNT.UN:T) 63 Trustmark Corporation (TRMK:Q) 40 TubeMogul, Inc. (TUBE:Q) 71 Twitter, Inc. (TWTR:N) 72 U.S. Bancorp (USB:N) 40 U.S. Cellular (USM:N) 74 U.S. Ecology, Inc. (ECOL:Q) 52 U.S. Geothermal (HTM:M) 32 Ubiquiti Networks, Inc. (UBNT:Q) 70 UEX Corp. (UEX:T) 59 Ulta Salon, Cosmetics & Fragrance, Inc. (ULTA:Q) 21

Company Index


Ultimate Software Group Inc. (ULTI:Q) 68 Ultra Petroleum Corporation (UPL:N) 27 Ultragenyx Pharmaceutical Inc. (RARE:Q) 47 UMB Financial Corporation (UMBF:Q) 40 Umpqua Holdings Corp. (UMPQ:Q) 40 Under Armour Inc. (UA:N) 20 Union Bankshares Corporation (UBSH:Q) 40 Union Pacific Corp. (UNP:N) 79 Unisys Corporation (UIS:N) 73 Unit Corporation (UNT:N) 31 United Bankshares, Inc. (UBSI:Q) 40 United Community Banks, Inc. (UCBI:Q) 40 United Continental Holdings, Inc. (UAL:N) 78 United Insurance Holdings Corp. (UIHC:Q) 42 United Parcel Service (UPS:N) 79 UnitedHealth Group (UNH:N) 46 Universal American Corp. (UAM:N) 46 Universal Health Services, Inc. (UHS:N) 49 Unum Group (UNM:N) 42 Upland Software, Inc. (UPLD:Q) 68 Uranium Participation Corporation (U:T) 59 Ur-Energy Inc. (URE:T) 59 UrtheCast Corp. (UR:T) 76 USA Compression Partners L.P. (USAC:N) 30 UTi Worldwide, Inc. (UTIW:Q) 79 Valero Energy Corp. (VLO:N) 28 Vanguard Natural Resources, LLC (VNR:Q) 27 Vantiv, Inc. (VNTV:N) 75 VCA Inc. (WOOF:Q) 46 Veolia Environnement (VIE.PA:EPA) 34 Verastem, Inc. (VSTM:Q) 47 Verbund (VERB.VI:WBAG) 34 Veresen Inc. (VSN:T) 32 Verifone Systems, Inc. (PAY:N) 75 Verisk Analytics Inc. (VRSK:Q) 41 Verizon Communications (VZ:N) 75 ViaSat, Inc. (VSAT:Q) 73 Vinci (SGEF.PA:EPA) 55 Viper Energy Partners L.P. (VNOM:Q) 27 Virgin America Inc. (VA:Q) 78 Virtus Investment Partners, Inc. (VRTS:Q) 36 Visa, Inc. (V:N) 75 Vishay Intertechnology, Inc. (VSH:N) 67 Vivendi (VIV.PA:EPA) 77 VMware (VMW:N) 71 VOC Energy Trust (VOC:N) 27 Vodafone (VOD.L:L) 77 Voya Financial Inc. (VOYA:N) 42 W.W. Grainger, Inc. (GWW:N) 52 Wabtec Corporation (WAB:N) 79 Wajax Corp. (WJX:T) 54 Walgreens Boots Alliance Inc. (WBA:Q) 48 Wal-Mart Stores Inc. (WMT:N) 21 Washington Federal, Inc. (WAFD:Q) 40

Washington REIT (WRE:N) 62 WashingtonFirst Bankshares, Inc. (WFBI:Q) 40 Waste Connections, Inc. (WCN:N) 52 Waste Management, Inc. (WM:N) 52 Wayfair, Inc. (W:N) 71 WCI Communities, Inc. (WCIC:N) 60 Weatherford (WFT:N) 30 WebMD Health Corp (WBMD:Q) 48 Webster Financial Corp. (WBS:N) 40 WellCare Health Plans (WCG:N) 46 Wells Fargo & Co. (WFC:N) 40 Welltower Inc. (HCN:N) 61 Werner Enterprises, Inc. (WERN:Q) 80 WesBanco, Inc. (WSBC:Q) 40 WESCO International (WCC:N) 52 West Fraser Timber (WFT:T) 57 Western Energy Services Corp. (WRG:T) 33 Western Forest Products Inc. (WEF:T) 57 Western Refining, Inc. (WNR:N) 28 WesternOne Inc. (WEQ:T) 54 WestJet Airlines (WJA:T) 80 Westport Innovations Inc. (WPRT:Q) 31 Weyerhaeuser Company (WY:N) 63 Whirlpool Corp. (WHR:N) 20 Whistler Blackcomb Holdings Inc. (WB:T) 54 Whitbread (WTB.L:L) 64 Whiting Petroleum Corp. (WLL:N) 27 Whiting USA Trust II (WHZ:N) 27 The Williams Companies, Inc. (WMB:N) 30 Williams Partners L.P. (WPZ:N) 30 Williams-Sonoma (WSM:N) 21 Wilshire Bancorp, Inc. (WIBC:Q) 40 Windstream Holdings Inc. (WIN:Q) 75 Winpak Ltd. (WPK:T) 23 Wintrust Financial Corporation (WTFC:Q) 40 Wix.com Ltd. (WIX:Q) 71 Wolseley (WOS.L:L) 55 Workiva Inc. (WK:N) 68 WPX Energy Inc. (WPX:N) 27 WSP Global Inc. (WSP:T) 53 Xilinx, Inc. (XLNX:Q) 74 XPO Logistics, Inc. (XPO:N) 79 Yadkin Financial Corporation (YDKN:N) 40 Yahoo! Inc. (YHOO:Q) 72 Yamana Gold Inc. (AUY:N) 58 Yangarra Resources Ltd. (YGR:T) 32 Yelp, Inc. (YELP:N) 72 YPF (YPF:N) 35 YRC Worldwide Inc. (YRCW:Q) 80 Zayo Group Holdings, Inc. (ZAYO:N) 75 ZCL Composites (ZCL:T) 54 Zillow Group, Inc. (Z:Q) 72 Zions Bancorporation (ZION:Q) 40 Zodiac Aerospace (ZODC.PA:EPA) 55


Consumer

USA Canada Europe

Entertainment & Leisure ............................................ 19

Cruise Lines .............................................................. 19

Leisure Products ...................................................... 19

Theaters................................................................... 19

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

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

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

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

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

Consumer Electronics Retailers ............................... 20

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

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

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

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

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

Home & Building Products .......................................... 20

Appliances ............................................................... 20

Floor Coverings ........................................................ 20

Hardware, Tools, & Decor ....................................... 20

Outdoor Power Equipment & Services .................... 20

Home & Other Retailers ............................................. 21

Big Box Retailers ...................................................... 21

Furniture & Furnishings ........................................... 21

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

Restaurants ................................................................. 22

Consumer & Retail...................................................... 23

Consumer Goods ......................................................... 23

Beverages ................................................................. 23

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

Home & Personal Care ............................................. 24

Luxury Goods ........................................................... 24

Foodservices ............................................................... 24

Retail ........................................................................... 24

Apparel..................................................................... 24

Consumer Electronics .............................................. 24

Food Retail ............................................................... 24

Sporting Goods ........................................................ 24


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

Sam Darkatsh [email protected] Joseph D. Hovorka [email protected]

Brian M. Vaccaro, CFA [email protected] Dan Wewer, CFA [email protected]

Benjamin Brownlow [email protected]

Entertainment & Leisure Cruise Lines Carnival Corp. CCL N 2 M/GRW 54.19 58.00 54.62 42.51 15.9 1.58 2.26 A 3.40 Nov 42,106 2.2 JDH Royal Caribbean Cruises Ltd. RCL N 3 M/GRW 100.32 NM 100.99 65.91 34.0 3.43 2.95 5.85 Dec 22,171 1.0 JDH

Leisure Products Arctic Cat, Inc. ACAT Q 1 H/GRW 16.31 25.00 39.72 15.44 NM 2.90 0.38 A 0.10 Mar 214 3.1 JDH Brunswick Corp. BC N 2 H/GRW 49.87 59.00 56.63 46.08 16.2 2.58 3.07 3.35 Dec 4,688 1.2 JDH Harley-Davidson, Inc. HOG N 3 M/GRW 45.77 NM 66.85 45.00 12.7 3.88 3.60 3.70 Dec 9,383 2.7 JDH Malibu Boats, Inc. MBUU Q 1 H/GRW 16.00 25.00 24.14 12.90 12.1 0.47 0.93 A 1.32 Jun 309 0.0 JDH Marine Products Corporation MPX N 3 H/GRW 6.14 NM 8.99 5.50 16.6 0.24 0.37 0.45 Dec 227 2.0 JDH MarineMax HZO N 1 H/GRW 18.12 26.00 28.69 13.86 25.9 0.46 1.92 A 0.70 Sep 451 0.0 JDH MCBC Holdings, Inc. MCFT Q 1 H/GRW 13.66 18.00 16.47 10.70 17.7 1.10 0.29 A 0.77 Jun 258 0.0 JDH Polaris Industries PII N 1 M/GRW 86.54 136.00 158.24 81.42 11.8 6.65 7.35 8.25 Dec 5,833 2.4 JDH

Theaters Carmike Cinemas, Inc. CKEC Q 3 H/GRW 22.78 NM 34.94 18.93 NM (0.38) (0.14) 0.80 Dec 567 0.0 JDH Cinemark Holdings, Inc. CNK N 1 M/INC 32.79 43.00 45.68 30.91 17.4 1.68 1.88 2.18 Dec 3,784 3.0 JDH Regal Entertainment Group RGC N 1 M/INC 18.65 25.00 24.52 17.48 17.9 0.68 1.04 1.20 Dec 2,917 4.7 JDH

Furniture & Furnishings Suppliers Office Furniture Herman Miller MLHR Q 3 H/GRW 28.54 NM 32.71 26.27 14.1 1.68 1.82 A 2.03 May 1,710 2.1 BB HNI Corporation HNI N 2 M/GRW 36.69 55.00 57.74 35.53 14.2 1.97 2.58 2.76 Dec 1,629 2.9 BB Knoll, Inc. KNL N 2 H/GRW 18.74 27.00 26.06 18.29 12.4 1.09 1.51 1.63 Dec 915 3.2 BB Steelcase, Inc. SCS N 3 M/GRW 14.73 NM 20.45 14.06 14.3 0.82 0.89 A 1.03 Feb 1,799 3.1 BB

Residential Furniture Culp, Inc. CFI N 3 M/GRW 25.72 NM 35.23 19.22 14.1 1.31 1.55 A 1.83 Apr 319 1.1 BB Ethan Allen Interiors ETH N 2 H/GRW 28.04 31.00 32.63 23.33 17.0 1.45 1.41 A 1.65 Jun 796 2.0 BB La-Z-Boy Inc. LZB N 1 H/GRW 24.14 32.00 29.34 23.71 15.0 1.12 1.26 A 1.61 Apr 1,214 1.7 BB Leggett & Platt LEG N 2 M/INC 42.77 48.00 51.28 39.58 19.4 1.78 2.20 2.34 Dec 5,821 3.0 BB Select Comfort Corp. SCSS Q 1 H/GRW 21.01 35.00 35.75 19.90 13.7 1.21 1.53 1.79 Dec 1,063 0.0 BB Tempur Sealy International, Inc. TPX N 3 H/GRW 70.99 NM 82.61 49.00 22.3 2.65 3.18 3.78 Dec 4,394 0.0 BB

Hardline Retail Automotive Aftermarket Retailers Advance Auto Parts, Inc. AAP N 1 H/GRW 150.55 200.00 201.24 142.63 19.2 7.78 7.84 8.93 Dec 11,020 0.2 DW AutoZone, Inc. AZO N 1 M/GRW 741.87 915.00 803.25 569.54 18.2 31.57 36.03 A 40.87 Aug 25,149 0.0 DW O`Reilly Automotive, Inc. ORLY Q 1 M/GRW 255.94 305.00 277.96 179.00 28.0 7.34 9.15 10.36 Dec 27,821 0.0 DW


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Consumer - USA Consumer Electronics Retailers Best Buy Company, Incorporated BBY N 1 M/GRW 30.53 40.00 42.00 28.32 11.6 2.07 2.60 A 2.64 Jan 10,753 3.0 DW

Convenience Stores Casey's General Stores, Inc. CASY Q 2 H/GRW 121.48 135.00 129.53 80.94 22.1 3.26 4.62 A 5.49 Apr 4,724 0.7 BBL,DW Core-Mark Holding Company, Inc. CORE Q 2 M/GRW 85.83 86.00 91.77 52.11 36.2 2.05 2.37 2.94 Dec 1,979 0.7 BBL,DW CST Brands, Inc. CST N 2 H/GRW 39.44 42.00 45.25 32.28 18.7 2.50 2.11 2.07 Dec 2,982 0.6 BBL,DW Murphy USA Inc. MUSA N 3 H/GRW 62.37 NM 73.97 47.73 18.1 4.66 3.45 4.09 Dec 2,599 0.0 BBL,DW TravelCenters of America LLC TA N 3 H/GRW 9.68 NM 18.10 9.02 9.4 1.66 1.03 0.86 Dec 372 0.0 BBL,DW

Hardlines Duluth Holdings Inc. DLTH Q 2 H/GRW 14.74 18.00 16.97 12.76 25.4 0.60 0.58 0.65 Feb 476 0.0 DW The Michaels Companies, Inc. (f) MIK Q 2 M/GRW 22.05 27.00 30.00 20.08 12.9 1.48 1.71 1.88 Jan 4,607 0.0 DW

Pet Food and Farm Supplies Tractor Supply Co. TSCO Q 1 M/GRW 85.99 110.00 96.28 74.52 27.7 2.66 3.10 3.61 Dec 12,185 0.9 DW

Sporting Goods Cabela’s Inc. CAB N 3 H/GRW 46.51 NM 58.90 33.03 16.1 2.88 2.89 3.15 Dec 3,335 0.0 DW Callaway Golf Co. ELY N 3 H/GRW 9.70 NM 10.30 7.26 64.7 0.20 0.15 0.31 Dec 741 0.4 DW Dick`s Sporting Goods Inc. (f) DKS N 3 H/GRW 35.18 NM 60.33 33.42 12.0 2.87 2.92 3.30 Jan 4,405 1.6 DW Hibbett Sports, Inc. (f) HIBB Q 3 H/GRW 30.55 NM 55.74 27.58 10.6 2.87 2.89 3.15 Jan 797 0.0 DW Under Armour Inc. UA N 3 M/GRW 81.22 NM 105.89 63.77 78.1 0.95 1.04 1.33 Dec 17,617 0.0 DW

Value Retailers Big Lots Inc. (f) BIG N 3 H/GRW 39.22 NM 51.11 37.41 13.1 2.46 3.00 3.21 Jan 2,185 1.9 DW Dollar General Corp. (f) DG N 1 M/GRW 71.99 85.00 81.42 59.75 18.3 3.50 3.93 4.51 Jan 22,338 1.2 DW Dollar Tree, Inc. (f) DLTR Q 1 H/GRW 77.24 90.00 84.22 60.31 29.4 3.12 2.63 3.65 Jan 16,043 0.0 DW

Home & Building Products Appliances Whirlpool Corp. WHR N 1 M/INC 148.98 185.00 217.11 140.50 12.4 11.39 12.00 13.65 Dec 11,874 2.4 SD,BB

Floor Coverings The Dixie Group DXYN Q 2 H/GRW 5.49 9.00 11.50 4.75 NM 0.01 0.05 0.42 Dec 86 0.0 SD,BB Interface, Inc. TILE Q 3 H/GRW 19.06 NM 27.17 15.13 16.9 0.62 1.13 1.32 Dec 1,256 1.0 SD,BB Mohawk Industries MHK N 1 H/GRW 190.44 240.00 212.16 151.15 18.7 8.15 10.18 12.10 Dec 14,169 0.0 SD,BB

Hardware, Tools, & Decor Masco Corporation MAS N 2 H/GRW 28.51 32.00 30.61 20.42 24.2 0.90 1.18 1.50 Dec 9,636 1.3 SD,BB PGT, Inc. PGTI Q 1 H/GRW 11.31 15.00 16.28 8.28 19.5 0.43 0.58 0.72 Dec 572 0.0 SD,BB Stanley Black & Decker SWK N 3 M/INC 106.99 NM 111.18 90.08 18.1 5.37 5.90 6.45 Dec 16,134 2.1 SD,BB

Outdoor Power Equipment & Services Briggs & Stratton BGG N 3 M/INC 16.71 NM 21.24 16.08 12.5 0.82 1.42 A 1.34 Jun 734 3.2 SD,BB The Toro Company TTC N 3 H/GRW 74.62 NM 78.47 60.42 18.9 3.02 3.55 A 3.95 Oct 4,201 1.6 SD,BB


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Consumer - USA Home & Other Retailers Big Box Retailers Costco Wholesale Corporation COST Q 3 M/GRW 161.16 NM 169.73 117.03 29.1 4.65 5.25 A 5.54 Aug 70,580 1.0 BB The Home Depot Inc. (f) HD N 3 M/GRW 132.68 NM 135.47 92.17 24.9 4.58 5.33 6.10 Jan 168,238 1.8 BB Lowe`s Companies, Inc. (f) LOW N 3 M/GRW 76.44 NM 78.13 64.22 23.2 2.68 3.30 3.92 Jan 70,095 1.5 BB Lumber Liquidators Holdings, Inc. LL N 3 H/SPEC 17.80 NM 69.99 11.62 NM 2.31 (0.71) 0.07 Dec 482 0.0 BB Wal-Mart Stores Inc. WMT N 1 M/GRW 60.75 82.00 90.97 56.30 13.2 5.11 5.07 A 4.60 Jan 194,947 3.2 BB

Furniture & Furnishings Aaron's Inc. AAN N 3 M/GRW 22.56 NM 40.80 21.32 10.6 1.69 2.12 2.20 Dec 1,638 0.4 BB Bed Bath & Beyond (f) BBBY Q 1 M/GRW 48.73 75.00 79.64 47.98 9.7 5.03 5.00 5.25 Feb 8,488 0.0 BB Haverty Furniture Companies Inc. HVT N 2 H/GRW 21.75 25.00 26.00 20.53 17.7 1.28 1.23 1.45 Dec 482 1.8 BB Mattress Firm Holding Corp. (f) MFRM Q 2 H/GRW 43.53 60.00 70.42 38.66 18.2 2.03 2.39 3.00 Jan 1,535 0.0 BB Pier 1 Imports Incorporated PIR N 1 H/GRW 4.87 12.00 17.52 4.55 11.1 1.01 0.84 A 0.44 Feb 438 5.7 BB Rent-A-Center Inc. RCII Q 2 H/INC 14.96 25.00 37.49 14.81 7.5 1.95 2.00 2.00 Dec 794 6.4 BB Restoration Hardware Holdings, Inc. RH N 2 H/GRW 79.71 110.00 106.49 76.42 25.5 2.36 3.13 3.98 Jan 3,220 0.0 BB Williams-Sonoma (f) WSM N 3 M/GRW 58.98 NM 89.38 57.95 17.4 3.20 3.39 3.81 Jan 5,309 2.4 BB

Household & Personal Care Products Church & Dwight Co., Inc. CHD N 3 M/GRW 85.35 NM 90.73 77.39 26.3 3.01 3.24 3.57 Dec 11,180 1.6 JA The Clorox Company CLX N 3 M/INC 128.06 NM 131.78 102.95 26.4 4.39 4.57 A 4.85 Jun 16,470 2.4 JA Colgate-Palmolive Company CL N 3 M/GRW 66.89 NM 71.56 50.84 23.8 2.93 2.81 2.95 Dec 59,995 2.3 JA Elizabeth Arden Inc. RDEN Q 4 NM 10.46 NM 21.67 9.10 NM (0.55) (2.58) A (0.95) Jun 312 0.0 JA Estee Lauder Companies EL N 2 M/GRW 88.66 93.00 91.68 70.38 27.7 3.16 2.83 A 3.20 Jun 33,237 1.4 JA Inter Parfums, Inc. IPAR Q 3 M/GRW 24.23 NM 35.22 22.33 24.2 0.95 1.00 1.15 Dec 751 2.1 JA Jarden Corporation JAH N 3 H/GRW 57.36 NM 57.97 43.19 21.1 2.70 2.72 3.20 Dec 12,063 0.0 JA Newell Rubbermaid Inc. NWL N 3 M/GRW 44.37 NM 50.90 36.33 20.4 2.00 2.18 2.40 Dec 12,100 1.7 JA Prestige Brands Holdings Inc. PBH N 3 H/GRW 51.30 NM 54.25 33.25 24.4 1.53 1.86 A 2.10 Mar 2,683 0.0 JA The Procter & Gamble Company PG N 3 M/GRW 79.92 NM 93.43 65.02 21.2 4.09 3.76 A 3.77 Jun 216,943 3.3 JA Sally Beauty Holdings Inc. SBH N 2 H/GRW 27.91 29.00 35.27 21.94 16.9 1.53 1.53 A 1.65 Sep 4,227 0.0 JA The Scotts Miracle-Gro Company SMG N 3 H/GRW 65.32 NM 72.26 58.11 16.7 3.29 3.53 A 3.90 Sep 3,985 2.9 JA Spectrum Brands Holdings, Inc. SPB N 2 H/GRW 102.24 106.00 106.55 86.02 20.9 NA 4.31 A 4.90 Sep 6,073 1.3 JA Ulta Salon, Cosmetics & Fragrance, Inc. (f) ULTA Q 2 H/GRW 184.77 205.00 188.48 120.38 38.1 3.98 4.85 5.85 Jan 11,782 0.0 JA


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Consumer - USA Restaurants Bloomin' Brands, Inc. BLMN Q 2 H/GRW 17.01 22.00 26.25 15.90 13.4 1.10 1.27 1.40 Dec 2,121 1.4 BV Brinker International EAT N 3 M/GRW 47.65 NM 63.40 43.20 13.4 2.71 3.09 A 3.55 Jun 2,916 2.7 BV Buffalo Wild Wings, Inc. BWLD Q 3 H/GRW 160.95 NM 205.83 147.69 31.0 4.95 5.20 6.75 Dec 3,090 0.0 BV Carrols Restaurant Group, Inc. TAST Q 1 H/GRW 11.89 14.50 14.00 7.15 91.5 (0.44) 0.13 0.47 Dec 531 0.0 BV Cheesecake Factory Inc. CAKE Q 3 M/GRW 46.53 NM 58.86 45.17 19.8 1.97 2.35 2.63 Dec 2,354 1.7 BV Chipotle Mexican Grill, Inc. CMG N 3 H/GRW 493.52 NM 758.61 482.23 31.9 14.13 15.48 17.25 Dec 15,546 0.0 BV Chuy's Holdings, Inc. CHUY Q 2 H/GRW 31.29 37.00 35.76 18.40 36.0 0.69 0.87 1.03 Dec 526 0.0 BV Darden Restaurants DRI N 3 M/GRW 64.30 NM 67.70 51.53 19.4 1.71 2.63 A 3.32 May 8,353 3.1 BV Dave & Buster’s Entertainment, Inc. PLAY Q 2 H/GRW 41.41 49.00 43.35 24.76 29.6 0.76 1.40 1.65 Jan 1,776 0.0 BV Del Frisco’s Restaurant Group, Inc. DFRG Q 2 H/GRW 15.81 18.00 25.95 12.25 19.8 0.82 0.80 0.92 Dec 370 0.0 BV DineEquity, Inc. DIN N 2 M/GRW 85.57 110.00 114.23 80.56 14.4 4.72 5.95 6.35 Dec 1,609 4.3 BV Fiesta Restaurant Group, Inc. FRGI Q 1 H/GRW 34.00 45.00 69.00 31.70 22.4 1.35 1.52 1.68 Dec 903 0.0 BV The Habit Restaurants, Inc. HABT Q 2 H/GRW 23.64 33.00 40.50 20.76 84.4 0.16 0.28 0.35 Dec 615 0.0 BV Kona Grill, Inc. KONA Q 2 H/GRW 15.72 19.00 28.66 12.20 NM 0.07 (0.39) (0.33) Dec 177 0.0 BV McDonald's Corporation MCD N 3 M/GRW 118.75 NM 118.99 87.50 24.3 5.08 4.88 5.38 Dec 113,715 3.0 BV Panera Bread Co. PNRA Q 3 M/GRW 196.39 NM 208.00 153.00 32.1 6.69 6.12 6.50 Dec 5,008 0.0 BV Papa Murphy's Holdings, Inc. FRSH Q 2 H/GRW 11.54 17.00 22.72 10.41 26.2 0.43 0.44 0.55 Dec 195 0.0 BV Red Robin Gourmet Burgers, Inc. RRGB Q 1 H/GRW 61.70 90.00 95.00 60.07 19.5 2.66 3.17 3.55 Dec 882 0.0 BV Ruth`s Hospitality Group, Inc. RUTH Q 3 M/GRW 16.14 NM 17.82 14.01 18.3 0.74 0.88 1.00 Dec 555 1.5 BV Texas Roadhouse, Inc. TXRH Q 2 H/GRW 35.83 42.00 40.82 31.55 26.5 1.23 1.35 1.75 Dec 2,533 1.9 BV


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

Consumer & Retail AIMIA (ae) AIM T 2 M/GRW C$9.73 15.00 14.98 7.90 NM 315 221 241 Dec 1,596 8.3 KT Canadian Tire Corporation CTC.A T 2 M/GRW C$118.84 155.00 137.48 108.14 14.6 7.94 8.12 8.63 Dec 9,032 1.9 KT Cara Operations Limited CAO T 2 M/GRW C$30.71 38.00 36.99 27.97 24.8 0.29 1.24 1.51 Dec 1,628 1.3 KT Cineplex Inc. CGX T 2 M/INC C$47.73 56.00 51.50 42.00 30.8 1.21 1.55 2.07 Dec 3,007 3.3 KT Dollarama DOL T 2 M/GRW C$80.14 95.00 93.91 56.56 27.5 1.74 2.19 A 2.91 Jan 10,258 0.4 KT Empire Company Limited EMP.A T 3 M/GRW C$25.95 28.00 31.98 24.50 15.6 0.54 1.87 A 1.66 Apr 7,149 1.5 KT Gildan Activewear GIL N 1 M/GRW US$28.72 38.00 35.15 26.30 19.4 1.14 1.48 1.95 Dec 7,008 0.9 KT Glacier Media Inc. GVC T 3 H/SPEC C$0.78 0.85 1.69 0.56 7.1 0.20 0.11 0.05 Dec 69 0.0 KT Great Canadian Gaming GC T 2 H/GRW C$15.21 24.00 24.81 14.87 13.5 1.08 1.13 1.27 Dec 1,031 0.0 KT Loblaw Companies Ltd. L T 2 M/GRW C$65.87 78.00 74.45 58.03 19.2 3.10 3.43 3.96 Dec 27,402 1.5 KT Metro, Inc. MRU T 2 M/GRW C$39.37 42.00 39.72 29.76 17.3 1.71 2.03 A 2.28 Sep 9,709 1.4 KT Sleep Country Canada Holdings Inc. ZZZ T 3 M/INC C$17.20 19.00 19.94 14.09 16.2 0.58 1.06 1.16 Dec 654 3.0 KT Winpak Ltd. WPK T 2 M/GRW C$45.21 45.00 47.56 31.75 29.5 1.21 1.53 1.76 Dec 2,939 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 4 €7.86 7.00 8.52 4.89 26.2 0.27 0.30 0.32 Dec 4,567 1.1 HB Diageo DGE.L L 3 1,857p NM 2,055 1,593 21.7 95.50 88.80 A 85.60 Jun £46,672 3.2 HB Pernod Ricard PERP.PA EPA 2 €104.00 123.00 117.75 87.95 19.0 4.46 4.99 A 5.46 Jun 27,604 1.9 HB Remy Cointreau RCOP.PA EPA 3 €65.64 NM 75.00 50.29 31.6 1.63 1.95 A 2.08 Mar 3,199 2.6 HB

Eyecare & Eyewear Essilor ESSI.PA EPA 2 €114.25 119.00 125.15 88.72 31.9 2.99 3.58 4.08 Dec 24,232 1.1 CL Luxottica LUX.MI BIT 3 €59.75 NM 67.80 44.80 32.7 1.42 1.83 2.08 Dec 28,650 1.5 CL


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Consumer - EUR Home & Personal Care Beiersdorf BEIG.DE ETR 4 €83.04 69.00 89.54 65.69 29.3 2.53 2.83 3.03 Dec 20,926 0.9 HB BIC BB.FP EPA 3 €151.60 NM 162.20 105.40 22.3 5.58 6.79 7.12 Dec 7,292 2.2 HB Henkel HNKG_p.DE ETR 2 €102.35 114.00 115.70 87.16 20.9 4.38 4.90 5.33 Dec 41,196 1.4 HB L'Oréal OREP.PA EPA 3 €154.80 NM 181.30 133.40 25.0 5.34 6.19 6.59 Dec 86,645 2.0 HB RB RB.L L 3 6,226p NM 6,450 5,060 26.3 268.00 237.00 250.00 Dec £44,343 2.0 HB

Luxury Goods Christian Dior DIOR.PA EPA 2 €157.35 194.00 195.35 135.60 16.3 7.90 8.17 A 9.68 Jun 28,590 3.1 HB Kering KER.PA EPA 3 €158.00 NM 198.50 136.75 17.9 9.35 8.84 9.92 Dec 19,951 2.8 HB LVMH LVMH.PA EPA 2 €144.10 179.00 176.60 123.50 19.0 6.46 7.59 8.21 Dec 73,220 2.4 HB Salvatore Ferragamo SFER.MI BIT 1 €21.65 29.00 32.55 19.75 22.6 0.93 0.96 1.15 Dec 3,654 2.2 HB Tod's Group TOD.MI BIT 4 €73.00 68.00 98.00 68.55 23.5 3.17 3.11 3.46 Dec 2,235 2.7 HB

Foodservices Autogrill AGL.BIT BIT 2 €8.78 10.00 9.42 6.04 33.8 0.10 0.26 0.35 Dec 2,230 0.0 JR Compass Group CPG.L L 3 1,160p NM 1,223 963 20.2 48.80 52.30 A 57.51 Sep £19,082 2.5 JR Edenred EDEN.PA EPA 2 €17.18 19.00 27.15 14.19 19.1 0.73 0.90 1.13 Dec 3,964 4.5 JR Elior ELIOR.PA EPA 2 €19.26 23.00 19.84 11.99 23.2 0.38 0.83 0.88 Sep 3,312 1.7 JR Sodexo EXHO.PA EPA 4 €90.01 92.00 96.40 70.45 22.0 3.23 4.60 A 4.09 Aug 14,141 2.5 JR

Retail Apparel H&M HMb.ST STO 4 SEK298.20 260.00 368.50 292.20 22.9 12.07 13.05 13.83 Nov 493,551 3.3 CL Inditex ITX.MC MAD 3 €31.49 NM 35.38 22.61 33.5 0.80 0.94 1.05 Jan 98,145 1.9 CL

Consumer Electronics Fnac FNAC.PA EPA 2 €53.82 65.00 64.95 38.99 16.4 2.97 3.28 3.38 Dec 893 0.0 CL

Food Retail Ahold AHLN.AS AMS 3 €19.73 NM 20.93 14.20 20.1 0.88 0.98 1.09 Dec 17,634 2.4 CL Carrefour CARR.PA EPA 2 €26.80 32.00 33.25 23.55 17.1 1.47 1.57 1.85 Dec 19,791 2.7 CL Casino CASP.PA EPA 2 €42.48 56.00 87.89 38.75 13.4 4.91 3.18 3.74 Dec 4,808 7.3 CL Colruyt COLR.BR EBR 4 €48.12 40.00 49.37 37.06 19.2 2.42 2.51 2.57 Mar 7,537 2.2 CL Delhaize DELB.BR EBR 3 €90.39 NM 95.99 58.90 18.8 0.87 4.81 5.15 Dec 9,357 1.5 CL Dia DIDA.MC MAD 1 €5.56 7.30 7.70 4.94 13.5 0.42 0.41 0.46 Dec 3,458 3.2 CL Jeronimo Martins JMT.LS ELI 3 €11.86 NM 13.86 7.56 22.4 0.48 0.53 0.58 Dec 7,463 2.2 CL Metro MEOG.DE ETR 2 €29.21 36.00 34.81 23.05 16.8 1.84 1.74 1.85 Sep 9,544 3.1 CL Rallye GENC.PA EPA 3 €13.69 NM 37.35 11.81 17.1 1.07 0.80 1.35 Dec 668 13.4 CL

Sporting Goods Adidas ADSGn.DE ETR 4 €89.09 75.00 94.50 53.80 25.5 3.05 3.50 3.93 Dec 18,639 1.9 CL Puma PUMG.DE ETR 3 €194.70 NM 219.30 140.95 75.2 4.29 2.59 4.18 Dec 2,936 0.3 CL


Energy

USA Canada Europe

Exploration and Production ........................................ 26

Independent Refiners ................................................. 28

Integrated Oil and Gas ................................................ 28

Midstream Suppliers................................................... 29

Oilfield Services .......................................................... 30

Compression ............................................................ 30

Diversified Oilfield Services ..................................... 30

Manufacturing & Fabrication .................................. 30

Offshore Construction ............................................. 30

Offshore Drillers ...................................................... 30

Onshore Drillers....................................................... 31

Production/Workover/Miscellaneous ..................... 31

Renewable Energy and Clean Technology .................. 31

Fuels and Chemicals ................................................ 31

Power ...................................................................... 31

Alternative Energy & Clean Tech ................................ 32

Energy Infrastructure ................................................. 32

Midstream ............................................................... 32

Intermediate Oil & Gas Producers .............................. 32

Junior Oil & Gas Producers ......................................... 33

Oil & Gas Energy Services ........................................... 33

Contract Drillers ...................................................... 33

Facilities & Infrastructure ........................................ 33

Pressure Pumpers ................................................... 33

Well Site & Other Services ...................................... 33

Oil Sands ..................................................................... 33

Senior Oil & Gas Producers ........................................ 33

Utilities ........................................................................ 34

Electricity & Gas ....................................................... 34

Environmental Services ............................................ 34

Argentina

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

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

Gas Utility .................................................................... 35

Integrated Oil and Gas ................................................ 35

Oilfield Services ........................................................... 35

Manufacturing & Fabrication ................................... 35


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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 49.69 74.00 95.94 44.50 NM 4.13 (2.73) (3.62) Dec 25,247 2.2 JF,KS Antero Resources Corporation AR N 2 H/GRW 22.54 30.00 46.06 18.50 55.0 1.20 0.41 0.45 Dec 6,244 0.0 JF,KS Apache Corporation APA N 2 H/GRW 44.92 57.00 71.87 35.79 NM 5.60 (0.64) 0.19 Dec 16,981 2.2 JF,KS Black Stone Minerals L.P. (cu) BSM N 2 H/INC 14.57 18.00 19.46 12.03 21.1 NA 0.69 1.13 Dec 2,786 7.2 KS Bonanza Creek Energy, Inc. BCEI N 3 H/GRW 5.23 NM 30.81 3.72 NM 1.64 (0.41) (1.30) Dec 260 0.0 KS,JF Cabot Oil & Gas Corp. COG N 3 H/GRW 17.24 NM 35.64 14.94 NM 0.96 0.16 0.04 Dec 7,135 0.5 KS,JF California Resources Corporation CRC N 3 H/GRW 2.10 NM 9.87 1.76 NM 1.70 (0.89) (0.65) Dec 805 0.0 PM Chesapeake Energy Corp. CHK N 3 H/GRW 4.07 NM 21.49 3.56 NM 1.88 (0.42) (1.23) Dec 2,700 8.6 JF,KS Chesapeake Granite Wash Trust (cu) CHKR N 4 NM 3.19 NM 9.34 2.98 2.6 2.18 1.25 0.61 Dec 149 40.1 KS Cimarex Energy Co. XEC N 3 H/GRW 89.30 NM 132.18 85.00 NM 5.79 (0.51) 0.81 Dec 8,444 0.7 JF,KS Clayton Williams Energy, Inc. CWEI N 3 H/GRW 29.10 NM 73.15 28.50 NM 4.61 (5.30) (4.42) Dec 354 0.0 KS Concho Resources Inc. CXO N 1 H/GRW 90.50 146.00 134.13 85.87 73.0 4.06 1.24 0.76 Dec 10,886 0.0 JF,KS ConocoPhillips COP N 3 M/INC 47.19 NM 70.68 41.10 NM 5.31 (0.72) 0.71 Dec 58,563 6.3 PM CONSOL Energy Inc. CNX N 3 H/GRW 7.87 NM 35.50 6.30 NM 0.87 (0.10) 0.39 Dec 1,803 0.5 KS,JF Continental Resources Inc. CLR N 2 H/GRW 22.65 41.00 53.65 19.60 NM 3.43 (0.28) (0.09) Dec 8,448 0.0 JF,KS Denbury Resources Inc. DNR N 4 NM 2.03 NM 9.53 1.72 4.4 1.04 0.46 0.07 Dec 716 3.0 KS,JF Devon Energy Corporation DVN N 2 H/GRW 31.69 50.00 70.48 28.00 12.0 4.91 2.64 1.05 Dec 13,025 3.0 KS,JF Diamondback Energy, Inc. FANG Q 2 H/GRW 65.43 92.00 85.82 55.53 40.1 2.31 1.63 1.03 Dec 4,361 0.0 JF,KS ECA Marcellus Trust I (cu) ECT N 4 NM 1.52 NM 4.75 1.33 5.4 1.00 0.28 0.18 Dec 27 18.4 KS Energen Corp. EGN N 2 H/GRW 42.46 68.00 77.12 40.56 41.2 2.71 1.03 (0.78) Dec 3,344 0.2 JF,KS EOG Resources, Inc. EOG N 3 H/GRW 70.49 NM 101.36 68.15 NM 4.95 0.12 0.55 Dec 38,746 1.0 KS,JF EV Energy Partners L.P. EVEP Q 3 H/INC 2.58 NM 21.49 1.91 6.8 2.37 0.38 (1.17) Dec 126 77.5 KS Hess Corp. HES N 2 H/GRW 48.99 75.00 79.00 47.04 NM 4.25 (3.87) (3.09) Dec 13,889 2.0 PM InterOil Corp. IOC N 2 H/SPEC 30.86 70.00 61.15 28.50 NM (2.31) (2.08) (1.66) Dec 1,528 0.0 PM Kosmos Energy Ltd. KOS N 3 H/GRW 5.27 NM 10.03 4.62 NM 0.27 (0.20) (0.10) Dec 2,058 0.0 PM Laredo Petroleum Inc. LPI N 2 H/GRW 8.28 15.00 16.18 6.35 26.7 0.96 0.31 0.37 Dec 1,771 0.0 JF,KS Legacy Reserves L.P. LGCY Q 3 H/INC 1.35 NM 15.55 1.04 NM 0.29 (0.54) (1.02) Dec 93 44.4 KS LINN Energy, LLC LINE Q 3 H/GRW 1.48 NM 14.93 1.06 0.9 2.25 1.73 0.45 Dec 525 0.0 KS LinnCo, LLC LNCO Q 3 H/GRW 1.08 NM 14.52 0.90 0.6 2.25 1.73 0.45 Dec 364 0.0 KS


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Energy - USA Exploration and Production Marathon Oil Corp. MRO N 2 M/GRW 12.98 24.00 31.53 12.11 NM 2.53 (1.16) (0.69) Dec 8,787 1.5 PM Memorial Production Partners L.P. MEMP Q 3 H/INC 2.53 NM 18.71 1.57 NM 0.67 0.01 (0.12) Dec 210 47.4 KS Memorial Resource Development Corp MRD Q 2 H/GRW 15.90 26.00 21.57 13.37 40.8 0.48 0.39 0.38 Dec 3,265 0.0 JF,KS Mid-Con Energy Partners L.P. MCEP Q 4 NM 1.20 NM 7.21 1.05 4.6 1.06 0.26 0.13 Dec 36 0.0 KS Murphy Oil Corp. MUR N 4 NM 22.37 NM 52.00 21.26 NM 3.40 (2.77) (0.51) Dec 3,852 6.3 PM MV Oil Trust (cu) MVO N 3 H/INC 5.05 NM 17.10 4.81 6.2 3.25 0.81 1.06 Dec 58 16.6 KS National Fuel Gas Company NFG N 3 H/GRW 43.08 NM 72.21 37.03 16.3 3.44 2.97 A 2.64 Sep 3,644 3.7 KS,JF Newfield Exploration Company NFX N 3 H/GRW 32.34 NM 41.34 22.31 39.4 1.76 0.82 0.19 Dec 5,284 0.0 KS,JF Noble Energy, Inc. NBL N 3 H/GRW 33.02 NM 53.68 29.13 NM 2.41 0.02 (0.16) Dec 14,232 2.2 JF,KS Northern Oil & Gas Inc. NOG M 3 H/GRW 3.98 NM 9.51 3.36 5.1 0.94 0.78 (0.23) Dec 245 0.0 JF,KS Oasis Petroleum Inc. OAS N 2 H/GRW 7.05 15.00 19.63 6.34 7.9 2.20 0.89 (0.39) Dec 981 0.0 JF,KS Occidental Petroleum Corp. OXY N 1 M/INC 67.99 80.00 83.74 63.60 NM 5.86 0.29 1.34 Dec 51,897 4.4 PM Parsley Energy, Inc. PE N 2 H/GRW 17.22 24.00 20.33 13.29 NM 0.33 (0.24) (0.10) Dec 1,887 0.0 JF,KS Pioneer Natural Resources Company PXD N 1 H/GRW 121.58 190.00 181.97 105.83 NM 5.00 (0.14) 1.07 Dec 18,161 0.1 JF,KS QEP Resources, Inc. QEP N 2 H/GRW 13.09 18.00 24.04 11.03 NM 1.39 0.13 (1.00) Dec 2,313 0.6 KS,JF Range Resources Corp. RRC N 2 H/GRW 24.30 38.00 65.53 20.79 83.8 1.58 0.29 0.14 Dec 4,114 0.7 KS,JF Resolute Energy Corp. REN N 4 NM 0.77 NM 1.80 0.25 NM (0.32) (0.41) 0.03 Dec 60 0.0 JF,KS RSP Permian Inc. RSPP N 2 H/GRW 24.35 35.00 31.15 19.20 49.7 0.90 0.49 0.31 Dec 2,242 0.0 JF,KS SandRidge Energy Inc. SD N 4 NM 0.20 NM 2.53 0.19 NM 0.25 (0.24) (0.61) Dec 107 0.0 JF,KS SandRidge Mississippian Trust I (cu) SDT N 3 H/INC 2.34 NM 5.43 2.01 1.8 1.34 1.27 0.34 Dec 66 51.3 KS SandRidge Mississippian Trust II (cu) SDR N 3 H/INC 1.68 NM 5.34 1.34 1.8 1.82 0.92 0.52 Dec 83 53.0 KS SandRidge Permian Trust (cu) PER N 3 H/INC 2.55 NM 8.78 2.01 1.7 2.55 1.54 0.76 Dec 134 39.2 KS SM Energy Company SM N 2 H/GRW 19.06 47.50 60.28 18.21 NM 5.64 0.07 (1.29) Dec 1,295 0.5 KS,JF Southwestern Energy Company SWN N 3 H/GRW 6.85 NM 29.61 5.00 34.2 2.27 0.20 (0.53) Dec 2,634 0.0 KS,JF TransGlobe Energy Corp. TGA Q 2 H/GRW 1.67 5.00 4.83 1.51 NM 0.71 (0.23) (0.05) Dec 133 6.0 PM Ultra Petroleum Corporation UPL N 3 H/GRW 2.48 NM 18.04 1.85 4.9 2.55 0.51 (0.88) Dec 384 0.0 KS,JF Vanguard Natural Resources, LLC VNR Q 2 H/INC 3.03 6.00 19.50 2.41 NM 1.10 (0.09) 0.10 Dec 264 11.9 KS Viper Energy Partners L.P. (cu) VNOM Q 3 H/INC 14.51 NM 22.10 13.31 17.7 0.50 0.82 1.04 Dec 1,157 5.5 KS VOC Energy Trust (cu) VOC N 3 H/INC 2.63 NM 6.50 2.26 5.8 1.38 0.45 0.39 Dec 45 17.1 KS Whiting Petroleum Corp. WLL N 2 H/GRW 8.81 26.00 41.57 8.12 NM 4.07 (0.73) (0.53) Dec 1,798 0.0 JF,KS Whiting USA Trust II (cu) WHZ N 2 H/INC 0.71 2.50 8.47 0.69 3.9 2.47 0.18 0.50 Dec 13 5.7 KS WPX Energy Inc. WPX N 2 H/GRW 5.20 10.00 14.65 5.15 NM 0.28 (0.59) (2.36) Dec 1,432 0.0 KS,JF


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Energy - USA Independent Refiners Delek US Holdings, Inc. DK N 2 H/GRW 24.54 30.00 41.15 22.11 13.9 4.23 1.76 2.00 Dec 1,563 2.4 JJ HollyFrontier Corp. HFC N 3 H/GRW 40.61 NM 54.73 30.15 8.0 2.66 5.10 3.75 Dec 7,606 3.3 JJ Marathon Petroleum Corp. MPC N 2 H/GRW 51.60 60.00 60.38 37.62 8.8 4.47 5.87 4.75 Dec 27,761 2.5 JJ PBF Energy, Inc. PBF N 3 H/GRW 35.96 NM 41.75 22.89 8.8 4.52 4.09 4.50 Dec 3,290 3.3 JJ Phillips 66 PSX N 2 H/GRW 82.46 95.00 94.12 57.33 10.5 6.62 7.86 7.50 Dec 44,916 2.7 JJ Tesoro Corp. TSO N 3 H/GRW 102.42 NM 119.67 64.16 7.2 6.90 14.32 8.50 Dec 12,680 2.0 JJ Valero Energy Corp. VLO N 2 H/GRW 70.62 75.00 73.88 43.45 8.0 6.58 8.82 7.50 Dec 35,875 2.3 JJ Western Refining, Inc. WNR N 3 H/GRW 35.71 NM 51.31 31.83 6.9 4.72 5.17 4.00 Dec 3,345 4.3 JJ

Integrated Oil and Gas BP plc (ed, r) BP N 3 M/INC 31.71 NM 43.85 29.35 16.8 NA 1.89 1.83 Dec 97,093 7.6 PM Chevron Corp. CVX N 2 M/INC 90.36 95.00 114.38 69.58 30.4 9.46 2.97 4.30 Dec 169,190 4.7 PM Ecopetrol S.A. (ed, r) EC N 3 H/GRW 7.22 NM 19.91 6.44 21.9 2.03 0.33 0.55 Dec 14,843 3.5 PM Exxon Mobil Corp. XOM N 4 NM 78.74 NM 93.86 66.55 20.3 7.60 3.87 4.26 Dec 329,921 3.7 PM Petróleo Brasileiro S.A. (ed, r) PBR N 3 H/GRW 4.45 NM 10.55 3.72 NM 1.22 0.02 0.27 Dec 29,023 0.0 PM


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Energy - USA Midstream Suppliers AmeriGas Partners L.P. APU N 3 H/INC 34.02 NM 52.72 30.80 12.6 2.83 1.92 A 2.70 Sep 3,160 10.8 DH,BBL Antero Midstream Partners L.P. AM N 1 H/GRW 21.92 30.00 29.76 16.47 35.9 0.09 0.61 1.50 Dec 3,853 3.7 DH Boardwalk Pipeline Partners L.P. BWP N 3 H/INC 12.38 NM 18.32 10.54 14.9 0.58 0.83 0.91 Dec 3,099 3.2 DH Calumet Specialty Products Partners L.P. CLMT Q 3 H/INC 19.76 NM 29.14 17.70 NM (1.80) (0.48) 2.02 Dec 1,497 13.9 JJ,DH Capital Product Partners L.P. CPLP Q 3 H/INC 5.40 NM 10.06 4.63 15.0 0.31 0.36 0.44 Dec 574 17.7 BBL,DH Cheniere Energy Partners L.P. CQP M 3 H/INC 26.40 NM 34.55 20.15 NM (0.87) (0.38) 0.38 Dec 8,918 6.4 DH,PM Cheniere Energy, Inc. LNG M 3 H/GRW 37.26 NM 82.32 35.09 NM (1.93) (1.92) (1.86) Dec 8,462 0.0 PM,DH Crestwood Equity Partners L.P. CEQP N 2 H/INC 19.91 50.00 84.60 13.14 NM 3.00 (2.30) (1.40) Dec 370 27.6 DH CrossAmerica Partners L.P. CAPL N 2 H/INC 25.11 32.00 40.87 20.00 81.0 (0.25) 0.31 0.73 Dec 831 9.2 BBL,DH Delek Logistics Partners L.P. DKL N 2 H/INC 30.00 40.00 48.46 28.05 10.8 2.87 2.77 3.65 Dec 732 7.6 DH,JJ Energy Transfer Equity L.P. ETE N 1 H/GRW 13.47 28.00 35.44 10.84 9.2 0.59 1.46 2.14 Dec 14,073 7.9 DH Energy Transfer Partners L.P. ETP N 2 H/INC 33.40 48.00 66.85 27.44 30.1 1.86 1.11 1.83 Dec 22,908 12.6 DH EnLink Midstream LLC ENLC N 2 H/GRW 15.49 18.00 37.00 11.72 NM 0.55 (0.69) 1.97 Dec 2,540 6.6 DH EnLink Midstream Partners L.P. ENLK N 3 H/INC 16.18 NM 30.31 12.01 NM 0.59 (2.02) 0.72 Dec 3,721 9.6 DH Enterprise Products Partners L.P. EPD N 1 H/INC 24.94 31.00 37.19 20.76 19.6 1.47 1.27 1.39 Dec 46,738 6.2 DH Ferrellgas Partners L.P. FGP N 4 NM 17.00 NM 25.58 14.55 NM 0.41 0.28 A (0.02) Jul 1,724 12.1 BBL,DH Genesis Energy L.P. GEL N 2 H/INC 35.70 50.00 50.04 27.40 8.1 1.18 4.40 2.38 Dec 3,926 7.2 DH,JJ Global Partners L.P. GLP N 3 H/INC 16.50 NM 42.74 14.80 13.8 3.96 1.20 1.10 Dec 556 16.9 DH,JJ Golar LNG Partners L.P. GMLP Q 3 H/INC 13.63 NM 32.28 7.55 5.6 2.77 2.44 2.84 Dec 840 16.9 BBL,DH Holly Energy Partners L.P. HEP N 3 H/INC 29.82 NM 36.40 26.25 19.2 1.21 1.55 1.81 Dec 1,749 7.4 DH,JJ Kinder Morgan, Inc. KMI N 2 H/INC 15.26 20.00 44.71 14.22 25.4 0.90 0.60 0.68 Dec 33,998 13.4 DH KNOT Offshore Partners L.P. KNOP N 2 H/INC 13.00 19.00 26.49 10.38 9.7 1.34 1.34 1.73 Dec 380 15.7 BBL,DH Magellan Midstream Partners L.P. MMP N 2 H/INC 67.69 75.00 86.71 54.51 19.3 3.69 3.51 3.78 Dec 15,395 4.4 DH,JJ Martin Midstream Partners L.P. MMLP Q 2 H/INC 20.99 32.00 38.61 18.08 27.3 (0.40) 0.77 0.98 Dec 744 15.5 DH NGL Energy Partners L.P. NGL N 2 H/INC 10.17 14.00 33.64 8.04 NM 0.39 (0.36) A (0.20) Mar 1,057 25.2 DH NuStar Energy L.P. NS N 3 H/INC 37.66 NM 68.10 31.20 11.5 2.10 3.27 2.33 Dec 2,933 11.6 DH,JJ NuStar GP Holdings, LLC NSH N 3 H/INC 18.63 NM 39.94 15.06 10.6 1.44 1.76 1.51 Dec 799 11.7 DH,JJ PennTex Midstream Partners L.P. PTXP Q 2 H/INC 12.22 19.00 21.02 12.09 48.9 NA 0.25 0.82 Dec 489 9.0 DH Plains All American Pipeline L.P. PAA N 2 H/INC 23.65 35.00 52.70 17.83 15.3 2.43 1.55 1.80 Dec 9,406 11.8 DH,JJ Plains GP Holdings L.P. PAGP N 2 H/INC 9.32 15.00 29.87 7.18 15.3 0.48 0.61 0.77 Dec 2,088 9.9 DH,JJ Rose Rock Midstream L.P. RRMS N 2 H/INC 15.98 29.00 54.06 14.47 12.4 1.69 1.29 1.83 Dec 588 16.5 DH,JJ SemGroup Corporation SEMG N 2 H/INC 29.14 48.00 86.99 22.56 27.5 0.65 1.06 1.17 Dec 1,280 6.2 DH,JJ Southcross Energy Partners L.P. SXE N 3 H/INC 3.77 NM 16.50 2.28 NM (1.25) (1.42) (0.65) Dec 212 42.4 DH Spectra Energy Corp. SE N 2 M/INC 23.73 31.00 38.47 21.43 22.4 1.61 1.06 1.47 Dec 15,923 6.2 DH


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Energy - USA Midstream Suppliers Spectra Energy Partners L.P. SEP N 2 H/INC 44.00 53.00 60.07 36.21 13.5 2.84 3.27 3.11 Dec 13,561 5.7 DH Sprague Resources L.P. SRLP N 3 H/INC 20.28 NM 28.90 17.15 6.1 5.86 3.35 3.52 Dec 427 9.9 DH,JJ Suburban Propane Partners L.P. SPH N 3 H/INC 24.18 NM 45.87 22.69 13.1 1.55 1.38 A 1.84 Sep 1,464 14.7 DH,BBL Sunoco L.P. SUN N 2 H/INC 37.70 45.00 54.83 29.50 17.4 1.81 2.17 3.92 Dec 2,386 7.9 BBL,DH Targa Resources Corp. TRGP N 1 H/GRW 26.07 60.00 108.63 23.33 23.7 2.43 1.10 3.74 Dec 1,460 13.6 DH Targa Resources Partners L.P. NGLS N 2 H/INC 15.19 37.00 50.40 13.07 44.7 2.77 0.34 0.01 Dec 2,808 21.7 DH Teekay Corporation TK N 3 H/GRW 10.10 NM 52.54 6.65 11.1 (0.76) 0.91 0.84 Dec 734 2.2 DH,BBL Teekay LNG Partners L.P. TGP N 3 H/INC 14.01 NM 43.38 8.80 7.5 2.30 1.88 2.67 Dec 1,114 20.0 BBL,DH Teekay Offshore Partners L.P. TOO N 2 H/INC 6.53 8.00 27.08 3.68 7.7 0.21 0.85 1.07 Dec 699 34.3 BBL,DH Tesoro Logistics L.P. TLLP N 1 H/INC 50.30 62.00 61.74 40.14 19.6 1.10 2.57 3.52 Dec 4,458 6.0 DH,JJ The Williams Companies, Inc. WMB N 2 H/GRW 24.81 51.00 61.38 20.95 34.9 2.92 0.71 2.45 Dec 18,583 10.3 DH Williams Partners L.P. WPZ N 2 H/INC 27.11 40.00 59.44 20.48 NM 0.99 (0.26) 1.17 Dec 16,298 12.5 DH

Oilfield Services Compression Archrock Partners L.P. APLP Q 2 H/INC 11.60 21.00 27.93 10.58 10.5 1.18 1.11 0.65 Dec 693 19.7 JMA,PN CSI Compressco Partners L.P. CCLP Q 2 H/INC 10.88 16.00 22.15 10.10 NM 0.93 0.08 0.00 Dec 361 18.5 JMA,PN USA Compression Partners L.P. USAC N 2 H/INC 10.63 17.00 24.30 10.19 12.5 0.57 0.85 0.75 Dec 309 19.8 JMA,PN

Diversified Oilfield Services Baker Hughes, Inc. BHI N 1 H/GRW 45.69 63.00 70.45 42.78 NM 4.21 (0.32) (0.60) Dec 19,921 1.5 JMA,PN Halliburton HAL N 1 H/GRW 34.30 48.00 50.20 30.93 23.0 4.02 1.49 0.65 Dec 29,326 2.1 JMA,PN Schlumberger Ltd. SLB N 3 H/GRW 70.42 NM 95.13 66.57 21.0 5.57 3.35 2.15 Dec 88,800 2.8 JMA,PN Weatherford WFT N 3 H/GRW 8.64 NM 14.91 7.21 NM 1.01 (0.34) (0.65) Dec 6,731 0.0 JMA,PN

Manufacturing & Fabrication Cameron International Corp. CAM N 3 H/GRW 63.66 NM 71.22 39.52 17.4 4.26 3.65 1.50 Dec 12,147 0.0 JMA,PN FMC Technologies, Inc. FTI N 3 H/GRW 28.95 NM 48.75 27.94 13.4 2.95 2.16 1.10 Dec 6,609 0.0 JMA,PN National Oilwell Varco Inc. NOV N 2 H/GRW 34.15 42.00 67.59 32.89 11.3 6.06 3.03 1.20 Dec 12,831 5.4 JMA,PN Oil States International, Inc. OIS N 2 H/GRW 27.58 35.00 50.28 23.35 37.8 4.39 0.73 (0.49) Dec 1,401 0.0 JMA,PN

Offshore Construction Helix Energy Solutions Group HLX N 3 H/GRW 5.15 NM 22.61 4.51 34.3 1.79 0.15 (0.31) Dec 546 0.0 JMA,PN

Offshore Drillers Atwood Oceanics ATW N 3 H/GRW 10.33 NM 35.66 9.98 4.4 4.87 7.74 A 2.35 Sep 668 2.9 PN,JMA Diamond Offshore DO N 3 H/GRW 21.04 NM 39.42 16.51 8.4 3.26 2.50 0.60 Dec 2,927 2.4 PN,JMA Ensco plc ESV N 3 H/GRW 14.97 NM 32.28 13.26 3.5 6.15 4.30 2.35 Dec 3,464 4.0 PN,JMA Noble Corp plc NE N 3 H/GRW 10.90 NM 19.62 10.34 4.0 2.95 2.70 1.20 Dec 2,848 5.5 PN,JMA Ocean Rig UDW ORIG Q 3 H/GRW 1.68 NM 9.53 1.38 0.7 2.46 2.40 0.35 Dec 221 0.0 PN,JMA Pacific Drilling PACD N 3 H/GRW 0.87 NM 5.61 0.84 1.1 0.87 0.80 (0.40) Dec 182 0.0 PN,JMA Rowan Companies RDC N 2 H/GRW 16.92 25.00 25.13 14.63 5.0 2.12 3.40 2.55 Dec 2,101 2.4 PN,JMA Transocean RIG N 4 NM 12.34 NM 21.90 11.26 3.3 4.98 3.75 0.65 Dec 4,488 0.0 PN,JMA


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Energy - USA Onshore Drillers Nabors Industries Ltd. NBR N 2 H/GRW 8.36 12.00 16.99 7.47 NM 1.14 (0.37) (1.65) Dec 2,370 2.9 JMA,PN Patterson-UTI Energy, Inc. PTEN Q 1 H/GRW 14.95 18.00 23.11 12.82 NM 1.62 (0.75) (2.25) Dec 2,200 2.7 JMA,PN Pioneer Energy Services Corp PES N 4 NM 2.20 NM 8.69 1.91 NM 0.24 (0.90) (1.45) Dec 138 0.0 JMA,PN Unit Corporation UNT N 3 H/GRW 12.20 NM 36.23 10.60 NM 4.22 (0.05) (0.75) Dec 615 0.0 JMA,PN

Production/Workover/Miscellaneous Basic Energy Services, Inc. BAS N 3 H/GRW 2.76 NM 10.50 2.32 NM 0.43 (4.50) (5.20) Dec 118 0.0 JMA,PN Cypress Energy Partners L.P. CELP N 2 H/INC 8.93 13.00 19.83 7.02 10.5 0.99 0.85 0.64 Dec 106 18.2 JMA,PN Dawson Geophysical Company DWSN Q 3 H/SPEC 3.70 NM 7.31 2.93 NM (1.65) (1.22) (1.05) Dec 78 0.0 JMA,PN Hi-Crush Partners L.P. HCLP N 3 H/GRW 5.55 NM 40.40 5.05 5.3 2.98 1.05 (0.15) Dec 205 0.0 JMA,PN Key Energy Services Inc. KEG N 3 H/SPEC 0.44 NM 2.79 0.39 NM (0.57) (1.15) (1.05) Dec 69 0.0 JMA,PN Newpark Resources NR N 1 H/GRW 5.40 8.00 10.85 4.77 NM 0.85 (0.22) (0.35) Dec 454 0.0 JMA,PN Superior Energy Services, Inc. SPN N 1 H/GRW 13.50 16.00 26.95 12.35 NM 1.79 (1.30) (2.00) Dec 2,035 2.4 JMA,PN TETRA Technologies Inc. TTI N 2 H/GRW 7.54 9.00 9.44 4.62 25.1 0.26 0.30 (0.20) Dec 605 0.0 JMA,PN

Renewable Energy and Clean Technology Fuels and Chemicals Chart Industries, Inc. GTLS Q 2 H/GRW 18.07 30.00 45.62 15.08 16.6 2.74 1.09 1.22 Dec 560 0.0 PM Clean Energy Fuels Corp. CLNE Q 4 NM 3.72 NM 10.48 3.21 NM (0.87) (1.13) (1.00) Dec 340 0.0 PM Green Plains Partners L.P. GPP Q 1 M/INC 15.09 21.00 16.29 10.92 20.1 0.07 0.75 1.60 Dec 480 10.6 PM Westport Innovations Inc. WPRT Q 3 H/GRW 2.32 NM 6.74 1.70 NM (1.84) (1.40) (0.73) Dec 149 0.0 PM

Power 8point3 Energy Partners L.P. CAFD Q 1 M/INC 15.91 22.00 21.15 10.26 NM (0.02) 0.10 0.18 Nov 1,130 5.5 PM Advanced Energy Industries, Inc. AEIS Q 1 H/GRW 28.84 32.00 30.04 21.12 15.8 1.73 1.82 2.32 Dec 1,191 0.0 PM EnerNOC, Inc. ENOC Q 1 H/GRW 4.06 14.00 19.04 3.76 NM 1.40 (1.70) (0.41) Dec 140 0.0 PM Enphase Energy, Inc. ENPH Q 3 H/GRW 3.59 NM 15.25 1.63 NM 0.06 (0.09) (0.37) Dec 172 0.0 PM Enviva Partners L.P. EVA N 2 M/INC 16.87 20.00 22.46 11.85 17.0 0.01 0.99 1.03 Dec 407 10.4 PM First Solar, Inc. FSLR Q 3 H/GRW 66.40 NM 67.80 39.18 15.4 3.64 4.31 4.34 Dec 6,793 0.0 PM Silver Spring Networks, Inc. SSNI N 2 H/GRW 14.44 15.00 16.18 7.06 NM (0.50) 0.10 0.23 Dec 747 0.0 PM SolarCity Corp. SCTY Q 2 H/GRW 51.31 75.00 63.79 24.07 NM (3.96) (7.88) (8.49) Dec 4,998 0.0 PM SunPower Corp. SPWR Q 2 H/GRW 30.32 32.00 35.11 18.25 14.9 1.33 2.03 2.00 Dec 4,730 0.0 PM Trina Solar Limited (r) TSL N 3 H/GRW 11.04 NM 13.33 7.15 9.8 0.75 1.13 1.56 Dec 1,074 0.0 PM


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

Theoni Pilarinos, CFA [email protected] Steve Hansen, CMA, CFA [email protected]

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

Jeremy McCrea, CFA [email protected]

Alternative Energy & Clean Tech Alterra Power Corp. AXY T 2 H/SPEC C$0.44 0.65 0.55 0.29 NM (0.07) (0.01) 0.05 Dec 206 0.0 SLi U.S. Geothermal HTM M 3 H/SPEC US$0.62 0.85 0.70 0.43 12.4 0.01 0.05 NA Dec 67 0.0 SLi

Energy Infrastructure Midstream AltaGas Ltd. (af) ALA T 2 M/INC C$31.70 38.00 47.71 27.09 11.8 3.25 2.68 3.44 Dec 4,622 6.2 CC Gibson Energy Inc. (af) GEI T 2 M/INC C$14.78 23.00 29.87 12.78 8.6 2.11 1.71 1.85 Dec 1,862 8.7 CC Inter Pipeline Ltd. (af) IPL T 3 M/INC C$22.65 27.00 36.12 19.90 11.2 1.53 2.03 2.02 Dec 7,615 6.9 CC Keyera Corp (af) KEY T 2 M/INC C$40.65 52.00 46.52 35.53 14.0 2.31 2.90 2.93 Dec 6,890 3.7 CC Pembina Pipeline Corp. (af) PPL T 2 M/INC C$31.00 45.00 43.66 27.75 13.5 2.37 2.30 2.58 Dec 10,695 5.9 CC Veresen Inc. (af) VSN T 3 M/INC C$8.88 13.00 19.40 8.43 8.8 1.09 1.01 0.99 Dec 2,596 11.3 CC

Intermediate Oil & Gas Producers ARC Resources Ltd. (cf) ARX T 2 M/INC C$17.35 24.00 26.06 15.39 7.9 3.54 2.20 2.13 Dec 6,053 6.9 JM Athabasca Oil Corp. (cb) ATH T 3 H/GRW C$1.55 2.00 2.70 1.16 NM (38) (15) 0 Dec 625 0.0 CC Baytex Energy Corp. (cf) BTE T 3 H/GRW C$4.55 10.50 24.87 3.50 NM 621 517 517 Dec 956 0.0 CC Bellatrix Exploration Ltd. (cf) BXE T 3 H/GRW C$1.64 3.50 4.46 1.30 3.0 1.41 0.54 0.56 Dec 315 0.0 JM Birchcliff Energy Ltd. (cf) BIR T 2 H/GRW C$4.06 8.75 9.34 3.48 3.8 1.97 1.07 1.22 Dec 618 0.0 KM Bonavista Energy Corporation (cf) BNP T 2 H/GRW C$2.04 4.25 9.26 1.60 1.2 2.60 1.76 1.37 Dec 451 5.9 JM Bonterra Energy Corp. (cf) BNE T 2 H/INC C$17.96 28.00 46.57 15.00 4.8 6.33 3.71 4.02 Dec 578 6.7 JM Crescent Point Energy (cf) CPG T 2 M/GRW C$16.87 25.00 33.85 11.31 NM 3,139 2,008 1,958 Dec 8,513 7.1 CC Crew Energy Inc. (cf) CR T 1 H/GRW C$4.10 7.50 6.48 3.29 6.9 1.39 0.59 0.77 Dec 579 0.0 KM Enerplus Corporation (cf) ERF T 2 H/GRW C$4.96 6.75 16.09 4.25 2.1 4.14 2.39 1.98 Dec 1,024 7.3 KM Freehold Royalties Ltd. (cf) FRU T 3 M/INC C$11.36 15.00 20.62 8.73 10.1 1.94 1.12 0.94 Dec 1,121 7.4 JM Kelt Exploration Ltd. (cf) KEL T 1 H/GRW C$4.24 8.50 9.95 3.29 10.3 0.93 0.41 0.58 Dec 712 0.0 JM NuVista Energy Ltd. (cf) NVA T 2 H/GRW C$4.10 7.50 9.54 3.28 5.1 0.81 0.81 0.72 Dec 629 0.0 KM Painted Pony Petroleum Ltd. (cf) PPY T 1 H/GRW C$3.42 9.00 9.80 2.84 10.1 0.91 0.34 0.88 Dec 343 0.0 JM Paramount Resources Ltd. (cf) POU T 2 H/GRW C$6.47 23.00 38.08 5.07 6.5 1.39 1.00 2.93 Dec 687 0.0 KM Pengrowth Energy Corporation (cf) PGF T 3 H/INC C$1.10 1.75 4.48 0.96 NM (8) 164 489 Dec 596 3.6 CC Penn West Petroleum Ltd. (cf) PWT T 3 H/GRW C$1.34 1.75 3.45 0.60 3.3 1.89 0.41 0.51 Dec 673 0.0 JM Peyto Exploration and Development (cf) PEY T 2 M/GRW C$25.19 37.00 37.31 21.55 7.1 4.31 3.53 4.31 Dec 4,005 5.2 KM PrairieSky Royalty Ltd. (cf) PSK T 2 H/INC C$22.84 30.00 34.67 21.13 20.6 1.21 1.11 1.07 Dec 3,520 5.7 JM Seven Generations Energy Ltd. (cf) VII T 2 H/GRW C$13.61 21.50 21.23 11.25 8.8 1.46 1.55 2.42 Dec 3,424 0.0 KM Tourmaline Oil Corp. (cf) TOU T 2 H/GRW C$22.25 38.00 43.75 20.83 5.6 4.58 3.98 5.02 Dec 4,913 0.0 KM Trilogy Energy Corp. (cf) TET T 2 H/GRW C$3.77 9.50 10.05 3.13 4.4 2.79 0.86 0.92 Dec 475 0.0 KM Yangarra Resources Ltd. (cf) YGR T 2 H/GRW C$0.58 1.25 2.10 0.56 1.7 0.67 0.35 0.37 Dec 39 0.0 JM


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Energy - CAN Junior Oil & Gas Producers Boulder Energy Ltd. (cf) BXO T 2 H/GRW C$1.60 4.50 12.03 1.45 1.6 NA 0.98 0.88 Dec 74 0.0 KM Chinook Energy Inc. (cf) CKE T 2 H/GRW C$0.53 0.75 1.48 0.40 13.2 0.23 0.04 0.08 Dec 114 0.0 KM Delphi Energy Corp. (cf) DEE T 1 H/GRW C$0.90 1.95 1.81 0.62 3.5 0.42 0.26 0.29 Dec 140 0.0 KM Granite Oil Corp. (cf) GXO T 1 H/INC C$7.88 10.50 9.47 4.06 5.0 1.95 1.59 1.01 Dec 239 5.3 KM Leucrotta Exploration Inc. (cf) LXE V 2 H/GRW C$0.83 1.15 1.50 0.72 NM 0.12 0.00 0.01 Dec 137 0.0 KM RMP Energy Inc. (cf) RMP T 2 H/GRW C$1.55 2.30 5.56 1.21 2.1 1.30 0.73 0.59 Dec 192 0.0 KM Storm Resources Ltd. (cf) SRX V 2 H/GRW C$3.58 5.25 5.08 2.86 11.2 0.41 0.32 0.51 Dec 427 0.0 KM

Oil & Gas Energy Services Contract Drillers Ensign Energy Services Inc. (cb) ESI T 3 H/INC C$7.23 8.50 12.50 6.00 NM 540 308 245 Dec 1,209 6.6 AB Precision Drilling Corporation (cb) PD T 2 H/INC C$5.72 6.50 9.43 4.47 NM 817 466 357 Dec 1,734 4.9 AB Savanna Energy Services (cb) SVY T 1 H/GRW C$1.24 3.00 3.48 1.01 NM 158 97 67 Dec 120 0.0 AB Trinidad Drilling Ltd. (cb) TDG T 1 H/INC C$2.16 3.50 5.58 1.79 NM 252 184 171 Dec 484 1.9 AB Western Energy Services Corp. (cb) WRG T 3 H/INC C$3.62 5.00 7.89 2.86 NM 177 61 56 Dec 283 5.5 AB

Facilities & Infrastructure Black Diamond Group Limited (cb) BDI T 2 H/INC C$7.23 10.00 18.26 5.70 NM 140 91 85 Dec 322 8.3 AB Enerflex Ltd. (cb) EFX T 3 H/INC C$13.51 15.50 17.34 10.03 NM 181 214 206 Dec 1,096 2.5 AB Horizon North Logistics Inc. (cb) HNL T 2 H/INC C$2.19 2.80 4.29 1.95 NM 93 67 68 Dec 308 7.3 AB Secure Energy Services Inc. (cb) SES T 1 H/INC C$8.37 11.00 18.41 6.47 NM 211 111 148 Dec 1,216 2.9 AB

Pressure Pumpers Calfrac Well Services (cb) CFW T 3 H/INC C$1.98 2.25 11.17 1.37 NM 361 28 70 Dec 244 3.0 AB Canyon Services Group Inc. (cb) FRC T 1 H/INC C$3.94 9.50 9.34 3.58 NM 121 29 53 Dec 289 3.0 AB Trican Well Service (cb) TCW T 3 H/GRW C$0.62 1.00 5.91 0.53 NM 269 (39) 58 Dec 102 0.0 AB

Well Site & Other Services Essential Energy Services Ltd. (cb) ESN T 1 H/INC C$0.57 1.50 1.62 0.47 NM 68 22 32 Dec 76 1.8 AB McCoy Global MCB T 3 H/INC C$2.15 2.50 5.06 2.05 NM 0.38 (0.05) (0.07) Dec 63 0.0 TP,SH Mullen Group Ltd. (cb) MTL T 2 H/INC C$14.23 18.00 23.14 13.23 NM 286 218 236 Dec 1,339 6.7 AB Strad Energy Services Ltd. (cb) SDY T 2 H/INC C$1.66 3.00 3.70 1.31 NM 59 18 20 Dec 66 0.0 AB

Oil Sands Canadian Oil Sands Limited (cb) COS T 3 H/INC C$8.60 10.75 13.87 5.61 NM 1,192 506 792 Dec 4,168 2.3 CC MEG Energy Corp. (cb) MEG T 2 H/GRW C$8.59 18.00 25.20 7.33 NM 556 400 472 Dec 1,933 0.0 CC

Senior Oil & Gas Producers Canadian Natural Resources Ltd (cb) CNQ T 2 M/GRW C$31.06 39.00 42.46 25.01 NM 10,366 6,054 6,010 Dec 33,992 3.0 CC Cenovus Energy (cb) CVE T 2 M/GRW C$17.99 24.00 26.42 15.75 NM 3,367 2,315 1,748 Dec 14,991 3.6 CC Husky Energy Inc. (cb) HSE T 3 M/GRW C$14.80 21.00 29.01 14.03 NM 6,018 3,684 3,912 Dec 14,565 8.1 CC Imperial Oil Limited (cb) IMO T 3 M/GRW C$45.43 52.00 55.37 39.30 NM 6,121 3,796 3,970 Dec 38,647 1.2 CC Suncor Energy Inc (cb) SU T 2 M/GRW C$36.89 43.00 40.93 32.13 NM 12,159 8,577 7,762 Dec 53,321 3.1 CC


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Energy - EUR Emmanuel Retif, RJEE [email protected]

Utilities Electricity & Gas Centrica CNA.L L 2 218p 310 301 201 12.4 19.20 17.60 17.70 Dec £10,897 5.5 ER CEZ CEZsp.PR PRG 4 CZK430.50 458.00 663.90 410.50 7.8 55.10 E 42.90 40.20 Dec 229,887 6.9 ER E.On EONGn.DE ETR 3 €8.85 NM 14.85 7.08 10.3 0.84 0.86 0.78 Dec 16,878 5.7 ER EDF EDF.PA EPA 2 €13.45 20.20 23.98 12.40 6.9 2.41 1.94 2.00 Dec 24,867 9.3 ER Enel ENEI.MI BIT 1 €3.88 4.70 4.50 3.36 11.8 0.32 0.33 0.30 Dec 36,521 4.1 ER Engie GSZ.PA EPA 1 €16.30 21.80 20.08 13.80 13.9 1.13 1.17 1.57 Dec 39,332 6.1 ER Fortum FUM1V.HE HEL 4 €13.87 15.00 21.59 12.92 16.5 1.19 0.84 0.79 Dec 12,322 11.5 ER RWE RWEG.DE ETR 3 €11.66 NM 26.45 9.13 6.5 2.09 1.80 1.50 Dec 7,163 6.9 ER SSE SSE.L L 2 1,533p 1,645 1,696 1,395 13.0 123.00 118.00 113.00 Mar £15,023 5.8 ER Verbund VERB.VI WBAG 3 €12.00 NM 17.40 11.50 17.4 0.62 0.69 0.55 Dec 4,164 2.7 ER

Environmental Services Suez Environnement SEVI.PA EPA 2 €16.86 19.90 19.22 13.96 21.1 0.61 0.80 0.85 Dec 9,108 3.9 ER Veolia Environnement VIE.PA EPA 1 €21.37 25.30 22.98 14.04 24.6 0.47 0.87 1.01 Dec 11,673 3.4 ER

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Energy - ARG Federico Rey Marino [email protected] Santiago Wesenack, CFA [email protected]

Fernando Suarez [email protected]

Electric Utilities Edenor (ed, r) EDN N 3 H/GRW US$17.12 NM 20.50 8.66 5.5 (2.42) 3.14 0.08 Dec 769 0.0 SW,FRM Pampa Energia SA (ed, r) PAM N 2 H/GRW US$21.41 29.00 26.87 9.10 9.9 1.55 2.16 0.89 Dec 1,126 0.0 SW,FRM Transener TRAN BA 2 M/GRW AR$7.94 12.00 9.40 3.05 NM 0.04 0.06 0.00 Dec 3,531 0.0 SW,FRM

Exploration and Production GeoPark Limited GPRK N 2 H/SPEC US$2.75 10.25 5.73 2.70 3.0 0.91 E 1.67 NA Dec 159 0.0 SW,FRM


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Energy - ARG Gas Utility Transportadora de Gas del Sur (ed, r) TGS N 3 M/GRW US$6.08 NM 7.24 2.88 NM 0.07 0.03 0.14 Dec 967 0.0 SW,FRM

Integrated Oil and Gas Petrobras Argentina (ed, r) PZE N 3 H/SPEC US$5.69 NM 7.90 4.32 6.3 0.36 0.90 0.88 Dec 1,149 1.3 SW,FRM YPF (ed, r) YPF N 2 H/SPEC US$16.23 27.00 32.00 14.70 7.0 2.89 2.31 3.72 Dec 6,383 1.4 SW,FRM

Oilfield Services Manufacturing & Fabrication Tenaris S.A. (ed, r) TS N 3 H/SPEC US$24.23 NM 32.77 22.85 27.2 1.96 0.89 1.44 Dec 14,303 3.4 SW,FRM


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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 9.00 NM 14.17 7.01 9.4 1.23 0.96 0.86 Dec 754 7.1 SDS Silvercrest Asset Management Group Inc. SAMG Q 2 M/GRW 11.82 14.00 16.14 10.19 14.4 0.86 0.82 0.74 Dec 162 4.1 SDS Virtus Investment Partners, Inc. VRTS Q 3 H/GRW 121.19 NM 173.07 94.52 23.5 10.51 5.15 9.30 Dec 1,050 1.5 SDS

Financial Services

USA Canada

Asset Management ..................................................... 36

Banking ....................................................................... 37

Capital Markets .......................................................... 41

Brokerages & Exchanges ......................................... 41

Capital Markets Technology .................................... 41

Insurance .................................................................... 41

Insurance Technology & Brokerage ......................... 41

Life and Health Insurance ........................................ 42

Non-Life Insurance .................................................. 42

Specialty Finance ........................................................ 43

Investment Companies ............................................ 43

Specialty Consumer Finance .................................... 43

Diversified Financials .................................................. 44

Argentina

Latin American Banking ............................................... 44


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Financial Services - USA Banking 1st Constitution Bancorp FCCY Q 2 H/GRW 12.52 13.00 13.08 10.33 10.5 0.65 1.19 1.05 Dec 94 0.0 WW Access National Corporation ANCX Q 2 H/INC 20.40 22.00 23.29 16.80 14.2 1.17 1.44 1.40 Dec 214 2.9 WW American National Bankshares, Inc. AMNB Q 2 M/INC 25.96 26.00 26.42 21.31 14.8 1.67 1.75 1.85 Dec 223 3.5 WW American River Bankshares AMRB Q 2 H/GRW 10.64 11.00 11.19 9.10 15.6 0.54 0.68 0.75 Dec 80 0.0 DAW Associated Banc-Corp ASB M 3 H/GRW 19.04 NM 20.95 16.50 15.9 1.17 1.20 1.32 Dec 2,873 2.3 DJL Atlantic Capital Bancshares, Inc. ACBI Q 2 H/GRW 14.52 16.00 17.50 13.80 21.4 0.54 0.68 0.90 Dec 197 0.0 WW Banc of California, Inc. BANC N 3 H/GRW 14.82 NM 15.38 10.18 12.6 0.91 1.18 1.30 Dec 560 3.2 DAW BancFirst Corporation BANF Q 3 M/GRW 59.62 NM 69.24 55.51 15.5 3.98 3.85 4.20 Dec 930 2.4 DC The Bancorp, Inc. TBBK Q 3 H/SPEC 6.50 NM 11.03 6.05 65.0 0.27 0.10 0.55 Dec 245 0.0 WW BancorpSouth, Inc. BXS N 3 M/GRW 24.56 NM 27.23 19.64 16.7 1.24 1.47 1.62 Dec 2,309 1.6 MR Bank of America Corporation BAC N 2 M/GRW 17.13 18.00 18.48 14.60 11.8 0.36 1.45 1.55 Dec 178,620 1.2 MR Bank of Commerce Holdings BOCH Q 2 H/GRW 6.63 7.50 7.39 5.40 10.2 0.41 0.65 0.80 Dec 88 1.8 DAW Bank of Marin Bancorp BMRC Q 3 M/GRW 53.46 NM 56.77 45.81 17.7 3.29 3.02 3.20 Dec 326 1.8 DAW Bank of New York Mellon Corp BK N 2 M/GRW 41.14 46.00 45.45 35.63 14.4 2.40 2.86 3.12 Dec 44,966 1.7 DJL Bank of the Ozarks Inc. OZRK Q 1 M/GRW 50.19 61.00 54.96 32.35 23.8 1.55 2.11 2.66 Dec 4,432 1.2 MR Banner Corporation BANR Q 2 M/GRW 46.90 54.00 53.55 39.00 17.8 2.79 2.64 3.20 Dec 985 1.5 DAW BB&T Corporation BBT N 1 M/INC 38.09 45.00 41.90 34.24 14.5 2.72 2.62 3.10 Dec 29,718 2.8 MR BBCN Bancorp, Inc. BBCN Q 2 H/GRW 17.70 18.00 19.63 12.77 15.0 1.11 1.18 1.30 Dec 1,409 2.5 DAW BNC Bancorp BNCN Q 3 H/GRW 25.64 NM 26.29 15.52 17.3 1.24 1.48 1.70 Dec 836 0.8 WW BofI Holding, Inc. BOFI Q 1 H/GRW 21.56 35.00 35.98 17.73 11.8 0.96 1.34 A 1.82 Jun 1,354 0.0 DAW BOK Financial Corp. BOKF Q 3 M/GRW 60.43 NM 75.18 53.01 13.6 4.32 4.44 4.76 Dec 4,091 2.8 MR C1 Financial, Inc. BNK N 3 H/GRW 24.10 NM 24.49 16.25 25.1 0.58 0.96 1.45 Dec 388 0.0 MR Cardinal Financial Corporation CFNL Q 2 M/GRW 23.00 25.00 24.99 17.62 16.0 1.11 1.44 1.56 Dec 741 1.9 MR Carolina Financial Corporation CARO Q 1 H/GRW 18.20 19.00 18.80 10.79 11.7 0.93 1.55 1.30 Dec 178 0.7 WW CenterState Banks, Inc. CSFL Q 2 H/GRW 15.54 16.50 16.31 10.94 18.1 0.54 0.86 1.00 Dec 707 0.5 MR Central Pacific Financial Corp. CPF N 2 H/GRW 22.10 26.00 25.34 18.89 15.6 1.07 1.42 1.50 Dec 692 2.5 DAW Columbia Banking System, Inc. COLB Q 3 M/GRW 33.32 NM 36.27 24.60 19.0 1.52 1.75 2.00 Dec 1,923 2.2 DAW Comerica Inc. CMA N 3 M/GRW 42.03 NM 53.45 39.52 15.3 3.14 2.75 3.05 Dec 7,439 2.0 MR Commerce Bancshares, Inc. CBSH Q 3 H/GRW 43.19 NM 47.11 37.65 17.4 2.42 2.48 2.68 Dec 4,211 2.0 DJL Community Bank System, Inc. CBU N 3 M/INC 40.47 NM 44.11 33.54 17.4 2.27 2.32 2.35 Dec 1,659 3.1 WW Community Trust Bancorp, Inc. CTBI Q 3 M/INC 34.96 NM 37.63 31.53 13.3 2.47 2.62 2.74 Dec 612 3.5 DC ConnectOne Bancorp, Inc. CNOB Q 1 H/GRW 18.95 26.00 22.55 17.32 13.8 1.28 1.37 1.60 Dec 572 1.6 WW CU Bancorp CUNB Q 2 H/GRW 25.63 27.00 27.66 18.52 21.0 0.75 1.22 1.55 Dec 431 0.0 DAW CVB Financial Corp. CVBF Q 3 M/GRW 17.41 NM 18.77 14.53 18.9 0.98 0.92 1.08 Dec 1,852 2.8 DAW


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Financial Services - USA Banking East West Bancorp, Inc. EWBC Q 3 H/GRW 42.12 NM 46.50 35.68 15.7 2.46 2.68 2.82 Dec 6,061 1.9 DJL Eastern Virginia Bankshares, Inc. EVBS Q 3 H/GRW 7.03 NM 7.24 5.80 19.0 0.28 0.37 0.42 Dec 92 1.1 WW EverBank Financial Corp EVER N 2 M/GRW 16.07 20.00 21.18 15.91 13.6 1.13 1.18 1.50 Dec 1,944 1.5 MR Farmers Capital Bank Corp. FFKT Q 3 H/GRW 27.09 NM 31.98 22.06 14.3 1.95 1.90 1.78 Dec 203 0.0 DC Fifth Third Bancorp FITB Q 3 M/GRW 20.45 NM 21.93 17.14 13.0 1.68 1.57 1.71 Dec 16,266 2.5 DJL First Bancorp FBNC Q 2 H/GRW 19.02 20.00 19.92 15.00 14.6 1.20 1.30 1.30 Dec 377 1.7 WW First Busey Corporation BUSE Q 3 H/GRW 20.72 NM 22.59 17.77 15.3 1.14 1.35 1.55 Dec 595 3.3 DC First Business Financial Services, Inc. FBIZ Q 2 H/GRW 25.22 28.00 27.35 18.32 12.9 1.84 1.96 2.13 Dec 219 1.7 DC First Community Corporation FCCO Q 2 H/GRW 14.01 14.00 15.42 10.72 15.6 0.85 0.90 1.00 Dec 94 2.0 WW First Defiance Financial Corp. FDEF Q 3 H/GRW 38.63 NM 42.46 29.05 13.9 2.33 2.78 2.75 Dec 355 2.1 DC First Financial Bancorp FFBC Q 2 H/GRW 18.10 22.00 21.00 16.42 14.3 1.19 1.27 1.43 Dec 1,117 3.5 DC First Financial Corporation THFF Q 3 H/GRW 34.51 NM 37.71 31.53 14.1 2.55 2.44 2.54 Dec 438 2.8 DC First Foundation Inc. FFWM Q 2 H/GRW 23.19 27.00 24.89 17.56 21.5 1.03 1.08 1.35 Dec 371 0.0 DAW First Horizon National Corporation FHN N 3 H/GRW 14.66 NM 16.35 11.97 17.7 0.91 0.83 0.92 Dec 3,433 1.6 MR First Midwest Bancorp, Inc. FMBI Q 3 H/GRW 18.65 NM 19.81 15.34 16.5 0.94 1.13 1.27 Dec 1,453 1.9 DC The First of Long Island Corporation FLIC Q 2 M/INC 30.41 29.00 31.92 22.81 16.8 1.64 1.81 2.00 Dec 426 2.6 WW First Republic Bank FRC N 2 H/GRW 66.70 75.00 69.76 46.70 21.2 2.97 3.15 3.61 Dec 9,503 0.9 DJL FirstMerit Corp. FMER Q 4 NM 19.00 NM 21.49 16.26 14.0 1.39 1.36 1.38 Dec 3,150 3.6 DJL Fulton Financial FULT Q 3 M/GRW 13.34 NM 14.59 11.00 15.9 0.84 0.84 0.86 Dec 2,318 2.7 DAW German American Bancorp, Inc. GABC Q 2 M/GRW 33.33 34.00 34.85 27.70 15.1 2.07 2.21 2.37 Dec 443 2.0 DC Glacier Bancorp, Inc. GBCI Q 3 M/GRW 27.19 NM 30.29 22.16 17.4 1.53 1.56 1.66 Dec 2,053 2.8 DC Guaranty Federal Bancshares Inc. GFED Q 2 H/GRW 15.02 17.00 15.50 13.00 10.8 1.32 1.39 1.45 Dec 66 1.3 DC Hancock Holding Company HBHC Q 3 H/GRW 25.22 NM 32.98 23.35 14.2 2.32 1.77 2.10 Dec 1,955 3.8 MR Hanmi Financial Corporation HAFC Q 2 H/GRW 24.26 28.00 28.09 19.65 14.9 1.56 1.63 1.75 Dec 776 2.3 DAW Heartland Financial USA, Inc. HTLF Q 2 H/GRW 32.38 42.00 39.45 25.68 12.5 2.11 2.59 2.85 Dec 667 1.2 DC Heritage Financial Corporation HFWA Q 3 H/GRW 18.79 NM 19.80 15.44 15.3 0.82 1.23 1.25 Dec 564 2.3 DAW Heritage Oaks Bancorp HEOP Q 3 H/GRW 8.03 NM 9.25 7.36 17.1 0.27 0.47 0.55 Dec 276 3.0 DAW Hilltop Holdings Inc. HTH N 3 H/GRW 19.63 NM 24.70 17.34 12.4 1.17 1.58 1.70 Dec 1,941 0.0 MR Home Bancorp, Inc. HBCP Q 2 H/GRW 26.07 29.00 27.22 20.40 13.6 1.64 1.92 2.30 Dec 188 1.2 WW Home BancShares, Inc. HOMB Q 2 M/GRW 40.77 43.00 47.50 28.41 20.1 1.77 2.03 2.35 Dec 2,772 1.5 MR HopFed Bancorp, Inc. HFBC Q 3 H/GRW 11.95 NM 13.86 10.81 41.2 0.50 0.29 0.53 Dec 76 1.3 DC Horizon Bancorp HBNC Q 2 H/GRW 27.62 29.00 28.13 20.50 12.4 1.93 2.23 2.43 Dec 329 2.2 DC Huntington Bancshares Inc. HBAN Q 2 M/GRW 11.15 12.00 11.90 9.63 13.3 0.76 0.84 0.86 Dec 8,883 2.5 DJL IBERIABANK Corporation IBKC Q 2 M/GRW 56.07 64.00 71.21 52.27 13.5 3.65 4.15 4.65 Dec 2,304 2.4 MR


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Financial Services - USA Banking KeyCorp KEY N 3 M/GRW 13.30 NM 15.70 12.04 12.1 1.10 1.10 1.14 Dec 11,109 2.3 DJL Lakeland Bancorp, Inc. LBAI Q 2 M/GRW 11.89 13.00 12.50 10.50 13.7 0.83 0.87 1.00 Dec 451 2.9 WW Lakeland Financial Corporation LKFN Q 3 M/GRW 47.34 NM 49.49 37.42 17.3 2.62 2.73 2.90 Dec 786 2.1 DC LegacyTexas Financial Group, Inc. LTXB Q 2 M/GRW 25.50 34.00 32.50 19.34 15.6 1.01 1.63 1.82 Dec 1,215 2.2 MR MB Financial, Inc. MBFI Q 3 H/GRW 33.37 NM 36.23 27.93 16.4 1.84 2.04 2.15 Dec 2,459 2.0 DJL Mercantile Bank Corp. MBWM Q 2 M/GRW 25.02 25.00 26.27 18.42 15.5 1.53 1.61 1.81 Dec 408 2.4 DC Meta Financial Group, Inc. CASH Q 1 H/GRW 44.98 60.00 53.51 32.02 11.4 2.64 3.05 A 3.95 Sep 310 1.2 DC MidSouth Bancorp, Inc. MSL N 3 H/GRW 8.94 NM 17.50 8.66 9.2 1.39 0.97 1.10 Dec 102 4.0 WW MidWestOne Financial Group, Inc. MOFG Q 2 H/GRW 30.19 34.00 34.04 27.74 12.1 2.17 2.49 2.85 Dec 344 2.0 DC National Commerce Corporation NCOM Q 2 H/GRW 24.90 26.00 29.54 20.51 24.2 0.98 1.03 1.35 Dec 235 0.0 WW New York Community Bancorp, Inc. NYCB N 2 M/INC 16.56 19.00 19.18 14.26 15.2 1.05 1.09 1.15 Dec 7,358 6.0 WW NewBridge Bancorp NBBC Q 2 H/GRW 12.37 13.00 13.30 7.48 21.7 0.49 0.57 0.65 Dec 484 0.5 WW Northern Trust Corporation NTRS Q 1 M/GRW 72.90 90.00 79.25 61.10 19.2 3.40 3.80 4.20 Dec 16,854 2.0 DJL Old Line Bancshares Inc. OLBK Q 2 H/GRW 18.13 19.00 18.33 14.31 17.3 0.72 1.05 1.35 Dec 191 1.3 WW Old National Bancorp ONB Q 3 H/GRW 13.82 NM 15.16 12.82 14.2 0.99 0.97 1.02 Dec 1,575 3.5 DJL Pacific Continental Corporation PCBK Q 3 M/GRW 15.19 NM 16.20 12.49 15.8 0.89 0.96 1.18 Dec 298 2.9 DAW Pacific Premier Bancorp, Inc. PPBI Q 2 H/GRW 21.62 24.00 23.98 14.85 18.0 0.96 1.20 1.72 Dec 465 0.0 DAW Park Sterling Corporation PSTB Q 3 H/GRW 7.53 NM 8.20 6.45 18.8 0.31 0.40 0.46 Dec 338 1.6 WW Peoples Bancorp Inc. PEBO Q 2 H/GRW 19.47 23.00 26.54 18.12 17.7 1.72 1.10 1.70 Dec 358 3.1 DC Pinnacle Financial Partners, Inc. PNFP Q 3 M/GRW 52.11 NM 57.99 35.01 19.7 2.01 2.64 3.10 Dec 2,126 0.9 MR PNC Financial Services Group, Inc. PNC N 3 M/INC 95.94 NM 100.52 81.84 13.8 6.93 6.95 7.30 Dec 48,929 2.1 MR Preferred Bank PFBC Q 2 H/GRW 33.83 36.00 36.82 24.76 15.7 1.78 2.15 2.30 Dec 467 1.8 DAW PrivateBancorp, Inc. PVTB Q 1 H/GRW 41.84 48.00 45.79 29.62 18.9 2.00 2.21 2.46 Dec 3,301 0.1 DJL Prosperity Bancshares, Inc. PB N 4 NM 48.55 NM 59.97 43.76 11.9 4.33 4.07 4.00 Dec 3,398 2.5 MR Pulaski Financial Corp. PULB Q 3 H/GRW 15.93 NM 17.25 11.50 14.9 0.89 1.06 A 1.07 Sep 190 2.4 DC QCR Holdings, Inc. QCRH Q 2 H/GRW 24.49 27.00 24.72 16.91 12.8 1.72 1.92 2.05 Dec 287 0.3 DC Regions Financial Corporation RF N 1 M/GRW 9.63 12.00 10.87 8.54 13.6 0.78 0.71 0.85 Dec 12,558 2.5 MR Renasant Corporation RNST Q 1 M/GRW 35.17 41.00 37.28 26.14 16.8 1.89 2.09 2.44 Dec 1,417 1.9 MR Riverview Bancorp, Inc. RVSB Q 3 H/GRW 4.62 NM 5.48 4.00 15.4 0.87 0.20 A 0.30 Mar 104 1.1 DAW S&T Bancorp, Inc. STBA Q 3 H/GRW 31.08 NM 34.00 25.68 14.8 1.95 2.10 2.20 Dec 1,082 2.4 WW Sandy Spring Bancorp, Inc. SASR Q 3 H/GRW 27.11 NM 30.00 24.04 15.6 1.67 1.74 1.85 Dec 661 3.5 WW ServisFirst Bancshares, Inc. SFBS Q 2 M/GRW 49.01 45.00 49.88 24.77 20.9 2.16 2.35 2.75 Dec 1,269 0.5 WW Sierra Bancorp BSRR Q 3 H/GRW 17.75 NM 19.13 15.16 14.1 1.08 1.26 1.35 Dec 236 2.5 DAW Signature Bank SBNY Q 2 H/GRW 154.84 170.00 163.15 113.98 21.5 6.00 7.20 8.30 Dec 7,881 0.0 DJL


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Financial Services - USA Banking Simmons First National Corporation SFNC Q 3 M/INC 52.54 NM 58.75 35.72 16.5 2.29 3.19 3.40 Dec 1,571 1.8 MR Southwest Bancorp, Inc. OKSB Q 2 H/GRW 17.95 20.00 19.00 15.08 19.3 0.86 0.93 1.08 Dec 341 1.3 DC State Street Corporation STT N 3 M/GRW 67.17 NM 81.26 63.97 13.7 5.06 4.92 5.25 Dec 27,123 2.0 DJL Stock Yards Bancorp Inc. SYBT Q 3 M/GRW 38.33 NM 41.97 30.19 15.5 2.36 2.47 2.55 Dec 571 2.6 DC SunTrust Banks, Inc. STI N 3 M/GRW 43.17 NM 45.84 36.52 12.1 3.39 3.56 3.35 Dec 22,194 2.2 MR SVB Financial Group SIVB Q 1 H/GRW 120.62 155.00 152.99 100.76 18.6 5.54 6.47 7.38 Dec 6,212 0.0 DJL Synovus Financial Corp. SNV N 2 M/GRW 32.53 35.00 33.80 24.41 20.1 1.30 1.62 1.85 Dec 4,248 1.5 MR Talmer Bancorp, Inc. TLMR Q 1 H/GRW 17.81 21.00 18.44 12.65 18.7 0.64 0.95 1.17 Dec 1,266 0.2 DJL TCF Financial Corporation TCB N 3 H/GRW 14.30 NM 17.29 13.78 13.2 1.13 1.08 1.18 Dec 2,422 2.1 DJL Territorial Bancorp Inc. TBNK Q 3 M/GRW 27.51 NM 29.44 21.00 17.2 1.51 1.60 1.75 Dec 267 2.5 DAW Texas Capital Bancshares, Inc. TCBI Q 2 M/GRW 49.65 58.00 63.70 40.40 16.8 2.88 2.95 3.50 Dec 2,274 0.0 MR TriCo Bancshares TCBK Q 2 H/GRW 28.15 30.00 29.65 22.44 15.0 1.46 1.88 2.10 Dec 642 2.1 DAW Trustmark Corporation TRMK Q 3 M/INC 23.49 NM 26.04 21.05 13.7 1.83 1.71 1.65 Dec 1,588 3.9 MR U.S. Bancorp USB N 3 M/GRW 43.05 NM 46.26 38.81 13.6 3.05 3.16 3.38 Dec 75,510 2.4 DJL UMB Financial Corporation UMBF Q 4 NM 48.00 NM 59.00 45.14 19.5 2.89 2.46 3.00 Dec 2,366 2.0 DJL Umpqua Holdings Corp. UMPQ Q 1 H/GRW 16.26 20.00 18.92 14.70 14.0 1.08 1.16 1.31 Dec 3,580 3.9 DJL Union Bankshares Corporation UBSH Q 3 H/INC 25.56 NM 27.25 19.92 17.0 1.43 1.50 1.65 Dec 1,150 3.0 WW United Bankshares, Inc. UBSI Q 3 M/INC 37.67 NM 43.43 33.25 18.9 1.94 1.99 2.11 Dec 2,622 3.5 WW United Community Banks, Inc. UCBI Q 2 H/GRW 19.71 23.00 22.23 16.48 15.5 1.11 1.27 1.40 Dec 1,409 1.2 MR Washington Federal, Inc. WAFD Q 3 H/GRW 24.29 NM 26.34 19.72 14.5 1.55 1.67 A 1.67 Sep 2,257 2.1 DAW WashingtonFirst Bankshares, Inc. WFBI Q 2 M/GRW 22.30 23.00 23.36 14.85 18.4 1.06 1.21 1.25 Dec 235 1.1 WW Webster Financial Corp. WBS N 3 H/GRW 37.84 NM 41.34 29.02 17.8 2.08 2.13 2.40 Dec 3,466 2.4 WW Wells Fargo & Co. WFC N 2 M/GRW 54.68 61.00 58.77 47.75 13.1 4.10 4.17 4.51 Dec 279,360 2.7 DJL WesBanco, Inc. WSBC Q 3 M/GRW 30.31 NM 36.11 29.26 12.9 2.41 2.35 2.40 Dec 1,167 3.0 WW Wilshire Bancorp, Inc. WIBC Q 3 H/GRW 12.30 NM 13.02 9.02 15.2 0.75 0.81 0.88 Dec 967 2.0 DAW Wintrust Financial Corporation WTFC Q 1 H/GRW 49.27 59.00 55.79 41.04 15.7 3.03 3.13 3.54 Dec 2,380 0.9 DJL Yadkin Financial Corporation YDKN N 2 H/GRW 25.30 27.00 27.23 18.00 16.6 1.37 1.52 1.80 Dec 802 1.6 WW Zions Bancorporation ZION Q 3 H/GRW 27.64 NM 33.03 23.72 17.0 1.78 1.63 1.95 Dec 5,647 0.9 DJL


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Financial Services - USA Capital Markets Brokerages & Exchanges BGC Partners, Inc. BGCP Q 1 H/INC 9.76 14.00 10.27 7.78 13.2 0.62 0.74 0.85 Dec 3,845 5.7 PO CBOE Holdings, Inc. CBOE Q 3 M/GRW 65.44 NM 72.53 55.04 27.5 2.28 2.38 2.70 Dec 5,366 1.4 PO The Charles Schwab Corporation SCHW N 3 M/GRW 33.11 NM 35.72 25.43 33.8 0.96 0.98 1.33 Dec 43,805 0.7 PO CME Group Inc. CME Q 3 M/GRW 91.89 NM 100.87 83.43 23.7 3.38 3.88 4.45 Dec 31,068 2.2 PO E*TRADE FINANCIAL Corporation ETFC Q 2 H/GRW 29.57 35.00 31.48 21.01 26.2 1.13 1.13 1.61 Dec 8,714 0.0 PO GAIN Capital Holdings, Inc. GCAP N 2 H/GRW 7.88 12.00 10.38 6.91 13.4 0.85 0.59 1.15 Dec 393 2.5 PO Intercontinental Exchange, Inc. ICE N 2 M/GRW 254.41 300.00 266.74 202.24 22.8 8.90 11.17 13.50 Dec 28,240 1.2 PO KCG Holdings, Inc. KCG N 2 H/GRW 12.44 15.00 13.75 9.75 15.9 0.49 0.78 0.60 Dec 1,413 0.0 PO Lazard Ltd LAZ N 1 H/GRW 45.67 60.00 59.82 41.19 12.2 3.20 3.73 3.80 Dec 5,732 3.1 PO MarketAxess Holdings Inc. MKTX Q 2 M/GRW 112.70 112.00 114.56 66.18 43.7 1.97 2.58 3.20 Dec 4,238 0.7 PO Nasdaq Inc. NDAQ Q 1 M/GRW 59.11 65.00 60.05 44.82 18.5 2.88 3.20 3.65 Dec 10,173 1.7 PO TD Ameritrade Holding Corporation AMTD Q 2 M/GRW 34.96 39.00 39.05 29.69 20.9 1.42 1.49 A 1.67 Sep 19,053 1.9 PO

Capital Markets Technology Broadridge Financial Solutions, Inc. BR N 2 M/GRW 54.75 60.00 60.11 44.64 20.0 2.25 2.48 A 2.74 Jun 6,471 2.2 PO Envestnet, Inc. ENV N 1 H/GRW 30.29 50.00 58.21 28.12 32.9 0.80 0.92 1.11 Dec 1,086 0.0 PO FactSet Research Systems Inc. FDS N 3 M/GRW 161.35 NM 177.28 136.80 26.0 4.99 5.60 A 6.20 Aug 6,666 1.1 PO Financial Engines, Inc. FNGN Q 4 NM 35.10 NM 46.34 28.23 37.7 0.92 0.93 0.96 Dec 1,871 0.8 PO McGraw Hill Financial Inc. MHFI N 3 M/GRW 97.47 NM 109.13 84.64 21.6 3.88 4.51 5.05 Dec 26,346 1.4 PO Moody's Corporation MCO N 3 M/GRW 100.66 NM 113.87 85.50 21.8 4.22 4.62 5.15 Dec 20,167 1.5 PO MSCI Inc. MSCI N 3 M/GRW 72.38 NM 72.57 46.80 32.3 2.00 2.24 2.80 Dec 7,595 1.2 PO SEI Investments Co. SEIC Q 2 M/GRW 52.66 52.00 55.48 38.03 26.6 1.83 1.98 2.25 Dec 8,668 1.0 PO SS&C Technologies Holdings, Inc. SSNC Q 3 H/GRW 67.94 NM 77.19 52.21 25.7 2.36 2.64 3.25 Dec 5,965 0.7 PO

Insurance Insurance Technology & Brokerage Aon plc AON N 3 M/GRW 92.00 NM 107.08 86.38 15.3 5.71 6.02 6.55 Dec 25,760 1.3 CGP Arthur J. Gallagher & Co. AJG N 2 M/INC 41.32 51.00 49.59 39.43 16.3 2.47 2.53 2.80 Dec 7,210 3.6 CGP Brown & Brown, Inc. BRO N 2 H/GRW 32.12 37.00 34.59 29.67 19.6 1.63 1.64 1.75 Dec 4,596 1.5 CGP Crawford & Company CRD.B N 2 H/GRW 5.55 8.00 10.93 4.86 NM 0.52 (0.05) 0.65 Dec 305 3.6 CGP HealthEquity, Inc. HQY Q 2 H/GRW 26.61 36.00 35.78 18.88 85.8 (1.15) 0.23 A 0.31 Jan 1,509 0.0 CGP Marsh and McLennan Companies, Inc. MMC N 2 M/GRW 55.54 60.00 59.99 50.90 18.3 2.82 3.04 3.25 Dec 29,492 2.2 CGP Solera Holdings, Inc. SLH N 4 NM 54.68 NM 56.73 36.14 18.5 2.76 3.09 A 2.95 Jun 3,663 1.6 CGP Towers Watson & Co. TW Q 3 H/GRW 134.55 NM 141.88 110.16 20.9 5.76 6.18 A 6.45 Jun 9,351 0.4 CGP Verisk Analytics Inc. VRSK Q 3 H/GRW 77.17 NM 82.00 62.28 25.3 2.40 3.05 3.20 Dec 12,995 0.0 CGP


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Financial Services - USA Life and Health Insurance Aflac, Inc. AFL N 2 M/GRW 60.39 70.00 66.53 51.41 9.9 6.16 6.09 6.21 Dec 25,823 2.7 SDS American Equity Investment Life Holding Company AEL N 2 H/GRW 24.43 31.00 30.02 22.36 9.9 2.38 2.46 2.80 Dec 1,879 0.9 SDS Assurant, Inc. AIZ N 3 H/GRW 80.94 NM 87.20 59.73 11.4 6.88 7.08 7.35 Dec 5,472 2.5 SDS CNO Financial Group CNO N 2 H/GRW 19.37 20.50 20.88 14.89 15.1 1.27 1.28 1.53 Dec 3,617 1.4 SDS FBL Financial Group FFG N 3 H/GRW 64.94 NM 69.80 51.97 15.4 4.28 4.23 4.50 Dec 1,611 2.5 SDS Genworth Financial GNW N 2 H/SPEC 3.79 9.00 9.19 3.46 4.6 (0.75) 0.83 0.90 Dec 1,886 0.0 SDS Health Insurance Innovations, Inc. HIIQ Q 1 H/SPEC 6.46 8.00 9.38 4.00 28.1 0.38 0.23 0.40 Dec 94 0.0 SDS Kemper Corp. KMPR N 3 M/INC 38.12 NM 41.65 34.08 21.2 1.80 1.80 2.46 Dec 1,967 2.5 SDS Lincoln National Corp. LNC N 2 H/GRW 50.60 62.00 62.08 45.56 9.6 6.02 5.29 6.42 Dec 12,523 2.0 SDS MetLife, Inc. MET N 3 H/GRW 48.26 NM 58.23 44.49 9.7 5.74 4.96 5.95 Dec 53,800 3.1 SDS Primerica, Inc. PRI N 2 H/GRW 48.61 59.50 55.77 40.36 13.3 3.31 3.66 4.20 Dec 2,435 1.3 SDS Principal Financial Group Inc. PFG N 2 H/GRW 45.57 55.50 58.02 43.64 10.7 4.41 4.27 4.35 Dec 13,375 3.3 SDS Prudential Financial, Inc. PRU N 1 H/GRW 82.45 105.00 92.60 73.19 8.0 9.21 10.27 10.10 Dec 37,053 3.4 SDS Reinsurance Group of America, Inc. RGA N 3 M/GRW 86.65 NM 98.70 81.82 11.0 9.12 7.87 8.90 Dec 5,754 1.7 SDS StanCorp Financial Group SFG N 3 H/GRW 114.22 NM 115.43 61.56 20.0 5.01 5.70 5.85 Dec 4,820 1.2 SDS Symetra Financial Corp. SYA N 3 H/GRW 31.72 NM 31.92 20.23 18.1 1.95 1.75 2.06 Dec 3,683 1.4 SDS Torchmark Corporation TMK N 4 NM 57.29 NM 63.26 49.77 13.5 4.03 4.23 4.35 Dec 7,087 0.9 SDS Unum Group UNM N 2 M/GRW 33.42 39.00 38.15 29.81 9.3 1.74 3.59 3.79 Dec 8,134 2.2 SDS Voya Financial Inc. VOYA N 2 H/GRW 37.24 47.00 48.30 35.77 12.5 3.14 2.97 3.25 Dec 8,018 0.1 SDS

Non-Life Insurance ACE Limited ACE N 2 H/GRW 118.26 120.00 118.78 96.00 12.3 9.80 9.60 9.35 Dec 38,324 2.3 CGP Allstate Corporation ALL N 1 M/GRW 62.64 78.00 72.87 54.12 12.4 5.42 5.05 5.75 Dec 25,188 1.9 CGP American Financial Group, Inc. AFG N 2 H/GRW 72.60 77.00 75.68 57.50 13.2 4.82 5.50 5.50 Dec 6,352 1.5 CGP Argo Group International Holdings, Ltd. AGII Q 1 H/GRW 60.98 75.00 66.40 46.83 16.5 3.22 3.70 3.85 Dec 1,701 1.3 CGP Blue Capital Reinsurance Holdings Ltd. BCRH N 2 H/INC 17.29 19.00 18.35 14.98 8.2 1.71 2.10 1.60 Dec 152 10.8 CGP Chubb Corporation CB N 2 M/GRW 133.15 132.00 133.50 94.35 17.4 7.65 7.65 7.45 Dec 30,598 1.7 CGP Conifer Holdings, Inc. CNFR Q 2 H/GRW 9.02 13.00 10.95 8.25 18.0 (2.31) 0.50 1.05 Dec 69 0.0 CGP Federated National Holding Company FNHC Q 1 H/GRW 29.54 42.00 32.61 20.23 10.4 2.74 2.85 2.95 Dec 407 0.7 CGP Hallmark Financial Services Inc. HALL Q 3 H/GRW 11.89 NM 13.29 9.33 11.1 0.69 1.07 1.00 Dec 228 0.0 CGP Infinity Property and Casualty Corporation IPCC Q 2 H/GRW 82.06 85.00 87.89 69.87 17.8 4.71 4.60 4.85 Dec 935 2.1 CGP Mercury General Corporation MCY N 4 NM 47.47 NM 60.31 45.12 20.2 2.28 2.35 2.60 Dec 2,616 5.2 CGP National Interstate Corporation NATL Q 3 H/GRW 27.37 NM 30.49 24.60 19.6 0.40 1.40 1.60 Dec 545 1.9 CGP Old Republic International Corp. ORI N 2 M/INC 18.86 20.00 19.09 13.59 15.1 0.84 1.25 1.45 Dec 4,853 3.9 CGP ProAssurance Corp. PRA N 3 H/GRW 48.94 NM 53.62 43.11 18.4 3.15 2.66 2.45 Dec 2,628 2.5 CGP Progressive Corporation PGR N 2 H/GRW 31.96 34.00 33.95 25.23 16.6 1.91 1.92 2.00 Dec 18,684 2.1 CGP The Travelers Companies, Inc. TRV N 3 M/INC 113.48 NM 116.48 95.21 10.8 10.55 10.55 9.95 Dec 34,521 2.2 CGP United Insurance Holdings Corp. UIHC Q 2 H/GRW 17.97 20.00 28.43 12.12 18.9 2.07 0.95 1.25 Dec 381 1.1 CGP


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Financial Services - USA Specialty Finance Investment Companies Alcentra Capital Corporation (ni) ABDC Q 1 H/INC 12.00 16.00 14.44 10.01 8.2 0.86 1.46 1.50 Dec 162 11.3 RD Apollo Investment Corp. (ni) AINV Q 3 H/INC 5.21 NM 8.03 4.78 6.3 0.90 0.96 A 0.83 Mar 1,233 15.4 RD Ares Capital Corp. (ni) ARCC Q 2 H/INC 14.38 17.00 17.68 11.01 9.5 1.43 1.52 1.60 Dec 4,520 10.6 RD CM Finance Inc. (ni) CMFN Q 1 H/INC 10.27 16.00 14.70 9.81 7.1 0.64 1.48 A 1.45 Jun 141 13.6 RD Compass Diversified Holdings (y) CODI N 2 H/INC 15.83 18.50 17.53 9.70 9.4 1.18 1.69 1.47 Dec 765 9.1 RD Fidus Investment Corporation (ni) FDUS Q 1 H/INC 13.96 20.00 17.44 7.49 8.8 1.62 1.58 1.67 Dec 193 11.2 RD Fifth Street Finance Corp. (ni) FSC Q 3 H/INC 6.16 NM 8.56 5.53 8.6 1.00 0.75 A 0.72 Sep 944 11.7 RD Goldman Sachs BDC, Inc. (ni) GSBD N 2 H/INC 19.78 24.00 25.42 17.15 9.6 1.77 2.06 2.06 Dec 700 9.1 RD Golub Capital BDC, Inc. (ni) GBDC Q 2 H/INC 16.77 18.00 18.21 15.89 13.2 1.25 1.20 A 1.27 Sep 860 7.6 RD Hercules Technology Growth Capital Inc. (ni) HTGC N 2 H/INC 12.44 15.00 15.71 9.88 12.0 1.16 1.04 1.29 Dec 897 10.0 RD Horizon Technology Finance Corporation (ni) HRZN Q 2 H/INC 12.32 13.00 14.59 9.04 9.9 1.11 1.25 1.42 Dec 143 11.2 RD Main Street Capital Corp. (ni) MAIN N 2 H/INC 29.87 34.00 33.15 26.08 13.6 2.20 2.19 2.27 Dec 1,186 7.0 RD Newtek Business Services Corp. (ni) NEWT Q 2 H/SPEC 14.03 15.50 19.95 12.80 6.8 (0.23) 2.06 1.61 Dec 145 12.8 RD Prospect Capital Corporation (ni) PSEC Q 3 H/INC 7.07 NM 8.85 5.30 6.9 1.19 1.03 A 1.03 Jun 2,512 14.1 RD Stellus Capital Investment Corporation (ni) SCM N 2 H/INC 10.05 12.00 12.72 9.60 7.5 1.34 1.34 1.36 Dec 126 13.5 RD TCP Capital Corp. (ni) TCPC Q 2 H/INC 14.15 19.00 16.93 13.16 8.7 1.59 1.62 1.62 Dec 439 10.2 RD THL Credit, Inc. (ni) TCRD Q 2 H/INC 10.97 14.00 12.70 9.97 7.9 1.42 1.39 1.38 Dec 366 12.4 RD Triangle Capital Corporation (ni) TCAP N 2 H/INC 19.22 25.00 24.95 15.41 8.9 2.08 2.16 2.37 Dec 536 11.2 RD

Specialty Consumer Finance Credit Acceptance Corp. CACC Q 3 H/GRW 219.04 NM 277.98 129.82 15.7 11.93 13.96 15.32 Dec 4,512 0.0 RD Encore Capital Group Inc. ECPG Q 2 H/GRW 30.29 48.00 44.66 28.17 5.8 4.52 5.21 5.65 Dec 766 0.0 RD OneMain Holdings, Inc. OMF N 3 H/GRW 41.27 NM 54.34 31.35 20.1 2.07 2.05 5.26 Dec 5,550 0.0 RD PRA Group Inc. PRAA Q 1 H/GRW 37.15 47.00 64.82 32.49 8.8 3.80 4.24 4.72 Dec 1,791 0.0 RD


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

Diversified Financials Element Financial Corporation EFN T 1 M/GRW C$17.00 24.00 20.47 13.22 16.2 0.57 1.05 1.65 Dec 6,559 0.6 MO goeasy Ltd. GSY T 2 H/INC C$18.52 29.50 23.46 13.65 11.4 1.34 1.63 2.45 Dec 248 2.2 MO Intact Financial Corporation IFC T 3 M/INC C$88.09 99.00 96.77 81.74 15.7 6.01 5.60 6.61 Dec 11,584 6.4 MO

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Financial Services - ARG Federico Rey Marino [email protected] Fernando Suarez [email protected]

Latin American Banking Banco Macro S.A. (ed, r) BMA N 2 H/SPEC US$56.61 82.00 69.75 35.93 7.1 7.41 7.96 7.45 Dec 3,312 3.9 FRM,FS BBVA Banco Frances (ed, r) BFR N 3 H/SPEC US$19.50 NM 25.35 12.51 8.9 2.24 2.19 2.04 Dec 3,491 2.4 FRM,FS Grupo Financiero Galicia (ed, r) GGAL Q 2 H/SPEC US$26.13 36.00 29.25 14.99 7.3 3.16 3.56 3.15 Dec 3,397 0.8 FRM,FS


Healthcare

USA

Alternate Site Healthcare Providers ........................... 46

Animal Health ............................................................. 46

Benefits Management ................................................ 46

Health Benefits Management ................................. 46

Pharmacy Benefits Management ............................ 46

Biotechnology ............................................................. 47

Clinical Laboratories ................................................... 47

Death Care .................................................................. 47

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

Drug Distributors ........................................................ 48

Drug Stores ................................................................. 48

Healthcare Information Technology ........................... 48

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

Hospitals ..................................................................... 49

Medical Devices .......................................................... 49

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

Specialty Pharmaceuticals .......................................... 50


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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 18.74 35.00 46.60 15.09 20.8 0.36 0.90 1.04 Dec 412 0.0 JWR Acadia Healthcare Co. ACHC Q 2 H/GRW 62.34 80.00 85.62 54.41 28.1 1.54 2.22 2.84 Dec 4,432 0.0 JWR,NJ Amedisys AMED Q 4 NM 40.31 NM 48.34 24.81 28.2 0.73 1.43 1.72 Dec 1,354 0.0 JWR,NJ AmSurg Corporation AMSG Q 1 H/GRW 75.51 100.00 87.42 52.42 20.6 2.75 3.66 4.60 Dec 4,372 0.0 JWR,NJ Capital Senior Living Corp. CSU N 1 H/GRW 20.19 31.00 27.75 19.20 30.6 0.99 0.66 0.96 Dec 579 0.0 JWR,NJ Civitas Solutions, Inc. CIVI N 2 H/GRW 29.79 30.00 30.02 16.57 55.2 0.00 0.48 A 0.54 Sep 1,108 0.0 JWR DaVita HealthCare Partners Inc. DVA N 3 H/GRW 70.22 NM 85.17 67.34 18.6 3.64 3.77 3.90 Dec 15,217 0.0 JWR,NJ HealthSouth Corporation HLS N 2 H/GRW 34.50 42.00 48.37 32.55 14.9 2.10 2.32 2.71 Dec 3,219 2.7 JWR,NJ MEDNAX, Inc. MD N 2 H/GRW 72.28 80.00 86.09 64.12 20.3 3.17 3.56 4.07 Dec 6,794 0.0 JWR,NJ Surgery Partners, Inc. SGRY Q 1 H/GRW 20.73 25.00 22.32 16.26 NM NA 0.14 0.76 Dec 702 0.0 JWR

Animal Health Abaxis, Inc. ABAX Q 3 H/GRW 55.98 NM 66.89 41.53 41.5 0.72 0.91 A 1.35 Mar 1,282 0.8 NJ Heska Corporation HSKA Q 2 H/GRW 38.60 44.00 38.88 15.58 64.3 0.41 0.60 0.85 Dec 245 0.0 NJ IDEXX Laboratories Inc. IDXX Q 3 H/GRW 74.16 NM 84.26 61.37 36.0 1.85 2.06 2.15 Dec 6,889 0.0 NJ VCA Inc. WOOF Q 2 H/GRW 55.96 67.00 62.45 47.55 23.8 1.89 2.35 2.75 Dec 4,578 0.0 NJ

Benefits Management Health Benefits Management Aetna AET N 3 M/GRW 108.95 NM 134.40 87.25 14.4 6.70 7.56 8.10 Dec 37,991 0.9 MJB Anthem ANTM N 3 M/GRW 140.03 NM 173.59 122.86 13.7 8.85 10.22 10.60 Dec 53,113 1.8 MJB Centene CNC N 3 H/GRW 66.06 NM 83.00 50.93 22.5 2.23 2.93 3.45 Dec 7,874 0.0 MJB CIGNA Corporation CI N 3 H/GRW 147.07 NM 170.68 100.67 17.1 7.43 8.60 9.15 Dec 40,812 0.0 MJB Humana HUM N 3 M/GRW 177.86 NM 219.79 137.45 22.9 7.51 7.76 8.60 Dec 26,363 0.7 MJB Insperity NSP N 3 H/GRW 48.46 NM 55.42 32.43 21.3 1.45 2.27 2.58 Dec 1,241 1.8 MJB Magellan Health MGLN Q 3 H/GRW 62.64 NM 73.00 45.40 76.4 2.90 0.82 2.45 Dec 1,735 0.0 MJB Molina Healthcare MOH N 3 H/GRW 61.61 NM 82.37 49.37 22.9 1.44 2.69 3.60 Dec 3,455 0.0 MJB UnitedHealth Group UNH N 1 M/GRW 118.33 140.00 126.21 95.00 18.4 5.70 6.44 7.72 Dec 128,151 1.7 MJB Universal American Corp. UAM N 4 NM 7.13 NM 11.16 6.38 NM 0.08 (0.08) 0.19 Dec 599 0.0 MJB WellCare Health Plans WCG N 3 H/GRW 80.42 NM 98.79 71.40 23.3 2.06 3.45 4.55 Dec 3,458 0.0 MJB

Pharmacy Benefits Management Express Scripts ESRX Q 3 H/GRW 87.95 NM 94.61 68.06 15.9 4.88 5.54 6.19 Dec 59,481 0.0 MJB


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Healthcare - USA Biotechnology Acorda Therapeutics, Inc. ACOR Q 3 H/GRW 42.73 NM 45.45 25.50 45.5 1.74 0.94 0.81 Dec 1,832 0.0 CR ADMA Biologics, Inc. ADMA Q 1 H/SPEC 8.41 15.00 11.95 7.51 NM (1.81) (1.73) (1.72) Dec 90 0.0 RB Alexion Pharmaceuticals Inc. ALXN Q 1 H/GRW 189.10 225.00 208.88 142.02 37.8 5.21 5.00 6.13 Dec 42,734 0.0 CR AMAG Pharmaceuticals, Inc. AMAG Q 2 H/GRW 30.05 55.00 77.73 25.26 6.5 5.45 4.60 6.07 Dec 1,043 0.0 CR Amgen, Inc. AMGN Q 3 M/GRW 161.73 NM 181.81 130.09 16.1 8.70 10.03 10.42 Dec 122,090 2.5 CR Biogen Inc. BIIB Q 1 H/GRW 303.84 404.00 480.18 254.00 18.2 13.83 16.69 18.57 Dec 67,727 0.0 CR BioMarin Pharmaceutical Inc. BMRN Q 2 H/GRW 105.30 157.00 151.75 88.51 NM (0.18) (0.75) (0.25) Dec 16,977 0.0 CR Celgene Corporation CELG Q 1 H/GRW 119.10 161.00 140.72 92.98 24.6 3.69 4.85 6.08 Dec 93,756 0.0 CR Fate Therapeutics, Inc. FATE Q 2 H/SPEC 3.49 8.00 8.78 3.12 NM (1.27) (1.20) (0.96) Dec 100 0.0 RB Galena Biopharma Inc. GALE Q 2 H/SPEC 1.51 3.00 2.39 1.10 NM (0.31) (0.27) (0.22) Dec 244 0.0 RB Keryx Biopharmaceuticals, Inc. KERX Q 3 H/SPEC 5.22 NM 14.99 3.04 NM (1.23) (1.07) (0.78) Dec 549 0.0 RB NeuroDerm Ltd. NDRM Q 2 H/SPEC 16.37 28.00 26.50 5.94 NM (12.97) (0.76) (1.71) Dec 353 0.0 CR Ocata Therapeutics, Inc. OCAT Q 3 H/SPEC 8.43 NM 8.71 3.06 NM (1.17) (0.66) (0.79) Dec 356 0.0 RB Oncothyreon Inc. ONTY Q 2 H/SPEC 2.36 5.00 4.69 1.41 NM (0.64) (0.31) (0.34) Dec 224 0.0 RB Proteon Therapeutics, Inc. PRTO Q 2 H/SPEC 14.62 20.00 20.00 9.83 NM (3.16) (1.28) (1.73) Dec 241 0.0 CR Regeneron Pharmaceuticals, Inc. REGN Q 2 H/GRW 540.28 622.00 605.93 393.00 42.3 10.00 12.76 15.15 Dec 56,217 0.0 CR Tesaro, Inc. TSRO Q 1 H/SPEC 50.87 70.00 66.95 36.14 NM (4.79) (6.02) (5.59) Dec 2,039 0.0 CR TG Therapeutics, Inc. TGTX Q 1 H/SPEC 11.89 20.00 20.00 9.54 NM (1.64) (1.33) (1.31) Dec 624 0.0 RB Ultragenyx Pharmaceutical Inc. RARE Q 2 H/SPEC 113.26 125.00 137.05 43.13 NM (2.25) (3.61) (5.59) Dec 4,397 0.0 CR Verastem, Inc. VSTM Q 2 H/SPEC 1.85 3.00 12.35 1.50 NM (2.07) (1.46) (0.73) Dec 68 0.0 RB

Clinical Laboratories Laboratory Corporation of America Holdings LH N 2 H/GRW 124.40 145.00 131.19 105.77 15.7 6.80 7.90 8.80 Dec 12,589 0.0 NJ Quest Diagnostics Inc. DGX N 3 M/GRW 71.60 NM 89.00 60.07 15.0 4.50 4.78 5.10 Dec 10,310 2.1 NJ

Death Care Carriage Services, Inc. (rf) CSV N 1 M/GRW 24.27 31.00 25.96 19.41 9.1 2.07 2.67 2.48 Dec 421 0.4 JWR,NJ Service Corporation International (rf) SCI N 1 H/GRW 26.31 34.00 32.02 22.11 15.8 1.30 1.66 1.85 Dec 5,351 1.8 JWR,NJ StoneMor Partners L.P. (y) STON N 1 M/INC 27.04 32.00 32.06 22.04 11.8 2.55 2.29 2.50 Dec 860 9.8 JWR,NJ

Diagnostics Alere, Inc. ALR N 1 H/GRW 39.11 52.00 55.99 36.37 17.8 1.73 2.20 2.48 Dec 3,371 0.0 NJ CareDx, Inc. CDNA Q 3 H/SPEC 6.39 NM 8.00 3.70 NM 0.10 (1.07) (0.79) Dec 76 0.0 NJ Cepheid CPHD Q 3 H/GRW 36.59 NM 63.69 29.21 NM (0.72) (0.73) (0.52) Dec 2,642 0.0 NJ GenMark Diagnostics, Inc. GNMK Q 2 H/GRW 7.48 9.00 14.40 4.63 NM (0.93) (1.05) (1.17) Dec 316 0.0 NJ Genomic Health GHDX Q 2 H/GRW 34.75 29.00 35.45 20.05 NM (0.78) (0.94) (0.20) Dec 1,129 0.0 NJ Meridian Bioscience, Inc. VIVO Q 4 NM 20.60 NM 20.68 15.56 23.4 0.83 0.85 A 0.88 Sep 867 3.9 NJ OraSure Technologies, Inc. OSUR Q 2 H/GRW 6.54 7.00 10.62 4.39 72.7 (0.08) 0.09 0.18 Dec 371 0.0 NJ Quidel Corporation QDEL Q 3 H/GRW 21.70 NM 29.38 17.16 NM (0.21) 0.00 0.15 Dec 731 0.0 NJ Trinity Biotech plc TRIB Q 2 H/GRW 11.86 18.00 20.24 10.74 25.8 0.73 0.46 0.34 Dec 280 1.9 NJ


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Healthcare - USA Drug Distributors AmerisourceBergen Corp. ABC N 2 M/GRW 104.19 110.00 120.68 89.52 17.8 3.97 4.96 A 5.85 Sep 24,099 1.3 JWR,NJ Cardinal Health Inc. CAH N 2 M/GRW 90.49 95.00 91.91 74.76 17.1 3.84 4.38 A 5.30 Jun 29,952 1.7 JWR,NJ McKesson Corporation MCK N 1 M/GRW 200.27 225.00 243.61 160.10 15.6 8.60 11.11 A 12.85 Mar 46,262 0.6 JWR,NJ

Drug Stores CVS Health CVS N 2 M/GRW 98.42 120.00 113.65 81.37 19.0 4.49 5.17 5.85 Dec 109,246 1.7 JWR,MJB Rite Aid Corporation RAD N 3 H/GRW 7.84 NM 9.47 5.88 49.0 0.23 2.08 A 0.16 Feb 8,289 0.0 JWR,NJ Walgreens Boots Alliance Inc. WBA Q 2 M/GRW 85.84 100.00 97.30 73.00 19.5 3.28 3.88 A 4.40 Aug 94,639 1.7 JWR,NJ

Healthcare Information Technology The Advisory Board Company ABCO Q 2 H/GRW 50.26 57.00 60.38 40.70 36.7 1.33 1.37 1.73 Dec 2,105 0.0 NJ Allscripts Healthcare Solutions Inc. MDRX Q 2 H/GRW 15.28 17.00 15.78 11.33 32.5 0.31 0.47 0.58 Dec 2,886 0.0 NJ athenahealth Inc. ATHN Q 2 H/GRW 163.85 175.00 170.42 110.68 NM 1.31 1.40 1.78 Dec 6,359 0.0 NJ Cerner Corporation CERN Q 2 H/GRW 60.62 69.00 75.72 55.82 29.3 1.65 2.07 2.37 Dec 20,735 0.0 NJ Computer Programs and Systems, Inc. CPSI Q 3 H/INC 50.10 NM 62.98 36.04 23.3 3.23 2.15 3.10 Dec 566 5.1 NJ Connecture Inc. CNXR Q 1 H/GRW 3.43 8.00 14.39 3.11 NM (10.27) (0.27) (0.01) Dec 75 0.0 NJ HealthStream, Inc. HSTM Q 3 H/GRW 22.50 NM 32.41 20.89 83.3 0.37 0.27 0.31 Dec 712 0.0 NJ MedAssets MDAS Q 3 H/GRW 30.89 NM 31.24 17.00 23.8 1.35 1.30 1.38 Dec 1,831 0.0 NJ Premier, Inc. PINC Q 2 H/GRW 34.87 42.00 39.81 31.36 21.9 1.30 1.43 A 1.59 Jun 5,023 0.0 NJ Press Ganey Holdings, Inc. PGND N 2 H/GRW 31.49 36.50 36.15 25.72 34.2 0.75 0.92 1.03 Dec 1,658 0.0 NJ Quality Systems Inc. QSII Q 3 H/GRW 16.14 NM 18.75 12.00 24.5 0.70 0.62 A 0.66 Mar 973 4.3 NJ WebMD Health Corp WBMD Q 1 H/GRW 48.77 56.00 49.19 37.57 33.6 0.97 1.45 1.70 Dec 1,863 0.0 NJ

Hospital Supplies & Equipment Baxter International Inc. BAX N 3 M/GRW 38.14 NM 43.44 32.18 30.3 1.28 1.26 1.43 Dec 20,856 1.2 LK Becton, Dickinson and Company BDX N 1 M/GRW 155.37 176.00 157.50 128.87 18.5 6.50 7.16 A 8.41 Sep 32,736 1.7 LK C.R. Bard, Inc. BCR N 2 M/GRW 188.75 210.00 202.47 163.08 20.8 8.40 9.06 9.89 Dec 15,100 0.5 LK The Cooper Companies, Inc. COO N 2 H/GRW 136.07 155.00 190.00 121.01 17.6 7.29 7.44 A 7.75 Oct 6,568 0.0 LK Haemonetics Corporation HAE N 4 NM 32.68 NM 45.43 29.70 19.0 2.19 1.85 A 1.72 Mar 1,689 0.0 LK Halyard Health Inc. HYH N 3 H/GRW 34.00 NM 50.92 26.58 16.5 4.11 2.06 1.85 Dec 1,585 0.0 LK Hill-Rom Holdings, Inc. HRC N 3 M/GRW 48.99 NM 58.73 44.69 15.7 2.25 2.64 A 3.12 Sep 3,192 1.3 LK Intuitive Surgical, Inc. ISRG Q 2 H/GRW 547.11 570.00 564.86 447.00 30.6 16.10 17.87 19.70 Dec 20,407 0.0 LK Masimo Corp. MASI Q 1 H/GRW 41.60 50.00 46.00 25.12 27.9 1.30 1.49 1.70 Dec 2,092 0.0 LK Stericycle Inc. SRCL Q 2 H/GRW 121.64 151.00 151.57 110.56 25.8 4.51 4.71 5.32 Dec 10,332 0.0 LK STERIS plc STE N 2 M/GRW 76.39 84.00 77.47 60.75 21.7 2.48 2.99 A 3.52 Mar 4,559 1.5 LK Teleflex, Inc. TFX N 2 M/GRW 133.23 150.00 140.50 107.45 21.3 5.74 6.25 7.00 Dec 5,542 1.0 LK TransEnterix, Inc. TRXC M 2 H/SPEC 2.49 5.50 4.87 2.07 NM (0.64) (0.59) (0.46) Dec 157 0.0 LK


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Healthcare - USA Hospitals Community Health Systems, Inc. CYH N 3 H/GRW 26.86 NM 65.00 24.49 7.7 3.30 3.49 3.55 Dec 3,116 0.0 JWR,NJ HCA Holdings, Inc. HCA N 2 H/GRW 68.04 90.00 95.49 43.91 13.0 4.70 5.25 5.95 Dec 29,012 0.0 JWR,NJ LifePoint Health, Inc. LPNT Q 3 H/GRW 73.89 NM 88.18 58.61 18.5 3.45 4.00 4.09 Dec 3,421 0.0 JWR,NJ Tenet Healthcare Corporation THC N 2 H/GRW 31.04 40.00 60.93 26.60 15.5 1.43 2.00 2.35 Dec 3,104 0.0 JWR,NJ Universal Health Services, Inc. UHS N 2 M/GRW 119.35 145.00 148.57 101.20 17.2 5.78 6.95 7.50 Dec 12,078 0.3 JWR,NJ

Medical Devices Abbott Laboratories ABT N 2 M/GRW 45.03 51.00 51.74 39.00 20.9 1.98 2.15 2.35 Dec 67,770 2.3 JB Abiomed Inc. ABMD Q 2 H/GRW 88.97 95.00 110.68 35.75 NM 0.18 0.64 A 0.69 Mar 3,678 0.0 JB AngioDynamics ANGO Q 3 H/GRW 12.52 NM 19.80 11.14 20.2 0.56 0.58 A 0.62 May 457 0.0 JB Boston Scientific Corp. BSX N 1 H/GRW 18.73 22.00 19.06 13.03 20.6 0.84 0.91 1.04 Dec 25,189 0.0 JB DexCom Inc. DXCM Q 2 H/GRW 81.70 100.00 103.29 53.30 NM (0.30) (0.32) (0.13) Dec 6,552 0.0 JB Heartware International, Inc. HTWR Q 3 H/GRW 48.78 NM 95.59 34.70 NM (1.14) (4.76) (2.25) Dec 1,107 0.0 JB Hologic Inc. HOLX Q 3 H/GRW 39.30 NM 43.00 25.60 21.5 1.46 1.67 A 1.83 Sep 11,586 0.0 JB ICU Medical, Inc. ICUI Q 1 H/GRW 112.70 132.00 124.69 79.44 28.5 2.38 3.96 4.04 Dec 1,848 0.0 JB Insulet PODD Q 3 H/GRW 38.61 NM 46.91 24.95 NM (0.19) (0.74) (0.73) Dec 2,197 0.0 JB Integra LifeSciences Corp. IART Q 2 H/GRW 67.53 71.00 68.41 47.81 22.1 2.79 3.06 3.39 Dec 2,418 0.0 JB Johnson & Johnson JNJ N 2 M/INC 103.22 108.00 106.50 81.79 16.7 6.39 6.18 6.37 Dec 289,739 2.9 JB Merit Medical Systems Inc. MMSI Q 1 H/GRW 18.91 24.00 26.42 15.20 22.0 0.78 0.86 0.97 Dec 845 0.0 JB Natus Medical Inc. BABY Q 2 H/GRW 49.08 49.00 51.05 29.34 32.3 1.26 1.52 1.93 Dec 1,634 0.0 JB RTI Surgical Inc. RTIX Q 3 H/GRW 4.03 NM 7.48 3.56 21.2 0.11 0.19 0.24 Dec 237 0.0 JB

Pharma Services Catalent, Inc. CTLT N 3 H/GRW 25.06 NM 34.42 23.63 16.2 NA 1.63 A 1.55 Jun 3,115 0.0 JWR,MJB Charles River Laboratories CRL N 3 H/GRW 79.70 NM 84.69 59.99 21.4 3.46 3.72 4.19 Dec 3,716 0.0 MJB Diplomat Pharmacy, Inc. DPLO N 2 H/GRW 33.86 45.00 52.33 22.10 46.4 0.38 0.73 0.91 Dec 2,218 0.0 JWR ICON plc ICLR Q 3 H/GRW 76.69 NM 84.14 50.87 19.3 2.87 3.97 4.69 Dec 4,591 0.0 MJB INC Research Holdings INCR Q 2 H/GRW 49.13 53.00 51.69 22.17 24.9 0.83 1.97 2.33 Dec 2,775 0.0 MJB PAREXEL PRXL Q 3 H/GRW 67.21 NM 76.17 55.36 20.4 2.17 2.79 A 3.29 Jun 3,712 0.0 MJB Quintiles Transnational Holdings Q N 1 M/GRW 69.58 82.00 80.45 56.46 20.9 2.70 3.33 3.75 Dec 8,564 0.0 MJB


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Healthcare - USA Specialty Pharmaceuticals Akorn, Inc. AKRX Q 2 H/GRW 36.83 53.00 57.10 19.08 18.6 1.16 1.98 2.35 Dec 4,115 0.0 EW Allergan plc AGN N 2 M/GRW 308.88 337.00 340.34 237.50 20.1 13.98 15.35 16.81 Dec 121,699 0.0 EW Amphastar Pharmaceuticals, Inc. AMPH Q 1 H/GRW 14.17 23.00 18.30 10.57 NM (0.25) (0.33) (0.19) Dec 641 0.0 EW Dipexium Pharmaceuticals, Inc. DPRX Q 1 H/SPEC 11.07 35.00 17.10 10.12 NM (1.73) (2.01) (2.53) Dec 114 0.0 EW Endo International plc ENDP Q 3 H/GRW 61.82 NM 96.58 46.66 13.6 4.30 4.54 6.01 Dec 13,997 0.0 EW Impax Laboratories, Inc. IPXL Q 4 NM 44.12 NM 52.10 29.76 35.9 1.31 1.23 1.86 Dec 3,217 0.0 EW Lannett Company, Inc. LCI N 2 H/GRW 40.92 50.00 72.44 33.13 10.2 2.00 4.04 A 4.01 Jun 1,484 0.0 EW Mylan N.V. MYL Q 3 H/GRW 54.33 NM 76.69 37.59 12.5 3.56 4.34 4.86 Dec 26,716 0.0 EW Perrigo Company PLC PRGO N 3 M/GRW 145.84 NM 215.73 140.40 18.7 6.27 7.78 9.77 Dec 21,336 0.3 EW Sagent Pharmaceuticals, Inc. SGNT Q 1 H/GRW 16.00 30.00 30.75 13.66 NM 0.46 (0.01) 0.38 Dec 525 0.0 EW Teva Pharmaceutical Industries, Ltd. (r) TEVA N 3 M/GRW 65.93 NM 72.31 54.17 12.2 5.07 5.41 5.39 Dec 56,172 2.1 EW


Industrial

USA Canada Europe

Specialty Distribution ................................................. 52

Waste and Industrial Services ..................................... 52

Industrial Services.................................................... 52

Waste Services ........................................................ 52

Aerospace & Aviation ................................................. 53

Chemicals ................................................................... 53

Diversified Income Corps. ........................................... 53

Infrastructure & Construction .................................... 53

Asset Ownership & Management ........................... 53

Construction ............................................................ 53

Engineering ............................................................. 53

Machinery ............................................................... 54

Related Products & Services.................................... 54

Special Situations ....................................................... 54

Aerospace & Defence .................................................. 55

Commercial Aerospace ............................................ 55

Defence .................................................................... 55

Chemicals .................................................................... 55

Industrial Gases ........................................................ 55

Infrastructure & Construction ..................................... 55

Building Products ..................................................... 55

Construction Groups ................................................ 55

Electrical Equipment ................................................ 55

Infrastructure Operators .......................................... 55

Specialty Distribution .................................................. 55


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

J. Marshall Adkins [email protected] Budd Bugatch, CFA [email protected]

Specialty Distribution Airgas, Inc. ARG N 4 NM 138.42 NM 139.22 86.09 28.1 4.72 4.85 A 4.93 Mar 10,431 1.7 SD Beacon Roofing Supply, Inc. BECN Q 2 H/GRW 42.02 48.00 44.01 23.04 22.1 1.08 1.38 A 1.90 Sep 2,118 0.0 SD,BB Fastenal Company FAST Q 3 H/GRW 41.40 NM 48.43 34.45 23.3 1.66 1.78 1.87 Dec 12,027 2.7 SD,BB HD Supply Holdings Inc. HDS Q 3 H/GRW 30.17 NM 36.81 26.52 17.4 0.90 1.73 2.40 Jan 6,015 0.0 SD,BB Houston Wire & Cable Company HWCC Q 3 H/GRW 5.21 NM 12.52 5.08 16.3 0.85 0.32 0.30 Dec 89 4.6 SD,BB LKQ Corporation LKQ Q 2 H/GRW 29.69 33.00 32.25 22.90 21.2 1.27 1.40 1.62 Dec 9,136 0.0 SD MRC Global MRC N 3 H/GRW 12.60 NM 17.62 10.20 22.1 1.40 0.57 0.45 Dec 1,292 0.0 SD,BB MSC Industrial Direct MSM N 2 H/GRW 57.16 75.00 83.03 54.52 15.4 3.93 3.80 A 3.70 Aug 3,510 3.0 SD,BB NOW Inc. DNOW N 3 H/GRW 15.68 NM 28.01 14.00 NM 1.06 (0.68) (0.62) Dec 1,681 0.0 SD,JMA Praxair, Inc. PX N 1 M/INC 103.78 132.00 132.65 98.55 17.9 6.27 5.80 6.24 Dec 29,561 2.8 SD W.W. Grainger, Inc. GWW N 3 M/GRW 204.37 NM 259.67 189.60 17.5 12.26 11.67 11.60 Dec 13,345 2.3 SD,BB WESCO International WCC N 3 H/GRW 42.95 NM 78.54 39.62 10.2 5.18 4.20 3.65 Dec 2,135 0.0 SD,BB

Waste and Industrial Services Industrial Services Clean Harbors CLH N 3 H/GRW 42.14 NM 59.29 39.89 29.7 1.53 1.42 1.65 Dec 2,457 0.0 TB

Waste Services Casella Waste Systems, Inc. CWST Q 2 H/SPEC 6.04 7.50 7.24 3.61 NM (0.03) (0.17) 0.02 Dec 247 0.0 TB Covanta Holding Corp. CVA N 1 H/INC 15.71 20.00 23.04 13.69 NM 0.35 0.14 0.06 Dec 2,105 6.4 TB Progressive Waste Solutions Ltd. BIN N 1 M/GRW 23.54 30.00 30.74 20.81 19.6 1.33 1.20 1.30 Dec 2,573 2.2 TB Republic Services, Inc. RSG N 1 M/GRW 44.85 50.00 44.96 38.95 22.0 1.96 2.04 2.16 Dec 15,711 2.7 TB U.S. Ecology, Inc. ECOL Q 2 H/GRW 37.70 44.00 52.99 32.76 21.5 2.02 1.75 1.92 Dec 818 1.9 TB Waste Connections, Inc. WCN N 2 H/GRW 56.65 56.00 56.66 42.05 28.9 2.04 1.96 2.16 Dec 6,992 1.0 TB Waste Management, Inc. WM N 3 M/INC 53.91 NM 55.93 45.86 20.7 2.48 2.61 2.75 Dec 24,069 3.0 TB


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

Steve Hansen, CMA, CFA [email protected] Theoni Pilarinos, CFA [email protected]

Daryl Swetlishoff, CFA [email protected] David Quezada, CFA (Associate Analyst) [email protected]

Aerospace & Aviation Bombardier Inc. (f) BBD.B T 3 H/GRW C$1.31 1.40 4.24 1.03 7.3 0.35 0.18 0.08 Dec 2,916 0.0 SH,BC CAE Inc. (f) CAE T 3 M/GRW C$15.48 16.00 16.53 13.26 18.0 0.71 0.76 A 0.86 Mar 4,164 1.8 BC Héroux-Devtek Inc. (f) HRX T 2 M/GRW C$13.94 15.25 14.09 9.50 19.6 0.48 0.55 A 0.71 Mar 502 0.0 BC

Chemicals Canexus Corporation CUS T 2 H/INC C$1.37 1.70 3.31 1.03 5.7 (1.39) 0.24 0.18 Dec 256 1.5 SH Chemtrade Logistics Income Fund CHE.UN T 2 M/INC C$17.66 23.00 22.33 16.16 70.6 0.27 0.25 0.75 Dec 1,219 6.8 SH Methanex MEOH Q 3 H/INC US$34.37 43.00 61.40 31.36 28.6 4.13 1.20 2.45 Dec 3,117 3.2 SH Superior Plus Corporation SPB T 2 H/INC C$11.12 13.00 14.94 9.46 23.7 0.24 0.47 1.26 Dec 1,409 6.5 SH

Diversified Income Corps. Alaris Royalty Corp. AD T 2 H/INC C$24.32 32.00 37.20 21.55 15.6 1.60 1.56 1.94 Dec 873 6.4 TP Exchange Income Corp EIF T 2 H/INC C$27.88 32.00 28.73 20.01 16.4 (0.53) 1.70 2.15 Dec 881 6.9 TP,SH Grenville Strategic Royalty Corp. GRC V 2 H/SPEC C$0.77 1.10 0.95 0.46 8.6 0.00 0.09 0.10 Dec 102 9.1 DQ Mosaic Capital Corporation (cb) M V 3 H/INC C$6.00 7.50 12.46 6.00 NM 25 20 25 Dec 50 6.7 TP

Infrastructure & Construction Asset Ownership & Management Brookfield Infrastructure Partners L.P. (x) BIP N 2 M/INC US$37.61 50.00 46.95 36.66 10.4 3.45 3.61 4.35 Dec 10,328 5.6 FB Brookfield Renewable Energy Partners L.P. (x) BEP N 2 M/INC US$26.43 29.00 33.63 22.54 14.7 2.03 1.80 2.25 Dec 7,287 6.3 FB Pattern Energy Group Inc. (ca) PEGI Q 2 M/INC US$21.80 27.00 32.00 16.96 18.2 1.47 1.20 2.20 Dec 1,624 6.8 FB

Construction Aecon Group ARE T 2 H/INC C$15.32 17.50 15.69 9.60 21.3 0.26 0.72 1.00 Dec 1,056 2.6 FB Bird Construction Inc. BDT T 3 H/INC C$13.27 12.50 14.71 9.28 13.1 0.85 1.01 0.85 Dec 564 5.7 FB North American Energy Partners NOA T 2 H/INC C$2.48 4.00 3.95 2.10 NM (0.02) (0.21) 0.02 Dec 80 3.2 BC Stuart Olson Inc. SOX T 2 H/INC C$5.76 9.00 8.09 4.51 14.4 0.28 0.40 0.50 Dec 152 8.3 FB

Engineering IBI Group Inc. IBG T 2 H/GRW C$2.28 4.00 2.70 1.25 4.6 0.26 0.50 0.25 Dec 68 NM FB SNC-Lavalin SNC T 3 M/GRW C$42.28 43.00 47.40 35.89 17.3 8.74 2.45 2.70 Dec 6,342 2.4 FB Stantec Inc STN T 2 M/GRW C$35.00 36.50 38.09 28.77 19.8 1.74 1.77 2.10 Dec 3,290 1.2 BC,FB WSP Global Inc. WSP T 2 M/INC C$44.01 52.00 49.18 31.13 18.1 0.98 2.43 2.70 Dec 4,326 3.4 FB


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Industrial - CAN Machinery Caterpillar Inc. CAT N 3 M/GRW US$68.58 70.00 94.28 62.99 15.4 6.38 4.45 3.75 Dec 40,805 4.5 TP,BC Cervus Equipment Corp. CVL T 3 M/GRW C$13.16 14.50 20.84 12.71 17.8 1.15 0.74 1.15 Dec 213 6.4 BC Finning International FTT T 2 M/GRW C$19.20 23.00 26.16 17.33 13.5 1.96 1.42 1.43 Dec 3,285 3.8 BC Joy Global Inc. JOY N 3 M/GRW US$13.10 13.00 48.75 10.42 29.1 3.30 1.95 A 0.45 Oct 1,284 0.3 TP,BC Ritchie Bros. Auctioneers RBA N 2 M/GRW US$24.52 33.25 30.85 23.12 21.0 0.86 1.17 1.30 Dec 2,636 2.4 BC Rocky Mountain Dealerships Inc. RME T 3 M/GRW C$5.97 8.00 9.74 5.65 7.7 0.98 0.78 0.82 Dec 115 7.7 BC Strongco Corp. SQP T 3 H/GRW C$1.60 1.50 2.76 1.48 NM (0.43) (0.07) 0.10 Dec 21 0.0 BC Toromont Industries TIH T 2 M/GRW C$31.85 37.50 37.61 26.70 16.8 1.71 1.90 2.04 Dec 2,500 2.1 BC Wajax Corp. WJX T 3 M/GRW C$17.08 19.50 30.93 14.81 10.9 2.42 1.57 1.70 Dec 347 5.9 BC

Related Products & Services Canam Group CAM T 2 H/INC C$13.76 19.00 15.26 9.93 12.5 0.70 1.10 1.35 Dec 658 1.2 FB Ovivo Inc. OVI.A T 2 H/GRW C$2.03 2.25 2.45 1.10 40.6 (0.60) (0.76) A 0.05 Mar 90 NM FB Russel Metals RUS T 2 M/INC C$16.09 25.00 27.81 14.36 17.3 1.95 0.93 1.55 Dec 993 9.4 FB WesternOne Inc. WEQ T 3 H/GRW C$0.32 0.60 3.19 0.21 NM 0.55 (0.36) (0.15) Dec 13 NM FB ZCL Composites ZCL T 1 H/GRW C$7.34 9.00 7.95 5.00 14.4 0.54 0.51 0.62 Dec 224 2.5 BC

Special Situations Boyd Group Income Fund (cb) BYD.UN T 2 M/GRW C$64.57 78.00 70.45 44.05 NM 69 98 114 Dec 1,059 0.8 TP DIRTT Environmental Solutions Ltd. DRT T 1 H/GRW C$6.87 9.50 9.19 3.38 34.3 0.08 0.20 0.41 Dec 621 0.0 DQ,DS Tree Island Steel Ltd. TSL T 2 H/GRW C$3.35 5.00 3.90 1.68 7.6 0.03 0.44 0.49 Dec 104 1.2 DQ Whistler Blackcomb Holdings Inc. (cb) WB T 2 M/INC C$24.02 26.50 24.62 17.67 NM 93 93 A 109 Sep 913 4.1 TP


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Industrial - EUR Harry Breach, RJFI [email protected] Patrick Lambert, RJFI [email protected]

Emmanuel Retif, RJEE [email protected]

Aerospace & Defence Commercial Aerospace Airbus Group AIR.PA EPA 1 €61.71 85.00 68.50 40.78 17.6 3.36 3.50 3.50 Dec 48,584 2.2 HB GKN GKN.L L 1 305p 440 389 249 11.3 29.00 27.00 28.00 Dec £5,030 2.9 HB Meggitt MGGT.L L 1 371p 550 594 338 11.6 32.40 32.00 35.60 Dec £2,903 3.8 HB Rolls-Royce RR.L L 3 595p NM 1,047 505 10.8 65.30 55.00 27.00 Dec £10,940 3.4 HB Safran SAF.PA EPA 3 €62.60 NM 72.45 50.40 13.6 3.00 4.60 3.50 Dec 26,065 2.1 HB Senior SNR.L L 3 232p NM 362 216 12.5 19.80 18.50 18.50 Dec £970 2.6 HB Zodiac Aerospace ZODC.PA EPA 3 €22.39 NM 35.82 19.02 31.1 1.34 0.72 1.15 Aug 6,186 1.4 HB

Defence BAE Systems BAES.L L 4 497p 420 549 419 12.9 38.00 38.50 38.50 Dec £15,735 4.2 HB Cobham COB.L L 4 281p 260 349 251 14.0 18.50 20.10 20.50 Dec £3,199 3.9 HB Thales TCFP.PA EPA 1 €67.90 82.00 71.67 44.10 18.9 2.75 3.60 4.25 Dec 14,140 1.8 HB

Chemicals Industrial Gases Air Liquide (sa) AIRP.PA EPA 2 €103.75 140.00 123.95 97.02 NM 15,358 16,423 16,595 Dec 35,559 2.6 PL

Infrastructure & Construction Building Products Saint-Gobain SGOB.PA EPA 3 €39.49 NM 44.84 32.36 15.2 1.97 2.59 2.98 Dec 22,130 3.4 HB Tarkett TKTT.PA EPA 2 €27.36 30.00 28.49 17.09 22.1 0.96 1.24 1.50 Dec 1,743 1.8 HB

Construction Groups Eiffage FOUG.PA EPA 2 €58.27 61.00 59.74 39.95 17.0 3.05 3.42 4.01 Dec 5,212 2.6 ER Vinci SGEF.PA EPA S €58.46 NM 62.60 43.40 NM 4.47 UR UR Dec NA UR ER

Electrical Equipment Schneider Electric SU.PA EPA 3 €53.10 NM 75.29 48.57 15.9 3.55 3.34 3.59 Dec 30,384 3.6 HB

Infrastructure Operators ADP ADP.PA EPA 4 €106.15 100.00 117.20 96.32 23.6 4.06 4.49 4.99 Dec 10,505 2.6 ER Ferrovial FER.MC MAD 2 €20.72 25.40 22.97 15.52 31.4 0.55 0.66 0.73 Dec 15,170 3.6 ER Fraport FRAG.DE ETR 4 €59.80 53.00 63.01 48.08 21.9 2.54 2.73 3.06 Dec 5,514 2.3 ER

Specialty Distribution Rexel RXL.PA EPA 3 €12.25 NM 18.18 10.91 15.5 0.97 0.79 1.08 Dec 3,576 6.1 HB Wolseley WOS.L L 3 3,682p NM 4,398 3,415 15.9 196.00 231.00 269.00 Jul £9,519 2.7 HB


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

David Sadowski [email protected] Steve Hansen, CMA, CFA [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$34.65 35.00 34.65 25.07 17.9 1.75 1.94 2.55 Dec 807 1.7 SH

Fertilizers Agrium Inc. AGU N 3 M/GRW US$91.51 105.00 116.81 86.60 12.9 5.80 7.10 7.40 Dec 12,903 3.8 SH Potash Corp. of Saskatchewan Inc. POT N 3 M/GRW US$17.80 23.00 37.60 16.65 11.0 1.81 1.62 1.65 Dec 14,907 8.5 SH

Mining & Natural Resources

Canada

Agribusiness ............................................................... 56

Fertilizers .................................................................... 56

Forest Products .......................................................... 57

Building Materials ................................................... 57

Pulp & Paper ........................................................... 57

Mining ........................................................................ 57

Base Metals & Minerals .......................................... 57

Iron Ore ................................................................... 57

Platinum Group Metals ........................................... 57

Precious Metals - Gold ............................................ 58

Precious Metals - Silver ........................................... 58

Uranium .................................................................. 59

Argentina

Agribusiness & Natural Resources .............................. 59

Agribusiness ............................................................. 59

Natural Resources .................................................... 59


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Mining & Natural Resources - CAN Forest Products Building Materials Acadian Timber Corp. ADN T 2 M/INC C$20.10 22.00 21.33 14.12 77.3 2.58 0.26 1.26 Dec 336 5.0 DS Canfor Corp. CFP T 1 H/GRW C$21.13 25.75 31.93 15.33 31.1 1.38 0.68 2.13 Dec 2,829 0.0 DS Conifex Timber Inc. CFF T 2 H/SPEC C$2.22 6.00 8.30 1.81 NM 0.22 (0.86) 0.75 Dec 47 0.0 DS Interfor Corp. IFP T 1 H/GRW C$14.54 17.00 23.61 8.86 NM 0.62 (0.27) 1.69 Dec 1,018 0.0 DS Norbord Inc. NBD T 1 H/GRW C$26.77 30.00 29.23 18.64 NM 0.48 (0.20) 2.26 Dec 2,340 1.5 DS West Fraser Timber WFT T 2 M/GRW C$54.31 60.00 78.55 40.56 31.4 3.86 1.73 5.18 Dec 4,600 0.5 DS Western Forest Products Inc. WEF T 2 H/GRW C$2.25 2.65 2.80 1.57 11.8 0.17 0.19 0.31 Dec 914 3.6 DS

Pulp & Paper Canfor Pulp Products Inc. CFX T 1 H/GRW C$13.75 21.00 17.02 10.11 8.8 1.28 1.56 1.71 Dec 958 1.8 DS Domtar UFS N 2 H/INC US$37.59 48.00 48.30 35.20 14.3 3.61 2.62 2.98 Dec 2,368 4.3 DS Fortress Paper FTP T 2 H/GRW C$5.00 7.50 5.72 1.74 NM (4.39) (2.29) 0.83 Dec 79 0.0 DS Mercer International Inc. MERC Q 1 H/INC US$9.12 18.00 15.95 8.80 7.7 1.81 1.18 1.58 Dec 592 5.0 DS

Mining Base Metals & Minerals Altius Minerals Corp. ALS T 2 H/GRW C$10.26 15.00 15.47 9.46 NM (0.18) (0.04) A 0.02 Apr 410 0.8 AT Capstone Mining Corp. CS T 2 H/GRW C$0.47 1.00 2.15 0.31 NM 0.09 (0.13) (0.22) Dec 180 0.0 AT Copper Mountain Mining CUM T 3 H/GRW C$0.48 0.75 1.73 0.38 9.6 0.13 0.05 0.01 Dec 57 0.0 AT First Quantum Minerals Ltd. FM T 1 H/GRW C$5.81 9.00 19.83 3.75 23.2 0.79 0.25 0.13 Dec 4,004 0.3 AT HudBay Minerals, Inc. HBM T 2 H/GRW C$5.72 9.00 12.61 4.50 NM (0.11) 0.00 0.15 Dec 1,322 0.3 AT Ivanhoe Mines Ltd. IVN T 2 H/SPEC C$0.61 1.50 1.36 0.59 NM (0.35) (0.07) (0.02) Dec 474 0.0 AT Lundin Mining Corporation LUN T 3 H/GRW C$4.07 4.50 6.46 3.37 NM 0.24 (0.02) (0.07) Dec 2,928 0.0 AT Nevsun Resources Ltd. NSU T 3 H/INC C$3.82 4.00 5.35 3.32 31.8 0.47 0.12 (0.07) Dec 764 4.5 AT Taseko Mines Ltd. TKO T 3 H/GRW C$0.50 0.70 1.30 0.43 NM (0.19) (0.09) (0.18) Dec 111 0.0 AT Teck Resources Limited TCK.B T 3 H/INC C$5.62 7.00 20.58 4.25 NM 0.78 0.01 (0.45) Dec 3,238 10.7 AT Trevali Mining Corporation TV T 2 H/SPEC C$0.47 0.90 1.24 0.25 NM (0.03) (0.04) 0.05 Dec US$150 0.0 AT

Iron Ore Labrador Iron Ore Royalty Corp. LIF T 3 H/INC C$10.79 14.00 19.85 9.56 13.0 1.56 0.83 0.12 Dec 691 12.5 AT

Platinum Group Metals Eastern Platinum Ltd. ELR T 3 H/GRW C$0.81 1.40 2.26 0.61 NM (1.35) (0.09) (0.11) Dec 75 0.0 AT Platinum Group Metals Ltd. PTM T 3 H/SPEC C$0.20 0.75 0.74 0.18 NM (0.01) (0.01) (0.03) Aug 150 NM AT


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Mining & Natural Resources - CAN Precious Metals - Gold Agnico Eagle Mines AEM N 2 H/INC US$26.82 34.00 34.89 21.00 NM 1.07 0.16 0.11 Dec 5,820 1.2 PR Alacer Gold Corp ASR T 2 H/GRW C$2.57 4.00 3.23 2.19 15.1 0.17 0.17 0.06 Dec US$758 0.0 PR Alamos Gold Inc. AGI N 2 H/INC US$3.36 6.50 8.54 2.82 NM (0.02) (0.34) (0.16) Dec 857 2.1 PR Asanko Gold Inc. AKG T 2 H/GRW C$2.14 2.50 2.55 1.59 NM (0.10) (0.02) 0.26 Dec 456 0.0 CT ATAC Resources Ltd. ATC V 3 H/SPEC C$0.32 0.80 0.78 0.26 NM (0.02) (0.02) (0.02) Dec 37 0.0 DSa B2Gold Corp. (cf) BTO T 2 H/GRW C$1.49 2.50 2.88 1.30 9.3 0.17 0.16 0.18 Dec 1,400 0.0 CT Barrick Gold Corporation ABX N 3 H/INC US$7.53 10.50 13.70 5.91 26.9 0.68 0.28 0.91 Dec 8,772 2.7 PR Detour Gold Corp. DGC T 2 H/SPEC C$14.78 19.25 16.86 8.47 NM (0.50) (0.15) 0.07 Dec US$2,527 0.0 PR Eldorado Gold Corp. EGO N 3 H/GRW US$3.04 5.25 8.00 2.45 60.8 0.19 0.05 0.04 Dec 2,180 0.7 PR Endeavour Mining Corp. (cf) EDV T 2 H/GRW C$7.88 9.00 8.01 3.95 2.2 2.58 3.65 1.86 Dec 465 0.0 CT Franco-Nevada Corp. FNV N 2 H/INC US$46.36 58.00 58.84 38.20 92.7 0.91 0.50 0.49 Dec 7,279 1.8 PR Goldcorp Inc. GG N 2 H/INC US$11.79 21.50 25.00 10.87 NM 0.61 0.10 0.17 Dec 9,852 2.0 PR Guyana Goldfields Inc. GUY T 2 H/SPEC C$3.19 5.00 4.48 2.48 NM (0.09) (0.02) 0.19 Oct 482 0.0 PR IAMGOLD Corp. IAG N 4 H/GRW C$2.06 1.50 4.09 1.50 NM 0.09 (0.37) (0.59) Dec US$805 0.0 PR Kaminak Gold Corporation KAM V 2 H/SPEC C$0.85 1.50 1.15 0.61 NM (0.27) (0.20) (0.07) Dec 122 0.0 DSa Kinross Gold Corporation KGC N 3 H/GRW US$1.83 2.50 3.71 1.35 NM 0.11 (0.07) (0.02) Dec 2,097 0.0 PR Mandalay Resources Corp. (cf) MND T 1 H/INC C$0.66 1.10 1.04 0.63 4.1 0.18 0.16 0.15 Dec 281 4.5 CT New Gold, Inc. NGD M 3 H/GRW C$3.37 3.75 6.04 2.52 NM 0.09 (0.01) 0.01 Dec US$1,726 0.0 PR Newmarket Gold Inc. (cf) NMI T 2 H/GRW C$1.45 2.20 1.75 0.13 2.8 0.15 0.52 0.62 Dec 269 0.0 CT OceanaGold Corp. (cf) OGC T 2 H/GRW C$2.74 3.70 3.15 1.79 8.6 0.76 0.32 0.44 Dec 1,652 0.7 CT Orezone Gold Corp. ORE T 2 H/SPEC C$0.27 0.80 0.61 0.22 NM (0.13) (0.08) (0.06) Dec 32 0.0 DSa Roxgold Inc. ROG V 1 H/SPEC C$0.76 1.10 0.84 0.51 NM (0.02) (0.04) 0.05 Dec 245 0.0 DSa Royal Gold Inc. RGLD Q 2 H/INC US$36.86 75.00 77.20 34.42 34.8 0.94 1.02 A 1.06 Jun 2,396 2.4 PR Sandstorm Gold Ltd. SSL T 2 H/GRW C$3.84 5.50 5.30 2.88 NM 0.09 (0.13) 0.02 Dec 453 0.0 PR SEMAFO Inc. SMF T 2 H/GRW C$3.66 4.15 4.49 2.46 7.8 0.43 0.47 0.44 Dec 1,077 0.0 CT Tahoe Resources Inc. (cf) THO T 2 H/INC C$12.31 16.00 19.45 9.66 16.9 1.00 0.73 0.97 Dec US$2,834 1.9 CT Yamana Gold Inc. AUY N 2 H/INC US$1.89 4.50 4.84 1.42 NM 0.05 (0.07) (0.06) Dec 1,788 3.2 PR

Precious Metals - Silver Bear Creek Mining Corp. (cf) BCM V 2 H/SPEC C$0.61 1.90 1.94 0.56 NM (0.16) (0.09) (0.02) Dec 62 0.0 CT Coeur Mining Inc. (cf) CDE N 3 H/GRW US$2.46 4.75 7.45 2.34 4.0 0.38 0.61 0.73 Dec 373 0.0 CT Endeavour Silver Corp. EDR T 3 H/GRW C$2.03 2.25 3.83 1.64 5.6 0.29 0.36 0.33 Dec 207 0.0 CT First Majestic Silver (cf) FR T 3 H/GRW C$5.05 5.00 8.55 3.54 14.0 0.63 0.36 0.47 Dec 783 0.0 CT Fortuna Silver Mines Inc. (cf) FVI T 1 H/GRW C$3.32 5.00 6.30 2.65 12.8 0.47 0.26 0.35 Dec 439 0.0 CT MAG Silver MAG T 1 H/SPEC C$10.04 17.00 11.00 6.90 NM (0.25) (0.14) (0.14) Dec 696 0.0 DSa Pan American Silver (cf) PAAS Q 3 H/INC US$6.60 7.50 12.05 5.85 11.4 0.93 0.58 0.61 Dec 1,001 3.0 CT Santacruz Silver Mining Ltd. (cf) SCZ V 4 H/SPEC C$0.10 0.20 0.43 0.10 9.5 (0.03) 0.01 0.08 Dec 10 0.0 CT Silver Wheaton SLW N 3 H/INC US$12.45 23.50 24.22 11.03 23.5 0.74 0.53 0.54 Dec 5,030 1.6 PR Silvercorp Metals Inc. (cf) SVM T 3 H/GRW C$0.71 1.20 2.00 0.66 4.4 0.20 0.29 A 0.16 Mar 120 0.0 CT


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Mining & Natural Resources - CAN Uranium Cameco Corp. (cf) CCO T 2 H/GRW C$17.38 25.00 21.44 15.46 14.6 1.48 1.19 1.81 Dec 6,879 2.3 DSa Denison Mines Corp. DML T 2 H/SPEC C$0.60 1.50 1.22 0.48 NM (0.05) (0.07) (0.02) Dec 311 0.0 DSa Fission Uranium Corp. FCU T 2 H/SPEC C$0.74 1.50 1.38 0.53 NM (0.02) (0.03) A (0.03) Jun 357 0.0 DSa Kivalliq Energy Corp. KIV V 3 H/SPEC C$0.10 0.20 0.18 0.06 NM (0.01) (0.01) (0.01) Sep 22 0.0 DSa NexGen Energy Ltd. NXE V 1 H/SPEC C$0.69 1.80 0.89 0.31 NM (0.06) (0.01) (0.01) Dec 175 0.0 DSa Paladin Energy Ltd. PDN T 3 H/GRW C$0.23 0.30 0.41 0.15 NM (0.10) (0.05) A (0.02) Jun 385 0.0 DSa UEX Corp. UEX T 2 H/SPEC C$0.15 0.40 0.32 0.11 NM (0.04) (0.01) (0.01) Dec 36 0.0 DSa Uranium Participation Corporation U T 2 H/GRW C$5.09 6.25 5.69 4.82 7.6 (0.64) 1.10 A 0.67 Feb 588 0.0 DSa Ur-Energy Inc. URE T 2 H/SPEC C$0.83 1.80 1.35 0.60 NM (0.07) (0.03) 0.01 Dec 108 0.0 DSa

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Mining & Natural Resources - ARG Federico Rey Marino [email protected] Santiago Wesenack, CFA [email protected]

Fernando Suarez [email protected]

Agribusiness & Natural Resources Agribusiness Adecoagro SA AGRO N 2 H/SPEC US$12.28 15.00 12.55 6.71 43.9 0.02 0.28 0.68 Dec 1,503 0.0 FS,FRM Cresud SACIFYA (ed, r) CRESY Q 2 H/SPEC US$12.89 19.00 15.17 8.90 NM (2.97) 0.20 A 0.02 Jun 647 0.0 FRM,FS Inversora Juramento SA INVJ BA 3 H/SPEC AR$7.65 NM 8.60 4.04 76.5 0.10 E NA NA Sep 3,309 0.0 FS,FRM

Natural Resources Siderar Sociedad Anonima Industrial Y Comercial ERAR BA S M/GRW AR$8.55 NM 10.50 4.80 NM UR NA NA Dec 38,621 0.5 FS,SW


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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 3 M/GRW 38.62 NM 46.75 32.60 16.7 2.70 2.31 3.75 Dec 5,384 0.1 BH,PDP D.R. Horton, Inc. DHI N 2 M/GRW 32.29 35.00 33.10 22.12 14.0 1.50 2.00 A 2.30 Sep 11,996 1.0 BH,PDP KB Home KBH N 3 H/GRW 12.57 NM 17.42 11.76 13.8 9.25 0.91 1.20 Nov 1,281 0.8 BH,PDP Lennar Corporation LEN N 3 M/GRW 49.17 NM 56.04 41.25 12.8 2.80 3.47 A 3.85 Nov 11,373 0.3 BH,PDP MDC Holdings MDC N 3 H/INC 25.79 NM 31.23 23.87 18.8 1.29 1.37 2.10 Dec 1,266 3.9 BH,PDP PulteGroup Inc. PHM N 3 M/GRW 18.10 NM 23.36 17.08 15.0 1.26 1.21 1.50 Dec 6,397 2.0 BH,PDP St. Joe Company JOE N 3 M/GRW 18.73 NM 21.64 14.94 NM 4.40 (0.01) (0.03) Dec 1,410 0.0 BH,PDP Toll Brothers, Inc. TOL N 2 M/GRW 33.75 40.00 42.19 32.19 12.7 1.84 1.97 A 2.65 Oct 6,234 0.0 BH,PDP WCI Communities, Inc. WCIC N 1 M/GRW 22.65 31.00 27.08 17.78 16.9 0.82 1.34 1.95 Dec 600 0.0 BH,PDP

Real Estate

USA Canada Europe

Housing ....................................................................... 60

Lodging ....................................................................... 61

REITs ........................................................................... 61

Farmland ................................................................. 61

Healthcare ............................................................... 61

Hotels ...................................................................... 61

Malls ........................................................................ 61

Net Lease ................................................................. 61

Office/Industrial ...................................................... 62

Residential ............................................................... 62

Self Storage ............................................................. 62

Shopping Centers .................................................... 62

Timber ..................................................................... 63

Real Estate .................................................................. 63

Healthcare ............................................................... 63

Industrial ................................................................. 63

Mortgage Investment Corporations ........................ 63

Office/Diversified .................................................... 63

Real Estate Services ................................................. 63

Residential ............................................................... 64

Retail ....................................................................... 64

Hotels .......................................................................... 64

Argentina

Diversified Real Estate................................................. 65

Real Estate .................................................................. 65


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Real Estate - USA Lodging Hilton Worldwide Holdings Inc. HLT N 2 M/GRW 21.78 29.00 31.60 20.91 26.9 0.69 0.81 0.98 Dec 21,507 1.3 WAC,PDP Hyatt Hotels Corporation H N 3 H/GRW 48.15 NM 61.99 45.71 50.2 1.09 0.96 1.50 Dec 6,731 0.0 WAC,PDP La Quinta Holdings, Inc. LQ N 3 H/GRW 13.93 NM 24.94 13.32 26.8 0.45 0.52 0.66 Dec 1,806 0.0 WAC,PDP Marriott International, Inc. MAR Q 2 M/GRW 68.85 85.00 85.00 63.95 21.9 2.54 3.14 3.71 Dec 17,729 1.5 WAC,PDP Starwood Hotels & Resorts Worldwide HOT N 2 M/GRW 70.19 85.00 87.99 63.99 23.4 3.02 3.00 3.25 Dec 11,883 2.1 WAC,PDP

REITs Farmland American Farmland Company (x) AFCO N 2 H/INC 7.02 9.00 8.00 6.76 35.1 0.19 0.20 0.48 Dec 142 3.6 CM,PDP

Healthcare CareTrust REIT, Inc (x) CTRE Q 2 M/INC 11.12 13.00 14.93 10.21 11.8 0.69 0.94 1.10 Dec 530 5.8 JH,PDP Healthcare Trust of America, Inc. (x) HTA N 3 M/INC 27.00 NM 30.28 22.35 17.6 1.46 1.53 1.65 Dec 3,430 4.4 JH,PDP Physicians Realty Trust (x) DOC N 2 M/INC 16.78 17.50 18.12 13.86 18.2 0.72 0.92 1.03 Dec 1,527 5.4 JH,PDP Sabra Health Care REIT, Inc. (x) SBRA Q 2 M/INC 20.31 23.00 34.44 18.16 9.3 2.20 2.18 2.27 Dec 1,328 8.1 JH,PDP Senior Housing Properties Trust (x) SNH N 4 NM 14.79 NM 23.60 13.50 8.1 1.75 1.83 1.86 Dec 3,513 10.5 JH,PDP Welltower Inc. (x) HCN N 3 M/INC 67.52 NM 84.88 58.19 15.5 4.13 4.37 4.63 Dec 23,841 4.9 JH,PDP

Hotels DiamondRock Hospitality Company (x) DRH N 3 M/INC 10.06 NM 16.01 9.76 10.0 0.87 1.01 1.16 Dec 2,025 5.0 WAC,PDP Hersha Hospitality Trust (x) HT N 3 M/INC 22.40 NM 29.20 21.47 9.6 1.98 2.33 2.64 Dec 1,091 5.0 WAC,PDP Host Hotels & Resorts Inc. (x) HST N 4 NM 15.78 NM 24.30 15.10 10.5 1.50 1.51 1.65 Dec 12,304 5.1 WAC,PDP LaSalle Hotel Properties (x) LHO N 3 M/INC 26.07 NM 43.56 24.91 9.2 2.58 2.83 3.09 Dec 2,959 6.9 WAC,PDP Pebblebrook Hotel Trust (x) PEB N 2 M/INC 28.44 43.00 50.17 27.10 11.4 1.96 2.49 2.93 Dec 2,051 4.4 WAC,PDP RLJ Lodging Trust (x) RLJ N 2 M/INC 22.47 30.00 36.25 21.48 9.0 2.40 2.49 2.85 Dec 2,845 5.9 WAC,PDP Ryman Hospitality Properties Inc. (x) RHP N 3 M/INC 52.80 NM 64.97 48.13 10.6 4.68 4.99 5.40 Dec 2,724 5.3 WAC,PDP Summit Hotel Properties, Inc. (x) INN N 2 M/INC 12.13 15.50 14.61 11.36 10.0 0.97 1.21 1.27 Dec 1,058 3.9 WAC,PDP Sunstone Hotel Investors, Inc. (x) SHO N 3 M/GRW 13.80 NM 18.01 12.89 10.8 1.17 1.28 1.34 Dec 2,879 1.4 WAC,PDP

Malls CBL & Associates Properties, Inc. (x) CBL N 3 M/INC 12.31 NM 21.36 12.06 5.5 2.26 2.25 2.28 Dec 2,460 8.6 CM,PDP Simon Property Group, Inc. (x) SPG N 2 M/INC 194.08 235.00 208.14 170.99 19.1 8.90 10.18 10.96 Dec 70,102 3.3 CM,PDP Taubman Centers, Inc. (x) TCO N 3 M/INC 76.86 NM 85.26 66.83 22.5 3.11 3.42 3.73 Dec 4,635 2.9 CM,PDP

Net Lease Agree Realty Corporation (x) ADC N 2 M/INC 34.02 35.00 36.15 27.74 14.2 2.18 2.40 2.59 Dec 643 5.5 CM,PDP National Retail Properties, Inc. (x) NNN N 2 M/INC 39.90 40.00 44.43 33.62 17.8 2.08 2.24 2.36 Dec 5,406 4.4 CM,PDP Realty Income (x) O N 3 M/INC 51.75 NM 55.54 43.15 18.9 2.58 2.74 2.85 Dec 12,322 4.4 CM,PDP Spirit Realty Capital, Inc. (x) SRC N 2 M/INC 10.01 11.00 13.00 8.89 11.8 0.61 0.85 0.90 Dec 4,418 7.0 CM,PDP STORE Capital Corporation (x) STOR N 2 M/INC 23.04 24.00 24.06 19.63 16.7 1.26 1.38 1.53 Dec 2,924 4.7 CM,PDP


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Real Estate - USA Office/Industrial Armada Hoffler Properties (x) AHH N 2 M/INC 10.89 11.50 11.60 9.33 12.4 0.80 0.88 0.93 Dec 461 6.2 WAC,PDP BioMed Realty Trust Inc. (x) BMR N 3 M/INC 23.64 NM 25.11 17.94 13.3 1.57 1.78 1.48 Dec 4,941 4.4 WAC,PDP Brandywine Realty Trust (x) BDN N 3 M/INC 13.53 NM 17.13 11.63 9.4 1.34 1.44 1.31 Dec 2,404 4.4 WAC,PDP Corporate Office Properties Trust (x) OFC N 2 M/INC 21.97 23.50 30.94 20.13 10.9 1.88 2.01 2.03 Dec 2,157 5.0 WAC,PDP Digital Realty Trust, Inc. (x) DLR N 3 M/INC 76.10 NM 76.15 60.66 14.4 5.03 5.27 5.45 Dec 10,608 4.5 WAC,PDP Douglas Emmett (x) DEI N 2 M/INC 30.62 33.00 32.32 26.67 18.8 1.54 1.63 1.70 Dec 5,441 2.9 WAC,PDP DuPont Fabros Technology Inc. (x) DFT N 3 M/INC 32.25 NM 38.30 24.88 13.6 2.37 2.38 2.66 Dec 2,606 5.2 WAC,PDP Easterly Government Properties, Inc. (x) DEA N 2 M/GRW 17.00 18.50 18.82 15.18 16.3 NA 1.04 1.20 Dec 675 4.9 WAC,PDP EastGroup Properties, Inc. (x) EGP N 2 M/INC 56.64 64.00 67.42 51.76 15.4 3.47 3.67 3.93 Dec 1,835 4.2 WAC,PDP First Industrial Realty Trust, Inc. (x) FR N 2 M/INC 22.34 24.00 23.09 18.54 18.0 1.16 1.24 1.46 Dec 2,571 2.3 WAC,PDP First Potomac Realty Trust (x) FPO N 3 M/INC 11.38 NM 13.29 9.88 11.5 0.92 0.99 1.03 Dec 688 5.3 WAC,PDP Parkway Properties (x) PKY N 2 M/INC 15.93 18.00 19.00 15.20 12.1 1.34 1.32 1.34 Dec 1,854 4.7 WAC,PDP STAG Industrial Inc. (x) STAG N 2 M/INC 18.77 22.00 27.61 16.66 12.6 1.45 1.49 1.65 Dec 1,344 7.4 WAC,PDP Washington REIT (x) WRE N 3 M/INC 27.18 NM 30.15 23.78 17.3 1.51 1.57 1.72 Dec 1,856 4.4 WAC,PDP

Residential American Homes 4 Rent (x) AMH N 1 M/GRW 16.42 19.00 17.55 15.09 24.1 0.43 0.68 0.90 Dec 4,364 1.2 BH,PDP American Residential Properties, Inc. (x) ARPI N 3 H/GRW 18.69 NM 19.68 14.64 NM 0.39 UR UR Dec 613 2.1 BH,PDP Apartment Investment and Management Company (x) AIV N 1 M/INC 39.82 46.00 41.55 34.71 18.0 2.07 2.21 2.35 Dec 6,519 3.0 BH,PDP Campus Crest Communities, Inc. (x) CCG N 4 NM 6.79 NM 8.05 4.68 NM UR UR UR Dec 443 0.0 BH,PDP Equity Residential (x) EQR N 3 M/INC 81.19 NM 82.53 61.90 23.7 3.17 3.43 3.68 Dec 30,730 2.7 BH,PDP Essex Property Trust, Inc. (x) ESS N 3 M/INC 240.83 NM 243.17 205.72 24.8 8.54 9.73 10.75 Dec 16,232 2.4 BH,PDP Mid-America Apartment Communities Inc. (x) MAA N 2 M/INC 91.67 92.00 92.18 70.67 17.1 4.99 5.35 5.72 Dec 7,297 3.6 BH,PDP Post Properties, Inc. (x) PPS N 2 M/INC 59.77 63.00 63.78 53.18 20.3 2.44 2.94 3.13 Dec 3,263 2.9 BH,PDP

Self Storage CubeSmart (x) CUBE N 2 M/INC 31.02 31.00 31.03 22.05 25.0 1.08 1.24 1.40 Dec 5,301 2.7 JH,PDP Extra Space Storage (x) EXR N 1 M/INC 89.06 90.00 89.98 58.51 28.5 2.61 3.12 3.65 Dec 11,747 2.6 JH,PDP Jernigan Capital, Inc. JCAP N 2 H/GRW 15.92 18.00 21.99 14.20 NM NA (0.42) 1.34 Dec 99 8.8 JH,PDP Public Storage (x) PSA N 2 M/INC 251.17 245.00 252.86 182.08 28.3 8.09 8.86 9.65 Dec 43,578 2.7 JH,PDP Sovran Self Storage, Inc. (x) SSS N 3 M/INC 108.78 NM 108.78 85.69 22.1 4.37 4.93 5.45 Dec 3,938 3.1 JH,PDP

Shopping Centers Cedar Realty Trust, Inc. (x) CDR N 2 M/INC 7.15 7.50 8.36 5.75 13.5 0.51 0.53 0.57 Dec 611 2.8 CM,PDP Equity One, Inc. (x) EQY N 4 NM 27.01 NM 28.23 22.52 21.3 1.20 1.27 1.35 Dec 3,795 3.3 CM,PDP Federal Realty Investment Trust (x) FRT N 3 M/INC 149.64 NM 151.11 124.87 29.6 4.94 5.05 5.70 Dec 10,400 2.5 CM,PDP Inland Real Estate Corporation (x) IRC N 4 NM 10.81 NM 11.73 7.96 NM 0.95 NA NA Dec 1,086 5.3 CM,PDP Kimco Realty Corporation (x) KIM N 3 M/INC 26.66 NM 28.54 22.07 18.5 1.40 1.44 1.50 Dec 11,013 3.8 CM,PDP Kite Realty Group Trust (x) KRG N 1 M/INC 25.86 29.00 31.57 22.82 12.6 1.57 2.06 2.08 Dec 2,154 4.2 CM,PDP Ramco-Gershenson Properties Trust (x) RPT N 2 M/INC 16.64 18.00 20.20 14.74 12.2 0.95 1.36 1.38 Dec 1,356 5.0 CM,PDP Regency Centers Corp. (x) REG N 2 M/INC 68.53 73.00 70.80 55.79 22.8 2.82 3.01 3.26 Dec 6,456 2.8 CM,PDP Retail Opportunity Investments Corp. (x) ROIC Q 1 M/INC 18.02 20.00 18.73 15.30 19.0 0.85 0.95 1.02 Dec 1,687 3.8 CM,PDP Saul Centers, Inc. (x) BFS N 3 M/INC 52.42 NM 60.86 47.34 18.0 2.79 2.92 3.09 Dec 1,106 3.3 CM,PDP


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Real Estate - USA Timber CatchMark Timber Trust, Inc. (ca) CTT N 2 M/INC 11.19 14.00 12.33 7.90 18.0 0.60 0.62 0.65 Dec 441 4.5 CM,PDP Plum Creek Timber Company, Inc. PCL N 3 M/INC 48.62 NM 51.63 36.95 45.4 1.21 1.07 1.40 Dec 8,440 3.6 CM,PDP Potlatch Corporation PCH Q 2 M/INC 31.30 42.00 43.55 28.00 41.2 2.20 0.76 1.30 Dec 1,283 4.8 CM,PDP Rayonier, Inc. RYN N 3 M/INC 22.71 NM 29.88 21.83 66.8 0.76 0.34 0.42 Dec 2,811 4.4 CM,PDP Weyerhaeuser Company WY N 2 M/INC 30.57 38.00 37.04 26.73 29.7 3.18 1.03 1.60 Dec 15,808 4.1 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$15.86 NM 18.13 13.79 13.8 1.12 1.15 1.23 Dec 622 5.7 KA

Industrial Pure Industrial Real Estate Trust (x) AAR.UN T 2 M/INC C$4.37 5.25 5.25 4.14 10.9 0.37 0.40 0.41 Dec 822 7.1 KA

Mortgage Investment Corporations Timbercreek Mortgage Investment Corporation TMC T 2 M/INC C$7.48 8.00 8.66 6.95 10.4 0.64 0.72 0.74 Dec 303 9.6 JR,KA Timbercreek Senior Mortgage Investment Corp. MTG T 2 M/INC C$7.56 8.00 8.90 7.16 12.2 0.59 0.62 0.65 Dec 238 7.9 KA

Office/Diversified Allied Properties REIT (x) AP.UN T 1 M/INC C$32.16 40.00 41.37 30.71 14.8 2.06 2.17 2.38 Dec 2,512 4.5 KA Artis REIT (x) AX.UN T 1 M/INC C$12.95 15.00 15.86 11.59 8.7 1.42 1.48 1.53 Dec 1,794 8.3 KA Brookfield Canada Office Properties (x) BOX.UN T 3 M/INC C$26.20 NM 30.68 23.02 16.1 1.57 1.63 1.70 Dec 2,444 4.7 KA CREIT (x) REF.UN T 1 M/INC C$42.58 47.00 48.88 39.25 14.1 2.96 3.02 3.07 Dec 3,104 4.2 JR,KA H&R REIT (x) HR.UN T 3 M/INC C$20.28 NM 25.27 18.38 10.6 1.79 1.92 1.95 Dec 6,167 6.7 KA True North Commercial REIT (x) TNT.UN T 2 M/INC C$5.05 5.75 6.16 4.77 7.9 0.57 0.64 0.70 Dec 109 11.7 JR,KA

Real Estate Services Colliers International Group Inc. CIGI Q 2 H/GRW US$44.14 55.00 50.72 28.74 19.6 2.73 2.25 2.50 Dec 1,695 0.9 FB FirstService Corporation FSV Q 2 M/GRW US$39.97 36.00 42.31 22.05 33.3 NA 1.20 1.45 Dec 1,459 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$48.61 66.00 64.80 44.77 13.7 3.37 3.55 3.54 Dec 2,528 4.2 KA Canadian Apartment Properties REIT (x) CAR.UN T 3 M/INC C$27.41 NM 30.25 24.90 16.1 1.65 1.70 1.76 Dec 3,539 4.5 KA InterRent REIT (x) IIP.UN T 2 M/INC C$6.59 7.00 6.91 5.86 17.8 0.32 0.37 0.49 Dec 467 3.5 KA Killam Properties Inc. (x) KMP T 1 M/INC C$10.60 12.00 11.24 9.21 13.3 0.72 0.80 0.85 Dec 665 5.6 KA Tricon Capital Group Inc. TCN T 1 M/GRW C$9.48 12.00 12.11 8.47 17.2 0.60 0.55 0.40 Dec 1,166 2.5 KA

Retail Choice Properties REIT (x) CHP.UN T 3 M/INC C$11.67 NM 12.17 10.43 12.2 0.91 0.96 0.99 Dec 4,743 5.7 KA Crombie REIT (x) CRR.UN T 2 M/INC C$12.96 14.00 13.87 12.21 11.5 1.10 1.13 1.17 Dec 1,702 6.9 KA CT Real Estate Investment Trust (x) CRT.UN T 3 M/INC C$13.10 NM 13.50 11.26 12.7 0.98 1.03 1.06 Dec 2,484 5.2 KA First Capital Realty (x) FCR T 2 M/INC C$18.67 21.00 20.35 16.93 17.6 1.04 1.06 1.11 Dec 4,206 4.6 KA,JR Plaza Retail REIT (x) PLZ.UN T 2 M/INC C$4.61 4.75 4.66 3.93 14.0 0.30 0.33 0.35 Dec 434 5.6 JR,KA RioCan REIT (x) REI.UN T 2 M/INC C$24.31 28.00 30.25 22.14 14.2 1.68 1.71 1.63 Dec 7,806 5.8 KA SmartREIT (x) SRU.UN T 2 M/INC C$30.80 34.00 32.75 27.25 14.5 1.96 2.12 2.20 Dec 4,734 5.4 KA

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

Hotels AccorHotels ACCP.PA EPA 2 €39.82 52.00 51.65 35.99 26.4 0.97 1.51 1.97 Dec 9,358 2.6 JR Intercontinental Hotels ($D) IHG.L L 2 2,636p 2,850 2,967 2,209 NM 1.58 1.79 2.08 Dec $8,763 2.3 JR Melia Hotels International MEL.MC MAD 1 €12.00 14.50 13.71 8.67 41.4 0.15 0.29 0.40 Dec 2,388 0.5 JR NH Hoteles NHH.MC MAD 3 €4.92 NM 5.98 3.73 NM (0.03) 0.03 0.14 Dec 1,722 0.0 JR Whitbread WTB.L L 2 4,440p 5,400 5,475 4,278 19.7 214.00 225.00 258.00 Feb £8,081 2.0 JR


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Real Estate - ARG Federico Rey Marino [email protected] Fernando Suarez [email protected]

Diversified Real Estate IRSA Inversiones y Representaciones SA (ed, r) IRS N 3 H/SPEC US$12.43 NM 21.50 11.62 NM (1.80) 0.99 A (0.84) Jun 720 1.1 FRM,FS

Real Estate TGLT S.A. TGLT BA 3 H/SPEC AR$16.70 NM 19.00 7.95 NM 2.12 NA NA Dec 1,174 0.0 FRM,FS


Technology & Communications

USA Canada Europe

Analog and Communications Semiconductors ........... 67

Application Software .................................................. 68

Communications Equipment ...................................... 69

Communications Technology ..................................... 69

Enterprise Communications .................................... 69

Mobile Devices ........................................................ 70

Defense Communications ........................................... 70

Electronic Manufacturing Services ............................. 70

Infrastructure Software .............................................. 71

Internet ....................................................................... 71

eCommerce ............................................................. 71

Internet & Advertising Technology .......................... 71

Online Advertising ................................................... 72

Online Travel ........................................................... 72

IT Hardware and Distribution ..................................... 72

IT Services and Security .............................................. 73

IT Services ................................................................ 73

Security .................................................................... 73

Satellite & Space ......................................................... 73

Semiconductors .......................................................... 74

Telecommunications Services .................................... 74

Towers ..................................................................... 74

Wireless ................................................................... 74

Wireline ................................................................... 75

Transaction Processing ............................................... 75

IT Hardware ................................................................ 76

Software/IT Services ................................................... 76

Telecommunications Services ..................................... 77

Argentina

Telecom & Media ........................................................ 77

Telecommunications Services ..................................... 77


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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]

Analog and Communications Semiconductors Analog Devices, Inc. ADI Q 1 H/GRW 56.45 72.00 68.97 50.56 17.8 2.40 3.16 A 3.17 Oct 17,872 2.8 JSS Avago Technologies Ltd. AVGO Q 2 H/GRW 146.35 154.00 150.50 95.18 16.9 4.37 8.23 A 8.68 Oct 40,431 1.1 JSS Diodes Incorporated DIOD Q 2 H/GRW 23.42 24.00 30.65 18.42 30.4 1.45 0.77 1.48 Dec 1,162 0.0 JSS Fairchild Semiconductor International FCS Q 3 H/GRW 19.98 NM 21.71 12.22 24.4 0.86 0.82 1.15 Dec 2,290 0.0 JSS Linear Technology Corporation LLTC Q 4 NM 43.39 NM 49.57 36.41 22.5 1.96 2.13 A 1.93 Jun 10,639 2.8 JSS M/A-COM Technology Solutions MTSI Q 2 H/GRW 41.25 41.00 42.81 25.82 24.6 1.08 1.15 A 1.68 Sep 2,183 0.0 JSS Maxim Integrated MXIM Q 1 H/GRW 37.84 43.00 42.18 29.47 21.0 1.64 1.53 A 1.80 Jun 10,932 3.2 JSS Microsemi Corporation MSCC Q 1 H/GRW 33.06 43.00 39.56 25.36 12.7 1.76 2.25 A 2.60 Sep 3,190 0.0 JSS Monolithic Power Systems, Inc. MPWR Q 2 H/GRW 64.27 69.00 69.25 40.75 64.9 0.87 0.99 1.32 Dec 2,616 1.2 JSS NXP Semiconductors N.V. NXPI Q 1 H/GRW 85.88 120.00 114.00 72.05 18.5 4.23 4.65 5.28 Dec 19,825 0.0 JSS ON Semiconductor Corporation ON Q 2 H/GRW 10.00 12.00 13.50 8.40 12.0 0.75 0.83 0.88 Dec 4,175 0.0 JSS Power Integrations, Inc. POWI Q 3 H/GRW 50.49 NM 58.71 36.04 33.7 1.96 1.50 1.51 Dec 1,479 1.0 JSS Qorvo, Inc. QRVO Q 1 H/GRW 52.89 77.00 88.35 42.24 11.6 1.13 3.97 A 4.57 Mar 7,976 0.0 JSS Semtech Corporation SMTC Q 2 H/GRW 19.14 21.00 30.01 14.04 31.4 1.22 1.16 A 0.61 Jan 1,248 0.0 JSS Skyworks Solutions SWKS Q 1 H/GRW 79.31 127.00 112.88 68.71 12.6 3.23 5.27 A 6.28 Sep 15,450 1.3 JSS Texas Instruments Incorporated TXN Q 1 H/INC 56.42 65.00 59.99 43.49 19.2 2.73 2.94 3.04 Dec 59,297 2.7 JSS,HM Vishay Intertechnology, Inc. VSH N 3 H/GRW 11.88 NM 14.61 9.22 17.0 0.92 0.70 0.68 Dec 1,788 2.0 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 5.14 5.50 10.70 3.42 NM (0.12) (0.74) (0.70) Dec 137 0.0 TT,BP Benefitfocus, Inc. BNFT Q 1 H/GRW 37.64 50.00 47.49 19.58 NM (2.10) (1.93) (1.51) Dec 1,178 0.0 TT,BP Box, Inc. BOX N 3 H/GRW 14.38 NM 24.73 10.93 NM NA (8.14) A (1.16) Jan 1,992 0.0 TT,BP Brightcove Inc. BCOV Q 3 H/GRW 6.74 NM 8.46 4.79 NM (0.13) (0.01) 0.01 Dec 226 0.0 TT,BP Castlight Health, Inc. CSLT N 2 H/GRW 4.21 6.00 12.25 3.59 NM (0.94) (0.70) (0.56) Dec 424 0.0 TT,BP ChannelAdvisor Corporation ECOM N 3 H/GRW 14.27 NM 22.19 8.22 NM (1.06) (0.47) (0.41) Dec 387 0.0 TT,BP Constant Contact, Inc. CTCT Q 3 H/GRW 29.06 NM 43.18 22.75 22.2 1.08 1.31 1.55 Dec 925 0.0 TT,BP Demandware DWRE N 2 H/GRW 54.06 63.00 75.90 43.97 NM 0.11 0.16 0.22 Dec 2,049 0.0 TT,BP Halogen Software, Inc. ($D, is) HGN T 2 H/GRW C$7.15 10.50 11.15 6.70 NM (0.71) (0.68) (0.60) Dec 158 0.0 TT,SLi HubSpot, Inc. HUBS N 2 H/GRW 56.72 64.00 60.11 31.77 NM (2.77) (0.80) (0.84) Dec 2,178 0.0 TT,BP Instructure, Inc. INST N 1 H/GRW 22.49 24.50 23.63 15.75 NM NA (2.11) (2.02) Dec 670 0.0 TT,BP Manhattan Associates, Inc. MANH Q 2 M/GRW 68.95 73.00 77.75 37.81 46.6 1.16 1.48 1.67 Dec 5,144 0.0 TT,BP Marketo, Inc. MKTO Q 2 H/GRW 28.91 40.00 35.63 23.17 NM (0.67) (0.71) (0.62) Dec 1,408 0.0 TT,BP MiX Telematics Limited ($R) MIXT N 2 H/GRW 4.31 9.00 8.13 4.21 NM 0.20 0.19 A 0.21 Mar 138 3.2 TT,BP Model N, Inc. MODN N 3 H/GRW 11.28 NM 12.70 9.75 NM (0.41) (0.29) A (0.65) Sep 329 0.0 TT,BP NetSuite, Inc. N N 4 NM 84.52 NM 112.85 78.79 NM 0.32 0.21 0.34 Dec 6,795 0.0 TT,BP Paylocity Holding Corporation PCTY Q 2 H/GRW 41.96 44.00 46.90 22.21 NM (0.04) 0.01 A 0.06 Jun 2,241 0.0 TT,BP Q2 Holdings Inc. QTWO N 2 H/GRW 27.10 33.00 30.44 17.04 NM (0.52) (0.39) (0.29) Dec 1,146 0.0 TT,BP RingCentral, Inc. RNG N 1 H/GRW 23.99 28.00 25.67 13.30 NM (0.49) (0.13) 0.05 Dec 1,773 0.0 TT,BP salesforce.com, Inc. CRM N 1 H/GRW 78.20 90.00 82.90 54.95 NM 0.35 0.53 A 0.75 Jan 52,996 0.0 TT,BP SciQuest SQI Q 2 H/GRW 13.78 13.00 18.26 9.49 51.0 0.30 0.27 0.32 Dec 384 0.0 TT,BP Shopify Inc. SHOP N 2 H/GRW 24.84 33.00 42.13 22.70 NM NA (0.18) (0.15) Dec 2,243 0.0 TT,BP Tangoe Inc. TNGO Q 3 H/GRW 8.70 NM 14.92 5.84 25.6 0.70 0.34 0.25 Dec 358 0.0 TT,BP Ultimate Software Group Inc. ULTI Q 2 H/GRW 194.43 215.00 216.27 139.32 75.1 2.11 2.59 3.18 Dec 5,775 0.0 TT,BP Upland Software, Inc. UPLD Q 2 H/GRW 7.00 9.00 10.37 5.89 NM (0.22) (0.18) (0.09) Dec 110 0.0 TT,BP Workiva Inc. WK N 2 H/GRW 18.24 21.00 18.80 12.25 NM (1.02) (0.88) (0.86) Dec 784 0.0 TT,BP


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Technology & Communications - USA Communications Equipment ADTRAN, Inc. ADTN Q 3 M/GRW 17.12 NM 24.13 13.92 61.1 0.80 0.28 0.64 Dec 854 2.1 SL Alcatel-Lucent (r) ALU N 3 H/GRW 3.88 NM 4.96 3.06 NM (0.07) 0.01 0.18 Dec 10,860 0.0 SL Applied Optoelectronics, Inc. AAOI Q 1 H/GRW 17.56 29.00 22.79 8.17 16.0 0.68 1.10 1.93 Dec 269 0.0 SL Arista Networks ANET N 3 H/GRW 78.04 NM 88.56 56.11 34.4 1.58 2.27 2.60 Dec 5,286 0.0 SL ARRIS Group Inc. ARRS Q 1 H/GRW 29.94 38.00 37.50 24.46 15.1 2.76 1.98 2.45 Dec 4,470 0.0 SL Calix, Inc. CALX N 3 H/GRW 7.81 NM 10.63 6.30 65.1 0.29 0.12 0.35 Dec 400 0.0 SL Ciena Corporation CIEN N 2 H/GRW 20.91 24.00 26.50 17.86 15.8 0.54 1.26 A 1.32 Oct 2,254 0.0 SL Cisco Systems CSCO Q 2 M/GRW 27.31 33.00 30.31 23.03 11.9 2.06 2.21 A 2.30 Jul 141,247 3.1 SL CommScope Holding Company, Inc. COMM Q 3 H/GRW 26.13 NM 34.12 20.19 14.1 2.24 1.85 2.18 Dec 4,980 0.0 SL Ericsson ERIC Q 3 M/GRW 9.74 NM 13.14 8.87 12.6 0.67 0.77 0.80 Dec 31,665 4.0 SL Extreme Networks, Inc. EXTR Q 3 H/GRW 4.10 NM 4.55 2.11 14.6 0.30 0.06 A 0.28 Jun 413 0.0 SL F5 Networks, Inc. FFIV Q 3 H/GRW 97.00 NM 135.20 94.51 14.1 5.44 6.63 A 6.89 Sep 6,803 0.0 SL Finisar Corporation FNSR Q 2 H/GRW 14.67 18.00 23.38 10.66 15.4 1.53 1.05 A 0.95 Apr 1,528 0.0 SL Gigamon Inc. GIMO N 2 H/GRW 26.96 29.00 34.80 15.10 35.5 0.11 0.76 0.87 Dec 968 0.0 SL Harmonic Inc. HLIT Q 4 NM 4.18 NM 7.98 4.10 41.8 0.16 0.10 0.17 Dec 366 0.0 SL Infinera Corporation INFN Q 2 H/GRW 18.50 22.00 25.24 13.00 24.0 0.38 0.77 0.95 Dec 2,585 0.0 SL Juniper Networks, Inc. JNPR N 3 H/GRW 27.71 NM 32.39 21.24 13.8 1.46 2.01 2.07 Dec 11,006 1.4 SL Lumentum Holdings, Inc. LITE Q 3 H/GRW 21.40 NM 26.88 13.97 18.9 0.87 1.10 A 1.13 Jun 1,254 0.0 SL NeoPhotonics Corporation NPTN N 2 H/GRW 11.40 10.50 11.41 2.75 23.7 (0.30) 0.48 0.69 Dec 461 0.0 SL Nokia (r) NOK N 4 NM 7.08 NM 8.37 5.71 19.1 0.25 0.37 0.38 Dec 26,203 2.1 SL

Communications Technology Enterprise Communications BroadSoft, Inc. BSFT Q 1 H/GRW 36.36 44.00 40.90 26.42 22.9 1.36 1.59 1.95 Dec 1,047 0.0 TMC Interactive Intelligence Group Inc. ININ Q 3 H/GRW 32.41 NM 50.39 28.64 NM 0.09 (0.03) 0.09 Dec 703 0.0 TMC Logitech International SA LOGI Q 3 H/GRW 15.15 NM 16.38 12.37 18.3 0.75 1.05 A 0.83 Mar 2,492 3.4 TMC Plantronics, Inc. PLT N 2 M/GRW 48.01 60.00 58.73 44.49 16.3 2.84 3.06 A 2.95 Mar 1,997 1.2 TMC Polycom Inc. PLCM Q 2 H/GRW 12.87 15.00 14.22 9.99 14.6 0.85 0.88 1.00 Dec 1,748 0.0 TMC


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Technology & Communications - USA Mobile Devices Alarm.com Holdings ALRM Q 2 H/GRW 17.08 21.00 20.25 10.26 81.3 0.16 0.21 0.16 Dec 778 0.0 TMC Apple Inc. AAPL Q 3 M/GRW 106.82 NM 134.54 92.00 11.7 6.45 9.22 A 9.16 Sep 606,951 1.9 TMC Control4 Corporation CTRL Q 3 H/GRW 7.54 NM 16.75 5.99 22.2 0.53 0.34 0.33 Dec 188 0.0 TMC Digi International Inc. DGII Q 3 H/GRW 11.40 NM 13.53 8.23 30.0 0.07 0.26 A 0.38 Sep 286 0.0 TMC FitBit, Inc. FIT N 3 H/GRW 29.86 NM 51.90 26.46 31.4 0.56 0.95 1.07 Dec 6,186 0.0 TMC Garmin Ltd. GRMN Q 2 M/GRW 36.97 40.00 57.16 31.32 16.2 3.10 2.28 2.25 Dec 7,037 5.5 TMC GoPro, Inc. GPRO Q 2 H/GRW 17.92 36.00 68.80 15.90 18.3 1.32 0.98 0.85 Dec 2,618 0.0 TMC Harman International, Inc. HAR N 1 M/GRW 94.12 145.00 149.12 84.41 14.4 4.41 5.71 A 6.52 Jun 6,703 1.5 TMC Mobileye N.V. MBLY N 2 H/GRW 42.31 62.00 64.48 32.41 92.0 0.21 0.46 0.73 Dec 10,091 0.0 TMC Motorola Solutions, Inc. MSI N 3 M/GRW 69.18 NM 72.97 56.40 20.7 2.72 3.34 4.25 Dec 12,224 2.4 TMC NETGEAR Inc. NTGR Q 2 M/GRW 42.94 39.00 45.76 28.12 20.8 2.54 2.06 2.50 Dec 1,516 0.0 TMC Nuance Communications, Inc. NUAN Q 2 H/GRW 20.19 23.00 21.83 13.20 13.9 1.12 1.28 A 1.45 Sep 6,408 0.0 TMC QUALCOMM, Inc. QCOM Q 3 M/GRW 49.58 NM 75.60 45.93 12.1 5.27 4.65 A 4.10 Sep 75,560 3.4 TMC Synchronoss Technologies, Inc. SNCR Q 1 H/GRW 36.17 50.00 52.45 27.86 16.6 1.78 2.18 2.48 Dec 1,725 0.0 TMC Ubiquiti Networks, Inc. UBNT Q 4 NM 32.25 NM 37.10 25.50 16.0 2.00 1.97 A 2.01 Jun 2,819 0.0 TMC

Defense Communications Harris Corporation HRS N 2 H/GRW 87.09 90.00 89.78 66.15 15.2 5.00 5.14 A 5.74 Jun 10,771 2.3 CQ HEICO Corporation HEI N 2 H/GRW 53.17 64.00 63.73 47.24 25.0 1.80 1.97 A 2.13 Oct 3,556 0.3 CQ Teledyne Technologies Incorporated TDY N 2 H/GRW 89.14 100.00 111.81 83.08 17.3 5.76 5.15 5.40 Dec 3,159 0.0 CQ

Electronic Manufacturing Services Flex FLEX Q 3 H/GRW 11.31 NM 12.86 9.55 10.4 0.89 1.08 A 1.09 Mar 6,443 0.0 BGA Jabil Circuit, Inc. JBL N 2 H/GRW 23.69 27.00 26.00 16.90 8.9 0.52 2.07 A 2.65 Aug 4,653 1.4 BGA


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Technology & Communications - USA Infrastructure Software Akamai Technologies, Inc. AKAM Q 3 H/GRW 53.18 NM 78.44 50.56 21.9 2.48 2.43 2.58 Dec 9,478 0.0 MT CA Technologies CA Q 3 H/INC 28.94 NM 33.42 25.16 12.1 3.02 2.53 A 2.39 Mar 12,603 3.5 MT Check Point Software Technologies CHKP Q 2 H/GRW 82.54 94.00 88.49 65.09 20.0 3.72 4.12 4.58 Dec 15,170 0.0 MT Citrix Systems Inc. CTXS Q 3 H/GRW 75.98 NM 84.17 56.47 19.6 3.30 3.88 4.45 Dec 11,938 0.0 MT CommVault Systems Inc. CVLT Q 3 H/GRW 39.58 NM 54.37 33.41 52.8 1.94 1.40 A 0.75 Mar 1,786 0.0 MT FireEye Inc. FEYE Q 3 H/GRW 21.32 NM 55.33 19.76 NM (1.96) (1.62) (1.11) Dec 4,277 0.0 MT Fortinet Inc. FTNT Q 2 H/GRW 31.79 49.00 50.31 28.57 61.1 0.48 0.52 0.64 Dec 5,481 0.0 MT Limelight Networks LLNW Q 4 NM 1.59 NM 4.43 1.50 NM (0.13) (0.12) (0.01) Dec 160 0.0 MT Microsoft MSFT Q 1 M/GRW 55.95 62.00 56.79 39.72 28.1 2.63 1.48 A 1.99 Jun 449,111 2.6 MT MobileIron, Inc. MOBL Q 2 H/GRW 3.75 6.00 10.15 2.81 NM (1.03) (0.78) (0.55) Dec 301 0.0 MT New Relic, Inc. NEWR N 2 H/GRW 37.05 43.00 40.13 29.66 NM (0.76) (0.85) A (0.92) Mar 1,746 0.0 MT Oracle Corp. ORCL N 2 M/GRW 36.79 41.00 46.09 35.14 14.2 2.87 2.77 A 2.60 May 159,779 1.6 MT Palo Alto Networks PANW N 1 H/GRW 176.64 214.00 200.55 117.60 NM 0.40 0.86 A 1.75 Jul 14,977 0.0 MT Rapid7, Inc. RPD Q 2 H/SPEC 15.39 28.00 27.45 15.00 NM (2.32) (1.53) (0.90) Dec 683 0.0 MT Red Hat, Inc. RHT N 2 H/GRW 82.34 95.00 83.99 62.43 44.3 1.49 1.60 A 1.86 Feb 15,114 0.0 MT ServiceNow, Inc. NOW N 1 H/GRW 86.89 85.00 91.28 62.55 NM (0.07) 0.24 0.57 Dec 15,692 0.0 MT Splunk Inc. SPLK Q 2 H/GRW 57.66 80.00 76.85 51.41 NM NA 0.09 A 0.15 Jan 7,473 0.0 MT Symantec Corp. SYMC Q 2 M/INC 21.13 25.00 27.32 19.07 15.8 1.95 1.88 A 1.34 Mar 14,453 2.8 MT VMware VMW N 3 H/GRW 56.97 NM 93.43 52.72 14.0 3.56 4.06 4.21 Dec 24,030 0.0 MT

Internet eCommerce Alibaba Group Holding Ltd. BABA N 2 H/GRW 82.14 95.00 107.66 57.20 30.4 1.90 2.25 A 2.70 Mar 210,607 0.0 AK,JP Amazon.com Inc. AMZN Q 1 H/GRW 675.20 745.00 684.82 285.25 NM 2.24 6.57 10.98 Dec 330,173 0.0 AK,JP CafePress Inc. PRSS Q 4 NM 3.84 NM 5.36 2.00 NM (1.03) (0.33) (0.14) Dec 66 0.0 AK,JP Chegg, Inc. CHGG N 2 H/GRW 6.97 10.00 8.85 6.35 NM (0.75) (0.73) (0.40) Dec 611 0.0 AK,JP eBay Inc. EBAY Q 3 H/GRW 27.64 NM 29.83 22.11 15.0 1.91 1.84 1.94 Dec 33,804 0.0 AK,JP Groupon, Inc. GRPN Q 3 H/GRW 3.14 NM 8.43 2.54 34.9 0.13 0.09 (0.16) Dec 2,042 0.0 AK,JP GrubHub Inc. GRUB N 2 H/GRW 24.99 28.00 47.95 22.49 39.0 0.47 0.64 0.80 Dec 2,147 0.0 AK,JP Netflix Inc. NFLX Q 2 H/GRW 117.11 130.00 133.27 45.26 NM 0.62 0.21 0.27 Dec 51,247 0.0 JP,AK Shutterfly, Inc. SFLY Q 3 H/GRW 44.54 NM 49.10 35.22 NM (0.20) (0.07) 0.61 Dec 1,648 0.0 AK,JP Shutterstock, Inc. SSTK N 2 H/GRW 32.16 40.00 74.30 27.50 26.4 1.06 1.22 1.58 Dec 1,160 0.0 AK,JP Wayfair, Inc. W N 1 H/GRW 48.77 60.00 56.84 18.12 NM (1.39) (0.61) (0.26) Dec 4,099 0.0 AK,JP

Internet & Advertising Technology Criteo S.A. ($E) CRTO Q 2 H/GRW 39.51 48.00 57.30 28.09 40.3 0.85 0.98 1.40 Dec 2,459 0.0 JP,AK TubeMogul, Inc. TUBE Q 3 H/GRW 13.62 NM 23.48 9.11 NM (0.22) (0.53) (0.62) Dec 477 0.0 JP,AK Wix.com Ltd. WIX Q 2 H/GRW 22.62 30.00 28.63 16.72 NM (1.06) (0.75) (0.51) Dec 869 0.0 AK,JP


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Technology & Communications - USA Online Advertising Alphabet, Inc. GOOG Q 2 H/GRW 762.51 790.00 775.96 486.23 26.3 25.14 29.03 34.37 Dec 529,182 0.0 AK,JP Angie's List, Inc. ANGI Q 3 H/SPEC 9.39 NM 11.25 3.73 47.0 (0.21) 0.20 0.37 Dec 549 0.0 AK,JP Facebook, Inc. FB Q 2 H/GRW 105.93 120.00 110.65 72.00 48.8 1.77 2.17 3.03 Dec 303,278 0.0 AK,JP LinkedIn Corp. LNKD N 1 H/GRW 229.29 295.00 276.18 165.57 83.7 2.02 2.74 3.88 Dec 30,496 0.0 JP,AK Pandora Media, Inc. P N 2 H/GRW 13.54 18.00 22.60 11.38 NM 0.20 0.11 0.10 Dec 3,018 0.0 JP,AK Rubicon Project, Inc. RUBI N 2 H/GRW 16.54 23.00 20.59 13.08 24.3 0.20 0.68 0.73 Dec 732 0.0 AK,JP Twitter, Inc. TWTR N 3 H/GRW 22.53 NM 53.49 21.01 66.3 0.15 0.34 0.54 Dec 15,773 0.0 AK,JP Yahoo! Inc. YHOO Q 2 H/GRW 33.60 42.00 51.68 27.20 58.9 1.62 0.57 0.63 Dec 31,819 0.0 AK,JP Yelp, Inc. YELP N 3 H/GRW 27.88 NM 57.70 20.50 NM 0.48 (0.15) 0.04 Dec 2,166 0.0 AK,JP Zillow Group, Inc. Z Q 3 H/GRW 23.95 NM 33.62 22.80 NM (0.36) (1.20) (0.33) Dec 4,646 0.0 AK,JP

Online Travel Ctrip.com International, Ltd. (r) CTRP Q 2 H/GRW 47.95 62.00 57.36 21.54 33.5 0.39 1.43 0.92 Dec 15,325 0.0 JP,AK Expedia, Inc. EXPE Q 2 H/GRW 126.10 150.00 140.51 76.34 30.8 3.98 4.10 6.27 Dec 16,897 0.8 JP,AK priceline.com Incorporated PCLN Q 1 H/GRW 1272.96 1560.00 1476.52 990.69 22.2 53.34 57.46 68.13 Dec 65,430 0.0 JP,AK TripAdvisor, Inc. TRIP Q 3 H/GRW 85.20 NM 94.00 62.24 44.1 1.93 1.93 2.54 Dec 12,524 0.0 JP,AK

IT Hardware and Distribution Arrow Electronics, Inc. ARW N 3 M/GRW 55.44 NM 64.98 47.57 9.1 5.94 6.12 6.55 Dec 5,289 0.0 BGA Avnet, Inc. AVT N 3 M/GRW 43.90 NM 47.27 36.42 9.2 4.24 4.49 A 4.75 Jun 5,984 1.5 BGA CDW Corporation CDW Q 2 H/GRW 42.47 50.00 46.92 33.01 14.6 2.37 2.91 3.30 Dec 7,262 1.0 BGA EMC Corporation EMC N 1 H/GRW 25.91 30.00 30.76 22.66 14.1 1.90 1.84 2.00 Dec 50,473 1.8 BGA Hewlett Packard Enterprise Company HPE N 3 H/GRW 15.23 NM 18.50 13.12 8.1 1.47 1.84 A 1.87 Oct 28,602 1.4 BGA Ingram Micro Inc. IM N 1 H/GRW 30.95 34.00 32.09 22.54 11.5 2.56 2.68 3.20 Dec 4,788 1.3 BGA Insight Enterprises, Inc. NSIT Q 4 NM 25.95 NM 32.80 23.03 12.0 2.00 2.16 2.35 Dec 971 0.0 BGA NetApp Inc. NTAP Q 3 H/GRW 26.57 NM 42.53 25.21 11.1 2.78 2.70 A 2.40 Apr 8,133 2.7 BGA Nimble Storage NMBL N 3 H/GRW 9.48 NM 32.16 9.38 NM (0.56) (0.58) A (0.47) Jan 765 0.0 BGA PC Connection, Inc. PCCC Q 4 NM 22.57 NM 27.39 19.20 13.4 1.61 1.69 1.75 Dec 600 0.0 BGA Pure Storage, Inc. PSTG N 2 H/GRW 16.58 23.00 20.60 12.26 NM NA (0.89) A (0.93) Jan 2,785 0.0 BGA ScanSource, Inc. SCSC Q 2 H/GRW 33.89 44.00 41.95 29.53 11.9 2.54 2.53 A 2.85 Jun 956 0.0 CQ SYNNEX Corporation SNX N 3 H/GRW 90.85 NM 96.92 70.03 14.5 6.16 6.25 7.10 Nov 3,570 0.9 BGA Tech Data Corporation TECD Q 3 M/GRW 67.56 NM 79.06 52.93 12.0 4.52 4.97 A 5.63 Jan 2,392 0.0 BGA


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Technology & Communications - USA IT Services and Security IT Services Accenture plc ACN N 3 M/GRW 104.08 NM 109.86 83.47 20.1 4.52 4.82 A 5.19 Aug 67,656 2.1 BG Booz Allen Hamilton Holding Corp. BAH N 2 H/GRW 30.99 35.00 31.30 23.87 18.4 1.63 1.60 A 1.68 Mar 4,630 1.7 BG CACI International Inc. CACI N 2 H/GRW 94.32 106.00 104.09 72.19 17.2 5.38 5.17 A 5.47 Jun 2,320 0.0 BG Computer Sciences Corporation CSC N 2 H/GRW 33.06 35.00 33.28 24.76 12.6 NA NA 2.62 Mar 4,645 1.7 BG CSRA Inc. CSRA N 2 H/GRW 29.49 35.00 33.44 26.26 15.9 NA 1.77 A 1.85 Mar 4,895 1.4 BG Cubic Corporation CUB N 2 H/GRW 46.99 53.00 54.31 39.83 18.9 2.74 2.79 A 2.49 Sep 1,263 0.6 BG MAXIMUS Inc. MMS N 3 H/GRW 57.12 NM 70.00 47.95 22.9 2.10 2.39 A 2.49 Sep 3,738 0.3 BG NCI, Inc. NCIT Q 3 H/GRW 13.71 NM 17.18 9.50 15.9 0.69 0.86 0.88 Dec 186 0.0 BG Unisys Corporation UIS N 3 H/SPEC 10.82 NM 29.93 10.34 5.8 2.36 1.85 3.01 Dec 541 0.0 BG

Security The ADT Corporation ADT N 2 M/INC 34.10 45.00 42.88 29.34 16.1 2.02 1.97 A 2.12 Sep 5,655 2.6 BG AeroVironment Inc. AVAV Q 3 H/GRW 29.43 NM 30.65 19.10 NM 0.60 0.13 A 0.19 Apr 680 0.0 BG FLIR Systems FLIR Q 2 H/GRW 28.45 37.00 34.46 25.12 18.0 1.48 1.58 1.77 Dec 3,997 1.5 BG iRobot Corporation IRBT Q 3 H/GRW 35.99 NM 37.71 27.55 26.3 1.25 1.37 1.59 Dec 1,087 0.0 BG NIC Inc. EGOV Q 3 H/GRW 20.18 NM 20.90 15.16 32.0 0.59 0.63 0.67 Dec 1,324 0.0 BG

Satellite & Space Comtech Telecommunications Corp. (ae) CMTL Q 3 H/GRW 20.51 NM 36.28 19.07 NM 61 51 A 50 Jul 331 5.9 CQ DigitalGlobe, Inc. (ae) DGI N 3 H/GRW 15.36 NM 35.91 12.41 NM 286 337 355 Dec 1,075 0.0 CQ EchoStar Corporation (ae) SATS Q 2 H/GRW 38.13 60.00 56.00 36.36 NM 905 899 917 Dec 3,530 0.0 CQ Intelsat S.A. (ae) I N 3 H/GRW 4.36 NM 18.00 3.66 NM 1,959 1,852 1,778 Dec 471 65.9 CQ Iridium Communications Inc. (ae) IRDM Q 1 H/GRW 8.53 13.00 11.36 5.85 NM 217 231 256 Dec 810 0.0 CQ KVH Industries KVHI Q 1 H/GRW 9.61 17.00 15.79 8.83 13.2 0.61 0.73 0.99 Dec 151 0.0 CQ ORBCOMM, Inc. (ae) ORBC Q 1 H/GRW 7.40 9.00 7.62 5.27 NM 18 42 53 Dec 522 0.0 CQ Orbital ATK, Inc. OA N 2 H/GRW 89.65 95.00 92.99 52.23 18.7 4.20 4.80 5.51 Dec 5,328 1.7 CQ TeleCommunication Systems TSYS Q 3 H/GRW 4.98 NM 4.98 2.79 15.5 0.20 0.32 0.51 Dec 340 0.0 CQ ViaSat, Inc. (ae) VSAT Q 3 H/GRW 61.60 NM 71.41 55.11 NM 221 345 A 351 Mar 2,938 0.0 CQ


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Technology & Communications - USA Semiconductors Advanced Micro Devices AMD Q 2 H/GRW 3.00 3.30 3.37 1.61 NM (0.52) (0.86) (0.32) Dec 2,355 0.0 HM Applied Micro Circuits Corporation AMCC Q 1 H/SPEC 6.48 11.00 8.09 4.61 NM 0.08 (0.22) A (0.10) Mar 524 0.0 HM ARM Holdings plc (r) ARMH Q 2 M/GRW 46.17 62.00 54.82 38.40 33.5 1.18 1.38 1.62 Dec 21,811 0.7 HM Atmel Corporation ATML Q 1 M/GRW 8.63 10.00 10.50 5.84 25.4 0.39 0.34 0.40 Dec 3,684 1.9 HM Broadcom Corporation BRCM Q 3 M/GRW 58.01 NM 58.48 40.21 20.6 2.35 2.82 2.96 Dec 355,949 1.0 HM,JSS Cavium Inc. CAVM Q 1 H/GRW 66.25 84.00 77.42 55.55 NM (0.29) (0.24) 0.66 Dec 3,955 0.0 HM Intel Corporation INTC Q 4 NM 34.93 NM 37.52 24.87 15.7 2.32 2.22 2.20 Dec 170,319 2.7 HM Marvell Technology Group, Ltd. MRVL Q S NM 8.89 NM 16.78 7.55 NM 1.02 1.15 A UR Jan 4,601 2.7 HM Micron Technology, Inc. MU Q 2 H/GRW 14.19 17.00 35.74 13.50 50.7 3.23 2.70 A 0.28 Aug 15,396 0.0 HM NVIDIA Corporation NVDA Q 1 H/GRW 33.14 40.00 33.81 18.94 33.1 0.74 1.12 A 1.00 Jan 18,724 1.4 HM OmniVision Technologies, Inc. OVTI Q 3 H/GRW 29.05 NM 29.48 20.00 33.4 1.70 1.58 A 0.87 Apr 1,807 0.0 HM SanDisk Corp. SNDK Q 3 H/GRW 75.31 NM 101.79 44.28 46.5 4.23 1.62 2.41 Dec 15,499 1.6 HM Xilinx, Inc. XLNX Q 1 M/GRW 47.80 60.00 50.72 37.20 23.9 2.19 2.35 A 2.00 Mar 12,715 2.6 HM

Telecommunications Services Towers American Tower (af) AMT N 1 H/GRW 98.37 123.00 104.12 86.83 19.3 4.54 5.09 5.68 Dec 41,659 2.0 RP Crown Castle International (af) CCI N 2 M/INC 87.08 92.00 89.44 75.78 20.3 3.97 4.30 4.74 Dec 28,911 5.2 RP SBA Communications (af) SBAC Q 1 H/GRW 104.93 131.00 128.47 100.12 18.5 5.22 5.67 6.08 Dec 13,550 0.0 RP

Wireless America Movil, S.A.B. de C.V. (is, r, vf) AMX N 3 M/GRW 14.21 NM 23.67 14.17 10.1 1.18 1.41 1.06 Dec 50,957 2.3 RP Atlantic Tele-Network, Inc. (vf) ATNI Q 2 M/GRW 79.34 81.00 83.80 60.64 28.5 3.39 2.78 2.20 Dec 1,273 1.6 RP DISH Network Corp. DISH Q 3 H/GRW 57.90 NM 80.75 54.62 37.1 2.04 1.56 1.53 Dec 26,821 0.0 RP Landmark Infrastructure Partners L.P. (y) LMRK Q 1 M/INC 14.81 20.00 19.19 10.54 11.3 0.15 1.31 1.45 Dec 175 8.6 RP NTELOS Holdings Corp. (vf) NTLS Q 4 NM 9.18 NM 9.35 3.85 NM (0.08) (1.07) (0.93) Dec 204 0.0 RP Shenandoah Telecommunications Co. (vf) SHEN Q 2 M/GRW 43.72 51.00 51.34 27.51 24.6 2.20 1.78 (1.14) Dec 1,059 1.1 RP Sprint Corp. (f, vf) S N 3 H/GRW 3.81 NM 5.45 3.10 NM (0.46) (0.50) (0.60) Mar 15,027 0.0 RP Telephone and Data Systems, Inc. (vf) TDS N 1 H/GRW 26.74 44.00 30.76 23.00 NM (1.78) (1.19) (0.08) Dec 2,908 2.1 RP T-Mobile US Inc. (vf) TMUS Q 2 H/GRW 39.78 43.00 43.43 26.46 40.2 (0.17) 0.99 2.85 Dec 30,312 0.0 RP U.S. Cellular (vf) USM N 1 H/GRW 41.53 50.00 43.49 34.10 NM (2.74) (1.95) (0.81) Dec 3,500 0.0 RP


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Technology & Communications - USA Wireline AT&T Inc. T N 2 M/INC 34.76 39.00 36.45 30.97 12.8 2.50 2.71 2.87 Dec 213,809 5.5 FGL Cablevision Systems Corp. (fc) CVC N 4 NM 31.85 NM 33.28 17.66 22.1 1.40 1.44 1.47 Dec 8,812 0.0 FGL CenturyLink CTL N 2 M/INC 25.84 34.00 40.86 24.11 10.1 2.61 2.56 2.36 Dec 14,318 8.4 FGL Charter Communications, Inc. (fc) CHTR Q 2 H/GRW 182.08 210.00 199.00 149.47 27.1 1.58 6.71 10.09 Dec 20,794 0.0 FGL Cincinnati Bell Inc. CBB N 2 H/GRW 3.60 4.25 4.16 2.85 3.9 0.31 0.92 0.12 Dec 756 0.0 FGL Cogent Communications Holdings Inc. (fa) CCOI Q 2 H/GRW 34.90 38.00 40.48 25.84 63.5 0.09 0.55 1.29 Dec 1,577 3.9 FGL Comcast Corp. CMCSA Q 1 M/GRW 57.19 72.00 64.99 50.01 17.4 2.93 3.29 3.81 Dec 144,748 1.7 FGL Communications Sales & Leasing, Inc. (af) CSAL Q 2 H/INC 19.92 22.00 34.63 16.96 11.2 NA 1.78 2.60 Dec 2,985 12.0 FGL Consolidated Communications Holdings CNSL Q 3 M/INC 21.77 NM 28.65 18.27 30.2 0.92 0.72 0.67 Dec 1,100 7.1 FGL CyrusOne Inc. (af) CONE Q 1 H/GRW 37.55 40.00 38.07 27.03 16.7 1.71 2.25 2.38 Dec 2,726 3.4 FGL,WAC Equinix (af) EQIX Q 1 H/GRW 300.91 335.00 304.73 207.48 21.0 13.33 14.33 16.27 Dec 17,904 2.2 FGL Frontier Communications Corp. FTR Q 2 M/INC 4.85 6.00 8.46 4.19 NM 0.19 (0.05) (0.12) Dec 5,636 8.7 FGL Inteliquent IQNT Q 2 H/INC 17.75 24.00 23.20 14.31 16.1 1.16 1.10 1.33 Dec 594 3.4 FGL Internap Network Services Corp. INAP Q 2 H/GRW 6.74 8.00 10.75 5.75 NM (0.77) (0.91) (0.90) Dec 378 0.0 FGL InterXion Holding NV ($E) INXN N 3 H/GRW 30.22 NM 33.16 25.85 NM 0.46 0.50 0.57 Dec 2,104 0.0 FGL Level 3 Communications Inc. (fc) LVLT N 3 H/GRW 53.93 NM 57.08 40.86 28.7 1.21 1.88 2.65 Dec 19,195 0.0 FGL Rackspace Hosting RAX N 1 H/GRW 26.32 48.00 56.20 23.65 29.9 0.77 0.88 0.92 Dec 3,701 0.0 FGL Time Warner Cable Inc. TWC N 2 H/GRW 185.05 210.00 194.22 134.21 28.2 7.57 6.57 7.52 Dec 52,887 1.6 FGL Verizon Communications VZ N 2 M/INC 46.75 55.00 50.86 38.06 11.9 3.43 3.94 3.95 Dec 190,647 4.8 FGL Windstream Holdings Inc. WIN Q 2 H/INC 6.81 7.00 14.54 4.42 NM 0.61 (1.18) (2.72) Dec 676 8.8 FGL Zayo Group Holdings, Inc. (fc) ZAYO N 1 H/GRW 26.00 34.00 32.18 21.89 38.2 1.04 0.29 A 0.68 Jun 6,318 0.0 FGL

Transaction Processing ACI Worldwide, Inc. ACIW Q 4 NM 22.35 NM 25.80 17.78 27.6 0.72 0.81 0.72 Dec 2,643 0.0 WJ Alliance Data Systems Corp. ADS N 2 H/GRW 278.14 315.00 312.00 241.91 18.5 12.61 15.00 17.00 Dec 17,001 0.0 WJ Blackhawk Network Holdings, Inc. HAWK Q 2 H/GRW 45.15 50.00 48.40 32.98 19.6 1.77 2.30 2.75 Dec 2,551 0.0 WJ Bottomline Technologies EPAY Q 2 H/GRW 30.17 30.00 31.58 21.01 19.3 1.28 1.44 A 1.56 Jun 1,150 0.0 WJ CPI Card Group Inc. PMTS Q 2 H/GRW 10.50 17.00 13.50 8.42 12.7 0.40 0.83 0.94 Dec 593 0.0 WJ DH Corporation DH T 1 M/INC C$31.54 50.00 44.14 29.15 13.1 2.34 2.40 2.53 Dec 3,348 4.1 WJ Fidelity National Information Services FIS N 2 M/GRW 61.00 68.00 73.60 58.49 18.9 3.10 3.22 3.84 Dec 17,208 1.7 WJ FleetCor Technologies FLT N 2 H/GRW 143.85 165.00 165.67 134.55 23.1 5.15 6.22 7.00 Dec 13,536 0.0 WJ Global Payments Inc. GPN N 3 M/GRW 65.59 NM 74.64 38.87 22.6 2.06 2.52 A 2.90 May 8,605 0.1 WJ Heartland Payment Systems HPY N 3 M/GRW 95.72 NM 95.96 46.65 33.1 1.36 2.89 3.31 Dec 3,518 0.4 WJ Intuit Inc. INTU Q 3 M/GRW 98.22 NM 109.21 79.63 28.3 3.49 2.64 A 3.47 Jul 27,276 1.2 WJ MasterCard, Inc. MA N 3 M/GRW 98.53 NM 101.76 74.61 30.0 3.10 3.28 3.63 Dec 110,779 0.8 WJ On DeckCapital, Inc. ONDK N 3 H/GRW 10.25 NM 24.48 7.75 85.4 (0.09) 0.12 0.37 Dec 770 0.0 WJ PayPal Holdings, Inc. PYPL Q 2 H/GRW 36.61 45.00 42.55 30.00 29.1 1.07 1.26 1.44 Dec 44,701 0.0 WJ Vantiv, Inc. VNTV N 2 M/GRW 47.63 54.00 53.46 32.99 21.5 1.87 2.22 2.64 Dec 9,616 0.0 WJ Verifone Systems, Inc. PAY N 1 H/GRW 28.55 44.00 39.25 24.52 13.0 1.51 1.83 A 2.20 Oct 3,217 0.0 WJ Visa, Inc. V N 3 M/GRW 78.53 NM 81.01 60.00 27.9 2.19 2.62 A 2.81 Sep 191,129 0.7 WJ


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

IT Hardware Avigilon Corporation AVO T 2 H/GRW C$13.99 19.00 25.62 11.20 17.1 0.80 0.82 1.19 Dec 637 0.0 SLi Baylin Technologies Inc. BYL T 2 H/GRW C$1.90 3.25 4.45 1.28 NM (0.75) (0.69) 0.05 Dec 36 0.0 SLi BlackBerry (f) BBRY Q 3 H/GRW US$9.42 8.00 12.63 5.96 NM (1.35) (0.09) A (0.38) Feb 4,946 0.0 SLi DragonWave DRWI Q 3 H/GRW US$0.12 0.45 1.05 0.07 NM (1.01) (0.32) A (0.18) Feb 9 0.0 SLi Evertz Technologies Ltd. (f) ET T 2 M/GRW C$17.40 19.00 18.73 13.29 18.9 0.85 0.87 A 0.92 Apr 1,302 4.1 SLi Lumenpulse Inc. LMP T 2 H/GRW C$17.75 18.00 18.90 12.02 48.0 (0.38) 0.07 A 0.37 Apr 444 0.0 SLi Sierra Wireless SWIR Q 3 H/GRW US$16.16 20.00 49.13 14.06 19.7 0.63 0.82 1.00 Dec 530 0.0 SLi UrtheCast Corp. UR T 2 H/GRW C$1.60 7.00 4.99 1.10 NM (0.09) (0.32) (0.07) Dec 164 0.0 SLi

Software/IT Services CGI Group GIB.A T 2 M/GRW C$56.08 61.00 59.39 42.49 16.1 2.80 3.13 A 3.49 Sep 17,985 0.0 SLi The Descartes Systems Group Inc. DSGX Q 2 M/GRW US$19.78 21.00 20.29 14.17 31.4 0.54 0.57 A 0.63 Jan 1,509 0.0 SLi MacDonald Dettwiler & Associates MDA T 3 M/GRW C$83.10 93.00 101.42 70.55 13.6 5.76 6.11 6.57 Dec 3,033 1.8 SLi NexJ Systems Inc. NXJ T 3 H/GRW C$1.60 2.50 2.94 1.15 NM (0.59) (0.38) (0.31) Dec 33 0.0 SLi Open Text OTEX Q 2 M/GRW US$48.39 60.00 61.74 36.65 13.0 3.37 3.46 A 3.71 Jun 5,933 1.7 SLi Redknee Solutions Inc. RKN T 2 H/GRW C$3.07 6.00 5.23 2.75 16.2 (0.01) 0.13 A 0.19 Sep US$335 0.0 SLi


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

Telecommunications Services Bouygues BOUY.PA EPA 3 €36.28 NM 39.24 28.39 26.1 1.45 1.39 1.59 Dec 12,188 4.4 SB BT BT.L L 4 467p 432 503 386 15.1 28.00 32.00 A 31.00 Mar £36,285 3.0 SB Deutsche Telekom DTE.DE ETR 2 €16.57 17.00 17.63 12.59 19.0 0.54 0.87 0.99 Dec 76,333 3.3 SB Iliad ILD.PA EPA 2 €216.60 232.00 237.95 173.05 36.5 4.91 5.93 7.69 Dec 12,563 0.3 SB KPN KPN.AS AMS 2 €3.46 4.00 3.66 2.43 38.4 (0.03) 0.09 0.12 Dec 14,711 2.3 SB Mobistar MSTAR.BR EBR 1 €22.30 24.00 22.75 14.43 22.3 1.05 1.00 1.15 Dec 1,338 0.0 SB Orange ORA.PA EPA 3 €15.32 NM 16.98 12.21 17.0 0.64 0.90 0.95 Dec 40,583 3.9 SB Proximus PROX.BR EBR 4 €29.58 28.00 35.88 27.86 20.3 1.71 1.46 1.54 Dec 9,495 5.1 SB Sky SKY.L L 3 1,099p NM 1,180 858 16.7 60.00 56.00 A 65.90 Jun £18,892 3.0 SB TalkTalk Telecom Group TALK.L L 3 217p NM 415 210 12.1 14.00 8.20 A 18.00 Mar £2,004 7.4 SB Telecom Italia TLIT.MI BIT 2 €1.17 1.31 1.32 0.85 23.5 0.06 0.05 0.06 Dec 21,715 0.0 SB Telefonica TEF.MC MCE 3 €10.31 NM 13.90 9.97 18.1 0.80 0.57 0.67 Dec 49,024 7.3 SB Telenet Group TNET.BR EBR 3 €48.98 NM 57.00 43.86 30.0 1.48 1.63 2.05 Dec 5,681 0.0 SB TeliaSonera AB TLSN.ST STO 3 SEK42.06 NM 55.85 39.89 10.6 3.63 3.95 3.72 Dec 182,120 7.1 SB Vivendi VIV.PA EPA 3 €19.53 NM 24.83 18.81 39.1 0.46 0.50 0.50 Dec 26,561 10.2 SB Vodafone VOD.L L 3 217p NM 258 201 49.2 17.40 5.50 A 4.40 Mar £62,423 5.3 SB

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Technology & Communications - ARG Federico Rey Marino [email protected] Fernando Suarez [email protected]

Telecom & Media Grupo Clarin S.A. GCLA BA S NM AR$127.00 NM 140.00 45.50 NM NA NA NA Dec 36,502 0.3 FRM,FS

Telecommunications Services Telecom Argentina S.A. (ed, r) TEO N 2 H/SPEC US$16.55 22.00 26.39 13.36 8.0 2.36 2.07 1.64 Dec 3,207 3.9 FS,FRM


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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 1 H/GRW 82.42 105.00 87.17 57.71 12.9 4.18 6.40 7.15 Dec 10,443 1.0 SS Copa Holdings, S.A. (is) CPA N 3 H/INC 48.98 NM 121.25 39.03 9.9 11.14 4.95 4.40 Dec 2,155 6.9 SS LATAM Airlines Group S.A. (is, r) LFL N 4 NM 5.19 NM 12.11 4.54 30.5 0.18 0.17 0.40 Dec 2,831 0.0 SS Virgin America Inc. VA Q 3 H/GRW 37.37 NM 45.43 26.53 7.9 2.48 4.74 5.48 Dec 1,667 0.0 SS

Legacy Carriers American Airlines Group, Inc. AAL Q 3 H/GRW 43.23 NM 56.20 34.10 4.8 5.71 9.08 5.60 Dec 29,440 0.9 SS Delta Air Lines, Inc. DAL N 2 H/GRW 51.95 60.00 52.77 34.61 11.2 3.38 4.65 5.70 Dec 40,857 1.0 SS United Continental Holdings, Inc. UAL N 2 H/GRW 59.01 72.00 74.52 49.20 5.0 5.06 11.91 7.95 Dec 22,054 0.0 SS

Transportation

USA Canada Europe

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

Hybrid Carriers ........................................................ 78

Legacy Carriers ........................................................ 78

Low Cost Carriers ..................................................... 79

Regional Carriers ..................................................... 79

Transportation Services .............................................. 79

Intermodal and Asset-Light Logistics ....................... 79

Leasing ..................................................................... 79

Parcel Carriers ......................................................... 79

Railroad ................................................................... 79

Transportation Equipment & Supplies .................... 79

Trucking (Truckload and LTL) ................................... 80

Airlines ........................................................................ 80

Railroads ..................................................................... 80

Transportation & Logistics .......................................... 80

Airlines ........................................................................ 81


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Transportation - USA Low Cost Carriers Allegiant Travel Co. ALGT Q 3 H/GRW 173.55 NM 238.13 143.48 13.8 6.34 12.60 13.15 Dec 2,933 0.7 SS GOL Linhas Aereas Inteligentes S.A. (r) GOL N 3 H/GRW 0.56 NM 5.82 0.56 NM (0.65) (0.94) (0.95) Dec 169 0.0 SS JetBlue Airways JBLU Q 2 H/GRW 23.29 29.00 27.36 14.13 12.1 0.74 1.92 2.15 Dec 8,000 0.0 SS Ryanair Holdings plc (is, r) RYAAY Q 2 M/GRW 87.32 93.00 87.69 62.53 16.5 2.45 4.25 A 5.30 Mar 23,210 0.0 SS Southwest Airlines Co. LUV N 3 H/GRW 43.82 NM 51.34 31.36 12.2 2.02 3.58 4.05 Dec 28,499 0.7 SS Spirit Airlines, Inc. SAVE Q 3 H/GRW 42.20 NM 83.45 32.73 10.4 3.23 4.06 3.95 Dec 3,034 0.0 SS

Regional Carriers SkyWest, Inc. SKYW Q 3 H/GRW 20.47 NM 21.90 11.59 10.5 0.51 1.95 2.15 Dec 1,038 0.8 SS

Transportation Services Intermodal and Asset-Light Logistics C.H. Robinson Worldwide CHRW Q 3 M/GRW 63.18 NM 76.74 59.71 18.1 3.05 3.50 3.75 Dec 9,148 2.7 TB Expeditors International of Washington, Inc. EXPD Q 3 M/GRW 45.82 NM 51.80 42.17 18.9 1.92 2.42 2.53 Dec 8,531 1.6 AH,TB Forward Air Corporation FWRD Q 3 H/GRW 43.51 NM 57.65 40.52 20.6 1.96 2.11 2.60 Dec 1,349 1.1 AH,TB Hub Group, Inc. HUBG Q 3 H/GRW 33.18 NM 44.00 30.70 17.0 1.73 1.95 2.12 Dec 1,206 0.0 TB,AH J.B. Hunt Transport Services, Inc. JBHT Q 3 H/GRW 72.88 NM 93.50 69.69 20.0 3.16 3.65 4.07 Dec 8,476 1.2 TB Landstar System, Inc. LSTR Q 3 M/GRW 58.59 NM 74.88 53.99 17.5 3.07 3.35 3.45 Dec 2,530 0.5 TB,AH Roadrunner Transportation Systems, Inc. RRTS N 3 H/GRW 9.32 NM 28.51 8.91 7.5 1.36 1.24 1.42 Dec 357 0.0 AH UTi Worldwide, Inc. UTIW Q 3 H/GRW 7.04 NM 14.18 4.40 NM (0.13) (0.78) A (0.84) Jan 746 0.0 AH,TB XPO Logistics, Inc. XPO N 2 H/GRW 26.96 50.00 50.96 21.33 NM (1.01) (0.35) 1.02 Dec 3,694 0.0 TB,AH

Leasing GATX Corporation GMT N 2 M/INC 42.41 57.00 63.36 37.95 7.9 4.48 5.35 5.00 Dec 1,797 3.6 AH Ryder System, Inc. R N 1 M/INC 56.43 100.00 100.64 53.54 9.0 5.60 6.28 7.00 Dec 3,015 2.9 AH TAL International Group, Inc. TAL N 3 H/INC 15.91 NM 44.32 13.11 5.4 3.80 2.97 2.58 Dec 529 11.3 AH Textainer Group Holdings Limited TGH N 3 H/INC 14.63 NM 35.29 12.95 7.1 2.86 2.06 1.52 Dec 834 6.6 AH

Parcel Carriers FedEx Corporation FDX N 3 M/GRW 148.41 NM 185.19 130.01 14.4 6.75 8.92 A 10.28 May 41,985 0.7 AH,TB United Parcel Service UPS N 3 M/INC 97.00 NM 114.40 93.64 18.3 4.75 5.29 5.70 Dec 94,769 3.0 AH,TB

Railroad CSX Corp. CSX Q 3 M/GRW 25.94 NM 37.67 24.47 13.0 1.92 1.99 2.10 Dec 25,473 2.8 TB Genesee & Wyoming Inc. GWR N 1 H/GRW 53.58 60.00 105.49 50.07 14.6 4.10 3.66 3.88 Dec 3,097 0.0 TB,AH Kansas City Southern KSU N 1 H/GRW 73.54 90.00 123.88 69.70 16.7 4.82 4.40 4.85 Dec 8,082 1.8 TB,AH Norfolk Southern Corp. NSC N 3 M/GRW 85.59 NM 112.22 72.10 16.4 6.39 5.23 5.80 Dec 25,891 2.8 TB,AH Union Pacific Corp. UNP N 1 M/GRW 78.34 90.00 124.52 74.78 14.0 5.75 5.61 6.05 Dec 67,037 2.8 TB,AH

Transportation Equipment & Supplies American Railcar Industries, Inc. ARII Q 4 NM 47.57 NM 60.42 33.02 7.6 4.72 6.24 4.98 Dec 952 3.4 AH Fortress Transportation & Infrastructure Investors LLC FTAI N 1 H/INC 10.78 18.00 19.20 9.15 71.9 0.39 0.15 0.41 Dec 816 12.2 AH The Greenbrier Companies, Inc. GBX N 4 NM 33.90 NM 66.50 28.46 6.0 3.08 6.10 A 5.68 Aug 980 2.4 AH Rush Enterprises, Inc. RUSHA Q 1 H/GRW 21.72 31.00 32.74 19.04 12.3 1.96 1.77 1.70 Dec 877 0.0 AH Trinity Industries, Inc. TRN N 4 NM 24.44 NM 37.15 21.79 5.0 4.19 4.90 3.40 Dec 3,734 1.8 AH Wabtec Corporation WAB N 2 M/GRW 72.49 82.00 105.10 67.96 17.7 3.62 4.09 4.55 Dec 6,994 0.4 AH


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Transportation - USA Trucking (Truckload and LTL) ArcBest Corp. ARCB Q 1 H/GRW 21.31 38.00 47.44 19.97 11.1 1.81 1.92 3.00 Dec 553 1.5 AH,TB Celadon Group, Inc. CGI N 1 H/GRW 9.75 28.00 29.15 9.21 5.8 0.93 1.52 A 1.69 Jun 271 0.8 AH Heartland Express, Inc. HTLD Q 3 H/GRW 17.09 NM 27.96 16.35 20.6 0.96 0.83 0.84 Dec 1,471 0.5 AH Knight Transportation, Inc. KNX N 1 H/GRW 23.86 31.00 34.73 21.72 16.6 1.25 1.44 1.60 Dec 1,931 1.0 AH Marten Transport, Ltd. MRTN Q 3 H/GRW 17.57 NM 24.92 14.62 16.3 0.89 1.08 1.23 Dec 583 0.6 AH Old Dominion Freight Line, Inc. ODFL Q 3 H/GRW 58.70 NM 80.96 56.80 16.2 3.10 3.62 4.11 Dec 4,988 0.0 AH,TB Saia, Inc. SAIA Q 1 H/GRW 21.99 32.00 56.50 19.46 10.9 2.04 2.01 2.32 Dec 553 0.0 AH,TB Swift Transportation Company SWFT N 1 H/GRW 13.50 27.00 29.04 12.76 9.3 1.38 1.45 1.70 Dec 1,930 0.0 AH Werner Enterprises, Inc. WERN Q 2 H/GRW 23.12 31.00 33.42 22.45 14.0 1.37 1.65 1.82 Dec 1,662 1.0 AH YRC Worldwide Inc. YRCW Q 1 H/GRW 13.79 27.00 23.56 11.90 13.8 (2.33) 1.00 1.65 Dec 443 0.0 AH,TB

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

Theoni Pilarinos, CFA [email protected]

Airlines Air Canada AC T 3 H/GRW C$10.27 12.00 15.09 9.50 2.5 0.34 4.04 3.15 Dec 3,019 0.0 BC WestJet Airlines WJA T 3 H/INC C$20.39 26.00 34.49 18.51 6.9 2.46 2.94 2.80 Dec 2,549 2.7 BC

Railroads Canadian National Railway CNR T 2 M/GRW C$78.78 84.00 88.89 69.90 18.1 3.76 4.36 4.80 Dec 63,765 1.6 SH Canadian Pacific Railway CP T 2 M/GRW C$176.88 210.00 245.05 168.12 17.5 8.50 10.10 11.75 Dec 28,955 0.8 SH

Transportation & Logistics CanWel Building Materials Group Ltd. CWX T 2 H/INC C$4.93 6.00 6.25 4.29 15.4 0.47 0.32 0.52 Dec 208 11.4 SH Student Transportation Inc. (cb) STB T 3 M/INC C$5.16 6.75 7.48 4.76 NM 89 72 A 80 Jun US$449 11.2 TP,SH


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

Airlines Air France-KLM AIRF.PA EPA 2 €6.92 8.80 8.50 5.52 11.5 (0.67) 0.60 1.56 Mar 2,076 0.0 JR easyJet plc EZJ.L L 2 1,721p 1,950 1,929 1,521 10.7 114.50 139.10 A 160.80 Sep £6,832 3.7 JR IAG IAG.MC MAD 3 €8.13 NM 8.72 5.93 10.3 0.48 0.79 0.93 Mar 16,467 2.5 JR Lufthansa LHAG.DE ETR 3 €14.57 NM 15.53 10.25 7.2 0.12 2.02 2.15 Dec 6,775 3.1 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 Products

Sam Darkatsh (727) 567-2537

Home & Building Products

Joseph D. Hovorka

(404) 442-5863

Entertainment & Leisure

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 Smith


Benjamin P. Brownlow

(404) 442-5859

Midstream Suppliers

Justin Jenkins

Independent Refiners/

Midstream Suppliers

Praveen Narra

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 (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 & Security

Wayne Johnson (404) 442-5837

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

Dave Hodges (617) 897-8961

John Leffel (617) 897-8967

Chicago

Bill Sammon, Manager (312) 655-2959

Lou Coines (312) 655-2964

Miranda Davidson (312) 655-2948

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

Todd Raclaw (312) 655-2975

Bob Stocking (312) 612-7674

Los Angeles

Mark Hamilton (310) 414-5209

Rob Marckel (310) 414-5201

New York

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

Institutional Sales (continued) New York

Susan Lione (212) 856-4886

Carol McCarthy (212) 297-5605

Tom Nevitt (212) 297-5608

Gene Pennell (212) 297-5606

Craig Sapuppo (212) 297-5602

Kelly Schaeffer (212) 856-4887

Rod Spiegel (212) 297-5610

Lauren Stellato (212) 856-4389

Nick Zager (212) 297-5615

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

Kenneth Bollinger

Eric Braunstein

Earl Johnson

Jesse Lubarsky

Adam Lustig

Ray Moore

Christian O’Brien

Kevin Prunty

Doug Shapiro

Brandon Veldman

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

Trading (212) 856-5477

St. Petersburg (727) 567-2100

Ross Barone

Jake Shumacker

Boston (617) 423-5607

Steve Svensen

Brendan Moses

Thomas Ward

Chicago (312) 655-2990

Jeff Grimm

Randy Mrozek

Jeff Snower

New York (212) 599-6800

Jacqueline Britt

Craig Bugniazet

Michael Cannon

Brian Cohan

Paul Cornette

Michael Dalfonzo

John Gilmartin

Mark Koczan

Gary Muehlemann

Vincent Sgherza

Nick Shepard

Eric Siefert

Neil Vankawala

San Francisco

Michael Christian (415) 616-8933

Michael Schwarz (415) 616-8096 Agency/Retail Trading Byron Mitson,

Head of Agency/

Retail Trading

(800) 564-3678

St. Petersburg (727) 567-6466

Scott Brown

Renee Hollingsworth

Justin Miller

James Nielsen

Allen Spence

Memphis (800) 564-3678

Darin Butler

Krystal Butler

Kevin Floyd

Marilyn Hiner

Tony Johnson

Kenny McClain


Strategic Options Desk (212) 856-5400

Ryan Sylvester, Co-head

Adam Templeton, Co-head

Colin Drowica

Geoff Gaiss

Jeffrey Jacobson

Darius Kirksey

Andrew Kramer

Alec Levine

Rob Mabry

Brad Manuilow

James “Hector” Murphy

Brian Werner

U.S. Equity Portfolio & Technical Strategy (901) 529-3776

J. Michael Gibbs, Director,

Equity Portfolio & Technical Strategy Jeff Harvey

David Hydrick

Joey Madere

Barbara Metcalf

Andrew Rumbelow

Equity Advisory Group (727) 567-2520

Harry G. Katica, CFA, Director,

Equity Advisory Group

Suzi Fiorini, Manager,

Equity Advisory Group

Phil Cox

Bonnie Harper

John Messina

Michael Saut

Daniel Sprusansky

Justin Wai

Julie Lachman, International (727) 567-5559

ECM International Offices Raymond James UK,

London 011-44-207-426-5600

Robert Nugent, Manager

Daniel Acton

Emanuele Badaracco

Nicole Baker

Charles Cooper

Alex Ebeling

Dale Gibson

Benjamin Gilbert

Cara McPhillips

Matt Patterson

Ricky Pilgrim

G. Eric Rowe

Anthony White

Adam Wood

Raymond James Switzerland, Lausanne 011-41-21-343-2222

Homan Haghighi

Jad Hobeiche

Raymond James Switzerland, Geneva

011-41-22-818-2828

Jean Wilhelm, Manager

Paul Anderson

Philip Burgisser

Albert Fregosi

Eric Moïa

Rudi Moser

Andreas Spiegelberg

Raymond James

Switzerland, Vaduz/Liechtenstein

011-423-233-44-54

Johann Kasamas

Raymond James Poland, Warsaw

+48 (22) 276 2300

Homan Haghighi

Raymond James France, Paris

011-33-1-456-40520

Emmanuel Laussinotte, Manager

Gregoire M. Alexandre

Thierry Guille

Hubert Le Bret

Raymond James Germany, Dusseldorf 011-49-213-293-070

Hans J. Klisch, Manager

Falk G. Reissland, Manager

Marcel Daun

Sebastian Sattelberger

Raymond James Benelux,

Brussels 011-322-626-1060

Henri de Liedekerke, Manager

Diego de Fierlant

Carine R. Van Pellecon

Stéphane Roffler


Canadian Equity Research Daryl Swetlishoff, CFA 604.659.8246, Head of Equity Research

Ken Avalos, MBA 727.567.1756 Real Estate & REITs

Frederic Bastien, CFA 604.659.8232 Infrastructure & Construction

Andrew Bradford, CFA 403.509.0503 Oil & Gas Energy Services

Ben Cherniavsky 604.659.8244 Industrial / Aerospace & Aviation

Chris Cox, CFA 403.509.0523 Sr. Oil & Gas Producers / Energy

Infrastructure

Steve Hansen, CMA, CFA 604.659.8208 Transportation / Agribusiness

Steven Li, CFA 416.777.4918 Technology /

Alternative Energy & Clean Tech

Jeremy McCrea 403.509.0518 Oil & Gas Producers

Kurt Molnar 403.221.0414 Oil & Gas Producers

Michael Overvelde, CFA, CPA, CA 416.777.4943

Diversified Financials

Theoni Pilarinos, CFA 604.659.8234 Infrastructure & Construction

David Quezada, CFA 604.659.8257 Industrial Special Situations

Johann Rodrigues 416.777.7189 Real Estate & REITs

Phil Russo 416.777.7084 Precious Metals

David Sadowski 604.659.8255 Uranium & Junior Exploration

Daryl Swetlishoff, CFA 604.659.8246 Forest Products

Alex Terentiew, MBA, P.Geo 416.777.4912 Base Metals & Minerals /

Platinum Group Metals

Chris Thompson, M.Sc. (Eng), P.Geo 604.659.8439 Precious Metals

Kenric Tyghe, MBA 416.777.7188 Consumer & Retail

Canadian Sales & Trading

Raymond James Ltd. Sales Mike Westcott 416.777.4935, Head of Sales

Toronto 888.601.6105 Canada 800.290.4847 USA Sean Boyle 416.777.4927 Jeff Carruthers, CFA 416.777.4929 Richard Eakins 416.777.4926 Jonathan Greer 416.777.4930 Dave MacLennan 416.777.4934 Robert Mills, CFA 416.777.4945 Neil Weber 416.777.4931

U.S. Equities Toronto Laura Arrell 416.777.4920 Nicole Svec Griffis, CFA 416.777.4942 Vancouver 800.667.2899 Scot Atkinson, CFA 604.659.8225 Nick Pocrnic 604.659.8230

Montreal 514.350.4450, 866.350.4455 John Hart 514.350.4462 David Maislin, CFA 514.350.4460 London Adam Wood 0.207.426.5612

Raymond James Ltd. Trading Bob McDonald, CFA 604.659.8222, Co-Head of Trading Andrew Foote, CFA 416.777.4924, Co-Head of Trading

Toronto 888.601.6105 Canada 800.290.4847 USA Mark Armstrong 416.777.4981 Pam Banks 416.777.4923 Oliver Herbst 416.777.4947 Andy Herrmann 416.777.4937 Eric Munro, CFA 416.777.4983 Bob Standing 416.777.4921

Vancouver 800.667.2899 Nav Cheema 604.659.8224 Fraser Jefferson 604.659.8218 Derek Oram 604.659.8223

Montreal 866.350.4455 Joe Clement 514.350.4470 Patrick Sanche 514.350.4465


European Equity Research

Emmanuel Rétif, RJEE +33 (1) 45 64 05 47 Managing Director – European Research Utilities Hermine de Bentzmann, RJEE +33 (1) 45 64 05 53 Premium Consumer Goods Stéphane Beyazian, RJFI +44 (0)20 3798 5643 Telecom Services

Harry Breach, RJFI +44 (0)20 3798 5641 Aerospace & Defence/Industrials Patrick Lambert, RJFI +44 (0)20 3798 5645 Chemicals

Cédric Lecasble, RJEE +33 (1) 45 64 05 40 Retail Julien Richer, CFA, RJEE +33 (1) 45 64 05 44 Hotels/Tourism/Foodservices

European Sales & Trading

Paris +33 (1) 45 64 05 00 Head of Sales

Bruno Chabroux Sales

Philippe Andrieu Sebastien Manzoni Laurent Thomasset

Sales Trading

Laurent Lagneau Trading +33 (1) 45 64 05 15

Jacques Perez Philippe Vialle

London +44 (0)20 3798 5600 Sales

Dale Gibson Cara McPhillips Matt Patterson

Sales Trading

Jason Keogh Ken Wesson

New York (212) 856-4884 Manager

Benoit Piussan Sales

Joe Campo


Argentine Equity Research

Argentine Research (Equity) Buenos Aires

Federico Rey Marino,

Head of Argentine Research

(+5411) 4850-2535

Agribusiness & Natural Resources/

Financial Institutions/

LatAm Strategy/ Real Estate/

Telecom & Media

Santiago Wesenack, CFA

(+5411) 4850-2537

Electric Utilities/ Natural Resources/

Oil, Gas & Petrochemicals

Fernando Suarez

(+5411) 4850-2538

Agribusiness & Natural

Resources/ LatAm Strategy/

Telecommunications

Argentine Sales & Trading

Institutional Trading (Equity) Buenos Aires

Esteban Polanski

(+5411) 4850-2541

Héctor Canzani

(+5411) 4850-2542

Institutional Trading (Fixed Income) Buenos Aires

Joaquin Alonso

(+5411) 4850-2547

Miguel Bueno

(+5411) 4850-2546

Institutional Sales Buenos Aires

Diego Trucco, Head of Sales

(+5411) 4850-2512

Mariano Parras,

Sales – Domestic Institutions

(+5411) 4850-2548


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.

The information provided is as of the date above and subject to change, and it should not be deemed a recommendation to buy or sell any security. Certain information has been obtained from third-party sources we consider reliable, but we do not guarantee that such information is accurate or complete. Persons within the Raymond James family of companies may have information that is not available to the contributors of the information contained in this publication. Raymond James, including affiliates and employees, may execute transactions in the securities listed in this publication that may not be consistent with the ratings appearing in this publication.

Additional information is available on request.

Analyst Information

Registration of Non-U.S. Analysts: The analysts listed on the front of this report who are not employees of Raymond James & Associates, Inc., are not registered/qualified as research analysts under FINRA rules, are not associated persons of Raymond James & Associates, Inc., and are not subject to FINRA Rule 2241 restrictions on communications with covered companies, public companies, and trading securities held by a research analyst account.

Analyst Holdings and Compensation: Equity analysts and their staffs at Raymond James are compensated based on a salary and bonus system. Several factors enter into the bonus determination including quality and performance of research product, the analyst's success in rating stocks versus an industry index, and support effectiveness to trading and the retail and institutional sales forces. Other factors may include but are not limited to: overall ratings from internal (other than investment banking) or external parties and the general productivity and revenue generated in covered stocks.

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) 57% 68% 53% 44% 22% 40% 0% 0%

Market Perform (Hold) 39% 31% 47% 40% 7% 15% 0% 0%

Underperform (Sell) 5% 1% 0% 16% 6% 50% 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.

For institutional clients in the European Economic Area (EEA) outside of the United Kingdom:

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

For Canadian clients:

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.

Proprietary Rights Notice: By accepting a copy of this report, you acknowledge and agree as follows:

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 releasable research

This report and its contents are the property of Raymond James and are protected by applicable copyright, trade secret or other intellectual property laws (of the United States and other countries). United States law, 17 U.S.C. Sec.501 et seq, provides for civil and criminal penalties for copyright infringement. No copyright claimed in incorporated U.S. government works.

http://www.rjcapitalmarkets.com/Disclosures/index

http://www.raymondjames.com/

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