April 2018 - Raymond James Financial, Inc. · Raymond James Research Register - April 2018 5 About This Publication The Equity Research Register is a monthly statistical summary of

Global Research Published by Raymond James & Associates

© 2018 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. All rights reserved.

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

June 2018

2 Raymond James Research Register - June 2018

Contents

Consumer Healthcare Real Estate

USA .......................... 18

CAN .......................... 21

EUR .......................... 21

USA .......................... 44

CAN ......................... 48

USA .......................... 58

CAN .......................... 61

EUR .......................... 62

Energy Industrial Technology & Communications

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

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

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

USA .......................... 50

CAN ......................... 51

EUR .......................... 52

USA .......................... 64

CAN .......................... 71

EUR .......................... 71

Financial Services Mining & Natural Resources Transportation

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

CAN .......................... 42

CAN ......................... 54

USA .......................... 73

CAN .......................... 75

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

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

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

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

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

Companies Under Coverage .......................................................18

Research Analysts and Sales & Trading Directories

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

Canada ..................... 79

Europe ..................... 80

Raymond James Research Register - June 2018 3

Analyst Index

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

Joseph Altobello, CFA (JA) ............................. 18

Ken Avalos (KA) ............................................. 61

Michael J. Baker (MJB) .................................. 44

Frederic Bastien, CFA (FB) ................... 30,51,61

Jayson Bedford (JB) ....................................... 44

Reni Benjamin, Ph.D. (RB) ............................. 44

Stephane Beyazian (SB) ........................... 64,71

Marion Boucheron (MB) ............................... 21

Mehdi Boudokhane (MB) .............................. 52

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

Harry Breach (HB) ......................................... 52

Patrick Tyler Brown, CFA (TB) .................. 50,73

Benjamin Brownlow (BBL) ....................... 18,25

Budd Bugatch, CFA (BB) ................................ 18

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

Chris Caso (CC) .............................................. 64

Ben Cherniavsky (BC) ............................... 51,75

Laura Chico, Ph.D. (LC) .................................. 44

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

William A. Crow (WAC) ................................. 58

Sam Darkatsh (SD) ................................... 18,50

Hermine de Bentzmann (HB) ........................ 21

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

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

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

Brian Gesuale (BG) ........................................ 64

Farooq Hamed, CA (FH) ................................. 54

Steve Hansen, CFA, CPA, CMA (SH) ..... 51,54,75

Tara Hassan, P.Eng (TH) ................................ 54

Buck Horne, CFA (BH) .................................... 58

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

Jonathan Hughes, CFA (JH) ............................ 58

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

Aaron Kessler, CFA (AK)................................. 64

Lawrence Keusch (LK).................................... 44

Patrick Lambert (PL) ...................................... 52

Stephen Laws (SLa) ....................................... 58

Cedric Lecasble (CL) ...................................... 21

Simon LeChipre, CFA (SL) .................... 21,62,73

Simon Leopold (SL) ........................................ 64

Steven Li, CFA (SLi) ................................... 64,71

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

Frank G. Louthan IV (FGL) ............................. 64

Brian MacArthur, CFA (BMa) ......................... 54

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

Collin Mings, CFA (CM) .................................. 58

Pavel Molchanov (PM) ............................. 25,33

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

Praveen Narra, CFA (PN) .......................... 25,33

David Novak, MSc (DN) ................................. 48

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

Justin Patterson, CFA (JP) .............................. 64

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

Brian Peterson, CFA (BP) ............................... 64

Brenna Phelan, CFA, CPA, CA (BP) ............ 42,51

Ric Prentiss (RP)............................................. 64

Paul D. Puryear (PDP) ............................... 58,64

David Quezada, CFA (DQ) ......................... 30,51

John W. Ransom (JWR).................................. 44

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

Johann Rodrigues (JR) ................................... 61

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

Daryl Swetlishoff, CFA (DS) .................. 51,54,75

Savanthi Syth, CFA (SS) .................................. 73

Adam Tindle, CFA (AT) ................................... 64

Michael Turits, Ph.D. (MT) ............................. 64

Kenric S. Tyghe, MBA (KT) ............................. 21

Brian M. Vaccaro, CFA (BV) ........................... 18

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

Dan Wewer, CFA (DW) .................................. 18

Elliot Wilbur, CFA (EW) .................................. 44

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


Upcoming Events

Boston Spring Investors Conference (USA) June 5, 2018; Boston, Massachusetts BC Basics Symposium & Tour (CAN) June 13-14, 2018; Vancouver, Canada SMID Cap Growth Conference (USA) August 21, 2018; Chicago, Illinois

U.S. Bank Conference (USA) September 5, 2018; Chicago, Illinois Emerging Bank Symposium (USA) September 6, 2018; Chicago, Illinois North American Equities Conference (USA) September 11, 2018; London, England

Research Coverage Changes

Additions Deletions

USA

Americold Realty Trust (COLD:N)

Carbon Black, Inc. (CBLK:Q)

Construction Partners, Inc. (ROAD:Q)

Gemphire Therapeutics Inc. (GEMP:Q)

GTT Communications, Inc. (GTT:N)

Level One Bancorp, Inc. (LEVL:Q)

nLIGHT, Inc. (LASR:Q)

Omega Healthcare Investors, Inc. (OHI:N)

Spotify Technology S.A. (SPOT:N)

CAN

BioSyent, Inc. (RX:V)

Centerra Gold Inc. (CG:T)

Itafos (IFOS:V)

USA

La Quinta Holdings Inc. (LQ:N)

Microsemi Corporation (MSCC:Q)

CAN

Canadian Real Estate Investment Trust (REF.UN:T)

Pure Industrial Real Estate Trust (AAR.UN:T)

Spartan Energy Corp. (SPE:T)

EUR

GKN (GKN.L:L)

Changes

Argo Group International Holdings, Ltd. (AGII:Q) has changed its symbol to ARGO:N

Cara Operations Limited (CARA:T) has changed its name and symbol to Recipe Unlimited Corporation (RECP:T)

Dawson Geophysical Company (DWSN:Q) adjusted for 5% stock dividend

DDR Corp. (DDR:N) adjusted for 1:2 reverse split

Hancock Holding Company (HBHC:Q) has changed its name and symbol to Hancock Whitney Corporation (HWC:Q)

Impax Laboratories, Inc. (IPXL:Q) has changed its name and symbol to Amneal Pharmaceuticals Inc. (AMRX:N)

North American Energy Partners (NOA:T) changed its name to North American Construction Group Ltd.

Windstream Holdings, Inc. (WIN:Q) adjusted for 1:5 reverse split


About This Publication The Equity Research Register is a monthly statistical summary of financial data. It is compiled from information 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) has 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.

Companies Under Coverage

USA Canada Europe

June 2018 893 233 117

June 2017 930 210 116


Exchanges

AMS ---- Amsterdam Stock Exchange

BIT ---- Italy – Borsa Italiana

EBR ---- Euronext Brussels

ELI ---- Euronext Lisbon

EPA ---- Euronext Paris

ETR ---- Germany – XETRA

HEL ---- Helsinki Stock Exchange

L ---- London Stock Exchange

M ---- NYSE MKT

MAD --- Madrid Stock Exchange

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

N --- NYSE

OSL --- Oslo Stock Exchange

PRG --- Prague Stock Exchange

Q --- NASDAQ

STO --- Stockholm Stock Exchange

SWF --- Switzerland – Swiss Exchange

T --- TSX

V --- TSX Venture

WBAG --- Austria, Wiener Borse

Currencies

p ---- British pence

£ ---- British pound

C$ ---- Canadian dollar

CZK ---- Czech koruna

€ ---- Euro

NOK --- Norwegian krone

SEK --- Swedish krona

CHF --- Swiss franc

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

Footnotes

NA ---- Not Available.

NM ---- Not Meaningful.

R ---- Research Restricted.

UR ---- Under Review.

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

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

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

ad ---- EPS is Funds Available for Distribution (FAD).

ae ---- EPS is Adjusted EBITDA.

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

c ---- EPS is Core EPS.

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

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

cc ---- EPS is C-EBITDA (mil.).

cd ---- EPS is normalized EBITDA (000s).

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

co ---- EPS is Core FFO.

ct ---- EPS is EBITDA (000s).

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.

oi --- EPS is Operating Income Before Depreciation and Amortization (OIBDA).

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

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

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

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

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

Company Index


1st Constitution Bancorp (FCCY:Q) 35 8point3 Energy Partners LP (CAFD:Q) 29 AAC Holdings, Inc. (AAC:N) 44 Aaron's, Inc. (AAN:N) 19 Abaxis, Inc. (ABAX:Q) 44 Abbott Laboratories (ABT:N) 47 AbbVie Inc. (ABBV:N) 45 Abertis (ABE.MC:MCE) 53 Abiomed, Inc. (ABMD:Q) 47 Acadia Healthcare Company, Inc. (ACHC:Q) 44 Acadian Timber Corp. (ADN:T) 55 Access National Corporation (ANCX:Q) 35 AccorHotels (ACCP.PA:EPA) 62 Acorda Therapeutics, Inc. (ACOR:Q) 45 Acushnet Holdings Corp. (GOLF:N) 18 Adamis Pharmaceuticals Corporation (ADMP:Q) 48 Adaptimmune Therapeutics plc (ADAP:Q) 45 Adidas (ADSGn.DE:ETR) 23 ADMA Biologics, Inc. (ADMA:Q) 45 ADP (ADP.PA:EPA) 53 Advance Auto Parts, Inc. (AAP:N) 19 Advanced Energy Industries, Inc. (AEIS:Q) 29 Advantage Oil & Gas Ltd. (AAV:T) 30 Adverum Biotechnologies, Inc. (ADVM:Q) 45 Aecon Group (ARE:T) 51 Aerie Pharmaceuticals, Inc. (AERI:Q) 48 AeroVironment, Inc. (AVAV:Q) 64 Aetna Inc. (AET:N) 44 Aflac Incorporated (AFL:N) 40 Ag Growth International, Inc. (AFN:T) 54 Agnico Eagle Mines (AEM:N) 56 Agree Realty Corporation (ADC:N) 59 AGT Food and Ingredients Inc. (AGT:T) 54 Ahold Delhaize (AD.AS:AMS) 22 AIMIA (AIM:T) 21 Air Canada (AC:T) 75 Air France-KLM (AIRF.PA:EPA) 74 Air Liquide (AIRP.PA:EPA) 53 Airbus Group (AIR.PA:EPA) 52 Akamai Technologies, Inc. (AKAM:Q) 67 Akorn, Inc. (AKRX:Q) 48 AkzoNobel (AKZO.AS:AMS) 52 Alacer Gold Corp (ASR:T) 56 Alamos Gold Inc. (AGI:T) 56 Alaris Royalty Corp. (AD:T) 51 Alarm.com Holdings (ALRM:Q) 66 Alaska Air Group, Inc. (ALK:N) 73 Alcentra Capital Corporation (ABDC:Q) 41 Alexion Pharmaceuticals, Inc. (ALXN:Q) 45 Algonquin Power & Utilities (AQN:T) 31 Alibaba Group Holding Ltd. (BABA:N) 67 Alimentation Couche-Tard Inc. (ATD.B:T) 19 Alio Gold Inc. (ALO:T) 56 Allegiant Travel Company (ALGT:Q) 74 Allergan plc (AGN:N) 48 Allied Properties REIT (AP.UN:T) 61 Allstate Corporation (ALL:N) 40 Alphabet Inc. (GOOG:Q) 68 AltaGas Ltd. (ALA:T) 32 Alteryx, Inc. (AYX:N) 67 Altius Minerals Corporation (ALS:T) 55 Amazon.com, Inc. (AMZN:Q) 67

Amedisys, Inc. (AMED:Q) 44 American Airlines Group Inc. (AAL:Q) 74 American Equity Investment Life Holding Company (AEL:N) 40 American Financial Group, Inc. (AFG:N) 40 American Homes 4 Rent (AMH:N) 60 American National Bankshares Inc. (AMNB:Q) 35 American River Bankshares (AMRB:Q) 35 American Tower Corporation (AMT:N) 69 Americold Realty Trust (COLD:N) 59 AmeriGas Partners, L.P. (APU:N) 27 AmerisourceBergen Corporation (ABC:N) 46 Amgen Inc. (AMGN:Q) 45 Amneal Pharmaceuticals Inc. (AMRX:N) 48 Amphastar Pharmaceuticals, Inc. (AMPH:Q) 48 Anadarko Petroleum Corporation (APC:N) 25 Analog Devices, Inc. (ADI:Q) 69 Andeavor (ANDV:N) 26 Andeavor Logistics L.P. (ANDX:N) 27 ANGI Homeservices Inc. (ANGI:Q) 68 AngioDynamics, Inc. (ANGO:Q) 47 ANI Pharmaceuticals, Inc. (ANIP:Q) 48 Antares Pharma, Inc. (ATRS:Q) 48 Antero Midstream GP LP (AMGP:N) 27 Antero Midstream Partners L.P. (AM:N) 27 Antero Resources Corporation (AR:N) 25 Anthem, Inc. (ANTM:N) 44 Aon plc (AON:N) 39 Apache Corporation (APA:N) 25 Apartment Investment and Management Company (AIV:N) 60 Apollo Commercial Real Estate Finance, Inc. (ARI:N) 59 Apollo Investment Corporation (AINV:Q) 41 Apple Inc. (AAPL:Q) 66 Applied Optoelectronics, Inc. (AAOI:Q) 66 Aptiv PLC (APTV:N) 64 Aquantia Corp. (AQ:N) 69 AquaVenture Holdings Ltd. (WAAS:N) 29 ARC Resources Ltd. (ARX:T) 30 Ares Capital Corporation (ARCC:Q) 41 Argo Group International Holdings, Ltd. (ARGO:N) 40 Arista Networks (ANET:N) 66 Arizona Mining Inc. (AZ:T) 55 Arkema (AKE.PA:EPA) 53 Armada Hoffler Properties, Inc. (AHH:N) 60 ARRIS (ARRS:Q) 66 Arrow Electronics, Inc. (ARW:N) 68 Arthur J. Gallagher & Co. (AJG:N) 39 Artis REIT (AX.UN:T) 61 Associated Banc-Corp (ASB:M) 35 Asterias Biotherapeutics (AST:M) 45 AT&T Inc. (T:N) 70 Athabasca Oil Corp. (ATH:T) 30 Atlantia S.p.A (ATL.MI:BIT) 53 Atlantic Capital Bancshares, Inc. (ACBI:Q) 35 Atlantic Gold Corporation (AGB:V) 56 Atlassian (TEAM:Q) 67 ATN International, Inc. (ATNI:Q) 70 Audentes Therapeutics, Inc. (BOLD:Q) 45 Autogrill (AGL.BIT:BIT) 21 Automotive Properties REIT (APR.UN:T) 61 AutoZone, Inc. (AZO:N) 19 Avnet, Inc. (AVT:Q) 68 Axalta Coating Systems Ltd. (AXTA:N) 52

Company Index


Azul S.A. (AZUL:N) 73 B2Gold Corp. (BTO:T) 56 BAE Systems (BAES.L:L) 52 Baker Hughes, a GE company (BHGE:N) 28 Banc of California, Inc. (BANC:N) 35 BancFirst Corporation (BANF:Q) 35 The Bancorp, Inc. (TBBK:Q) 35 BancorpSouth Bank (BXS:N) 35 Bank of America Corporation (BAC:N) 35 Bank of Commerce Holdings (BOCH:Q) 35 Bank of Marin Bancorp (BMRC:Q) 35 The Bank of N.T. Butterfield & Son Limited (NTB:N) 35 Bank of New York Mellon Corporation (BK:N) 35 Bank of the Ozarks (OZRK:Q) 35 Banner Corporation (BANR:Q) 35 Barrick Gold Corporation (ABX:N) 56 BASF (BASFn.DE:ETR) 53 Baxter International Inc. (BAX:N) 46 Baylin Technologies Inc. (BYL:T) 71 Baytex Energy Corp. (BTE:T) 30 BB&T Corporation (BBT:N) 35 Beacon Roofing Supply, Inc. (BECN:Q) 50 Becton, Dickinson and Company (BDX:N) 46 Bed Bath & Beyond Inc. (BBBY:Q) 19 Beiersdorf (BEIG.DE:ETR) 22 Bellatrix Exploration Ltd. (BXE:T) 30 Bellicum Pharmaceuticals, Inc. (BLCM:Q) 45 Benefitfocus, Inc. (BNFT:Q) 65 Best Buy Co., Inc. (BBY:N) 19 BGC Partners, Inc. (BGCP:Q) 39 BIC (BICP.PA:EPA) 22 Big Lots, Inc. (BIG:N) 19 Biogen Inc. (BIIB:Q) 45 BioMarin Pharmaceutical Inc. (BMRN:Q) 45 BioSyent, Inc. (RX:V) 48 BioTime, Inc. (BTX:M) 45 Birchcliff Energy Ltd. (BIR:T) 30 Bird Construction Inc. (BDT:T) 51 Black Diamond Group Limited (BDI:T) 31 Black Stone Minerals, L.P. (BSM:N) 25 Blackbaud, Inc. (BLKB:Q) 65 BlackBerry (BB:N) 71 Blackline Safety Corp. (BLN:V) 52 BlackLine, Inc. (BL:Q) 65 Blackstone Mortgage Trust, Inc. (BXMT:N) 59 Bloomin' Brands, Inc. (BLMN:Q) 20 Blue Apron Holdings, Inc. (APRN:N) 67 Blue Capital Reinsurance Holdings Ltd. (BCRH:N) 40 Blueprint Medicines Corporation (BPMC:Q) 45 Boardwalk Pipeline Partners, LP (BWP:N) 27 Boardwalk Real Estate Investment Trust (BEI.UN:T) 61 BofI Holding, Inc. (BOFI:Q) 35 BOK Financial Corporation (BOKF:Q) 35 Bombardier Inc. (BBD.B:T) 51 Bonavista Energy Corporation (BNP:T) 30 Bonterra Energy Corp. (BNE:T) 30 Booking Holdings Inc. (BKNG:Q) 68 Booz Allen Hamilton Holding Corp. (BAH:N) 68 Boralex, Inc. (BLX:T) 32 Boston Scientific Corporation (BSX:N) 47 Bouygues (BOUY.PA:EPA) 72 Box, Inc. (BOX:N) 65 Boyd Group Income Fund (BYD.UN:T) 52

BP (BP.L:L) 33 Brandywine Realty Trust (BDN:N) 60 Briggs & Stratton Corporation (BGG:N) 18 Brinker International, Inc. (EAT:N) 20 Broadcom Inc. (AVGO:Q) 69 Broadridge Financial Solutions, Inc. (BR:N) 39 Brookfield Infrastructure Partners L.P. (BIP:N) 31 Brookfield Renewable Partners L.P. (BEP:N) 32 Brown & Brown, Inc. (BRO:N) 39 Brunswick Corporation (BC:N) 20 BT (BT.L:L) 72 C.H. Robinson Worldwide, Inc. (CHRW:Q) 74 Cable One, Inc. (CABO:N) 70 Cabot Oil & Gas Corporation (COG:N) 25 CACI International Inc (CACI:N) 68 Cadence Bancorporation (CADE:N) 35 CAE Inc. (CAE:T) 51 Calfrac Well Services (CFW:T) 31 California Resources Corporation (CRC:N) 25 Callaway Golf Company (ELY:N) 18 Calumet Specialty Products Partners, L.P. (CLMT:Q) 27 Cameco Corporation (CCO:T) 56 Campari (CPR.MI:BIT) 22 Canadian Apartment Properties REIT (CAR.UN:T) 61 Canadian National Railway (CNR:T) 75 Canadian Natural Resources Limited (CNQ:T) 32 Canadian Pacific Railway Limited (CP:T) 75 Canadian Tire Corporation (CTC.A:T) 21 Canfor Corp. (CFP:T) 55 Canfor Pulp Products Inc. (CFX:T) 55 Cantel Medical Corp. (CMD:N) 46 CanWel Building Materials Group Ltd. (CWX:T) 75 Capital Power Corporation (CPX:T) 32 Capital Product Partners L.P. (CPLP:Q) 27 CapStar Financial Holdings, Inc. (CSTR:Q) 35 Carbon Black, Inc. (CBLK:Q) 67 Cardinal Energy Ltd. (CJ:T) 30 Cardinal Health, Inc. (CAH:N) 46 Cardiovascular Systems, Inc. (CSII:Q) 47 Cardlytics, Inc. (CDLX:Q) 68 CareTrust REIT, Inc. (CTRE:Q) 58 CarGurus, Inc. (CARG:Q) 67 Carolina Financial Corporation (CARO:Q) 35 Carrefour (CARR.PA:EPA) 22 Carrizo Oil & Gas, Inc. (CRZO:Q) 25 Carrols Restaurant Group, Inc. (TAST:Q) 20 Casa Systems, Inc. (CASA:Q) 66 Casella Waste Systems, Inc. (CWST:Q) 50 Casey's General Stores, Inc. (CASY:Q) 19 Casino (CASP.PA:EPA) 22 Castlight Health, Inc. (CSLT:N) 65 Catalent, Inc. (CTLT:N) 47 CatchMark Timber Trust, Inc. (CTT:N) 60 Cavium, Inc. (CAVM:Q) 69 CBL & Associates Properties, Inc. (CBL:N) 59 Cboe Global Markets, Inc. (CBOE:Q) 39 CBRE Group, Inc. (CBRE:N) 39 CDW Corporation (CDW:Q) 68 Ceconomy AG (CEC.DE:ETR) 22 Cedar Realty Trust, Inc. (CDR:N) 60 Celgene Corporation (CELG:Q) 45 Cenovus Energy Inc. (CVE:T) 32 Centene Corporation (CNC:N) 44

Company Index


Centerra Gold Inc. (CG:T) 56 CenterState Banks, Inc. (CSFL:Q) 35 Central Pacific Financial Corp. (CPF:N) 35 CenturyLink, Inc. (CTL:N) 70 Cervus Equipment Corp. (CERV:T) 51 CES Energy Solutions Corp. (CEU:T) 31 CEZ (CEZsp.PR:PRG) 33 CGI Group (GIB.A:T) 71 ChannelAdvisor Corporation (ECOM:N) 68 Charles River Laboratories International, Inc. (CRL:N) 47 The Charles Schwab Corporation (SCHW:N) 39 Chart Industries, Inc. (GTLS:Q) 29 Charter Communications, Inc. (CHTR:Q) 70 Check Point Software Technologies (CHKP:Q) 67 Cheesecake Factory Inc. (CAKE:Q) 20 Chegg, Inc. (CHGG:N) 67 Chemical Financial Corp. (CHFC:Q) 35 Chemtrade Logistics Income Fund (CHE.UN:T) 51 Cheniere Energy Partners, L.P. (CQP:M) 27 Cheniere Energy, Inc. (LNG:N) 27 Chesapeake Energy Corporation (CHK:N) 25 Chevron Corporation (CVX:N) 26 Chinook Energy, Inc. (CKE:T) 31 Chipotle Mexican Grill, Inc. (CMG:N) 20 Choice Properties REIT (CHP.UN:T) 61 Chubb Limited (CB:N) 40 Church & Dwight Co., Inc. (CHD:N) 20 Chuy's Holdings, Inc. (CHUY:Q) 20 Cidara Therapeutics, Inc. (CDTX:Q) 45 Cie Financiere Richemont SA (CFR.VX:SWF) 22 Ciena Corporation (CIEN:N) 66 Cigna Corporation (CI:N) 44 Cimarex Energy Co. (XEC:N) 25 Cineplex Inc. (CGX:T) 21 Cisco Systems (CSCO:Q) 66 Citrix Systems, Inc. (CTXS:Q) 67 City Office REIT, Inc. (CIO:N) 60 Civitas Solutions, Inc. (CIVI:N) 44 Clariant (CLN.VX:SWF) 53 Clean Energy Fuels Corp. (CLNE:Q) 29 Clean Harbors, Inc. (CLH:N) 50 Clipper Realty Inc. (CLPR:N) 60 The Clorox Company (CLX:N) 20 Cloudera, Inc. (CLDR:N) 67 CM Finance Inc (CMFN:Q) 41 CME Group Inc. (CME:Q) 39 CNX Resources Corporation (CNX:N) 25 Cobham (COB.L:L) 52 Coeur Mining, Inc. (CDE:N) 56 Cogent Communications Holdings, Inc. (CCOI:Q) 70 Cognex Corporation (CGNX:Q) 64 Colliers International Group Inc. (CIGI:Q) 61 Colony NorthStar Credit Real Estate, Inc. (CLNC:N) 59 Colruyt (COLR.BR:EBR) 22 Columbia Banking System, Inc. (COLB:Q) 35 Comcast Corporation (CMCSA:Q) 70 Comerica Inc. (CMA:N) 35 Commerce Bancshares, Inc. (CBSH:Q) 35 CommScope Holding Company, Inc. (COMM:Q) 66 Community Bank System, Inc. (CBU:N) 36 Community Health Systems, Inc. (CYH:N) 46 Community Trust Bancorp, Inc. (CTBI:Q) 36

Compass Diversified Holdings (CODI:N) 41 Compass Group (CPG.L:L) 21 Concho Resources Inc. (CXO:N) 25 Conifer Holdings, Inc. (CNFR:Q) 40 Conifex Timber Inc. (CFF:T) 55 Connection (CNXN:Q) 68 ConnectOne Bancorp, Inc. (CNOB:Q) 36 ConocoPhillips (COP:N) 25 Consolidated Communications Holdings, Inc. (CNSL:Q) 70 Constellation Software Inc. (CSU:T) 71 Construction Partners, Inc. (ROAD:Q) 50 Continental Building Products, Inc. (CBPX:N) 50 Continental Resources Inc. (CLR:N) 25 Control4 Corporation (CTRL:Q) 66 ConvergeOne Holdings, Inc. (CVON:Q) 68 The Cooper Companies, Inc. (COO:N) 46 Copa Holdings, S.A. (CPA:N) 73 Corbus Pharmaceuticals Holdings, Inc. (CRBP:Q) 45 Core-Mark Holding Company, Inc. (CORE:Q) 19 CoreSite Realty Corporation (COR:N) 69 Corporate Office Properties Trust (OFC:N) 60 Costco Wholesale Corporation (COST:Q) 19 Coupa Software Incorporated (COUP:Q) 65 Covanta Holding Corporation (CVA:N) 50 Covestro (1COV.DE:ETR) 53 Crawford & Company (CRD.B:N) 39 Credit Acceptance Corporation (CACC:Q) 41 Crescent Point Energy Corp. (CPG:T) 30 Crestwood Equity Partners LP (CEQP:N) 27 Crew Energy Inc. (CR:T) 30 Criteo S.A. (CRTO:Q) 68 Crius Energy Trust (KWH.UN:T) 31 Crombie Real Estate Investment Trust (CRR.UN:T) 61 CrossAmerica Partners L.P. (CAPL:N) 27 Crown Capital Partners Inc. (CRWN:T) 42 Crown Castle International Corp. (CCI:N) 69 CSI Compressco LP (CCLP:Q) 28 CSX Corporation (CSX:Q) 74 CT Real Estate Investment Trust (CRT.UN:T) 61 CubeSmart (CUBE:N) 60 Cubic Corporation (CUB:N) 64 Cullen/Frost Bankers, Inc. (CFR:N) 36 Culp, Inc. (CULP:N) 18 CVB Financial Corp. (CVBF:Q) 36 CVS Health Corporation (CVS:N) 46 CyrusOne Inc. (CONE:Q) 69 D.R. Horton, Inc. (DHI:N) 58 Darden Restaurants, Inc. (DRI:N) 20 Dave & Buster's Entertainment, Inc. (PLAY:Q) 20 DaVita Inc. (DVA:N) 44 Dawson Geophysical Company (DWSN:Q) 29 DCT Industrial Trust Inc. (DCT:N) 59 DDR Corp. (DDR:N) 60 Del Frisco’s Restaurant Group, Inc. (DFRG:Q) 20 Delek Logistics Partners, LP (DKL:N) 27 Delek US Holdings, Inc. (DK:N) 26 Delphi Energy Corp. (DEE:T) 31 Delta Air Lines, Inc. (DAL:N) 74 Dermira, Inc. (DERM:Q) 48 The Descartes Systems Group Inc. (DSGX:Q) 71 Detour Gold Corp. (DGC:T) 56 Deutsche Telekom (DTE.DE:ETR) 72

Company Index


Devon Energy Corporation (DVN:N) 25 DexCom, Inc. (DXCM:Q) 47 Dia (DIDA.MC:MCE) 22 Diageo plc (DGE.L:L) 22 Diamond Offshore Drilling, Inc. (DO:N) 28 Diamondback Energy, Inc. (FANG:Q) 25 DiamondRock Hospitality Company (DRH:N) 59 Dick`s Sporting Goods, Inc. (DKS:N) 19 Digital Realty Trust, Inc. (DLR:N) 69 Dine Brands Global, Inc. (DIN:N) 20 Diplomat Pharmacy, Inc. (DPLO:N) 47 DIRTT Environmental Solutions Ltd. (DRT:T) 52 DISH Network Corporation (DISH:Q) 70 Distinct Infrastructure Group Inc. (DUG:V) 51 The Dixie Group, Inc. (DXYN:Q) 18 Dollar General Corporation (DG:N) 19 Dollar Tree, Inc. (DLTR:Q) 19 Dollarama Inc. (DOL:T) 21 Domtar Corporation (UFS:N) 55 Douglas Emmett, Inc. (DEI:N) 60 DSM (DSMN.AMS:AMS) 53 Duluth Holdings Inc. (DLTH:Q) 18 E*TRADE Financial Corporation (ETFC:Q) 39 E.On (EONGn.DE:ETR) 33 Eagle Materials Inc. (EXP:N) 50 East West Bancorp, Inc. (EWBC:Q) 36 Easterly Government Properties, Inc. (DEA:N) 60 EastGroup Properties, Inc. (EGP:N) 59 easyJet plc (EZJ.L:L) 73 eBay Inc. (EBAY:Q) 67 EchoStar Corporation (SATS:Q) 69 ECN Capital Corp. (ECN:T) 42 Ecopetrol S.A. (EC:N) 26 Edenred (EDEN.PA:EPA) 21 EDF (EDF.PA:EPA) 33 Eiffage (FOUG.PA:EPA) 53 Element Fleet Management Corp. (EFN:T) 42 Elior (ELIOR.PA:EPA) 21 Emera Incorporated (EMA:T) 31 Empire Company Limited (EMP.A:T) 21 Encana Corporation (ECA:N) 32 Encompass Health Corporation (EHC:N) 44 Encore Capital Group Inc. (ECPG:Q) 41 Endeavour Mining Corporation (EDV:T) 56 Endo International plc (ENDP:Q) 48 Enel (ENEI.MI:BIT) 33 Enerflex Ltd. (EFX:T) 31 Energen Corporation (EGN:N) 25 Energy Transfer Equity, L.P. (ETE:N) 27 Energy Transfer Partners, L.P. (ETP:N) 27 Enerplus Corporation (ERF:T) 30 Engie (GSZ.PA:EPA) 33 Eni (ENI.MI:BIT) 33 EnLink Midstream Partners L.P. (ENLK:N) 27 EnLink Midstream, LLC (ENLC:N) 27 Enphase Energy, Inc. (ENPH:Q) 29 Ensco plc (ESV:N) 28 Ensign Energy Services Inc. (ESI:T) 31 Enterprise Products Partners L.P. (EPD:N) 27 Envestnet, Inc. (ENV:N) 39 Envision Healthcare Corporation (EVHC:N) 44 Enviva Partners, LP (EVA:N) 29 EOG Resources, Inc. (EOG:N) 25

Equinix, Inc. (EQIX:Q) 69 Equinox Gold Corp. (EQX:V) 56 Equity Residential (EQR:N) 60 Ero Copper Corp. (ERO:T) 55 Essential Energy Services Ltd. (ESN:T) 31 Essex Property Trust, Inc. (ESS:N) 60 Essilor (ESSI.PA:EPA) 22 The Estee Lauder Companies Inc. (EL:N) 20 Ethan Allen Interiors Inc. (ETH:N) 18 Everbridge, Inc. (EVBG:Q) 65 Evertz Technologies Limited (ET:T) 71 Evoqua Water Technologies Corp. (AQUA:N) 29 Exchange Income Corporation (EIF:T) 51 Expedia Group, Inc. (EXPE:Q) 68 Express Scripts Holding Company (ESRX:Q) 44 Extra Space Storage Inc. (EXR:N) 60 Exxon Mobil Corporation (XOM:N) 26 F.N.B. Corporation (FNB:N) 36 F5 Networks, Inc. (FFIV:Q) 66 Facebook, Inc. (FB:Q) 68 FactSet Research Systems Inc. (FDS:N) 39 Falco Resources Ltd. (FPC:V) 56 Farmers Capital Bank Corporation (FFKT:Q) 36 Farmers National Banc Corp. (FMNB:Q) 36 Farmland Partners Inc. (FPI:N) 58 Fastenal Company (FAST:Q) 50 Fate Therapeutics, Inc. (FATE:Q) 45 FB Financial Corporation (FBK:N) 36 FBL Financial Group, Inc. (FFG:N) 40 FCB Financial Holdings, Inc. (FCB:N) 36 Federal Realty Investment Trust (FRT:N) 60 Federated National Holding Company (FNHC:Q) 40 FedEx Corporation (FDX:N) 74 Ferrellgas Partners, L.P. (FGP:N) 27 Ferrovial (FER.MC:MCE) 53 Fidus Investment Corporation (FDUS:Q) 41 Fiesta Restaurant Group, Inc. (FRGI:Q) 20 Fifth Third Bancorp (FITB:Q) 36 Financial Engines, Inc. (FNGN:Q) 39 Finisar Corporation (FNSR:Q) 66 Finning International (FTT:T) 51 FireEye, Inc. (FEYE:Q) 67 First Bancorp (FBNC:Q) 36 First Busey Corporation (BUSE:Q) 36 First Business Financial Services, Inc. (FBIZ:Q) 36 First Capital Realty (FCR:T) 61 First Commonwealth Financial Corp. (FCF:N) 36 First Community Corporation (FCCO:Q) 36 First Defiance Financial Corp. (FDEF:Q) 36 First Financial Bancorp. (FFBC:Q) 36 First Financial Corporation (THFF:Q) 36 First Foundation Inc. (FFWM:Q) 36 First Horizon National Corporation (FHN:N) 36 First Industrial Realty Trust, Inc. (FR:N) 59 First Midwest Bancorp, Inc. (FMBI:Q) 36 The First of Long Island Corporation (FLIC:Q) 36 First Quantum Minerals Ltd. (FM:T) 55 First Republic Bank (FRC:N) 36 First Solar, Inc. (FSLR:Q) 29 FirstService Corporation (FSV:Q) 61 Flagstar Bancorp, Inc. (FBC:N) 36 Flex Ltd. (FLEX:Q) 68 Flexion Therapeutics, Inc. (FLXN:Q) 48

Company Index


FLIR Systems, Inc. (FLIR:Q) 64 Fnac Darty SA (FNAC.PA:EPA) 22 Fortinet, Inc. (FTNT:Q) 67 Fortis, Inc. (FTS:T) 31 Fortive Corporation (FTV:N) 64 Fortress Global Enterprises Inc. (FGE:T) 55 Fortress Transportation & Infrastructure Inv. LLC (FTAI:N) 41 Fortum (FUM1V.HE:HEL) 33 Forward Air Corporation (FWRD:Q) 74 Foundation Building Materials, Inc. (FBM:N) 50 Founders Advantage Capital Corp. (FCF:V) 42 Four Corners Property Trust, Inc. (FCPT:N) 59 Franco-Nevada Corporation (FNV:N) 56 Franklin Financial Network, Inc. (FSB:N) 36 Fraport (FRAG.DE:ETR) 53 Freehold Royalties Ltd. (FRU:T) 30 Freeport-McMoRan Inc. (FCX:N) 55 Frontier Communications Corporation (FTR:Q) 70 FS Bancorp, Inc. (FSBW:Q) 36 Fulton Financial Corporation (FULT:Q) 36 Gemphire Therapeutics Inc. (GEMP:Q) 45 Genesee & Wyoming Inc. (GWR:N) 74 Genesis Energy, L.P. (GEL:N) 27 German American Bancorp, Inc. (GABC:Q) 36 Gibson Energy Inc. (GEI:T) 32 Gildan Activewear Inc. (GIL:N) 21 Givaudan (GIVN.VX:SWF) 53 Glacier Bancorp, Inc. (GBCI:Q) 36 Global Partners LP (GLP:N) 27 GMS Inc. (GMS:N) 50 GoDaddy Inc. (GDDY:N) 68 goeasy Ltd. (GSY:T) 42 Gogo Inc. (GOGO:Q) 69 GOL Linhas Aereas Inteligentes S.A. (GOL:N) 73 Goldcorp Inc. (GG:N) 56 Goldman Sachs BDC, Inc. (GSBD:N) 41 Golub Capital BDC, Inc. (GBDC:Q) 41 Granite Oil Corp. (GXO:T) 31 Granite Point Mortgage Trust Inc. (GPMT:N) 59 Great Ajax Corp. (AJX:N) 59 Green Plains Partners LP (GPP:Q) 29 GreenSpace Brands Inc. (JTR:V) 21 Groupon, Inc. (GRPN:Q) 67 GrubHub Inc. (GRUB:N) 67 GTT Communications, Inc. (GTT:N) 70 Guaranty Federal Bancshares, Inc. (GFED:Q) 36 H&M Hennes & Mauritz AB (HMb.ST:STO) 22 H&R Real Estate Investment Trust (HR.UN:T) 61 The Habit Restaurants, Inc. (HABT:Q) 20 Haemonetics Corporation (HAE:N) 46 Halliburton Company (HAL:N) 28 Hallmark Financial Services, Inc. (HALL:Q) 40 Halyard Health, Inc. (HYH:N) 46 Hancock Whitney Corporation (HWC:Q) 36 Hanmi Financial Corporation (HAFC:Q) 36 Harley-Davidson, Inc. (HOG:N) 20 Harmonic Inc. (HLIT:Q) 66 Harris Corporation (HRS:N) 64 Haverty Furniture Companies, Inc. (HVT:N) 19 HCA Healthcare, Inc. (HCA:N) 46 HCP, Inc. (HCP:N) 58 HD Supply Holdings, Inc. (HDS:Q) 50

Health Insurance Innovations, Inc. (HIIQ:Q) 39 Healthcare Trust of America, Inc. (HTA:N) 58 HealthEquity, Inc. (HQY:Q) 39 Heartland Financial USA, Inc. (HTLF:Q) 37 Helix Energy Solutions Group, Inc. (HLX:N) 28 Henkel (HNKG_p.DE:ETR) 22 Hercules Capital, Inc. (HTGC:N) 41 Heritage Financial Corporation (HFWA:Q) 37 Herman Miller, Inc. (MLHR:Q) 18 Hermès (RMS.PA:EPA) 22 Héroux-Devtek Inc. (HRX:T) 51 Hersha Hospitality Trust (HT:N) 59 Heska Corporation (HSKA:Q) 44 Hess Corporation (HES:N) 25 Hewlett Packard Enterprise Company (HPE:N) 66 Hibbett Sports, Inc. (HIBB:Q) 19 Hi-Crush Partners LP (HCLP:N) 29 Hill-Rom Holdings, Inc. (HRC:N) 46 Hilltop Holdings Inc. (HTH:N) 37 Hilton Worldwide Holdings Inc. (HLT:N) 58 HNI Corporation (HNI:N) 18 Holly Energy Partners, L.P. (HEP:N) 27 HollyFrontier Corporation (HFC:N) 26 Hologic, Inc. (HOLX:Q) 47 Home Bancorp, Inc. (HBCP:Q) 37 Home BancShares, Inc. (HOMB:Q) 37 Home Capital Group Inc. (HCG:T) 42 The Home Depot, Inc. (HD:N) 19 Hope Bancorp, Inc. (HOPE:Q) 37 HopFed Bancorp, Inc. (HFBC:Q) 37 Horizon Bancorp (HBNC:Q) 37 Horizon North Logistics Inc. (HNL:T) 31 Horizon Technology Finance Corporation (HRZN:Q) 41 Host Hotels & Resorts, Inc. (HST:N) 59 Howard Bancorp, Inc. (HBMD:Q) 37 Hub Group, Inc. (HUBG:Q) 74 HubSpot, Inc. (HUBS:N) 65 Hudbay Minerals, Inc. (HBM:T) 55 Humana Inc. (HUM:N) 44 Huntington Bancshares Incorporated (HBAN:Q) 37 Husky Energy Inc. (HSE:T) 32 Hyatt Hotels Corporation (H:N) 58 Hydro One Ltd. (H:T) 31 IAG (IAG.MC:MAD) 74 IAMGOLD Corporation (IAG:N) 56 IBERIABANK Corporation (IBKC:Q) 37 IBI Group Inc. (IBG:T) 51 ICON plc (ICLR:Q) 47 ICU Medical, Inc. (ICUI:Q) 47 IDEXX Laboratories, Inc. (IDXX:Q) 44 IFF (IFF:N) 53 Iliad (ILD.PA:EPA) 72 Imperial Oil Limited (IMO:T) 32 Incyte Corporation (INCY:Q) 45 Independent Bank Group, Inc. (IBTX:Q) 37 Inditex (ITX.MC:MCE) 22 Infinera Corporation (INFN:Q) 66 Infinity Property and Casualty Corporation (IPCC:Q) 40 Innergex Renewable Energy Inc. (INE:T) 32 innogy (IGY.DE:ETR) 33 Insight Enterprises, Inc. (NSIT:Q) 68 Insperity, Inc. (NSP:N) 44

Company Index


Instructure, Inc. (INST:N) 65 Insulet Corporation (PODD:Q) 47 Intact Financial Corporation (IFC:T) 42 Integra LifeSciences Corp. (IART:Q) 47 Integra Resources Corp. (ITR:V) 56 Intel Corporation (INTC:Q) 69 Intelsat S.A. (I:N) 69 Inter Parfums, Inc. (IPAR:Q) 20 Inter Pipeline Ltd. (IPL:T) 32 Intercontinental Exchange, Inc. (ICE:N) 39 Intercontinental Hotels (IHG.L:L) 62 Interface, Inc. (TILE:Q) 18 Interfor Corporation (IFP:T) 55 Internap Corporation (INAP:Q) 69 InterRent Real Estate Investment Trust (IIP.UN:T) 61 Interxion Holding NV (INXN:N) 69 Intuitive Surgical, Inc. (ISRG:Q) 46 Investar Holding Corporation (ISTR:Q) 37 Invitation Homes Inc. (INVH:N) 60 InVivo Therapeutics (NVIV:Q) 45 IPG Photonics (IPGP:Q) 64 IQVIA Holdings Inc. (IQV:N) 47 Iridium Communications Inc. (IRDM:Q) 69 iRobot Corporation (IRBT:Q) 64 Iron Bridge Resources Inc. (IBR:T) 31 iStar Inc. (STAR:N) 59 Itafos (IFOS:V) 54 Itron, Inc. (ITRI:Q) 29 Ivanhoe Mines Ltd. (IVN:T) 55 J.B. Hunt Transport Services, Inc. (JBHT:Q) 74 Jabil Inc. (JBL:N) 68 Jernigan Capital, Inc. (JCAP:N) 60 Jeronimo Martins (JMT.LS:ELI) 22 JetBlue Airways Corporation (JBLU:Q) 73 Johnson & Johnson (JNJ:N) 47 Jones Lang LaSalle Incorporated (JLL:N) 39 Juniper Networks, Inc. (JNPR:N) 66 Kansas City Southern (KSU:N) 74 KB Home (KBH:N) 58 Kelt Exploration Ltd. (KEL:T) 30 Kemper Corporation (KMPR:N) 40 Kering (KER.PA:EPA) 22 Keryx Biopharmaceuticals, Inc. (KERX:Q) 45 KeyCorp (KEY:N) 37 Keyera Corp. (KEY:T) 32 Killam Apartment REIT (KMP.UN:T) 61 Kimbell Royalty Partners L.P. (KRP:N) 25 Kimco Realty Corporation (KIM:N) 60 Kinder Morgan, Inc. (KMI:N) 27 Kinross Gold Corporation (KGC:N) 56 Kite Realty Group Trust (KRG:N) 60 KKR Real Estate Finance Trust Inc. (KREF:N) 59 Knoll, Inc. (KNL:N) 18 KNOT Offshore Partners LP (KNOP:N) 27 Kosmos Energy Ltd. (KOS:N) 25 KPN (KPN.AS:AMS) 72 KVH Industries, Inc. (KVHI:Q) 69 Ladder Capital Corp (LADR:N) 59 Lakeland Bancorp, Inc. (LBAI:Q) 37 Lakeland Financial Corporation (LKFN:Q) 37 Landmark Infrastructure Partners LP (LMRK:Q) 70 Landstar System, Inc. (LSTR:Q) 74 Lannett Company, Inc. (LCI:N) 48

Lanxess (LXSG.DE:ETR) 53 Laredo Petroleum, Inc. (LPI:N) 25 LaSalle Hotel Properties (LHO:N) 59 LATAM Airlines Group S.A. (LTM:N) 74 La-Z-Boy Incorporated (LZB:N) 18 Leap Therapeutics, Inc. (LPTX:Q) 45 LegacyTexas Financial Group, Inc. (LTXB:Q) 37 Leggett & Platt, Incorporated (LEG:N) 18 Lennar Corporation (LEN:N) 58 Leucrotta Exploration Inc. (LXE:V) 31 Level One Bancorp, Inc. (LEVL:Q) 37 Life Storage, Inc. (LSI:N) 60 LifePoint Health, Inc. (LPNT:Q) 46 Limelight Networks, Inc. (LLNW:Q) 67 LKQ Corporation (LKQ:Q) 50 LM Ericsson Telephone Company (ERIC:Q) 66 Loblaw Companies Limited (L:T) 21 L'Oréal (OREP.PA:EPA) 22 Lowe's Companies, Inc. (LOW:N) 19 Lumber Liquidators Holdings, Inc. (LL:N) 19 Lumentum Holdings Inc. (LITE:Q) 66 Lundin Mining Corporation (LUN:T) 55 Luxottica (LUX.MI:BIT) 22 LVMH (LVMH.PA:EPA) 22 M.D.C. Holdings, Inc. (MDC:N) 58 MACOM Technology Solutions Holdings, Inc. (MTSI:Q) 69 MacroGenics, Inc. (MGNX:Q) 45 MAG Silver Corp. (MAG:T) 56 Magellan Health, Inc. (MGLN:Q) 44 Magellan Midstream Partners, L.P. (MMP:N) 27 Main Street Capital Corporation (MAIN:N) 41 Malibu Boats, Inc. (MBUU:Q) 20 Mallinckrodt public limited company (MNK:N) 48 Mammoth Energy Services, Inc. (TUSK:Q) 29 Manhattan Associates, Inc. (MANH:Q) 65 Marathon Oil Corporation (MRO:N) 25 Marathon Petroleum Corporation (MPC:N) 26 MarineMax (HZO:N) 20 MarketAxess Holdings Inc. (MKTX:Q) 39 Marriott International, Inc. (MAR:Q) 58 Marsh & McLennan Companies, Inc. (MMC:N) 39 Martin Midstream Partners L.P. (MMLP:Q) 27 Masco Corporation (MAS:N) 18 Masimo Corporation (MASI:Q) 46 Matador Resources Company (MTDR:N) 25 Maverix Metals Inc. (MMX:V) 56 Maxar Technologies Ltd. (MAXR:N) 71 Maxim Integrated (MXIM:Q) 69 MAXIMUS, Inc. (MMS:N) 68 MB Financial, Inc. (MBFI:Q) 37 MCBC Holdings, Inc. (MCFT:Q) 20 McDonald's Corporation (MCD:N) 20 McKesson Corporation (MCK:N) 46 MedEquities Realty Trust, Inc. (MRT:N) 58 MEDNAX, Inc. (MD:N) 44 Medpace Holdings (MEDP:Q) 47 MEG Energy Corp. (MEG:T) 31 Meggitt (MGGT.L:L) 52 Melia Hotels International (MEL.MC:MCE) 62 Mercantile Bank Corporation (MBWM:Q) 37 Mercer International Inc. (MERC:Q) 55 Merchants Bancorp (MBIN:Q) 37 Mercury General Corporation (MCY:N) 40

Company Index


Merit Medical Systems, Inc. (MMSI:Q) 47 Meta Financial Group, Inc. (CASH:Q) 37 Methanex (MEOH:Q) 51 METRO AG (B4B.DE:ETR) 22 Metro Inc. (MRU:T) 21 The Michaels Companies, Inc. (MIK:Q) 19 Microchip Technology Incorporated (MCHP:Q) 69 Microsoft Corporation (MSFT:Q) 67 Mid-America Apartment Communities, Inc. (MAA:N) 60 MidSouth Bancorp, Inc. (MSL:N) 37 MiX Telematics Limited (MIXT:N) 65 MobileIron, Inc. (MOBL:Q) 67 Model N, Inc. (MODN:N) 65 Mohawk Industries, Inc. (MHK:N) 18 Molina Healthcare, Inc. (MOH:N) 44 Monolithic Power Systems, Inc. (MPWR:Q) 69 Monroe Capital Corp. (MRCC:Q) 41 Moody's Corporation (MCO:N) 39 Motorola Solutions, Inc. (MSI:N) 66 MPLX L.P. (MPLX:N) 27 MRC Global Inc. (MRC:N) 50 MSC Industrial Direct Co., Inc. (MSM:N) 50 MSCI Inc. (MSCI:N) 39 MTU Aero Engines (MTXGn.DE:ETR) 52 Mullen Group Ltd. (MTL:T) 31 Murphy Oil Corporation (MUR:N) 25 Murphy USA Inc. (MUSA:N) 19 Mylan N.V. (MYL:Q) 48 Nabors Industries Ltd. (NBR:N) 28 NantKwest, Inc. (NK:Q) 45 Nasdaq, Inc. (NDAQ:Q) 39 National Commerce Corporation (NCOM:Q) 37 National Fuel Gas Company (NFG:N) 25 National Oilwell Varco, Inc. (NOV:N) 28 National Retail Properties, Inc. (NNN:N) 59 Natus Medical Incorporated (BABY:Q) 47 NCS Multistage Holdings, Inc. (NCSM:Q) 29 NeoPhotonics Corporation (NPTN:N) 66 NetApp, Inc. (NTAP:Q) 66 Netflix, Inc. (NFLX:Q) 67 Nevsun Resources Ltd. (NSU:T) 55 New Gold Inc. (NGD:M) 56 New Relic, Inc. (NEWR:N) 67 New York Community Bancorp, Inc. (NYCB:N) 37 Newell Brands Inc. (NWL:N) 20 Newfield Exploration Company (NFX:N) 25 Newmark Group, Inc. (NMRK:Q) 39 Newmont Mining Corporation (NEM:N) 56 Newpark Resources, Inc. (NR:N) 29 Newtek Business Services Corp. (NEWT:Q) 41 NexGen Energy Ltd. (NXE:T) 56 Nexity (NEXI.PA:EPA) 53 NexJ Systems Inc. (NXJ:T) 71 NextEra Energy Partners, L.P. (NEP:N) 29 NGL Energy Partners LP (NGL:N) 27 NH Hotel Group (NHH.MC:MCE) 62 NIC Inc. (EGOV:Q) 68 NIKE, Inc. (NKE:N) 23 nLIGHT, Inc. (LASR:Q) 64 Noble Corporation plc (NE:N) 28 Noble Energy, Inc. (NBL:N) 25 Nokia (NOK:N) 66

Norbord Inc. (OSB:T) 55 Norfolk Southern Corporation (NSC:N) 74 North American Construction Group Ltd. (NOA:T) 51 Northern Trust Corporation (NTRS:Q) 37 Northland Power Inc. (NPI:T) 32 NOW Inc. (DNOW:N) 50 NuStar Energy L.P. (NS:N) 27 NuStar GP Holdings, LLC (NSH:N) 27 Nutanix, Inc. (NTNX:Q) 66 Nutrien Ltd. (NTR:N) 54 NuVista Energy Ltd. (NVA:T) 30 NVIDIA Corporation (NVDA:Q) 69 Oasis Petroleum Inc. (OAS:N) 25 Obsidian Energy Ltd. (OBE:T) 30 Occidental Petroleum Corporation (OXY:N) 25 Oclaro, Inc. (OCLR:Q) 66 Oil States International, Inc. (OIS:N) 28 Old Dominion Freight Line, Inc. (ODFL:Q) 74 Old Line Bancshares, Inc. (OLBK:Q) 37 Old National Bancorp (ONB:Q) 37 Old Republic International Corporation (ORI:N) 40 Omega Healthcare Investors, Inc. (OHI:N) 58 ON Semiconductor Corporation (ON:Q) 69 OneMain Holdings, Inc. (OMF:N) 41 Open Text Corporation (OTEX:Q) 71 Optiva Inc. (OPT:T) 71 Oracle Corporation (ORCL:N) 67 Orange (ORA.PA:EPA) 72 Orange Belgium (OBEL.BR:EBR) 72 ORBCOMM Inc. (ORBC:Q) 69 O'Reilly Automotive, Inc. (ORLY:Q) 19 Orezone Gold Corporation (ORE:V) 56 Organovo Holdings, Inc. (ONVO:Q) 45 Orla Mining Ltd. (OLA:V) 56 Osisko Gold Royalties Ltd (OR:T) 56 Pacific Premier Bancorp, Inc. (PPBI:Q) 37 PacWest Bancorp (PACW:Q) 37 Painted Pony Energy Ltd. (PONY:T) 30 Palo Alto Networks, Inc. (PANW:N) 67 Pandora Media, Inc. (P:N) 67 Paramount Resources Ltd. (POU:T) 30 Paratek Pharmaceuticals, Inc. (PRTK:Q) 45 Park Hotels & Resorts Inc. (PK:N) 59 Park Lawn Corporation (PLC:T) 61 Parsley Energy, Inc. (PE:N) 26 Pattern Energy Group Inc. (PEGI:Q) 32 Patterson-UTI Energy, Inc. (PTEN:Q) 28 Paylocity Holding Corporation (PCTY:Q) 65 PBF Energy Inc. (PBF:N) 26 PBF Logistics L.P. (PBFX:N) 27 Pebblebrook Hotel Trust (PEB:N) 59 Pembina Pipeline Corporation (PPL:T) 32 Pengrowth Energy Corporation (PGF:T) 30 Peoples Bancorp Inc. (PEBO:Q) 37 People's Utah Bancorp (PUB:Q) 37 Pernod Ricard (PERP.PA:EPA) 22 Perrigo Company PLC (PRGO:N) 48 PetIQ, Inc. (PETQ:Q) 20 Petrofac (PFC.L:L) 33 Petróleo Brasileiro S.A. - Petrobras (PBR:N) 26 Petrus Resources Ltd. (PRQ:T) 31 Peyto Exploration & Development Corp. (PEY:T) 30

Company Index


PGT Innovations, Inc. (PGTI:N) 18 Phillips 66 (PSX:N) 26 Phillips 66 Partners L.P. (PSXP:N) 27 Physicians Realty Trust (DOC:N) 58 Pier 1 Imports, Inc. (PIR:N) 19 Pinnacle Financial Partners, Inc. (PNFP:Q) 37 Pioneer Energy Services Corp. (PES:N) 28 Pioneer Natural Resources Company (PXD:N) 26 Plains All American Pipeline, L.P. (PAA:N) 27 Plains GP Holdings, L.P. (PAGP:N) 27 Plaza Retail REIT (PLZ.UN:T) 61 PLx Pharma Inc. (PLXP:Q) 48 The PNC Financial Services Group, Inc. (PNC:N) 37 Polaris Industries Inc. (PII:N) 20 Polaris Infrastructure Inc. (PIF:T) 32 PotlatchDeltic Corporation (PCH:Q) 60 PPG Industries, Inc. (PPG:N) 52 PRA Group, Inc. (PRAA:Q) 41 PRA Health Sciences, Inc. (PRAH:Q) 47 PrairieSky Royalty Ltd. (PSK:T) 30 Praxair, Inc. (PX:N) 53 Precision Drilling Corporation (PD:T) 31 Preferred Bank (PFBC:Q) 38 Premier, Inc. (PINC:Q) 46 Prestige Brands Holdings, Inc. (PBH:N) 20 ProAssurance Corporation (PRA:N) 40 The Procter & Gamble Company (PG:N) 20 The Progressive Corporation (PGR:N) 40 ProPetro Holding Corp. (PUMP:N) 29 Prospect Capital Corporation (PSEC:Q) 41 Prosperity Bancshares, Inc. (PB:N) 38 Proximus (PROX.BR:EBR) 72 Public Storage (PSA:N) 60 PulteGroup, Inc. (PHM:N) 58 Puma (PUMG.DE:ETR) 23 Pure Gold Mining Inc. (PGM:V) 56 Pure Multi-Family REIT LP (RUF.U:V) 61 Pure Storage, Inc. (PSTG:N) 66 Q2 Holdings, Inc. (QTWO:N) 65 QCR Holdings, Inc. (QCRH:Q) 38 QEP Resources, Inc. (QEP:N) 26 Qorvo, Inc. (QRVO:Q) 69 QTS Realty Trust (QTS:N) 69 QUALCOMM Incorporated (QCOM:Q) 69 RadNet, Inc. (RDNT:Q) 44 Raging River Exploration Inc. (RRX:T) 30 Rallye S.A. (GENC.PA:EPA) 22 Ramco-Gershenson Properties Trust (RPT:N) 60 Range Resources Corporation (RRC:N) 26 Rapid7, Inc. (RPD:Q) 67 Rayonier Inc. (RYN:N) 60 RB (RB.L:L) 22 Real Matters Inc. (REAL:T) 71 Realty Income Corporation (O:N) 59 Recipe Unlimited Corporation (RECP:T) 21 Red Hat, Inc. (RHT:N) 67 Red Robin Gourmet Burgers, Inc. (RRGB:Q) 20 Regency Centers Corporation (REG:N) 60 Regeneron Pharmaceuticals, Inc. (REGN:Q) 45 REGENXBIO Inc. (RGNX:Q) 45 Regions Financial Corporation (RF:N) 38 Remy Cointreau (RCOP.PA:EPA) 22 Renasant Corporation (RNST:Q) 38

Rent-A-Center, Inc. (RCII:Q) 19 Repsol (REP.MC:MCE) 33 Republic Services, Inc. (RSG:N) 50 Retail Opportunity Investments Corp. (ROIC:Q) 60 RH (RH:N) 19 RingCentral, Inc. (RNG:N) 65 RioCan Real Estate Investment Trust (REI.UN:T) 61 Ritchie Bros. Auctioneers Incorporated (RBA:N) 51 Riverview Bancorp, Inc. (RVSB:Q) 38 RLJ Lodging Trust (RLJ:N) 59 Rocky Mountain Dealerships Inc. (RME:T) 51 Rolls-Royce (RR.L:L) 52 Roper Technologies (ROP:N) 64 Rowan Companies plc (RDC:N) 28 Roxgold Inc. (ROXG:T) 56 Royal Dutch Shell (RDSa.AS:AMS) 33 Royal Gold Inc. (RGLD:Q) 56 RPC, Inc. (RES:N) 29 RSP Permian, Inc. (RSPP:N) 26 RTI Surgical, Inc. (RTIX:Q) 47 Russel Metals Inc. (RUS:T) 51 Ruth's Hospitality Group, Inc. (RUTH:Q) 20 RWE (RWEG.DE:ETR) 33 Ryanair Holdings Plc (RYAAY:Q) 74 Ryman Hospitality Properties, Inc. (RHP:N) 59 S&P Global Inc. (SPGI:N) 39 S&T Bancorp, Inc. (STBA:Q) 38 Sabra Health Care REIT, Inc. (SBRA:Q) 58 Safety, Income and Growth, Inc. (SAFE:N) 59 Safran (SAF.PA:EPA) 52 Sage Therapeutics, Inc. (SAGE:Q) 45 Saia, Inc. (SAIA:Q) 74 Saint-Gobain (SGOB.PA:EPA) 53 Saipem (SPMI.MI:BIT) 33 salesforce.com, inc. (CRM:N) 65 Sally Beauty Holdings, Inc. (SBH:N) 20 Salvatore Ferragamo (SFER.MI:BIT) 22 Sandstorm Gold Ltd. (SAND:M) 56 Saul Centers, Inc. (BFS:N) 60 SBA Communications Corporation (SBAC:Q) 69 ScanSource, Inc. (SCSC:Q) 68 Schlumberger Limited (SLB:N) 28 Schoeller-Bleckmann (SBO.VI:WBAG) 33 The Scotts Miracle-Gro Company (SMG:N) 20 Seacoast Banking Corporation of Florida (SBCF:Q) 38 Secure Energy Services Inc. (SES:T) 31 SEI Investments Company (SEIC:Q) 39 SEMAFO Inc. (SMF:T) 56 SemGroup Corporation (SEMG:N) 27 Senior (SNR.L:L) 52 Senior Housing Properties Trust (SNH:Q) 58 Senseonics Holdings, Inc. (SENS:M) 47 Service Corporation International (SCI:N) 46 ServiceNow, Inc. (NOW:N) 67 ServisFirst Bancshares, Inc. (SFBS:Q) 38 Seven Generations Energy Ltd. (VII:T) 30 Shenandoah Telecommunications Company (SHEN:Q) 70 The Sherwin-Williams Company (SHW:N) 52 Shopify Inc. (SHOP:N) 65 Shutterfly, Inc. (SFLY:Q) 67 Shutterstock, Inc. (SSTK:N) 67 Sienna Senior Living Inc. (SIA:T) 61 Sierra Bancorp (BSRR:Q) 38

Company Index


Sierra Wireless, Inc. (SWIR:Q) 71 Signature Bank (SBNY:Q) 38 Simmons First National Corporation (SFNC:Q) 38 Simon Property Group, Inc. (SPG:N) 59 Sky (SKY.L:L) 71 SkyWest, Inc. (SKYW:Q) 74 Skyworks Solutions, Inc. (SWKS:Q) 69 Slate Retail REIT (SRT.U:T) 61 Sleep Country Canada Holdings Inc. (ZZZ:T) 21 Sleep Number Corporation (SNBR:Q) 18 SM Energy Company (SM:N) 26 SmartCentres Real Estate Investment Trust (SRU.UN:T) 61 SmartFinancial, Inc. (SMBK:Q) 38 Snap Inc. (SNAP:N) 68 SNC-Lavalin Group Inc. (SNC:T) 51 Sodexo (EXHO.PA:EPA) 21 Solaris Oilfield Infrastructure, Inc. (SOI:N) 29 Sol-Gel Technologies Ltd. (SLGL:Q) 48 Solvay (SOLB.BR:EBR) 53 Southcross Energy Partners, L.P. (SXE:N) 28 Southwest Airlines Co. (LUV:N) 73 Southwestern Energy Company (SWN:N) 26 Spark Therapeutics, Inc. (ONCE:Q) 45 Spectra Energy Partners, LP (SEP:N) 28 Spectrum Brands Holdings, Inc. (SPB:N) 20 Spin Master Corp. (TOY:T) 21 Spirit Airlines, Inc. (SAVE:N) 74 Spirit Realty Capital, Inc. (SRC:N) 59 Splunk Inc. (SPLK:Q) 67 Spotify Technology S.A. (SPOT:N) 67 Sprague Resources LP (SRLP:N) 28 Sprint Corp. (S:N) 70 SRC Energy Inc. (SRCI:M) 26 SS&C Technologies Holdings, Inc. (SSNC:Q) 39 The St. Joe Company (JOE:N) 58 STAG Industrial, Inc. (STAG:N) 59 Stanley Black & Decker, Inc. (SWK:N) 18 Stantec Inc. (STN:T) 51 Starwood Property Trust Inc. (STWD:N) 59 State Street Corporation (STT:N) 38 Steelcase Inc. (SCS:N) 18 Stellus Capital Investment Corporation (SCM:N) 41 Stericycle, Inc. (SRCL:Q) 46 STERIS plc (STE:N) 46 Stock Yards Bancorp, Inc. (SYBT:Q) 38 StorageVault Canada Inc. (SVI:V) 61 STORE Capital Corporation (STOR:N) 59 Storm Resources Ltd. (SRX:T) 31 Strad Energy Services Ltd. (SDY:T) 31 Street Capital Group (SCB:T) 42 Strongco Corporation (SQP:T) 51 Stryker Corporation (SYK:N) 46 Stuart Olson Inc. (SOX:T) 51 Suburban Propane Partners, L.P. (SPH:N) 28 Suez Environnement (SEVI.PA:EPA) 33 Summit Hotel Properties, Inc. (INN:N) 59 Suncor Energy Inc. (SU:T) 32 Sunoco LP (SUN:N) 28 SunPower Corporation (SPWR:Q) 29 Sunstone Hotel Investors, Inc. (SHO:N) 59 SunTrust Banks, Inc. (STI:N) 38 Superior Energy Services, Inc. (SPN:N) 29

Superior Plus Corp. (SPB:T) 51 Surgery Partners, Inc. (SGRY:Q) 44 SVB Financial Group (SIVB:Q) 38 Switch, Inc. (SWCH:N) 69 Symantec Corp. (SYMC:Q) 67 Symrise (SY1G.DE:ETR) 53 Syneos Health, Inc. (SYNH:Q) 47 SYNNEX Corporation (SNX:N) 68 Synovus Financial Corp. (SNV:N) 38 Tableau Software, Inc. (DATA:N) 67 TalkTalk Telecom Group (TALK.L:L) 72 Tamarack Valley Energy Ltd. (TVE:T) 30 Targa Resources Corp. (TRGP:N) 28 Tarkett S.A. (TKTT.PA:EPA) 53 Taubman Centers, Inc. (TCO:N) 59 TCF Financial Corporation (TCF:N) 38 TCP Capital Corp. (TCPC:Q) 41 TD Ameritrade Holding Corporation (AMTD:Q) 39 Tech Data Corporation (TECD:Q) 68 TechnipFMC plc (FTI:N) 33 Teck Resources Limited (TECK.B:T) 55 Tecnicas Reunidas (TRE.MC:MCE) 33 Teekay Corporation (TK:N) 28 Teekay LNG Partners L.P. (TGP:N) 28 Teekay Offshore Partners L.P. (TOO:N) 28 Telecom Italia (TLIT.MI:BIT) 72 Teleflex Incorporated (TFX:N) 46 Telefonica (TEF.MC:MCE) 72 Telefónica Deutschland (O2Dn.F:ETR) 72 Telenet Group (TNET.BR:EBR) 72 Telephone and Data Systems, Inc. (TDS:N) 70 Telia Company AB (TELIA.ST:STO) 72 Teligent, Inc. (TLGT:Q) 48 Tempur Sealy International, Inc. (TPX:N) 18 Tenet Healthcare Corporation (THC:N) 46 Territorial Bancorp Inc. (TBNK:Q) 38 TESARO, Inc. (TSRO:Q) 45 TETRA Technologies, Inc. (TTI:N) 29 Teva Pharmaceutical Industries Ltd. (TEVA:N) 48 Texas Capital Bancshares, Inc. (TCBI:Q) 38 Texas Instruments Incorporated (TXN:Q) 69 Texas Roadhouse, Inc. (TXRH:Q) 20 TG Therapeutics, Inc. (TGTX:Q) 45 Thales (TCFP.PA:EPA) 52 THL Credit, Inc. (TCRD:Q) 41 Timbercreek Financial Corp. (TF:T) 61 Tintri, Inc. (TNTR:Q) 66 T-Mobile US Inc. (TMUS:Q) 70 Tod's Group (TOD.MI:BIT) 22 Toll Brothers, Inc. (TOL:N) 58 TORC Oil & Gas Ltd. (TOG:T) 30 The Toro Company (TTC:N) 18 Toromont Industries Ltd. (TIH:T) 51 Total (TOTF.PA:EPA) 33 Tourmaline Oil Corp. (TOU:T) 30 TowneBank (TOWN:Q) 38 TPG RE Finance Trust, Inc. (TRTX:N) 59 TPG Specialty Lending, Inc. (TSLX:N) 41 TPI Composites, Inc. (TPIC:Q) 29 Tractor Supply Company (TSCO:Q) 19 The Trade Desk, Inc. (TTD:Q) 68 TransAlta Renewables Inc. (RNW:T) 32

Company Index


TransEnterix, Inc. (TRXC:M) 46 Transocean (RIG:N) 28 TravelCenters of America LLC (TA:Q) 19 The Travelers Companies, Inc. (TRV:N) 40 Tree Island Steel Ltd. (TSL:T) 52 Trevali Mining Corporation (TV:T) 55 Triangle Capital Corporation (TCAP:N) 41 Trican Well Service Ltd. (TCW:T) 31 TriCo Bancshares (TCBK:Q) 38 Tricon Capital Group Inc. (TCN:T) 61 Trimble Inc. (TRMB:Q) 64 Trinidad Drilling Ltd. (TDG:T) 31 TripAdvisor, Inc. (TRIP:Q) 68 TriState Capital Holdings, Inc. (TSC:Q) 38 True North Commercial REIT (TNT.UN:T) 61 Trustmark Corporation (TRMK:Q) 38 Twitter, Inc. (TWTR:N) 68 U.S. Bancorp (USB:N) 38 Ulta Beauty, Inc. (ULTA:Q) 20 Ultimate Software Group Inc. (ULTI:Q) 65 Ultragenyx Pharmaceutical Inc. (RARE:Q) 45 UMB Financial Corporation (UMBF:Q) 38 Umpqua Holdings Corporation (UMPQ:Q) 38 Under Armour, Inc. (UAA:N) 18 Union Bankshares Corporation (UBSH:Q) 38 Union Pacific Corporation (UNP:N) 74 Uniper (UN01.DE:ETR) 33 Unit Corporation (UNT:N) 28 United Bankshares, Inc. (UBSI:Q) 38 United Community Banks, Inc. (UCBI:Q) 38 United Continental Holdings, Inc. (UAL:N) 74 United Insurance Holdings Corp. (UIHC:Q) 40 United Parcel Service, Inc. (UPS:N) 74 United States Cellular Corporation (USM:N) 70 UnitedHealth Group Incorporated (UNH:N) 44 Uniti Group Inc. (UNIT:Q) 70 Universal Health Services, Inc. (UHS:N) 46 Upland Software, Inc. (UPLD:Q) 65 UroGen Pharma Ltd. (URGN:Q) 45 UrtheCast Corp. (UR:T) 71 US Ecology, Inc. (ECOL:Q) 50 USA Compression Partners L.P. (USAC:N) 28 USG Corporation (USG:N) 50 Valero Energy Corporation (VLO:N) 26 Valero Energy Partners L.P. (VLP:N) 28 Veeva Systems Inc. (VEEV:N) 65 Ventas, Inc. (VTR:N) 58 Veolia Environnement S.A. (VIE.PA:EPA) 33 Verastem, Inc. (VSTM:Q) 45 Verbund (VERB.VI:WBAG) 33 Verisk Analytics, Inc. (VRSK:Q) 39 Verizon Communications Inc. (VZ:N) 70 VersaPay Corporation (VPY:V) 42 Vertex Pharmaceuticals Inc. (VRTX:Q) 45 ViaSat, Inc. (VSAT:Q) 69 Vinci (SGEF.PA:EPA) 53 Viper Energy Partners LP (VNOM:Q) 26 Visteon Corporation (VC:Q) 64 Vital Therapies, Inc. (VTL:Q) 45 Vivendi (VIV.PA:EPA) 71

Viveve Medical, Inc. (VIVE:Q) 47 VMware, Inc. (VMW:N) 67 Vodafone (VOD.L:L) 72 Voyager Therapeutics, Inc. (VYGR:Q) 45 W.W. Grainger, Inc. (GWW:N) 50 Wajax Corporation (WJX:T) 51 Walgreens Boots Alliance, Inc. (WBA:Q) 46 Walmart Inc. (WMT:N) 19 Washington Federal, Inc. (WAFD:Q) 38 Washington REIT (WRE:N) 60 Waste Connections, Inc. (WCN:N) 50 Waste Management, Inc. (WM:N) 50 Wayfair, Inc. (W:N) 67 Weatherford International plc (WFT:N) 28 Webster Financial Corporation (WBS:N) 38 WellCare Health Plans, Inc. (WCG:N) 44 Wells Fargo & Company (WFC:N) 38 Welltower Inc. (WELL:N) 58 WesBanco, Inc. (WSBC:Q) 38 WESCO International, Inc. (WCC:N) 50 West Fraser Timber Co. Ltd. (WFT:T) 55 Western Energy Services Corp. (WRG:T) 31 Western Forest Products Inc. (WEF:T) 55 WesternOne Inc. (WEQ:T) 51 WestJet Airlines (WJA:T) 75 Weyerhaeuser Company (WY:N) 60 Wheaton Precious Metals Corp. (WPM:N) 56 Whirlpool Corporation (WHR:N) 18 Whitecap Resources Inc. (WCP:T) 30 Whiting Petroleum Corporation (WLL:N) 26 WideOpenWest, Inc. (WOW:N) 70 WildHorse Resource Development Corporation (WRD:N) 26 The Williams Companies, Inc. (WMB:N) 28 Williams Partners L.P. (WPZ:N) 28 Williams-Sonoma, Inc. (WSM:N) 19 Willis Towers Watson Public Limited Company (WLTW:Q) 39 Windstream Holdings, Inc. (WIN:Q) 70 Winpak Ltd. (WPK:T) 21 Wintrust Financial Corporation (WTFC:Q) 38 Wix.com Ltd. (WIX:Q) 68 Wood Group (WG.L:L) 33 Workiva Inc. (WK:N) 65 WPX Energy, Inc. (WPX:N) 26 WSP Global Inc. (WSP:T) 51 Xenia Hotels & Resorts, Inc. (XHR:N) 59 Xilinx, Inc. (XLNX:Q) 69 XPO Logistics, Inc. (XPO:N) 74 Yamana Gold Inc. (AUY:N) 56 Yangarra Resources Ltd. (YGR:T) 31 Yara (YAR.OL:OSL) 52 Yelp Inc. (YELP:N) 68 YPF S.A. (YPF:N) 26 Zayo Group Holdings, Inc. (ZAYO:N) 70 ZCL Composites Inc. (ZCL:T) 51 Zillow Group, Inc. (Z:Q) 68 Zimmer Biomet Holdings, Inc. (ZBH:N) 46 Zions Bancorporation (ZION:Q) 38 ZIOPHARM Oncology, Inc. (ZIOP:Q) 45 Zymeworks Inc. (ZYME:N) 48


Consumer

USA Canada Europe

Building Products ........................................................ 18

Appliances and Other Building Products ................. 18

Floor Covering ......................................................... 18

Tools and Outdoor Power Equipment ..................... 18

Furniture & Furnishings Suppliers .............................. 18

Office Furniture ....................................................... 18

Residential Furniture ............................................... 18

Hardline Retail ............................................................ 18

Active Lifestyle Brand .............................................. 18

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

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

Convenience Stores ................................................. 19

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

Sporting Goods ........................................................ 19

Value Retailers ......................................................... 19

Home & Other Retailers ............................................. 19

Big Box Retailers ...................................................... 19

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

Household & Personal Care Products ......................... 20

Leisure Products ......................................................... 20

Restaurants ................................................................. 20

Consumer & Retail...................................................... 21

Catering/Support Services........................................... 21

Catering .................................................................... 21

Support Services ...................................................... 21

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

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

Eyecare & Eyewear .................................................. 22

Home & Personal Care ............................................. 22

Luxury Goods ........................................................... 22

Retail ........................................................................... 22

Apparel..................................................................... 22

Consumer Electronics .............................................. 22

Food Retail ............................................................... 22

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


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

Benjamin Brownlow [email protected] Sam Darkatsh [email protected]

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

Building Products Appliances and Other Building Products Masco Corporation MAS N 3 H/GRW 37.90 NM 46.45 35.79 15.2 1.94 2.50 2.90 Dec 11,863 1.1 SD PGT Innovations, Inc. PGTI N 3 H/GRW 20.55 NM 20.80 11.18 21.4 0.61 0.96 1.14 Dec 1,069 0.0 SD Whirlpool Corporation WHR N 2 M/INC 151.07 180.00 202.99 145.59 9.7 13.74 15.50 17.50 Dec 10,892 3.0 SD

Floor Covering The Dixie Group, Inc. DXYN Q 2 H/GRW 2.55 5.00 5.21 2.40 42.5 (0.05) 0.06 0.25 Dec 40 0.0 SD Interface, Inc. TILE Q 4 NM 22.80 NM 26.25 18.30 16.3 1.18 1.40 1.48 Dec 1,361 1.1 SD Mohawk Industries, Inc. MHK N 1 H/GRW 213.36 260.00 286.85 206.74 13.6 13.61 15.65 17.75 Dec 15,981 0.0 SD

Tools and Outdoor Power Equipment Briggs & Stratton Corporation BGG N 3 H/GRW 18.84 NM 27.34 17.11 14.8 1.31 1.27 1.50 Jun 797 3.0 SD Stanley Black & Decker, Inc. SWK N 3 M/INC 146.64 NM 176.62 135.79 17.6 7.46 8.35 9.15 Dec 22,568 1.7 SD The Toro Company TTC N 3 H/GRW 60.81 NM 73.86 56.60 22.5 2.41 2.70 3.00 Oct 6,616 1.3 SD

Furniture & Furnishings Suppliers Office Furniture Herman Miller, Inc. MLHR Q 2 M/GRW 32.70 39.00 41.85 29.25 14.6 2.16 2.24 2.57 May 1,972 2.1 BB HNI Corporation HNI N 3 M/GRW 36.50 NM 46.53 31.16 14.2 1.96 2.57 2.89 Dec 1,624 3.2 BB Knoll, Inc. KNL N 1 H/GRW 19.87 28.00 24.00 16.57 11.4 1.38 1.75 1.99 Dec 974 3.0 BB Steelcase Inc. SCS N 2 M/GRW 14.10 16.50 18.15 12.50 15.5 1.08 0.84 A 0.91 Feb 1,703 3.6 BB

Residential Furniture Culp, Inc. CULP N 3 M/GRW 31.25 NM 34.05 26.15 18.3 1.96 1.71 1.78 Apr 391 1.0 BB Ethan Allen Interiors Inc. ETH N 1 H/GRW 24.25 27.00 33.13 21.50 18.0 1.45 1.35 1.60 Jun 667 3.1 BB La-Z-Boy Incorporated LZB N 3 H/GRW 31.75 NM 34.25 23.15 17.1 1.73 1.86 2.22 Apr 1,495 1.5 BB Leggett & Platt, Incorporated LEG N 1 M/INC 41.63 54.00 53.96 39.57 15.6 2.46 2.67 2.91 Dec 5,462 3.7 BB Sleep Number Corporation SNBR Q 3 H/GRW 28.08 NM 40.72 27.44 15.7 1.55 1.79 2.21 Dec 1,036 0.0 BB Tempur Sealy International, Inc. TPX N 1 M/GRW 47.65 60.00 68.05 41.10 13.9 3.20 3.43 4.18 Dec 2,587 0.0 BB

Hardline Retail Active Lifestyle Brand Acushnet Holdings Corp. GOLF N 3 M/GRW 24.25 NM 24.70 15.16 15.1 1.44 1.61 1.72 Dec 1,813 2.1 DW Callaway Golf Company ELY N 3 H/GRW 19.00 NM 19.06 12.04 23.8 0.53 0.80 0.83 Dec 1,805 0.2 DW Duluth Holdings Inc. DLTH Q 3 H/GRW 17.80 NM 21.77 15.13 21.2 0.72 0.84 1.09 Feb 575 0.0 DW Under Armour, Inc. UAA N 4 NM 20.85 NM 23.46 11.40 NM 0.19 0.19 0.25 Dec 9,045 0.0 DW


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Consumer - USA Automotive Aftermarket Retailers Advance Auto Parts, Inc. AAP N 3 H/GRW 124.91 NM 138.23 78.81 18.4 5.37 6.80 7.33 Dec 9,143 0.2 DW AutoZone, Inc. AZO N 3 M/GRW 633.70 NM 797.89 491.13 12.8 43.74 49.67 55.20 Aug 21,482 0.0 DW O'Reilly Automotive, Inc. ORLY Q 1 M/GRW 268.29 300.00 280.40 169.43 17.0 12.08 15.78 17.79 Dec 29,163 0.0 DW

Consumer Electronics Retailers Best Buy Co., Inc. BBY N 1 M/GRW 68.45 87.00 79.90 51.61 13.3 3.51 4.42 A 5.13 Jan 24,108 2.0 DW

Convenience Stores Alimentation Couche-Tard Inc. ($D) ATD.B T 2 H/GRW 54.49 70.00 67.96 52.08 NM 2.21 2.51 2.77 Apr 30,743 0.5 BBL,DW Casey's General Stores, Inc. CASY Q 3 H/GRW 96.25 NM 128.51 95.18 24.1 4.48 3.99 5.47 Apr 3,613 1.1 BBL,DW Core-Mark Holding Company, Inc. CORE Q 1 M/GRW 18.49 30.00 38.20 17.10 14.7 1.00 1.26 1.37 Dec 853 2.2 BBL,DW Murphy USA Inc. MUSA N 3 H/GRW 67.12 NM 89.69 61.05 16.2 7.03 4.15 5.09 Dec 2,231 0.0 BBL,DW TravelCenters of America LLC TA Q 3 H/GRW 3.10 NM 5.85 2.95 NM (1.24) (0.45) (0.06) Dec 124 0.0 BBL,DW

Hardline Retail The Michaels Companies, Inc. (f) MIK Q 3 M/GRW 18.94 NM 27.87 17.25 7.7 2.17 2.45 2.68 Jan 3,446 0.0 DW Tractor Supply Company TSCO Q 3 M/GRW 73.34 NM 82.68 49.87 18.0 3.34 4.08 4.56 Dec 10,392 1.7 DW

Sporting Goods Dick`s Sporting Goods, Inc. (f) DKS N 3 H/GRW 30.38 NM 42.38 23.88 10.3 3.01 2.96 3.21 Jan 3,804 3.0 DW Hibbett Sports, Inc. HIBB Q 3 H/GRW 24.43 NM 29.50 9.40 12.9 2.72 1.65 A 1.90 Jan 637 0.0 DW

Value Retailers Big Lots, Inc. (f) BIG N 2 H/GRW 41.77 48.00 64.42 39.48 8.4 4.45 4.97 5.52 Jan 1,821 2.9 DW Dollar General Corporation (f) DG N 2 M/GRW 96.62 105.00 105.82 65.97 15.6 4.58 6.18 6.88 Jan 29,981 1.2 DW Dollar Tree, Inc. (f) DLTR Q 2 H/GRW 95.18 110.00 116.65 65.63 16.5 4.86 5.77 6.64 Jan 19,769 0.0 DW

Home & Other Retailers Big Box Retailers Costco Wholesale Corporation COST Q 2 M/GRW 198.36 205.00 201.77 150.00 29.1 5.82 6.82 7.84 Aug 87,057 1.0 BB The Home Depot, Inc. (f) HD N 2 M/GRW 186.85 215.00 207.61 144.25 19.9 7.46 9.38 9.93 Jan 215,625 2.2 BB Lowe's Companies, Inc. (f) LOW N 2 M/GRW 96.69 105.00 108.98 70.76 17.7 4.39 5.46 6.03 Jan 79,479 1.7 BB Lumber Liquidators Holdings, Inc. LL N 3 H/SPEC 21.47 NM 41.33 19.41 27.5 (1.33) 0.78 1.10 Dec 613 0.0 BB Walmart Inc. WMT N 1 M/GRW 82.46 100.00 109.98 73.13 17.7 4.32 4.42 A 4.67 Jan 243,339 2.5 BB

Furniture & Furnishings Aaron's, Inc. AAN N 1 M/GRW 40.86 57.00 49.77 34.29 12.0 2.56 3.41 4.66 Dec 2,921 0.3 BB Bed Bath & Beyond Inc. (f) BBBY Q 4 NM 18.00 NM 37.49 16.52 7.8 3.12 2.32 2.31 Feb 2,529 3.6 BB Haverty Furniture Companies, Inc. HVT N 3 H/GRW 20.35 NM 27.23 17.70 16.5 1.25 1.23 1.35 Dec 429 3.5 BB Pier 1 Imports, Inc. PIR N 4 NM 2.38 NM 5.92 2.15 NM 0.44 0.21 A (0.44) Feb 198 0.0 BB Rent-A-Center, Inc. RCII Q 1 H/GRW 10.15 15.00 13.89 7.22 NM (0.54) 0.01 0.42 Dec 542 0.0 BB RH RH N 2 H/GRW 104.29 100.00 109.53 41.52 17.4 3.05 6.00 6.50 Jan 2,244 0.0 BB Williams-Sonoma, Inc. (f) WSM N 3 M/GRW 53.10 NM 56.38 42.68 12.6 3.61 4.21 4.47 Jan 4,419 3.2 BB


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Consumer - USA Household & Personal Care Products Church & Dwight Co., Inc. CHD N 3 M/GRW 47.42 NM 54.18 43.21 20.8 1.94 2.28 2.45 Dec 11,594 1.8 JA The Clorox Company CLX N 3 M/INC 122.58 NM 150.40 113.57 19.8 5.35 6.20 6.50 Jun 15,873 3.1 JA The Estee Lauder Companies Inc. EL N 2 M/GRW 150.82 145.00 153.88 92.85 33.9 3.47 4.45 5.05 Jun 55,396 1.0 JA Inter Parfums, Inc. IPAR Q 2 M/GRW 53.00 55.00 53.25 34.05 33.1 1.33 1.60 1.83 Dec 1,658 1.6 JA Newell Brands Inc. NWL N 3 M/GRW 25.26 NM 55.08 23.85 9.5 2.75 2.65 2.85 Dec 12,302 3.6 JA PetIQ, Inc. (ae) PETQ Q 2 M/GRW 20.76 25.00 28.23 17.03 NM 22 44 54 Dec 509 0.0 JA Prestige Brands Holdings, Inc. PBH N 2 H/GRW 34.64 41.00 53.90 27.84 11.5 2.37 2.58 A 3.00 Mar 1,837 0.0 JA The Procter & Gamble Company PG N 3 M/GRW 74.31 NM 94.67 70.73 17.7 3.92 4.21 4.51 Jun 186,860 3.9 JA Sally Beauty Holdings, Inc. SBH N 4 NM 15.50 NM 21.36 14.05 7.0 1.80 2.23 2.55 Sep 1,907 0.0 JA The Scotts Miracle-Gro Company SMG N 3 H/GRW 85.91 NM 110.12 76.60 21.7 3.94 3.95 4.85 Sep 5,241 2.5 JA Spectrum Brands Holdings, Inc. (ae) SPB N 2 H/GRW 80.26 88.00 138.45 60.13 NM UR 600 622 Sep 4,443 2.1 JA Ulta Beauty, Inc. (f) ULTA Q 3 H/GRW 251.05 NM 314.86 187.96 23.5 8.16 10.70 12.20 Jan 15,269 0.0 JA

Leisure Products Brunswick Corporation BC N 3 H/GRW 62.81 NM 64.45 48.04 13.7 3.89 4.60 5.10 Dec 5,691 1.2 JA Harley-Davidson, Inc. HOG N 3 M/GRW 42.31 NM 56.95 39.34 10.8 3.02 3.90 4.20 Dec 7,404 3.3 JA Malibu Boats, Inc. MBUU Q 1 H/GRW 42.78 48.00 44.18 23.28 17.7 1.56 2.42 2.70 Jun 826 0.0 JA MarineMax HZO N 1 H/GRW 23.35 28.00 24.45 13.80 15.6 1.00 1.50 1.70 Sep 586 0.0 JA MCBC Holdings, Inc. MCFT Q 1 H/GRW 30.06 33.00 31.26 16.82 15.4 1.30 1.95 2.25 Jun 562 0.0 JA Polaris Industries Inc. PII N 3 M/GRW 113.63 NM 137.66 82.77 18.6 4.85 6.10 6.70 Dec 7,250 2.1 JA

Restaurants Bloomin' Brands, Inc. BLMN Q 3 H/GRW 21.39 NM 25.00 16.11 15.2 1.32 1.41 1.52 Dec 2,026 1.5 BV Brinker International, Inc. EAT N 3 M/GRW 42.16 NM 47.04 29.50 11.9 3.21 3.53 3.78 Jun 1,977 3.6 BV Carrols Restaurant Group, Inc. TAST Q 2 H/GRW 12.55 15.00 13.58 9.90 40.5 0.23 0.31 0.24 Dec 565 0.0 BV Cheesecake Factory Inc. CAKE Q 3 M/GRW 51.33 NM 59.98 38.34 19.2 2.60 2.68 2.90 Dec 2,392 2.3 BV Chipotle Mexican Grill, Inc. CMG N 3 H/GRW 428.96 NM 487.52 247.52 53.1 6.70 8.08 10.32 Dec 12,011 0.0 BV Chuy's Holdings, Inc. CHUY Q 2 H/GRW 28.95 32.00 30.73 18.00 25.8 0.96 1.12 1.22 Dec 492 0.0 BV Darden Restaurants, Inc. DRI N 3 M/GRW 87.88 NM 100.11 76.27 18.4 4.02 4.77 5.35 May 11,047 2.9 BV Dave & Buster's Entertainment, Inc. PLAY Q 2 H/GRW 40.67 52.50 73.48 37.85 16.1 2.62 2.53 2.71 Jan 1,696 0.0 BV Del Frisco’s Restaurant Group, Inc. DFRG Q 3 H/GRW 13.65 NM 18.85 11.70 20.4 0.75 0.67 1.05 Dec 283 0.0 BV Dine Brands Global, Inc. DIN N 2 M/GRW 65.69 92.50 81.78 36.71 12.8 4.38 5.15 7.00 Dec 1,169 3.8 BV Fiesta Restaurant Group, Inc. FRGI Q 3 H/GRW 24.10 NM 27.90 15.50 34.4 0.60 0.70 0.85 Dec 656 0.0 BV The Habit Restaurants, Inc. HABT Q 3 H/GRW 8.90 NM 19.35 8.11 NM 0.16 0.01 (0.10) Dec 232 0.0 BV McDonald's Corporation MCD N 3 M/GRW 163.21 NM 178.70 146.84 21.1 6.66 7.72 8.31 Dec 131,058 2.5 BV Red Robin Gourmet Burgers, Inc. RRGB Q 2 H/GRW 48.00 65.00 72.70 45.70 19.8 2.49 2.42 2.80 Dec 629 0.0 BV Ruth's Hospitality Group, Inc. RUTH Q 2 M/GRW 26.55 30.00 28.75 17.95 18.7 1.10 1.42 1.52 Dec 807 1.7 BV Texas Roadhouse, Inc. TXRH Q 3 H/GRW 60.76 NM 64.96 44.29 26.2 1.97 2.32 2.56 Dec 4,363 1.4 BV


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

Consumer & Retail AIMIA (ae) AIM T 2 H/GRW C$2.25 4.00 4.33 1.40 NM 224 246 255 Dec 343 0.0 KT Canadian Tire Corporation CTC.A T 2 M/GRW C$165.79 195.00 180.21 140.60 14.0 10.88 11.87 13.36 Dec 10,992 1.6 KT Cineplex Inc. CGX T 2 M/INC C$29.56 39.00 53.60 27.56 23.5 1.11 1.26 1.62 Dec 1,871 5.7 KT Dollarama Inc. DOL T 2 M/GRW C$151.80 167.00 170.00 118.58 29.0 3.71 4.55 A 5.23 Jan 17,093 0.3 KT Empire Company Limited EMP.A T 3 M/GRW C$24.51 26.00 26.34 18.56 19.6 0.70 1.25 1.56 Apr 6,672 1.7 KT Gildan Activewear Inc. GIL N 1 M/GRW US$29.39 40.00 34.19 27.89 NM 1.72 1.88 2.12 Dec 6,433 1.5 KT GreenSpace Brands Inc. (ct) JTR V 1 H/GRW C$1.16 3.00 1.70 1.15 NM 1,394 2,225 3,828 Mar 67 0.0 KT Loblaw Companies Limited L T 2 M/GRW C$65.54 82.00 77.54 63.03 14.3 4.53 4.57 5.08 Dec 25,200 1.8 KT Metro Inc. MRU T 2 M/GRW C$42.70 47.00 46.00 38.32 16.3 2.57 2.62 2.94 Sep 9,770 1.7 KT Recipe Unlimited Corporation RECP T 3 H/GRW C$28.44 29.00 29.88 21.20 14.8 1.88 1.92 1.96 Dec 1,780 1.4 KT Sleep Country Canada Holdings Inc. ZZZ T 2 H/INC C$31.90 39.00 42.36 31.07 17.0 1.65 1.88 2.11 Dec 1,180 2.3 KT Spin Master Corp. TOY T 2 H/GRW C$50.28 65.00 61.76 34.52 NM 1.70 2.10 2.24 Dec 5,124 0.0 KT Winpak Ltd. WPK T 3 M/GRW C$45.00 55.00 61.43 42.50 NM 1.67 1.75 1.84 Dec 2,925 0.3 KT

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

Simon LeChipre, CFA, Associate Analyst, RJEE [email protected] Marion Boucheron, Associate Analyst, RJEE [email protected]

Catering/Support Services Catering Autogrill AGL.BIT BIT 2 €10.62 12.50 11.79 9.81 22.1 0.38 0.48 0.53 Dec 2,700 2.3 SL Compass Group CPG.L L 3 1,630p NM 1,702 1,397 NM 71.27 74.69 79.29 Sep £25,819 2.3 SL Elior ELIOR.PA EPA 3 €14.90 NM 25.43 12.52 16.4 1.02 0.91 1.02 Sep 2,578 2.5 SL Sodexo EXHO.PA EPA 3 €85.16 NM 123.60 76.00 16.7 5.52 5.09 5.31 Aug 12,689 2.9 SL

Support Services Edenred EDEN.PA EPA 2 €27.99 32.00 29.41 21.54 23.5 1.06 1.19 1.36 Dec 6,555 3.4 SL


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Consumer - EUR Consumer Goods Beverages Campari CPR.MI BIT 2 €6.50 6.80 6.95 5.67 30.9 0.20 0.21 0.24 Dec 7,547 0.8 HB,MB Diageo plc DGE.L L 3 2,763p NM 2,773 2,234 NM 108.50 115.30 124.20 Jun £68,565 2.1 HB,MB Pernod Ricard PERP.PA EPA 2 €145.85 148.00 146.45 112.10 25.3 5.58 5.77 6.25 Jun 38,712 1.7 HB,MB Remy Cointreau RCOP.PA EPA 3 €128.80 NM 129.70 94.35 43.2 2.61 2.98 3.19 Mar 6,468 1.3 HB,MB

Eyecare & Eyewear Essilor ESSI.PA EPA 2 €117.75 130.00 122.15 100.60 31.7 3.75 3.72 4.02 Dec 25,493 1.3 CL Luxottica LUX.MI BIT 2 €53.86 60.00 55.60 45.32 26.8 2.03 2.01 2.18 Dec 25,810 1.9 CL

Home & Personal Care Beiersdorf BEIG.DE ETR 3 €99.24 NM 102.00 85.12 28.9 3.04 3.43 3.71 Dec 25,008 0.7 MB,HB BIC BICP.PA EPA 3 €79.75 NM 112.40 76.05 14.7 6.28 5.41 5.66 Dec 3,716 4.3 MB,HB Henkel HNKG_p.DE ETR 2 €108.15 122.00 129.90 101.60 17.6 5.85 6.14 6.59 Dec 44,480 1.8 MB,HB L'Oréal OREP.PA EPA 2 €208.00 206.00 210.20 170.30 30.0 6.65 6.93 7.38 Dec 116,854 1.8 MB,HB RB RB.L L 3 6,028p NM 8,110 5,255 NM 325.00 323.00 347.00 Dec £42,461 2.8 MB,HB

Luxury Goods Cie Financiere Richemont SA CFR.VX SWF 1 CHF93.14 110.00 99.02 76.95 NM 2.14 2.16 A 5.83 Mar 48,619 2.7 HB,MB Hermès RMS.PA EPA 3 €610.00 NM 612.40 415.70 47.9 11.62 12.73 13.75 Dec 63,534 0.7 HB,MB Kering KER.PA EPA 2 €489.20 490.00 493.40 269.18 24.2 15.89 20.24 21.35 Dec 61,771 1.5 HB,MB LVMH LVMH.PA EPA 3 €303.50 NM 313.70 211.90 25.9 10.53 11.73 12.80 Dec 153,868 1.8 HB,MB Salvatore Ferragamo SFER.MI BIT 4 €24.32 20.00 25.61 20.42 32.4 0.70 0.75 0.89 Dec 4,105 1.7 HB,MB Tod's Group TOD.MI BIT 4 €57.60 50.00 64.75 53.00 27.2 2.15 2.12 2.34 Dec 1,906 2.4 HB,MB

Retail Apparel H&M Hennes & Mauritz AB HMb.ST STO 3 SEK137.28 NM 227.70 117.10 15.9 9.78 8.66 9.15 Nov 227,212 7.1 CL Inditex ITX.MC MCE 2 €28.45 31.00 36.90 23.00 25.2 1.05 1.13 1.23 Jan 88,670 2.8 CL

Consumer Electronics Ceconomy AG CEC.DE ETR 2 €8.31 11.60 13.40 8.23 12.4 0.58 0.67 0.79 Sep 2,715 1.6 CL Fnac Darty SA FNAC.PA EPA 2 €93.30 106.00 106.60 60.63 14.7 4.70 6.34 8.28 Dec 2,491 0.0 CL

Food Retail Ahold Delhaize AD.AS AMS 2 €19.68 23.00 20.09 14.72 13.2 1.27 1.49 1.61 Dec 23,703 3.2 CL Carrefour CARR.PA EPA 2 €15.85 22.00 23.69 15.51 16.7 1.02 0.95 1.36 Dec 12,279 2.7 CL Casino CASP.PA EPA 2 €38.16 52.00 56.65 37.34 13.7 2.90 2.78 3.38 Dec 4,220 8.2 CL Colruyt COLR.BR EBR 4 €45.78 38.00 49.79 40.98 19.3 2.37 E 2.28 2.39 Mar 6,864 2.6 CL Dia DIDA.MC MCE 3 €3.08 NM 6.41 3.04 11.0 0.35 0.28 0.30 Dec 1,915 4.5 CL Jeronimo Martins JMT.LS ELI 3 €13.79 NM 18.10 13.18 20.0 0.61 0.69 0.79 Dec 8,678 4.5 CL METRO AG B4B.DE ETR 3 €11.70 NM 20.07 10.93 11.8 0.89 0.99 1.12 Sep 4,248 6.0 CL Rallye S.A. GENC.PA EPA 3 €13.23 NM 19.54 11.35 8.8 1.50 E 2.54 3.69 Dec 646 10.6 CL


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Consumer - EUR Sporting Goods Adidas ADSGn.DE ETR 3 €195.60 NM 215.50 163.45 23.8 7.00 8.23 9.63 Dec 40,923 1.6 CL NIKE, Inc. NKE N 2 $72.25 75.00 73.49 50.35 30.5 2.37 E 2.76 3.25 May 116,453 1.1 CL Puma PUMG.DE ETR 2 €487.50 480.00 500.00 285.50 37.5 9.09 12.99 17.13 Dec 7,352 0.7 CL


Energy

USA Canada Europe

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

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

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

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

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

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

Gas Compression ..................................................... 28

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

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

Offshore Drillers ...................................................... 28

Onshore Drillers....................................................... 28

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

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

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

Power ...................................................................... 29

Water....................................................................... 29

Intermediate Oil & Gas Producers .............................. 30

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

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

Ancillary Wellsite Services ....................................... 31

Blended Production/Midstream/Wellsite ............... 31

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

Pressure Pumpers ................................................... 31

Workforce Accommodations .................................. 31

Oil Sands ..................................................................... 31

Power & Energy Infrastructure ................................... 31

Diversified & Utilities............................................... 31

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

Pipelines & Midstream ............................................ 32

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

Integrated Oil and Gas ................................................ 33

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

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

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

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

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


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Energy - USA J. Marshall Adkins [email protected] Benjamin Brownlow [email protected]

John Freeman, CFA [email protected] Darren Horowitz [email protected]

Pavel Molchanov [email protected] Justin Jenkins [email protected]

Praveen Narra, CFA [email protected]

Exploration and Production Anadarko Petroleum Corporation APC N 3 H/GRW 67.59 NM 72.70 39.96 20.2 (0.21) 3.34 3.38 Dec 34,059 1.5 JF Antero Resources Corporation AR N 2 H/GRW 18.27 23.00 22.68 16.31 16.3 0.33 1.12 1.82 Dec 5,148 0.0 JF Apache Corporation APA N 2 H/GRW 39.28 57.00 51.21 33.60 20.9 0.24 1.88 2.34 Dec 15,011 2.5 JF Black Stone Minerals, L.P. (cu) BSM N 2 H/INC 18.05 22.00 19.03 15.12 13.6 1.23 1.33 1.40 Dec 3,596 6.9 JF Cabot Oil & Gas Corporation COG N 4 NM 22.50 NM 29.57 21.40 23.9 0.53 0.94 0.61 Dec 10,188 1.1 JF California Resources Corporation CRC N 3 H/GRW 32.39 NM 40.72 6.47 20.6 (4.40) 1.57 2.13 Dec 1,432 0.0 PM Carrizo Oil & Gas, Inc. CRZO Q 1 H/GRW 24.16 34.00 28.72 11.10 7.2 1.46 3.36 5.62 Dec 1,983 0.0 JF Chesapeake Energy Corporation CHK N 4 NM 4.30 NM 5.29 2.53 5.0 0.84 0.86 0.54 Dec 3,906 0.0 JF Cimarex Energy Co. XEC N 3 H/GRW 92.08 NM 130.16 87.98 12.2 4.67 7.55 9.31 Dec 8,787 0.7 JF CNX Resources Corporation CNX N 3 H/GRW 15.85 NM 18.09 11.30 13.4 1.16 1.18 0.12 Dec 3,546 0.0 JF Concho Resources Inc. CXO N 1 H/GRW 139.57 246.00 163.11 106.73 24.0 2.12 5.82 8.35 Dec 20,730 0.0 JF ConocoPhillips COP N 3 M/INC 65.47 NM 71.71 42.27 17.1 0.60 3.83 3.87 Dec 77,242 1.7 PM Continental Resources Inc. CLR N 1 H/GRW 64.73 91.00 69.91 29.08 17.5 0.51 3.69 4.33 Dec 24,342 0.0 JF Devon Energy Corporation DVN N 3 H/GRW 40.58 NM 45.16 28.80 25.5 0.81 1.59 3.80 Dec 21,345 0.8 JF Diamondback Energy, Inc. FANG Q 2 H/GRW 120.35 176.00 138.14 82.77 18.7 5.21 6.45 11.03 Dec 11,868 0.4 JF Energen Corporation EGN N 2 H/GRW 66.20 79.00 71.97 46.16 16.9 0.75 3.92 6.18 Dec 6,443 0.0 JF EOG Resources, Inc. EOG N 2 H/GRW 117.76 149.00 128.03 81.99 23.5 4.74 5.01 6.76 Dec 68,161 0.6 JF Hess Corporation HES N 2 H/GRW 59.16 65.00 65.89 37.25 67.2 (4.61) 0.88 2.09 Dec 18,310 1.7 PM Kimbell Royalty Partners L.P. (cu) KRP N 1 H/INC 19.40 25.00 20.24 15.06 11.3 1.19 1.72 1.84 Dec 320 8.7 JF Kosmos Energy Ltd. KOS N 1 H/GRW 7.10 10.00 8.62 5.15 NM (0.32) (0.10) (0.08) Dec 2,809 0.0 PM Laredo Petroleum, Inc. LPI N 2 H/GRW 8.61 13.00 13.46 7.41 6.4 0.52 1.35 1.87 Dec 2,052 0.0 JF Marathon Oil Corporation MRO N 1 M/GRW 20.71 22.00 22.12 10.55 20.3 (0.25) 1.02 1.19 Dec 17,645 1.0 PM Matador Resources Company MTDR N 2 H/GRW 28.67 41.00 35.22 20.13 17.5 0.72 1.64 1.92 Dec 3,133 0.0 JF Murphy Oil Corporation MUR N 3 M/INC 29.30 NM 35.16 22.21 15.8 (0.13) 1.85 2.15 Dec 5,063 3.4 PM National Fuel Gas Company NFG N 3 H/GRW 51.12 NM 59.92 48.31 15.4 3.30 3.32 2.97 Sep 4,390 3.2 JF Newfield Exploration Company NFX N 1 H/GRW 28.01 40.00 35.20 22.72 8.0 2.23 3.50 4.47 Dec 5,594 0.0 JF Noble Energy, Inc. NBL N 3 H/GRW 35.34 NM 37.67 22.99 27.8 0.31 1.27 2.10 Dec 17,281 1.2 JF Oasis Petroleum Inc. OAS N 1 H/GRW 12.15 18.00 13.13 6.69 26.4 0.02 0.46 1.18 Dec 3,856 0.0 JF Occidental Petroleum Corporation OXY N 2 M/INC 82.40 90.00 86.38 57.84 16.9 0.90 4.88 4.97 Dec 63,085 3.7 PM


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Energy - USA Exploration and Production Parsley Energy, Inc. PE N 1 H/GRW 29.42 44.00 33.43 21.12 14.4 0.41 2.05 3.79 Dec 9,320 0.0 JF Pioneer Natural Resources Company PXD N 1 H/GRW 190.64 315.00 213.40 125.46 25.0 2.17 7.62 10.89 Dec 32,489 0.2 JF QEP Resources, Inc. QEP N 1 H/GRW 12.16 18.00 13.75 7.02 NM 0.77 (0.60) (0.06) Dec 2,890 0.0 JF Range Resources Corporation RRC N 4 NM 15.20 NM 23.99 11.93 16.9 0.58 0.90 0.69 Dec 3,788 0.5 JF RSP Permian, Inc. RSPP N 3 H/GRW 44.16 NM 51.51 28.76 13.9 0.83 3.18 4.84 Dec 7,040 0.0 JF SM Energy Company SM N 2 H/GRW 24.65 31.00 28.20 12.29 NM (0.82) 0.17 1.73 Dec 2,753 0.4 JF Southwestern Energy Company SWN N 4 NM 4.45 NM 6.72 3.42 6.0 0.44 0.74 0.47 Dec 2,611 0.0 JF SRC Energy Inc. SRCI M 1 H/GRW 12.14 17.00 13.16 6.19 9.0 0.67 1.35 1.76 Dec 2,952 0.0 JF Viper Energy Partners LP (cu) VNOM Q 1 H/INC 32.43 38.00 33.63 14.76 14.9 1.43 2.18 2.60 Dec 3,693 5.9 JF Whiting Petroleum Corporation WLL N 1 H/GRW 48.84 60.00 54.04 15.88 12.1 (2.06) 4.03 4.79 Dec 4,441 0.0 JF WildHorse Resource Development Corporation WRD N 1 H/GRW 26.11 38.00 29.67 10.36 17.3 0.43 1.51 2.01 Dec 2,644 0.0 JF WPX Energy, Inc. WPX N 2 H/GRW 17.46 25.00 19.23 8.39 NM (0.41) 0.10 0.84 Dec 6,979 0.0 JF

Independent Refiners Andeavor ANDV N 3 H/GRW 141.19 NM 147.28 82.01 14.9 6.36 9.50 11.50 Dec 21,715 1.7 JJ Delek US Holdings, Inc. DK N 1 H/GRW 52.08 65.00 54.28 20.65 9.1 1.13 5.75 8.00 Dec 4,286 1.9 JJ HollyFrontier Corporation HFC N 3 H/GRW 72.69 NM 76.31 23.46 16.7 2.32 4.35 4.50 Dec 12,939 1.8 JJ Marathon Petroleum Corporation MPC N 1 H/GRW 77.00 90.00 83.27 49.30 15.4 3.87 5.00 6.00 Dec 36,960 2.1 JJ PBF Energy Inc. PBF N 3 H/GRW 44.48 NM 46.40 18.48 14.3 1.52 3.10 4.15 Dec 5,124 2.7 JJ Phillips 66 PSX N 2 H/GRW 115.60 122.00 122.38 75.85 15.4 4.38 7.50 9.25 Dec 56,609 2.4 JJ Valero Energy Corporation VLO N 2 H/GRW 118.73 121.00 122.94 60.69 15.8 4.96 7.50 9.00 Dec 51,291 2.7 JJ

Integrated Oil and Gas Chevron Corporation CVX N 3 M/INC 122.19 NM 133.88 102.55 14.2 3.47 8.61 8.41 Dec 231,672 3.7 PM Ecopetrol S.A. (ed, r) EC N 4 NM 20.44 NM 23.34 8.61 10.8 0.95 1.90 2.08 Dec 42,021 3.0 PM Exxon Mobil Corporation XOM N 3 M/INC 78.71 NM 89.30 72.16 15.8 3.52 4.99 5.82 Dec 333,652 4.2 PM Petróleo Brasileiro S.A. - Petrobras (ed, r) PBR N 4 NM 12.61 NM 17.20 7.61 8.4 0.38 1.51 1.90 Dec 82,245 0.0 PM YPF S.A. (ed, r) YPF N 1 H/GRW 19.00 28.00 26.70 18.41 15.2 0.49 1.25 1.89 Dec 7,467 1.2 PM


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Energy - USA Midstream Suppliers AmeriGas Partners, L.P. APU N 3 H/INC 40.96 NM 48.37 39.41 19.9 1.26 2.06 2.53 Sep 3,808 9.3 BBL,DH Andeavor Logistics L.P. ANDX N 1 H/INC 42.82 50.00 55.21 40.66 14.1 2.30 3.03 3.84 Dec 9,299 9.5 JJ,DH Antero Midstream GP LP AMGP N 1 M/GRW 18.21 27.00 22.87 14.85 34.4 0.16 0.53 0.87 Dec 3,391 2.4 DH Antero Midstream Partners L.P. AM N 1 H/GRW 28.87 36.00 35.55 24.20 17.9 1.27 1.61 1.73 Dec 5,397 5.4 DH Boardwalk Pipeline Partners, LP BWP N 3 H/INC 10.56 NM 18.34 9.10 8.9 1.16 1.18 1.20 Dec 2,643 3.8 DH Calumet Specialty Products Partners, L.P. CLMT Q 4 NM 6.90 NM 9.95 3.80 NM (1.31) (0.57) (0.01) Dec 531 0.0 JJ,DH Capital Product Partners L.P. CPLP Q 3 H/INC 3.11 NM 4.00 2.98 19.4 0.22 0.16 0.21 Dec 396 10.3 BBL,DH Cheniere Energy Partners, L.P. CQP M 3 H/INC 34.12 NM 34.59 26.41 14.9 1.24 2.29 3.29 Dec 16,514 6.4 DH,PM Cheniere Energy, Inc. LNG N 3 H/GRW 62.16 NM 66.66 40.36 42.3 (1.21) 1.47 2.50 Dec 14,639 0.0 PM,DH Crestwood Equity Partners LP CEQP N 2 H/INC 31.40 32.00 32.65 20.00 46.9 (3.64) 0.67 0.94 Dec 2,201 7.6 DH CrossAmerica Partners L.P. CAPL N 2 H/INC 17.37 23.00 29.80 17.05 66.8 0.68 0.26 0.47 Dec 592 12.1 BBL,DH Delek Logistics Partners, LP DKL N 2 H/INC 29.35 34.00 35.54 26.60 9.7 2.09 3.02 3.60 Dec 716 10.2 JJ,DH Energy Transfer Equity, L.P. ETE N 2 H/GRW 16.75 19.00 19.34 12.80 12.8 0.85 1.31 1.28 Dec 18,076 7.3 DH Energy Transfer Partners, L.P. ETP N 2 H/INC 18.55 21.00 22.70 15.06 13.0 0.96 1.43 1.69 Dec 21,592 12.2 DH EnLink Midstream Partners L.P. ENLK N 2 H/INC 15.90 18.00 18.58 12.75 53.0 0.05 0.30 0.39 Dec 3,657 9.8 DH EnLink Midstream, LLC ENLC N 2 H/GRW 16.30 19.00 20.00 13.80 46.6 1.17 0.35 0.41 Dec 2,673 2.3 DH Enterprise Products Partners L.P. EPD N 1 H/INC 27.87 33.00 29.51 23.10 18.0 1.30 1.55 1.65 Dec 52,228 6.1 DH Ferrellgas Partners, L.P. FGP N 4 NM 3.78 NM 5.75 2.87 NM (0.55) (0.68) 0.11 Jul 371 10.6 BBL,DH Genesis Energy, L.P. GEL N 2 H/INC 21.37 23.00 32.59 18.42 48.6 0.50 0.44 0.95 Dec 2,620 9.7 DH,JJ Global Partners LP GLP N 3 H/INC 17.70 NM 19.30 15.17 9.3 1.73 1.90 0.18 Dec 600 10.5 BBL,DH Holly Energy Partners, L.P. HEP N 3 H/INC 28.82 NM 36.05 26.09 16.8 2.12 1.72 1.83 Dec 3,038 9.1 JJ,DH Kinder Morgan, Inc. KMI N 1 M/INC 15.89 20.00 21.25 14.69 18.3 0.01 0.87 0.95 Dec 35,021 5.0 DH KNOT Offshore Partners LP KNOP N 2 H/INC 20.50 25.00 24.00 19.15 9.0 2.12 2.29 2.19 Dec 599 10.1 BBL,DH Magellan Midstream Partners, L.P. MMP N 2 H/INC 68.60 76.00 75.82 54.82 16.5 3.81 4.16 4.41 Dec 15,654 5.4 DH,JJ Martin Midstream Partners L.P. MMLP Q 2 H/INC 14.75 19.00 19.85 12.70 21.7 0.44 0.68 0.74 Dec 576 13.6 DH MPLX L.P. MPLX N 1 H/GRW 35.55 45.00 39.38 30.88 13.6 1.06 2.61 2.91 Dec 28,227 6.9 JJ,DH NGL Energy Partners LP NGL N 2 H/INC 10.60 15.00 17.65 8.58 NM 0.73 (1.61) (1.09) Mar 1,283 14.7 DH NuStar Energy L.P. NS N 3 H/INC 22.62 NM 47.99 19.22 10.7 0.64 2.11 1.93 Dec 2,108 10.6 DH,JJ NuStar GP Holdings, LLC NSH N 3 H/INC 12.35 NM 26.20 10.40 NM 2.01 UR UR Dec 530 10.7 DH,JJ PBF Logistics L.P. PBFX N 2 H/INC 19.75 24.00 22.30 17.75 10.6 2.17 1.87 2.12 Dec 828 9.9 JJ,DH Phillips 66 Partners L.P. PSXP N 2 H/INC 50.72 60.00 56.48 44.40 12.4 2.59 4.08 4.70 Dec 6,302 5.6 JJ,DH Plains All American Pipeline, L.P. PAA N 1 H/INC 23.11 29.00 26.98 18.38 15.9 1.26 1.45 1.85 Dec 16,760 5.2 DH,JJ Plains GP Holdings, L.P. PAGP N 1 H/INC 23.71 29.00 27.75 18.98 23.7 0.76 1.00 1.24 Dec 2,395 5.1 DH,JJ SemGroup Corporation SEMG N 3 H/INC 24.05 NM 32.40 20.20 NM (0.23) 0.20 1.69 Dec 1,901 7.9 DH,JJ


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Energy - USA Midstream Suppliers Southcross Energy Partners, L.P. SXE N 3 H/INC 1.59 NM 4.05 1.44 NM (0.83) E (0.81) NA Dec 126 0.0 DH Spectra Energy Partners, LP SEP N 3 H/INC 30.56 NM 46.47 30.38 9.2 0.77 3.32 3.12 Dec 14,819 9.8 DH Sprague Resources LP SRLP N 2 H/INC 22.60 30.00 30.75 22.40 5.8 1.24 3.90 2.47 Dec 514 11.5 JJ,DH Suburban Propane Partners, L.P. SPH N 2 H/INC 23.15 27.00 27.05 21.85 22.9 0.62 1.01 1.37 Sep 1,422 10.4 BBL,DH Sunoco LP SUN N 2 H/INC 25.96 33.00 33.11 24.76 60.4 3.90 0.43 1.92 Dec 2,142 12.7 BBL,DH Targa Resources Corp. TRGP N 1 H/GRW 46.79 56.00 52.08 39.59 NM (0.31) (0.49) (0.21) Dec 10,239 7.8 DH Teekay Corporation TK N 3 H/GRW 7.63 NM 10.90 5.14 NM (1.74) (0.31) 0.06 Dec 680 2.9 BBL,DH Teekay LNG Partners L.P. TGP N 3 H/INC 17.75 NM 21.65 14.05 13.7 0.60 1.30 2.22 Dec 1,414 3.2 BBL,DH Teekay Offshore Partners L.P. TOO N 3 H/INC 2.77 NM 3.50 1.65 10.3 (1.06) 0.27 0.31 Dec 1,136 1.4 BBL,DH Valero Energy Partners L.P. VLP N 2 H/GRW 40.41 48.00 48.66 33.25 13.7 2.77 2.94 3.16 Dec 2,639 5.2 JJ,DH The Williams Companies, Inc. WMB N 2 H/GRW 26.99 31.00 33.67 24.00 36.0 2.61 0.75 0.58 Dec 22,321 5.0 DH Williams Partners L.P. WPZ N 2 H/INC 39.91 46.00 44.06 32.74 25.9 0.89 1.54 NA Dec 38,134 6.2 DH

Oilfield Services Diversified Oilfield Services Baker Hughes, a GE company BHGE N S NM 34.70 NM 40.82 25.53 NM UR UR NA Dec 38,586 2.1 PN,JMA Halliburton Company HAL N 1 H/GRW 50.19 63.00 57.86 38.18 19.4 1.22 2.59 3.55 Dec 43,916 1.4 PN,JMA Schlumberger Limited SLB N 3 H/GRW 68.60 NM 80.35 61.02 36.3 1.50 1.89 2.50 Dec 95,011 2.9 PN,JMA Weatherford International plc WFT N 2 H/SPEC 3.37 4.00 5.10 2.07 NM (1.13) (0.57) (0.05) Dec 3,357 0.0 PN,JMA

Gas Compression CSI Compressco LP CCLP Q 2 H/INC 5.81 8.00 8.05 4.12 NM (1.37) (0.56) 0.10 Dec 229 12.9 JMA,PN USA Compression Partners L.P. USAC N 2 H/INC 17.98 21.00 19.33 14.30 NM 0.23 (0.21) (0.10) Dec 1,123 11.7 JMA,PN

Manufacturing & Fabrication National Oilwell Varco, Inc. NOV N 2 H/GRW 41.26 42.00 45.08 29.90 NM (0.38) 0.09 1.10 Dec 15,757 0.5 JMA,PN Oil States International, Inc. OIS N 2 H/GRW 35.00 40.00 38.95 20.23 NM (1.05) 0.29 1.06 Dec 2,098 0.0 JMA,PN

Offshore Construction Helix Energy Solutions Group, Inc. HLX N 2 H/GRW 7.55 9.00 8.70 4.82 39.7 (0.15) 0.19 0.35 Dec 1,118 0.0 JMA,PN

Offshore Drillers Diamond Offshore Drilling, Inc. DO N 4 NM 17.74 NM 20.98 10.06 NM 0.80 (0.41) 0.03 Dec 2,436 0.0 PN,JMA Ensco plc ESV N 3 H/GRW 6.38 NM 7.60 4.10 NM (0.42) (1.30) (1.38) Dec 2,789 0.6 PN,JMA Noble Corporation plc NE N 3 H/GRW 5.42 NM 6.33 3.14 NM (1.14) (1.71) (1.64) Dec 1,338 0.0 PN,JMA Rowan Companies plc RDC N 3 H/GRW 15.20 NM 17.33 9.02 NM (0.57) (3.87) (3.75) Dec 1,929 0.0 PN,JMA Transocean RIG N 4 NM 12.26 NM 14.16 7.20 NM (0.53) (1.14) (1.08) Dec 5,660 0.0 PN,JMA

Onshore Drillers Nabors Industries Ltd. NBR N 1 H/GRW 7.28 11.00 9.06 5.32 NM (1.73) (0.91) (0.25) Dec 2,312 3.3 JMA,PN Patterson-UTI Energy, Inc. PTEN Q 1 H/GRW 21.00 29.00 25.03 14.83 NM (0.81) (0.03) 0.95 Dec 4,653 0.8 JMA,PN Pioneer Energy Services Corp. PES N 3 H/SPEC 5.05 NM 6.35 1.60 NM (0.70) (0.31) (0.30) Dec 393 0.0 JMA,PN Unit Corporation UNT N 1 H/GRW 20.93 27.00 26.82 15.29 24.3 0.54 0.86 1.20 Dec 1,131 0.0 JMA,PN


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Energy - USA Production/Workover/Miscellaneous Dawson Geophysical Company DWSN Q 1 H/SPEC 6.91 9.52 8.11 3.52 NM (1.37) (0.54) (0.20) Dec 166 0.0 JMA,PN Hi-Crush Partners LP HCLP N 1 H/GRW 13.15 17.00 14.85 7.25 4.4 1.02 2.98 2.44 Dec 1,162 6.8 JMA,PN Mammoth Energy Services, Inc. TUSK Q 2 H/GRW 31.15 36.00 36.66 10.88 6.6 1.17 4.72 2.60 Dec 1,168 0.0 PN,JMA NCS Multistage Holdings, Inc. NCSM Q 2 H/SPEC 15.25 22.00 29.07 13.85 23.5 0.22 0.65 1.10 Dec 681 0.0 PN,JMA Newpark Resources, Inc. NR N 1 H/GRW 10.60 13.00 10.95 6.58 23.6 0.10 0.45 0.70 Dec 947 0.0 JMA,PN ProPetro Holding Corp. PUMP N 1 H/GRW 17.70 24.00 22.88 10.84 9.1 0.28 1.95 2.40 Dec 1,476 0.0 PN,JMA RPC, Inc. RES N 2 H/GRW 16.89 23.00 27.07 16.62 12.4 0.72 1.36 1.19 Dec 3,639 2.4 JMA,PN Solaris Oilfield Infrastructure, Inc. SOI N 3 H/GRW 16.54 NM 23.98 9.90 9.7 0.45 1.70 2.65 Dec 762 0.0 JMA,PN Superior Energy Services, Inc. SPN N 1 H/GRW 11.23 19.00 12.73 7.66 NM (1.65) (0.60) 0.12 Dec 1,732 0.0 JMA,PN TETRA Technologies, Inc. TTI N 2 H/GRW 4.26 6.00 4.85 1.85 35.5 (0.14) 0.12 0.30 Dec 535 0.0 JMA,PN

Renewable Energy and Clean Technology Fuels and Chemicals Chart Industries, Inc. GTLS Q 3 H/GRW 63.12 NM 66.20 32.04 34.9 0.99 1.81 2.19 Dec 2,014 0.0 PM Clean Energy Fuels Corp. CLNE Q 3 H/GRW 2.63 NM 3.05 1.31 NM (0.38) (0.02) (0.14) Dec 412 0.0 PM Green Plains Partners LP GPP Q 1 M/INC 17.60 23.00 21.00 15.65 9.6 1.81 1.84 1.98 Dec 560 10.8 PM

Power 8point3 Energy Partners LP CAFD Q 3 M/INC 12.27 NM 15.92 11.69 12.3 0.41 1.00 0.88 Nov 971 9.1 PM Advanced Energy Industries, Inc. AEIS Q 3 H/GRW 65.99 NM 95.00 57.35 12.1 4.77 5.45 5.62 Dec 2,640 0.0 PM Enphase Energy, Inc. ENPH Q 3 H/GRW 5.61 NM 6.12 0.70 80.1 (0.25) 0.07 0.14 Dec 513 0.0 PM Enviva Partners, LP EVA N 2 M/INC 30.85 32.00 31.95 25.01 73.5 0.83 0.42 1.87 Dec 811 8.0 PM First Solar, Inc. FSLR Q 3 H/GRW 68.25 NM 81.72 35.33 36.9 2.61 1.85 2.83 Dec 7,255 0.0 PM Itron, Inc. ITRI Q 1 M/GRW 59.05 84.00 79.95 57.96 19.9 3.06 2.96 4.18 Dec 2,350 0.0 PM NextEra Energy Partners, L.P. NEP N 2 M/INC 44.06 45.00 45.38 34.09 20.9 (1.20) 2.11 0.74 Dec 3,260 3.8 PM SunPower Corporation SPWR Q 2 H/GRW 8.80 12.00 11.70 6.46 NM (0.25) 0.05 0.38 Dec 1,234 0.0 PM TPI Composites, Inc. TPIC Q 2 H/GRW 26.29 25.00 28.14 16.17 38.1 1.27 0.69 1.79 Dec 894 0.0 PM

Water AquaVenture Holdings Ltd. WAAS N 1 H/GRW 14.48 22.00 17.70 10.87 NM (0.98) (0.84) (0.72) Dec 384 0.0 PM Evoqua Water Technologies Corp. AQUA N 2 M/GRW 19.36 26.00 25.36 18.05 26.2 0.41 0.74 0.81 Sep 2,304 0.0 PM


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Energy - CAN Andrew Bradford, CFA [email protected] Kurt Molnar [email protected]

Chris Cox, CFA [email protected] Jeremy McCrea, CFA [email protected]

David Quezada, CFA [email protected] Frederic Bastien, CFA [email protected]

Intermediate Oil & Gas Producers Advantage Oil & Gas Ltd. (cf) AAV T 2 H/GRW C$3.74 5.00 9.24 3.48 4.6 0.99 0.81 0.85 Dec 696 0.0 KM ARC Resources Ltd. (cf) ARX T 2 H/INC C$13.06 22.50 18.34 11.88 6.7 2.03 1.96 1.88 Dec 4,617 4.6 JM Athabasca Oil Corp. (cb) ATH T 3 H/GRW C$1.69 2.50 1.98 0.85 NM 136 150 233 Dec 862 0.0 CC Baytex Energy Corp. (cf) BTE T 4 H/GRW C$5.31 5.00 6.23 2.76 NM 419 452 498 Dec 1,256 0.0 CC Bellatrix Exploration Ltd. (cf) BXE T 4 H/GRW C$1.36 1.25 4.75 1.24 1.5 1.18 0.92 0.45 Dec 67 0.0 JM Birchcliff Energy Ltd. (cf) BIR T 2 H/GRW C$4.14 6.25 6.63 2.90 3.8 1.20 1.09 1.01 Dec 1,100 2.4 KM Bonavista Energy Corporation (cf) BNP T 4 H/GRW C$1.49 1.50 3.37 1.11 1.5 1.18 0.97 0.66 Dec 375 2.7 JM Bonterra Energy Corp. (cf) BNE T 1 H/INC C$16.12 21.50 17.59 12.26 3.9 3.08 4.11 4.33 Dec 537 7.4 JM Cardinal Energy Ltd. (cf) CJ T 3 H/INC C$5.27 5.50 6.14 3.76 4.9 0.83 1.08 1.30 Dec 584 8.0 JM Crescent Point Energy Corp. (cf) CPG T 3 M/GRW C$9.98 13.00 12.33 8.08 NM 1,843 2,076 2,252 Dec 5,479 3.6 CC Crew Energy Inc. (cf) CR T 2 H/GRW C$2.23 3.20 4.71 1.37 4.1 0.73 0.54 0.55 Dec 333 0.0 KM Enerplus Corporation (cf) ERF T 2 H/GRW C$15.24 20.00 17.21 9.75 5.4 2.11 2.82 2.93 Dec 3,690 0.8 KM Freehold Royalties Ltd. (cf) FRU T 2 M/INC C$12.39 16.75 16.41 11.71 10.2 1.06 1.21 1.17 Dec 1,464 4.8 JM Kelt Exploration Ltd. (cf) KEL T 1 H/GRW C$8.16 12.00 8.97 5.56 8.2 0.54 0.99 1.18 Dec 1,473 0.0 JM NuVista Energy Ltd. (cf) NVA T 1 H/GRW C$8.70 13.50 9.89 5.91 6.3 1.15 1.38 1.46 Dec 1,514 0.0 KM Obsidian Energy Ltd. (cf) OBE T 2 H/GRW C$1.39 2.00 2.02 1.03 4.3 0.27 0.32 0.38 Dec 701 0.0 JM Painted Pony Energy Ltd. (cf) PONY T 3 H/GRW C$2.41 3.50 5.26 1.65 3.0 0.78 0.80 0.71 Dec 388 0.0 JM Paramount Resources Ltd. (cf) POU T 2 H/GRW C$14.65 25.00 25.57 13.80 5.0 1.89 2.91 4.81 Dec 1,973 0.0 KM Pengrowth Energy Corporation (cf) PGF T 4 H/GRW C$1.01 0.75 1.52 0.68 NM 263 111 158 Dec 558 0.0 CC Peyto Exploration & Development Corp. (cf) PEY T 2 M/GRW C$10.41 16.00 25.17 9.83 3.4 3.48 3.05 2.63 Dec 1,717 6.9 KM PrairieSky Royalty Ltd. (cf) PSK T 3 M/INC C$26.03 30.00 35.90 25.75 25.8 1.23 1.01 0.96 Dec 6,143 2.9 JM Raging River Exploration Inc. (cf) RRX T 3 H/GRW C$7.20 8.00 8.89 5.52 4.4 1.18 1.63 1.59 Dec 1,665 0.0 JM Seven Generations Energy Ltd. (cf) VII T 1 H/GRW C$16.71 29.50 25.33 13.62 3.8 3.37 4.40 4.33 Dec 5,927 0.0 KM Tamarack Valley Energy Ltd. (cf) TVE T 2 H/GRW C$4.08 4.75 4.29 1.96 4.1 0.68 1.00 1.11 Dec 932 0.0 JM TORC Oil & Gas Ltd. TOG T 2 H/INC C$7.44 9.50 8.11 4.43 5.0 1.09 1.48 1.47 Dec 1,459 3.2 JM Tourmaline Oil Corp. (cf) TOU T 2 H/GRW C$24.29 31.00 28.74 17.78 5.1 4.47 4.77 5.04 Dec 6,585 1.5 KM Whitecap Resources Inc. (cf) WCP T 1 H/INC C$9.49 13.50 10.36 7.40 5.2 1.32 1.81 2.11 Dec 3,967 3.0 JM


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Energy - CAN Junior Oil & Gas Producers Chinook Energy, Inc. (cf) CKE T 4 H/GRW C$0.20 0.15 0.37 0.17 10.0 0.02 0.02 0.01 Dec 45 0.0 KM Delphi Energy Corp. (cf) DEE T 1 H/GRW C$0.89 1.75 1.38 0.80 2.8 0.22 0.32 0.37 Dec 165 0.0 KM Granite Oil Corp. (cf) GXO T 2 H/INC C$3.03 7.00 5.14 1.90 4.7 0.72 0.64 0.79 Dec 104 9.2 KM Iron Bridge Resources Inc. (cf) IBR T 3 H/GRW C$0.77 0.75 0.80 0.42 12.8 0.01 0.06 0.04 Dec 120 0.0 KM Leucrotta Exploration Inc. (cf) LXE V 2 H/GRW C$1.89 2.25 2.12 1.40 23.6 0.05 0.08 0.12 Dec 379 0.0 KM Petrus Resources Ltd. (cf) PRQ T 2 H/GRW C$1.40 2.50 2.78 1.02 1.5 0.96 0.92 1.11 Dec 69 0.0 JM Storm Resources Ltd. (cf) SRX T 2 H/GRW C$2.93 4.25 4.20 1.75 4.5 0.53 0.65 0.66 Dec 356 0.0 KM Yangarra Resources Ltd. (cf) YGR T 1 H/GRW C$5.40 7.50 6.50 2.77 4.8 0.66 1.12 1.55 Dec 440 0.0 JM

Oil & Gas Energy Services Ancillary Wellsite Services Essential Energy Services Ltd. (cb) ESN T 2 H/GRW C$0.59 1.30 0.82 0.50 NM 22 E 31 52 Dec 92 0.0 AB Strad Energy Services Ltd. (cb) SDY T 1 H/GRW C$1.60 2.25 1.75 1.04 NM 25 30 35 Dec 96 0.0 AB

Blended Production/Midstream/Wellsite CES Energy Solutions Corp. (cb) CEU T 1 H/GRW C$5.21 7.50 7.34 4.94 NM 153 183 224 Dec 1,520 0.6 AB Enerflex Ltd. (cb) EFX T 2 H/INC C$14.61 22.00 19.31 13.74 NM 254 E 295 317 Dec 1,340 2.3 AB Mullen Group Ltd. (cb) MTL T 3 M/INC C$14.53 14.70 17.62 14.10 NM 182 199 213 Dec 1,552 4.1 AB Secure Energy Services Inc. (cb) SES T 1 H/INC C$7.57 12.75 9.82 6.96 NM 157 176 220 Dec 1,287 3.6 AB

Contract Drillers Ensign Energy Services Inc. (cb) ESI T 3 H/INC C$5.85 6.50 7.83 5.56 NM 202 225 265 Dec 968 8.2 AB Precision Drilling Corporation (cb) PD T 1 H/GRW C$4.49 5.75 5.33 2.89 NM 312 423 602 Dec 1,363 0.0 AB Trinidad Drilling Ltd. (cb) TDG T 2 H/GRW C$1.80 2.75 2.12 1.43 NM 122 E 173 262 Dec 497 0.0 AB Western Energy Services Corp. (cb) WRG T 2 H/GRW C$1.14 1.30 2.25 0.96 NM 36 47 56 Dec 120 0.0 AB

Pressure Pumpers Calfrac Well Services (cb) CFW T 2 H/GRW C$6.76 10.00 8.35 2.23 NM 185 300 374 Dec 1,069 0.0 AB Trican Well Service Ltd. (cb) TCW T 1 H/GRW C$3.08 6.50 5.34 2.77 NM 163 195 249 Dec 1,106 0.0 AB

Workforce Accommodations Black Diamond Group Limited (cb) BDI T 2 H/INC C$2.98 3.25 3.51 1.55 NM 28 35 40 Dec 176 0.0 AB Horizon North Logistics Inc. (cb) HNL T 4 H/INC C$2.65 1.70 2.73 1.16 NM 30 42 62 Dec 413 3.0 AB

Oil Sands MEG Energy Corp. (cb) MEG T 2 H/GRW C$8.58 11.00 9.92 3.28 NM 684 966 836 Dec 2,652 0.0 CC

Power & Energy Infrastructure Diversified & Utilities Algonquin Power & Utilities AQN T 1 M/INC C$12.87 16.50 14.40 12.18 NM 0.56 0.62 0.68 Dec 6,057 5.0 DQ Brookfield Infrastructure Partners L.P. (x) BIP N 2 M/INC US$38.13 51.00 46.88 37.54 NM 3.11 3.20 3.55 Dec 15,023 4.9 FB Crius Energy Trust KWH.UN T 2 H/INC C$7.87 11.00 10.59 7.01 NM 0.06 0.63 0.82 Dec 449 10.7 DQ Emera Incorporated EMA T 2 M/INC C$40.67 52.00 49.48 39.08 15.0 2.46 2.72 2.87 Dec 9,379 5.6 DQ Fortis, Inc. FTS T 2 M/INC C$41.80 50.00 48.73 39.38 15.8 2.53 2.64 2.76 Dec 17,660 4.1 DQ Hydro One Ltd. H T 2 M/INC C$19.65 24.00 23.98 18.93 15.2 1.16 1.29 1.39 Dec 11,745 4.7 FB,DQ


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Energy - CAN Independent Power Producers Boralex, Inc. BLX T 2 M/INC C$21.67 28.50 25.03 20.90 47.1 0.29 0.46 0.80 Dec 1,666 2.9 DQ Brookfield Renewable Partners L.P. (x) BEP N 3 M/INC US$31.61 35.00 36.00 29.74 NM 1.90 2.20 2.45 Dec 9,884 6.2 FB Capital Power Corporation CPX T 2 M/GRW C$24.95 30.00 26.51 22.15 14.9 1.12 1.67 2.01 Dec 2,680 6.7 DQ Innergex Renewable Energy Inc. INE T R M/GRW C$13.65 R 15.72 13.00 R R R R Dec R R DQ Northland Power Inc. NPI T 2 M/GRW C$24.20 29.50 24.76 21.35 16.8 0.85 1.44 1.61 Dec 4,262 5.0 DQ Pattern Energy Group Inc. (ca) PEGI Q 3 H/GRW US$18.40 20.00 26.56 16.58 NM 1.63 1.70 1.85 Dec 1,805 9.2 FB,DQ Polaris Infrastructure Inc. PIF T 2 H/SPEC C$17.88 28.00 20.75 15.50 22.1 0.11 0.81 1.35 Dec 281 4.2 DQ TransAlta Renewables Inc. RNW T 3 M/GRW C$12.29 13.50 16.15 11.38 12.3 0.05 1.00 1.08 Dec 3,075 7.6 DQ

Pipelines & Midstream AltaGas Ltd. (af) ALA T 4 M/INC C$24.90 23.00 30.60 22.82 10.2 2.51 2.44 2.20 Dec 4,397 8.8 CC Gibson Energy Inc. (af) GEI T 3 H/INC C$16.90 18.50 19.38 15.68 11.3 0.87 1.49 1.64 Dec 2,422 7.8 CC Inter Pipeline Ltd. (af) IPL T 4 M/INC C$23.94 24.00 27.92 21.36 10.2 2.33 2.34 2.27 Dec 9,174 7.0 CC Keyera Corp. (af) KEY T 2 M/INC C$34.50 41.00 42.57 31.20 12.0 2.70 2.88 3.24 Dec 7,107 4.9 CC Pembina Pipeline Corporation (af) PPL T 2 M/INC C$43.52 48.00 46.17 37.60 11.3 3.09 3.85 4.25 Dec 22,108 5.2 CC

Senior Oil & Gas Producers Canadian Natural Resources Limited (cb) CNQ T 2 M/GRW C$44.52 59.00 48.73 35.90 NM 7,939 11,914 11,952 Dec 54,817 3.0 CC Cenovus Energy Inc. (cb) CVE T 3 M/GRW C$13.20 14.00 14.65 8.89 NM 2,135 2,198 3,536 Dec 16,220 1.5 CC Encana Corporation (cb) ECA N 1 H/GRW US$12.64 17.00 14.31 8.01 NM 1,533 2,325 3,139 Dec 12,280 0.5 CC Husky Energy Inc. (cb) HSE T 3 M/GRW C$18.12 22.00 19.94 13.39 NM 3,661 4,646 4,680 Dec 18,220 1.7 CC Imperial Oil Limited (cb) IMO T 4 M/GRW C$41.47 39.00 42.86 33.43 NM 2,832 4,582 4,279 Dec 34,379 1.8 CC Suncor Energy Inc. (cb) SU T 2 M/GRW C$50.17 61.00 53.43 36.09 NM 11,271 13,809 13,802 Dec 81,968 2.9 CC


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

Pavel Molchanov* [email protected] Praveen Narra, CFA* [email protected]

Integrated Oil and Gas BP ($D) BP.L L 3 M/INC 555p NM 594 437 NM 0.31 0.53 0.57 Dec £110,702 5.4 JPD,PM Eni ENI.MI BIT 2 €15.07 18.30 16.89 12.94 12.7 0.67 1.19 1.36 Dec 54,782 5.5 JPD Repsol REP.MC MCE 2 €15.67 19.00 17.25 12.94 9.3 1.55 1.68 1.70 Dec 24,383 5.7 JPD Royal Dutch Shell ($D) RDSa.AS AMS 3 €29.10 NM 31.38 22.73 NM 1.90 2.89 3.07 Dec 245,326 5.5 JPD Total ($D) TOTF.PA EPA 1 €50.76 58.00 54.95 42.23 NM 4.12 4.88 5.31 Dec 134,473 5.0 JPD

Oilfield Services Diversified Oilfield Services Petrofac ($D) PFC.L L 3 570p NM 660 345 NM 1.01 0.91 0.65 Dec £1,970 6.8 JPD Saipem SPMI.MI BIT 4 €3.51 3.40 4.19 2.94 38.9 0.05 0.09 0.07 Dec 3,544 0.0 JPD Schoeller-Bleckmann SBO.VI WBAG 2 €104.40 125.00 111.60 52.59 31.2 0.93 3.35 5.42 Dec 1,665 0.9 JPD TechnipFMC plc FTI N 3 H/GRW $31.23 NM 35.00 24.53 18.8 1.29 1.66 1.55 Dec 14,435 1.7 JPD,PN Tecnicas Reunidas TRE.MC MCE 4 €25.65 21.50 35.80 19.25 42.7 0.83 0.60 1.48 Dec 1,434 3.5 JPD Wood Group ($D) WG.L L 3 657p NM 754 515 NM 0.53 0.61 0.71 Dec £4,452 4.5 JPD

Utilities Electricity & Gas CEZ CEZsp.PR PRG S CZK551.00 NM 590.00 392.80 NM NA NA NA Dec 294,234 UR ER E.On EONGn.DE ETR 2 €9.17 10.00 10.81 7.48 13.7 0.66 0.67 0.72 Dec 20,175 4.7 ER EDF EDF.PA EPA 2 €11.47 12.80 12.56 8.50 24.9 0.46 E 0.49 0.75 Dec 33,103 4.0 ER Enel ENEI.MI BIT 1 €4.71 6.20 5.59 4.55 13.1 0.36 E 0.40 0.45 Dec 47,905 4.9 ER Engie GSZ.PA EPA 1 €13.81 16.90 15.16 12.17 13.5 1.06 1.02 1.09 Dec 33,631 5.4 ER Fortum FUM1V.HE HEL 3 €20.33 NM 21.04 13.63 21.4 0.97 0.95 1.08 Dec 18,061 5.4 ER innogy IGY.DE ETR 4 €35.85 36.76 42.68 28.86 17.9 2.20 2.00 2.02 Dec 19,918 4.5 ER RWE RWEG.DE ETR 2 €19.82 24.00 23.32 14.71 12.9 2.01 1.54 1.84 Dec 12,172 3.5 ER Uniper UN01.DE ETR 1 €26.74 28.40 27.74 16.13 12.7 2.10 E 1.73 2.03 Dec 9,787 2.6 ER Verbund VERB.VI WBAG S €27.58 NM 28.00 15.79 NM UR NA NA Dec 9,570 UR ER

Environmental Services Suez Environnement SEVI.PA EPA 2 €12.12 13.10 16.99 10.58 18.9 0.50 0.64 0.71 Dec 7,434 5.4 ER Veolia Environnement S.A. VIE.PA EPA 1 €19.85 25.00 22.29 18.37 18.7 1.06 E 1.38 1.56 Dec 10,846 4.6 ER

*Pavel Molchanov and Praveen Narra are Raymond James & Associates employees.


Financial Services

USA Canada

Banking ....................................................................... 35

Capital Markets .......................................................... 39

Brokerages & Exchanges ......................................... 39

Capital Markets Technology .................................... 39

Insurance .................................................................... 39

Brokerage & Technology ......................................... 39

Commercial Lines .................................................... 40

Life/Health ............................................................... 40

Personal Lines .......................................................... 40

Specialty Finance ........................................................ 41

Investment Companies ............................................ 41

Specialty Consumer Finance .................................... 41

Diversified Financials .................................................. 42


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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]

William J. Wallace IV [email protected] Donald A. Worthington [email protected]

Banking 1st Constitution Bancorp FCCY Q 3 H/GRW 21.10 NM 22.53 16.15 15.1 1.06 1.40 1.45 Dec 177 1.1 WW Access National Corporation ANCX Q 2 H/INC 28.42 30.00 30.99 24.36 15.8 1.41 1.80 2.05 Dec 588 2.1 WW American National Bankshares Inc. AMNB Q 3 M/INC 40.05 NM 43.00 34.60 14.8 1.97 2.70 3.00 Dec 348 2.4 WW American River Bankshares AMRB Q 4 NM 15.94 NM 16.49 12.21 18.1 0.50 0.88 0.98 Dec 94 1.3 DAW Associated Banc-Corp ASB M 3 H/GRW 27.65 NM 27.95 20.95 14.3 1.52 1.94 2.00 Dec 4,761 2.2 DJL Atlantic Capital Bancshares, Inc. ACBI Q 3 H/GRW 21.00 NM 21.00 15.20 20.0 0.58 1.05 1.20 Dec 542 0.0 WW Banc of California, Inc. BANC N 2 H/GRW 19.70 22.00 23.40 17.10 29.8 0.71 0.66 1.15 Dec 987 2.6 DAW BancFirst Corporation BANF Q 3 M/GRW 59.50 NM 61.65 46.35 16.6 2.85 3.59 3.63 Dec 1,981 1.4 DC The Bancorp, Inc. TBBK Q 1 H/SPEC 11.48 13.00 12.00 6.02 14.3 0.48 0.80 1.05 Dec 645 0.0 WW BancorpSouth Bank BXS N 3 M/GRW 34.15 NM 35.55 27.20 15.0 1.68 2.27 2.45 Dec 3,401 1.6 MR Bank of America Corporation BAC N 2 M/GRW 30.16 36.00 33.05 22.07 11.8 1.56 2.56 2.86 Dec 305,337 1.6 MR Bank of Commerce Holdings BOCH Q 2 H/GRW 11.85 12.50 12.40 9.90 14.8 0.48 0.80 0.93 Dec 193 1.0 DAW Bank of Marin Bancorp BMRC Q 3 M/GRW 77.60 NM 79.65 59.05 18.9 2.55 4.10 4.70 Dec 543 1.6 DAW The Bank of N.T. Butterfield & Son Limited NTB N 2 H/GRW 47.97 52.00 49.36 31.36 13.7 2.76 3.50 4.15 Dec 2,643 3.2 DAW Bank of New York Mellon Corporation BK N 1 M/GRW 57.00 64.00 58.99 46.60 13.3 3.28 4.27 4.70 Dec 57,610 1.7 DJL Bank of the Ozarks OZRK Q 1 M/GRW 48.24 63.00 53.70 40.15 13.2 2.96 3.66 4.30 Dec 6,204 1.6 MR Banner Corporation BANR Q 2 M/GRW 60.09 62.00 62.75 52.07 16.9 1.84 3.55 3.85 Dec 1,947 2.3 DAW BB&T Corporation BBT N 2 M/INC 54.81 60.00 56.31 41.17 13.5 2.68 4.05 4.48 Dec 42,741 2.7 MR BofI Holding, Inc. BOFI Q 2 H/GRW 40.96 46.00 43.50 21.60 17.1 2.07 2.40 3.15 Jun 2,564 0.0 DAW BOK Financial Corporation BOKF Q 3 M/GRW 102.40 NM 107.00 77.10 15.2 5.34 6.75 7.00 Dec 6,707 1.8 MR Cadence Bancorporation CADE N 2 M/GRW 30.04 35.00 30.50 20.00 14.3 1.51 2.10 2.42 Dec 2,512 1.7 MR CapStar Financial Holdings, Inc. CSTR Q 3 H/GRW 20.87 NM 22.22 16.00 18.3 0.40 1.14 1.26 Dec 242 0.0 DC Carolina Financial Corporation CARO Q 2 H/GRW 42.80 45.00 43.34 29.67 14.5 2.00 2.95 3.10 Dec 903 0.6 WW CenterState Banks, Inc. CSFL Q 3 H/GRW 31.66 NM 32.27 21.77 15.8 1.42 2.00 2.25 Dec 2,653 1.3 MR Central Pacific Financial Corp. CPF N 3 H/GRW 29.86 NM 33.15 27.34 15.7 1.34 1.90 2.10 Dec 887 2.8 DAW Chemical Financial Corp. CHFC Q 1 H/GRW 57.29 68.00 59.83 43.61 14.8 3.08 3.88 4.30 Dec 4,088 2.0 DJL Columbia Banking System, Inc. COLB Q 3 M/GRW 43.08 NM 48.06 35.67 16.9 1.86 2.55 2.94 Dec 3,153 2.4 DAW Comerica Inc. CMA N 2 M/GRW 97.76 105.00 102.66 64.04 14.4 4.92 6.78 7.40 Dec 16,864 1.4 MR Commerce Bancshares, Inc. CBSH Q 3 H/GRW 64.87 NM 66.26 49.43 18.0 2.85 3.61 3.73 Dec 6,915 1.4 DJL


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Financial Services - USA Banking Community Bank System, Inc. CBU N 3 M/INC 60.30 NM 61.36 48.89 19.1 2.57 3.15 3.05 Dec 3,063 2.3 WW Community Trust Bancorp, Inc. CTBI Q 3 M/INC 51.25 NM 51.90 40.33 14.9 2.79 3.43 3.35 Dec 907 2.6 DC ConnectOne Bancorp, Inc. CNOB Q 1 H/GRW 26.70 34.00 31.40 21.04 14.8 1.47 1.80 2.40 Dec 860 1.1 WW Cullen/Frost Bankers, Inc. CFR N 4 NM 116.69 NM 121.66 81.09 17.2 5.45 6.78 7.00 Dec 7,444 2.3 MR CVB Financial Corp. CVBF Q 3 M/GRW 23.37 NM 25.49 19.58 18.4 0.95 1.27 1.46 Dec 2,578 2.4 DAW East West Bancorp, Inc. EWBC Q 3 M/GRW 70.42 NM 72.72 52.86 15.4 3.45 4.57 5.10 Dec 10,204 1.1 DJL F.N.B. Corporation FNB N 1 M/INC 13.56 17.00 14.92 12.02 11.8 0.91 1.15 1.25 Dec 4,387 3.5 WW Farmers Capital Bank Corporation FFKT Q 3 H/GRW 53.35 NM 54.35 32.60 18.4 2.37 2.90 3.00 Dec 400 0.9 DC Farmers National Banc Corp. FMNB Q 2 H/GRW 15.90 16.00 15.95 12.80 13.9 0.91 1.14 1.25 Dec 444 1.8 DC FB Financial Corporation FBK N 2 H/GRW 41.55 47.00 45.43 32.84 14.3 2.05 2.91 3.21 Dec 1,305 0.6 DC FCB Financial Holdings, Inc. FCB N 3 M/GRW 61.40 NM 62.15 39.90 16.7 3.04 3.67 4.15 Dec 2,863 0.0 MR Fifth Third Bancorp FITB Q 3 M/GRW 31.36 NM 34.67 23.20 13.0 1.79 2.42 2.70 Dec 21,478 2.0 DJL First Bancorp FBNC Q 2 H/GRW 41.13 39.00 41.89 27.50 13.7 2.00 3.00 3.00 Dec 1,217 1.0 WW First Busey Corporation BUSE Q 3 H/GRW 31.93 NM 32.88 27.33 14.9 1.77 2.14 2.37 Dec 1,571 2.5 DC First Business Financial Services, Inc. FBIZ Q 3 H/GRW 26.03 NM 26.95 20.57 13.5 1.34 1.93 2.18 Dec 224 2.2 DC First Commonwealth Financial Corp. FCF N 3 H/GRW 15.69 NM 15.99 12.05 15.1 0.81 1.04 1.10 Dec 1,531 2.3 DC First Community Corporation FCCO Q 3 H/GRW 23.45 NM 24.87 18.90 15.6 1.06 1.50 1.65 Dec 178 1.7 WW First Defiance Financial Corp. FDEF Q 3 H/GRW 62.38 NM 63.11 47.01 14.2 3.48 4.40 4.51 Dec 636 1.9 DC First Financial Bancorp. FFBC Q 3 H/GRW 31.80 NM 32.60 22.80 14.8 1.58 2.15 2.32 Dec 1,975 2.4 DC First Financial Corporation THFF Q 3 M/INC 43.50 NM 52.35 39.55 13.1 2.73 3.31 3.49 Dec 531 2.3 DC First Foundation Inc. FFWM Q 2 H/GRW 19.12 21.00 19.84 15.06 15.9 0.78 1.20 1.60 Dec 748 0.0 DAW First Horizon National Corporation FHN N 1 H/GRW 18.92 24.00 20.86 15.84 12.8 1.13 1.48 1.70 Dec 6,191 2.5 MR First Midwest Bancorp, Inc. FMBI Q 2 H/GRW 26.43 28.00 26.92 20.50 16.0 1.34 1.65 1.99 Dec 2,725 1.7 DJL The First of Long Island Corporation FLIC Q 3 M/INC 24.90 NM 33.50 23.30 14.6 1.42 1.70 1.85 Dec 622 2.4 WW First Republic Bank FRC N 2 H/GRW 99.91 105.00 105.52 84.56 20.9 4.56 4.78 5.45 Dec 16,172 0.7 DJL Flagstar Bancorp, Inc. FBC N 2 H/GRW 34.97 40.00 40.06 28.43 11.0 2.49 3.18 3.57 Dec 2,007 0.0 DJL Franklin Financial Network, Inc. FSB N 3 H/GRW 35.95 NM 42.65 30.30 12.7 2.39 2.84 3.10 Dec 496 0.0 DC FS Bancorp, Inc. FSBW Q 2 H/GRW 58.76 65.00 60.00 42.77 12.4 4.28 4.73 5.20 Dec 217 1.0 DAW Fulton Financial Corporation FULT Q 3 M/GRW 17.85 NM 19.90 16.45 14.5 1.06 1.23 1.35 Dec 3,131 2.7 DJL German American Bancorp, Inc. GABC Q 3 M/GRW 36.11 NM 39.02 30.32 17.4 1.66 2.08 2.41 Dec 827 1.7 DC Glacier Bancorp, Inc. GBCI Q 3 M/GRW 39.81 NM 41.24 31.38 18.3 1.50 2.18 2.36 Dec 3,364 2.3 DAW Guaranty Federal Bancshares, Inc. GFED Q 2 H/GRW 23.61 25.00 23.75 15.89 13.2 1.38 1.79 2.12 Dec 106 2.0 DC Hancock Whitney Corporation HWC Q 1 H/GRW 51.85 62.00 56.40 41.05 13.4 2.90 3.86 4.15 Dec 4,423 1.9 MR Hanmi Financial Corporation HAFC Q 2 H/GRW 30.30 32.00 33.10 25.45 14.1 1.69 2.15 2.56 Dec 985 3.2 DAW


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Financial Services - USA Banking Heartland Financial USA, Inc. HTLF Q 2 H/GRW 55.20 58.00 56.40 42.10 15.0 2.93 3.68 4.46 Dec 1,689 0.8 DC Heritage Financial Corporation HFWA Q 3 H/GRW 32.50 NM 33.25 23.15 19.3 1.39 1.68 2.14 Dec 1,105 1.8 DAW Hilltop Holdings Inc. HTH N 4 NM 23.71 NM 28.32 21.47 14.1 1.47 1.68 1.95 Dec 2,276 1.2 MR Home Bancorp, Inc. HBCP Q 3 H/GRW 44.57 NM 47.20 34.12 12.6 2.76 3.55 3.40 Dec 419 1.5 WW Home BancShares, Inc. HOMB Q 3 M/GRW 23.35 NM 26.30 20.82 13.0 1.22 1.80 1.95 Dec 4,054 1.9 MR Hope Bancorp, Inc. HOPE Q 3 H/GRW 18.42 NM 19.92 15.10 12.2 1.03 1.51 1.62 Dec 2,496 2.8 DAW HopFed Bancorp, Inc. HFBC Q 3 H/GRW 15.80 NM 16.29 13.51 18.2 0.70 0.87 0.97 Dec 98 1.3 DC Horizon Bancorp HBNC Q 2 H/GRW 31.16 32.00 31.55 24.84 14.4 1.62 2.17 2.30 Dec 798 1.3 DC Howard Bancorp, Inc. HBMD Q 2 M/GRW 18.15 20.00 24.20 16.70 17.3 0.71 1.05 1.40 Dec 345 0.0 WW Huntington Bancshares Incorporated HBAN Q 2 M/GRW 15.10 16.50 16.60 12.14 12.5 0.98 1.21 1.31 Dec 16,637 2.9 DJL IBERIABANK Corporation IBKC Q 2 M/GRW 81.10 92.00 87.55 68.55 12.8 4.37 6.35 7.10 Dec 4,606 1.9 MR Independent Bank Group, Inc. IBTX Q 2 M/GRW 74.30 86.00 79.00 51.71 15.6 3.59 4.76 5.75 Dec 2,110 0.8 MR Investar Holding Corporation ISTR Q 3 M/GRW 27.30 NM 27.70 20.25 17.1 1.13 1.60 1.90 Dec 259 0.5 WW KeyCorp KEY N 3 M/GRW 20.04 NM 22.40 16.28 11.9 1.36 1.69 1.82 Dec 21,341 2.4 DJL Lakeland Bancorp, Inc. LBAI Q 3 M/GRW 20.15 NM 21.90 15.06 14.9 1.10 1.35 1.40 Dec 957 2.3 WW Lakeland Financial Corporation LKFN Q 3 M/GRW 49.31 NM 52.43 41.30 16.6 2.40 2.97 3.16 Dec 1,267 1.8 DC LegacyTexas Financial Group, Inc. LTXB Q 3 M/GRW 42.82 NM 46.45 34.58 14.5 2.16 2.95 3.40 Dec 2,067 1.5 MR Level One Bancorp, Inc. LEVL Q 2 H/GRW 28.43 32.00 30.79 27.05 14.4 1.70 1.98 2.25 Dec 222 0.4 DC MB Financial, Inc. MBFI Q 3 H/GRW 50.56 NM 51.33 38.29 17.9 2.35 2.82 3.30 Dec 4,252 1.7 DJL Mercantile Bank Corporation MBWM Q 3 M/GRW 35.89 NM 38.08 28.92 14.5 1.92 2.48 2.64 Dec 596 2.5 DC Merchants Bancorp MBIN Q 2 H/GRW 26.40 24.00 26.47 16.27 12.0 1.99 2.20 2.48 Dec 758 0.9 DC Meta Financial Group, Inc. CASH Q 1 H/GRW 109.85 120.00 117.98 60.70 14.3 6.21 7.68 9.83 Sep 1,066 0.5 DC MidSouth Bancorp, Inc. MSL N 4 NM 14.05 NM 15.40 11.05 NM (0.69) 0.02 0.70 Dec 233 0.3 WW National Commerce Corporation NCOM Q 3 H/GRW 46.00 NM 46.68 37.00 17.0 1.90 2.70 3.30 Dec 791 0.0 WW New York Community Bancorp, Inc. NYCB N 3 M/INC 11.89 NM 14.53 11.48 14.5 0.67 0.82 0.84 Dec 5,828 5.7 WW Northern Trust Corporation NTRS Q 1 M/GRW 106.61 123.00 110.81 85.69 16.8 4.69 6.33 6.90 Dec 23,987 1.6 DJL Old Line Bancshares, Inc. OLBK Q 2 H/GRW 34.75 36.00 35.25 26.01 15.4 1.56 2.25 2.55 Dec 591 0.9 WW Old National Bancorp ONB Q 2 H/GRW 18.15 20.00 18.88 15.38 14.5 1.07 1.25 1.37 Dec 2,762 2.9 DJL Pacific Premier Bancorp, Inc. PPBI Q 2 H/GRW 41.40 48.00 46.05 32.05 15.8 1.56 2.62 3.25 Dec 1,925 0.0 DAW PacWest Bancorp PACW Q 1 H/GRW 53.97 57.00 55.12 43.08 14.9 2.97 3.62 3.90 Dec 6,734 4.4 DJL Peoples Bancorp Inc. PEBO Q 3 H/GRW 37.14 NM 38.03 29.55 14.5 2.07 2.56 2.86 Dec 680 3.0 DC People's Utah Bancorp PUB Q 2 H/GRW 36.20 35.00 36.40 24.63 17.0 1.08 2.13 2.32 Dec 670 1.1 DAW Pinnacle Financial Partners, Inc. PNFP Q 2 M/GRW 67.25 75.00 70.30 58.40 14.1 3.57 4.78 5.28 Dec 5,239 0.8 MR The PNC Financial Services Group, Inc. PNC N 3 M/GRW 148.15 NM 163.59 116.63 13.9 8.51 10.65 11.40 Dec 69,630 2.0 MR


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Financial Services - USA Banking Preferred Bank PFBC Q 1 H/GRW 65.18 77.00 67.65 48.89 14.0 2.96 4.65 5.23 Dec 997 1.4 DAW Prosperity Bancshares, Inc. PB N 4 NM 73.78 NM 79.20 55.84 16.0 3.94 4.60 4.98 Dec 5,150 2.0 MR QCR Holdings, Inc. QCRH Q 2 H/GRW 48.15 51.00 50.00 39.85 14.3 2.66 3.36 3.90 Dec 684 0.5 DC Regions Financial Corporation RF N 2 M/GRW 19.01 22.00 20.21 13.03 13.4 1.05 1.42 1.58 Dec 21,348 1.9 MR Renasant Corporation RNST Q 2 M/GRW 48.10 50.00 48.58 37.68 15.9 2.42 3.02 3.60 Dec 2,371 1.7 MR Riverview Bancorp, Inc. RVSB Q 2 H/GRW 8.73 10.00 9.75 6.46 13.4 0.33 0.45 A 0.65 Mar 197 1.4 DAW S&T Bancorp, Inc. STBA Q 3 H/GRW 45.22 NM 45.91 32.75 15.2 2.40 2.97 3.15 Dec 1,583 2.2 DC Seacoast Banking Corporation of Florida SBCF Q 3 M/GRW 31.66 NM 32.03 20.58 18.6 1.23 1.70 1.96 Dec 1,487 0.0 MR ServisFirst Bancshares, Inc. SFBS Q 3 M/GRW 42.71 NM 44.44 32.54 17.4 1.70 2.45 2.75 Dec 2,268 1.0 WW Sierra Bancorp BSRR Q 2 H/GRW 28.56 30.00 29.55 23.10 14.8 1.36 1.93 2.10 Dec 434 2.2 DAW Signature Bank SBNY Q 2 H/GRW 130.21 146.00 161.92 116.68 14.2 6.83 9.15 11.70 Dec 7,201 0.0 DJL Simmons First National Corporation SFNC Q 3 H/GRW 31.50 NM 31.90 24.88 13.4 1.70 2.35 2.49 Dec 2,904 1.9 MR SmartFinancial, Inc. SMBK Q 2 H/GRW 25.28 26.00 26.26 20.50 16.3 1.03 1.55 1.90 Dec 286 0.0 DC State Street Corporation STT N 3 M/GRW 100.47 NM 114.27 80.73 12.9 6.41 7.76 8.50 Dec 36,712 1.7 DJL Stock Yards Bancorp, Inc. SYBT Q 3 M/GRW 39.60 NM 41.90 31.90 16.6 1.91 2.39 2.45 Dec 911 2.3 DC SunTrust Banks, Inc. STI N 3 M/GRW 68.96 NM 73.37 51.96 13.1 3.93 5.25 5.55 Dec 32,391 2.3 MR SVB Financial Group SIVB Q 1 H/GRW 319.46 375.00 327.91 159.44 19.7 9.91 16.18 18.45 Dec 16,899 0.0 DJL Synovus Financial Corp. SNV N 3 M/GRW 54.40 NM 55.40 40.21 15.3 2.36 3.55 3.95 Dec 6,457 1.8 MR TCF Financial Corporation TCF N 2 H/GRW 26.41 30.00 26.77 14.58 14.5 1.21 1.82 1.93 Dec 4,474 2.3 DJL Territorial Bancorp Inc. TBNK Q 4 NM 30.33 NM 33.00 28.12 14.4 1.57 2.10 2.20 Dec 294 2.6 DAW Texas Capital Bancshares, Inc. TCBI Q 2 M/GRW 98.25 115.00 103.05 69.65 15.6 4.15 6.30 7.15 Dec 4,883 0.0 MR TowneBank TOWN Q 2 M/GRW 31.85 35.00 35.30 27.85 15.5 1.58 2.05 2.20 Dec 1,981 2.0 WW TriCo Bancshares TCBK Q 2 H/GRW 39.24 43.00 43.80 33.36 14.9 1.74 2.64 3.00 Dec 903 1.7 DAW TriState Capital Holdings, Inc. TSC Q 2 H/GRW 25.50 28.00 27.25 20.30 15.5 1.23 1.64 1.98 Dec 732 0.0 DC Trustmark Corporation TRMK Q 3 M/INC 32.55 NM 35.09 28.16 14.8 1.92 2.20 2.29 Dec 2,207 2.8 MR U.S. Bancorp USB N 3 M/GRW 50.54 NM 58.50 49.03 12.7 3.33 3.98 4.25 Dec 83,340 2.4 DJL UMB Financial Corporation UMBF Q 2 H/GRW 77.81 85.00 80.60 62.27 16.6 3.71 4.70 5.20 Dec 3,890 1.5 DJL Umpqua Holdings Corporation UMPQ Q 2 H/GRW 23.79 26.00 24.73 16.76 16.2 1.02 1.47 1.68 Dec 5,246 3.4 DJL Union Bankshares Corporation UBSH Q 1 H/INC 41.13 44.00 41.80 30.45 15.8 1.86 2.60 3.05 Dec 2,706 2.0 WW United Bankshares, Inc. UBSI Q 3 M/INC 36.95 NM 41.45 31.70 15.1 2.08 2.45 2.55 Dec 3,883 3.7 WW United Community Banks, Inc. UCBI Q 2 H/GRW 33.04 36.00 33.82 24.47 14.5 1.64 2.28 2.56 Dec 2,613 1.8 MR Washington Federal, Inc. WAFD Q 3 H/GRW 32.65 NM 37.70 29.80 13.9 1.94 2.35 2.71 Sep 2,765 2.1 DAW Webster Financial Corporation WBS N 3 H/GRW 64.93 NM 66.64 44.04 18.0 2.60 3.60 3.85 Dec 5,974 2.0 WW Wells Fargo & Company WFC N 4 NM 54.90 NM 66.31 49.27 12.9 3.91 4.24 4.85 Dec 267,577 2.8 DJL WesBanco, Inc. WSBC Q 3 M/GRW 46.79 NM 47.63 35.49 15.4 2.44 3.04 3.31 Dec 2,068 2.5 DC Wintrust Financial Corporation WTFC Q 1 H/GRW 94.09 105.00 99.96 67.74 15.7 4.26 5.98 6.54 Dec 5,297 0.6 DJL Zions Bancorporation ZION Q 2 H/GRW 57.05 61.00 59.19 39.34 14.4 2.84 3.95 4.15 Dec 11,245 1.1 DJL


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Financial Services - USA Capital Markets Brokerages & Exchanges BGC Partners, Inc. BGCP Q 1 H/INC 11.83 18.00 16.97 11.55 8.8 1.11 1.35 1.45 Dec 5,665 6.1 PO Cboe Global Markets, Inc. CBOE Q 3 M/GRW 103.09 NM 138.54 85.86 21.0 3.42 4.90 5.13 Dec 11,618 1.0 PO CBRE Group, Inc. CBRE N 1 M/GRW 47.56 62.00 48.44 34.14 15.2 2.73 3.13 3.45 Dec 16,294 0.0 PO The Charles Schwab Corporation SCHW N 3 M/GRW 57.30 NM 60.22 37.63 22.6 1.61 2.54 3.05 Dec 78,043 0.6 PO CME Group Inc. CME Q 3 M/GRW 159.60 NM 171.71 116.55 22.9 4.77 6.96 7.25 Dec 54,376 1.8 PO E*TRADE Financial Corporation ETFC Q 1 M/GRW 64.14 77.00 66.07 34.00 17.4 2.46 3.69 4.20 Dec 17,337 0.0 PO Intercontinental Exchange, Inc. ICE N 2 M/GRW 70.86 81.00 76.30 59.91 20.5 2.97 3.45 3.85 Dec 41,524 1.4 PO Jones Lang LaSalle Incorporated JLL N 2 M/GRW 170.07 193.00 178.75 112.91 16.9 9.31 10.05 10.85 Dec 7,721 0.5 PO MarketAxess Holdings Inc. MKTX Q 3 M/GRW 210.55 NM 229.84 171.45 45.7 3.89 4.61 5.75 Dec 7,980 0.8 PO Nasdaq, Inc. NDAQ Q 2 M/GRW 92.78 94.00 92.90 67.20 18.9 4.02 4.90 5.35 Dec 15,680 1.9 PO Newmark Group, Inc. NMRK Q 2 H/GRW 13.87 22.00 16.98 13.72 9.4 1.15 1.48 1.69 Dec 3,533 2.6 PO TD Ameritrade Holding Corporation AMTD Q 2 M/GRW 60.16 74.00 63.01 36.50 19.3 1.84 3.12 4.00 Sep 34,291 1.4 PO

Capital Markets Technology Broadridge Financial Solutions, Inc. BR N 3 M/GRW 115.91 NM 118.36 71.58 27.6 3.13 4.20 4.50 Jun 13,596 1.3 PO Envestnet, Inc. ENV N 1 H/GRW 54.75 67.00 60.28 35.10 30.1 1.31 1.82 2.10 Dec 2,475 0.0 PO FactSet Research Systems Inc. FDS N 4 NM 201.60 NM 217.36 155.09 23.7 7.31 8.50 9.70 Aug 7,848 1.3 PO Financial Engines, Inc. FNGN Q 3 H/GRW 44.75 NM 44.95 24.45 24.2 1.38 1.85 2.05 Dec 2,886 0.6 PO Moody's Corporation MCO N 3 M/GRW 174.03 NM 175.60 115.59 22.4 6.07 7.77 8.55 Dec 33,400 1.0 PO MSCI Inc. MSCI N 3 M/GRW 159.34 NM 162.29 99.82 30.1 3.98 5.30 6.15 Dec 14,318 1.0 PO S&P Global Inc. SPGI N 2 M/GRW 200.36 206.00 202.75 139.76 23.6 6.89 8.49 9.55 Dec 49,970 1.0 PO SEI Investments Company SEIC Q 3 M/GRW 65.10 NM 78.35 49.45 21.1 2.49 3.08 3.10 Dec 10,247 0.9 PO SS&C Technologies Holdings, Inc. SSNC Q 1 H/GRW 50.20 60.00 53.99 35.85 21.6 1.93 2.32 2.90 Dec 12,500 0.6 PO

Insurance Brokerage & Technology Aon plc AON N 4 NM 142.22 NM 152.78 129.62 17.9 6.54 7.95 8.95 Dec 35,555 1.1 CGP Arthur J. Gallagher & Co. AJG N 3 M/INC 67.62 NM 72.77 56.19 19.6 2.99 3.45 3.90 Dec 12,503 2.4 CGP Brown & Brown, Inc. BRO N 2 H/GRW 27.81 30.00 28.03 21.15 23.2 0.96 1.20 1.27 Dec 7,681 1.1 CGP Crawford & Company CRD.B N 2 H/GRW 8.03 13.00 12.40 7.54 10.0 0.82 0.80 1.00 Dec 441 2.5 CGP Health Insurance Innovations, Inc. HIIQ Q 2 H/SPEC 30.55 38.00 37.38 12.65 12.5 1.65 2.45 2.70 Dec 504 0.0 CGP HealthEquity, Inc. HQY Q 2 H/GRW 76.94 67.00 77.19 40.21 95.0 0.44 0.77 A 0.81 Jan 4,678 0.0 CGP Marsh & McLennan Companies, Inc. MMC N 2 M/GRW 81.30 87.00 86.54 76.20 18.9 3.92 4.30 4.75 Dec 42,032 1.8 CGP Verisk Analytics, Inc. VRSK Q 3 H/GRW 106.10 NM 108.58 78.97 26.9 3.21 3.95 4.40 Dec 17,931 0.0 CGP Willis Towers Watson Public Limited Company WLTW Q 1 H/GRW 155.26 185.00 165.00 141.67 16.2 8.51 9.60 11.00 Dec 20,650 1.4 CGP


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Financial Services - USA Commercial Lines American Financial Group, Inc. AFG N 2 H/GRW 110.93 125.00 121.69 95.19 13.3 6.56 8.35 8.45 Dec 9,862 1.3 CGP Argo Group International Holdings, Ltd. ARGO N 1 H/GRW 61.50 68.00 65.90 48.83 16.6 0.10 3.70 3.95 Dec 2,085 1.8 CGP Blue Capital Reinsurance Holdings Ltd. BCRH N 4 NM 11.00 NM 20.20 10.75 15.7 (4.93) 0.70 0.70 Dec 97 6.8 CGP Chubb Limited CB N 2 H/GRW 133.48 160.00 157.50 128.82 13.1 7.14 10.20 10.95 Dec 62,179 2.2 CGP Conifer Holdings, Inc. CNFR Q 2 H/GRW 6.34 8.00 7.45 5.00 14.1 (2.75) 0.45 0.55 Dec 54 0.0 CGP Hallmark Financial Services, Inc. HALL Q 3 H/GRW 10.09 NM 11.83 8.62 11.2 (0.69) 0.90 1.05 Dec 185 0.0 CGP Old Republic International Corporation ORI N 1 M/INC 21.23 25.00 22.34 17.92 12.5 1.24 1.70 1.85 Dec 5,605 3.7 CGP ProAssurance Corporation PRA N 3 H/GRW 40.15 NM 63.45 39.50 20.6 2.02 1.95 1.90 Dec 2,152 3.1 CGP The Travelers Companies, Inc. TRV N 3 M/INC 131.03 NM 150.55 113.76 12.8 7.27 10.20 11.00 Dec 35,404 2.4 CGP

Life/Health Aflac Incorporated AFL N 1 M/GRW 45.34 53.00 46.19 37.28 11.5 3.41 3.95 4.05 Dec 35,166 2.3 CGP American Equity Investment Life Holding Company AEL N 2 H/GRW 35.36 38.00 35.79 23.02 10.2 3.16 3.45 3.70 Dec 3,182 0.7 CGP FBL Financial Group, Inc. FFG N 3 M/INC 79.75 NM 81.75 59.75 16.8 4.32 4.75 5.00 Dec 1,978 2.3 CGP

Personal Lines Allstate Corporation ALL N 1 M/GRW 95.45 115.00 105.36 85.57 11.2 6.71 8.50 8.05 Dec 33,608 1.9 CGP Federated National Holding Company FNHC Q 1 H/GRW 22.44 24.00 23.10 9.78 10.0 0.10 2.25 2.65 Dec 285 1.4 CGP Infinity Property and Casualty Corporation IPCC Q 2 H/GRW 142.85 140.00 147.00 83.00 22.7 3.96 6.30 6.45 Dec 1,571 1.6 CGP Kemper Corporation KMPR N 1 M/INC 76.15 80.00 78.80 36.35 17.5 1.65 4.35 4.80 Dec 3,922 1.3 CGP Mercury General Corporation MCY N 3 H/INC 48.14 NM 61.51 41.41 28.3 1.51 1.70 2.75 Dec 2,662 5.2 CGP The Progressive Corporation PGR N 1 H/GRW 62.35 70.00 62.99 42.10 16.2 2.50 3.85 3.95 Dec 36,288 1.8 CGP United Insurance Holdings Corp. UIHC Q 2 H/GRW 20.86 24.00 21.45 13.60 9.9 0.87 2.10 2.40 Dec 891 1.2 CGP


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Financial Services - USA Specialty Finance Investment Companies Alcentra Capital Corporation (ni) ABDC Q 3 H/INC 6.63 NM 13.76 5.90 7.6 1.32 0.87 0.80 Dec 95 10.9 RD Apollo Investment Corporation (ni) AINV Q 2 H/INC 5.73 7.00 6.48 5.18 9.4 0.67 0.62 A 0.61 Mar 1,239 10.5 RD Ares Capital Corporation (ni) ARCC Q 2 H/INC 16.74 19.00 16.87 15.03 10.5 1.20 1.60 1.74 Dec 7,131 9.1 RD CM Finance Inc (ni) CMFN Q 2 H/INC 9.25 10.00 10.80 7.40 9.2 1.15 1.01 1.07 Jun 127 10.8 RD Compass Diversified Holdings (y) CODI N 2 H/INC 16.65 19.00 18.35 14.60 9.0 1.54 1.86 2.21 Dec 997 8.6 RD Fidus Investment Corporation (ni) FDUS Q 1 H/INC 14.45 18.00 17.74 12.63 9.7 1.43 1.49 1.62 Dec 318 10.8 RD Fortress Transportation & Infrastructure Inv. LLC FTAI N 2 H/INC 17.10 20.00 20.13 15.45 34.9 0.14 0.49 0.85 Dec 1,416 7.7 RD Goldman Sachs BDC, Inc. (ni) GSBD N 1 H/INC 20.72 24.00 23.25 18.78 10.2 2.07 2.04 2.23 Dec 752 8.7 RD Golub Capital BDC, Inc. (ni) GBDC Q 3 H/INC 18.66 NM 20.42 17.35 14.7 1.22 1.27 1.35 Sep 1,117 6.9 RD Hercules Capital, Inc. (ni) HTGC N 3 H/INC 12.42 NM 13.97 11.55 9.9 1.17 1.25 1.41 Dec 1,059 10.0 RD Horizon Technology Finance Corporation (ni) HRZN Q 3 H/INC 10.01 NM 11.88 9.66 9.4 1.07 1.07 1.01 Dec 116 12.0 RD Main Street Capital Corporation (ni) MAIN N 3 H/INC 38.46 NM 41.79 34.37 15.9 2.39 2.42 2.52 Dec 2,023 5.9 RD Monroe Capital Corp. (ni) MRCC Q 2 H/INC 13.71 16.50 15.97 12.18 8.6 1.40 1.60 1.71 Dec 228 10.2 RD Newtek Business Services Corp. (ni) NEWT Q 2 H/SPEC 20.03 20.00 20.05 15.68 10.5 1.78 1.91 2.09 Dec 372 8.5 RD Prospect Capital Corporation (ni) PSEC Q 3 H/INC 6.83 NM 8.37 5.51 8.9 0.85 0.77 0.78 Jun 2,426 10.5 RD Stellus Capital Investment Corporation (ni) SCM N 2 H/INC 13.18 15.00 14.33 11.07 10.5 1.21 1.26 1.47 Dec 165 10.3 RD TCP Capital Corp. (ni) TCPC Q 2 H/INC 14.78 19.00 17.16 13.72 9.1 1.59 1.63 1.67 Dec 779 9.7 RD THL Credit, Inc. (ni) TCRD Q 3 H/INC 7.77 NM 10.25 7.70 7.4 1.21 1.05 1.00 Dec 254 13.9 RD TPG Specialty Lending, Inc. (ni) TSLX N 2 H/INC 19.16 22.50 21.74 17.00 9.6 2.00 2.00 1.93 Dec 1,229 8.1 RD Triangle Capital Corporation (ni) TCAP N 4 NM 11.33 NM 18.33 8.91 NM 1.55 (0.01) 0.87 Dec 540 0.0 RD

Specialty Consumer Finance Credit Acceptance Corporation CACC Q 3 H/SPEC 361.53 NM 377.82 210.65 13.4 24.07 27.01 29.51 Dec 6,981 0.0 RD Encore Capital Group Inc. ECPG Q 3 H/GRW 40.00 NM 52.00 35.30 8.1 4.05 4.93 6.02 Dec 1,036 0.0 RD OneMain Holdings, Inc. OMF N 3 H/GRW 33.61 NM 36.32 22.10 7.0 3.54 4.83 5.36 Dec 4,561 0.0 RD PRA Group, Inc. PRAA Q 3 H/GRW 39.70 NM 40.55 25.72 19.5 1.53 2.04 2.90 Dec 1,797 0.0 RD


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Financial Services - CAN Brenna Phelan, CFA, CPA, CA [email protected]

Diversified Financials Crown Capital Partners Inc. CRWN T R M/INC C$10.19 R 10.98 9.07 R R R R Dec R R BP ECN Capital Corp. ECN T 2 H/GRW C$3.74 5.00 4.40 3.00 NM 0.09 0.24 0.39 Dec 1,412 1.1 BP Element Fleet Management Corp. EFN T 2 H/GRW C$5.68 8.50 11.03 3.21 7.9 0.86 0.72 0.81 Dec 2,161 5.3 BP Founders Advantage Capital Corp. (ae) FCF V 2 H/INC C$2.11 3.00 3.60 1.89 NM 18 37 57 Dec 80 2.4 BP goeasy Ltd. GSY T 2 H/INC C$42.83 45.00 43.75 25.52 11.7 2.92 3.66 5.01 Dec 582 2.1 BP Home Capital Group Inc. HCG T 3 H/GRW C$13.81 16.50 20.75 8.75 8.6 0.05 1.61 1.94 Dec 1,109 0.0 BP Intact Financial Corporation IFC T 2 M/INC C$97.19 110.00 109.33 92.28 16.4 5.82 5.92 7.29 Dec 13,529 2.5 BP Street Capital Group SCB T 3 H/GRW C$0.77 0.95 1.51 0.60 11.0 0.06 0.07 0.15 Dec 94 0.0 BP VersaPay Corporation VPY V 2 H/GRW C$2.70 3.50 2.70 1.32 NM (0.25) (0.26) (0.04) Dec 102 0.0 BP


Healthcare

USA Canada

Alternate Site Healthcare Providers ........................... 44

Animal Health ............................................................. 44

Benefits Management ................................................ 44

Health Benefits Management ................................. 44

Pharmacy Benefits Management ............................ 44

Biotechnology ............................................................. 45

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

Drug Distributors ........................................................ 46

Drug Stores ................................................................. 46

Healthcare Information Technology ........................... 46

Hospital Supplies & Equipment .................................. 46

Hospitals ..................................................................... 46

Medical Devices .......................................................... 47

Pharma Services ......................................................... 47

Specialty Pharmaceuticals .......................................... 48

Biotechnology ............................................................. 48

Pharmaceuticals ......................................................... 48


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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]

Laura Chico, Ph.D. [email protected] Lawrence Keusch [email protected]

Elliot Wilbur, CFA [email protected]

Alternate Site Healthcare Providers AAC Holdings, Inc. AAC N 2 H/SPEC 11.40 14.00 13.06 5.99 14.8 0.60 0.77 1.15 Dec 274 0.0 JWR Acadia Healthcare Company, Inc. ACHC Q 1 H/GRW 41.46 50.00 54.34 26.92 15.8 2.30 2.62 3.00 Dec 3,619 0.0 JWR Amedisys, Inc. AMED Q 3 H/GRW 74.60 NM 75.59 45.60 24.7 2.21 3.02 3.45 Dec 2,581 0.0 JWR Civitas Solutions, Inc. CIVI N 2 H/GRW 15.50 16.00 19.90 11.15 10.3 0.69 1.50 1.59 Sep 580 0.0 JWR DaVita Inc. DVA N 1 H/GRW 67.89 84.00 80.71 52.51 16.6 3.32 4.08 5.44 Dec 12,342 0.0 JWR Encompass Health Corporation EHC N 2 H/GRW 63.30 74.00 64.73 42.21 18.3 2.76 3.45 3.70 Dec 6,292 1.6 JWR Envision Healthcare Corporation EVHC N 1 H/GRW 43.57 51.00 64.00 23.77 11.8 2.82 3.70 4.31 Dec 5,316 0.0 JWR MEDNAX, Inc. MD N 3 H/GRW 46.77 NM 63.04 40.56 11.3 3.34 4.14 4.42 Dec 4,373 0.0 JWR RadNet, Inc. RDNT Q 1 H/GRW 12.95 15.00 14.85 7.01 36.0 0.00 0.36 0.67 Dec 619 0.0 JWR Surgery Partners, Inc. SGRY Q 3 H/GRW 16.55 NM 24.05 7.10 NM (1.76) (0.11) 0.33 Dec 794 0.0 JWR

Animal Health Abaxis, Inc. ABAX Q 3 H/GRW 83.00 NM 83.98 43.66 56.5 1.27 1.29 A 1.47 Mar 1,934 0.9 JWR Heska Corporation HSKA Q 2 H/GRW 101.79 105.00 115.00 56.59 58.8 1.30 1.73 2.11 Dec 784 0.0 JWR IDEXX Laboratories, Inc. IDXX Q 3 H/GRW 203.70 NM 217.89 146.09 48.7 3.28 4.18 4.93 Dec 18,129 0.0 JWR

Benefits Management Health Benefits Management Aetna Inc. AET N 2 M/GRW 178.54 202.00 194.40 142.66 16.3 9.86 10.97 12.15 Dec 58,400 1.1 MJB Anthem, Inc. ANTM N 3 M/GRW 232.39 NM 267.95 179.40 15.1 12.04 15.40 16.65 Dec 59,386 1.3 MJB Centene Corporation CNC N 3 H/GRW 118.42 NM 118.94 72.14 16.7 5.03 7.10 8.20 Dec 20,936 0.0 MJB Cigna Corporation CI N 3 H/GRW 175.90 NM 227.13 160.76 13.3 10.46 13.25 14.45 Dec 48,812 0.0 MJB Humana Inc. HUM N 3 M/GRW 294.41 NM 299.85 223.40 21.0 11.71 14.00 16.63 Dec 40,535 0.7 MJB Insperity, Inc. NSP N 3 H/GRW 90.40 NM 92.30 34.88 26.5 2.45 3.41 3.78 Dec 3,750 0.9 MJB Magellan Health, Inc. MGLN Q 2 H/GRW 90.35 101.00 112.25 67.50 14.6 5.14 6.20 6.95 Dec 2,503 0.0 MJB Molina Healthcare, Inc. MOH N 3 H/GRW 87.23 NM 93.98 56.68 20.3 1.41 4.30 4.95 Dec 5,408 0.0 MJB UnitedHealth Group Incorporated UNH N 1 M/GRW 244.95 275.00 250.79 174.92 19.3 10.07 12.70 14.35 Dec 235,642 1.2 MJB WellCare Health Plans, Inc. WCG N 3 H/GRW 220.08 NM 221.75 162.25 21.4 8.52 10.30 12.00 Dec 9,463 0.0 MJB

Pharmacy Benefits Management Express Scripts Holding Company ESRX Q 3 H/GRW 77.08 NM 85.07 55.80 8.5 7.10 9.10 9.54 Dec 43,296 0.0 MJB


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Healthcare - USA Biotechnology AbbVie Inc. ABBV N S NM 101.08 NM 125.86 65.61 NM UR UR UR Dec 160,391 3.8 LC Acorda Therapeutics, Inc. ACOR Q 4 NM 24.20 NM 29.60 13.60 NM 1.75 0.04 (2.54) Dec 1,129 0.0 LC Adaptimmune Therapeutics plc ADAP Q 2 H/SPEC 13.31 20.00 14.63 4.28 NM (0.80) (1.12) (1.58) Dec 1,252 0.0 RB ADMA Biologics, Inc. ADMA Q 2 H/SPEC 5.29 11.00 5.70 2.01 NM (1.91) (1.30) (0.36) Dec 194 0.0 RB Adverum Biotechnologies, Inc. ADVM Q 2 H/SPEC 6.15 10.00 8.59 2.40 NM (1.29) (1.24) (1.33) Dec 383 0.0 RB Alexion Pharmaceuticals, Inc. ALXN Q 2 H/GRW 117.74 141.00 149.34 96.84 16.9 5.86 6.96 8.55 Dec 26,197 0.0 LC Amgen Inc. AMGN Q S NM 178.24 NM 201.23 153.56 NM UR UR NA Dec 118,779 3.0 LC Asterias Biotherapeutics AST M 2 H/SPEC 1.60 4.00 3.75 1.20 NM (0.56) (0.31) (0.37) Dec 88 0.0 RB Audentes Therapeutics, Inc. BOLD Q 3 H/SPEC 38.12 NM 42.61 13.90 NM (3.40) (3.09) (3.42) Dec 1,399 0.0 RB Bellicum Pharmaceuticals, Inc. BLCM Q 2 H/SPEC 8.00 14.00 14.49 5.02 NM (2.89) (2.47) (2.35) Dec 343 0.0 RB Biogen Inc. BIIB Q 3 H/GRW 286.21 NM 370.57 244.28 12.3 21.81 23.33 25.94 Dec 60,533 0.0 LC BioMarin Pharmaceutical Inc. BMRN Q 2 H/GRW 92.49 101.00 100.03 75.81 NM 0.43 0.59 1.30 Dec 16,339 0.0 LC BioTime, Inc. BTX M 2 H/SPEC 2.20 6.00 3.50 2.08 NM (0.17) (0.75) (0.47) Dec 279 0.0 RB Blueprint Medicines Corporation BPMC Q 2 H/SPEC 83.39 113.00 109.00 34.38 NM (3.92) (5.28) (5.52) Dec 3,654 0.0 LC Celgene Corporation CELG Q 3 H/GRW 78.63 NM 147.17 74.13 9.2 7.44 8.52 10.02 Dec 57,565 0.0 LC Cidara Therapeutics, Inc. CDTX Q 1 H/SPEC 5.95 20.00 8.80 3.70 NM (3.18) (2.53) (2.38) Dec 127 0.0 LC Corbus Pharmaceuticals Holdings, Inc. CRBP Q 2 H/SPEC 5.90 22.00 9.96 5.05 NM (0.65) (0.81) (0.97) Dec 337 0.0 LC Fate Therapeutics, Inc. FATE Q 3 H/SPEC 11.49 NM 14.45 2.52 NM (1.02) (1.12) (1.11) Dec 607 0.0 RB Gemphire Therapeutics Inc. GEMP Q 2 H/SPEC 6.35 22.00 21.59 4.75 NM (3.23) (2.52) (2.59) Dec 90 0.0 LC Incyte Corporation INCY Q 2 H/GRW 68.43 85.00 140.11 60.23 NM (1.53) 0.35 0.78 Dec 14,499 0.0 RB InVivo Therapeutics NVIV Q 3 H/SPEC 6.75 NM 96.25 6.25 NM (20.25) (15.00) (13.00) Dec 11 0.0 RB Keryx Biopharmaceuticals, Inc. KERX Q 2 H/SPEC 5.25 7.00 8.38 3.92 NM (1.43) (0.54) (0.17) Dec 632 0.0 RB Leap Therapeutics, Inc. LPTX Q 2 H/SPEC 8.54 13.00 10.25 4.90 NM (3.31) (2.03) (1.52) Dec 124 0.0 RB MacroGenics, Inc. MGNX Q 2 H/SPEC 22.68 26.00 32.74 14.36 NM (0.54) (5.20) (4.99) Dec 840 0.0 RB NantKwest, Inc. NK Q 3 H/SPEC 3.83 NM 8.45 3.51 NM (1.20) (1.50) (1.38) Dec 303 0.0 RB Organovo Holdings, Inc. ONVO Q 3 H/SPEC 1.89 NM 3.19 0.91 NM (0.39) (0.33) (0.25) Mar 202 0.0 RB Paratek Pharmaceuticals, Inc. PRTK Q 2 H/SPEC 10.30 26.00 29.00 10.10 NM (3.32) (3.87) (4.18) Dec 324 0.0 LC Regeneron Pharmaceuticals, Inc. REGN Q 3 H/GRW 293.74 NM 543.55 281.89 15.2 16.32 19.27 23.18 Dec 31,680 0.0 LC REGENXBIO Inc. RGNX Q 2 H/SPEC 49.45 45.00 51.20 16.30 15.9 (2.45) 3.11 (4.70) Dec 1,577 0.0 RB Sage Therapeutics, Inc. SAGE Q 1 H/SPEC 155.33 206.00 195.97 59.57 NM (7.09) (7.57) (7.89) Dec 7,216 0.0 LC Spark Therapeutics, Inc. ONCE Q 2 H/SPEC 78.39 82.00 91.75 41.06 NM (7.63) (5.07) (4.43) Dec 2,916 0.0 RB TESARO, Inc. TSRO Q 3 H/SPEC 51.76 NM 168.92 44.76 NM (9.17) (10.18) (7.37) Dec 2,837 0.0 LC TG Therapeutics, Inc. TGTX Q 1 H/SPEC 13.65 22.00 17.35 7.25 NM (1.91) (2.27) (2.35) Dec 1,052 0.0 RB Ultragenyx Pharmaceutical Inc. RARE Q 2 H/SPEC 67.31 71.00 71.99 41.67 NM (7.12) (5.13) (6.69) Dec 3,343 0.0 LC UroGen Pharma Ltd. URGN Q 2 H/SPEC 60.41 73.00 69.57 14.52 NM (2.14) (3.95) (6.63) Dec 935 0.0 RB Verastem, Inc. VSTM Q 2 H/SPEC 5.38 7.00 5.90 1.92 NM (1.76) (1.44) (1.27) Dec 274 0.0 RB Vertex Pharmaceuticals Inc. VRTX Q 2 H/GRW 157.50 193.00 178.25 119.19 49.2 1.95 3.20 3.83 Dec 39,895 0.0 LC Vital Therapies, Inc. VTL Q 2 H/SPEC 5.70 9.00 7.30 2.25 NM (1.31) (1.13) (1.17) Dec 242 0.0 LC Voyager Therapeutics, Inc. VYGR Q 2 H/SPEC 19.78 35.00 31.91 8.10 NM (2.64) (2.89) (3.07) Dec 639 0.0 RB ZIOPHARM Oncology, Inc. ZIOP Q 3 H/SPEC 4.51 NM 6.67 3.33 NM (0.53) (0.54) (0.51) Dec 642 0.0 RB


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Healthcare - USA Death Care Service Corporation International (rf) SCI N 1 H/GRW 37.43 42.00 40.28 31.52 19.2 1.50 1.95 2.29 Dec 7,108 1.8 JWR

Drug Distributors AmerisourceBergen Corporation ABC N 3 M/GRW 85.49 NM 106.27 71.90 13.2 5.90 6.46 7.42 Sep 18,979 1.8 JWR Cardinal Health, Inc. CAH N 3 M/GRW 52.44 NM 80.37 50.79 10.7 5.40 4.92 5.16 Jun 16,519 3.6 JWR McKesson Corporation MCK N 3 M/GRW 145.81 NM 178.86 134.25 10.8 12.54 12.62 A 13.50 Mar 30,183 0.9 JWR

Drug Stores CVS Health Corporation CVS N 1 M/GRW 66.03 90.00 84.00 60.14 9.6 5.90 6.87 7.70 Dec 85,905 3.0 JWR,MJB Walgreens Boots Alliance, Inc. WBA Q 3 M/GRW 63.53 NM 83.89 61.56 10.7 5.10 5.95 6.45 Aug 63,244 2.5 JWR

Healthcare Information Technology Premier, Inc. PINC Q 2 H/GRW 32.42 37.00 36.50 27.16 14.4 1.89 2.25 2.66 Jun 4,393 0.0 JWR

Hospital Supplies & Equipment Baxter International Inc. BAX N 2 M/GRW 72.53 80.00 73.04 56.83 25.0 2.48 2.90 3.20 Dec 38,912 1.0 LK Becton, Dickinson and Company BDX N 1 M/GRW 223.73 265.00 248.39 185.33 20.4 9.48 10.96 12.58 Sep 59,781 1.3 LK Cantel Medical Corp. CMD N 2 H/GRW 127.70 135.00 129.63 72.00 51.1 2.08 2.50 2.93 Jul 5,327 0.1 LK The Cooper Companies, Inc. COO N 2 H/GRW 227.75 275.00 260.26 215.24 19.3 9.70 11.83 12.97 Oct 11,160 0.0 LK Haemonetics Corporation HAE N 3 H/GRW 90.66 NM 91.55 38.47 41.8 1.53 1.87 A 2.17 Mar 4,745 0.0 LK Halyard Health, Inc. HYH N 3 H/GRW 54.09 NM 54.46 35.79 30.9 2.35 1.75 1.55 Dec 2,543 0.0 LK Hill-Rom Holdings, Inc. HRC N 2 M/GRW 90.81 97.00 91.32 71.91 19.6 3.86 4.63 5.14 Sep 6,014 0.9 LK Intuitive Surgical, Inc. ISRG Q 2 H/GRW 456.56 495.00 473.79 292.17 46.2 9.09 9.88 10.93 Dec 51,728 0.0 LK Masimo Corporation MASI Q 3 H/GRW 99.12 NM 100.00 80.69 34.4 2.30 2.88 3.00 Dec 5,133 0.0 LK Stericycle, Inc. SRCL Q 3 H/GRW 63.30 NM 84.60 56.64 13.6 4.34 4.67 4.86 Dec 5,418 0.0 LK STERIS plc STE N 3 M/GRW 103.69 NM 105.39 76.47 22.1 3.77 4.15 A 4.70 Mar 8,804 1.2 LK Stryker Corporation SYK N 2 M/GRW 173.78 185.00 176.76 137.70 24.0 6.49 7.23 7.92 Dec 64,994 1.1 LK Teleflex Incorporated TFX N 1 M/GRW 265.91 310.00 288.78 195.36 27.1 8.40 9.82 11.63 Dec 12,085 0.5 LK TransEnterix, Inc. TRXC M 3 H/SPEC 3.13 NM 5.00 0.45 NM (0.97) (0.16) (0.16) Dec 623 0.0 LK Zimmer Biomet Holdings, Inc. ZBH N 2 H/GRW 111.08 135.00 133.49 104.28 14.5 8.03 7.64 8.00 Dec 22,583 0.9 LK

Hospitals Community Health Systems, Inc. CYH N 4 NM 4.33 NM 10.18 3.69 NM (1.19) (1.45) (1.26) Dec 485 0.0 JWR HCA Healthcare, Inc. HCA N 3 H/GRW 103.69 NM 106.84 71.18 11.7 6.00 8.90 9.60 Dec 37,297 1.4 JWR LifePoint Health, Inc. LPNT Q 2 H/GRW 53.25 60.00 67.95 41.45 12.6 3.63 4.24 5.00 Dec 2,077 0.0 JWR Tenet Healthcare Corporation THC N 2 H/GRW 34.47 35.00 34.80 12.25 20.6 0.81 1.67 2.44 Dec 3,550 0.0 JWR Universal Health Services, Inc. UHS N 3 M/GRW 116.69 NM 128.15 95.26 12.1 7.53 9.61 10.56 Dec 11,051 0.3 JWR


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Healthcare - USA Medical Devices Abbott Laboratories ABT N 2 M/GRW 62.37 70.00 64.60 44.21 21.9 2.50 2.85 3.24 Dec 109,459 1.7 JB Abiomed, Inc. ABMD Q 2 H/GRW 394.28 398.00 403.45 134.80 NM 1.16 2.45 A 3.31 Mar 17,496 0.0 JB AngioDynamics, Inc. ANGO Q 2 H/GRW 20.62 21.00 20.78 14.97 27.9 0.73 0.74 0.95 May 757 0.0 JB Boston Scientific Corporation BSX N 1 H/GRW 30.31 34.00 30.84 24.54 21.8 1.26 1.39 1.58 Dec 41,816 0.0 JB Cardiovascular Systems, Inc. CSII Q 3 H/GRW 30.64 NM 33.11 20.58 NM (0.05) 0.00 0.11 Jun 1,019 0.0 JB DexCom, Inc. DXCM Q 3 H/GRW 88.00 NM 88.60 42.62 NM (0.58) (0.29) 0.16 Dec 7,691 0.0 JB Hologic, Inc. HOLX Q 3 H/GRW 38.92 NM 46.80 35.10 17.5 2.03 2.23 2.40 Sep 11,193 0.0 JB ICU Medical, Inc. ICUI Q 1 H/GRW 276.75 295.00 282.40 158.90 38.4 6.47 7.21 9.68 Dec 5,839 0.0 JB Insulet Corporation PODD Q 2 H/GRW 92.83 100.00 94.26 40.92 NM (0.46) (0.28) 0.05 Dec 5,451 0.0 JB Integra LifeSciences Corp. IART Q 3 H/GRW 63.78 NM 65.32 41.51 26.6 1.94 2.40 2.73 Dec 5,115 0.0 JB Johnson & Johnson JNJ N 2 M/INC 121.47 144.00 148.32 121.13 15.0 7.30 8.09 8.49 Dec 332,585 2.8 JB Merit Medical Systems, Inc. MMSI Q 2 H/GRW 53.55 59.00 54.80 34.05 33.1 1.28 1.62 1.88 Dec 2,763 0.0 JB Natus Medical Incorporated BABY Q 3 H/GRW 36.05 NM 43.60 28.00 22.4 1.45 1.61 1.77 Dec 1,190 0.0 JB RTI Surgical, Inc. RTIX Q 3 H/GRW 4.55 NM 6.00 3.85 45.5 0.05 0.10 0.14 Dec 266 0.0 JB Senseonics Holdings, Inc. SENS M 2 H/SPEC 3.25 4.00 4.00 1.32 NM (0.51) (0.62) (0.58) Dec 419 0.0 JB Viveve Medical, Inc. VIVE Q 2 H/SPEC 2.43 6.00 8.75 1.60 NM (2.12) (1.35) (0.88) Dec 76 0.0 JB

Pharma Services Catalent, Inc. (ae) CTLT N 2 H/GRW 38.86 48.00 47.87 33.42 NM 450 550 615 Jun 5,183 0.0 MJB,JWR Charles River Laboratories International, Inc. CRL N 3 H/GRW 104.13 NM 119.05 91.47 17.8 5.27 5.86 6.52 Dec 4,988 0.0 MJB Diplomat Pharmacy, Inc. DPLO N 3 H/GRW 24.48 NM 27.78 14.24 26.9 0.84 0.91 1.22 Dec 1,812 0.0 JWR,MJB ICON plc ICLR Q 3 H/GRW 124.23 NM 127.72 90.01 20.5 5.39 6.05 6.75 Dec 6,719 0.0 MJB IQVIA Holdings Inc. IQV N 3 M/GRW 100.50 NM 110.67 84.30 18.6 4.67 5.40 6.17 Dec 20,874 0.0 MJB Medpace Holdings MEDP Q 3 H/GRW 42.00 NM 43.28 26.56 22.2 1.52 1.89 2.15 Dec 1,491 0.0 MJB PRA Health Sciences, Inc. PRAH Q 2 H/GRW 81.11 98.00 95.90 69.57 19.7 3.33 4.11 4.83 Dec 5,196 0.0 MJB Syneos Health, Inc. SYNH Q 2 H/GRW 43.10 50.00 61.10 31.10 16.4 2.57 2.63 3.00 Dec 4,474 0.0 MJB


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Healthcare - USA Specialty Pharmaceuticals Adamis Pharmaceuticals Corporation ADMP Q 2 H/SPEC 4.35 6.40 6.45 2.35 NM (0.90) (0.82) (0.68) Dec 145 0.0 EW Aerie Pharmaceuticals, Inc. AERI Q 3 H/SPEC 49.65 NM 66.60 47.05 NM (3.37) (3.52) (1.40) Dec 1,961 0.0 EW Akorn, Inc. AKRX Q 3 H/GRW 14.07 NM 33.95 10.76 29.3 0.94 0.48 0.60 Dec 1,762 0.0 EW Allergan plc AGN N 2 M/GRW 154.00 211.00 256.80 142.81 9.6 16.35 16.03 16.95 Dec 52,206 1.9 EW Amneal Pharmaceuticals Inc. AMRX N 3 H/GRW 18.29 NM 25.70 13.25 17.4 1.26 1.05 1.53 Dec 5,507 0.0 EW Amphastar Pharmaceuticals, Inc. AMPH Q 3 H/GRW 16.00 NM 20.45 14.40 64.0 0.38 0.25 0.71 Dec 747 0.0 EW ANI Pharmaceuticals, Inc. ANIP Q 1 H/GRW 62.27 69.00 74.70 42.23 10.8 3.91 5.79 5.80 Dec 731 0.0 EW Antares Pharma, Inc. ATRS Q 1 H/SPEC 2.43 3.85 4.09 1.58 NM (0.11) (0.11) 0.02 Dec 381 0.0 EW Dermira, Inc. DERM Q 4 NM 8.52 NM 31.59 6.98 NM (4.31) (5.22) (6.44) Dec 354 0.0 EW Endo International plc ENDP Q 3 H/GRW 6.31 NM 14.15 5.27 2.6 3.84 2.42 2.63 Dec 1,412 0.0 EW Flexion Therapeutics, Inc. FLXN Q 1 H/SPEC 26.07 37.00 32.25 16.51 NM (4.16) (4.70) (2.89) Dec 824 0.0 EW Lannett Company, Inc. LCI N 2 H/GRW 16.65 28.00 30.35 13.15 5.3 2.86 3.14 3.49 Jun 621 0.0 EW Mallinckrodt public limited company MNK N 2 M/GRW 16.50 20.00 49.12 11.65 2.7 5.80 6.04 7.10 Dec 1,382 0.0 EW Mylan N.V. MYL Q 1 H/GRW 39.38 50.00 47.82 29.39 7.3 4.56 5.40 5.82 Dec 20,295 0.0 EW Perrigo Company PLC PRGO N 3 M/GRW 75.24 NM 95.93 63.68 14.1 4.93 5.32 5.78 Dec 10,511 1.0 EW PLx Pharma Inc. PLXP Q 2 H/SPEC 4.27 8.00 9.41 3.20 NM (2.19) (0.58) (0.89) Dec 37 0.0 EW Sol-Gel Technologies Ltd. SLGL Q 1 H/SPEC 9.65 21.00 16.48 7.39 NM (2.69) (2.40) (1.61) Dec 183 0.0 EW Teligent, Inc. TLGT Q 1 H/GRW 2.77 5.00 9.54 2.43 NM (0.13) (0.02) 0.35 Dec 148 0.0 EW Teva Pharmaceutical Industries Ltd. (r) TEVA N 3 M/GRW 22.18 NM 33.82 10.85 8.5 4.01 2.62 2.98 Dec 22,579 1.5 EW

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Healthcare - CAN David Novak, MSc [email protected]

Biotechnology Zymeworks Inc. ZYME N 2 H/SPEC US$20.27 22.00 20.45 6.25 NM (0.62) (2.44) (3.83) Dec 598 0.0 DN

Pharmaceuticals BioSyent, Inc. RX V 2 H/SPEC C$10.00 12.50 11.00 7.69 26.3 0.36 0.38 0.45 Dec 146 0.0 DN


Industrial

USA Canada Europe

Construction Materials ............................................... 50

Specialty/Industrial Distribution ................................. 50

Waste and Industrial Services ..................................... 50

Industrial Services.................................................... 50

Waste Services ........................................................ 50

Aerospace & Aviation ................................................. 51

Chemicals ................................................................... 51

Diversified Income Corps. ........................................... 51

Infrastructure & Construction .................................... 51

Construction ............................................................ 51

Engineering ............................................................. 51

Machinery ............................................................... 51

Related Products & Services.................................... 51

Special Situations ....................................................... 52

Aerospace & Defence .................................................. 52

Commercial Aerospace ............................................ 52

Defence .................................................................... 52

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

Agrochemicals .......................................................... 52

Coatings ................................................................... 52

Consumer Chemicals ................................................ 53

Diversified Chemicals ............................................... 53

Industrial Chemicals ................................................. 53

Industrial Gases ........................................................ 53

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

Building Products ..................................................... 53

Construction Groups ................................................ 53

House Builders ......................................................... 53

Infrastructure Operators .......................................... 53


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

Construction Materials Construction Partners, Inc. ROAD Q 1 H/GRW 12.26 15.00 13.24 12.00 NM 69 75 86 Sep 633 0.0 SD Continental Building Products, Inc. CBPX N 3 H/GRW 29.35 NM 31.00 21.00 15.8 1.33 1.86 2.13 Dec 1,089 0.0 SD Eagle Materials Inc. EXP N 3 H/GRW 107.10 NM 122.49 86.51 16.7 4.16 4.44 A 6.40 Mar 5,171 0.4 SD USG Corporation USG N 2 H/GRW 41.24 44.00 42.14 25.60 19.1 1.80 2.16 2.56 Dec 5,759 0.0 SD

Specialty/Industrial Distribution Beacon Roofing Supply, Inc. BECN Q 1 H/GRW 41.50 65.00 66.48 38.71 12.0 2.68 3.45 4.45 Sep 2,822 0.0 SD Fastenal Company FAST Q 1 H/GRW 52.50 58.00 58.74 39.79 20.6 1.92 2.55 2.83 Dec 15,115 2.8 SD Foundation Building Materials, Inc. FBM N 1 H/GRW 15.07 18.00 16.40 11.03 NM 1.99 (0.04) 0.85 Dec 647 0.0 SD GMS Inc. GMS N 2 H/GRW 30.03 40.00 39.98 27.21 15.2 1.70 1.98 2.75 Apr 1,267 0.0 SD HD Supply Holdings, Inc. HDS Q 2 H/GRW 40.42 42.00 41.89 28.97 13.2 2.31 3.07 3.14 Jan 6,770 0.0 SD LKQ Corporation LKQ Q 2 H/GRW 30.76 35.00 43.86 29.60 13.9 1.88 2.21 2.40 Dec 9,576 0.0 SD MRC Global Inc. MRC N 2 H/GRW 20.40 23.00 21.31 14.01 21.5 0.27 0.95 1.42 Dec 1,887 0.0 SD MSC Industrial Direct Co., Inc. MSM N 2 H/GRW 91.33 105.00 99.94 65.42 17.6 4.05 5.18 6.20 Aug 5,197 2.5 SD NOW Inc. DNOW N 3 H/GRW 14.22 NM 18.37 9.12 88.9 (0.27) 0.16 0.48 Dec 1,536 0.0 SD W.W. Grainger, Inc. GWW N 3 M/GRW 309.82 NM 317.51 155.00 21.3 11.46 14.55 16.15 Dec 17,474 1.8 SD WESCO International, Inc. WCC N 2 H/GRW 58.95 75.00 69.35 48.95 12.3 3.93 4.78 5.60 Dec 2,806 0.0 SD

Waste and Industrial Services Industrial Services Clean Harbors, Inc. CLH N 3 M/GRW 52.65 NM 59.86 44.75 59.8 0.20 0.88 1.44 Dec 2,975 0.0 TB

Waste Services Casella Waste Systems, Inc. CWST Q 1 H/SPEC 23.89 32.00 27.50 13.49 34.1 0.67 0.70 0.96 Dec 1,020 0.0 TB Covanta Holding Corporation CVA N 1 H/INC 15.75 17.50 17.30 13.00 NM (0.37) 0.02 0.11 Dec 2,079 6.3 TB Republic Services, Inc. RSG N 2 M/GRW 67.71 72.00 69.40 60.26 22.3 2.43 3.04 3.25 Dec 22,493 2.0 TB US Ecology, Inc. ECOL Q 3 H/GRW 59.25 NM 60.50 44.50 26.9 1.72 2.20 2.30 Dec 1,304 1.2 TB Waste Connections, Inc. WCN N 1 H/GRW 76.42 85.00 77.05 62.43 29.9 2.16 2.56 2.82 Dec 20,221 0.7 TB Waste Management, Inc. WM N 2 M/INC 82.96 95.00 89.73 71.62 20.9 3.23 3.96 4.35 Dec 35,820 2.2 TB


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

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

David Quezada, CFA [email protected] Brenna Phelan, CFA, CPA, CA [email protected]

Aerospace & Aviation Bombardier Inc. BBD.B T 2 H/GRW C$4.56 4.75 4.58 1.96 NM 0.03 0.09 0.18 Dec 10,807 0.0 SH,BC CAE Inc. (f) CAE T 3 M/GRW C$26.78 25.00 27.10 19.57 21.4 1.03 1.11 A 1.25 Mar 7,204 1.3 BC Héroux-Devtek Inc. (f) HRX T 3 M/GRW C$15.98 17.00 16.32 12.35 20.0 0.73 0.67 A 0.80 Mar 582 0.0 BC

Chemicals Chemtrade Logistics Income Fund CHE.UN T 2 M/INC C$15.69 20.00 20.02 14.38 28.5 0.89 0.55 0.65 Dec 1,453 7.6 SH Methanex MEOH Q 3 H/INC US$67.85 63.50 71.60 39.48 NM 3.81 4.79 4.74 Dec 5,706 1.9 SH Superior Plus Corp. SPB T 2 M/INC C$13.03 15.00 13.51 10.80 29.6 (0.20) 0.44 0.79 Dec 1,861 5.5 SH

Diversified Income Corps. Alaris Royalty Corp. (cd) AD T 3 H/INC C$15.94 18.00 23.45 15.30 NM 77,629 90,105 94,582 Dec 582 10.2 BP Exchange Income Corporation EIF T 1 H/INC C$35.53 49.00 37.60 25.80 12.6 2.26 2.82 3.02 Dec 1,144 6.2 SH

Infrastructure & Construction Construction Aecon Group ARE T 2 M/INC C$15.31 20.50 20.06 14.13 20.4 0.46 0.75 0.90 Dec 1,092 3.3 FB Bird Construction Inc. BDT T 2 H/INC C$7.29 11.50 10.40 7.15 36.4 0.27 0.20 0.75 Dec 310 5.3 FB Distinct Infrastructure Group Inc. (cb) DUG V 2 H/GRW C$1.41 1.90 1.69 1.14 NM 10 E 15 17 Dec 65 0.0 FB North American Construction Group Ltd. NOA T 2 H/INC C$8.25 10.00 8.95 4.52 22.9 0.18 0.36 0.60 Dec 233 1.0 BC Stuart Olson Inc. SOX T 2 H/INC C$7.94 8.00 8.39 4.99 19.9 0.35 0.40 0.45 Dec 219 6.0 FB

Engineering IBI Group Inc. IBG T 3 H/GRW C$6.76 7.50 9.00 6.37 11.7 0.30 0.58 0.55 Dec 258 NM FB SNC-Lavalin Group Inc. SNC T 2 M/GRW C$55.15 67.00 59.38 50.87 14.7 3.20 3.75 4.10 Dec 9,684 2.1 FB Stantec Inc. STN T 2 M/GRW C$32.60 37.00 37.13 30.69 16.7 1.77 1.95 2.30 Dec 3,716 1.7 BC,FB WSP Global Inc. WSP T 2 M/INC C$67.39 66.00 67.90 48.07 21.4 2.28 3.15 3.55 Dec 6,961 2.2 FB

Machinery Cervus Equipment Corp. CERV T 3 H/GRW C$14.90 16.00 15.85 10.98 9.3 1.14 1.60 1.90 Dec 234 2.7 BC Finning International FTT T 2 M/GRW C$31.96 37.50 36.48 24.29 18.4 1.36 1.74 2.17 Dec 5,408 2.5 BC Ritchie Bros. Auctioneers Incorporated RBA N 3 M/GRW US$34.10 34.00 35.17 24.08 NM 0.81 1.05 1.35 Dec 3,703 2.0 BC Rocky Mountain Dealerships Inc. RME T 2 H/GRW C$11.39 14.50 14.34 9.60 9.5 1.16 1.20 1.30 Dec 227 4.0 BC Strongco Corporation SQP T 3 H/GRW C$2.21 3.00 2.55 1.30 44.2 (0.17) 0.05 0.15 Dec 29 0.0 BC Toromont Industries Ltd. TIH T 2 M/GRW C$57.98 67.00 59.09 43.83 20.7 2.20 2.80 3.35 Dec 4,696 1.6 BC Wajax Corporation WJX T 3 H/GRW C$25.15 28.50 26.01 18.49 12.3 1.66 2.05 2.20 Dec 508 4.0 BC

Related Products & Services Russel Metals Inc. RUS T 2 H/INC C$29.56 35.00 32.65 23.67 12.1 2.00 2.45 2.65 Dec 1,839 5.1 FB WesternOne Inc. (ae) WEQ T 3 H/GRW C$1.86 1.85 1.95 1.20 NM 8 14 18 Dec 31 NM FB ZCL Composites Inc. ZCL T 3 H/GRW C$10.00 11.50 13.80 9.58 16.7 0.59 0.60 0.75 Dec 310 5.4 BC


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Industrial - CAN Special Situations Blackline Safety Corp. BLN V 2 H/SPEC C$5.90 7.00 6.80 3.53 NM (0.27) (0.16) 0.05 Oct 238 0.0 BC Boyd Group Income Fund (cb) BYD.UN T 2 M/GRW C$114.41 125.00 115.50 90.01 NM 146 178 217 Dec 2,277 0.5 SH DIRTT Environmental Solutions Ltd. DRT T 2 H/GRW C$6.11 8.00 6.95 4.39 21.1 (0.09) 0.29 0.65 Dec 548 0.0 DQ,DS Tree Island Steel Ltd. TSL T 2 H/GRW C$3.45 4.00 4.30 2.01 13.8 (0.05) 0.25 0.49 Dec 102 2.3 DQ

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

Patrick Lambert, RJFI [email protected]

Aerospace & Defence Commercial Aerospace Airbus Group AIR.PA EPA 1 €97.20 120.00 101.10 68.42 26.5 3.67 E 4.40 5.70 Dec 75,236 1.5 HB Meggitt MGGT.L L 1 500p 550 530 416 NM 35.30 E 33.50 36.50 Dec 388,360 3.2 HB MTU Aero Engines MTXGn.DE ETR 4 €161.70 116.00 163.40 114.75 19.5 8.34 8.30 8.50 Dec 8,328 1.4 HB Rolls-Royce RR.L L 3 843p NM 981 793 NM 40.50 E 13.50 24.50 Dec 1,552,360 1.4 HB Safran SAF.PA EPA 3 €101.25 NM 102.90 76.96 23.5 4.39 4.30 5.70 Dec 41,440 1.6 HB Senior SNR.L L 1 317p 350 326 229 NM 14.40 E 15.50 18.50 Dec £1,330 2.2 HB

Defence BAE Systems BAES.L L 4 643p 500 683 534 NM 43.50 E 43.00 44.50 Dec 2,049,085 3.4 HB Cobham COB.L L 4 121p 100 150 110 NM 6.00 E 4.50 6.00 Dec 288,159 0.0 HB Thales TCFP.PA EPA 3 €108.95 NM 111.30 83.25 19.8 4.64 5.50 6.80 Dec 23,107 1.6 HB

Chemicals Agrochemicals Yara (sa) YAR.OL OSL 3 NOK345.50 NM 397.40 299.70 NM 11,400 13,944 15,189 Dec 94,397 0.2 PL

Coatings AkzoNobel (sa) AKZO.AS AMS 2 €76.62 94.00 81.80 71.64 NM 14,575 9,641 10,098 Dec 19,401 8.5 PL Axalta Coating Systems Ltd. (sa) AXTA N 3 $32.39 NM 38.20 27.77 NM 4,377 4,842 4,970 Dec 7,877 0.0 PL PPG Industries, Inc. (sa) PPG N 2 $103.40 139.00 122.07 100.36 NM 14,750 15,784 16,052 Dec 25,971 1.7 PL The Sherwin-Williams Company (sa) SHW N 1 $392.25 534.00 435.15 326.68 NM 14,984 17,777 18,749 Dec 36,693 0.9 PL


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Industrial - EUR Consumer Chemicals Givaudan (sa) GIVN.VX SWF 3 CHF2232.00 NM 2327.00 1880.00 NM 5,051 5,514 6,176 Dec 20,557 2.7 PL IFF (sa) IFF N 3 $125.39 NM 157.40 123.19 NM 3,399 3,626 3,769 Dec 9,896 2.2 PL Symrise (sa) SY1G.DE ETR 3 €70.26 NM 73.70 56.91 NM 2,996 3,060 3,215 Dec 9,121 1.3 PL

Diversified Chemicals BASF (sa) BASFn.DE ETR 2 €86.63 104.00 98.80 78.97 NM 64,475 67,462 72,589 Dec 79,568 3.6 PL DSM (sa) DSMN.AMS AMS 1 €87.00 113.00 89.76 61.80 NM 8,632 9,317 9,437 Dec 15,225 2.1 PL

Industrial Chemicals Arkema (sa) AKE.PA EPA 1 €106.65 138.00 112.90 89.72 NM 8,326 8,621 9,107 Dec 8,088 2.2 PL Clariant (sa) CLN.VX SWF 2 CHF24.13 27.00 29.48 19.79 NM 6,377 6,693 6,934 Dec 7,946 2.1 PL Covestro (sa) 1COV.DE ETR 1 €79.20 145.00 95.78 61.95 NM 14,138 15,069 15,682 Dec 15,906 2.8 PL Lanxess (sa) LXSG.DE ETR 3 €69.90 NM 74.78 60.18 NM 9,664 6,853 7,063 Dec 6,397 1.1 PL Solvay (sa) SOLB.BR EBR 1 €118.00 156.00 132.00 108.25 NM 10,126 10,247 10,783 Dec 12,192 3.1 PL

Industrial Gases Air Liquide (sa) AIRP.PA EPA 2 €107.15 119.00 113.30 91.64 NM 20,349 20,506 21,754 Dec 45,724 2.5 PL Praxair, Inc. (sa) PX N 2 $157.07 172.00 166.95 127.36 NM 11,437 12,317 13,100 Dec 45,137 1.9 PL

Infrastructure & Construction Building Products Saint-Gobain SGOB.PA EPA 1 €43.60 55.00 51.40 41.80 13.1 2.95 3.33 3.55 Dec 24,135 3.1 MB Tarkett S.A. TKTT.PA EPA 3 €23.82 NM 44.99 21.38 15.4 (0.61) 1.55 1.76 Dec 1,517 2.6 MB

Construction Groups Eiffage FOUG.PA EPA 3 €97.98 NM 101.70 78.26 18.0 5.43 E 5.98 6.33 Dec 9,610 1.7 MB Vinci SGEF.PA EPA 2 €85.72 100.00 88.80 72.77 17.9 4.79 E 5.09 5.34 Dec 50,516 2.7 MB

House Builders Nexity NEXI.PA EPA 2 €48.82 57.00 55.53 44.60 13.6 3.30 3.59 3.92 Dec 2,736 5.3 MB

Infrastructure Operators Abertis ABE.MC MCE 3 €18.36 NM 19.75 16.13 17.5 1.05 E 1.21 1.35 Dec 16,736 4.4 MB ADP ADP.PA EPA 1 €183.70 185.00 186.50 133.20 40.1 4.58 E 5.30 NA Dec 18,179 1.5 MB Atlantia S.p.A ATL.MI BIT 3 €25.39 NM 28.61 23.90 16.8 1.43 1.51 1.59 Dec 20,764 4.8 MB Ferrovial FER.MC MCE 1 €17.43 22.00 20.00 15.84 NM 0.62 0.15 0.56 Dec 12,760 4.1 MB Fraport FRAG.DE ETR 4 €81.88 60.00 97.26 71.58 23.9 3.43 E 3.71 4.05 Dec 7,549 1.8 MB


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Mining & Natural Resources - CAN Daryl Swetlishoff, CFA [email protected] Steve Hansen, CFA, CPA, CMA [email protected]

Brian MacArthur, CFA [email protected] Farooq Hamed, CA [email protected]

Tara Hassan, P.Eng [email protected]

Agribusiness Ag Growth International, Inc. AFN T 2 M/INC C$57.93 60.00 60.63 47.08 NM 123,329 143,331 159,265 Dec 956 4.1 SH AGT Food and Ingredients Inc. AGT T 3 H/INC C$15.97 18.00 28.95 14.75 36.3 0.15 0.44 0.65 Dec 388 3.8 SH

Fertilizers Itafos IFOS V 2 H/SPEC C$2.41 3.90 2.90 1.14 26.8 (0.37) 0.09 0.05 Dec 345 0.0 SH Nutrien Ltd. NTR N 2 M/GRW US$50.70 60.00 56.18 40.41 NM NA 2.44 3.05 Dec 32,600 3.2 SH

Mining & Natural Resources

Canada

Agribusiness ............................................................... 54

Fertilizers .................................................................... 54

Forest Products .......................................................... 55

Building Materials ................................................... 55

Pulp & Paper ........................................................... 55

Mining ........................................................................ 55

Base Metals & Minerals .......................................... 55

Precious Metals - Gold ............................................ 56

Precious Metals - Silver ........................................... 56

Uranium .................................................................. 56


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Mining & Natural Resources - CAN Forest Products Building Materials Acadian Timber Corp. ADN T 2 M/INC C$19.94 22.00 20.24 17.75 29.3 1.84 0.68 0.79 Dec 333 5.7 DS Canfor Corp. CFP T 2 H/GRW C$32.64 40.00 33.25 18.46 9.9 2.63 3.30 3.99 Dec 4,198 0.0 DS Conifex Timber Inc. CFF T R H/SPEC C$5.85 R 6.99 2.92 R R R R Dec R R DS Interfor Corporation IFP T 1 H/GRW C$26.12 34.50 26.56 17.01 11.8 1.39 2.22 2.78 Dec 1,828 0.0 DS Norbord Inc. OSB T 1 H/GRW C$53.99 66.00 55.08 38.00 NM 5.03 4.83 5.06 Dec 4,697 4.4 DS West Fraser Timber Co. Ltd. WFT T 2 H/GRW C$93.61 120.00 95.70 57.95 9.2 7.64 10.22 12.09 Dec 7,376 0.6 DS Western Forest Products Inc. WEF T 1 H/GRW C$2.87 3.40 2.95 2.07 9.9 0.19 0.29 0.39 Dec 1,168 3.1 DS

Pulp & Paper Canfor Pulp Products Inc. CFX T 2 H/GRW C$22.29 20.00 22.54 11.80 10.4 1.55 2.15 1.40 Dec 1,456 1.1 DS Domtar Corporation UFS N 3 M/INC US$46.85 48.00 52.58 35.72 NM (3.38) 3.02 2.86 Dec 2,937 3.7 DS Fortress Global Enterprises Inc. FGE T 2 H/GRW C$3.10 5.00 7.32 2.91 NM (6.53) (0.35) 0.32 Dec 44 0.0 DS Mercer International Inc. MERC Q 2 H/INC US$16.15 16.00 16.50 10.45 NM 1.08 1.37 1.18 Dec 1,051 3.1 DS

Mining Base Metals & Minerals Altius Minerals Corporation ALS T 2 H/GRW C$13.84 17.00 15.58 10.05 36.4 0.33 0.38 0.50 Dec 609 0.9 BMa Arizona Mining Inc. AZ T 2 H/SPEC C$4.07 5.50 4.87 1.96 NM 0.00 (0.03) (0.04) Dec 1,241 0.0 BMa Ero Copper Corp. ERO T 2 H/GRW C$9.80 9.50 9.84 4.70 NM 0.34 0.23 0.95 Dec 825 0.0 FH First Quantum Minerals Ltd. FM T 2 H/GRW C$19.91 25.00 22.36 9.69 NM (0.16) 0.70 1.38 Dec 13,726 0.1 FH Freeport-McMoRan Inc. FCX N 3 H/GRW US$17.08 18.00 20.25 11.05 NM 1.21 1.83 0.70 Dec 24,732 1.2 BMa Hudbay Minerals, Inc. HBM T 2 H/GRW C$8.45 12.50 12.65 6.13 NM 0.54 0.63 0.57 Dec 2,200 0.2 FH Ivanhoe Mines Ltd. IVN T 2 H/SPEC C$3.18 6.50 5.05 2.50 NM 0.23 (0.05) (0.06) Dec 2,516 0.0 FH Lundin Mining Corporation LUN T 3 H/GRW C$8.20 9.00 10.22 6.62 NM 0.58 0.39 0.33 Dec 5,994 1.5 FH Nevsun Resources Ltd. NSU T 3 H/GRW C$4.32 4.00 4.93 2.49 NM 0.07 0.05 0.04 Dec 1,305 nm FH Teck Resources Limited TECK.B T 2 H/GRW C$34.46 44.00 38.89 19.27 7.7 4.43 4.48 3.58 Dec 19,756 0.4 BMa Trevali Mining Corporation TV T 2 H/SPEC C$1.02 2.00 1.75 1.01 NM 0.04 0.18 0.16 Dec US$856 0.0 BMa


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Mining & Natural Resources - CAN Precious Metals - Gold Agnico Eagle Mines AEM N 2 H/GRW US$43.92 60.00 51.86 37.35 NM 1.10 0.61 0.74 Dec 10,189 0.9 FH Alacer Gold Corp (cf) ASR T 2 H/GRW C$2.44 3.15 2.54 1.96 NM 0.36 0.19 0.90 Dec 715 0.0 TH Alamos Gold Inc. AGI T 2 H/GRW C$6.90 10.50 10.50 6.19 NM 0.60 0.64 0.65 Dec 2,687 0.3 TH Alio Gold Inc. (cf) ALO T 3 H/GRW C$2.19 5.00 7.99 2.19 NM 0.51 0.45 0.63 Dec 98 0.0 TH Atlantic Gold Corporation (cf) AGB V 2 H/SPEC C$1.91 2.50 1.99 1.30 6.2 (0.03) 0.31 NA Dec 412 0.0 TH B2Gold Corp. (cf) BTO T 2 H/GRW C$3.38 5.00 4.06 3.01 NM 0.20 0.47 0.48 Dec 3,323 0.0 TH Barrick Gold Corporation ABX N 3 H/GRW US$13.39 16.00 18.35 11.07 NM 0.75 0.70 0.66 Dec 15,613 0.9 BMa Centerra Gold Inc. CG T 3 H/GRW C$7.05 9.50 9.35 5.90 NM 0.72 0.49 0.71 Dec 2,094 0.0 BMa Coeur Mining, Inc. (cf) CDE N 2 H/SPEC US$8.21 10.00 9.92 6.71 NM (0.01) (0.07) 0.14 Dec 1,527 0.0 BMa Detour Gold Corp. DGC T 3 H/GRW C$9.95 16.00 18.57 9.11 NM 0.66 0.43 0.62 Dec US$1,737 0.0 FH Endeavour Mining Corporation (cf) EDV T 2 H/GRW C$22.08 31.00 26.86 20.61 NM 2.36 2.87 3.26 Dec 2,334 0.0 TH Equinox Gold Corp. (cf) EQX V 2 H/SPEC C$1.04 1.80 1.39 0.88 NM (0.16) (0.04) 0.02 Dec 440 0.0 TH Falco Resources Ltd. (cf) FPC V 2 H/SPEC C$0.60 1.75 1.25 0.58 NM (0.03) (0.03) (0.03) Jun 113 0.0 TH Franco-Nevada Corporation FNV N 2 M/GRW US$71.08 88.00 86.06 66.19 NM 1.08 1.23 1.32 Dec 13,292 1.3 BMa Goldcorp Inc. GG N 3 H/GRW US$14.05 18.00 15.55 11.64 NM 0.39 0.35 0.91 Dec 12,069 0.6 FH IAMGOLD Corporation IAG N 3 H/GRW US$6.24 7.25 7.25 4.26 NM 0.06 0.15 0.11 Dec 2,927 0.0 FH Integra Resources Corp. (cf) ITR V 2 H/SPEC C$0.93 2.25 1.40 0.20 NM (0.03) E (0.06) NA Dec 52 0.0 TH Kinross Gold Corporation KGC N 2 H/GRW US$3.60 5.50 4.91 3.48 NM 0.12 0.18 0.13 Dec 4,525 0.0 FH Maverix Metals Inc. MMX V 2 H/GRW C$1.45 2.10 1.90 1.24 29.0 0.02 0.05 0.08 Sep 223 0.0 BMa New Gold Inc. NGD M 3 H/GRW US$2.37 3.50 4.25 2.22 NM 0.04 0.13 0.20 Dec 1,367 0.0 FH Newmont Mining Corporation NEM N 2 H/GRW US$39.44 48.00 42.04 31.42 NM 1.46 1.34 1.38 Dec 21,100 2.5 BMa Orezone Gold Corporation ORE V 2 H/SPEC C$0.79 1.25 1.02 0.57 NM (0.05) (0.04) (0.03) Dec 166 0.0 TH Orla Mining Ltd. (cf) OLA V 2 H/SPEC C$1.27 2.50 1.85 1.04 NM (0.04) E (0.03) NA Dec 226 0.0 TH Osisko Gold Royalties Ltd OR T 2 H/GRW C$13.15 17.00 17.58 11.90 NM (0.33) 0.10 0.17 Dec 2,078 1.5 BMa Pure Gold Mining Inc. (cf) PGM V 2 H/SPEC C$0.65 1.00 0.71 0.46 NM (0.16) (0.14) (0.09) Mar 157 0.0 TH Roxgold Inc. ROXG T 2 H/GRW C$1.21 2.15 1.44 0.98 NM 0.23 0.25 0.30 Dec 451 0.0 TH Royal Gold Inc. RGLD Q 2 H/GRW US$88.49 99.00 94.39 74.35 NM 1.56 1.76 2.00 Jun 5,752 1.1 BMa Sandstorm Gold Ltd. SAND M 2 H/GRW US$4.63 5.75 5.64 3.30 NM 0.06 0.04 0.09 Dec 986 0.0 BMa SEMAFO Inc. SMF T 3 H/GRW C$3.47 4.50 4.14 2.70 NM 0.33 0.35 0.69 Dec 1,129 0.0 TH Wheaton Precious Metals Corp. WPM N 2 H/GRW US$21.88 25.00 22.72 18.32 NM 0.63 0.62 0.73 Dec 9,693 1.6 BMa Yamana Gold Inc. AUY N 3 H/GRW US$2.87 3.50 3.80 2.21 NM 0.08 0.07 0.09 Dec 2,735 0.7 FH

Precious Metals - Silver MAG Silver Corp. (cf) MAG T 2 H/SPEC C$14.90 21.00 17.62 11.71 NM (0.06) (0.05) (0.06) Dec US$1,274 0.0 TH

Uranium Cameco Corporation CCO T 2 H/GRW C$13.69 13.50 15.01 9.90 36.0 (0.65) 0.38 0.38 Dec 5,421 0.6 BMa NexGen Energy Ltd. NXE T 2 H/GRW C$2.42 5.00 3.58 2.12 NM (0.18) (0.05) (0.05) Dec 820 0.0 BMa


Real Estate

USA Canada Europe

Housing ....................................................................... 58

Lodging ....................................................................... 58

REITs ........................................................................... 58

Farmland ................................................................. 58

Healthcare ............................................................... 58

Hotels ...................................................................... 59

Industrial ................................................................. 59

Malls ........................................................................ 59

Mortgage REITs ....................................................... 59

Net Lease ................................................................. 59

Office/Mixed ........................................................... 60

Residential ............................................................... 60

Self Storage ............................................................. 60

Shopping Centers .................................................... 60

Timber ..................................................................... 60

Real Estate .................................................................. 61

Death Care .............................................................. 61

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

Mortgage Investment Corporations ........................ 61

Office/Diversified .................................................... 61

Real Estate Services ................................................. 61

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

Retail ....................................................................... 61

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

Hotels .......................................................................... 62


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

Buck Horne, CFA [email protected] Jonathan Hughes, CFA [email protected]

Stephen Laws [email protected] Collin Mings, CFA [email protected]

Housing D.R. Horton, Inc. DHI N 2 M/GRW 42.66 53.00 53.32 32.47 11.5 2.74 3.70 4.40 Sep 16,377 1.2 BH,PDP KB Home KBH N 3 M/GRW 26.52 NM 38.80 20.68 17.7 1.85 1.50 3.10 Nov 2,689 0.4 BH,PDP Lennar Corporation LEN N 1 M/GRW 53.39 76.00 72.17 48.68 12.3 3.39 4.33 6.70 Nov 17,512 0.3 BH,PDP M.D.C. Holdings, Inc. MDC N 2 H/INC 31.64 39.00 35.18 26.45 9.2 2.48 3.45 4.05 Dec 1,800 3.8 BH,PDP PulteGroup, Inc. PHM N 2 M/GRW 30.47 35.00 35.21 22.52 9.4 1.44 3.25 3.55 Dec 8,775 1.2 BH,PDP The St. Joe Company JOE N 3 M/GRW 18.05 NM 20.00 16.75 72.2 0.25 E 0.08 NA Dec 1,300 0.0 BH,PDP Toll Brothers, Inc. TOL N 2 M/GRW 40.77 50.00 52.73 36.55 9.8 3.00 4.15 4.95 Oct 6,323 1.1 BH,PDP

Lodging Hilton Worldwide Holdings Inc. HLT N 1 M/GRW 81.83 96.00 88.11 60.54 30.6 2.00 2.67 3.08 Dec 25,932 0.7 WAC,PDP Hyatt Hotels Corporation H N 2 H/GRW 80.86 89.00 83.02 54.38 60.3 1.78 1.34 1.78 Dec 9,541 0.7 WAC,PDP Marriott International, Inc. MAR Q 3 M/GRW 137.97 NM 149.21 96.90 25.1 4.36 5.49 6.22 Dec 48,952 1.2 WAC,PDP

REITs Farmland Farmland Partners Inc. (ca) FPI N 3 H/INC 8.41 NM 10.09 7.15 24.0 0.32 0.35 0.40 Dec 320 6.1 CM,PDP

Healthcare CareTrust REIT, Inc. (x) CTRE Q 2 M/INC 16.01 18.00 19.86 12.73 12.3 1.16 1.30 1.40 Dec 1,218 5.1 JH,PDP HCP, Inc. (x) HCP N 3 M/INC 23.52 NM 33.67 21.48 13.0 1.95 1.81 1.84 Dec 11,245 6.3 JH,PDP Healthcare Trust of America, Inc. (x) HTA N 3 M/INC 24.79 NM 32.84 24.06 14.6 1.63 1.70 1.78 Dec 5,186 4.9 JH,PDP MedEquities Realty Trust, Inc. (x) MRT N 2 M/INC 10.33 13.00 13.06 9.67 8.5 1.14 1.22 1.25 Dec 330 8.1 JH,PDP Omega Healthcare Investors, Inc. (x) OHI N 3 M/INC 30.24 NM 34.84 24.90 10.3 3.15 2.93 3.02 Dec 6,272 8.7 JH,PDP Physicians Realty Trust (x) DOC N 2 M/INC 14.96 17.00 21.85 14.13 14.2 1.04 1.05 1.09 Dec 2,804 6.1 JH,PDP Sabra Health Care REIT, Inc. (x) SBRA Q 2 M/INC 20.32 22.00 25.31 15.78 8.1 2.43 2.50 2.53 Dec 3,643 8.9 JH,PDP Senior Housing Properties Trust (x) SNH Q 4 NM 17.11 NM 22.01 14.86 10.0 1.58 1.71 1.79 Dec 4,065 9.1 JH,PDP Ventas, Inc. (x) VTR N 4 NM 53.62 NM 72.36 46.55 13.3 4.16 4.03 4.03 Dec 19,233 5.9 JH,PDP Welltower Inc. (x) WELL N 2 M/INC 56.87 60.00 78.17 49.58 14.1 4.21 4.02 4.32 Dec 21,156 6.1 JH,PDP


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Real Estate - USA Hotels DiamondRock Hospitality Company (x) DRH N 2 M/INC 12.62 12.50 12.64 9.87 12.3 1.00 1.03 1.04 Dec 2,551 4.0 WAC,PDP Hersha Hospitality Trust (x) HT N 3 M/INC 20.79 NM 20.88 16.60 10.1 2.16 2.06 2.25 Dec 896 5.4 WAC,PDP Host Hotels & Resorts, Inc. (x) HST N 2 M/INC 21.56 22.00 21.73 17.26 12.6 1.69 1.71 1.73 Dec 16,123 3.7 WAC,PDP LaSalle Hotel Properties (x) LHO N 3 M/INC 33.91 NM 34.16 24.10 15.6 2.47 2.18 2.24 Dec 3,761 2.7 WAC,PDP Park Hotels & Resorts Inc. (x) PK N 2 M/INC 31.38 32.00 31.73 23.91 10.9 2.78 2.87 2.88 Dec 6,307 5.9 WAC,PDP Pebblebrook Hotel Trust (x) PEB N 2 M/INC 40.81 40.00 41.19 30.15 15.4 2.57 2.65 2.69 Dec 2,828 3.7 WAC,PDP RLJ Lodging Trust (x) RLJ N 3 M/INC 23.10 NM 23.96 18.68 9.7 2.40 2.38 2.39 Dec 4,066 5.7 WAC,PDP Ryman Hospitality Properties, Inc. (x) RHP N 3 M/INC 82.58 NM 83.20 57.78 14.0 5.56 5.90 6.49 Dec 4,253 4.1 WAC,PDP Summit Hotel Properties, Inc. (x) INN N 2 M/INC 15.36 16.00 19.39 12.77 11.1 1.34 1.39 1.46 Dec 1,613 4.7 WAC,PDP Sunstone Hotel Investors, Inc. (x) SHO N 3 M/GRW 17.20 NM 17.46 14.09 15.2 1.22 1.13 1.16 Dec 3,880 4.2 WAC,PDP Xenia Hotels & Resorts, Inc. (x) XHR N 3 M/INC 25.16 NM 25.19 17.65 11.6 2.06 2.16 2.16 Dec 2,687 4.4 WAC,PDP

Industrial Americold Realty Trust (x) COLD N 2 M/INC 21.61 22.50 23.54 16.13 21.0 1.52 1.03 1.11 Dec 3,079 3.5 WAC,PDP DCT Industrial Trust Inc. (x) DCT N 3 M/INC 65.04 NM 66.53 52.06 25.2 2.42 2.58 2.72 Dec 6,328 2.2 WAC,PDP EastGroup Properties, Inc. (x) EGP N 3 M/INC 91.41 NM 95.03 77.74 20.0 4.26 4.57 4.72 Dec 3,190 2.8 WAC,PDP First Industrial Realty Trust, Inc. (x) FR N 2 M/INC 32.15 31.50 32.91 27.61 19.8 1.57 1.62 1.70 Dec 3,990 2.7 WAC,PDP STAG Industrial, Inc. (co) STAG N 2 M/INC 26.52 27.00 28.95 22.42 14.8 1.58 1.79 1.87 Dec 2,705 5.4 WAC,PDP

Malls CBL & Associates Properties, Inc. (x) CBL N 4 NM 4.83 NM 9.67 3.80 2.8 2.08 1.72 1.64 Dec 834 16.6 CM,PDP Simon Property Group, Inc. (x) SPG N 2 M/INC 159.49 185.00 173.02 145.78 13.3 11.21 12.01 12.51 Dec 49,394 4.9 CM,PDP Taubman Centers, Inc. (x) TCO N 3 M/INC 53.54 NM 66.61 44.78 14.3 3.50 3.74 3.79 Dec 3,265 4.9 CM,PDP

Mortgage REITs Apollo Commercial Real Estate Finance, Inc. (c) ARI N 3 M/INC 18.58 NM 19.26 17.56 10.5 1.45 1.77 2.00 Dec 2,285 9.9 SLa Blackstone Mortgage Trust, Inc. (c) BXMT N 3 M/INC 31.59 NM 33.08 29.51 12.0 2.55 2.63 2.89 Dec 3,418 7.9 SLa Colony NorthStar Credit Real Estate, Inc. (c) CLNC N 2 H/INC 19.11 23.50 21.20 18.00 10.8 1.41 1.77 2.08 Dec 2,503 9.2 SLa Granite Point Mortgage Trust Inc. (c) GPMT N 1 M/INC 18.23 21.00 19.30 16.15 11.8 0.62 1.55 1.84 Dec 791 8.3 SLa Great Ajax Corp. AJX N 2 H/INC 13.14 16.00 15.40 12.27 8.3 1.60 1.59 1.82 Dec 246 9.1 SLa iStar Inc. (c) STAR N 3 H/SPEC 10.77 NM 12.46 9.75 3.6 2.57 2.96 1.50 Dec 731 0.0 SLa KKR Real Estate Finance Trust Inc. (c) KREF N 2 M/INC 20.39 21.50 23.73 18.09 12.0 1.22 1.70 1.81 Dec 1,083 8.4 SLa Ladder Capital Corp (c) LADR N 1 M/INC 15.20 17.50 15.48 12.83 8.7 1.54 1.74 1.71 Dec 1,691 8.3 SLa Starwood Property Trust Inc. (c) STWD N 2 M/INC 21.77 24.00 23.01 19.47 10.1 2.23 2.15 2.17 Dec 5,690 8.8 SLa TPG RE Finance Trust, Inc. (c) TRTX N 2 M/INC 20.41 22.00 20.70 18.22 11.7 1.74 1.74 1.87 Dec 1,229 8.2 SLa

Net Lease Agree Realty Corporation (x) ADC N 2 M/INC 52.01 54.00 53.65 43.74 17.9 2.72 2.91 3.10 Dec 1,614 4.2 CM,PDP Four Corners Property Trust, Inc. (x) FCPT N 2 M/INC 22.47 25.00 26.96 21.28 15.9 1.36 1.41 1.46 Dec 1,379 4.9 CM,PDP National Retail Properties, Inc. (x) NNN N 3 M/INC 40.72 NM 43.90 36.25 15.3 2.40 2.66 2.75 Dec 6,265 4.7 CM,PDP Realty Income Corporation (x) O N 3 M/INC 52.84 NM 60.05 47.25 16.8 2.82 3.15 3.23 Dec 15,027 5.0 CM,PDP Safety, Income and Growth, Inc. (x) SAFE N 3 M/INC 18.89 NM 20.00 15.57 21.2 0.19 0.89 1.29 Dec 344 3.2 CM,PDP Spirit Realty Capital, Inc. (x) SRC N 3 M/INC 8.63 NM 8.81 7.16 13.1 0.78 0.66 0.67 Dec 3,768 8.3 CM,PDP STORE Capital Corporation (x) STOR N 2 M/INC 26.41 28.00 26.58 20.08 15.1 1.59 1.75 1.84 Dec 5,230 4.7 CM,PDP


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Real Estate - USA Office/Mixed Armada Hoffler Properties, Inc. (x) AHH N 3 M/INC 14.33 NM 16.01 12.67 13.6 0.99 1.05 1.08 Dec 896 5.6 WAC,PDP Brandywine Realty Trust (x) BDN N 2 M/INC 15.89 18.00 18.69 15.21 11.6 1.29 1.37 1.48 Dec 2,887 4.5 WAC,PDP City Office REIT, Inc. (co) CIO N 3 M/INC 11.86 NM 13.93 10.03 10.7 0.97 1.11 1.23 Dec 433 7.9 WAC,PDP Corporate Office Properties Trust (x) OFC N 3 M/INC 27.78 NM 36.03 24.55 13.8 2.02 2.01 2.10 Dec 2,900 4.0 WAC,PDP Douglas Emmett, Inc. (x) DEI N 2 M/INC 37.66 42.00 41.59 34.72 18.8 1.79 2.00 2.11 Dec 7,453 2.7 WAC,PDP Easterly Government Properties, Inc. (x) DEA N 3 M/GRW 19.95 NM 22.32 19.03 15.5 1.26 1.29 1.40 Dec 1,093 5.2 WAC,PDP Washington REIT (x) WRE N 2 M/INC 28.72 30.00 33.96 24.92 15.5 1.83 1.85 1.90 Dec 2,257 4.2 WAC,PDP

Residential American Homes 4 Rent (co) AMH N 1 M/GRW 19.62 28.00 23.23 18.39 17.4 1.02 1.13 1.30 Dec 6,712 1.0 BH,PDP Apartment Investment and Management Company (x) AIV N 2 M/INC 39.67 45.00 46.72 37.97 16.3 2.45 2.44 2.55 Dec 6,522 3.8 BH,PDP Clipper Realty Inc. (co) CLPR N 2 M/GRW 8.49 9.50 13.00 7.62 19.7 0.39 0.43 0.55 Dec 380 4.5 BH,PDP Equity Residential (x) EQR N 4 NM 61.76 NM 70.46 54.97 19.5 3.13 3.17 3.25 Dec 23,580 3.5 BH,PDP Essex Property Trust, Inc. (x) ESS N 4 NM 234.20 NM 270.04 214.03 19.0 11.91 12.30 12.65 Dec 15,996 3.2 BH,PDP Invitation Homes Inc. (x) INVH N 1 M/GRW 21.82 26.00 24.30 20.25 18.8 1.04 1.16 1.30 Dec 11,354 2.0 BH,PDP Mid-America Apartment Communities, Inc. (x) MAA N 3 M/INC 91.54 NM 110.95 85.16 15.4 5.94 5.95 6.30 Dec 10,793 4.0 BH,PDP

Self Storage CubeSmart (x) CUBE N 3 M/INC 30.28 NM 30.98 22.83 18.6 1.59 1.63 1.67 Dec 5,581 4.0 JH,PDP Extra Space Storage Inc. (x) EXR N 2 M/INC 95.15 100.00 96.18 73.70 20.4 4.38 4.67 4.85 Dec 12,836 3.3 JH,PDP Jernigan Capital, Inc. JCAP N 2 H/GRW 19.44 20.00 24.89 15.90 6.4 1.33 3.04 2.94 Dec 278 7.2 JH,PDP Life Storage, Inc. (x) LSI N 3 M/INC 91.42 NM 93.16 69.00 17.0 5.31 5.39 5.45 Dec 4,269 4.4 JH,PDP Public Storage (x) PSA N 3 M/INC 208.49 NM 219.93 180.48 19.8 10.23 10.55 10.75 Dec 36,319 3.8 JH,PDP

Shopping Centers Cedar Realty Trust, Inc. (x) CDR N 3 M/INC 4.38 NM 6.29 3.54 8.1 0.45 0.54 0.54 Dec 387 4.6 CM,PDP DDR Corp. (x) DDR N 2 M/INC 14.74 20.00 21.74 13.26 9.2 2.36 1.60 1.22 Dec 2,718 0.0 CM,PDP Federal Realty Investment Trust (x) FRT N 3 M/INC 116.94 NM 135.59 106.41 19.0 5.74 6.16 6.58 Dec 8,562 3.4 CM,PDP Kimco Realty Corporation (x) KIM N 2 M/INC 14.99 18.00 21.24 13.16 10.3 1.52 1.45 1.47 Dec 6,369 7.5 CM,PDP Kite Realty Group Trust (x) KRG N 2 M/INC 15.11 20.00 21.57 13.87 7.5 2.04 2.01 2.03 Dec 1,264 8.4 CM,PDP Ramco-Gershenson Properties Trust (x) RPT N 3 M/INC 11.86 NM 15.00 11.15 9.1 1.34 1.31 1.36 Dec 943 7.4 CM,PDP Regency Centers Corporation (x) REG N 3 M/INC 57.80 NM 70.64 54.87 15.2 3.09 3.80 3.96 Dec 9,770 3.8 CM,PDP Retail Opportunity Investments Corp. (x) ROIC Q 1 M/INC 17.80 21.00 20.90 16.18 15.0 1.14 1.19 1.25 Dec 2,006 4.4 CM,PDP Saul Centers, Inc. (x) BFS N 3 M/INC 48.55 NM 65.43 46.71 15.0 3.18 3.23 3.37 Dec 1,078 4.3 CM,PDP

Timber CatchMark Timber Trust, Inc. (ca) CTT N 2 M/INC 12.96 14.00 13.73 10.81 19.1 0.55 0.68 0.72 Dec 636 4.2 CM,PDP PotlatchDeltic Corporation PCH Q 2 M/INC 50.05 55.00 56.35 43.85 24.4 2.10 2.05 2.35 Dec 3,148 3.2 CM,PDP Rayonier Inc. RYN N 2 M/INC 38.29 40.00 39.14 27.71 58.0 1.16 0.66 0.70 Dec 4,946 2.6 CM,PDP Weyerhaeuser Company WY N 1 M/INC 36.95 41.00 37.89 30.95 24.3 0.77 1.52 1.60 Dec 28,056 3.5 CM,PDP


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

Johann Rodrigues [email protected]

Real Estate Death Care Park Lawn Corporation PLC T 2 M/GRW C$24.20 30.00 27.48 17.75 28.5 0.64 0.85 1.22 Dec 559 1.9 JR,KA

Healthcare Sienna Senior Living Inc. (x) SIA T 3 M/INC C$16.92 NM 18.90 16.77 12.6 1.32 1.34 1.40 Dec 1,122 5.3 KA

Mortgage Investment Corporations Timbercreek Financial Corp. TF T 3 M/INC C$9.21 NM 9.75 8.88 13.3 0.71 0.69 0.73 Dec 729 7.8 JR,KA

Office/Diversified Allied Properties REIT (x) AP.UN T 2 M/INC C$42.84 45.00 43.70 37.54 19.3 2.13 2.22 2.35 Dec 3,988 3.6 KA Artis REIT (x) AX.UN T 3 M/INC C$13.60 NM 14.42 12.82 9.9 1.43 1.37 1.42 Dec 2,098 7.9 KA H&R Real Estate Investment Trust (x) HR.UN T 3 M/INC C$20.39 NM 23.16 19.74 12.2 1.82 1.67 1.77 Dec 6,272 6.8 KA True North Commercial REIT (x) TNT.UN T 2 M/INC C$6.89 7.00 7.00 6.07 11.1 0.61 0.62 0.66 Dec 358 8.6 JR,KA

Real Estate Services Colliers International Group Inc. CIGI Q 2 H/GRW US$74.90 82.00 78.60 46.60 NM 3.11 3.85 4.70 Dec 2,974 0.1 FB FirstService Corporation FSV Q 3 M/GRW US$71.88 72.00 74.49 60.64 NM 2.03 2.65 3.05 Dec 2,624 0.8 FB

Residential Boardwalk Real Estate Investment Trust (x) BEI.UN T 2 M/INC C$47.09 50.00 49.75 37.96 21.1 2.11 2.23 2.44 Dec 2,392 2.1 KA Canadian Apartment Properties REIT (x) CAR.UN T 2 M/INC C$41.42 42.00 41.42 32.03 21.9 1.82 1.89 1.93 Dec 5,973 3.2 KA InterRent Real Estate Investment Trust (x) IIP.UN T 1 M/INC C$11.10 12.00 11.22 7.46 24.1 0.42 0.46 0.52 Dec 1,049 2.4 KA Killam Apartment REIT (x) KMP.UN T 3 M/INC C$15.54 NM 15.74 12.04 16.7 0.90 0.93 0.98 Dec 1,318 4.1 KA Pure Multi-Family REIT LP (x) RUF.U V R M/GRW US$7.27 R 7.40 5.64 R R R R Dec R R KA,JR Tricon Capital Group Inc. TCN T 1 M/GRW C$10.85 12.50 12.05 9.57 NM 1.03 0.98 0.69 Dec 1,758 2.6 KA

Retail Automotive Properties REIT (x) APR.UN T 3 H/INC C$10.50 NM 11.65 9.87 10.2 0.97 1.03 1.06 Dec 274 7.6 JR,KA Choice Properties REIT (x) CHP.UN T 3 M/INC C$11.64 NM 14.20 11.19 11.4 1.07 1.02 1.05 Dec 7,769 6.4 JR,KA Crombie Real Estate Investment Trust (x) CRR.UN T 2 M/INC C$12.77 14.00 14.91 12.14 10.5 1.20 1.22 1.27 Dec 1,983 7.0 KA CT Real Estate Investment Trust (x) CRT.UN T 3 M/INC C$13.40 NM 15.12 12.50 11.8 1.12 1.14 1.17 Dec 2,866 5.4 KA First Capital Realty (x) FCR T 1 M/INC C$21.01 23.00 21.38 19.08 17.2 1.16 1.22 1.28 Dec 5,162 4.1 KA,JR Plaza Retail REIT (x) PLZ.UN T 3 M/INC C$4.29 NM 4.81 3.86 12.6 0.35 0.34 0.36 Dec 457 6.5 JR,KA RioCan Real Estate Investment Trust (x) REI.UN T 2 M/INC C$23.86 27.00 25.75 22.97 13.4 1.79 1.78 1.80 Dec 7,587 6.0 KA Slate Retail REIT (x) SRT.U T 2 M/INC US$9.75 11.00 11.07 9.00 NM 1.26 1.32 1.38 Dec 453 8.6 JR,KA SmartCentres Real Estate Investment Trust (x) SRU.UN T 2 M/INC C$29.53 32.00 33.12 28.14 12.9 2.23 2.29 2.37 Dec 4,745 5.9 KA

Self-Storage StorageVault Canada Inc. SVI V 1 H/GRW C$2.44 3.25 2.85 2.03 27.1 0.07 0.09 0.12 Dec 852 0.4 JR,KA

*Ken Avalos is a Raymond James & Associates employee.


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Real Estate - EUR Simon LeChipre, CFA, Associate Analyst, RJEE [email protected]

Hotels AccorHotels ACCP.PA EPA 2 €48.64 56.50 48.95 38.51 36.8 1.40 1.32 1.76 Dec 13,960 1.8 SL Intercontinental Hotels ($D) IHG.L L 3 4,887p NM 4,944 3,656 NM 2.45 2.92 3.07 Dec 9,319,509 0.0 SL Melia Hotels International MEL.MC MCE 2 €11.88 13.00 14.00 10.33 20.5 0.56 0.58 0.69 Dec 2,732 1.4 SL NH Hotel Group NHH.MC MCE 2 €6.50 7.20 6.71 4.80 28.3 0.10 0.23 0.28 Dec 2,555 2.3 SL


Technology & Communications

USA Canada Europe

Advanced Industrial Technology ................................. 64

Auto Technology...................................................... 64

Application Software .................................................. 65

Communications Equipment ...................................... 66

Connected Devices ..................................................... 66

Infrastructure Software .............................................. 67

Internet ....................................................................... 67

Digital Media ........................................................... 67

eCommerce ............................................................. 67

Internet & Advertising Technology .......................... 68

Online Advertising ................................................... 68

Online Travel ........................................................... 68

IT Services ................................................................... 68

IT Supply Chain ........................................................... 68

Satellite & Space ......................................................... 69

Semiconductors .......................................................... 69

Telecommunications Services .................................... 69

Data Centers ............................................................ 69

Towers ..................................................................... 69

Wireless ................................................................... 70

Wireline ................................................................... 70

IT Hardware ................................................................ 71

Software/IT Services ................................................... 71

Telecom and Media ..................................................... 71

Telecoms ..................................................................... 72


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Technology & Communications - USA Ric Prentiss [email protected] Stephane Beyazian* [email protected]

Chris Caso [email protected] Brian Gesuale [email protected]

Aaron Kessler, CFA [email protected] Simon Leopold [email protected]

Steven Li, CFA* [email protected] Frank G. Louthan IV [email protected]

Justin Patterson, CFA [email protected] Brian Peterson, CFA [email protected]

Adam Tindle, CFA [email protected] Michael Turits, Ph.D. [email protected]

Paul D. Puryear [email protected]

Advanced Industrial Technology AeroVironment, Inc. AVAV Q 3 H/GRW 57.94 NM 62.20 30.05 93.5 0.52 0.62 0.85 Apr 1,338 0.0 BG Cognex Corporation CGNX Q 2 M/GRW 46.71 55.00 72.99 39.90 41.7 1.00 1.12 1.57 Dec 8,078 0.4 BG Cubic Corporation CUB N 2 H/GRW 70.65 70.00 72.43 39.58 NM 2.10 0.64 2.49 Sep 1,924 0.4 BG FLIR Systems, Inc. FLIR Q 1 H/GRW 53.83 60.00 55.67 33.95 24.9 1.88 2.16 2.33 Dec 7,472 1.2 BG Fortive Corporation FTV N 2 M/GRW 75.51 80.00 80.31 61.80 21.5 2.89 3.51 3.75 Dec 26,315 0.4 BG Harris Corporation HRS N 2 H/GRW 152.90 167.00 170.54 107.78 23.6 5.53 6.48 7.90 Jun 18,127 1.5 BG IPG Photonics IPGP Q 3 H/GRW 249.94 NM 264.11 136.60 29.2 6.36 8.56 9.13 Dec 13,433 0.0 BG iRobot Corporation IRBT Q 2 H/GRW 62.73 75.00 109.78 55.77 25.4 1.78 2.47 2.91 Dec 1,851 0.0 BG nLIGHT, Inc. LASR Q 2 M/GRW 37.43 40.00 39.56 24.05 98.5 0.08 0.38 0.48 Dec 1,258 0.0 BG Roper Technologies ROP N 1 M/GRW 279.32 330.00 292.97 225.74 24.8 9.41 11.28 12.07 Dec 28,815 0.6 BG Trimble Inc. TRMB Q 2 H/GRW 34.68 46.00 45.70 32.01 20.2 1.49 1.72 1.92 Dec 8,625 0.0 BG

Auto Technology Aptiv PLC APTV N 2 M/GRW 97.65 100.00 98.79 70.51 18.1 4.63 5.40 6.07 Dec 25,854 0.9 BG Visteon Corporation VC Q 3 M/GRW 128.12 NM 140.64 91.20 19.5 6.13 6.57 7.52 Dec 3,844 0.0 BG

*Steven Li is a Raymond James Ltd. employee. Stephane Beyazian is a Raymond James Financial International employee.


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Technology & Communications - USA Application Software Benefitfocus, Inc. BNFT Q 2 H/GRW 33.55 40.00 37.10 21.75 NM (1.06) (0.62) (0.38) Dec 1,124 0.0 BP Blackbaud, Inc. BLKB Q 2 M/GRW 98.10 125.00 116.07 81.64 35.2 2.23 2.79 3.16 Dec 4,760 0.5 BP BlackLine, Inc. BL Q 2 H/GRW 40.24 47.00 45.19 28.79 NM (0.06) 0.02 0.09 Dec 2,274 0.0 BP Box, Inc. BOX N 2 H/GRW 27.41 33.00 28.68 17.25 NM (0.56) (0.43) A (0.18) Jan 3,744 0.0 BP Castlight Health, Inc. CSLT N 3 H/GRW 3.85 NM 4.75 3.15 NM (0.19) (0.13) (0.02) Dec 520 0.0 BP Coupa Software Incorporated COUP Q 2 H/GRW 51.22 52.00 55.10 28.52 NM (1.39) (0.21) A (0.27) Jan 3,191 0.0 BP Everbridge, Inc. EVBG Q 2 H/GRW 43.79 43.00 45.60 21.56 NM (0.24) (0.59) (0.46) Dec 1,340 0.0 BP HubSpot, Inc. HUBS N 2 H/GRW 117.40 124.00 124.45 63.00 NM 0.25 0.66 0.99 Dec 4,813 0.0 BP Instructure, Inc. INST N 1 H/GRW 42.20 50.00 46.50 24.55 NM (0.95) (0.91) (0.72) Dec 1,557 0.0 BP Manhattan Associates, Inc. MANH Q 3 M/GRW 42.72 NM 54.21 39.10 28.5 1.87 1.50 1.37 Dec 2,892 0.0 BP MiX Telematics Limited ($R) MIXT N 2 H/GRW 19.64 20.00 21.00 6.53 NM 0.17 0.27 A 0.30 Mar 456 0.8 BP Model N, Inc. MODN N 3 H/GRW 18.00 NM 19.60 12.40 NM (0.59) (0.07) 0.22 Sep 594 0.0 BP Paylocity Holding Corporation PCTY Q 2 H/GRW 59.46 62.00 60.55 41.15 62.6 0.67 0.95 0.93 Jun 3,211 0.0 BP Q2 Holdings, Inc. QTWO N 2 H/GRW 57.05 60.00 58.60 31.95 NM 0.03 (0.02) 0.10 Dec 2,516 0.0 BP RingCentral, Inc. RNG N 1 H/GRW 74.15 84.00 81.20 32.70 NM 0.20 0.62 0.78 Dec 6,303 0.0 BP salesforce.com, inc. CRM N 1 H/GRW 127.96 135.00 131.00 83.55 56.6 1.01 1.35 A 2.26 Jan 95,906 0.0 BP Shopify Inc. SHOP N 2 H/GRW 143.64 155.00 154.82 81.55 NM 0.16 0.20 0.60 Dec 16,203 0.0 BP,SLi Ultimate Software Group Inc. ULTI Q 2 H/GRW 265.47 280.00 268.15 181.59 47.8 3.85 5.55 6.53 Dec 8,256 0.0 BP Upland Software, Inc. UPLD Q 2 H/GRW 33.91 35.00 34.27 18.52 21.2 1.04 1.60 1.67 Dec 712 0.0 BP Veeva Systems Inc. VEEV N 3 H/GRW 77.04 NM 79.96 52.17 56.2 0.73 0.96 A 1.37 Jan 11,933 0.0 BP Workiva Inc. WK N 3 H/GRW 25.80 NM 27.60 17.40 NM (0.60) (0.74) (0.65) Dec 1,107 0.0 BP


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Technology & Communications - USA Communications Equipment Applied Optoelectronics, Inc. AAOI Q 1 H/GRW 34.49 51.00 103.41 22.54 13.5 4.61 2.56 3.38 Dec 690 0.0 SL Arista Networks ANET N 3 H/GRW 255.75 NM 311.67 141.78 34.9 5.61 7.33 8.53 Dec 19,028 0.0 SL ARRIS ARRS Q 1 H/GRW 25.60 37.00 30.38 22.60 8.3 2.72 3.08 3.07 Dec 4,925 0.0 SL Casa Systems, Inc. CASA Q 2 H/GRW 19.89 28.00 34.21 13.25 16.4 1.84 1.21 1.37 Dec 1,638 0.0 SL Ciena Corporation CIEN N 2 H/GRW 24.96 33.00 27.98 19.40 17.7 1.54 1.41 1.60 Oct 3,634 0.0 SL Cisco Systems CSCO Q 2 M/GRW 43.26 50.00 46.37 30.36 16.7 2.39 2.59 2.93 Jul 214,829 3.1 SL CommScope Holding Company, Inc. COMM Q 3 H/GRW 29.62 NM 41.60 26.29 12.2 2.13 2.43 2.65 Dec 5,714 0.0 SL F5 Networks, Inc. FFIV Q 3 H/GRW 174.80 NM 176.33 114.63 18.2 8.73 9.58 10.42 Sep 10,942 0.0 SL Finisar Corporation FNSR Q 2 H/GRW 17.02 20.00 28.99 14.25 17.9 2.04 0.95 1.03 Apr 1,969 0.0 SL Harmonic Inc. HLIT Q 3 H/GRW 3.90 NM 5.60 2.80 55.7 (0.34) 0.07 0.15 Dec 317 0.0 SL Hewlett Packard Enterprise Company HPE N 2 H/GRW 15.52 24.00 19.48 12.70 10.6 1.40 1.47 1.60 Oct 25,127 2.9 SL Infinera Corporation INFN Q 3 H/GRW 10.07 NM 12.39 6.10 NM (0.54) (0.09) 0.16 Dec 1,498 0.0 SL Juniper Networks, Inc. JNPR N 2 H/GRW 27.23 31.00 30.44 23.61 15.4 2.11 1.77 2.07 Dec 9,819 2.6 SL LM Ericsson Telephone Company ERIC Q 3 M/GRW 7.42 NM 8.05 5.52 41.2 (0.38) 0.18 0.25 Dec 24,649 1.7 SL Lumentum Holdings Inc. LITE Q 1 H/GRW 63.35 94.00 74.40 41.95 18.1 1.94 3.50 4.34 Jun 4,105 0.0 SL NeoPhotonics Corporation NPTN N 3 H/GRW 6.84 NM 9.78 4.56 NM (0.92) (0.65) (0.10) Dec 303 0.0 SL NetApp, Inc. NTAP Q 3 H/GRW 67.15 NM 72.85 37.43 16.3 2.73 3.47 A 4.12 Apr 18,869 1.2 SL Nokia (r) NOK N 3 M/GRW 6.14 NM 6.60 4.51 23.6 0.38 0.26 0.37 Dec 34,390 3.7 SL Nutanix, Inc. NTNX Q 2 H/SPEC 52.50 64.00 60.00 16.64 NM (0.85) (0.70) (0.32) Jul 8,064 0.0 SL Oclaro, Inc. OCLR Q 3 H/GRW 9.13 NM 10.93 5.61 16.9 0.79 0.54 0.49 Jun 1,564 0.0 SL Pure Storage, Inc. PSTG N 2 H/GRW 20.74 25.00 24.31 11.90 NM (0.50) (0.14) A 0.13 Jan 5,766 0.0 SL Tintri, Inc. TNTR Q 4 NM 0.35 NM 7.75 0.34 NM (3.23) (3.67) A (1.60) Jan 11 0.0 SL

Connected Devices Alarm.com Holdings ALRM Q 2 H/GRW 43.09 48.00 49.49 31.68 37.5 1.09 1.15 1.37 Dec 2,038 0.0 AT Apple Inc. AAPL Q 3 M/GRW 188.58 NM 190.37 142.20 16.5 9.21 11.42 12.28 Sep 955,723 1.3 CC Control4 Corporation CTRL Q 2 H/GRW 24.61 30.00 35.99 17.92 19.4 1.19 1.27 1.39 Dec 613 0.0 AT Motorola Solutions, Inc. MSI N 2 M/GRW 110.57 125.00 111.91 82.24 16.3 5.47 6.79 7.38 Dec 17,923 1.9 AT


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Technology & Communications - USA Infrastructure Software Akamai Technologies, Inc. AKAM Q 3 H/GRW 76.51 NM 78.28 44.65 23.9 2.62 3.20 3.62 Dec 13,049 0.0 MT Alteryx, Inc. AYX N 2 H/GRW 32.49 38.00 39.21 17.77 NM (0.11) (0.24) (0.11) Dec 1,969 0.0 MT Atlassian TEAM Q 3 H/GRW 62.94 NM 66.00 32.58 NM 0.36 0.48 0.66 Jun 14,873 0.0 MT Carbon Black, Inc. CBLK Q 2 H/GRW 23.02 27.00 25.84 22.56 NM NA (1.38) (0.72) Dec 1,515 0.0 MT Check Point Software Technologies CHKP Q 3 H/GRW 97.06 NM 119.20 93.76 17.3 5.33 5.62 5.85 Dec 16,110 0.0 MT Citrix Systems, Inc. CTXS Q 3 H/GRW 106.55 NM 108.42 73.34 20.3 4.85 5.24 5.70 Dec 14,613 0.0 MT Cloudera, Inc. CLDR N 2 H/GRW 15.88 20.00 23.32 12.57 NM NA (0.69) A (0.61) Jan 2,835 0.0 MT FireEye, Inc. FEYE Q 3 H/GRW 16.56 NM 19.36 13.40 NM (0.15) 0.02 0.19 Dec 2,924 0.0 MT Fortinet, Inc. FTNT Q 3 H/GRW 60.37 NM 60.82 35.44 38.9 1.04 1.55 1.80 Dec 10,142 0.0 MT Limelight Networks, Inc. LLNW Q 4 NM 5.07 NM 6.05 2.72 39.0 0.10 0.13 0.14 Dec 561 0.0 MT Microsoft Corporation MSFT Q 1 M/GRW 98.36 110.00 98.98 68.02 25.6 3.29 3.84 3.94 Jun 756,388 1.7 MT MobileIron, Inc. MOBL Q 3 H/GRW 4.30 NM 6.78 3.20 NM (0.21) (0.09) (0.04) Dec 433 0.0 MT New Relic, Inc. NEWR N 2 H/GRW 96.61 86.00 98.33 39.11 NM (0.49) 0.00 A 0.32 Mar 5,406 0.0 MT Oracle Corporation ORCL N 2 M/GRW 47.00 55.00 53.48 43.74 15.2 2.74 3.09 3.29 May 192,371 1.6 MT Palo Alto Networks, Inc. PANW N 2 H/GRW 209.29 192.00 211.27 115.01 53.9 2.71 3.88 5.03 Jul 19,213 0.0 MT Rapid7, Inc. RPD Q 2 H/SPEC 30.16 35.00 33.70 14.75 NM (0.54) (0.50) 0.00 Dec 1,430 0.0 MT Red Hat, Inc. RHT N 2 H/GRW 165.10 166.00 173.58 86.26 48.3 2.27 2.98 A 3.42 Feb 29,235 0.0 MT ServiceNow, Inc. NOW N 1 H/GRW 176.72 202.00 182.59 99.01 78.5 1.20 2.25 2.97 Dec 31,297 0.0 MT Splunk Inc. SPLK Q 2 H/GRW 110.26 127.00 119.00 54.17 NM 0.35 0.62 A 1.02 Jan 15,986 0.0 MT Symantec Corp. SYMC Q 3 M/INC 21.06 NM 34.20 18.85 13.3 1.18 1.69 A 1.58 Mar 13,086 1.4 MT Tableau Software, Inc. DATA N 3 H/GRW 98.56 NM 99.62 57.25 NM 0.27 (0.16) 0.20 Dec 8,259 0.0 MT VMware, Inc. VMW N 2 H/GRW 136.45 147.00 165.00 85.45 22.7 4.39 5.20 A 6.02 Feb 55,095 0.0 MT

Internet Digital Media Netflix, Inc. NFLX Q 2 H/GRW 351.29 365.00 354.36 144.25 NM 1.25 2.89 5.05 Dec 158,221 0.0 JP Pandora Media, Inc. P N 1 H/GRW 7.01 9.00 9.98 4.09 NM (0.72) (0.42) (0.03) Dec 1,788 0.0 JP Spotify Technology S.A. SPOT N 1 H/GRW 156.60 190.00 171.23 135.51 NM (8.14) (1.94) (1.01) Dec 28,747 0.0 JP,SB

eCommerce Alibaba Group Holding Ltd. BABA N 1 H/GRW 199.20 300.00 206.20 122.00 31.6 3.45 5.00 A 6.30 Mar 521,705 0.0 AK,JP Amazon.com, Inc. AMZN Q 2 M/GRW 1610.15 1800.00 1638.10 927.00 80.5 11.20 20.00 28.14 Dec 811,516 0.0 AK,JP Blue Apron Holdings, Inc. APRN N 3 H/SPEC 3.05 NM 11.00 1.72 NM (1.62) (0.67) (0.53) Dec 585 0.0 AK,JP CarGurus, Inc. CARG Q 3 H/GRW 31.66 NM 40.60 25.85 NM 0.12 0.09 0.09 Dec 3,360 0.0 AK,JP Chegg, Inc. CHGG N 3 H/GRW 26.84 NM 26.91 11.47 NM (0.19) (0.15) 0.07 Dec 3,323 0.0 AK,JP eBay Inc. EBAY Q 1 H/GRW 37.94 51.00 46.99 33.89 16.7 2.00 2.27 2.62 Dec 39,040 0.0 AK,JP Groupon, Inc. GRPN Q 3 H/GRW 4.64 NM 5.99 2.90 20.2 0.11 0.23 0.24 Dec 2,609 0.0 JP,AK GrubHub Inc. GRUB N 3 H/GRW 101.78 NM 112.41 41.35 57.2 1.20 1.78 2.11 Dec 9,099 0.0 AK,JP Shutterfly, Inc. SFLY Q 3 H/GRW 92.92 NM 96.58 39.76 33.1 0.91 2.81 3.18 Dec 3,038 0.0 AK,JP Shutterstock, Inc. SSTK N 3 H/GRW 46.07 NM 52.78 29.85 33.6 1.16 1.37 1.66 Dec 1,607 0.0 AK,JP Wayfair, Inc. W N 3 H/GRW 89.85 NM 100.14 55.33 NM (1.97) (3.14) (2.68) Dec 7,984 0.0 AK,JP


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Technology & Communications - USA Internet & Advertising Technology Cardlytics, Inc. CDLX Q 2 H/GRW 20.02 26.00 22.57 11.10 NM (1.91) (2.82) (1.06) Mar 408 0.0 AK,JP ChannelAdvisor Corporation ECOM N 3 H/GRW 14.50 NM 15.05 8.30 NM (0.08) 0.04 0.06 Dec 387 0.0 AK Criteo S.A. CRTO Q 3 H/GRW 25.34 NM 55.70 21.00 10.6 2.70 2.38 2.81 Dec 1,679 0.0 AK,JP GoDaddy Inc. GDDY N 2 H/GRW 71.01 76.00 71.81 40.55 NM 0.79 0.49 1.04 Dec 12,103 0.0 AK,JP The Trade Desk, Inc. TTD Q 2 H/GRW 82.56 74.00 87.80 40.70 60.3 1.15 1.37 1.69 Dec 3,473 0.0 AK,JP Wix.com Ltd. WIX Q 2 H/GRW 85.75 89.00 89.95 50.90 NM (0.01) 0.53 1.18 Dec 3,983 0.0 AK,JP

Online Advertising Alphabet Inc. GOOG Q 2 M/GRW 1075.66 1240.00 1186.89 894.79 24.7 18.06 43.59 44.18 Dec 758,448 0.0 AK,JP ANGI Homeservices Inc. ANGI Q 2 H/SPEC 15.11 16.00 15.77 10.24 NM (0.24) 0.08 0.25 Dec 7,419 0.0 JP,AK Facebook, Inc. FB Q 1 H/GRW 184.92 240.00 195.32 144.56 23.9 5.40 7.73 9.64 Dec 544,589 0.0 AK,JP Snap Inc. SNAP N 4 NM 10.71 NM 21.75 10.50 NM (0.62) (0.57) (0.25) Dec 15,604 0.0 AK,JP Twitter, Inc. TWTR N 3 H/GRW 33.63 NM 36.80 15.67 43.1 0.48 0.78 0.93 Dec 25,761 0.0 AK,JP Yelp Inc. YELP N 2 H/GRW 42.59 52.00 48.40 27.46 NM 1.75 0.19 0.45 Dec 3,595 0.0 JP,AK Zillow Group, Inc. Z Q 3 H/GRW 56.15 NM 59.99 37.68 NM (0.51) 0.04 0.11 Dec 11,084 0.0 JP,AK

Online Travel Booking Holdings Inc. BKNG Q 2 H/GRW 2110.62 2305.00 2228.99 1630.56 23.2 77.03 91.17 105.26 Dec 103,843 0.0 JP,AK Expedia Group, Inc. EXPE Q 3 H/GRW 117.83 NM 161.00 98.52 22.3 4.30 5.28 6.54 Dec 17,887 1.0 JP,AK TripAdvisor, Inc. TRIP Q 3 H/GRW 49.48 NM 50.69 29.50 36.1 1.02 1.37 1.52 Dec 6,927 0.0 JP,AK

IT Services Booz Allen Hamilton Holding Corp. BAH N 3 H/GRW 41.79 NM 42.00 31.06 21.8 1.74 1.92 2.53 Mar 6,252 1.4 BG CACI International Inc CACI N 1 H/GRW 163.50 175.00 165.80 118.10 13.9 6.53 11.80 9.12 Jun 4,038 0.0 BG MAXIMUS, Inc. MMS N 3 H/GRW 61.54 NM 72.71 58.58 18.2 3.19 3.39 3.68 Sep 4,015 0.3 BG NIC Inc. EGOV Q 3 H/GRW 15.25 NM 20.75 12.65 19.8 0.77 0.77 0.79 Dec 1,014 2.1 BG

IT Supply Chain Arrow Electronics, Inc. ARW N 1 M/GRW 74.22 93.00 87.26 72.31 8.7 7.52 8.50 9.00 Dec 6,628 0.0 AT Avnet, Inc. AVT Q 1 M/GRW 38.70 50.00 44.85 35.67 11.1 3.25 3.50 3.80 Jun 4,992 2.0 AT CDW Corporation CDW Q 4 NM 80.69 NM 81.08 58.57 16.6 3.84 4.85 5.35 Dec 12,531 1.0 AT Connection CNXN Q 3 M/GRW 29.34 NM 30.35 22.66 11.6 1.84 2.53 2.66 Dec 789 0.0 AT ConvergeOne Holdings, Inc. CVON Q 3 H/GRW 8.92 NM 10.83 7.95 8.7 0.39 1.02 1.10 Dec 801 0.9 AT Flex Ltd. (c) FLEX Q 3 H/GRW 13.99 NM 19.71 12.93 11.2 1.17 1.10 A 1.25 Mar 7,566 0.0 AT Insight Enterprises, Inc. NSIT Q 3 M/GRW 46.94 NM 47.95 32.11 10.7 3.24 4.37 4.65 Dec 1,699 0.0 AT Jabil Inc. (c) JBL N 3 H/GRW 28.21 NM 31.77 23.70 11.0 2.13 2.57 2.91 Aug 4,993 1.1 AT ScanSource, Inc. SCSC Q 2 H/GRW 38.65 44.00 45.35 31.40 12.5 2.76 3.10 3.55 Jun 988 0.0 AT SYNNEX Corporation SNX N 1 H/GRW 108.10 145.00 141.94 93.87 10.6 8.86 10.20 11.00 Nov 4,292 1.3 AT Tech Data Corporation TECD Q 3 M/GRW 80.98 NM 111.10 75.31 7.5 6.36 9.10 A 10.80 Jan 3,118 0.0 AT


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Technology & Communications - USA Satellite & Space EchoStar Corporation (cb) SATS Q 1 H/GRW 48.01 75.00 62.50 47.87 0.1 795.00 806.00 935.00 Dec 4,613 0.0 RP Gogo Inc. (cc) GOGO Q 2 H/GRW 5.13 10.00 14.76 4.79 NM 58 80 131 Dec 446 0.0 RP Intelsat S.A. (ae) I N 4 NM 15.29 NM 17.28 2.44 NM 1,665 1,563 1,541 Dec 1,651 0.0 RP Iridium Communications Inc. (ae) IRDM Q 1 H/GRW 13.25 15.00 13.30 9.68 NM 266 283 326 Dec 1,462 0.0 RP KVH Industries, Inc. (cc) KVHI Q 2 H/GRW 11.20 13.00 12.65 8.85 0.9 7.00 12.00 20.00 Dec 196 0.0 RP ORBCOMM Inc. (ae) ORBC Q 1 H/GRW 9.52 14.00 11.99 8.50 0.2 45.00 57.00 88.00 Dec 714 0.0 RP ViaSat, Inc. (ae) VSAT Q 2 H/GRW 62.58 72.00 80.26 57.75 NM 341 227 346 Mar 3,685 0.0 RP

Semiconductors Analog Devices, Inc. ADI Q 2 M/GRW 95.45 105.00 98.38 76.07 17.0 4.67 5.62 5.75 Oct 35,517 2.0 CC Aquantia Corp. AQ N 2 H/GRW 11.97 17.00 18.49 9.01 NM (0.30) 0.09 0.41 Dec 401 0.0 CC Broadcom Inc. AVGO Q 1 M/GRW 250.03 335.00 285.68 221.98 13.0 16.01 19.19 18.67 Oct 114,514 2.8 CC Cavium, Inc. CAVM Q 3 M/GRW 85.54 NM 92.66 56.96 23.7 2.84 3.61 NA Dec 5,902 0.0 CC Intel Corporation INTC Q 3 M/GRW 55.44 NM 55.79 33.23 14.4 3.46 3.85 3.91 Dec 265,558 2.2 CC MACOM Technology Solutions Holdings, Inc. MTSI Q 3 M/GRW 22.53 NM 65.99 15.46 46.9 2.34 0.48 0.85 Sep 1,458 0.0 CC Maxim Integrated MXIM Q 3 M/GRW 59.18 NM 74.94 43.43 22.1 2.12 2.68 2.73 Jun 16,665 2.8 CC Microchip Technology Incorporated MCHP Q 2 M/GRW 95.81 105.00 101.48 75.80 16.3 3.99 5.45 A 5.89 Mar 22,518 1.5 CC Monolithic Power Systems, Inc. MPWR Q 1 M/GRW 131.71 140.00 132.83 93.69 35.3 2.93 3.73 4.61 Dec 5,551 0.9 CC NVIDIA Corporation NVDA Q 2 M/GRW 249.28 300.00 260.50 138.58 31.8 3.06 4.91 A 7.85 Jan 156,049 0.2 CC ON Semiconductor Corporation ON Q 2 M/GRW 25.85 32.00 27.10 13.65 14.4 1.47 1.80 1.92 Dec 11,157 0.0 CC Qorvo, Inc. QRVO Q 2 H/GRW 81.49 90.00 86.84 62.68 14.0 4.57 5.14 A 5.80 Mar 10,594 0.0 CC QUALCOMM Incorporated QCOM Q 2 H/GRW 59.96 75.00 69.28 48.56 19.2 4.28 3.13 3.25 Sep 88,861 3.8 CC Skyworks Solutions, Inc. SWKS Q 3 M/GRW 100.37 NM 117.65 86.13 14.2 6.45 7.05 7.77 Sep 18,498 1.3 CC Texas Instruments Incorporated TXN Q 3 M/INC 111.56 NM 120.75 75.92 20.0 3.81 5.59 6.25 Dec 112,118 2.2 CC Xilinx, Inc. XLNX Q 3 M/GRW 69.60 NM 78.02 60.12 25.3 2.34 1.80 A 2.75 Mar 17,950 2.1 CC

Telecommunications Services Data Centers CoreSite Realty Corporation (af) COR N 2 H/GRW 104.74 115.00 120.85 89.76 22.4 3.84 4.67 5.08 Dec 5,028 3.7 FGL,PDP CyrusOne Inc. (af) CONE Q 1 H/GRW 53.65 63.00 65.73 43.49 17.3 3.05 3.11 3.50 Dec 5,183 3.4 FGL,PDP Digital Realty Trust, Inc. (af) DLR N 2 M/INC 106.56 121.00 127.23 96.56 17.5 5.51 6.09 6.60 Dec 22,889 3.8 FGL,PDP Equinix, Inc. (af) EQIX Q 1 H/GRW 388.05 500.00 495.35 370.79 18.5 18.56 21.02 24.03 Dec 30,695 2.4 FGL,PDP Internap Corporation INAP Q 1 H/GRW 10.52 22.00 22.36 8.88 NM (2.39) (2.91) (1.99) Dec 222 0.0 FGL Interxion Holding NV ($E) INXN N 2 H/GRW 63.53 72.00 67.19 43.51 NM 0.60 0.63 0.67 Dec 4,537 0.0 FGL,PDP QTS Realty Trust (af) QTS N 4 NM 37.73 NM 61.55 31.58 14.3 2.68 2.63 2.83 Dec 2,185 4.3 FGL,PDP Switch, Inc. SWCH N 2 H/GRW 12.66 17.00 24.90 11.90 90.4 (1.84) 0.14 0.27 Dec 3,198 0.0 FGL

Towers American Tower Corporation (ad) AMT N 2 H/GRW 136.33 145.00 155.28 125.24 21.1 5.96 6.46 7.28 Dec 60,203 2.2 RP Crown Castle International Corp. (ad) CCI N 3 M/INC 102.74 NM 114.97 93.14 23.5 3.88 4.38 4.75 Dec 36,257 4.1 RP SBA Communications Corporation (ad) SBAC Q 2 H/GRW 157.91 186.00 177.67 129.40 21.8 6.66 7.23 8.17 Dec 18,392 0.0 RP


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Technology & Communications - USA Wireless ATN International, Inc. (cb) ATNI Q 2 M/GRW 52.51 63.00 71.25 49.50 0.5 149.00 108.00 120.00 Dec 839 1.3 RP DISH Network Corporation DISH Q 3 H/GRW 30.71 NM 66.50 28.93 12.8 4.16 2.40 2.23 Dec 14,335 0.0 RP Landmark Infrastructure Partners LP (y) LMRK Q 1 M/INC 13.90 20.00 18.75 13.75 10.7 1.19 1.30 1.49 Dec 210 10.6 RP Shenandoah Telecommunications Company (cc) SHEN Q 3 M/GRW 30.25 NM 41.80 28.00 0.1 281.00 274.00 285.00 Dec 1,499 0.9 RP Sprint Corp. (cb, f) S N 3 H/GRW 5.15 NM 9.02 4.81 NM 11,069 11,899 12,469 Mar 20,312 0.0 RP Telephone and Data Systems, Inc. (oi) TDS N 2 H/GRW 25.58 31.00 29.87 23.54 NM 999 1,025 1,069 Dec 2,865 2.3 RP T-Mobile US Inc. (cb) TMUS Q 1 H/GRW 56.59 77.00 68.50 54.60 NM 11,179 11,614 12,743 Dec 43,122 0.0 RP United States Cellular Corporation (oi) USM N 2 H/GRW 36.00 43.00 41.82 32.06 0.1 675.00 707.00 739.00 Dec 3,060 0.0 RP

Wireline AT&T Inc. T N 2 M/INC 32.51 40.00 39.80 31.17 9.8 3.05 3.33 3.35 Dec 200,912 6.2 FGL Cable One, Inc. CABO N 2 M/GRW 657.94 785.00 788.00 597.40 22.5 41.14 29.22 30.47 Dec 3,771 1.1 FGL CenturyLink, Inc. CTL N 4 NM 18.18 NM 27.61 13.16 18.2 1.59 1.00 1.03 Dec 19,438 11.9 FGL Charter Communications, Inc. (fc) CHTR Q 1 H/GRW 270.20 400.00 408.83 250.10 20.0 11.65 13.54 21.76 Dec 73,602 0.0 FGL Cogent Communications Holdings, Inc. (fa) CCOI Q 4 NM 50.05 NM 54.85 35.75 25.8 1.32 1.94 2.46 Dec 2,316 4.2 FGL Comcast Corporation CMCSA Q 1 M/GRW 31.75 45.00 44.00 30.43 12.9 2.06 2.47 2.69 Dec 149,384 2.0 FGL Consolidated Communications Holdings, Inc. CNSL Q 1 H/INC 11.25 20.00 22.17 10.31 NM 0.24 (0.36) (0.26) Dec 802 13.8 FGL Frontier Communications Corporation FTR Q 2 H/SPEC 7.69 20.00 21.00 6.08 NM (3.78) (1.54) (0.14) Dec 595 0.0 FGL GTT Communications, Inc. (fc) GTT N 2 H/GRW 46.65 60.00 62.32 28.30 22.9 2.20 2.04 3.46 Dec 2,093 0.0 FGL Uniti Group Inc. (af) UNIT Q 1 H/INC 20.21 26.00 27.78 13.81 7.9 2.51 2.56 2.63 Dec 3,536 11.9 FGL Verizon Communications Inc. VZ N 3 M/INC 48.52 NM 54.77 42.80 10.6 3.74 4.59 4.62 Dec 199,272 4.9 FGL WideOpenWest, Inc. WOW N 1 H/GRW 8.68 12.00 18.83 6.03 NM 1.49 (1.81) 0.87 Dec 733 0.0 FGL Windstream Holdings, Inc. WIN Q 2 H/SPEC 6.15 20.00 23.60 6.10 NM (60.29) (11.50) (8.65) Dec 230 0.0 FGL Zayo Group Holdings, Inc. (fc) ZAYO N 2 H/GRW 34.83 43.00 37.95 29.73 50.5 0.49 0.69 1.36 Jun 8,697 0.0 FGL


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

IT Hardware Baylin Technologies Inc. BYL T 2 H/GRW C$3.20 5.50 4.12 1.87 40.0 (0.18) 0.08 0.36 Dec 100 0.0 SLi Evertz Technologies Limited (f) ET T 2 M/GRW C$17.19 18.00 19.73 16.49 21.2 0.83 0.81 0.91 Apr 1,315 4.2 SLi Sierra Wireless, Inc. SWIR Q 2 H/GRW US$17.85 28.00 31.95 15.10 NM 1.04 0.94 1.25 Dec 641 0.0 SLi UrtheCast Corp. UR T 3 H/GRW C$0.30 0.30 1.64 0.25 NM (0.27) (0.22) (0.21) Dec 36 0.0 SLi

Software/IT Services BlackBerry (f) BB N 3 H/GRW US$11.75 11.00 14.55 8.47 NM 0.06 0.14 A 0.08 Feb 6,393 0.0 SLi CGI Group GIB.A T 2 M/GRW C$77.82 85.00 79.80 61.73 18.8 3.65 4.15 4.50 Sep 22,646 0.0 SLi Constellation Software Inc. CSU T 3 M/GRW C$1004.02 930.00 1034.67 651.00 NM 21.84 28.38 32.68 Dec 21,285 0.5 SLi The Descartes Systems Group Inc. DSGX Q 3 M/GRW US$30.50 31.00 31.23 23.40 NM 0.75 0.83 A 1.00 Jan 2,367 0.0 SLi Maxar Technologies Ltd. MAXR N 2 M/GRW US$48.80 59.00 67.30 42.11 NM 4.16 4.80 5.38 Dec 2,767 2.4 SLi NexJ Systems Inc. NXJ T 3 H/GRW C$2.30 2.75 3.90 2.19 NM (0.07) (0.13) (0.05) Dec 47 0.0 SLi Open Text Corporation OTEX Q 2 M/GRW US$34.73 42.00 40.31 30.88 NM 2.02 2.56 2.79 Jun 9,301 1.8 SLi Optiva Inc. OPT T 2 H/GRW C$45.36 60.00 57.50 29.49 NM (5.36) (6.54) (1.62) Sep 236 0.0 SLi Real Matters Inc. REAL T 2 H/GRW C$4.15 6.00 12.80 3.95 NM 0.03 0.08 0.13 Sep 380 0.0 SLi

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

Telecom and Media Sky SKY.L L 3 1,346p NM 1,402 823 NM 61.40 61.20 67.70 Jun £23,138 2.2 SB Vivendi VIV.PA EPA 2 €22.49 26.00 24.87 18.40 23.4 0.85 0.96 1.06 Dec 28,202 2.2 SB


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Technology & Communications - EUR Telecoms Bouygues BOUY.PA EPA 3 €40.44 NM 45.98 36.07 19.1 2.12 E 2.14 2.73 Dec 14,356 4.0 SB BT BT.L L 4 210p 250 318 201 NM 31.00 E 32.00 35.00 Mar £20,880 7.1 SB Deutsche Telekom DTE.DE ETR 2 €13.29 17.00 18.02 12.72 14.1 0.94 E 1.25 1.37 Dec 63,250 4.9 SB Iliad ILD.PA EPA 1 €148.55 230.00 232.15 129.85 18.7 6.78 7.94 10.03 Dec 8,764 0.7 SB KPN KPN.AS AMS 4 €2.35 2.50 3.15 2.34 18.1 0.13 0.13 0.14 Dec 10,039 5.5 SB Orange ORA.PA EPA 2 €14.88 17.00 15.79 13.32 16.0 0.93 E 1.06 1.13 Dec 39,568 4.0 SB Orange Belgium OBEL.BR EBR 2 €16.84 22.00 21.52 14.66 31.8 0.52 0.53 0.63 Dec 1,010 3.6 SB Proximus PROX.BR EBR 3 €22.95 NM 32.98 22.84 13.0 1.77 E 1.84 NA Dec 7,413 6.5 SB TalkTalk Telecom Group TALK.L L 3 119p NM 220 89 NM 12.60 10.00 12.90 Mar £1,132 6.7 SB Telecom Italia TLIT.MI BIT 4 €0.71 0.68 0.89 0.65 8.9 0.07 0.08 0.07 Dec 14,875 0.0 SB Telefonica TEF.MC MCE 2 €7.69 9.60 10.19 7.45 10.4 0.74 E 0.74 0.81 Dec 38,735 5.2 SB Telefónica Deutschland O2Dn.F ETR 4 €3.65 3.60 4.85 3.62 NM (0.02) (0.02) 0.01 Dec 10,871 7.4 SB Telenet Group TNET.BR EBR 4 €45.54 50.00 62.55 45.34 27.4 1.66 E 2.34 2.96 Dec 5,328 7.7 SB Telia Company AB TELIA.ST STO 4 SEK41.33 36.00 44.02 35.42 15.3 3.02 2.70 2.80 Dec 178,959 5.9 SB Vodafone VOD.L L 1 195p 275 240 190 NM 8.00 12.10 12.20 Mar £55,514 7.8 SB


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Transportation - USA Patrick Tyler Brown, CFA [email protected] Savanthi Syth, CFA [email protected]

Simon LeChipre, CFA, Associate Analyst* [email protected]

Airlines Hybrid Airlines Alaska Air Group, Inc. ALK N 1 H/GRW 61.87 85.00 95.75 57.53 10.9 6.04 5.70 7.60 Dec 7,632 2.1 SS Azul S.A. (r) AZUL N 2 H/GRW 23.08 37.00 35.05 19.71 15.4 0.97 1.50 2.10 Dec 2,606 0.0 SS Copa Holdings, S.A. (is) CPA N 2 H/INC 114.52 156.00 141.34 110.42 11.0 8.48 10.40 11.65 Dec 4,856 3.0 SS

Low Cost Carriers easyJet plc EZJ.L L 3 H/INC 1731p NM 1797 1135 18.2 77 95 130 Sep £6,872 3.1 SS,SL GOL Linhas Aereas Inteligentes S.A. (r) GOL N 3 H/GRW 7.85 NM 14.49 4.40 15.7 0.66 0.50 0.70 Dec 1,364 0.0 SS JetBlue Airways Corporation JBLU Q 3 H/GRW 19.41 NM 24.13 18.05 10.2 1.75 1.90 2.15 Dec 6,434 0.0 SS Southwest Airlines Co. LUV N 2 H/GRW 52.86 69.00 66.99 49.76 11.7 3.51 4.50 5.35 Dec 30,648 1.2 SS

*Simon LeChipre is a Raymond James Euro Equities SAS employee.

Transportation

USA Canada

Airlines ........................................................................ 73

Hybrid Airlines ......................................................... 73

Low Cost Carriers ..................................................... 73

Network Airlines ...................................................... 74

Regional Airlines ...................................................... 74

Ultra-Low Cost Carriers ........................................... 74

Transportation Services .............................................. 74

Intermodal and Asset-Light Logistics ....................... 74

Parcel Carriers ......................................................... 74

Railroad ................................................................... 74

Trucking (Truckload and LTL) ................................... 74

Airlines ........................................................................ 75

Railroads ..................................................................... 75

Transportation & Logistics .......................................... 75


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Transportation - USA Network Airlines Air France-KLM AIRF.PA EPA 3 H/GRW €7.31 NM 14.65 6.93 6.2 3.24 1.18 1.60 Dec 2,572 0.0 SS,SL American Airlines Group Inc. AAL Q 2 H/GRW 44.91 64.00 59.08 40.65 7.7 5.27 5.80 6.90 Dec 22,141 0.9 SS Delta Air Lines, Inc. DAL N 2 H/GRW 55.87 68.00 60.79 44.59 9.4 4.76 5.94 6.65 Dec 39,247 2.2 SS IAG IAG.MC MAD 2 H/GRW €7.98 8.75 8.08 6.37 6.9 1.03 1.16 1.25 Dec 17,053 3.4 SS,SL LATAM Airlines Group S.A. (is, r) LTM N 3 H/GRW 12.94 NM 17.39 10.80 20.9 0.32 0.62 0.90 Dec 7,847 0.6 SS United Continental Holdings, Inc. UAL N 3 H/GRW 71.68 NM 83.04 56.51 8.8 6.84 8.10 8.90 Dec 20,028 0.0 SS

Regional Airlines SkyWest, Inc. SKYW Q 1 H/GRW 58.35 65.00 60.65 31.75 12.5 3.43 4.65 5.15 Dec 3,037 0.7 SS

Ultra-Low Cost Carriers Allegiant Travel Company ALGT Q 3 H/GRW 155.85 NM 181.45 111.54 13.7 9.65 11.35 14.65 Dec 2,525 1.8 SS Ryanair Holdings Plc (is, r) RYAAY Q 2 M/GRW 120.70 132.00 127.61 101.10 17.0 5.78 6.92 A 7.08 Mar 29,608 0.0 SS Spirit Airlines, Inc. SAVE N 1 H/GRW 38.03 53.00 56.89 30.32 10.7 3.29 3.55 4.30 Dec 2,647 0.0 SS

Transportation Services Intermodal and Asset-Light Logistics C.H. Robinson Worldwide, Inc. CHRW Q 3 M/GRW 88.23 NM 100.18 63.41 19.7 3.35 4.47 4.85 Dec 12,414 2.1 TB Forward Air Corporation FWRD Q 3 H/GRW 59.76 NM 64.80 49.88 20.1 2.38 2.98 3.35 Dec 1,769 1.0 TB Hub Group, Inc. HUBG Q 3 H/GRW 50.20 NM 52.25 33.18 20.7 1.87 2.42 2.60 Dec 1,726 0.0 TB J.B. Hunt Transport Services, Inc. JBHT Q 3 H/GRW 128.39 NM 129.93 84.37 24.7 3.71 5.20 6.10 Dec 14,238 0.7 TB Landstar System, Inc. LSTR Q 4 NM 113.05 NM 118.60 80.00 19.3 3.75 5.85 6.00 Dec 4,756 0.5 TB XPO Logistics, Inc. XPO N 2 H/GRW 108.81 110.00 111.09 51.86 31.3 1.94 3.48 4.50 Dec 14,515 0.0 TB

Parcel Carriers FedEx Corporation FDX N 2 M/GRW 251.50 285.00 274.66 191.93 16.7 12.30 15.05 17.45 May 68,660 0.8 TB United Parcel Service, Inc. UPS N 3 M/INC 115.49 NM 135.53 101.45 16.0 6.00 7.22 7.80 Dec 100,476 3.2 TB

Railroad CSX Corporation CSX Q 2 M/GRW 64.68 66.00 64.82 47.99 20.1 2.30 3.22 3.68 Dec 57,436 1.4 TB Genesee & Wyoming Inc. GWR N 1 H/GRW 77.72 90.00 84.40 63.70 20.2 2.91 3.85 4.60 Dec 4,889 0.0 TB Kansas City Southern KSU N 1 H/GRW 112.04 128.00 114.91 94.70 17.8 5.25 6.30 7.15 Dec 11,540 1.3 TB Norfolk Southern Corporation NSC N 3 M/GRW 153.02 NM 157.15 111.44 17.6 6.61 8.70 9.40 Dec 43,748 1.9 TB Union Pacific Corporation UNP N 1 M/GRW 145.06 155.00 146.73 101.06 19.0 5.79 7.65 8.55 Dec 112,061 1.8 TB

Trucking (Truckload and LTL) Old Dominion Freight Line, Inc. ODFL Q 3 H/GRW 154.19 NM 154.99 88.47 24.1 4.31 6.40 7.00 Dec 12,687 0.3 TB Saia, Inc. SAIA Q 2 H/GRW 82.25 80.00 82.80 45.15 21.9 2.19 3.75 4.35 Dec 2,112 0.0 TB


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

Daryl Swetlishoff, CFA [email protected]

Airlines Air Canada AC T 3 H/GRW C$24.72 24.00 29.11 16.68 8.4 4.11 2.95 3.40 Dec 6,749 0.0 BC WestJet Airlines WJA T 3 H/INC C$20.88 20.00 28.00 19.18 13.9 2.57 1.50 2.00 Dec 2,401 2.7 BC

Railroads Canadian National Railway CNR T 2 M/GRW C$107.57 114.00 109.85 90.84 20.6 4.99 5.21 6.00 Dec 79,193 1.7 SH Canadian Pacific Railway Limited CP T 2 M/GRW C$237.06 260.00 243.59 189.57 18.2 11.39 13.00 14.50 Dec 34,231 0.2 SH

Transportation & Logistics CanWel Building Materials Group Ltd. CWX T 1 H/INC C$7.15 7.50 7.50 5.89 13.2 0.42 0.54 0.57 Dec 556 7.8 SH,DS


Raymond James Equity Capital Markets

David De Luca (212) 856-4375, Senior Managing Director – Head of Global Equities

Mike Westcott (416) 777-4935, Head of Equities (Canada)

Equity Research, U.S. – Raymond James & Associates

Management Brian G. Alexander, CFA

(727) 567-2312

Senior Managing Director,

Director of Equity Research

Robert P. Anastasi, CFA

(727) 567-2286

Chairman, Global 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

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Joseph Altobello, CFA

(212) 883-4606

Household, Personal Care,

and Leisure Products

Benjamin P. Brownlow

(404) 442-5859

Convenience Stores

Sam Darkatsh (727) 567-2537

Building Products

Brian M. Vaccaro, CFA

(404) 442-5866

Restaurants

Dan Wewer, CFA (404) 442-5846

Hardline Retailers

Energy (800) 945-6275

J. Marshall Adkins

Director of Energy Research

Benjamin P. Brownlow (404) 442-5859

Midstream Suppliers

John Freeman, CFA

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Darren Horowitz

Midstream Suppliers

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Independent Refiners/

Midstream Suppliers

Pavel Molchanov

Integrated Oil & Gas/ Renewable

Energy & Clean Technology/

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Praveen Narra, CFA

Oilfield Services

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

Banking

Robert J. Dodd, Ph.D. (901) 579-4560

Specialty Finance

David J. Long, CFA (312) 612-7685

Banking

Patrick J. O'Shaughnessy, CFA

(312) 612-7687

Capital Markets

C. Gregory Peters (727) 567-1534

Insurance/Insurance Brokerage

& Technology

Michael Rose (312) 655-2940

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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

Laura Chico, Ph.D. (312) 655-2701

Biotechnology

Lawrence S. Keusch (617) 897-8992

Hospital Supplies & Equipment

Steve Seedhouse, Ph.D. (212) 885-1837

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/Industrial Distribution

Macro Research

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

Chief Economist

Edward Mills (202) 872-5933

Washington Policy

Jeffrey D. Saut (727) 567-2644

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

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William A. Crow (727) 567-2594

Lodging/REITs

Buck Horne, CFA (727) 567-2561

Housing/REITs

Jonathan Hughes, CFA (727) 567-2438

REITs

Stephen Laws (901) 579-4868

Mortgage REITs

Collin Mings, CFA (727) 567-2585

REITs

Technology &

Communications Ric Prentiss (727) 567-2567

Director of Telecommunications

Services Research

Chris Caso (212) 856-4893

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John Davis (727) 567-2510

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Brian Gesuale (727) 567-2287

IT Services/ Advanced

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Aaron Kessler, CFA (415) 616-8959

Internet

Simon M. Leopold (212) 856-5464

Communications Equipment

Frank G. Louthan IV (404) 442-5867

Telecommunications Services

Justin Patterson, CFA

(415) 616-8035

Internet

Brian Peterson, CFA (404) 442-5888

Application Software

Adam Tindle, CFA

(727) 567-2693

IT Supply Chain & Connected Devices

Michael Turits, Ph.D.

(212) 297-5617

Infrastructure Software

Transportation

Patrick Tyler Brown, CFA

(404) 442-5803

Transportation Services

Savanthi Syth, CFA

(727) 567-5274

Airlines


U.S. Equity Capital Markets – Sales & Trading

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

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

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

Institutional Sales St. Petersburg (800) 237-5643

Shawn Borgeson (727) 567-2571

Sarah Concannon (727) 567-2686

Ken Corn (727) 567-2282

Jeremy Davis (727) 567-8353

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

Patrick Sauve (727) 567-2526

David Schaffer (727) 567-2598

Dana Williams (727) 567-2278

Jamie Zingaretti (727) 567-2576

Atlanta

Brian Mylod (404) 442-5822

Dudley Stephens (404) 442-5828

Boston

Ryan Bagley (617) 897-8965

Grant Hall (617) 897-8966

Dave Hodges (617) 897-8961

John Leffel (617) 897-8967

Chicago

Bill Sammon, Manager

(312) 655-2959

Lou Coines (312) 655-2964

Rick Glaisner (312) 612-7672

Lonnie Hatcher (312) 612-7673

Chris Lambert (312) 655-2974

Anthony LanFranca (312) 655-2961

Tony Montemurro (312) 655-2948

Tim Murnane (312) 655-2988

Andrew K. Northwick (312) 612-7675

Chris Palermo (312) 655-2967

Leigh Pollak (312) 612-7744

Bob Stocking (312) 612-7674

Los Angeles

Mark Hamilton (310) 414-5209

Rob Marckel (310) 414-5201

New York

Alastair Barnes (212) 856-5417

Jason Gefaell (212) 672-6828

Tom Hartigan (212) 856-5474

Jeff Karish (212) 297-5604

Susan Lione (212) 856-4886

Tom Nevitt (212) 297-5608

Institutional Sales (continued) New York

Paul Salmore (212) 856-4368

Craig Sapuppo (212) 297-5602

Kelly Schaeffer (212) 856-4887

San Francisco

John Cavender (415) 538-5725

Douglas Deubel (888) 734-0540

Jacob Forney (415) 616-8080

Zachary Taylor (415) 616-8944

Corporate & Executive Services (727) 567-2092

Jeff Fordham, Head of Corporate

& Executive Services

Jeanna Bryan

Nicole Castillo

Omar De La Rosa

Rachel Jallick

Brandon Moore

Rachel Sellman

Scott Warnock

Principal Trading (212) 599-6800

Eric Braunstein

Brendan Dooley

Jesse Lubarsky

Adam Lustig

Ray Moore

Greg Mulvaney

Christian O’Brien

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

Tom Del Zoppo

Boston (617) 423-5607

Brendan Moses

Steve Svensen

Thomas Ward

Institutional Sales Trading (continued) Chicago (312) 655-2990

Bill Sammon, Manager (312) 655-2959

Michael Barone

Ken Goldberger

Jeff Grimm

Randy Mrozek

Jeff Snower

New York (212) 599-6800

Craig Bugniazet

Paul Cornette

Michael Dalfonzo

John Gilmartin

Tres Green

Robert Hyde

Mark Koczan

Gary Muehlemann

Vincent Sgherza

Nick Shepard

Neil Vankawala

San Francisco

Michael Christian (415) 616-8933

Michael Schwarz (415) 616-8096

Event-Driven Trading (212) 297-5600 Jason Caamano

Paul Shea

Agency/ International/Retail Trading Byron Mitson, Head of Agency/

International/Retail Trading (901) 524-4108

St. Petersburg (727) 567-6466

Scott Brown

Tyson Bryant

Allen Spence

St. Petersburg–International (727) 567-2100

Sharon Agudio

James Nielsen

Mike Tagliarini

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Darin Butler

Krystal Butler

John Campbell

Ben Cavazos

Kevin Floyd

Marilyn Hiner

Kenny McClain

Memphis–International (800) 564-3678

Tony Johnson

New York (212) 430-2499

Joseph D’Ambrosio


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Rob Mabry

Brad Manuilow

Johnny Martin

James “Hector” Murphy

Brian Werner

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

J. Michael Gibbs, Director,

Equity Portfolio & Technical Strategy Jeff Harvey

Joey Madere

Barbara Metcalf

Richard Sewell, CFA

Equity Advisory Group (727) 567-2520

Suzi Fiorini, Vice President

Equity Advisory Group

Harold Antor

Phil Cox

Kenneth Matthews

John Messina

Michael Saut

Parker Snure

Daniel Sprusansky

Julie Lachman, International (727) 567-5559

ECM International Office Locations

Raymond James Financial International Limited Raymond James Euro Equities

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Homan Haghighi

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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 416.777.7175 Sr. Oil & Gas Producers / Energy

Infrastructure

Farooq Hamed, CA 416.777.7117 Precious Metals

Steve Hansen, CFA, CPA, CMA 604.659.8208 Transportation / Agribusiness

Tara Hassan, P. Eng 604.659.8064 Precious Metals

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Diversified Financials

David Quezada, CFA 604.659.8257 Special Situations / Power & Utilities

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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 Nicole Svec, CFA 416.777.4942 Vancouver 800.667.2899 Scot Atkinson, CFA 604.659.8225 Brady Pimlott 604.659.8220 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 Matt Malowney 416.777.4937 Eric Munro, CFA 416.777.4983

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, Managing Director – European Research +33 (1) 45 64 05 47 Utilities

Hermine de Bentzmann, RJEE

+33 (1) 45 64 05 53

Premium Consumer Goods

Stéphane Beyazian, RJFI

+44 (0) 203 798 5643

Telecom & Media Services

Marion Boucheron,

Associate Analyst, RJEE

+33 (1) 45 64 06 64

Premium Consumer Goods

Mehdi Boudokhane, RJEE

+33 (1) 45 64 05 55

Infrastructure & Construction

Harry Breach, RJFI

+44 (0) 203 798 5641

Aerospace & Defence

Jean-Pierre Dmirdjian, RJEE

+ 33 (1) 45 64 05 46

Energy

Patrick Lambert, RJFI

+44 (0) 203 798 5645

Chemicals

Cédric Lecasble, RJEE

+33 (1) 45 64 05 40

Retail

Simon LeChipre, CFA,

Associate Analyst, RJEE

+33 (1) 45 64 05 66

Hotels/Foodservices/EU Airlines

European Sales & Trading

Paris +33 (1) 45 64 05 00

Sales

Philippe Andrieu

Eric Blain

Mikael Certner

Bruno Chabroux

Cedric Danon

Julien David

Caroline David-Tracaz

Wilfried de Chanaud

Frederic LeBoulenger

Sebastien Manzoni

Laurent Thomasset

Sales Trading

Laurent Lagneau

Trading

+33 (1) 45 64 05 15

Jacques Perez

Philippe Vialle

London

+44 (0) 203 798 5600

Sales

Cara McPhillips

Matt Patterson

New York (212) 856-4884

Sales

Benoit Piussan

Joe Campo


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 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.

Raymond James (“RJ”) research reports are disseminated and available to RJ’s retail and institutional clients simultaneously via electronic publication to RJ's internal proprietary websites (RJ Investor Access & RJ Capital Markets). Not all research reports are directly distributed to clients or third-party aggregators. Certain research reports may only be disseminated on RJ's internal proprietary websites; however such research reports will not contain estimates or changes to earnings forecasts, target price, valuation, or investment or suitability rating. Individual Research Analysts may also opt to circulate published research to one or more clients electronically. This electronic communication distribution is discretionary and is done only after the research has been publically disseminated via RJ’s internal proprietary websites. The level and types of communications provided by Research Analysts to clients may vary depending on various factors including, but not limited to, the client’s individual preference as to the frequency and manner of receiving communications from Research Analysts. For research reports, models, or other data available on a particular security, please contact your RJ Sales Representative or visit RJ Investor Access or RJ Capital Markets.

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.

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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 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 RJEE/RJFI RJA RJL RJEE/RJFI

Strong Buy and Outperform (Buy) 56% 71% 52% 23% 38% 0%

Market Perform (Hold) 39% 25% 34% 11% 13% 0%

Underperform (Sell) 5% 4% 14% 7% 11% 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.

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April 2018 - Raymond James Financial, Inc. · Raymond James Research Register - April 2018 5 About This Publication The Equity Research Register is a monthly statistical summary of

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