Raymond James Ltd. | LIFE WELL PLANNED - March 2016 › Branches › premium › pdfs › MRR › GRR-Mar... · 2016-08-02 · Raymond James Research Register - March 2016 5 About

Global Research Published by Raymond James & Associates

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March 2016

2 Raymond James Research Register - March 2016

Contents Consumer Healthcare Real Estate

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

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

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

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

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

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

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

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

Energy Industrial Technology & Communications

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

CAN .......................... 31

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

ARG .......................... 35

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

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

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

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

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

EUR .......................... 76

ARG .......................... 76

Financial Services Mining & Natural Resources Transportation

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

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

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

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

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

USA .......................... 77

CAN .......................... 79

EUR .......................... 80

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

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

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

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

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

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

Research Analysts and Sales & Trading Directories

USA .......................... 81

Canada ..................... 84

Europe ..................... 85

Argentina ................. 86

Raymond James Research Register - March 2016 3

Analyst Index

J. Marshall Adkins (JMA) .......................... 26,51

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

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

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

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

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

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

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

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

Stephane Beyazian (SB) ................................ 76

Andrew Bradford, CFA (AB) .......................... 31

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

Patrick Tyler Brown, CFA (TB) .................. 51,77

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

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

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

Ben Cherniavsky (BC) ............................... 52,79

Chris Cox, CFA (CC) ........................................ 31

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

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

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

Jean-Pierre Dmirdjian (JPD) .......................... 34

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

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

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

Steve Hansen, CMA, CFA (SH) ............. 52,55,79

Arthur W. Hatfield, CFA (AH) ........................ 77

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

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

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

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

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

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

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

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

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

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

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

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

Steven Li, CFA (SLi) .............................. 31,66,75

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

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

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

Jeremy McCrea, CFA (JM) ............................. 31

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

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

Kurt Molnar (KM) .......................................... 31

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

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

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

Michael Overvelde, CFA, CPA, CA (MO) ... 44,52

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

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

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

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

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

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

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

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

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

Emmanuel Retif (ER) ................................ 34,53

Federico Rey Marino (FRM) ....... 35,44,58,64,76

Julien Richer, CFA (JR) ......................... 23,63,80

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

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

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

David Sadowski (DSa) .................................... 55

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

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

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

Fernando Suarez (FS) ................. 35,44,58,64,76

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

Savanthi Syth, CFA (SS) .................................. 77

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

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

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

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

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

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

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

Santiago Wesenack, CFA (SW) .................. 35,58

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

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

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


Upcoming Events

Dia Roadshow (EUR) March 1, 2016; Paris, France Bouygues Telecom Roadshow (EUR) March 3-4, 2016; London, England Institutional Investors Conference (USA) March 6-9, 2016; Orlando, Florida

NYSSA Insurance Industry Conference (USA) March 21-22, 2016; New York, New York Chemical Industry Leaders Conference (USA & EUR) March 22-23, 2016; London, England

Research Coverage Changes

Additions Deletions

USA

Fleetmatics Group PLC (FLTX:N)

CAN

Canadian Energy Services & Technology Corp. (CEU:T)

Integra Gold Corporation (ICG:V)

USA

Alcatel-Lucent (ALU:N)

BioMed Realty Trust Inc. (BMR:N)

Constant Contact, Inc. (CTCT:Q)

MedAssets (MDAS:Q)

Ocata Therapeutics, Inc. (OCAT:Q)

OmniVision Technologies, Inc. (OVTI:Q)

Plum Creek Timber Company, Inc. (PCL:N)

Symetra Financial Corp. (SYA:N)

Targa Resources Partners L.P. (NGLS:N)

TeleCommunication Systems (TSYS:Q)

Whiting USA Trust II (WHZT:OTC)

Changes

Avago Technologies Ltd. (AVGO:Q) changed its name to Broadcom Limited

Occidental Petroleum Corp. (OXY:N) not adjusted for 0.094:1 special stock dividend

Norbord Inc. (NBD:T) changed its ticker to OSB:T


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

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

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

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

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

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

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

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

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

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


Exchanges

AMS ---- Amsterdam Stock Exchange

BA ---- Buenos Aires SE

BIT ---- Italy - Borsa Italiana

EBR ---- Euronext Brussels

ELI ---- Euronext Lisbon

EPA ---- Euronext Paris

ETR ---- Germany – XETRA

HEL ---- Helsinki Stock Exchange

L ---- London Stock Exchange

M ---- NYSE MKT

MAD --- Madrid Stock Exchange

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

N --- NYSE

OSL --- Oslo Stock Exchange

OTC --- OTC

PRG --- Prague Stock Exchange

Q --- NASDAQ

STO --- Stockholm Stock Exchange

SWF --- Switzerland – Swiss Exchange

T --- TSX

V --- TSX Venture

WBAG --- Austria, Wiener Borse

Currencies

AR$ ---- Argentine peso

p ---- British pence

£ ---- British pound

C$ ---- Canadian dollar

CZK ---- Czech koruna

€ --- Euro

NOK --- Norwegian krone

SEK --- Swedish krona

CHF --- Swiss franc

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

Footnotes

NA ---- Not Available.

NM ---- Not Meaningful.

R ---- Research Restricted.

UR ---- Under Review.

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

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

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

ae ---- EPS is Adjusted EBITDA.

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

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

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

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

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

ed --- EPS is Earnings per ADS.

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

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

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

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

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

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

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

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

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

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

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

Company Index


1st Constitution Bancorp (FCCY:Q) 37 8point3 Energy Partners L.P. (CAFD:Q) 31 AAC Holdings, Inc. (AAC:N) 46 Aaron's Inc. (AAN:N) 21 Abaxis, Inc. (ABAX:Q) 46 Abbott Laboratories (ABT:N) 49 Abiomed Inc. (ABMD:Q) 49 Acadia Healthcare Co. (ACHC:Q) 46 Acadian Timber Corp. (ADN:T) 56 Accenture plc (ACN:N) 72 Access National Corporation (ANCX:Q) 37 AccorHotels (ACCP.PA:EPA) 63 ACI Worldwide, Inc. (ACIW:Q) 74 Acorda Therapeutics, Inc. (ACOR:Q) 47 Adecoagro S.A. (AGRO:N) 58 Adidas (ADSGn.DE:ETR) 24 ADMA Biologics, Inc. (ADMA:Q) 47 ADP (ADP.PA:EPA) 54 The ADT Corporation (ADT:N) 72 ADTRAN, Inc. (ADTN:Q) 68 Advance Auto Parts, Inc. (AAP:N) 19 Advanced Energy Industries, Inc. (AEIS:Q) 31 Advanced Micro Devices (AMD:Q) 72 The Advisory Board Company (ABCO:Q) 48 Aecon Group (ARE:T) 52 AeroVironment Inc. (AVAV:Q) 72 Aetna (AET:N) 46 Aflac, Inc. (AFL:N) 42 Agnico Eagle Mines (AEM:N) 57 Agree Realty Corporation (ADC:N) 60 Agrium Inc. (AGU:N) 55 AGT Food and Ingredients Inc. (AGT:T) 55 Ahold (AHLN.AS:AMS) 24 AIMIA (AIM:T) 23 Air Canada (AC:T) 79 Air France-KLM (AIRF.PA:EPA) 80 Air Liquide (AIRP.PA:EPA) 54 Airbus Group (AIR.PA:EPA) 53 Airgas, Inc. (ARG:N) 51 Akamai Technologies, Inc. (AKAM:Q) 70 Akorn, Inc. (AKRX:Q) 49 AkzoNobel (AKZO.AS:AMS) 54 Alacer Gold Corp (ASR:T) 57 Alamos Gold Inc. (AGI:N) 57 Alaris Royalty Corp. (AD:T) 52 Alarm.com Holdings (ALRM:Q) 69 Alaska Air Group (ALK:N) 77 Alcentra Capital Corporation (ABDC:Q) 43 Alere, Inc. (ALR:N) 47 Alexion Pharmaceuticals Inc. (ALXN:Q) 47 Alibaba Group Holding Ltd. (BABA:N) 70 Allegiant Travel Co. (ALGT:Q) 78 Allergan plc (AGN:N) 49 Alliance Data Systems Corp. (ADS:N) 74 Allied Properties REIT (AP.UN:T) 62 Allscripts Healthcare Solutions Inc. (MDRX:Q) 48 Allstate Corporation (ALL:N) 42 Alphabet, Inc. (GOOG:Q) 71 AltaGas Ltd. (ALA:T) 31 Alterra Power Corp. (AXY:T) 31 Altius Minerals Corporation (ALS:T) 56 AMAG Pharmaceuticals, Inc. (AMAG:Q) 47

Amazon.com Inc. (AMZN:Q) 70 Amber Road, Inc. (AMBR:N) 67 Amedisys (AMED:Q) 46 America Movil, S.A.B. de C.V. (AMX:N) 73 American Airlines Group, Inc. (AAL:Q) 77 American Equity Investment Life Holding Company (AEL:N) 42 American Farmland Company (AFCO:M) 60 American Financial Group, Inc. (AFG:N) 42 American Homes 4 Rent (AMH:N) 61 American National Bankshares, Inc. (AMNB:Q) 37 American Railcar Industries, Inc. (ARII:Q) 78 American Residential Properties, Inc. (ARPI:N) 61 American River Bankshares (AMRB:Q) 37 American Tower (AMT:N) 73 AmeriGas Partners L.P. (APU:N) 28 AmerisourceBergen Corp. (ABC:N) 48 Amgen, Inc. (AMGN:Q) 47 Amphastar Pharmaceuticals, Inc. (AMPH:Q) 49 AmSurg Corporation (AMSG:Q) 46 Anadarko Petroleum Corp. (APC:N) 26 Analog Devices, Inc. (ADI:Q) 66 Angie's List, Inc. (ANGI:Q) 71 AngioDynamics (ANGO:Q) 49 Antero Midstream Partners L.P. (AM:N) 28 Antero Resources Corporation (AR:N) 26 Anthem (ANTM:N) 46 Aon plc (AON:N) 41 Apache Corporation (APA:N) 26 Apartment Investment and Management Company (AIV:N) 61 Apollo Investment Corp. (AINV:Q) 43 Apple Inc. (AAPL:Q) 69 Applied Micro Circuits Corporation (AMCC:Q) 72 Applied Optoelectronics, Inc. (AAOI:Q) 68 ARC Resources Ltd. (ARX:T) 32 ArcBest Corp. (ARCB:Q) 79 Archrock Partners L.P. (APLP:Q) 29 Arctic Cat, Inc. (ACAT:Q) 19 Ares Capital Corp. (ARCC:Q) 43 Argo Group International Holdings, Ltd. (AGII:Q) 42 Arista Networks (ANET:N) 68 Arkema (AKE.PA:EPA) 54 ARM Holdings plc (ARMH:Q) 72 Armada Hoffler Properties (AHH:N) 61 ARRIS (ARRS:Q) 68 Arrow Electronics, Inc. (ARW:N) 71 Arthur J. Gallagher & Co. (AJG:N) 41 Artis REIT (AX.UN:T) 62 Asanko Gold Inc. (AKG:T) 57 Associated Banc-Corp (ASB:M) 37 Assurant, Inc. (AIZ:N) 42 AT&T Inc. (T:N) 73 ATAC Resources Ltd. (ATC:V) 57 Athabasca Oil Corp. (ATH:T) 32 athenahealth Inc. (ATHN:Q) 48 Atlantic Capital Bancshares, Inc. (ACBI:Q) 37 Atlantic Tele-Network, Inc. (ATNI:Q) 73 Atlassian (TEAM:Q) 70 Atmel Corporation (ATML:Q) 72 Atwood Oceanics (ATW:N) 30 Autogrill (AGL.BIT:BIT) 24 AutoZone, Inc. (AZO:N) 19 Avigilon Corporation (AVO:T) 75

Company Index


Avnet, Inc. (AVT:N) 71 B2Gold Corp. (BTO:T) 57 BAE Systems (BAES.L:L) 53 Baker Hughes, Inc. (BHI:N) 29 Banc of California, Inc. (BANC:N) 37 BancFirst Corporation (BANF:Q) 37 Banco Macro S.A. (BMA:N) 44 The Bancorp, Inc. (TBBK:Q) 37 BancorpSouth, Inc. (BXS:N) 37 Bank of America Corporation (BAC:N) 37 Bank of Commerce Holdings (BOCH:Q) 37 Bank of Marin Bancorp (BMRC:Q) 37 Bank of New York Mellon Corp (BK:N) 37 Bank of the Ozarks Inc. (OZRK:Q) 37 Banner Corporation (BANR:Q) 37 Barrick Gold Corporation (ABX:N) 57 BASF (BASFn.DE:ETR) 54 Basic Energy Services, Inc. (BAS:N) 30 Baxter International Inc. (BAX:N) 48 Baylin Technologies Inc. (BYL:T) 75 Baytex Energy Corporation (BTE:T) 32 BB&T Corporation (BBT:N) 37 BBCN Bancorp, Inc. (BBCN:Q) 37 BBVA Banco Frances (BFR:N) 44 Beacon Roofing Supply, Inc. (BECN:Q) 51 Bear Creek Mining Corp. (BCM:V) 57 Becton, Dickinson and Company (BDX:N) 48 Bed Bath & Beyond (BBBY:Q) 21 Beiersdorf (BEIG.DE:ETR) 24 Bellatrix Exploration Ltd. (BXE:T) 32 Benefitfocus, Inc. (BNFT:Q) 67 Best Buy Company, Incorporated (BBY:N) 20 BGC Partners, Inc. (BGCP:Q) 41 BIC (BB.FP:EPA) 24 Big Lots Inc. (BIG:N) 20 Biogen Inc. (BIIB:Q) 47 BioMarin Pharmaceutical Inc. (BMRN:Q) 47 Birchcliff Energy Ltd. (BIR:T) 32 Bird Construction Inc. (BDT:T) 52 Black Diamond Group Limited (BDI:T) 33 Black Stone Minerals L.P. (BSM:N) 26 BlackBerry (BBRY:Q) 75 Blackhawk Network Holdings, Inc. (HAWK:Q) 74 Bloomin' Brands, Inc. (BLMN:Q) 22 Blue Capital Reinsurance Holdings Ltd. (BCRH:N) 42 BNC Bancorp (BNCN:Q) 37 Boardwalk Pipeline Partners L.P. (BWP:N) 28 Boardwalk REIT (BEI.UN:T) 63 BofI Holding, Inc. (BOFI:Q) 37 BOK Financial Corp. (BOKF:Q) 37 Bombardier Inc. (BBD.B:T) 52 Bonanza Creek Energy, Inc. (BCEI:N) 26 Bonavista Energy Corporation (BNP:T) 32 Bonterra Energy Corp. (BNE:T) 32 Booz Allen Hamilton Holding Corp. (BAH:N) 72 Boston Scientific Corp. (BSX:N) 49 Bottomline Technologies (EPAY:Q) 74 Boulder Energy Ltd. (BXO:T) 32 Bouygues (BOUY.PA:EPA) 76 Box, Inc. (BOX:N) 67 BP plc (BP:N) 28 Brandywine Realty Trust (BDN:N) 61

Briggs & Stratton (BGG:N) 20 Brightcove Inc. (BCOV:Q) 67 Brinker International (EAT:N) 22 Broadcom Limited (AVGO:Q) 66 Broadridge Financial Solutions, Inc. (BR:N) 41 BroadSoft, Inc. (BSFT:Q) 68 Brookfield Canada Office Properties (BOX.UN:T) 62 Brookfield Infrastructure Partners L.P. (BIP:N) 52 Brookfield Renewable Energy Partners L.P. (BEP:N) 52 Brown & Brown, Inc. (BRO:N) 41 Brunswick Corp. (BC:N) 19 BT (BT.L:L) 76 Buffalo Wild Wings, Inc. (BWLD:Q) 22 C.H. Robinson Worldwide (CHRW:Q) 78 C.R. Bard, Inc. (BCR:N) 48 C1 Financial, Inc. (BNK:N) 37 CA Technologies (CA:Q) 70 Cabela’s Inc. (CAB:N) 20 Cablevision Systems Corp. (CVC:N) 73 Cabot Oil & Gas Corp. (COG:N) 26 CACI International Inc. (CACI:N) 72 CAE Inc. (CAE:T) 52 CafePress Inc. (PRSS:Q) 70 CalAtlantic Group Inc. (CAA:N) 59 Calfrac Well Services (CFW:T) 33 California Resources Corporation (CRC:N) 26 Calix, Inc. (CALX:N) 68 Callaway Golf Co. (ELY:N) 20 Calumet Specialty Products Partners L.P. (CLMT:Q) 28 Cameco Corporation (CCO:T) 58 Cameron International Corp. (CAM:N) 29 Campari (CPR.MI:BIT) 23 Campus Crest Communities, Inc. (CCG:N) 61 Canadian Apartment Properties REIT (CAR.UN:T) 63 Canadian Energy Services & Technology Corp. (CEU:T) 33 Canadian National Railway (CNR:T) 79 Canadian Natural Resources Ltd (CNQ:T) 33 Canadian Oil Sands Limited (COS:T) 33 Canadian Pacific Railway, LTD (CP:T) 79 Canadian Tire Corporation (CTC.A:T) 23 Canam Group (CAM:T) 53 Canexus Corporation (CUS:T) 52 Canfor Corp. (CFP:T) 56 Canfor Pulp Products Inc. (CFX:T) 56 CanWel Building Materials Group Ltd. (CWX:T) 79 Canyon Services Group Inc. (FRC:T) 33 Capital Product Partners L.P. (CPLP:Q) 28 Capital Senior Living Corp. (CSU:N) 46 Capstone Mining Corp. (CS:T) 56 Cara Operations Limited (CAO:T) 23 Cardinal Financial Corporation (CFNL:Q) 37 Cardinal Health Inc. (CAH:N) 48 CareDx, Inc. (CDNA:Q) 47 CareTrust REIT, Inc (CTRE:Q) 60 Carmike Cinemas, Inc. (CKEC:Q) 19 Carnival Corp. (CCL:N) 19 Carolina Financial Corporation (CARO:Q) 37 Carrefour (CARR.PA:EPA) 24 Carriage Services, Inc. (CSV:N) 47 Carrols Restaurant Group, Inc. (TAST:Q) 22 Casella Waste Systems, Inc. (CWST:Q) 51 Casey's General Stores, Inc. (CASY:Q) 20

Company Index


Casino (CASP.PA:EPA) 24 Castlight Health, Inc. (CSLT:N) 67 Catalent, Inc. (CTLT:N) 49 CatchMark Timber Trust, Inc. (CTT:N) 62 Cavium Inc. (CAVM:Q) 72 CBL & Associates Properties, Inc. (CBL:N) 60 CBOE Holdings, Inc. (CBOE:Q) 41 CDW Corporation (CDW:Q) 71 Cedar Realty Trust, Inc. (CDR:N) 61 Celadon Group, Inc. (CGI:N) 79 Celgene Corporation (CELG:Q) 47 Cenovus Energy, Inc. (CVE:T) 33 Centene (CNC:N) 46 CenterState Banks, Inc. (CSFL:Q) 37 Central Pacific Financial Corp. (CPF:N) 37 Centrica (CNA.L:L) 34 CenturyLink (CTL:N) 73 Cepheid (CPHD:Q) 47 Cerner Corporation (CERN:Q) 48 Cervus Equipment Corp. (CVL:T) 52 CEZ (CEZsp.PR:PRG) 34 CGI Group (GIB.A:T) 75 ChannelAdvisor Corporation (ECOM:N) 67 Charles River Laboratories (CRL:N) 49 The Charles Schwab Corporation (SCHW:N) 41 Chart Industries, Inc. (GTLS:Q) 30 Charter Communications, Inc. (CHTR:Q) 73 Check Point Software Technologies (CHKP:Q) 70 Cheesecake Factory Inc. (CAKE:Q) 22 Chegg, Inc. (CHGG:N) 70 Chemtrade Logistics Income Fund (CHE.UN:T) 52 Cheniere Energy Partners L.P. (CQP:M) 28 Cheniere Energy, Inc. (LNG:M) 28 Chesapeake Energy Corp. (CHK:N) 26 Chesapeake Granite Wash Trust (CHKR:N) 26 Chevron Corp. (CVX:N) 28 Chinook Energy Inc. (CKE:T) 32 Chipotle Mexican Grill, Inc. (CMG:N) 22 Choice Properties REIT (CHP.UN:T) 63 Christian Dior (DIOR.PA:EPA) 24 Chubb Limited (CB:N) 42 Church & Dwight Co., Inc. (CHD:N) 21 Chuy's Holdings, Inc. (CHUY:Q) 22 Ciena Corporation (CIEN:N) 68 CIGNA Corporation (CI:N) 46 Cimarex Energy Co. (XEC:N) 26 Cincinnati Bell Inc. (CBB:N) 73 Cinemark Holdings, Inc. (CNK:N) 19 Cineplex Inc. (CGX:T) 23 Cisco Systems (CSCO:Q) 68 Citrix Systems Inc. (CTXS:Q) 70 Civitas Solutions, Inc. (CIVI:N) 46 Clariant (CLN.VX:SWF) 54 Clayton Williams Energy, Inc. (CWEI:N) 26 Clean Energy Fuels Corp. (CLNE:Q) 30 Clean Harbors (CLH:N) 51 The Clorox Company (CLX:N) 21 CM Finance Inc. (CMFN:Q) 43 CME Group Inc. (CME:Q) 41 CNO Financial Group (CNO:N) 42 Cobham (COB.L:L) 53 Coeur Mining Inc. (CDE:N) 57

Cogent Communications Holdings Inc. (CCOI:Q) 73 Cognex Corporation (CGNX:Q) 72 Colgate-Palmolive Company (CL:N) 21 Colliers International Group Inc. (CIGI:Q) 62 Colruyt (COLR.BR:EBR) 24 Columbia Banking System, Inc. (COLB:Q) 37 Comcast Corp. (CMCSA:Q) 73 Comerica Inc. (CMA:N) 37 Commerce Bancshares, Inc. (CBSH:Q) 37 CommScope Holding Company, Inc. (COMM:Q) 68 Communications Sales & Leasing, Inc. (CSAL:Q) 73 Community Bank System, Inc. (CBU:N) 37 Community Health Systems, Inc. (CYH:N) 48 Community Trust Bancorp, Inc. (CTBI:Q) 37 CommVault Systems Inc. (CVLT:Q) 70 Compass Diversified Holdings (CODI:N) 43 Compass Group (CPG.L:L) 24 Computer Programs and Systems, Inc. (CPSI:Q) 48 Computer Sciences Corporation (CSC:N) 72 Comtech Telecommunications Corp. (CMTL:Q) 72 Concho Resources Inc. (CXO:N) 26 Conifer Holdings, Inc. (CNFR:Q) 42 Conifex Timber Inc. (CFF:T) 56 ConnectOne Bancorp, Inc. (CNOB:Q) 37 Connecture Inc. (CNXR:Q) 48 ConocoPhillips (COP:N) 26 CONSOL Energy Inc. (CNX:N) 26 Consolidated Communications Holdings (CNSL:Q) 73 Continental Resources Inc. (CLR:N) 26 Control4 Corporation (CTRL:Q) 69 The Cooper Companies, Inc. (COO:N) 48 Copa Holdings, S.A. (CPA:N) 77 Copper Mountain Mining (CUM:T) 56 Core-Mark Holding Company, Inc. (CORE:Q) 20 Corporate Office Properties Trust (OFC:N) 61 Costco Wholesale Corporation (COST:Q) 21 Covanta Holding Corp. (CVA:N) 51 Covestro (1COV.DE:ETR) 54 CPI Card Group Inc. (PMTS:Q) 74 Crawford & Company (CRD.B:N) 41 Credit Acceptance Corp. (CACC:Q) 43 CREIT (REF.UN:T) 62 Crescent Point Energy (CPG:T) 32 Crestwood Equity Partners L.P. (CEQP:N) 28 Cresud SACIFYA (CRESY:Q) 58 Crew Energy Inc. (CR:T) 32 Criteo S.A. (CRTO:Q) 70 Crombie REIT (CRR.UN:T) 63 CrossAmerica Partners L.P. (CAPL:N) 28 Crown Castle International (CCI:N) 73 CSI Compressco Partners L.P. (CCLP:Q) 29 CSRA Inc. (CSRA:N) 72 CST Brands, Inc. (CST:N) 20 CSX Corp. (CSX:Q) 78 CT Real Estate Investment Trust (CRT.UN:T) 63 Ctrip.com International, Ltd. (CTRP:Q) 71 CU Bancorp (CUNB:Q) 37 CubeSmart (CUBE:N) 61 Cubic Corporation (CUB:N) 72 Culp, Inc. (CFI:N) 19 CVB Financial Corp. (CVBF:Q) 37 CVS Health (CVS:N) 48

Company Index


Cypress Energy Partners L.P. (CELP:N) 30 CyrusOne Inc. (CONE:Q) 73 D.R. Horton, Inc. (DHI:N) 59 Darden Restaurants (DRI:N) 22 Dave & Buster's Entertainment, Inc. (PLAY:Q) 22 DaVita HealthCare Partners Inc. (DVA:N) 46 Dawson Geophysical Company (DWSN:Q) 30 Del Frisco’s Restaurant Group, Inc. (DFRG:Q) 22 Delek Logistics Partners L.P. (DKL:N) 28 Delek US Holdings, Inc. (DK:N) 27 Delhaize (DELB.BR:EBR) 24 Delphi Energy Corp. (DEE:T) 32 Delta Air Lines, Inc. (DAL:N) 77 Demandware (DWRE:N) 67 Denbury Resources Inc. (DNR:N) 26 Denison Mines Corp. (DML:T) 58 The Descartes Systems Group Inc. (DSGX:Q) 75 Detour Gold Corp. (DGC:T) 57 Deutsche Telekom (DTE.DE:ETR) 76 Devon Energy Corporation (DVN:N) 26 DexCom Inc. (DXCM:Q) 49 DH Corporation (DH:T) 74 Dia (DIDA.MC:MAD) 24 Diageo (DGE.L:L) 23 Diamond Offshore (DO:N) 30 Diamondback Energy, Inc. (FANG:Q) 26 DiamondRock Hospitality Company (DRH:N) 60 Dick`s Sporting Goods Inc. (DKS:N) 20 Digi International Inc. (DGII:Q) 69 Digital Realty Trust, Inc. (DLR:N) 61 DigitalGlobe, Inc. (DGI:N) 72 DineEquity, Inc. (DIN:N) 22 Diodes Incorporated (DIOD:Q) 66 Dipexium Pharmaceuticals, Inc. (DPRX:Q) 49 Diplomat Pharmacy, Inc. (DPLO:N) 49 DIRTT Environmental Solutions Ltd. (DRT:T) 53 DISH Network Corp. (DISH:Q) 73 The Dixie Group (DXYN:Q) 20 Dollar General Corp. (DG:N) 20 Dollar Tree, Inc. (DLTR:Q) 20 Dollarama (DOL:T) 23 Domtar (UFS:N) 56 Douglas Emmett (DEI:N) 61 DragonWave (DRWI:Q) 75 DSM (DSMN.AMS:AMS) 54 Duluth Holdings Inc. (DLTH:Q) 20 DuPont Fabros Technology Inc. (DFT:N) 61 E*TRADE FINANCIAL Corporation (ETFC:Q) 41 E.On (EONGn.DE:ETR) 34 East West Bancorp, Inc. (EWBC:Q) 38 Easterly Government Properties, Inc. (DEA:N) 61 Eastern Virginia Bankshares, Inc. (EVBS:Q) 38 EastGroup Properties, Inc. (EGP:N) 61 easyJet plc (EZJ.L:L) 80 eBay Inc. (EBAY:Q) 70 ECA Marcellus Trust I (ECT:N) 26 EchoStar Corporation (SATS:Q) 72 Ecopetrol S.A. (EC:N) 28 Edenor (EDN:N) 35 Edenred (EDEN.PA:EPA) 24 EDF (EDF.PA:EPA) 34 Eiffage (FOUG.PA:EPA) 54

Eldorado Gold Corp. (EGO:N) 57 Element Financial Corporation (EFN:T) 44 Elior (ELIOR.PA:EPA) 24 Elizabeth Arden Inc. (RDEN:Q) 21 EMC Corporation (EMC:N) 71 Empire Company Limited (EMP.A:T) 23 Encore Capital Group Inc. (ECPG:Q) 43 Endeavour Mining Corp. (EDV:T) 57 Endeavour Silver Corp. (EDR:T) 57 Endo International plc (ENDP:Q) 49 Enel (ENEI.MI:BIT) 34 Enerflex Ltd. (EFX:T) 33 Energen Corp. (EGN:N) 26 Energy Transfer Equity L.P. (ETE:N) 28 Energy Transfer Partners L.P. (ETP:N) 28 EnerNOC, Inc. (ENOC:Q) 31 Enerplus Corporation (ERF:T) 32 Engie (GSZ.PA:EPA) 34 EnLink Midstream LLC (ENLC:N) 28 EnLink Midstream Partners L.P. (ENLK:N) 28 Enphase Energy, Inc. (ENPH:Q) 31 Ensco plc (ESV:N) 30 Ensign Energy Services Inc. (ESI:T) 32 Enterprise Products Partners L.P. (EPD:N) 28 Envestnet, Inc. (ENV:N) 41 Enviva Partners L.P. (EVA:N) 31 EOG Resources, Inc. (EOG:N) 26 Equinix (EQIX:Q) 73 Equity One, Inc. (EQY:N) 61 Equity Residential (EQR:N) 61 Ericsson (ERIC:Q) 68 Essential Energy Services Ltd. (ESN:T) 33 Essex Property Trust, Inc. (ESS:N) 61 Essilor (ESSI.PA:EPA) 23 Estee Lauder Companies (EL:N) 21 Ethan Allen Interiors (ETH:N) 19 EV Energy Partners L.P. (EVEP:Q) 26 EverBank Financial Corp (EVER:N) 38 Evertz Technologies Ltd. (ET:T) 75 Expedia, Inc. (EXPE:Q) 71 Expeditors International of Washington, Inc. (EXPD:Q) 78 Express Scripts (ESRX:Q) 46 Extra Space Storage (EXR:N) 61 Extreme Networks, Inc. (EXTR:Q) 68 Exxon Mobil Corp. (XOM:N) 28 F5 Networks, Inc. (FFIV:Q) 68 Facebook, Inc. (FB:Q) 71 FactSet Research Systems Inc. (FDS:N) 41 Fairchild Semiconductor International (FCS:Q) 66 Farmers Capital Bank Corp. (FFKT:Q) 38 Farmers National Banc Corp. (FMNB:Q) 38 Fastenal Company (FAST:Q) 51 Fate Therapeutics, Inc. (FATE:Q) 47 FBL Financial Group (FFG:N) 42 Federal Realty Investment Trust (FRT:N) 61 Federated National Holding Company (FNHC:Q) 42 FedEx Corporation (FDX:N) 78 Ferrellgas Partners L.P. (FGP:N) 28 Ferrovial (FER.MC:MAD) 54 Fidelity National Information Services (FIS:N) 74 Fidus Investment Corporation (FDUS:Q) 43 Fiesta Restaurant Group, Inc. (FRGI:Q) 22

Company Index


Fifth Street Finance Corp. (FSC:Q) 43 Fifth Third Bancorp (FITB:Q) 38 Financial Engines, Inc. (FNGN:Q) 41 Finisar Corporation (FNSR:Q) 68 Finning International (FTT:T) 52 FireEye Inc. (FEYE:Q) 70 First Bancorp (FBNC:Q) 38 First Busey Corporation (BUSE:Q) 38 First Business Financial Services, Inc. (FBIZ:Q) 38 First Capital Realty (FCR:T) 63 First Commonwealth Financial Corp. (FCF:N) 38 First Community Corporation (FCCO:Q) 38 First Defiance Financial Corp. (FDEF:Q) 38 First Financial Bancorp (FFBC:Q) 38 First Financial Corporation (THFF:Q) 38 First Foundation Inc. (FFWM:Q) 38 First Horizon National Corporation (FHN:N) 38 First Industrial Realty Trust, Inc. (FR:N) 61 First Majestic Silver (FR:T) 57 First Midwest Bancorp, Inc. (FMBI:Q) 38 The First of Long Island Corporation (FLIC:Q) 38 First Potomac Realty Trust (FPO:N) 61 First Quantum Minerals Ltd. (FM:T) 56 First Republic Bank (FRC:N) 38 First Solar, Inc. (FSLR:Q) 31 FirstMerit Corp. (FMER:Q) 38 FirstService Corporation (FSV:Q) 62 Fission Uranium Corp. (FCU:T) 58 FitBit, Inc. (FIT:N) 69 FleetCor Technologies (FLT:N) 74 Fleetmatics Group PLC (FLTX:N) 67 Flex (FLEX:Q) 69 FLIR Systems (FLIR:Q) 72 FMC Technologies, Inc. (FTI:N) 29 Fnac (FNAC.PA:EPA) 24 Fortinet Inc. (FTNT:Q) 70 Fortress Paper (FTP:T) 56 Fortress Transportation & Infrastructure Investors LLC (FTAI:N) 78 Fortum (FUM1V.HE:HEL) 34 Fortuna Silver Mines Inc. (FVI:T) 57 Forward Air Corporation (FWRD:Q) 78 Franco-Nevada Corp. (FNV:N) 57 Fraport (FRAG.DE:ETR) 54 Freehold Royalties Ltd. (FRU:T) 32 Frontier Communications Corp. (FTR:Q) 73 Fulton Financial (FULT:Q) 38 GAIN Capital Holdings, Inc. (GCAP:N) 41 Galena Biopharma Inc. (GALE:Q) 47 Gamesa (GAM.MC:MCE) 34 Garmin Ltd. (GRMN:Q) 69 GATX Corporation (GMT:N) 78 Genesee & Wyoming Inc. (GWR:N) 78 Genesis Energy L.P. (GEL:N) 28 GenMark Diagnostics, Inc. (GNMK:Q) 47 Genomic Health (GHDX:Q) 47 Genworth Financial (GNW:N) 42 GeoPark Limited (GPRK:N) 35 German American Bancorp, Inc. (GABC:Q) 38 Gibson Energy Inc. (GEI:T) 31 Gigamon Inc. (GIMO:N) 68 Gildan Activewear (GIL:N) 23 Givaudan (GIVN.VX:SWF) 54

GKN (GKN.L:L) 53 Glacier Bancorp, Inc. (GBCI:Q) 38 Glacier Media Inc. (GVC:T) 23 Global Partners L.P. (GLP:N) 28 Global Payments Inc. (GPN:N) 74 goeasy Ltd. (GSY:T) 44 GOL Linhas Aereas Inteligentes S.A. (GOL:N) 78 Golar LNG Partners L.P. (GMLP:Q) 28 Goldcorp Inc. (GG:N) 57 Goldman Sachs BDC, Inc. (GSBD:N) 43 Golub Capital BDC, Inc. (GBDC:Q) 43 GoPro, Inc. (GPRO:Q) 69 Granite Oil Corp. (GXO:T) 32 Great Canadian Gaming (GC:T) 23 Green Plains Partners L.P. (GPP:Q) 30 The Greenbrier Companies, Inc. (GBX:N) 78 Grenville Strategic Royalty Corp. (GRC:V) 52 Groupon, Inc. (GRPN:Q) 70 GrubHub Inc. (GRUB:N) 70 Grupo Clarin S.A. (GCLA:BA) 76 Grupo Financiero Galicia (GGAL:Q) 44 Guaranty Federal Bancshares Inc. (GFED:Q) 38 Guyana Goldfields Inc. (GUY:T) 57 H&M (HMb.ST:STO) 24 H&R REIT (HR.UN:T) 62 The Habit Restaurants, Inc. (HABT:Q) 22 Haemonetics Corporation (HAE:N) 48 Halliburton (HAL:N) 29 Hallmark Financial Services Inc. (HALL:Q) 42 Halogen Software, Inc. (HGN:T) 67 Halyard Health Inc. (HYH:N) 48 Hancock Holding Company (HBHC:Q) 38 Hanmi Financial Corporation (HAFC:Q) 38 Harley-Davidson, Inc. (HOG:N) 19 Harman International, Inc. (HAR:N) 69 Harmonic Inc. (HLIT:Q) 68 Harris Corporation (HRS:N) 69 Haverty Furniture Companies Inc. (HVT:N) 21 HCA Holdings, Inc. (HCA:N) 48 HD Supply Holdings Inc. (HDS:Q) 51 Health Insurance Innovations, Inc. (HIIQ:Q) 42 Healthcare Trust of America, Inc. (HTA:N) 60 HealthEquity, Inc. (HQY:Q) 41 HealthSouth Corporation (HLS:N) 46 HealthStream, Inc. (HSTM:Q) 48 Heartland Express, Inc. (HTLD:Q) 79 Heartland Financial USA, Inc. (HTLF:Q) 38 Heartland Payment Systems (HPY:N) 74 Heartware International, Inc. (HTWR:Q) 49 HEICO Corporation (HEI:N) 69 Helix Energy Solutions Group (HLX:N) 29 Henkel (HNKG_p.DE:ETR) 24 Hercules Technology Growth Capital Inc. (HTGC:N) 43 Heritage Financial Corporation (HFWA:Q) 38 Heritage Oaks Bancorp (HEOP:Q) 38 Herman Miller (MLHR:Q) 19 Héroux-Devtek Inc. (HRX:T) 52 Hersha Hospitality Trust (HT:N) 60 Heska Corporation (HSKA:Q) 46 Hess Corp. (HES:N) 26 Hewlett Packard Enterprise Company (HPE:N) 71 Hibbett Sports, Inc. (HIBB:Q) 20

Company Index


Hi-Crush Partners L.P. (HCLP:N) 30 Hill-Rom Holdings, Inc. (HRC:N) 48 Hilltop Holdings Inc. (HTH:N) 38 Hilton Worldwide Holdings Inc. (HLT:N) 60 HNI Corporation (HNI:N) 19 Holly Energy Partners L.P. (HEP:N) 28 HollyFrontier Corp. (HFC:N) 27 Hologic Inc. (HOLX:Q) 49 Home Bancorp, Inc. (HBCP:Q) 38 Home BancShares, Inc. (HOMB:Q) 38 The Home Depot Inc. (HD:N) 21 HopFed Bancorp, Inc. (HFBC:Q) 38 Horizon Bancorp (HBNC:Q) 38 Horizon North Logistics Inc. (HNL:T) 33 Horizon Technology Finance Corporation (HRZN:Q) 43 Host Hotels & Resorts Inc. (HST:N) 60 Houston Wire & Cable Company (HWCC:Q) 51 Hub Group, Inc. (HUBG:Q) 78 HubSpot, Inc. (HUBS:N) 67 HudBay Minerals, Inc. (HBM:T) 56 Humana (HUM:N) 46 Huntington Bancshares Inc. (HBAN:Q) 39 Husky Energy Inc. (HSE:T) 33 Hyatt Hotels Corporation (H:N) 60 IAG (IAG.MC:MAD) 80 IAMGOLD Corp. (IAG:N) 57 IBERIABANK Corporation (IBKC:Q) 39 IBI Group Inc. (IBG:T) 52 ICON plc (ICLR:Q) 49 ICU Medical, Inc. (ICUI:Q) 49 IDEXX Laboratories Inc. (IDXX:Q) 46 Iliad (ILD.PA:EPA) 76 Impax Laboratories, Inc. (IPXL:Q) 49 Imperial Oil Limited (IMO:T) 33 INC Research Holdings (INCR:Q) 49 Incyte Corporation (INCY:Q) 47 Inditex (ITX.MC:MAD) 24 Infinera Corporation (INFN:Q) 68 Infinity Property and Casualty Corporation (IPCC:Q) 42 Ingram Micro Inc. (IM:N) 71 Inland Real Estate Corporation (IRC:N) 61 Insight Enterprises, Inc. (NSIT:Q) 71 Insperity (NSP:N) 46 Instructure, Inc. (INST:N) 67 Insulet (PODD:Q) 49 Intact Financial Corporation (IFC:T) 44 Integra Gold Corporation (ICG:V) 57 Integra LifeSciences Corp. (IART:Q) 49 Intel Corporation (INTC:Q) 72 Inteliquent (IQNT:Q) 73 Intelsat S.A. (I:N) 72 Inter Parfums, Inc. (IPAR:Q) 21 Inter Pipeline Ltd. (IPL:T) 31 Interactive Intelligence Group Inc. (ININ:Q) 68 Intercontinental Exchange, Inc. (ICE:N) 41 Intercontinental Hotels (IHG.L:L) 63 Interface, Inc. (TILE:Q) 20 Interfor Corp. (IFP:T) 56 Internap Network Services Corp. (INAP:Q) 73 InterOil Corp. (IOC:N) 26 InterRent REIT (IIP.UN:T) 63 InterXion Holding NV (INXN:N) 73

Intuit Inc. (INTU:Q) 74 Intuitive Surgical, Inc. (ISRG:Q) 48 Inversora Juramento SA (INVJ:BA) 58 Iridium Communications Inc. (IRDM:Q) 72 iRobot Corporation (IRBT:Q) 72 IRSA Inversiones y Representaciones SA (IRS:N) 64 Ivanhoe Mines Ltd. (IVN:T) 56 J.B. Hunt Transport Services, Inc. (JBHT:Q) 78 Jabil Circuit, Inc. (JBL:N) 69 Jarden Corporation (JAH:N) 21 Jernigan Capital, Inc. (JCAP:N) 61 Jeronimo Martins (JMT.LS:ELI) 24 JetBlue Airways (JBLU:Q) 78 Johnson & Johnson (JNJ:N) 49 Juniper Networks, Inc. (JNPR:N) 68 Kaminak Gold Corporation (KAM:V) 57 Kansas City Southern (KSU:N) 78 KB Home (KBH:N) 59 KCG Holdings, Inc. (KCG:N) 41 Kelt Exploration Ltd. (KEL:T) 32 Kemper Corp. (KMPR:N) 42 Kering (KER.PA:EPA) 24 Keryx Biopharmaceuticals, Inc. (KERX:Q) 47 Key Energy Services Inc. (KEG:N) 30 KeyCorp (KEY:N) 39 Keyera Corp (KEY:T) 31 Killam Apartment REIT (KMP.UN:T) 63 Kimco Realty Corporation (KIM:N) 61 Kinder Morgan, Inc. (KMI:N) 28 Kinross Gold Corporation (KGC:N) 57 Kite Realty Group Trust (KRG:N) 61 Kivalliq Energy Corp. (KIV:V) 58 Knight Transportation, Inc. (KNX:N) 79 Knoll, Inc. (KNL:N) 19 KNOT Offshore Partners L.P. (KNOP:N) 28 Kona Grill, Inc. (KONA:Q) 22 Kosmos Energy Ltd. (KOS:N) 26 KPN (KPN.AS:AMS) 76 KVH Industries (KVHI:Q) 72 La Quinta Holdings, Inc. (LQ:N) 60 Laboratory Corporation of America Holdings (LH:N) 47 Labrador Iron Ore Royalty Corp. (LIF:T) 56 Lakeland Bancorp, Inc. (LBAI:Q) 39 Lakeland Financial Corporation (LKFN:Q) 39 Landmark Infrastructure Partners L.P. (LMRK:Q) 73 Landstar System, Inc. (LSTR:Q) 78 Lannett Company, Inc. (LCI:N) 49 Lanxess (LXSG.DE:ETR) 54 Laredo Petroleum Inc. (LPI:N) 26 LaSalle Hotel Properties (LHO:N) 60 LATAM Airlines Group S.A. (LFL:N) 77 Lazard Ltd (LAZ:N) 41 La-Z-Boy Inc. (LZB:N) 19 Legacy Reserves L.P. (LGCY:Q) 26 LegacyTexas Financial Group, Inc. (LTXB:Q) 39 Leggett & Platt (LEG:N) 19 Lennar Corporation (LEN:N) 59 Leucrotta Exploration Inc. (LXE:V) 32 Level 3 Communications Inc. (LVLT:N) 73 LifePoint Health, Inc. (LPNT:Q) 48 Limelight Networks (LLNW:Q) 70 Lincoln National Corp. (LNC:N) 42

Company Index


Linear Technology Corporation (LLTC:Q) 66 LinkedIn Corp. (LNKD:N) 71 LINN Energy, LLC (LINE:Q) 26 LinnCo, LLC (LNCO:Q) 26 LKQ Corporation (LKQ:Q) 51 Loblaw Companies Ltd. (L:T) 23 Logitech International SA (LOGI:Q) 68 L'Oréal (OREP.PA:EPA) 24 Lowe's Companies, Inc. (LOW:N) 21 Lufthansa (LHAG.DE:ETR) 80 Lumber Liquidators Holdings, Inc. (LL:N) 21 Lumenpulse Inc. (LMP:T) 75 Lumentum Holdings, Inc. (LITE:Q) 68 Lundin Mining Corporation (LUN:T) 56 Luxottica (LUX.MI:BIT) 23 LVMH (LVMH.PA:EPA) 24 M/A-COM Technology Solutions (MTSI:Q) 66 MacDonald Dettwiler & Associates (MDA:T) 75 MAG Silver (MAG:T) 57 Magellan Health (MGLN:Q) 46 Magellan Midstream Partners L.P. (MMP:N) 28 Main Street Capital Corp. (MAIN:N) 43 Malibu Boats, Inc. (MBUU:Q) 19 Mandalay Resources Corp. (MND:T) 57 Manhattan Associates, Inc. (MANH:Q) 67 Manning & Napier Inc. (MN:N) 36 Marathon Oil Corp. (MRO:N) 27 Marathon Petroleum Corp. (MPC:N) 27 Marine Products Corporation (MPX:N) 19 MarineMax (HZO:N) 19 MarketAxess Holdings Inc. (MKTX:Q) 41 Marketo, Inc. (MKTO:Q) 67 Marriott International, Inc. (MAR:Q) 60 Marsh and McLennan Companies, Inc. (MMC:N) 41 Marten Transport, Ltd. (MRTN:Q) 79 Martin Midstream Partners L.P. (MMLP:Q) 28 Marvell Technology Group, Ltd. (MRVL:Q) 72 Masco Corporation (MAS:N) 20 Masimo Corp. (MASI:Q) 48 MasterCard, Inc. (MA:N) 74 Mattress Firm Holding Corp. (MFRM:Q) 21 Maxim Integrated (MXIM:Q) 66 MAXIMUS Inc. (MMS:N) 72 MB Financial, Inc. (MBFI:Q) 39 MCBC Holdings, Inc. (MCFT:Q) 19 McDonald's Corporation (MCD:N) 22 McGraw Hill Financial Inc. (MHFI:N) 41 McKesson Corporation (MCK:N) 48 MDC Holdings (MDC:N) 59 MEDNAX, Inc. (MD:N) 46 MEG Energy Corp. (MEG:T) 33 Meggitt (MGGT.L:L) 53 Melia Hotels International (MEL.MC:MAD) 63 Memorial Production Partners L.P. (MEMP:Q) 27 Memorial Resource Development Corp (MRD:Q) 27 Mercantile Bank Corp. (MBWM:Q) 39 Mercer International Inc. (MERC:Q) 56 Mercury General Corporation (MCY:N) 42 Meridian Bioscience, Inc. (VIVO:Q) 47 Merit Medical Systems Inc. (MMSI:Q) 49 Meta Financial Group, Inc. (CASH:Q) 39 Methanex (MEOH:Q) 52

MetLife, Inc. (MET:N) 42 Metro (MEOG.DE:ETR) 24 Metro, Inc. (MRU:T) 23 The Michaels Companies, Inc. (MIK:Q) 20 Micron Technology, Inc. (MU:Q) 72 Microsemi Corporation (MSCC:Q) 66 Microsoft (MSFT:Q) 70 Mid-America Apartment Communities, Inc. (MAA:N) 61 Mid-Con Energy Partners L.P. (MCEP:Q) 27 MidSouth Bancorp, Inc. (MSL:N) 39 MidWestOne Financial Group, Inc. (MOFG:Q) 39 MiX Telematics Limited (MIXT:N) 67 MobileIron, Inc. (MOBL:Q) 70 Mobileye N.V. (MBLY:N) 69 Mobistar (MSTAR.BR:EBR) 76 Model N, Inc. (MODN:N) 67 Mohawk Industries (MHK:N) 20 Molina Healthcare (MOH:N) 46 Monolithic Power Systems, Inc. (MPWR:Q) 66 Moody's Corporation (MCO:N) 41 Motorola Solutions, Inc. (MSI:N) 69 MRC Global (MRC:N) 51 MSC Industrial Direct (MSM:N) 51 MSCI Inc. (MSCI:N) 41 Mullen Group Ltd. (MTL:T) 33 Murphy Oil Corp. (MUR:N) 27 Murphy USA Inc. (MUSA:N) 20 MV Oil Trust (MVO:N) 27 Mylan N.V. (MYL:Q) 49 Nabors Industries Ltd. (NBR:N) 30 Nasdaq Inc. (NDAQ:Q) 41 National Commerce Corporation (NCOM:Q) 39 National Fuel Gas Company (NFG:N) 27 National Interstate Corporation (NATL:Q) 42 National Oilwell Varco Inc. (NOV:N) 29 National Retail Properties, Inc. (NNN:N) 60 Natus Medical Inc. (BABY:Q) 49 NCI, Inc. (NCIT:Q) 72 NeoPhotonics Corporation (NPTN:N) 68 NetApp Inc. (NTAP:Q) 71 Netflix Inc. (NFLX:Q) 70 NETGEAR Inc. (NTGR:Q) 69 NetSuite, Inc. (N:N) 67 NeuroDerm Ltd. (NDRM:Q) 47 Nevsun Resources Ltd. (NSU:T) 56 New Gold, Inc. (NGD:M) 57 New Relic, Inc. (NEWR:N) 70 New York Community Bancorp, Inc. (NYCB:N) 39 NewBridge Bancorp (NBBC:Q) 39 Newell Rubbermaid Inc. (NWL:N) 21 Newfield Exploration Company (NFX:N) 27 Newmarket Gold Inc. (NMI:T) 57 Newpark Resources (NR:N) 30 Newtek Business Services Corp. (NEWT:Q) 43 NexGen Energy Ltd. (NXE:V) 58 NexJ Systems Inc. (NXJ:T) 75 NGL Energy Partners L.P. (NGL:N) 28 NH Hoteles (NHH.MC:MAD) 63 NIC Inc. (EGOV:Q) 72 Nimble Storage (NMBL:N) 71 Noble Corp plc (NE:N) 30 Noble Energy, Inc. (NBL:N) 27

Company Index


Nokia (NOK:N) 68 Norbord Inc. (OSB:T) 56 Norfolk Southern Corp. (NSC:N) 78 North American Energy Partners (NOA:T) 52 Northern Oil & Gas Inc. (NOG:M) 27 Northern Trust Corporation (NTRS:Q) 39 NOW Inc. (DNOW:N) 51 NTELOS Holdings Corp. (NTLS:Q) 73 Nuance Communications, Inc. (NUAN:Q) 69 NuStar Energy L.P. (NS:N) 28 NuStar GP Holdings, LLC (NSH:N) 28 NuVista Energy Ltd. (NVA:T) 32 NVIDIA Corporation (NVDA:Q) 72 NXP Semiconductors N.V. (NXPI:Q) 66 O`Reilly Automotive, Inc. (ORLY:Q) 19 Oasis Petroleum Inc. (OAS:N) 27 Occidental Petroleum Corp. (OXY:N) 27 Ocean Rig UDW (ORIG:Q) 30 OceanaGold Corp. (OGC:T) 57 Oil States International, Inc. (OIS:N) 29 Old Dominion Freight Line, Inc. (ODFL:Q) 79 Old Line Bancshares Inc. (OLBK:Q) 39 Old National Bancorp (ONB:Q) 39 Old Republic International Corp. (ORI:N) 42 ON Semiconductor Corporation (ON:Q) 66 Oncothyreon Inc. (ONTY:Q) 47 OnDeck Capital, Inc. (ONDK:N) 74 OneMain Holdings, Inc. (OMF:N) 43 Open Text (OTEX:Q) 75 Oracle Corp. (ORCL:N) 70 Orange (ORA.PA:EPA) 76 OraSure Technologies, Inc. (OSUR:Q) 47 ORBCOMM, Inc. (ORBC:Q) 72 Orbital ATK, Inc. (OA:N) 72 Orezone Gold Corp. (ORE:V) 57 Ovivo Inc. (OVI.A:T) 53 Pacific Continental Corporation (PCBK:Q) 39 Pacific Drilling (PACD:N) 30 Pacific Premier Bancorp, Inc. (PPBI:Q) 39 Painted Pony Petroleum Ltd. (PPY:T) 32 Paladin Energy Ltd. (PDN:T) 58 Palo Alto Networks (PANW:N) 70 Pampa Energia SA (PAM:N) 35 Pan American Silver (PAAS:Q) 57 Pandora Media, Inc. (P:N) 71 Panera Bread Co. (PNRA:Q) 22 Papa Murphy's Holdings, Inc. (FRSH:Q) 22 Paramount Resources Ltd. (POU:T) 32 PAREXEL (PRXL:Q) 49 Park Sterling Corporation (PSTB:Q) 39 Parkway Properties (PKY:N) 61 Parsley Energy, Inc. (PE:N) 27 Pattern Energy Group Inc. (PEGI:Q) 52 Patterson-UTI Energy, Inc. (PTEN:Q) 30 Paylocity Holding Corporation (PCTY:Q) 67 PayPal Holdings, Inc. (PYPL:Q) 74 PBF Energy, Inc. (PBF:N) 27 PC Connection, Inc. (PCCC:Q) 71 Pebblebrook Hotel Trust (PEB:N) 60 Pembina Pipeline Corp. (PPL:T) 31 Pengrowth Energy Corporation (PGF:T) 32 Penn West Petroleum Ltd. (PWT:T) 32

PennTex Midstream Partners L.P. (PTXP:Q) 28 Peoples Bancorp Inc. (PEBO:Q) 39 Pernod Ricard (PERP.PA:EPA) 23 Perrigo Company PLC (PRGO:N) 49 Petrobras Argentina (PZE:N) 35 Petróleo Brasileiro S.A. (PBR:N) 28 Peyto Exploration and Development (PEY:T) 32 PGT, Inc. (PGTI:Q) 20 Phillips 66 (PSX:N) 27 Physicians Realty Trust (DOC:N) 60 Pier 1 Imports Incorporated (PIR:N) 21 Pinnacle Financial Partners, Inc. (PNFP:Q) 39 Pioneer Energy Services Corp (PES:N) 30 Pioneer Natural Resources Company (PXD:N) 27 Plains All American Pipeline L.P. (PAA:N) 28 Plains GP Holdings L.P. (PAGP:N) 29 Plantronics, Inc. (PLT:N) 68 Plaza Retail REIT (PLZ.UN:T) 63 PNC Financial Services Group, Inc. (PNC:N) 39 Polaris Industries (PII:N) 19 Polycom Inc. (PLCM:Q) 68 Post Properties, Inc. (PPS:N) 61 Potash Corp. of Saskatchewan Inc. (POT:N) 55 Potlatch Corporation (PCH:Q) 62 Power Integrations, Inc. (POWI:Q) 66 PRA Group Inc. (PRAA:Q) 43 PrairieSky Royalty Ltd. (PSK:T) 32 Praxair, Inc. (PX:N) 51 Precision Drilling Corporation (PD:T) 32 Preferred Bank (PFBC:Q) 39 Premier, Inc. (PINC:Q) 48 Press Ganey Holdings, Inc. (PGND:N) 48 Prestige Brands Holdings Inc. (PBH:N) 21 priceline.com Incorporated (PCLN:Q) 71 Primerica, Inc. (PRI:N) 42 Principal Financial Group Inc. (PFG:N) 42 PrivateBancorp, Inc. (PVTB:Q) 39 ProAssurance Corp. (PRA:N) 42 The Procter & Gamble Company (PG:N) 21 Progressive Corporation (PGR:N) 42 Progressive Waste Solutions Ltd. (BIN:N) 51 Prospect Capital Corporation (PSEC:Q) 43 Prosperity Bancshares, Inc. (PB:N) 39 Proteon Therapeutics, Inc. (PRTO:Q) 47 Proximus (PROX.BR:EBR) 76 Prudential Financial, Inc. (PRU:N) 42 Public Storage (PSA:N) 61 Pulaski Financial Corp. (PULB:Q) 39 PulteGroup Inc. (PHM:N) 59 Puma (PUMG.DE:ETR) 24 Pure Industrial Real Estate Trust (AAR.UN:T) 62 Pure Storage, Inc. (PSTG:N) 71 Q2 Holdings Inc. (QTWO:N) 67 QCR Holdings, Inc. (QCRH:Q) 39 QEP Resources, Inc. (QEP:N) 27 Qorvo, Inc. (QRVO:Q) 66 QUALCOMM, Inc. (QCOM:Q) 69 Quality Systems Inc. (QSII:Q) 48 Quest Diagnostics Inc. (DGX:N) 47 Quidel Corporation (QDEL:Q) 47 Quintiles Transnational Holdings (Q:N) 49 Rackspace Hosting (RAX:N) 73

Company Index


Rallye (GENC.PA:EPA) 24 Ramco-Gershenson Properties Trust (RPT:N) 61 Range Resources Corp. (RRC:N) 27 Rapid7, Inc. (RPD:Q) 70 Rayonier, Inc. (RYN:N) 62 RB (RB.L:L) 24 Realty Income (O:N) 60 Red Hat, Inc. (RHT:N) 70 Red Robin Gourmet Burgers, Inc. (RRGB:Q) 22 Redknee Solutions Inc. (RKN:T) 75 Regal Entertainment Group (RGC:N) 19 Regency Centers Corp. (REG:N) 61 Regeneron Pharmaceuticals, Inc. (REGN:Q) 47 Regions Financial Corporation (RF:N) 39 Reinsurance Group of America, Inc. (RGA:N) 42 Remy Cointreau (RCOP.PA:EPA) 23 Renasant Corporation (RNST:Q) 39 Rent-A-Center Inc. (RCII:Q) 21 Republic Services, Inc. (RSG:N) 51 Resolute Energy Corp. (REN:N) 27 Restoration Hardware Holdings, Inc. (RH:N) 21 Retail Opportunity Investments Corp. (ROIC:Q) 61 Rexel (RXL.PA:EPA) 54 RingCentral, Inc. (RNG:N) 67 RioCan REIT (REI.UN:T) 63 Ritchie Bros. Auctioneers (RBA:N) 52 Rite Aid Corporation (RAD:N) 48 Riverview Bancorp, Inc. (RVSB:Q) 39 RLJ Lodging Trust (RLJ:N) 60 RMP Energy Inc. (RMP:T) 32 Roadrunner Transportation Systems, Inc. (RRTS:N) 78 Rocky Mountain Dealerships Inc. (RME:T) 52 Rolls-Royce (RR.L:L) 53 Rose Rock Midstream L.P. (RRMS:N) 29 Rowan Companies (RDC:N) 30 Roxgold Inc. (ROG:V) 57 Royal Caribbean Cruises Ltd. (RCL:N) 19 Royal Gold Inc. (RGLD:Q) 57 RSP Permian Inc. (RSPP:N) 27 RTI Surgical Inc. (RTIX:Q) 49 Rubicon Project, Inc. (RUBI:N) 71 Rush Enterprises, Inc. (RUSHA:Q) 78 Russel Metals (RUS:T) 53 Ruth`s Hospitality Group, Inc. (RUTH:Q) 22 RWE (RWEG.DE:ETR) 34 Ryanair Holdings plc (RYAAY:Q) 78 Ryder System, Inc. (R:N) 78 Ryman Hospitality Properties Inc. (RHP:N) 60 S&T Bancorp, Inc. (STBA:Q) 39 Sabra Health Care REIT, Inc. (SBRA:Q) 60 Safran (SAF.PA:EPA) 53 Saft (S1A.PA:EPA) 34 Sagent Pharmaceuticals, Inc. (SGNT:Q) 49 Saia, Inc. (SAIA:Q) 79 Saint-Gobain (SGOB.PA:EPA) 54 salesforce.com, Inc. (CRM:N) 67 Sally Beauty Holdings Inc. (SBH:N) 21 Salvatore Ferragamo (SFER.MI:BIT) 24 SanDisk Corp. (SNDK:Q) 72 SandRidge Mississippian Trust I (SDT:N) 27 SandRidge Mississippian Trust II (SDR:N) 27 SandRidge Permian Trust (PER:N) 27

Sandstorm Gold Ltd. (SSL:T) 57 Sandy Spring Bancorp, Inc. (SASR:Q) 39 Saul Centers, Inc. (BFS:N) 61 Savanna Energy Services (SVY:T) 32 SBA Communications (SBAC:Q) 73 ScanSource, Inc. (SCSC:Q) 71 Schlumberger Ltd. (SLB:N) 29 Schneider Electric (SU.PA:EPA) 54 SciQuest (SQI:Q) 67 The Scotts Miracle-Gro Company (SMG:N) 21 Secure Energy Services Inc. (SES:T) 33 SEI Investments Co. (SEIC:Q) 41 Select Comfort Corp. (SCSS:Q) 19 SEMAFO Inc. (SMF:T) 57 SemGroup Corporation (SEMG:N) 29 Semtech Corporation (SMTC:Q) 66 Senior (SNR.L:L) 53 Senior Housing Properties Trust (SNH:N) 60 Service Corporation International (SCI:N) 47 ServiceNow, Inc. (NOW:N) 70 ServisFirst Bancshares, Inc. (SFBS:Q) 39 Seven Generations Energy Ltd. (VII:T) 32 Shenandoah Telecommunications Co. (SHEN:Q) 73 Shopify Inc. (SHOP:N) 67 Shutterfly, Inc. (SFLY:Q) 70 Shutterstock, Inc. (SSTK:N) 70 Siderar Sociedad Anonima Industrial Y Comercial (ERAR:BA) 58 Sienna Senior Living Inc. (SIA:T) 62 Sierra Bancorp (BSRR:Q) 40 Sierra Wireless (SWIR:Q) 75 Signature Bank (SBNY:Q) 40 Silver Spring Networks, Inc. (SSNI:N) 31 Silver Wheaton (SLW:N) 57 Silvercorp Metals Inc. (SVM:T) 57 Silvercrest Asset Management Group Inc. (SAMG:Q) 36 Simmons First National Corporation (SFNC:Q) 40 Simon Property Group, Inc. (SPG:N) 60 Sky (SKY.L:L) 76 SkyWest, Inc. (SKYW:Q) 78 Skyworks Solutions (SWKS:Q) 66 Sleep Country Canada Holdings Inc. (ZZZ:T) 23 SM Energy Company (SM:N) 27 SMA Solar (S92G.DE:ETR) 34 SmartREIT (SRU.UN:T) 63 SNC-Lavalin (SNC:T) 52 Sodexo (EXHO.PA:EPA) 24 SolarCity Corp. (SCTY:Q) 31 Solera Holdings, Inc. (SLH:N) 41 Solvay (SOLB.BR:EBR) 54 Southcross Energy Partners L.P. (SXE:N) 29 Southwest Airlines Co. (LUV:N) 78 Southwest Bancorp, Inc. (OKSB:Q) 40 Southwestern Energy Company (SWN:N) 27 Sovran Self Storage, Inc. (SSS:N) 61 Spectra Energy Corp. (SE:N) 29 Spectra Energy Partners L.P. (SEP:N) 29 Spectrum Brands Holdings, Inc. (SPB:N) 21 Spirit Airlines, Inc. (SAVE:Q) 78 Spirit Realty Capital, Inc. (SRC:N) 60 Splunk Inc. (SPLK:Q) 70 Sprague Resources L.P. (SRLP:N) 29 Sprint Corp. (S:N) 73

Company Index


SS&C Technologies Holdings, Inc. (SSNC:Q) 41 SSE (SSE.L:L) 34 St. Joe Company (JOE:N) 59 STAG Industrial Inc. (STAG:N) 61 StanCorp Financial Group (SFG:N) 42 Stanley Black & Decker (SWK:N) 20 Stantec Inc (STN:T) 52 Starwood Hotels & Resorts Worldwide (HOT:N) 60 State Street Corporation (STT:N) 40 Steelcase, Inc. (SCS:N) 19 Stellus Capital Investment Corporation (SCM:N) 43 Stericycle Inc. (SRCL:Q) 48 STERIS plc (STE:N) 48 Stock Yards Bancorp Inc. (SYBT:Q) 40 StoneMor Partners L.P. (STON:N) 47 STORE Capital Corporation (STOR:N) 60 Storm Resources Ltd. (SRX:V) 32 Strad Energy Services Ltd. (SDY:T) 33 Strongco Corp. (SQP:T) 52 Stuart Olson Inc. (SOX:T) 52 Suburban Propane Partners L.P. (SPH:N) 29 Suez Environnement (SEVI.PA:EPA) 34 Summit Hotel Properties, Inc. (INN:N) 60 Suncor Energy Inc (SU:T) 33 Sunoco L.P. (SUN:N) 29 SunPower Corp. (SPWR:Q) 31 Sunstone Hotel Investors, Inc. (SHO:N) 60 SunTrust Banks, Inc. (STI:N) 40 Superior Energy Services, Inc. (SPN:N) 30 Superior Plus Corporation (SPB:T) 52 Surgery Partners, Inc. (SGRY:Q) 46 SVB Financial Group (SIVB:Q) 40 Swift Transportation Company (SWFT:N) 79 Symantec Corp. (SYMC:Q) 70 Symrise (SY1G.DE:ETR) 54 Synchronoss Technologies, Inc. (SNCR:Q) 69 Syngenta (SYNN.VX:SWF) 54 SYNNEX Corporation (SNX:N) 71 Synovus Financial Corp. (SNV:N) 40 Tahoe Resources Inc. (THO:T) 57 TAL International Group, Inc. (TAL:N) 78 TalkTalk Telecom Group (TALK.L:L) 76 Talmer Bancorp, Inc. (TLMR:Q) 40 Tangoe Inc. (TNGO:Q) 67 Targa Resources Corp. (TRGP:N) 29 Tarkett (TKTT.PA:EPA) 54 Taseko Mines Ltd. (TKO:T) 56 Taubman Centers, Inc. (TCO:N) 60 TCF Financial Corporation (TCB:N) 40 TCP Capital Corp. (TCPC:Q) 43 TD Ameritrade Holding Corporation (AMTD:Q) 41 Tech Data Corporation (TECD:Q) 71 Teck Resources Limited (TCK.B:T) 56 Teekay Corporation (TK:N) 29 Teekay LNG Partners L.P. (TGP:N) 29 Teekay Offshore Partners L.P. (TOO:N) 29 Telecom Argentina S.A. (TEO:N) 76 Telecom Italia (TLIT.MI:BIT) 76 Teledyne Technologies Incorporated (TDY:N) 69 Teleflex, Inc. (TFX:N) 48 Telefonica (TEF.MC:MCE) 76 Telenet Group (TNET.BR:EBR) 76

Telephone and Data Systems, Inc. (TDS:N) 73 TeliaSonera AB (TLSN.ST:STO) 76 Tempur Sealy International, Inc. (TPX:N) 19 Tenaris S.A. (TS:N) 35 Tenet Healthcare Corporation (THC:N) 48 Territorial Bancorp Inc. (TBNK:Q) 40 Tesaro, Inc. (TSRO:Q) 47 Tesoro Corp. (TSO:N) 27 Tesoro Logistics L.P. (TLLP:N) 29 TETRA Technologies Inc. (TTI:N) 30 Teva Pharmaceutical Industries, Ltd. (TEVA:N) 49 Texas Capital Bancshares, Inc. (TCBI:Q) 40 Texas Instruments Incorporated (TXN:Q) 66 Texas Roadhouse, Inc. (TXRH:Q) 22 Textainer Group Holdings Limited (TGH:N) 78 TG Therapeutics, Inc. (TGTX:Q) 47 TGLT S.A. (TGLT:BA) 64 Thales (TCFP.PA:EPA) 53 THL Credit, Inc. (TCRD:Q) 43 Timbercreek Mortgage Investment Corporation (TMC:T) 62 Timbercreek Senior Mortgage Investment Corp. (MTG:T) 62 Time Warner Cable Inc. (TWC:N) 73 T-Mobile US Inc. (TMUS:Q) 73 Tod's Group (TOD.MI:BIT) 24 Toll Brothers, Inc. (TOL:N) 59 Torchmark Corporation (TMK:N) 42 The Toro Company (TTC:N) 20 Toromont Industries (TIH:T) 52 Total (TOTF.PA:EPA) 34 Tourmaline Oil Corp. (TOU:T) 32 Tractor Supply Co. (TSCO:Q) 20 Transener (TRAN:BA) 35 TransEnterix, Inc. (TRXC:M) 48 TransGlobe Energy Corp. (TGA:Q) 27 Transocean (RIG:N) 30 Transportadora de Gas del Sur (TGS:N) 35 TravelCenters of America LLC (TA:N) 20 The Travelers Companies, Inc. (TRV:N) 42 Tree Island Steel Ltd. (TSL:T) 53 Trevali Mining Corporation (TV:T) 56 Triangle Capital Corporation (TCAP:N) 43 Trican Well Service (TCW:T) 33 TriCo Bancshares (TCBK:Q) 40 Tricon Capital Group Inc. (TCN:T) 63 Trilogy Energy Corp. (TET:T) 32 Trina Solar Limited (TSL:N) 31 Trinidad Drilling Ltd. (TDG:T) 32 Trinity Biotech plc (TRIB:Q) 47 Trinity Industries, Inc. (TRN:N) 78 TripAdvisor, Inc. (TRIP:Q) 71 True North Commercial REIT (TNT.UN:T) 62 Trustmark Corporation (TRMK:Q) 40 TubeMogul, Inc. (TUBE:Q) 70 Twitter, Inc. (TWTR:N) 71 U.S. Bancorp (USB:N) 40 U.S. Cellular (USM:N) 73 U.S. Ecology, Inc. (ECOL:Q) 51 U.S. Geothermal (HTM:M) 31 Ubiquiti Networks, Inc. (UBNT:Q) 69 UEX Corp. (UEX:T) 58 Ulta Salon, Cosmetics & Fragrance, Inc. (ULTA:Q) 21 Ultimate Software Group Inc. (ULTI:Q) 67

Company Index


Ultra Petroleum Corporation (UPL:N) 27 Ultragenyx Pharmaceutical Inc. (RARE:Q) 47 UMB Financial Corporation (UMBF:Q) 40 Umpqua Holdings Corp. (UMPQ:Q) 40 Under Armour Inc. (UA:N) 20 Union Bankshares Corporation (UBSH:Q) 40 Union Pacific Corp. (UNP:N) 78 Unisys Corporation (UIS:N) 72 Unit Corporation (UNT:N) 30 United Bankshares, Inc. (UBSI:Q) 40 United Community Banks, Inc. (UCBI:Q) 40 United Continental Holdings, Inc. (UAL:N) 77 United Insurance Holdings Corp. (UIHC:Q) 42 United Parcel Service (UPS:N) 78 UnitedHealth Group (UNH:N) 46 Universal American Corp. (UAM:N) 46 Universal Health Services, Inc. (UHS:N) 48 Unum Group (UNM:N) 42 Upland Software, Inc. (UPLD:Q) 67 Uranium Participation Corporation (U:T) 58 Ur-Energy Inc. (URE:T) 58 UrtheCast Corp. (UR:T) 75 USA Compression Partners L.P. (USAC:N) 29 Valero Energy Corp. (VLO:N) 27 Vanguard Natural Resources, LLC (VNR:Q) 27 Vantiv, Inc. (VNTV:N) 74 VCA Inc. (WOOF:Q) 46 Veolia Environnement (VIE.PA:EPA) 34 Verastem, Inc. (VSTM:Q) 47 Verbund (VERB.VI:WBAG) 34 Veresen Inc. (VSN:T) 31 Verifone Systems, Inc. (PAY:N) 74 Verisk Analytics Inc. (VRSK:Q) 41 Verizon Communications (VZ:N) 73 ViaSat, Inc. (VSAT:Q) 72 Vinci (SGEF.PA:EPA) 54 Viper Energy Partners L.P. (VNOM:Q) 27 Virgin America Inc. (VA:Q) 77 Virtus Investment Partners, Inc. (VRTS:Q) 36 Visa, Inc. (V:N) 74 Vishay Intertechnology, Inc. (VSH:N) 66 Vivendi (VIV.PA:EPA) 76 VMware (VMW:N) 70 VOC Energy Trust (VOC:N) 27 Vodafone (VOD.L:L) 76 Voya Financial Inc. (VOYA:N) 42 W.W. Grainger, Inc. (GWW:N) 51 Wabtec Corporation (WAB:N) 78 Wajax Corp. (WJX:T) 52 Walgreens Boots Alliance Inc. (WBA:Q) 48 Wal-Mart Stores Inc. (WMT:N) 21 Washington Federal, Inc. (WAFD:Q) 40 Washington REIT (WRE:N) 61

WashingtonFirst Bankshares, Inc. (WFBI:Q) 40 Waste Connections, Inc. (WCN:N) 51 Waste Management, Inc. (WM:N) 51 Wayfair, Inc. (W:N) 70 WCI Communities, Inc. (WCIC:N) 59 Weatherford (WFT:N) 29 WebMD Health Corp (WBMD:Q) 48 Webster Financial Corp. (WBS:N) 40 WellCare Health Plans (WCG:N) 46 Wells Fargo & Co. (WFC:N) 40 Welltower Inc. (HCN:N) 60 Werner Enterprises, Inc. (WERN:Q) 79 WesBanco, Inc. (WSBC:Q) 40 WESCO International (WCC:N) 51 West Fraser Timber (WFT:T) 56 Western Energy Services Corp. (WRG:T) 32 Western Forest Products Inc. (WEF:T) 56 Western Refining, Inc. (WNR:N) 27 WesternOne Inc. (WEQ:T) 53 WestJet Airlines (WJA:T) 79 Westport Innovations Inc. (WPRT:Q) 30 Weyerhaeuser Company (WY:N) 62 Whirlpool Corp. (WHR:N) 20 Whitbread (WTB.L:L) 63 Whiting Petroleum Corp. (WLL:N) 27 The Williams Companies, Inc. (WMB:N) 29 Williams Partners L.P. (WPZ:N) 29 Williams-Sonoma (WSM:N) 21 Willis Towers Watson plc (WLTW:Q) 41 Wilshire Bancorp, Inc. (WIBC:Q) 40 Windstream Holdings Inc. (WIN:Q) 73 Winpak Ltd. (WPK:T) 23 Wintrust Financial Corporation (WTFC:Q) 40 Wix.com Ltd. (WIX:Q) 70 Wolseley (WOS.L:L) 54 Workiva Inc. (WK:N) 67 WPX Energy Inc. (WPX:N) 27 WSP Global Inc. (WSP:T) 52 Xilinx, Inc. (XLNX:Q) 72 XPO Logistics, Inc. (XPO:N) 78 Yadkin Financial Corporation (YDKN:N) 40 Yahoo! Inc. (YHOO:Q) 71 Yamana Gold Inc. (AUY:N) 57 Yangarra Resources Ltd. (YGR:T) 32 Yara (YAR.OL:OSL) 54 Yelp, Inc. (YELP:N) 71 YPF (YPF:N) 35 YRC Worldwide Inc. (YRCW:Q) 79 Zayo Group Holdings, Inc. (ZAYO:N) 73 ZCL Composites (ZCL:T) 53 Zillow Group, Inc. (Z:Q) 71 Zions Bancorporation (ZION:Q) 40 Zodiac Aerospace (ZODC.PA:EPA) 53


Consumer

USA Canada Europe

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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

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

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

Benjamin Brownlow [email protected]

Entertainment & Leisure Cruise Lines Carnival Corp. CCL N 2 M/GRW 48.03 58.00 55.77 40.52 14.1 1.58 2.26 A 3.40 Nov 37,319 2.5 JDH Royal Caribbean Cruises Ltd. RCL N 3 M/GRW 72.79 NM 103.40 64.21 12.1 3.43 3.02 A 6.00 Dec 16,014 1.4 JDH

Leisure Products Arctic Cat, Inc. ACAT Q 3 H/GRW 16.44 NM 39.00 8.90 NM 2.90 0.38 A (0.30) Mar 214 0.0 JDH Brunswick Corp. BC N 3 H/GRW 41.73 NM 56.03 36.05 12.2 2.58 2.57 A 3.43 Dec 3,843 1.4 JDH Harley-Davidson, Inc. HOG N 4 NM 42.14 NM 65.20 36.36 11.5 3.88 3.69 A 3.65 Dec 8,032 2.9 JDH Malibu Boats, Inc. MBUU Q 1 H/GRW 14.87 18.00 24.14 11.97 11.4 0.47 0.93 A 1.30 Jun 288 0.0 JDH Marine Products Corporation MPX N 3 H/GRW 7.05 NM 8.99 4.92 14.7 0.24 0.39 A 0.48 Dec 262 3.4 JDH MarineMax HZO N 1 H/GRW 17.49 26.00 27.68 13.56 23.6 0.46 1.92 A 0.74 Sep 432 0.0 JDH MCBC Holdings, Inc. MCFT Q 1 H/GRW 12.57 18.00 16.47 10.70 21.7 1.10 0.29 A 0.58 Jun 238 0.0 JDH Polaris Industries PII N 1 M/GRW 87.67 86.00 158.24 67.80 14.3 6.65 6.75 A 6.15 Dec 5,839 2.5 JDH

Theaters Carmike Cinemas, Inc. CKEC Q 3 H/GRW 21.18 NM 34.94 18.52 NM (0.38) (0.18) 0.11 Dec 527 0.0 JDH Cinemark Holdings, Inc. CNK N 1 M/INC 31.55 40.00 45.68 26.56 16.9 1.68 1.87 1.94 Dec 3,641 3.2 JDH Regal Entertainment Group RGC N 1 M/INC 19.69 21.00 24.52 16.50 21.2 0.68 0.98 A 0.93 Dec 3,083 4.5 JDH

Furniture & Furnishings Suppliers Office Furniture Herman Miller MLHR Q 3 H/GRW 25.76 NM 32.71 22.60 12.7 1.68 1.82 A 2.03 May 1,543 2.3 BB HNI Corporation HNI N 2 M/GRW 33.73 42.00 57.74 29.84 14.4 1.97 2.58 A 2.35 Dec 1,498 3.1 BB Knoll, Inc. KNL N 2 H/GRW 19.09 24.00 26.06 16.42 11.8 1.09 1.52 A 1.62 Dec 932 3.1 BB Steelcase, Inc. SCS N 3 M/GRW 12.66 NM 20.45 11.67 12.3 0.82 0.89 A 1.03 Feb 1,546 3.6 BB

Residential Furniture Culp, Inc. CFI N 3 M/GRW 24.83 NM 35.23 20.61 13.6 1.31 1.55 A 1.83 Apr 308 1.1 BB Ethan Allen Interiors ETH N 2 H/GRW 28.72 31.00 31.87 22.46 15.8 1.45 1.41 A 1.82 Jun 816 2.4 BB La-Z-Boy Inc. LZB N 1 H/GRW 24.85 30.00 29.34 19.56 15.2 1.12 1.26 A 1.63 Apr 1,240 1.6 BB Leggett & Platt LEG N 2 M/INC 44.75 48.00 51.28 36.64 18.5 1.78 2.34 A 2.42 Dec 6,068 2.9 BB Select Comfort Corp. SCSS Q 1 H/GRW 17.34 25.00 35.75 14.28 12.7 1.25 0.97 A 1.37 Dec 857 0.0 BB Tempur Sealy International, Inc. TPX N 3 H/GRW 57.62 NM 82.61 50.80 15.2 2.65 3.19 A 3.80 Dec 3,584 0.0 BB

Hardline Retail Automotive Aftermarket Retailers Advance Auto Parts, Inc. AAP N 1 H/GRW 150.42 170.00 201.24 131.59 17.1 7.78 7.82 A 8.82 Dec 11,011 0.2 DW AutoZone, Inc. AZO N 1 M/GRW 777.83 915.00 803.25 633.30 19.0 31.57 36.03 A 40.87 Aug 26,368 0.0 DW O`Reilly Automotive, Inc. ORLY Q 1 M/GRW 263.77 305.00 277.96 202.44 24.3 7.34 9.29 A 10.84 Dec 28,672 0.0 DW


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Consumer - USA Consumer Electronics Retailers Best Buy Company, Incorporated BBY N 1 M/GRW 31.47 35.00 42.00 25.31 11.8 2.07 2.60 A 2.66 Jan 11,084 2.9 DW

Convenience Stores Casey's General Stores, Inc. CASY Q 2 H/GRW 109.37 135.00 129.53 80.94 19.9 3.26 4.62 A 5.50 Apr 4,266 0.8 BBL,DW Core-Mark Holding Company, Inc. CORE Q 2 M/GRW 75.57 86.00 91.77 52.11 31.9 2.05 2.37 2.94 Dec 1,742 0.8 BBL,DW CST Brands, Inc. CST N 2 H/GRW 33.10 38.00 44.87 29.73 16.7 2.50 1.95 A 1.98 Dec 2,503 0.8 BBL,DW Murphy USA Inc. MUSA N 3 H/GRW 64.55 NM 73.97 47.73 15.4 4.66 3.24 A 4.19 Dec 2,690 0.0 BBL,DW TravelCenters of America LLC TA N 3 H/GRW 8.44 NM 18.10 6.41 8.2 1.66 1.03 0.86 Dec 324 0.0 BBL,DW

Hardlines Duluth Holdings Inc. DLTH Q 2 H/GRW 16.56 18.00 18.23 12.76 28.6 0.60 0.58 0.65 Feb 535 0.0 DW The Michaels Companies, Inc. (f) MIK Q 2 M/GRW 22.47 27.00 30.00 19.46 13.1 1.48 1.71 1.88 Jan 4,694 0.0 DW

Pet Food and Farm Supplies Tractor Supply Co. TSCO Q 1 M/GRW 85.59 105.00 96.28 75.00 24.4 2.66 3.00 A 3.51 Dec 12,128 0.9 DW

Sporting Goods Cabela’s Inc. CAB N 3 H/GRW 47.81 NM 58.90 33.03 14.9 2.88 2.88 A 3.21 Dec 3,428 0.0 DW Callaway Golf Co. ELY N 3 H/GRW 8.83 NM 10.30 7.97 28.5 0.20 0.17 A 0.31 Dec 675 0.5 DW Dick`s Sporting Goods Inc. (f) DKS N 3 H/GRW 42.02 NM 60.33 33.42 14.4 2.87 2.92 3.30 Jan 5,261 1.3 DW Hibbett Sports, Inc. (f) HIBB Q 3 H/GRW 35.18 NM 55.74 27.58 12.2 2.87 2.89 3.15 Jan 918 0.0 DW Under Armour Inc. UA N 3 M/GRW 82.15 NM 105.89 63.23 62.7 0.95 1.05 A 1.31 Dec 17,818 0.0 DW

Value Retailers Big Lots Inc. (f) BIG N 3 H/GRW 39.79 NM 51.11 33.78 13.3 2.46 3.00 3.21 Jan 2,216 1.9 DW Dollar General Corp. (f) DG N 1 M/GRW 75.08 85.00 81.42 59.75 19.1 3.50 3.93 4.51 Jan 23,297 1.2 DW Dollar Tree, Inc. (f) DLTR Q 1 H/GRW 81.65 95.00 84.22 60.31 31.0 3.12 2.63 3.66 Jan 16,959 0.0 DW

Home & Building Products Appliances Whirlpool Corp. WHR N 1 M/INC 151.28 185.00 217.00 123.60 10.4 11.39 12.38 A 14.50 Dec 11,936 2.4 SD,BB

Floor Coverings The Dixie Group DXYN Q 2 H/GRW 3.72 6.00 11.50 3.25 15.5 0.01 (0.03) A 0.24 Dec 58 0.0 SD,BB Interface, Inc. TILE Q 3 H/GRW 17.40 NM 27.17 15.30 15.8 0.62 1.10 A 1.10 Dec 1,147 1.1 SD,BB Mohawk Industries MHK N 1 H/GRW 170.67 220.00 212.16 148.56 16.8 8.15 10.13 12.10 Dec 12,698 0.0 SD,BB

Hardware, Tools, & Decor Masco Corporation MAS N 2 H/GRW 28.68 29.00 30.61 22.39 18.9 0.90 1.19 A 1.52 Dec 9,608 1.3 SD,BB PGT, Inc. PGTI Q 1 H/GRW 10.78 15.00 16.28 8.37 18.6 0.43 0.58 0.72 Dec 545 0.0 SD,BB Stanley Black & Decker SWK N 3 M/INC 93.72 NM 111.18 88.72 15.2 5.37 5.92 A 6.15 Dec 14,058 2.3 SD,BB

Outdoor Power Equipment & Services Briggs & Stratton BGG N 3 M/INC 21.12 NM 21.72 15.47 15.4 0.82 1.42 A 1.37 Jun 919 2.6 SD,BB The Toro Company TTC N 3 H/GRW 79.84 NM 80.57 64.71 19.7 3.02 3.55 A 4.05 Oct 4,487 1.5 SD,BB


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Consumer - USA Home & Other Retailers Big Box Retailers Costco Wholesale Corporation COST Q 3 M/GRW 153.87 NM 169.73 117.03 27.8 4.65 5.25 A 5.54 Aug 67,668 1.0 BB The Home Depot Inc. (f) HD N 3 M/GRW 125.61 NM 135.47 92.17 20.4 4.58 5.40 A 6.17 Jan 159,273 2.2 BB Lowe's Companies, Inc. (f) LOW N 3 M/GRW 68.62 NM 78.13 62.62 17.2 2.68 3.29 A 4.00 Jan 62,444 1.6 BB Lumber Liquidators Holdings, Inc. LL N 3 H/SPEC 11.39 NM 69.99 10.53 NM 2.31 (0.71) 0.07 Dec 309 0.0 BB Wal-Mart Stores Inc. WMT N 1 M/GRW 67.12 80.00 84.72 56.30 14.6 5.11 5.07 A 4.59 A Jan 206,461 2.9 BB

Furniture & Furnishings Aaron's Inc. AAN N 1 M/GRW 22.18 30.00 40.80 20.24 9.9 1.69 2.15 A 2.25 Dec 1,610 0.5 BB Bed Bath & Beyond (f) BBBY Q 1 M/GRW 48.34 75.00 78.10 41.26 9.7 5.03 5.00 5.23 Feb 7,908 0.0 BB Haverty Furniture Companies Inc. HVT N 2 H/GRW 19.55 24.00 25.35 17.42 16.9 1.28 1.16 1.39 Dec 433 2.0 BB Mattress Firm Holding Corp. (f) MFRM Q 2 H/GRW 44.39 60.00 70.42 30.01 18.6 2.03 2.39 3.00 Jan 1,566 0.0 BB Pier 1 Imports Incorporated PIR N 1 H/GRW 4.80 9.00 14.61 3.76 10.9 1.01 0.84 A 0.44 Feb 402 5.8 BB Rent-A-Center Inc. RCII Q 2 H/INC 12.49 18.00 33.59 9.76 6.1 1.95 2.03 A 2.05 Dec 663 2.6 BB Restoration Hardware Holdings, Inc. RH N 2 H/GRW 51.92 110.00 106.49 45.24 16.6 2.36 3.13 3.98 Jan 2,097 0.0 BB Williams-Sonoma (f) WSM N 3 M/GRW 56.81 NM 89.38 47.33 16.8 3.20 3.39 3.81 Jan 5,113 2.5 BB

Household & Personal Care Products Church & Dwight Co., Inc. CHD N 3 M/GRW 91.62 NM 91.69 76.85 26.0 3.01 3.25 A 3.52 Dec 11,906 1.5 JA The Clorox Company CLX N 3 M/INC 130.24 NM 132.19 103.77 26.6 4.39 4.57 A 4.90 Jun 16,847 2.4 JA Colgate-Palmolive Company CL N 3 M/GRW 66.32 NM 71.56 50.84 24.4 2.93 2.81 A 2.72 Dec 59,206 2.3 JA Elizabeth Arden Inc. RDEN Q 4 NM 5.93 NM 17.44 5.02 NM (0.55) (2.58) A (1.50) Jun 178 0.0 JA Estee Lauder Companies EL N 2 M/GRW 92.02 96.00 92.50 73.67 29.2 3.16 2.83 A 3.15 Jun 33,992 1.3 JA Inter Parfums, Inc. IPAR Q 3 M/GRW 26.23 NM 35.22 20.37 26.2 0.95 1.00 1.15 Dec 813 2.0 JA Jarden Corporation JAH N 2 M/GRW 52.43 54.50 57.97 43.19 19.3 2.70 2.72 3.20 Dec 11,026 0.0 JA Newell Rubbermaid Inc. NWL N 2 M/GRW 37.74 43.00 50.90 33.26 16.7 2.00 2.18 A 2.26 Dec 10,292 2.0 JA Prestige Brands Holdings Inc. PBH N 3 H/GRW 48.79 NM 54.25 37.72 22.8 1.53 1.86 A 2.14 Mar 2,574 0.0 JA The Procter & Gamble Company PG N 3 M/GRW 81.56 NM 85.80 65.02 22.5 4.09 3.76 A 3.63 Jun 220,584 3.3 JA Sally Beauty Holdings Inc. SBH N 2 H/GRW 31.39 33.00 35.27 21.94 18.5 1.53 1.53 A 1.70 Sep 4,682 0.0 JA The Scotts Miracle-Gro Company SMG N 3 H/GRW 67.98 NM 72.26 58.11 17.4 3.29 3.53 A 3.90 Sep 4,147 2.8 JA Spectrum Brands Holdings, Inc. SPB N 2 H/GRW 95.33 110.00 106.55 86.02 19.5 NA 4.31 A 4.90 Sep 5,661 1.6 JA Ulta Salon, Cosmetics & Fragrance, Inc. (f) ULTA Q 1 H/GRW 160.75 188.00 188.48 120.38 33.1 3.98 4.85 5.85 Jan 10,250 0.0 JA


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Consumer - USA Restaurants Bloomin' Brands, Inc. BLMN Q 2 H/GRW 16.90 20.00 26.25 14.91 12.1 1.10 1.27 A 1.40 Dec 2,067 1.7 BV Brinker International EAT N 3 M/GRW 50.44 NM 62.24 43.20 14.3 2.71 3.09 A 3.52 Jun 3,087 2.5 BV Buffalo Wild Wings, Inc. BWLD Q 2 H/GRW 158.40 165.00 205.83 134.95 25.5 4.95 4.97 A 6.20 Dec 3,041 0.0 BV Carrols Restaurant Group, Inc. TAST Q 1 H/GRW 12.75 15.50 14.40 7.57 63.8 (0.44) 0.20 0.58 Dec 570 0.0 BV Cheesecake Factory Inc. CAKE Q 3 M/GRW 50.59 NM 58.86 44.16 19.0 1.97 2.37 A 2.66 Dec 2,555 1.6 BV Chipotle Mexican Grill, Inc. CMG N 3 H/GRW 514.86 NM 758.61 399.14 67.7 14.13 15.10 A 7.60 Dec 16,218 0.0 BV Chuy's Holdings, Inc. CHUY Q 3 H/GRW 31.06 NM 37.34 20.76 35.7 0.69 0.87 1.03 Dec 522 0.0 BV Darden Restaurants DRI N 4 NM 63.32 NM 67.70 53.38 19.1 1.71 2.63 A 3.32 May 8,225 3.2 BV Dave & Buster's Entertainment, Inc. PLAY Q 2 H/GRW 36.46 45.00 43.35 29.47 26.0 0.76 1.40 1.65 Jan 1,564 0.0 BV Del Frisco’s Restaurant Group, Inc. DFRG Q 2 H/GRW 15.40 18.00 22.48 12.25 19.7 0.82 0.78 0.87 Dec 360 0.0 BV DineEquity, Inc. DIN N 2 M/GRW 93.82 105.00 113.70 77.36 14.7 4.72 6.19 A 6.40 Dec 1,736 3.9 BV Fiesta Restaurant Group, Inc. FRGI Q 1 H/GRW 37.46 45.00 67.70 31.70 24.6 1.35 1.52 A 1.52 Dec 996 0.0 BV The Habit Restaurants, Inc. HABT Q 2 H/GRW 19.83 30.00 40.50 17.65 70.8 0.16 0.28 0.35 Dec 516 0.0 BV Kona Grill, Inc. KONA Q 2 H/GRW 14.26 19.00 28.66 12.01 NM 0.07 (0.37) (0.29) Dec 161 0.0 BV McDonald's Corporation MCD N 3 M/GRW 117.06 NM 124.83 87.50 22.0 5.08 4.97 A 5.32 Dec 112,097 3.0 BV Panera Bread Co. PNRA Q 3 M/GRW 205.64 NM 208.00 156.47 31.6 6.69 6.21 A 6.50 Dec 5,244 0.0 BV Papa Murphy's Holdings, Inc. FRSH Q 2 H/GRW 9.89 15.00 22.72 8.45 22.5 0.43 0.44 0.55 Dec 167 0.0 BV Red Robin Gourmet Burgers, Inc. RRGB Q 1 H/GRW 62.96 80.00 95.00 55.79 17.0 2.66 3.32 A 3.70 Dec 881 0.0 BV Ruth`s Hospitality Group, Inc. RUTH Q 3 M/GRW 16.91 NM 17.82 14.01 17.3 0.74 0.87 A 0.98 Dec 582 1.7 BV Texas Roadhouse, Inc. TXRH Q 2 H/GRW 42.39 45.00 42.50 31.55 23.5 1.23 1.37 A 1.80 Dec 2,997 1.8 BV


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

Consumer & Retail AIMIA (ae) AIM T 2 M/GRW C$8.06 15.00 14.95 7.39 NM 315 221 237 Dec 1,322 10.0 KT Canadian Tire Corporation CTC.A T 2 M/GRW C$129.00 150.00 137.48 101.53 15.1 7.94 8.28 A 8.54 Dec 9,675 1.8 KT Cara Operations Limited CAO T 2 M/GRW C$23.59 38.00 36.99 22.85 19.0 0.29 1.24 1.51 Dec 1,250 1.7 KT Cineplex Inc. CGX T 2 M/INC C$49.60 56.00 51.50 42.00 23.1 1.21 1.55 A 2.15 Dec 3,125 3.1 KT Dollarama DOL T 2 M/GRW C$78.63 95.00 93.91 61.78 26.9 1.74 2.19 A 2.92 Jan 10,065 0.5 KT Empire Company Limited EMP.A T 3 M/GRW C$25.66 28.00 31.63 23.84 15.5 0.54 1.87 A 1.66 Apr 7,069 1.6 KT Gildan Activewear GIL N 1 M/GRW US$25.41 34.00 35.15 22.43 15.9 1.14 1.47 A 1.60 Dec 6,200 1.2 KT Glacier Media Inc. GVC T 3 H/SPEC C$0.81 0.85 1.69 0.56 7.4 0.20 0.11 0.05 Dec 72 0.0 KT Great Canadian Gaming GC T 2 H/GRW C$18.13 25.00 24.81 14.66 16.0 1.08 1.13 1.35 Dec 1,229 0.0 KT Loblaw Companies Ltd. L T 2 M/GRW C$67.54 78.00 74.45 60.45 19.7 3.10 3.42 3.96 Dec 28,097 1.5 KT Metro, Inc. MRU T 2 M/GRW C$42.48 44.00 42.58 32.87 17.8 1.71 2.03 A 2.38 Sep 10,280 1.3 KT Sleep Country Canada Holdings Inc. ZZZ T 3 M/INC C$17.36 19.00 19.94 14.09 16.9 0.58 1.03 1.14 Dec 660 3.0 KT Winpak Ltd. WPK T 2 M/GRW C$44.57 45.00 47.56 36.25 28.0 1.21 1.55 A 1.59 Dec 2,897 0.3 KT

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

Julien Richer, CFA, RJEE [email protected]

Consumer Goods Beverages Campari CPR.MI BIT 4 €7.16 7.00 8.52 5.95 23.9 0.27 0.30 0.32 Dec 4,160 1.3 HB Diageo DGE.L L 3 1,869p NM 1,980 1,593 21.4 95.50 88.80 A 87.30 Jun £47,011 3.2 HB Pernod Ricard PERP.PA EPA 2 €97.07 123.00 117.75 88.00 18.0 4.46 4.99 A 5.39 Jun 25,764 2.0 HB Remy Cointreau RCOP.PA EPA 3 €62.40 NM 75.00 50.29 29.4 1.63 1.95 A 2.12 Mar 3,041 2.8 HB

Eyecare & Eyewear Essilor ESSI.PA EPA 2 €105.40 116.00 125.15 95.01 27.7 2.99 3.50 A 3.81 Dec 22,366 1.1 CL Luxottica LUX.MI BIT 3 €51.60 NM 67.80 48.00 28.5 1.42 1.81 2.02 Dec 24,742 1.8 CL


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Consumer - EUR Home & Personal Care Beiersdorf BEIG.DE ETR 4 €78.92 69.00 89.54 67.92 26.7 2.53 2.92 A 2.96 Dec 19,888 0.9 HB BIC BB.FP EPA 3 €125.80 NM 162.20 114.30 19.5 5.58 6.72 A 6.44 Dec 6,026 2.8 HB Henkel HNKG_p.DE ETR 2 €95.31 114.00 115.70 87.17 19.5 4.38 4.90 5.33 Dec 38,954 1.5 HB L'Oréal OREP.PA EPA 2 €154.25 187.00 181.30 140.40 23.0 5.34 6.18 A 6.70 Dec 86,337 2.1 HB RB RB.L L 3 6,520p NM 6,687 5,403 23.7 268.00 259.00 A 275.00 Dec £46,063 2.1 HB

Luxury Goods Christian Dior DIOR.PA EPA 2 €158.65 192.00 195.35 140.80 16.9 7.90 7.92 A 9.37 Jun 28,827 2.2 HB Kering KER.PA EPA 3 €155.10 NM 198.50 136.75 15.7 9.35 8.06 A 9.88 Dec 19,584 2.8 HB LVMH LVMH.PA EPA 2 €148.50 183.00 176.60 130.75 17.9 6.46 7.51 A 8.31 Dec 75,456 2.6 HB Salvatore Ferragamo SFER.MI BIT 1 €19.57 29.00 32.55 18.50 20.0 0.93 0.98 1.15 Dec 3,303 2.4 HB Tod's Group TOD.MI BIT 4 €67.90 68.00 98.00 65.10 21.8 3.17 3.11 3.46 Dec 2,078 2.9 HB

Foodservices Autogrill AGL.BIT BIT 2 €7.12 10.00 9.42 6.11 27.4 0.10 0.26 0.35 Dec 1,809 0.0 JR Compass Group CPG.L L 3 1,224p NM 1,257 963 20.8 48.80 52.30 A 58.93 Sep £20,123 2.4 JR Edenred EDEN.PA EPA 2 €14.98 18.00 25.23 13.22 16.8 0.73 0.78 A 0.89 Dec 3,457 5.6 JR Elior ELIOR.PA EPA 2 €17.70 23.00 19.84 14.15 21.3 0.38 0.83 0.88 Sep 3,044 1.9 JR Sodexo EXHO.PA EPA 4 €89.20 92.00 96.40 70.45 21.8 3.23 4.60 A 4.09 Aug 14,013 2.5 JR

Retail Apparel H&M HMb.ST STO 4 SEK271.40 260.00 368.50 259.80 20.9 12.07 12.63 A 13.01 Nov 449,194 3.6 CL Inditex ITX.MC MAD 3 €27.20 NM 35.38 26.00 28.9 0.80 0.94 1.04 Jan 84,759 2.2 CL

Consumer Electronics Fnac FNAC.PA EPA 1 €59.73 70.00 64.95 44.70 17.3 2.97 3.33 A 3.46 Dec 992 0.0 CL

Food Retail Ahold AHLN.AS AMS 3 €19.63 NM 20.97 15.90 20.0 0.88 0.98 1.15 Dec 16,371 2.5 CL Carrefour CARR.PA EPA 2 €23.05 30.00 33.25 22.26 14.8 1.47 1.56 1.74 Dec 17,022 3.1 CL Casino CASP.PA EPA 2 €40.23 54.00 87.89 34.38 15.1 4.91 2.66 3.17 Dec 4,553 7.8 CL Colruyt COLR.BR EBR 4 €48.78 40.00 50.42 39.46 19.4 2.42 2.51 2.57 Mar 7,640 2.2 CL Delhaize DELB.BR EBR 3 €90.54 NM 97.25 69.69 18.4 0.87 4.92 5.55 Dec 9,417 1.5 CL Dia DIDA.MC MAD 1 €4.73 6.70 7.70 4.61 11.0 0.42 0.41 A 0.43 Dec 2,946 4.4 CL Jeronimo Martins JMT.LS ELI 3 €12.63 NM 13.86 9.99 23.8 0.48 0.53 0.58 Dec 7,945 2.1 CL Metro MEOG.DE ETR 1 €21.87 33.00 34.81 21.58 13.2 1.84 1.48 A 1.66 Sep 7,147 4.6 CL Rallye GENC.PA EPA 3 €12.77 NM 37.35 11.81 NM 1.07 (0.28) 0.71 Dec 623 14.3 CL

Sporting Goods Adidas ADSGn.DE ETR 4 €96.49 75.00 100.65 62.51 27.6 3.05 3.50 3.85 Dec 20,188 1.7 CL Puma PUMG.DE ETR 3 €190.90 NM 219.30 140.95 53.5 4.29 2.48 A 3.57 Dec 2,879 0.3 CL


Energy

USA Canada Europe

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

Independent Refiners ................................................. 27

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

Midstream Suppliers................................................... 28

Oilfield Services .......................................................... 29

Compression ............................................................ 29

Diversified Oilfield Services ..................................... 29

Manufacturing & Fabrication .................................. 29

Offshore Construction ............................................. 29

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

Onshore Drillers....................................................... 30

Production/Workover/Miscellaneous ..................... 30

Renewable Energy and Clean Technology .................. 30

Fuels and Chemicals ................................................ 30

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

Alternative Energy & Clean Tech ................................ 31

Energy Infrastructure ................................................. 31

Midstream ............................................................... 31

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

Junior Oil & Gas Producers ......................................... 32

Oil & Gas Energy Services ........................................... 32

Contract Drillers ...................................................... 32

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

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

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

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

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


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

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

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

Renewables .............................................................. 34

Argentina

Electric Utilities ........................................................... 35

Exploration and Production ........................................ 35

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


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

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


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

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

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

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

Exploration and Production Anadarko Petroleum Corp. APC N 2 H/GRW 36.21 52.00 95.94 28.16 NM 4.13 (2.00) A (3.70) Dec 18,406 0.6 JF,KS Antero Resources Corporation AR N 2 H/GRW 24.04 31.00 46.06 18.50 51.1 1.20 0.47 0.54 Dec 6,660 0.0 JF,KS Apache Corporation APA N 2 H/GRW 38.60 55.00 71.87 32.20 NM 5.60 (0.81) (1.03) Dec 14,592 2.6 JF,KS Black Stone Minerals L.P. (cu) BSM N 2 H/INC 12.02 18.00 19.46 10.71 15.2 NA 0.79 1.13 Dec 2,299 8.7 KS Bonanza Creek Energy, Inc. BCEI N 3 H/GRW 1.61 NM 30.69 1.51 NM 1.64 (0.44) (1.74) Dec 80 0.0 KS,JF Cabot Oil & Gas Corp. COG N 3 H/GRW 19.71 NM 35.64 14.88 NM 0.96 0.13 A (0.43) Dec 8,157 0.4 KS,JF California Resources Corporation CRC N 3 H/GRW 0.30 NM 9.87 0.29 NM 1.70 (0.85) (0.70) Dec 115 0.0 PM Chesapeake Energy Corp. CHK N 4 NM 2.69 NM 18.55 1.50 NM 1.88 (0.22) (0.53) Dec 1,785 13.0 JF,KS Chesapeake Granite Wash Trust (cu) CHKR N 4 NM 2.76 NM 9.34 1.56 2.2 2.18 1.23 0.53 Dec 129 46.4 KS Cimarex Energy Co. XEC N 3 H/GRW 84.88 NM 132.18 72.77 NM 5.79 (0.59) A 0.47 Dec 8,048 0.8 JF,KS Clayton Williams Energy, Inc. CWEI N 4 NM 11.13 NM 73.15 9.60 NM 4.61 (5.31) (6.08) Dec 135 0.0 KS Concho Resources Inc. CXO N 1 H/GRW 91.54 145.00 134.13 69.94 81.7 4.06 1.12 0.50 Dec 11,011 0.0 JF,KS ConocoPhillips COP N 3 M/INC 32.96 NM 69.72 31.05 NM 5.31 (1.39) A (0.01) Dec 40,992 3.0 PM CONSOL Energy Inc. CNX N 3 H/GRW 7.92 NM 34.56 4.54 NM 0.87 (0.41) A (0.41) Dec 1,814 0.5 KS,JF Continental Resources Inc. CLR N 2 H/GRW 17.92 33.00 53.65 13.94 NM 3.43 (0.26) (0.34) Dec 6,684 0.0 JF,KS Denbury Resources Inc. DNR N 4 NM 0.96 NM 9.53 0.86 NM 1.04 0.38 A (0.15) Dec 337 0.0 KS,JF Devon Energy Corporation DVN N 2 H/GRW 19.41 22.00 70.48 18.07 NM 4.91 2.53 A (0.76) Dec 8,113 1.2 KS,JF Diamondback Energy, Inc. FANG Q 2 H/GRW 71.72 80.00 85.82 55.48 73.9 2.31 1.78 A 0.97 Dec 4,791 0.0 JF,KS ECA Marcellus Trust I (cu) ECT N 4 NM 1.05 NM 4.40 0.93 4.0 1.00 0.26 0.12 Dec 18 24.8 KS Energen Corp. EGN N 2 H/GRW 24.83 36.00 77.12 20.76 NM 2.71 0.81 A (0.96) Dec 1,955 0.0 JF,KS EOG Resources, Inc. EOG N 3 H/GRW 69.52 NM 101.36 57.15 NM 4.95 0.04 (0.85) Dec 38,213 1.0 KS,JF EV Energy Partners L.P. EVEP Q 3 H/INC 1.87 NM 18.14 1.60 6.4 2.37 0.29 (1.62) Dec 91 16.0 KS Hess Corp. HES N 2 H/GRW 41.70 75.00 79.00 32.41 NM 4.25 (3.92) A (4.18) Dec 11,809 2.4 PM InterOil Corp. IOC N 2 H/SPEC 25.95 70.00 61.15 21.18 NM (2.31) (2.08) (1.61) Dec 1,287 0.0 PM Kosmos Energy Ltd. KOS N 2 H/GRW 4.46 6.50 10.03 3.17 89.2 0.27 (0.11) A 0.05 Dec 1,748 0.0 PM Laredo Petroleum Inc. LPI N 2 H/GRW 4.39 8.00 16.18 3.90 12.2 0.96 0.21 A 0.36 Dec 939 0.0 JF,KS Legacy Reserves L.P. LGCY Q 3 H/INC 0.72 NM 14.40 0.65 NM 0.29 (0.63) (1.48) Dec 50 0.0 KS LINN Energy, LLC LINE Q 4 NM 0.46 NM 14.21 0.31 0.3 2.25 1.73 0.30 Dec 164 0.0 KS LinnCo, LLC LNCO Q 4 NM 0.22 NM 13.13 0.14 0.1 2.25 1.73 0.30 Dec 74 0.0 KS


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Energy - USA Exploration and Production Marathon Oil Corp. MRO N 2 M/GRW 7.22 13.00 31.53 6.52 NM 2.53 (1.28) A (0.74) Dec 4,888 2.8 PM Memorial Production Partners L.P. MEMP Q 3 H/INC 2.02 NM 18.71 1.57 NM 0.67 0.01 (0.14) Dec 167 19.8 KS Memorial Resource Development Corp MRD Q 1 H/GRW 8.45 20.00 21.57 8.30 14.3 0.48 0.32 A 0.59 Dec 1,735 0.0 JF,KS Mid-Con Energy Partners L.P. MCEP Q 4 NM 0.78 NM 6.97 0.72 3.1 1.06 0.25 0.08 Dec 23 0.0 KS Murphy Oil Corp. MUR N 4 NM 16.82 NM 51.82 14.30 NM 3.40 (3.08) A (0.48) Dec 2,893 8.3 PM MV Oil Trust (cu) MVO N 3 H/INC 4.74 NM 17.10 3.26 6.6 3.25 0.77 A 0.72 Dec 55 8.4 KS National Fuel Gas Company NFG N 3 H/GRW 45.26 NM 67.98 37.03 15.9 3.44 2.97 A 2.85 Sep 3,835 3.5 KS,JF Newfield Exploration Company NFX N 3 H/GRW 23.42 NM 41.34 20.84 27.6 1.76 0.85 0.00 Dec 3,827 0.0 KS,JF Noble Energy, Inc. NBL N 3 H/GRW 29.84 NM 53.68 23.77 NM 2.41 0.53 A (1.01) Dec 12,891 1.3 JF,KS Northern Oil & Gas Inc. NOG M 3 H/GRW 2.68 NM 9.51 1.99 3.4 0.94 0.78 (0.29) Dec 165 0.0 JF,KS Oasis Petroleum Inc. OAS N 2 H/GRW 4.53 8.00 18.87 3.40 5.7 2.20 0.80 (0.54) Dec 630 0.0 JF,KS Occidental Petroleum Corp. OXY N 1 M/INC 69.47 80.00 82.06 58.24 96.5 5.86 0.11 A 0.72 Dec 53,020 4.3 PM Parsley Energy, Inc. PE N 2 H/GRW 16.55 22.00 20.33 13.29 NM 0.33 (0.23) (0.04) Dec 1,814 0.0 JF,KS Pioneer Natural Resources Company PXD N 1 H/GRW 119.33 172.00 181.97 103.50 NM 5.00 (0.12) A (1.67) Dec 17,826 0.1 JF,KS QEP Resources, Inc. QEP N 2 H/GRW 10.33 14.00 24.04 8.54 NM 1.39 (0.07) (1.55) Dec 1,825 0.8 KS,JF Range Resources Corp. RRC N 2 H/GRW 23.36 35.00 65.53 19.21 86.5 1.58 0.27 (0.59) Dec 3,955 0.7 KS,JF Resolute Energy Corp. REN N 4 NM 0.48 NM 1.80 0.25 NM (0.32) (0.45) (0.07) Dec 37 0.0 JF,KS RSP Permian Inc. RSPP N 2 H/GRW 20.44 32.00 31.15 16.74 40.1 0.90 0.51 0.15 Dec 1,882 0.0 JF,KS SandRidge Mississippian Trust I (cu) SDT N 3 H/INC 2.25 NM 5.43 1.90 7.3 1.34 1.25 A 0.31 Dec 63 55.1 KS SandRidge Mississippian Trust II (cu) SDR N 3 H/INC 1.50 NM 5.14 1.30 3.5 1.82 0.95 A 0.43 Dec 75 48.7 KS SandRidge Permian Trust (cu) PER N 3 H/INC 2.25 NM 8.78 2.01 3.6 2.55 1.51 A 0.62 Dec 118 34.2 KS SM Energy Company SM N 2 H/GRW 7.60 15.00 60.28 6.99 NM 5.64 (0.54) A (2.13) Dec 517 1.3 KS,JF Southwestern Energy Company SWN N 3 H/GRW 6.83 NM 29.61 5.00 48.8 2.27 0.14 (0.58) Dec 2,626 0.0 KS,JF TransGlobe Energy Corp. TGA Q 2 H/GRW 1.35 5.00 4.83 1.00 NM 0.71 (0.25) (0.16) Dec 107 7.4 PM Ultra Petroleum Corporation UPL N 4 NM 0.33 NM 18.04 0.18 NM 2.55 0.30 A (0.17) Dec 52 0.0 KS,JF Vanguard Natural Resources, LLC VNR Q 4 NM 2.15 NM 17.99 1.29 NM 1.10 (0.09) 0.12 Dec 187 16.7 KS Viper Energy Partners L.P. (cu) VNOM Q 3 H/INC 14.29 NM 22.10 12.69 14.3 0.50 0.84 A 1.00 Dec 1,139 6.4 KS VOC Energy Trust (cu) VOC N 3 H/INC 2.78 NM 6.50 1.73 12.1 1.38 0.45 A 0.23 Dec 47 6.5 KS Whiting Petroleum Corp. WLL N 2 H/GRW 3.72 14.00 41.57 3.61 NM 4.07 (0.70) (0.94) Dec 759 0.0 JF,KS WPX Energy Inc. WPX N 2 H/GRW 4.07 6.00 14.65 2.53 NM 0.28 (0.39) (0.37) Dec 1,120 0.0 KS,JF

Independent Refiners Delek US Holdings, Inc. DK N 2 H/GRW 13.97 20.00 41.15 12.54 9.4 4.23 1.49 1.25 Dec 890 4.3 JJ HollyFrontier Corp. HFC N 3 H/GRW 33.82 NM 54.73 29.00 13.5 2.66 4.72 A 2.50 Dec 6,138 3.9 JJ Marathon Petroleum Corp. MPC N 2 H/GRW 33.97 45.00 60.38 29.24 8.5 4.47 5.91 A 4.00 Dec 18,174 3.8 JJ PBF Energy, Inc. PBF N 3 H/GRW 29.58 NM 41.75 25.58 7.9 4.52 4.25 A 3.75 Dec 3,017 4.1 JJ Phillips 66 PSX N 2 H/GRW 79.09 86.00 94.12 69.79 13.2 6.62 7.67 A 6.00 Dec 42,724 2.8 JJ Tesoro Corp. TSO N 3 H/GRW 78.95 NM 119.67 67.80 10.9 6.90 14.04 A 7.25 Dec 9,585 2.5 JJ Valero Energy Corp. VLO N 2 H/GRW 60.61 67.00 73.88 51.68 10.1 6.58 9.11 A 6.00 Dec 29,153 4.0 JJ Western Refining, Inc. WNR N 3 H/GRW 27.54 NM 51.31 24.43 5.3 4.72 5.17 3.00 Dec 2,580 5.5 JJ


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Energy - USA Integrated Oil and Gas BP plc (ed, r) BP N 3 M/INC 28.54 NM 43.85 27.01 40.2 3.94 1.93 A 0.71 Dec 87,581 8.4 PM Chevron Corp. CVX N 2 M/INC 85.27 95.00 112.20 69.58 34.8 9.46 3.41 A 2.45 Dec 159,822 5.0 PM Ecopetrol S.A. (ed, r) EC N 3 H/GRW 6.84 NM 17.92 5.16 24.4 2.03 0.28 0.20 Dec 14,062 3.7 PM Exxon Mobil Corp. XOM N 4 NM 81.52 NM 90.09 66.55 26.6 7.60 3.85 A 3.06 Dec 340,998 3.6 PM Petróleo Brasileiro S.A. (ed, r) PBR N 3 H/GRW 3.50 NM 10.55 2.71 NM 1.22 (0.04) (0.22) Dec 22,828 0.0 PM

Midstream Suppliers AmeriGas Partners L.P. APU N 3 H/INC 40.90 NM 50.26 30.80 17.4 2.83 1.92 A 2.35 Sep 3,799 9.0 BBL,DH Antero Midstream Partners L.P. AM N 1 H/GRW 20.28 24.00 29.76 16.47 31.2 0.09 0.65 1.07 Dec 3,565 4.0 DH Boardwalk Pipeline Partners L.P. BWP N 3 H/INC 11.98 NM 17.93 8.86 13.0 0.58 0.87 A 0.92 Dec 2,999 3.3 DH Calumet Specialty Products Partners L.P. CLMT Q 3 H/INC 9.22 NM 29.14 7.80 12.6 (1.80) (2.00) A 0.73 Dec 699 29.7 JJ,DH Capital Product Partners L.P. CPLP Q 3 H/INC 3.31 NM 10.06 3.01 8.5 0.31 0.37 A 0.39 Dec 399 28.7 BBL,DH Cheniere Energy Partners L.P. CQP M 3 H/INC 24.64 NM 34.55 19.22 NM (0.87) (0.43) A (0.97) Dec 8,323 6.9 DH,PM Cheniere Energy, Inc. LNG M 3 H/GRW 33.62 NM 82.32 22.80 NM (1.93) (2.43) A (3.15) Dec 7,655 0.0 PM,DH Crestwood Equity Partners L.P. CEQP N 3 H/INC 8.88 NM 70.10 8.02 NM 3.03 (54.00) A (0.59) Dec 1,655 61.9 DH CrossAmerica Partners L.P. CAPL N 2 H/INC 21.04 29.00 36.99 17.39 26.3 (0.25) 0.35 A 0.80 Dec 701 11.3 BBL,DH Delek Logistics Partners L.P. DKL N 2 H/INC 29.36 40.00 48.46 21.84 10.8 2.87 2.73 3.34 Dec 716 7.8 DH,JJ Energy Transfer Equity L.P. ETE N 1 H/GRW 7.17 15.00 35.44 4.00 5.0 0.59 1.43 1.77 Dec 7,491 15.9 DH Energy Transfer Partners L.P. ETP N 2 H/INC 29.72 34.00 59.83 18.62 27.5 1.86 1.08 1.49 Dec 16,220 14.2 DH EnLink Midstream LLC ENLC N 2 H/GRW 7.15 10.00 35.57 6.41 9.7 0.55 (2.17) A 0.74 Dec 1,173 14.3 DH EnLink Midstream Partners L.P. ENLK N 3 H/INC 8.43 NM 27.93 6.32 38.3 0.59 (4.33) A 0.22 Dec 1,939 18.5 DH Enterprise Products Partners L.P. EPD N 1 H/INC 23.18 31.00 34.73 19.00 16.1 1.47 1.26 A 1.44 Dec 43,439 6.7 DH Ferrellgas Partners L.P. FGP N 4 NM 18.14 NM 25.58 13.76 NM 0.41 0.28 A (0.02) Jul 1,839 11.3 BBL,DH Genesis Energy L.P. GEL N 2 H/INC 23.62 32.00 50.04 19.55 20.9 1.18 4.12 A 1.13 Dec 2,598 10.8 DH,JJ Global Partners L.P. GLP N 3 H/INC 13.73 NM 42.74 12.55 15.6 3.96 0.88 0.33 Dec 463 13.5 DH,JJ Golar LNG Partners L.P. GMLP Q 3 H/INC 13.07 NM 30.25 7.55 5.4 2.77 2.44 2.84 Dec 805 17.7 BBL,DH Holly Energy Partners L.P. HEP N 3 H/INC 28.97 NM 36.40 21.44 16.6 1.21 1.62 A 1.74 Dec 1,699 7.8 DH,JJ Kinder Morgan, Inc. KMI N 2 H/INC 17.71 20.00 44.71 11.20 25.3 0.90 0.14 A 0.70 Dec 39,480 2.8 DH KNOT Offshore Partners L.P. KNOP N 2 H/INC 15.95 18.00 26.49 9.68 9.0 1.34 1.48 A 1.77 Dec 466 13.0 BBL,DH Magellan Midstream Partners L.P. MMP N 1 H/INC 65.59 75.00 85.49 54.51 19.3 3.69 3.59 A 3.39 Dec 14,893 4.7 DH,JJ Martin Midstream Partners L.P. MMLP Q 2 H/INC 14.57 25.00 38.61 13.27 20.0 (0.40) 0.73 0.77 Dec 517 22.3 DH NGL Energy Partners L.P. NGL N 3 H/INC 7.83 NM 33.64 5.57 NM 0.39 (0.36) A (0.35) Mar 826 32.7 DH NuStar Energy L.P. NS N 3 H/INC 33.58 NM 68.10 25.65 14.7 2.10 3.30 A 2.29 Dec 2,615 13.0 DH,JJ NuStar GP Holdings, LLC NSH N 3 H/INC 17.00 NM 39.94 12.86 13.9 1.44 1.68 A 1.22 Dec 730 12.8 DH,JJ PennTex Midstream Partners L.P. PTXP Q 2 H/INC 9.19 15.00 21.02 9.02 36.8 NA 0.25 0.82 Dec 368 12.0 DH Plains All American Pipeline L.P. PAA N 3 H/INC 20.59 NM 52.70 14.82 14.0 2.43 1.46 A 1.47 Dec 7,723 13.6 DH,JJ


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Energy - USA Midstream Suppliers Plains GP Holdings L.P. PAGP N 3 H/INC 7.07 NM 29.87 4.72 9.2 0.48 0.53 A 0.77 Dec 1,584 13.1 DH,JJ Rose Rock Midstream L.P. RRMS N 3 H/INC 11.47 NM 54.06 6.67 9.0 1.69 1.27 1.35 Dec 422 23.0 DH,JJ SemGroup Corporation SEMG N 3 H/INC 16.55 NM 86.99 13.98 16.1 0.65 1.03 0.96 Dec 727 10.9 DH,JJ Southcross Energy Partners L.P. SXE N 4 NM 0.55 NM 16.20 0.38 NM (1.25) (1.44) (0.82) Dec 31 0.0 DH Spectra Energy Corp. SE N 1 M/INC 28.68 33.00 38.47 21.43 22.2 1.61 0.29 A 1.29 Dec 19,244 5.6 DH Spectra Energy Partners L.P. SEP N 2 H/INC 48.65 51.00 55.95 36.21 13.0 2.84 3.30 A 3.73 Dec 14,994 5.3 DH Sprague Resources L.P. SRLP N 2 H/INC 16.37 25.00 28.90 15.55 4.9 5.86 3.35 3.78 Dec 345 12.3 DH,JJ Suburban Propane Partners L.P. SPH N 3 H/INC 25.58 NM 44.80 20.93 18.8 1.55 1.38 A 1.36 Sep 1,554 13.9 BBL,DH Sunoco L.P. SUN N 2 H/INC 30.59 45.00 54.83 22.86 14.1 1.81 2.17 3.92 Dec 1,936 9.7 BBL,DH Targa Resources Corp. TRGP N 3 H/GRW 22.13 NM 108.63 14.55 21.1 2.43 1.05 0.37 Dec 1,240 16.4 DH Teekay Corporation TK N 3 H/GRW 7.48 NM 51.39 4.37 13.9 (0.76) 1.12 A 0.54 Dec 544 2.9 DH,BBL Teekay LNG Partners L.P. TGP N 3 H/INC 9.71 NM 40.73 7.92 4.2 2.30 2.31 A 2.33 Dec 772 5.8 BBL,DH Teekay Offshore Partners L.P. TOO N 2 H/INC 2.99 8.00 24.72 2.30 2.1 0.21 0.95 A 1.45 Dec 320 14.7 BBL,DH Tesoro Logistics L.P. TLLP N 1 H/INC 43.01 56.00 61.74 35.18 12.4 1.10 2.61 A 3.46 Dec 3,812 7.3 DH,JJ The Williams Companies, Inc. WMB N 2 H/GRW 16.63 31.00 61.38 10.22 3.6 2.92 (0.74) A 4.68 Dec 12,456 15.4 DH Williams Partners L.P. WPZ N 3 H/INC 20.35 NM 59.44 12.69 6.3 0.99 3.21 A 3.22 Dec 12,234 16.7 DH

Oilfield Services Compression Archrock Partners L.P. APLP Q 2 H/INC 6.94 11.00 27.93 5.36 6.3 1.18 1.11 0.68 Dec 414 33.0 JMA,PN CSI Compressco Partners L.P. CCLP Q 2 H/INC 4.35 9.00 22.15 3.74 39.5 0.93 0.11 (0.18) Dec 144 46.2 JMA,PN USA Compression Partners L.P. USAC N 2 H/INC 7.76 10.00 24.30 7.03 15.5 0.57 (2.65) A 0.50 Dec 226 27.1 JMA,PN

Diversified Oilfield Services Baker Hughes, Inc. BHI N 1 H/GRW 41.91 52.00 70.45 37.58 NM 4.21 (0.48) A (0.85) Dec 18,315 1.6 JMA,PN Halliburton HAL N 1 H/GRW 32.46 44.00 50.20 27.64 64.9 4.02 1.56 A 0.50 Dec 27,786 2.2 JMA,PN Schlumberger Ltd. SLB N 3 H/GRW 72.21 NM 95.13 59.60 41.3 5.57 3.36 A 1.75 Dec 90,696 2.8 JMA,PN Weatherford WFT N 1 H/GRW 6.08 12.00 14.91 4.95 NM 1.01 (0.33) A (0.50) Dec 4,736 0.0 JMA,PN

Manufacturing & Fabrication Cameron International Corp. CAM N 3 H/GRW 65.77 NM 71.22 40.50 29.9 4.26 4.00 A 2.20 Dec 12,574 0.0 JMA,PN FMC Technologies, Inc. FTI N 3 H/GRW 24.48 NM 44.43 22.30 19.6 2.95 2.23 A 1.25 Dec 5,589 0.0 JMA,PN National Oilwell Varco Inc. NOV N 2 H/GRW 28.24 31.00 56.64 25.74 NM 6.06 2.75 A (0.20) Dec 10,612 6.5 JMA,PN Oil States International, Inc. OIS N 2 H/GRW 23.03 27.00 48.16 21.44 NM 4.39 0.83 A (0.85) Dec 1,173 0.0 JMA,PN

Offshore Construction Helix Energy Solutions Group HLX N 3 H/GRW 3.61 NM 17.73 2.60 NM 1.79 0.20 A (0.30) Dec 383 0.0 JMA,PN


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Energy - USA Offshore Drillers Atwood Oceanics ATW N 3 H/GRW 6.21 NM 35.66 4.82 1.4 4.87 7.74 A 4.40 Sep 402 4.8 PN,JMA Diamond Offshore DO N 3 H/GRW 19.39 NM 35.95 14.18 21.5 3.26 2.98 A 0.90 Dec 2,697 0.0 PN,JMA Ensco plc ESV N 3 H/GRW 8.28 NM 28.40 7.52 1.9 6.15 4.32 2.00 Dec 1,916 7.2 PN,JMA Noble Corp plc NE N 3 H/GRW 7.62 NM 18.58 6.66 10.9 2.95 2.61 A 0.70 Dec 1,991 7.9 PN,JMA Ocean Rig UDW ORIG Q 4 NM 0.76 NM 9.52 0.66 0.3 2.46 2.33 (0.10) Dec 100 0.0 PN,JMA Pacific Drilling PACD N 4 NM 0.39 NM 5.61 0.30 0.5 0.87 0.80 (0.55) Dec 82 0.0 PN,JMA Rowan Companies RDC N 2 H/GRW 11.76 15.00 24.31 10.67 3.5 2.12 3.32 2.25 Dec 1,461 0.0 PN,JMA Transocean RIG N 4 NM 8.20 NM 21.90 7.67 2.2 4.98 3.75 0.40 Dec 2,983 0.0 PN,JMA

Onshore Drillers Nabors Industries Ltd. NBR N 2 H/GRW 6.93 10.00 16.99 4.93 NM 1.14 (0.29) A (1.65) Dec 2,291 3.5 JMA,PN Patterson-UTI Energy, Inc. PTEN Q 1 H/GRW 14.94 21.00 23.11 10.94 NM 1.62 (0.72) A (2.30) Dec 2,199 2.7 JMA,PN Pioneer Energy Services Corp PES N 4 NM 1.23 NM 8.69 0.95 NM 0.24 (0.87) A (1.30) Dec 77 0.0 JMA,PN Unit Corporation UNT N 3 H/GRW 5.38 NM 36.23 5.07 NM 4.22 (0.10) (1.10) Dec 271 0.0 JMA,PN

Production/Workover/Miscellaneous Basic Energy Services, Inc. BAS N 4 NM 1.88 NM 10.50 1.52 NM 0.43 (4.50) A (5.50) Dec 80 0.0 JMA,PN Cypress Energy Partners L.P. CELP N 2 H/INC 6.42 11.00 19.60 5.28 7.6 0.99 0.85 0.65 Dec 76 25.3 JMA,PN Dawson Geophysical Company DWSN Q 3 H/SPEC 3.10 NM 6.11 2.90 NM (1.65) (1.16) (1.20) Dec 65 0.0 JMA,PN Hi-Crush Partners L.P. HCLP N 3 H/GRW 3.99 NM 40.40 3.74 NM 2.98 0.81 A (0.17) Dec 147 0.0 JMA,PN Key Energy Services Inc. KEG N 3 H/SPEC 0.22 NM 2.79 0.19 NM (0.57) (1.14) A (1.05) Dec 35 0.0 JMA,PN Newpark Resources NR N 1 H/GRW 3.55 6.00 10.85 3.35 NM 0.85 (0.23) A (0.45) Dec 298 0.0 JMA,PN Superior Energy Services, Inc. SPN N 1 H/GRW 9.17 11.50 26.95 8.25 NM 1.79 (1.29) A (2.25) Dec 1,382 3.5 JMA,PN TETRA Technologies Inc. TTI N 2 H/GRW 5.37 6.50 9.44 4.62 17.9 0.26 0.30 (0.32) Dec 431 0.0 JMA,PN

Renewable Energy and Clean Technology Fuels and Chemicals Chart Industries, Inc. GTLS Q 2 H/GRW 17.15 30.00 45.62 13.27 15.7 2.74 1.09 0.73 Dec 532 0.0 PM Clean Energy Fuels Corp. CLNE Q 3 H/GRW 2.51 NM 10.48 2.15 NM (0.87) (0.79) (0.59) Dec 230 0.0 PM Green Plains Partners L.P. GPP Q 1 M/INC 13.07 21.00 16.54 10.92 8.6 0.07 0.76 A 1.52 Dec 416 12.3 PM Westport Innovations Inc. WPRT Q 3 H/GRW 1.88 NM 6.18 1.30 NM (1.84) (1.40) (0.73) Dec 121 0.0 PM


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Energy - USA Power 8point3 Energy Partners L.P. CAFD Q 1 M/INC 15.63 22.00 21.15 10.26 82.3 (0.02) 0.79 A 0.19 Nov 1,125 5.6 PM Advanced Energy Industries, Inc. AEIS Q 2 H/GRW 29.47 32.00 30.09 21.12 12.7 1.73 1.84 A 2.32 Dec 1,196 0.0 PM EnerNOC, Inc. ENOC Q 1 H/GRW 5.02 12.00 19.04 2.92 NM 1.40 (1.69) (1.71) Dec 174 0.0 PM Enphase Energy, Inc. ENPH Q 3 H/GRW 1.98 NM 15.25 1.63 NM 0.06 (0.17) A (0.57) Dec 90 0.0 PM Enviva Partners L.P. EVA N 1 M/INC 18.61 22.00 22.46 11.85 13.4 0.01 1.03 A 1.39 Dec 447 9.9 PM First Solar, Inc. FSLR Q 3 H/GRW 69.45 NM 72.12 40.25 16.0 3.64 4.96 A 4.34 Dec 7,105 0.0 PM Silver Spring Networks, Inc. SSNI N 2 H/GRW 12.28 16.00 16.18 8.68 72.2 (0.50) 0.09 A 0.17 Dec 641 0.0 PM SolarCity Corp. SCTY Q 1 H/GRW 18.90 60.00 63.79 16.31 NM (3.96) (7.91) A (9.15) Dec 1,847 0.0 PM SunPower Corp. SPWR Q 2 H/GRW 22.71 35.00 35.11 18.25 12.8 1.33 2.16 A 1.78 Dec 3,559 0.0 PM Trina Solar Limited (r) TSL N 3 H/GRW 10.32 NM 13.33 7.15 9.1 0.75 1.13 1.56 Dec 1,004 0.0 PM

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

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

Jeremy McCrea, CFA [email protected]

Alternative Energy & Clean Tech Alterra Power Corp. AXY T 2 H/SPEC C$0.45 0.65 0.55 0.32 NM (0.07) (0.01) 0.05 Dec 211 0.0 SLi U.S. Geothermal HTM M 3 H/SPEC US$0.56 0.85 0.70 0.45 11.2 0.01 0.05 NA Dec 60 0.0 SLi

Energy Infrastructure Midstream AltaGas Ltd. (af) ALA T 2 M/INC C$33.22 36.00 45.69 27.09 12.3 3.25 2.70 3.47 Dec 4,834 6.0 CC Gibson Energy Inc. (af) GEI T 2 M/INC C$16.45 20.00 29.87 11.46 10.2 2.11 1.61 1.66 Dec 2,073 7.8 CC Inter Pipeline Ltd. (af) IPL T 3 M/INC C$23.80 25.00 33.97 18.43 11.4 1.53 2.02 A 2.09 Dec 7,968 6.6 CC Keyera Corp (af) KEY T 2 M/INC C$37.12 48.00 46.52 32.87 13.0 2.31 2.85 A 2.85 Dec 6,307 4.0 CC Pembina Pipeline Corp. (af) PPL T 2 M/INC C$32.87 41.00 43.51 26.05 14.2 2.37 2.31 2.48 Dec 11,340 5.6 CC Veresen Inc. (af) VSN T 3 M/INC C$7.42 11.00 19.40 6.65 7.3 1.09 1.01 0.98 Dec 2,169 13.5 CC


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Energy - CAN Intermediate Oil & Gas Producers ARC Resources Ltd. (cf) ARX T 2 H/INC C$18.07 22.00 25.60 14.43 10.0 3.54 2.26 A 1.81 Dec 6,222 3.3 JM Athabasca Oil Corp. (cb) ATH T 2 H/GRW C$1.00 2.25 2.58 0.93 NM (38) (18) (72) Dec 403 0.0 CC Baytex Energy Corporation (cf) BTE T 3 H/GRW C$2.81 6.00 24.14 1.57 NM 621 485 377 Dec 591 0.0 CC Bellatrix Exploration Ltd. (cf) BXE T 3 H/GRW C$1.53 2.50 4.05 1.11 2.8 1.41 0.55 0.40 Dec 294 0.0 JM Birchcliff Energy Ltd. (cf) BIR T 2 H/GRW C$4.98 7.25 9.34 2.85 5.4 1.97 1.04 A 0.93 Dec 758 0.0 KM Bonavista Energy Corporation (cf) BNP T 3 H/GRW C$1.98 2.50 9.26 0.94 1.1 2.60 1.77 1.10 Dec 432 6.1 JM Bonterra Energy Corp. (cf) BNE T 2 H/INC C$18.32 23.00 43.74 11.71 5.1 6.33 3.57 2.83 Dec 590 6.6 JM Crescent Point Energy (cf) CPG T 2 M/GRW C$16.31 22.00 33.15 11.31 NM 3,139 1,960 1,607 Dec 8,230 7.4 CC Crew Energy Inc. (cf) CR T 1 H/GRW C$3.35 6.25 6.20 2.65 6.0 1.39 0.56 0.51 Dec 473 0.0 KM Enerplus Corporation (cf) ERF T 2 H/GRW C$3.78 6.00 16.09 2.68 3.2 4.14 2.39 A 1.18 Dec 781 3.2 KM Freehold Royalties Ltd. (cf) FRU T 3 H/INC C$10.31 13.00 19.31 8.29 9.2 1.94 1.12 0.74 Dec 1,023 8.1 JM Kelt Exploration Ltd. (cf) KEL T 1 H/GRW C$3.41 6.25 9.95 2.51 9.0 0.93 0.38 0.36 Dec 575 0.0 JM NuVista Energy Ltd. (cf) NVA T 2 H/GRW C$4.23 5.00 9.54 2.72 5.3 0.81 0.80 0.71 Dec 648 0.0 KM Painted Pony Petroleum Ltd. (cf) PPY T 2 H/GRW C$3.86 6.00 8.83 2.72 12.5 0.91 0.31 0.70 Dec 386 0.0 JM Paramount Resources Ltd. (cf) POU T 2 H/GRW C$5.23 15.50 38.08 2.86 5.7 1.39 0.92 1.57 Dec 555 0.0 KM Pengrowth Energy Corporation (cf) PGF T 3 H/INC C$1.03 1.50 4.30 0.66 NM (8) 643 A 421 Dec 559 0.0 CC Penn West Petroleum Ltd. (cf) PWT T 3 H/GRW C$1.32 1.00 3.16 0.60 3.1 1.89 0.42 0.17 Dec 663 0.0 JM Peyto Exploration and Development (cf) PEY T 2 M/GRW C$29.31 37.25 37.31 21.55 8.7 4.31 3.38 3.67 Dec 4,660 4.5 KM PrairieSky Royalty Ltd. (cf) PSK T 2 H/INC C$20.39 24.00 34.67 17.15 18.5 1.21 1.10 0.81 Dec 4,680 6.4 JM Seven Generations Energy Ltd. (cf) VII T 2 H/GRW C$15.79 18.50 21.23 11.25 10.1 1.46 1.57 1.88 Dec 4,380 0.0 KM Tourmaline Oil Corp. (cf) TOU T 2 H/GRW C$25.57 33.50 43.75 20.83 6.6 4.58 3.90 4.18 Dec 5,646 0.0 KM Trilogy Energy Corp. (cf) TET T 2 H/GRW C$2.99 8.25 10.05 1.99 3.6 2.79 0.83 0.62 Dec 377 0.0 KM

Junior Oil & Gas Producers Boulder Energy Ltd. (cf) BXO T 2 H/GRW C$1.52 2.60 12.03 0.83 1.6 NA 0.96 0.65 Dec 71 0.0 KM Chinook Energy Inc. (cf) CKE T 3 H/GRW C$0.42 0.50 1.48 0.40 10.5 0.23 0.04 0.03 Dec 90 0.0 KM Delphi Energy Corp. (cf) DEE T 1 H/GRW C$0.76 1.85 1.81 0.62 3.0 0.42 0.25 0.26 Dec 118 0.0 KM Granite Oil Corp. (cf) GXO T 1 H/INC C$7.04 9.00 9.47 4.06 4.4 1.95 1.60 0.75 Dec 213 6.0 KM Leucrotta Exploration Inc. (cf) LXE V 3 H/GRW C$0.88 1.00 1.30 0.70 NM 0.12 0.00 0.00 Dec 145 0.0 KM RMP Energy Inc. (cf) RMP T 3 H/GRW C$1.40 1.55 5.11 0.99 1.9 1.30 0.72 0.48 Dec 173 0.0 KM Storm Resources Ltd. (cf) SRX V 3 H/GRW C$3.32 4.30 5.08 2.86 10.4 0.41 0.32 0.42 Dec 396 0.0 KM Yangarra Resources Ltd. (cf) YGR T 2 H/GRW C$0.64 1.00 2.10 0.40 1.8 0.67 0.35 0.27 Dec 43 0.0 JM

Oil & Gas Energy Services Contract Drillers Ensign Energy Services Inc. (cb) ESI T 3 H/INC C$5.12 5.60 12.50 4.91 NM 540 309 198 Dec 856 9.4 AB Precision Drilling Corporation (cb) PD T 3 H/INC C$4.30 3.30 9.43 3.42 NM 817 489 A 287 Dec 1,304 0.0 AB Savanna Energy Services (cb) SVY T 1 H/GRW C$1.24 2.75 2.95 0.97 NM 158 100 57 Dec 120 0.0 AB Trinidad Drilling Ltd. (cb) TDG T 2 H/INC C$1.55 2.00 5.53 1.41 NM 252 183 134 Dec 348 2.6 AB Western Energy Services Corp. (cb) WRG T 3 H/INC C$3.19 2.50 7.89 2.52 NM 177 61 30 Dec 249 6.3 AB


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Energy - CAN Facilities & Infrastructure Black Diamond Group Limited (cb) BDI T 2 H/INC C$3.93 6.20 18.26 3.90 NM 140 90 72 Dec 175 15.3 AB Enerflex Ltd. (cb) EFX T 2 H/INC C$11.16 15.00 16.55 10.03 NM 181 214 202 Dec 905 3.0 AB Horizon North Logistics Inc. (cb) HNL T 2 H/INC C$1.13 2.10 4.29 1.06 NM 93 66 55 Dec 159 14.2 AB Secure Energy Services Inc. (cb) SES T 1 H/INC C$7.00 10.50 17.93 5.33 NM 211 109 116 Dec 1,023 3.4 AB

Pressure Pumpers Calfrac Well Services (cb) CFW T 4 H/INC C$1.14 1.00 11.17 1.06 NM 361 27 31 Dec 141 5.3 AB Canyon Services Group Inc. (cb) FRC T 2 H/INC C$4.00 5.50 9.03 2.85 NM 121 28 21 Dec 293 3.0 AB Trican Well Service (cb) TCW T 1 H/GRW C$1.42 3.00 5.39 0.34 NM 269 (37) 41 Dec 233 0.0 AB

Well Site & Other Services Canadian Energy Services & Technology Corp. (cb) CEU T 2 H/GRW C$3.25 4.75 7.90 2.97 NM 179 104 77 Dec 769 0.9 AB Essential Energy Services Ltd. (cb) ESN T 1 H/INC C$0.58 1.50 1.32 0.45 NM 68 23 25 Dec 78 1.7 AB Mullen Group Ltd. (cb) MTL T 2 H/INC C$14.06 16.00 23.14 13.02 NM 286 213 A 205 Dec 1,323 6.8 AB Strad Energy Services Ltd. (cb) SDY T 1 H/INC C$1.78 2.90 3.08 1.31 NM 59 18 A 16 Dec 71 0.0 AB

Oil Sands Canadian Oil Sands Limited (cb) COS T 3 H/INC C$9.17 11.25 13.87 5.61 NM 1,192 448 457 Dec 4,444 2.2 CC MEG Energy Corp. (cb) MEG T 2 H/GRW C$4.35 11.00 25.20 3.46 NM 556 303 A (196) Dec 979 0.0 CC

Senior Oil & Gas Producers Canadian Natural Resources Ltd (cb) CNQ T 2 M/GRW C$27.33 36.00 42.46 21.27 NM 10,366 5,786 4,045 Dec 29,910 3.4 CC Cenovus Energy, Inc. (cb) CVE T 3 M/GRW C$14.52 17.00 24.28 12.74 NM 3,367 2,010 A 1,052 Dec 12,100 1.4 CC Husky Energy Inc. (cb) HSE T 3 M/GRW C$13.56 16.00 28.65 11.34 NM 6,018 3,437 2,456 Dec 13,344 0.0 CC Imperial Oil Limited (cb) IMO T 3 M/GRW C$42.93 45.00 55.37 37.25 NM 6,121 3,652 2,646 Dec 36,529 1.3 CC Suncor Energy Inc (cb) SU T 2 M/GRW C$33.02 40.00 40.93 27.32 NM 12,159 8,030 A 5,810 Dec 47,747 3.5 CC


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

Integrated Oil and Gas Total ($D) TOTF.PA EPA 2 €39.14 45.00 50.30 35.21 9.3 5.63 4.56 A 4.21 Dec 96,037 6.2 JPD

Utilities Electricity & Gas Centrica CNA.L L 2 205p 310 342 183 11.6 19.20 17.60 17.70 Dec £10,213 5.9 ER CEZ CEZsp.PR PRG 4 CZK364.10 458.00 663.90 363.50 6.6 55.10 E 42.90 40.20 Dec 194,429 8.1 ER E.On EONGn.DE ETR 3 €8.24 NM 14.85 7.08 9.6 0.84 0.86 0.78 Dec 15,722 6.1 ER EDF EDF.PA EPA 2 €9.19 20.20 23.98 9.15 4.7 2.41 1.94 2.00 Dec 16,991 13.6 ER Enel ENEI.MI BIT 1 €3.54 4.70 4.50 3.33 10.7 0.32 0.33 0.30 Dec 33,286 4.5 ER Engie GSZ.PA EPA 1 €13.49 15.20 19.88 13.15 12.8 1.13 1.05 1.04 Dec 32,840 7.4 ER Fortum FUM1V.HE HEL 4 €11.67 11.20 21.59 10.99 14.2 1.19 0.82 0.70 Dec 10,367 13.7 ER RWE RWEG.DE ETR 3 €10.17 NM 25.54 9.13 5.6 2.09 1.80 1.50 Dec 6,244 7.9 ER SSE SSE.L L 2 1,362p 1,645 1,696 1,317 11.5 123.00 118.00 113.00 Mar £13,348 6.6 ER Verbund VERB.VI WBAG 3 €10.17 NM 17.40 10.11 14.7 0.62 0.69 0.55 Dec 3,529 3.1 ER

Environmental Services Suez Environnement SEVI.PA EPA 1 €16.21 19.20 19.22 14.75 19.8 0.61 0.77 A 0.82 Dec 8,754 4.0 ER Veolia Environnement VIE.PA EPA 1 €21.18 25.30 22.98 16.40 24.3 0.47 0.87 1.01 Dec 11,572 3.4 ER

Renewables Gamesa GAM.MC MCE 1 €15.81 20.00 17.66 10.19 25.1 0.39 0.63 0.79 Dec 4,366 1.0 ER Saft S1A.PA EPA 2 €24.98 32.00 40.59 21.80 13.4 1.83 1.86 1.96 Dec 691 3.4 ER SMA Solar S92G.DE ETR 1 €40.65 64.00 56.01 11.30 65.6 (5.16) 0.62 2.35 Dec 1,411 0.0 ER


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

Fernando Suarez [email protected]

Electric Utilities Edenor (ed, r) EDN N 3 H/SPEC US$16.33 NM 20.50 11.40 7.4 (1.73) 2.22 0.08 Dec 733 0.0 SW,FRM Pampa Energia SA (ed, r) PAM N 2 H/SPEC US$22.65 29.00 26.87 12.51 14.8 1.13 1.53 0.89 Dec 1,191 0.0 SW,FRM Transener TRAN BA 2 H/SPEC AR$7.55 12.00 9.40 4.15 NM 0.03 0.04 0.00 Dec 3,357 0.0 SW,FRM

Exploration and Production GeoPark Limited GPRK N 2 H/SPEC US$3.20 10.25 5.73 2.45 1.9 0.13 1.67 2.38 Dec 185 0.0 SW,FRM

Gas Utility Transportadora de Gas del Sur (ed, r) TGS N 3 H/SPEC US$6.42 NM 7.24 3.47 NM 0.06 (0.07) 0.36 Dec 1,021 0.0 SW,FRM

Integrated Oil and Gas Petrobras Argentina (ed, r) PZE N 2 H/SPEC US$6.45 7.20 7.90 4.69 11.7 0.28 0.55 0.74 Dec 1,302 1.5 SW,FRM YPF (ed, r) YPF N 2 H/SPEC US$18.50 27.00 32.00 12.67 15.5 2.06 1.19 2.63 Dec 7,275 0.9 SW,FRM

Oilfield Services Manufacturing & Fabrication Tenaris S.A. (ed, r) TS N 3 H/SPEC US$19.99 NM 32.77 18.53 NM 1.96 (0.14) 0.37 Dec 11,800 4.2 SW,FRM


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

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

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

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

Donald A. Worthington [email protected]

Asset Management Manning & Napier Inc. MN N 3 M/INC 6.80 NM 13.98 5.60 10.6 1.23 0.94 A 0.64 Dec 569 9.4 SDS Silvercrest Asset Management Group Inc. SAMG Q 2 M/GRW 10.94 12.50 16.14 9.84 13.3 0.86 0.82 0.71 Dec 150 4.4 SDS Virtus Investment Partners, Inc. VRTS Q 3 H/GRW 90.69 NM 147.77 83.47 13.1 10.51 3.92 A 6.93 Dec 786 2.0 SDS

Financial Services

USA Canada

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

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

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

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

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

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

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

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

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

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

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

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

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

Argentina

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


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Financial Services - USA Banking 1st Constitution Bancorp FCCY Q 3 H/GRW 11.59 NM 12.89 10.11 11.0 0.62 1.07 A 1.05 Dec 92 0.0 WW Access National Corporation ANCX Q 2 H/INC 18.26 21.00 23.29 16.26 13.0 1.17 1.47 A 1.40 Dec 192 3.3 WW American National Bankshares, Inc. AMNB Q 2 M/INC 24.83 26.00 26.42 21.31 13.4 1.67 1.83 A 1.85 Dec 214 3.7 WW American River Bankshares AMRB Q 2 H/GRW 9.85 11.50 11.19 9.10 12.8 0.54 0.70 A 0.77 Dec 72 0.0 DAW Associated Banc-Corp ASB M 3 H/GRW 16.87 NM 20.95 15.45 13.0 1.17 1.17 A 1.30 Dec 2,551 2.6 DJL Atlantic Capital Bancshares, Inc. ACBI Q 2 H/GRW 12.47 15.00 17.50 11.55 19.2 0.54 0.55 A 0.65 Dec 304 0.0 WW Banc of California, Inc. BANC N 3 H/GRW 15.07 NM 15.98 10.89 10.8 0.91 1.34 A 1.40 Dec 573 3.2 DAW BancFirst Corporation BANF Q 3 M/GRW 54.98 NM 69.24 51.14 13.3 3.98 3.80 A 4.13 Dec 858 2.6 DC The Bancorp, Inc. TBBK Q 3 H/SPEC 4.39 NM 10.62 3.88 29.3 0.27 0.09 A 0.15 Dec 166 0.0 WW BancorpSouth, Inc. BXS N 3 M/GRW 19.60 NM 27.23 18.69 12.3 1.25 1.43 A 1.60 Dec 1,846 2.0 MR Bank of America Corporation BAC N 2 M/GRW 12.13 17.50 18.48 10.99 8.1 0.36 1.31 A 1.50 Dec 125,913 1.6 MR Bank of Commerce Holdings BOCH Q 2 H/GRW 5.93 7.00 7.39 5.05 7.8 0.41 0.62 A 0.76 Dec 79 2.0 DAW Bank of Marin Bancorp BMRC Q 3 M/GRW 47.36 NM 56.77 45.65 14.8 3.29 3.04 A 3.20 Dec 289 2.1 DAW Bank of New York Mellon Corp BK N 2 M/GRW 34.77 42.00 45.45 32.20 11.2 2.40 2.88 A 3.10 Dec 37,736 2.0 DJL Bank of the Ozarks Inc. OZRK Q 1 M/GRW 37.85 61.00 54.96 35.83 14.0 1.55 2.15 A 2.70 Dec 3,429 1.6 MR Banner Corporation BANR Q 2 M/GRW 38.33 48.00 53.55 35.39 13.0 2.79 1.89 A 2.95 Dec 1,365 1.9 DAW BB&T Corporation BBT N 1 M/INC 32.00 38.00 41.90 29.95 11.0 2.72 2.55 A 2.90 Dec 24,970 3.4 MR BBCN Bancorp, Inc. BBCN Q 2 H/GRW 14.22 18.00 19.63 13.50 10.9 1.11 1.16 A 1.30 Dec 1,132 3.1 DAW BNC Bancorp BNCN Q 3 H/GRW 20.49 NM 26.29 15.87 12.8 1.23 1.49 A 1.60 Dec 836 1.0 WW BofI Holding, Inc. BOFI Q 1 H/GRW 17.77 32.00 35.98 13.47 9.6 0.96 1.34 A 1.85 Jun 1,120 0.0 DAW BOK Financial Corp. BOKF Q 3 M/GRW 49.44 NM 75.18 44.13 11.5 4.32 4.24 A 4.30 Dec 3,258 3.5 MR C1 Financial, Inc. BNK N 3 H/GRW 21.86 NM 24.49 16.56 22.8 0.58 0.96 1.45 Dec 352 0.0 MR Cardinal Financial Corporation CFNL Q 2 M/GRW 19.05 24.00 24.99 17.51 13.6 1.11 1.39 A 1.40 Dec 617 2.5 MR Carolina Financial Corporation CARO Q 1 H/GRW 16.63 20.00 18.96 10.79 12.8 0.93 1.54 A 1.30 Dec 162 0.7 WW CenterState Banks, Inc. CSFL Q 2 H/GRW 13.97 16.50 16.31 11.58 12.5 0.54 0.87 A 1.12 Dec 636 0.6 MR Central Pacific Financial Corp. CPF N 2 H/GRW 19.75 24.00 25.34 18.47 13.5 1.07 1.40 A 1.46 Dec 619 2.8 DAW Columbia Banking System, Inc. COLB Q 3 M/GRW 28.45 NM 36.27 26.56 14.6 1.52 1.71 A 1.95 Dec 1,642 2.5 DAW Comerica Inc. CMA N 3 M/GRW 33.89 NM 53.45 30.48 11.3 3.14 2.66 A 3.00 Dec 5,965 2.5 MR Commerce Bancshares, Inc. CBSH Q 3 H/GRW 42.18 NM 47.11 37.44 15.7 2.42 2.47 A 2.68 Dec 4,117 2.1 DJL Community Bank System, Inc. CBU N 3 M/INC 36.73 NM 44.11 34.15 15.6 2.27 2.31 A 2.35 Dec 1,609 5.2 WW Community Trust Bancorp, Inc. CTBI Q 3 M/INC 33.77 NM 37.63 30.89 12.3 2.47 2.66 A 2.74 Dec 591 3.7 DC ConnectOne Bancorp, Inc. CNOB Q 1 H/GRW 15.28 21.00 22.55 14.86 10.5 1.28 1.29 A 1.45 Dec 460 2.0 WW CU Bancorp CUNB Q 2 H/GRW 21.20 27.00 27.66 18.52 13.7 0.75 1.18 A 1.55 Dec 365 0.0 DAW CVB Financial Corp. CVBF Q 3 M/GRW 15.24 NM 18.77 14.02 14.1 0.98 0.93 A 1.08 Dec 1,622 3.1 DAW


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Financial Services - USA Banking East West Bancorp, Inc. EWBC Q 3 H/GRW 29.36 NM 46.50 27.25 10.5 2.46 2.66 A 2.80 Dec 4,245 2.7 DJL Eastern Virginia Bankshares, Inc. EVBS Q 3 H/GRW 6.72 NM 7.24 5.80 16.0 0.28 0.38 A 0.42 Dec 88 1.2 WW EverBank Financial Corp EVER N 1 M/GRW 12.58 20.00 21.18 12.32 8.4 1.13 1.23 A 1.50 Dec 1,522 1.9 MR Farmers Capital Bank Corp. FFKT Q 3 H/GRW 25.70 NM 31.98 22.75 14.5 1.95 1.93 A 1.77 Dec 193 1.1 DC Farmers National Banc Corp. FMNB Q 2 H/GRW 8.39 10.00 8.75 7.60 11.7 0.46 0.54 A 0.72 Dec 226 1.4 DC Fifth Third Bancorp FITB Q 3 M/GRW 15.05 NM 21.93 13.84 9.8 1.68 1.55 A 1.54 Dec 11,957 3.5 DJL First Bancorp FBNC Q 2 H/GRW 18.46 20.00 19.92 15.18 14.2 1.20 1.30 A 1.30 Dec 364 1.7 WW First Busey Corporation BUSE Q 3 H/GRW 18.82 NM 22.59 17.68 12.1 1.14 1.36 A 1.55 Dec 540 3.6 DC First Business Financial Services, Inc. FBIZ Q 2 H/GRW 21.70 28.00 27.35 18.32 10.3 1.84 1.93 A 2.10 Dec 189 2.2 DC First Commonwealth Financial Corp. FCF N 3 H/GRW 8.50 NM 9.95 7.85 12.7 0.59 0.61 A 0.67 Dec 756 3.3 WW First Community Corporation FCCO Q 3 H/GRW 13.50 NM 15.59 11.15 13.5 0.85 0.92 A 1.00 Dec 90 2.4 WW First Defiance Financial Corp. FDEF Q 3 H/GRW 38.69 NM 42.46 31.35 14.0 2.33 2.82 A 2.77 Dec 352 2.3 DC First Financial Bancorp FFBC Q 2 H/GRW 16.97 19.00 21.00 13.76 11.9 1.19 1.26 A 1.43 Dec 1,045 3.8 DC First Financial Corporation THFF Q 3 H/GRW 32.99 NM 37.71 31.15 13.2 2.55 2.35 A 2.50 Dec 419 3.0 DC First Foundation Inc. FFWM Q 2 H/GRW 21.49 26.00 24.89 17.56 15.3 1.03 1.16 A 1.40 Dec 344 0.0 DAW First Horizon National Corporation FHN N 3 H/GRW 11.95 NM 16.35 11.51 12.6 0.91 0.83 A 0.95 Dec 2,851 2.3 MR First Midwest Bancorp, Inc. FMBI Q 3 H/GRW 16.47 NM 19.81 14.56 12.8 0.94 1.12 A 1.29 Dec 1,285 2.2 DC The First of Long Island Corporation FLIC Q 2 M/INC 26.35 30.00 31.92 22.81 12.5 1.64 1.81 A 2.10 Dec 372 3.0 WW First Republic Bank FRC N 2 H/GRW 59.77 75.00 69.76 55.83 16.4 2.97 3.18 A 3.65 Dec 8,733 1.0 DJL FirstMerit Corp. FMER Q 3 H/GRW 19.24 NM 21.49 15.33 14.4 1.39 1.35 A 1.34 Dec 3,190 3.5 DJL Fulton Financial FULT Q 3 M/GRW 12.59 NM 14.59 11.48 14.0 0.84 0.85 A 0.90 Dec 2,193 2.9 DAW German American Bancorp, Inc. GABC Q 2 M/GRW 30.88 34.00 34.85 27.70 14.0 2.07 2.21 2.37 Dec 411 2.3 DC Glacier Bancorp, Inc. GBCI Q 3 M/GRW 23.32 NM 30.29 21.90 14.2 1.53 1.56 A 1.64 Dec 1,775 3.3 DC Guaranty Federal Bancshares Inc. GFED Q 2 H/GRW 15.00 17.00 15.89 14.15 10.9 1.32 1.34 A 1.37 Dec 66 2.1 DC Hancock Holding Company HBHC Q 3 H/GRW 22.93 NM 32.98 20.25 10.5 2.32 1.82 A 2.18 Dec 1,777 4.2 MR Hanmi Financial Corporation HAFC Q 1 H/GRW 20.56 26.00 28.09 18.92 11.7 1.56 1.68 A 1.75 Dec 657 2.7 DAW Heartland Financial USA, Inc. HTLF Q 1 H/GRW 29.20 42.00 39.45 25.95 9.9 2.11 2.59 A 2.95 Dec 654 1.4 DC Heritage Financial Corporation HFWA Q 3 H/GRW 17.31 NM 19.80 15.81 13.5 0.82 1.25 A 1.28 Dec 519 2.5 DAW Heritage Oaks Bancorp HEOP Q 3 H/GRW 7.23 NM 9.25 6.95 13.9 0.27 0.45 A 0.52 Dec 249 3.3 DAW Hilltop Holdings Inc. HTH N 3 H/GRW 15.53 NM 24.70 14.28 9.8 1.17 1.58 1.70 Dec 1,536 0.0 MR Home Bancorp, Inc. HBCP Q 2 H/GRW 24.75 29.00 27.22 20.40 10.8 1.64 1.94 A 2.30 Dec 179 1.5 WW Home BancShares, Inc. HOMB Q 2 M/GRW 39.36 43.00 47.50 30.90 16.4 1.77 2.05 A 2.40 Dec 2,759 1.5 MR HopFed Bancorp, Inc. HFBC Q 3 H/GRW 11.75 NM 13.20 10.81 22.2 0.50 0.30 A 0.53 Dec 74 1.4 DC Horizon Bancorp HBNC Q 2 H/GRW 24.22 28.00 29.19 20.50 10.9 1.93 2.18 A 2.22 Dec 288 2.5 DC


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Financial Services - USA Banking Huntington Bancshares Inc. HBAN Q 2 M/GRW 8.54 10.00 11.90 7.83 9.9 0.76 0.85 A 0.86 Dec 6,788 3.3 DJL IBERIABANK Corporation IBKC Q 1 M/GRW 47.96 60.00 71.21 42.20 10.4 3.65 4.05 A 4.60 Dec 1,971 2.8 MR KeyCorp KEY N 3 M/GRW 10.54 NM 15.70 9.88 9.2 1.10 1.10 A 1.14 Dec 8,809 2.8 DJL Lakeland Bancorp, Inc. LBAI Q 2 M/GRW 10.02 12.00 12.50 9.72 10.0 0.83 0.88 A 1.00 Dec 380 3.4 WW Lakeland Financial Corporation LKFN Q 3 M/GRW 42.10 NM 49.49 38.50 14.5 2.62 2.75 A 2.90 Dec 699 2.3 DC LegacyTexas Financial Group, Inc. LTXB Q 2 M/GRW 17.62 26.00 32.50 16.79 10.4 1.01 1.56 A 1.70 Dec 840 3.2 MR MB Financial, Inc. MBFI Q 3 H/GRW 30.33 NM 36.23 27.98 13.8 1.84 2.06 A 2.19 Dec 2,232 2.2 DJL Mercantile Bank Corp. MBWM Q 2 M/GRW 22.55 25.00 26.27 18.42 13.0 1.53 1.65 A 1.73 Dec 370 2.8 DC Meta Financial Group, Inc. CASH Q 1 H/GRW 40.72 55.00 53.51 35.38 10.4 2.64 3.01 A 3.91 Sep 346 1.3 DC MidSouth Bancorp, Inc. MSL N 3 H/GRW 6.98 NM 15.78 6.51 10.7 1.39 0.82 A 0.65 Dec 80 5.2 WW MidWestOne Financial Group, Inc. MOFG Q 2 H/GRW 26.19 34.00 34.04 24.71 9.6 2.17 2.53 A 2.74 Dec 299 2.4 DC National Commerce Corporation NCOM Q 2 H/GRW 21.92 25.00 29.54 20.50 15.1 0.98 1.08 A 1.45 Dec 207 0.0 WW New York Community Bancorp, Inc. NYCB N 2 M/INC 15.27 17.00 19.18 14.26 13.4 1.05 1.10 A 1.14 Dec 7,404 4.5 WW NewBridge Bancorp NBBC Q 2 H/GRW 10.69 13.00 13.30 7.48 18.8 0.49 0.57 0.65 Dec 418 0.6 WW Northern Trust Corporation NTRS Q 1 M/GRW 58.72 80.00 79.25 54.38 14.3 3.40 3.88 A 4.10 Dec 13,464 2.5 DJL Old Line Bancshares Inc. OLBK Q 2 H/GRW 17.75 20.00 18.33 14.35 12.7 0.72 1.05 A 1.40 Dec 187 1.4 WW Old National Bancorp ONB Q 3 H/GRW 11.09 NM 15.00 10.69 11.6 0.99 0.97 A 0.96 Dec 1,268 4.7 DJL Pacific Continental Corporation PCBK Q 3 M/GRW 15.58 NM 16.20 12.60 13.2 0.89 0.96 A 1.18 Dec 305 2.8 DAW Pacific Premier Bancorp, Inc. PPBI Q 2 H/GRW 20.27 24.00 23.98 15.25 11.8 0.96 1.19 A 1.72 Dec 438 0.0 DAW Park Sterling Corporation PSTB Q 3 H/GRW 6.21 NM 8.20 5.90 14.4 0.31 0.41 A 0.43 Dec 279 1.9 WW Peoples Bancorp Inc. PEBO Q 2 H/GRW 17.50 20.00 24.74 16.34 10.3 1.72 1.13 A 1.70 Dec 322 3.4 DC Pinnacle Financial Partners, Inc. PNFP Q 3 M/GRW 45.51 NM 57.99 40.57 14.4 2.01 2.61 A 3.17 Dec 1,861 1.1 MR PNC Financial Services Group, Inc. PNC N 3 M/INC 82.30 NM 100.52 77.67 11.2 6.93 7.03 A 7.35 Dec 41,479 2.5 MR Preferred Bank PFBC Q 2 H/GRW 27.00 36.00 36.82 26.35 11.5 1.78 2.13 A 2.34 Dec 375 2.2 DAW PrivateBancorp, Inc. PVTB Q 1 H/GRW 33.66 46.00 45.79 31.18 13.2 2.00 2.31 A 2.55 Dec 2,663 0.1 DJL Prosperity Bancshares, Inc. PB N 4 NM 40.70 NM 59.97 33.57 10.0 4.33 4.08 A 4.08 Dec 2,849 2.9 MR Pulaski Financial Corp. PULB Q 3 H/GRW 14.78 NM 17.25 11.67 13.4 0.89 1.06 A 1.10 Sep 177 2.6 DC QCR Holdings, Inc. QCRH Q 2 H/GRW 21.99 27.00 24.90 17.03 10.7 1.72 1.98 A 2.05 Dec 259 0.4 DC Regions Financial Corporation RF N 1 M/GRW 7.42 10.00 10.87 7.00 9.0 0.78 0.71 A 0.82 Dec 9,624 3.2 MR Renasant Corporation RNST Q 1 M/GRW 31.12 38.00 37.28 28.00 13.1 1.89 2.09 A 2.38 Dec 1,254 2.2 MR Riverview Bancorp, Inc. RVSB Q 3 H/GRW 4.26 NM 5.48 4.00 14.2 0.87 0.20 A 0.30 Mar 96 1.6 DAW S&T Bancorp, Inc. STBA Q 3 H/GRW 25.00 NM 34.00 24.31 11.9 1.95 2.03 A 2.10 Dec 870 3.0 WW Sandy Spring Bancorp, Inc. SASR Q 3 H/GRW 25.45 NM 30.00 24.04 13.8 1.67 1.76 A 1.85 Dec 618 3.8 WW ServisFirst Bancshares, Inc. SFBS Q 2 M/GRW 36.06 42.00 49.88 24.77 13.1 2.16 2.38 A 2.75 Dec 938 0.7 WW


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Financial Services - USA Banking Sierra Bancorp BSRR Q 2 H/GRW 18.39 20.00 19.13 15.50 12.9 1.08 1.33 A 1.43 Dec 245 2.6 DAW Signature Bank SBNY Q 2 H/GRW 128.31 162.00 163.15 119.60 15.0 6.00 7.29 A 8.55 Dec 6,531 0.0 DJL Simmons First National Corporation SFNC Q 3 M/INC 41.18 NM 58.75 38.30 12.1 2.29 3.18 A 3.40 Dec 1,248 2.2 MR Southwest Bancorp, Inc. OKSB Q 2 H/GRW 14.78 19.00 19.00 14.00 13.7 0.86 0.99 A 1.08 Dec 296 1.6 DC State Street Corporation STT N 3 M/GRW 54.18 NM 81.26 50.73 10.5 5.03 4.88 A 5.15 Dec 21,656 2.5 DJL Stock Yards Bancorp Inc. SYBT Q 3 M/GRW 37.36 NM 41.97 32.23 14.7 2.36 2.49 A 2.55 Dec 557 2.7 DC SunTrust Banks, Inc. STI N 3 M/GRW 33.42 NM 45.84 31.07 10.1 3.39 3.58 A 3.30 Dec 17,001 2.9 MR SVB Financial Group SIVB Q 1 H/GRW 83.48 142.00 152.99 77.87 11.0 5.54 6.62 A 7.60 Dec 4,308 0.0 DJL Synovus Financial Corp. SNV N 2 M/GRW 26.49 35.00 33.80 25.48 14.3 1.30 1.62 A 1.85 Dec 3,430 1.8 MR Talmer Bancorp, Inc. TLMR Q 3 H/GRW 16.82 NM 18.71 13.69 13.8 0.64 1.05 A 1.22 Dec 1,112 1.2 DJL TCF Financial Corporation TCB N 3 H/GRW 11.10 NM 17.29 10.37 9.7 1.13 1.07 A 1.14 Dec 1,885 2.7 DJL Territorial Bancorp Inc. TBNK Q 3 M/GRW 25.89 NM 29.44 21.52 14.8 1.51 1.59 A 1.75 Dec 251 2.8 DAW Texas Capital Bancshares, Inc. TCBI Q 2 M/GRW 31.33 50.00 63.70 29.78 9.6 2.88 2.91 A 3.25 Dec 1,438 0.0 MR TriCo Bancshares TCBK Q 2 H/GRW 24.60 29.00 29.65 22.44 12.0 1.46 1.90 A 2.05 Dec 561 2.4 DAW Trustmark Corporation TRMK Q 3 M/INC 22.10 NM 26.04 19.75 13.6 1.83 1.71 A 1.63 Dec 1,494 4.2 MR U.S. Bancorp USB N 3 M/GRW 38.44 NM 46.26 37.07 11.4 3.05 3.16 A 3.36 Dec 67,078 2.7 DJL UMB Financial Corporation UMBF Q 4 NM 48.77 NM 58.84 39.55 16.8 2.89 2.43 A 2.90 Dec 2,409 2.0 DJL Umpqua Holdings Corp. UMPQ Q 1 H/GRW 14.77 18.00 18.92 13.46 11.3 1.08 1.16 A 1.31 Dec 3,252 4.3 DJL Union Bankshares Corporation UBSH Q 3 H/INC 22.20 NM 27.25 20.57 14.3 1.43 1.45 A 1.55 Dec 994 3.4 WW United Bankshares, Inc. UBSI Q 3 M/INC 34.67 NM 43.43 32.22 16.9 1.94 1.96 A 2.05 Dec 2,413 3.8 WW United Community Banks, Inc. UCBI Q 2 H/GRW 16.67 21.00 22.23 15.74 11.9 1.11 1.27 A 1.40 Dec 1,192 1.7 MR Washington Federal, Inc. WAFD Q 3 H/GRW 21.04 NM 26.34 19.11 12.9 1.55 1.67 A 1.63 Sep 1,978 2.7 DAW WashingtonFirst Bankshares, Inc. WFBI Q 2 M/GRW 21.00 23.00 24.28 15.15 17.5 1.06 1.20 A 1.20 Dec 256 1.1 WW Webster Financial Corp. WBS N 3 H/GRW 32.89 NM 41.34 30.09 13.7 2.08 2.13 A 2.40 Dec 3,016 2.8 WW Wells Fargo & Co. WFC N 2 M/GRW 47.61 58.00 58.77 44.50 10.7 4.10 4.15 A 4.45 Dec 242,435 3.2 DJL WesBanco, Inc. WSBC Q 3 M/GRW 27.87 NM 36.11 26.93 11.9 2.41 2.33 A 2.35 Dec 1,073 3.3 WW Wilshire Bancorp, Inc. WIBC Q 2 H/GRW 9.82 12.00 13.02 9.40 11.4 0.75 0.78 A 0.86 Dec 771 2.4 DAW Wintrust Financial Corporation WTFC Q 1 H/GRW 42.21 52.00 55.79 37.96 12.1 3.03 3.10 A 3.50 Dec 2,043 1.0 DJL Yadkin Financial Corporation YDKN N 2 H/GRW 21.88 25.00 27.23 18.80 12.5 1.37 1.50 A 1.75 Dec 694 1.8 WW Zions Bancorporation ZION Q 3 H/GRW 20.68 NM 33.03 19.65 11.6 1.78 1.63 A 1.79 Dec 4,226 1.2 DJL


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Financial Services - USA Capital Markets Brokerages & Exchanges BGC Partners, Inc. BGCP Q 1 H/INC 8.83 14.00 10.27 7.80 10.4 0.62 0.74 A 0.85 Dec 3,568 6.3 PO CBOE Holdings, Inc. CBOE Q 3 M/GRW 63.92 NM 72.53 55.04 24.6 2.28 2.39 A 2.60 Dec 5,261 1.4 PO The Charles Schwab Corporation SCHW N 3 M/GRW 23.68 NM 35.72 21.51 19.7 0.96 1.03 A 1.20 Dec 31,329 1.0 PO CME Group Inc. CME Q 3 M/GRW 92.30 NM 100.87 81.87 20.5 3.38 3.86 A 4.50 Dec 31,225 2.6 PO E*TRADE FINANCIAL Corporation ETFC Q 2 H/GRW 22.57 33.00 31.48 19.61 14.1 1.13 1.17 A 1.60 Dec 6,656 0.0 PO GAIN Capital Holdings, Inc. GCAP N 2 H/GRW 7.10 12.00 10.38 6.33 11.8 0.85 0.60 1.15 Dec 354 2.8 PO Intercontinental Exchange, Inc. ICE N 2 M/GRW 244.33 290.00 268.89 220.28 18.9 8.90 11.37 A 12.90 Dec 27,365 1.4 PO KCG Holdings, Inc. KCG N 2 H/GRW 10.43 16.00 13.75 9.75 10.4 0.49 0.59 A 1.00 Dec 930 0.0 PO Lazard Ltd LAZ N 1 H/GRW 32.34 57.00 59.82 29.26 9.2 3.20 3.60 A 3.50 Dec 4,059 4.3 PO MarketAxess Holdings Inc. MKTX Q 2 M/GRW 116.00 115.00 117.03 78.88 37.4 1.97 2.55 A 3.10 Dec 4,362 0.9 PO Nasdaq Inc. NDAQ Q 1 M/GRW 63.66 67.00 64.95 47.81 17.4 2.88 3.17 A 3.65 Dec 10,752 1.6 PO TD Ameritrade Holding Corporation AMTD Q 2 M/GRW 27.80 37.00 39.05 24.88 16.8 1.42 1.49 A 1.65 Sep 15,012 2.4 PO

Capital Markets Technology Broadridge Financial Solutions, Inc. BR N 2 M/GRW 55.72 60.00 60.11 48.56 20.2 2.25 2.48 A 2.76 Jun 6,603 2.2 PO Envestnet, Inc. ENV N 1 H/GRW 21.62 45.00 58.21 19.30 23.5 0.80 0.92 0.96 Dec 775 0.0 PO FactSet Research Systems Inc. FDS N 3 M/GRW 149.64 NM 177.28 135.95 24.1 4.99 5.60 A 6.20 Aug 6,193 1.2 PO Financial Engines, Inc. FNGN Q 4 NM 24.30 NM 46.34 23.22 25.3 0.92 0.93 A 0.96 Dec 1,528 1.2 PO McGraw Hill Financial Inc. MHFI N 3 M/GRW 88.46 NM 109.13 78.55 18.2 3.88 4.53 A 4.85 Dec 23,530 1.6 PO Moody's Corporation MCO N 3 M/GRW 86.65 NM 113.87 77.76 18.0 4.22 4.60 A 4.82 Dec 16,992 1.7 PO MSCI Inc. MSCI N 3 M/GRW 71.45 NM 73.71 54.63 25.5 2.00 2.32 A 2.80 Dec 7,498 1.2 PO SEI Investments Co. SEIC Q 2 M/GRW 38.18 44.00 55.48 32.01 21.2 1.83 1.97 A 1.80 Dec 6,251 1.4 PO SS&C Technologies Holdings, Inc. SSNC Q 2 H/GRW 58.44 69.00 77.19 47.23 17.4 2.36 2.66 A 3.36 Dec 5,961 0.9 PO

Insurance Insurance Technology & Brokerage Aon plc AON N 3 M/GRW 94.66 NM 107.08 83.83 14.6 5.71 6.18 A 6.50 Dec 26,505 1.3 CGP Arthur J. Gallagher & Co. AJG N 2 M/INC 39.65 48.00 49.59 35.96 14.4 2.47 2.55 A 2.75 Dec 7,006 3.8 CGP Brown & Brown, Inc. BRO N 2 H/GRW 31.77 37.00 34.59 28.41 18.2 1.63 1.67 A 1.75 Dec 4,546 1.5 CGP Crawford & Company CRD.B N 2 H/GRW 4.89 8.00 9.42 3.99 NM 0.52 (0.05) 0.65 Dec 269 4.1 CGP HealthEquity, Inc. HQY Q 2 H/GRW 19.89 36.00 35.78 15.80 64.2 (1.15) 0.23 A 0.31 Jan 1,128 0.0 CGP Marsh and McLennan Companies, Inc. MMC N 2 M/GRW 57.45 60.00 59.99 50.81 17.7 2.82 3.04 A 3.25 Dec 30,506 2.2 CGP Solera Holdings, Inc. SLH N 4 NM 55.57 NM 56.73 36.14 19.5 2.76 3.09 A 2.85 Jun 3,793 1.6 CGP Verisk Analytics Inc. VRSK Q 3 H/GRW 71.65 NM 82.00 64.79 23.5 2.40 3.05 3.20 Dec 12,066 0.0 CGP Willis Towers Watson plc WLTW Q 1 H/GRW 111.56 135.00 132.34 104.11 NM NA NA 7.80 Dec 15,395 1.7 CGP


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Financial Services - USA Life and Health Insurance Aflac, Inc. AFL N 2 M/GRW 59.63 65.00 66.53 51.41 9.5 6.16 6.16 A 6.27 Dec 25,307 2.8 SDS American Equity Investment Life Holding Company AEL N 2 H/GRW 13.59 23.00 30.02 12.65 5.3 2.38 2.42 A 2.56 Dec 1,045 1.6 SDS Assurant, Inc. AIZ N 3 H/GRW 70.61 NM 87.20 59.73 11.8 6.88 6.59 A 5.98 Dec 4,703 2.8 SDS CNO Financial Group CNO N 2 H/GRW 17.33 20.00 20.88 14.66 11.5 1.27 1.41 A 1.51 Dec 3,189 1.6 SDS FBL Financial Group FFG N 3 H/GRW 58.46 NM 69.80 53.80 14.1 4.28 4.19 A 4.15 Dec 1,450 2.7 SDS Genworth Financial GNW N 2 H/SPEC 1.94 6.00 9.19 1.57 2.7 (0.75) 0.51 A 0.71 Dec 965 0.0 SDS Health Insurance Innovations, Inc. HIIQ Q 1 H/SPEC 5.81 7.00 9.38 4.00 25.3 0.38 0.23 0.40 Dec 85 0.0 SDS Kemper Corp. KMPR N 3 M/INC 27.25 NM 41.65 23.51 14.2 1.80 1.35 A 1.92 Dec 1,398 3.5 SDS Lincoln National Corp. LNC N 1 H/GRW 35.50 55.00 62.08 30.39 5.6 6.02 5.46 A 6.32 Dec 8,655 2.8 SDS MetLife, Inc. MET N 1 H/GRW 38.56 55.00 58.23 35.00 6.9 5.74 4.86 A 5.57 Dec 42,339 3.9 SDS Primerica, Inc. PRI N 2 H/GRW 42.33 47.50 53.62 37.09 10.2 3.31 3.72 A 4.15 Dec 2,045 1.6 SDS Principal Financial Group Inc. PFG N 2 H/GRW 37.13 48.50 58.02 33.09 8.9 4.41 4.26 A 4.15 Dec 10,820 4.1 SDS Prudential Financial, Inc. PRU N 1 H/GRW 64.71 91.00 92.60 57.19 6.8 9.21 10.06 A 9.50 Dec 28,932 4.3 SDS Reinsurance Group of America, Inc. RGA N 3 M/GRW 89.60 NM 98.70 76.96 10.0 9.12 8.43 A 9.00 Dec 5,842 1.7 SDS StanCorp Financial Group SFG N 3 H/GRW 114.94 NM 115.43 65.28 20.2 5.01 5.70 5.85 Dec 4,850 1.2 SDS Torchmark Corporation TMK N 4 NM 50.64 NM 63.26 48.47 11.6 4.03 4.14 A 4.38 Dec 6,198 1.1 SDS Unum Group UNM N 2 M/GRW 27.77 37.00 38.15 23.99 7.4 1.74 3.63 A 3.77 Dec 6,690 2.7 SDS Voya Financial Inc. VOYA N 2 H/GRW 28.80 36.50 48.30 25.75 9.1 3.14 2.92 A 3.15 Dec 6,201 0.1 SDS

Non-Life Insurance Allstate Corporation ALL N 1 M/GRW 63.95 78.00 72.51 54.12 11.1 5.42 5.22 A 5.75 Dec 25,714 2.1 CGP American Financial Group, Inc. AFG N 2 H/GRW 66.52 77.00 75.68 62.07 12.1 4.82 5.44 A 5.50 Dec 5,820 1.7 CGP Argo Group International Holdings, Ltd. AGII Q 1 H/GRW 56.20 75.00 66.40 45.70 14.6 3.22 3.70 A 3.85 Dec 1,568 1.4 CGP Blue Capital Reinsurance Holdings Ltd. BCRH N 2 H/INC 19.25 19.00 19.51 14.98 9.2 1.71 2.10 1.60 Dec 169 9.7 CGP Chubb Limited CB N 2 H/GRW 116.18 125.00 119.86 96.00 11.8 9.80 9.76 A 9.85 Dec 37,650 2.3 CGP Conifer Holdings, Inc. CNFR Q 2 H/GRW 6.22 10.00 10.95 5.32 8.9 (2.31) (0.09) A 0.70 Dec 48 0.0 CGP Federated National Holding Company FNHC Q 1 H/GRW 24.40 42.00 32.61 20.23 8.6 2.74 2.85 2.95 Dec 336 0.8 CGP Hallmark Financial Services Inc. HALL Q 3 H/GRW 9.97 NM 13.29 9.33 9.3 0.69 1.07 1.00 Dec 191 0.0 CGP Infinity Property and Casualty Corporation IPCC Q 2 H/GRW 81.99 85.00 87.89 70.21 17.8 4.71 4.60 4.85 Dec 935 2.1 CGP Mercury General Corporation MCY N 3 H/INC 53.42 NM 59.25 42.97 20.5 2.28 2.34 A 2.60 Dec 2,943 4.6 CGP National Interstate Corporation NATL Q 3 H/GRW 23.92 NM 30.49 22.30 17.1 0.40 1.40 1.60 Dec 476 2.2 CGP Old Republic International Corp. ORI N 2 M/INC 17.91 20.00 19.11 14.47 12.4 0.84 1.28 A 1.45 Dec 4,608 4.1 CGP ProAssurance Corp. PRA N 3 H/GRW 49.10 NM 53.62 43.11 18.5 3.15 2.66 2.45 Dec 2,637 2.5 CGP Progressive Corporation PGR N 2 H/GRW 31.85 34.00 33.95 25.92 15.9 1.91 2.03 A 2.00 Dec 18,620 2.8 CGP The Travelers Companies, Inc. TRV N 3 M/INC 108.48 NM 116.48 95.21 10.9 10.55 10.88 A 9.95 Dec 32,099 2.2 CGP United Insurance Holdings Corp. UIHC Q 2 H/GRW 18.69 20.00 25.50 12.12 13.4 2.07 1.24 A 1.40 Dec 396 1.1 CGP


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Financial Services - USA Specialty Finance Investment Companies Alcentra Capital Corporation (ni) ABDC Q 1 H/INC 9.62 16.00 14.44 8.87 6.6 0.86 1.46 1.50 Dec 130 14.1 RD Apollo Investment Corp. (ni) AINV Q 3 H/INC 4.82 NM 8.03 4.26 5.9 0.90 0.96 A 0.82 Mar 1,100 16.6 RD Ares Capital Corp. (ni) ARCC Q 2 H/INC 12.92 16.00 17.68 11.01 8.1 1.43 1.62 A 1.60 Dec 4,063 11.8 RD CM Finance Inc. (ni) CMFN Q 2 H/INC 7.55 13.00 14.70 6.33 4.9 0.64 1.48 A 1.54 Jun 103 18.4 RD Compass Diversified Holdings (y) CODI N 2 H/INC 14.36 18.50 17.53 9.70 8.5 1.18 1.69 1.47 Dec 694 10.0 RD Fidus Investment Corporation (ni) FDUS Q 1 H/INC 13.24 20.00 17.44 7.49 8.4 1.62 1.58 1.67 Dec 183 11.8 RD Fifth Street Finance Corp. (ni) FSC Q 3 H/INC 4.54 NM 7.36 4.40 6.6 1.00 0.75 A 0.69 Sep 696 15.9 RD Goldman Sachs BDC, Inc. (ni) GSBD N 2 H/INC 18.50 24.00 25.42 16.66 9.0 1.77 2.06 2.06 Dec 655 9.7 RD Golub Capital BDC, Inc. (ni) GBDC Q 2 H/INC 16.06 18.00 17.99 14.80 12.8 1.25 1.20 A 1.25 Sep 825 8.0 RD Hercules Technology Growth Capital Inc. (ni) HTGC N 2 H/INC 10.35 15.00 15.71 9.88 10.0 1.16 1.04 1.29 Dec 746 12.0 RD Horizon Technology Finance Corporation (ni) HRZN Q 3 H/INC 10.11 NM 14.59 9.01 8.1 1.11 1.25 1.42 Dec 117 13.6 RD Main Street Capital Corp. (ni) MAIN N 2 H/INC 27.90 34.00 33.15 24.21 12.7 2.20 2.19 2.27 Dec 1,108 7.5 RD Newtek Business Services Corp. (ni) NEWT Q 2 H/SPEC 9.76 15.50 19.95 9.37 4.7 (0.23) 2.06 1.60 Dec 101 15.4 RD Prospect Capital Corporation (ni) PSEC Q 4 NM 7.06 NM 8.80 5.21 6.9 1.19 1.03 A 1.03 Jun 2,508 14.2 RD Stellus Capital Investment Corporation (ni) SCM N 2 H/INC 7.88 12.00 12.72 7.15 5.9 1.34 1.34 1.36 Dec 99 17.3 RD TCP Capital Corp. (ni) TCPC Q 2 H/INC 13.10 19.00 16.93 12.00 8.1 1.59 1.62 1.62 Dec 406 11.0 RD THL Credit, Inc. (ni) TCRD Q 2 H/INC 9.37 14.00 12.70 8.58 6.7 1.42 1.39 1.38 Dec 312 14.5 RD Triangle Capital Corporation (ni) TCAP N 2 H/INC 17.71 25.00 24.95 14.91 8.2 2.08 2.16 2.37 Dec 494 12.2 RD

Specialty Consumer Finance Credit Acceptance Corp. CACC Q 4 NM 202.84 NM 277.98 159.43 12.7 11.93 14.32 A 16.01 Dec 4,084 0.0 RD Encore Capital Group Inc. ECPG Q 2 H/GRW 20.29 32.00 44.61 16.09 3.8 4.52 5.15 A 5.38 Dec 513 0.0 RD OneMain Holdings, Inc. OMF N 3 H/GRW 24.59 NM 54.34 18.55 12.0 2.07 2.05 5.26 Dec 3,307 0.0 RD PRA Group Inc. PRAA Q 1 H/GRW 26.91 47.00 64.82 25.27 6.3 3.80 4.24 4.72 Dec 1,297 0.0 RD


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

Diversified Financials Element Financial Corporation EFN T 1 M/GRW C$14.28 24.00 20.47 11.47 13.3 0.57 1.07 1.65 Dec 5,509 0.7 MO goeasy Ltd. GSY T 2 H/INC C$19.00 30.00 23.30 13.65 7.6 1.34 1.69 A 2.50 Dec 255 2.6 MO Intact Financial Corporation IFC T 2 M/INC C$85.36 99.00 96.77 77.49 13.4 6.01 5.54 A 6.38 Dec 11,225 2.7 MO

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

Latin American Banking Banco Macro S.A. (ed, r) BMA N 2 H/SPEC US$69.31 82.00 70.31 35.93 10.6 5.40 6.51 6.94 Dec 4,055 1.7 FRM,FS BBVA Banco Frances (ed, r) BFR N 3 H/SPEC US$21.73 NM 25.35 12.51 13.4 1.61 1.62 1.80 Dec 3,890 0.8 FRM,FS Grupo Financiero Galicia (ed, r) GGAL Q 2 H/SPEC US$28.98 36.00 29.38 15.30 9.9 2.29 2.56 A 2.94 Dec 3,767 0.3 FRM,FS


Healthcare

USA

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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

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

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

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

Alternate Site Healthcare Providers AAC Holdings, Inc. AAC N 2 H/SPEC 23.06 27.00 46.60 14.36 24.3 0.36 0.97 A 0.95 Dec 507 0.0 JWR Acadia Healthcare Co. ACHC Q 2 H/GRW 54.96 75.00 85.62 51.02 19.2 1.54 2.23 A 2.86 Dec 3,908 0.0 JWR,NJ Amedisys AMED Q 3 H/GRW 37.35 NM 48.34 24.81 26.1 0.73 1.43 1.72 Dec 1,255 0.0 JWR,NJ AmSurg Corporation AMSG Q 1 H/GRW 71.49 100.00 87.42 54.11 19.4 2.75 3.69 4.35 Dec 4,139 0.0 JWR,NJ Capital Senior Living Corp. CSU N 1 H/GRW 15.92 31.00 27.75 14.58 24.1 0.99 0.66 0.96 Dec 457 0.0 JWR,NJ Civitas Solutions, Inc. CIVI N 2 H/GRW 18.00 26.00 30.23 15.19 33.3 0.00 0.48 A 0.54 Sep 668 0.0 JWR DaVita HealthCare Partners Inc. DVA N 3 H/GRW 64.14 NM 85.17 61.36 16.2 3.64 3.83 A 3.95 Dec 13,649 0.0 JWR,NJ HealthSouth Corporation HLS N 2 H/GRW 35.42 42.00 48.37 30.26 15.3 2.10 2.32 2.57 Dec 3,259 2.6 JWR,NJ MEDNAX, Inc. MD N 2 H/GRW 66.51 75.00 86.09 61.40 15.7 3.55 4.07 A 4.23 Dec 6,235 0.0 JWR,NJ Surgery Partners, Inc. SGRY Q 1 H/GRW 13.68 25.00 22.32 11.97 97.7 NA 0.14 0.76 Dec 659 0.0 JWR

Animal Health Abaxis, Inc. ABAX Q 3 H/GRW 39.58 NM 66.89 37.71 29.8 0.72 0.91 A 1.33 Mar 906 1.1 NJ Heska Corporation HSKA Q 2 H/GRW 32.70 44.00 40.29 20.07 54.5 0.41 0.60 0.85 Dec 207 0.0 NJ IDEXX Laboratories Inc. IDXX Q 3 H/GRW 72.06 NM 82.24 61.37 33.5 1.85 2.11 A 2.15 Dec 6,615 0.0 NJ VCA Inc. WOOF Q 2 H/GRW 51.36 60.00 62.45 44.00 18.3 1.89 2.38 A 2.80 Dec 4,186 0.0 NJ

Benefits Management Health Benefits Management Aetna AET N 3 M/GRW 106.65 NM 134.40 92.42 13.3 6.70 7.71 A 8.00 Dec 37,189 0.9 MJB Anthem ANTM N 3 M/GRW 130.75 NM 173.59 115.63 12.1 8.85 10.16 A 10.85 Dec 49,593 1.9 MJB Centene CNC N 3 H/GRW 57.27 NM 83.00 47.36 17.6 2.23 3.03 A 3.26 Dec 6,827 0.0 MJB CIGNA Corporation CI N 3 H/GRW 137.24 NM 170.68 118.70 15.0 7.43 8.66 A 9.15 Dec 38,084 0.0 MJB Humana HUM N 3 M/GRW 172.29 NM 219.79 155.24 22.2 7.51 7.75 8.20 Dec 25,549 0.7 MJB Insperity NSP N 3 H/GRW 46.38 NM 55.42 41.77 14.4 1.45 2.19 A 3.23 Dec 1,187 1.9 MJB Magellan Health MGLN Q 3 H/GRW 56.21 NM 73.00 45.40 68.5 2.90 0.82 2.45 Dec 1,557 0.0 MJB Molina Healthcare MOH N 3 H/GRW 62.38 NM 82.37 48.00 17.3 1.44 2.73 A 3.60 Dec 3,493 0.0 MJB UnitedHealth Group UNH N 1 M/GRW 120.20 140.00 126.21 95.00 15.6 6.04 6.45 A 7.72 Dec 130,177 1.7 MJB Universal American Corp. UAM N 4 NM 6.42 NM 11.16 5.55 NM 0.08 (0.08) 0.19 Dec 539 0.0 MJB WellCare Health Plans WCG N 3 H/GRW 89.84 NM 98.79 69.16 20.0 2.06 3.44 A 4.50 Dec 3,863 0.0 MJB

Pharmacy Benefits Management Express Scripts ESRX Q 3 H/GRW 69.20 NM 94.61 65.55 11.3 4.88 5.53 A 6.15 Dec 46,841 0.0 MJB


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Healthcare - USA Biotechnology Acorda Therapeutics, Inc. ACOR Q 3 H/GRW 33.66 NM 43.63 25.50 NM 1.74 1.05 A 0.31 Dec 1,443 0.0 CR ADMA Biologics, Inc. ADMA Q 1 H/SPEC 4.44 15.00 10.46 4.26 NM (1.81) (1.73) (1.72) Dec 48 0.0 RB Alexion Pharmaceuticals Inc. ALXN Q 1 H/GRW 141.97 225.00 208.88 130.51 25.6 5.21 4.99 A 5.55 Dec 32,035 0.0 CR AMAG Pharmaceuticals, Inc. AMAG Q 2 H/GRW 26.54 55.00 77.73 20.48 4.7 5.45 4.43 A 5.65 Dec 921 0.0 CR Amgen, Inc. AMGN Q 3 M/GRW 147.11 NM 181.81 130.09 14.1 8.70 10.38 A 10.46 Dec 110,921 2.7 CR Biogen Inc. BIIB Q 1 H/GRW 257.22 408.00 480.18 242.07 13.9 13.83 17.01 A 18.57 Dec 56,228 0.0 CR BioMarin Pharmaceutical Inc. BMRN Q 2 H/GRW 76.34 120.00 151.75 62.12 NM (0.18) (0.75) (0.44) Dec 12,308 0.0 CR Celgene Corporation CELG Q 1 H/GRW 102.08 161.00 140.72 92.98 17.4 3.69 4.71 A 5.86 Dec 80,296 0.0 CR Fate Therapeutics, Inc. FATE Q 2 H/SPEC 1.51 8.00 8.78 1.46 NM (1.27) (1.20) (0.96) Dec 43 0.0 RB Galena Biopharma Inc. GALE Q 2 H/SPEC 0.84 3.00 2.39 0.59 NM (0.31) (0.27) (0.22) Dec 136 0.0 RB Incyte Corporation INCY Q 3 H/GRW 74.32 NM 133.62 55.00 NM (0.29) 0.03 A 0.06 Dec 13,872 0.0 RB Keryx Biopharmaceuticals, Inc. KERX Q 3 H/SPEC 3.50 NM 14.89 2.80 NM (1.23) (1.06) (0.77) Dec 368 0.0 RB NeuroDerm Ltd. NDRM Q 2 H/SPEC 12.39 28.00 26.50 11.38 NM (12.97) (0.76) (1.71) Dec 267 0.0 CR Oncothyreon Inc. ONTY Q 2 H/SPEC 0.94 5.00 4.69 0.90 NM (0.64) (0.31) (0.34) Dec 89 0.0 RB Proteon Therapeutics, Inc. PRTO Q 2 H/SPEC 5.88 20.00 20.00 5.72 NM (3.16) (1.28) (1.73) Dec 97 0.0 CR Regeneron Pharmaceuticals, Inc. REGN Q 2 H/GRW 393.63 597.00 605.93 350.26 33.5 10.00 12.07 A 11.76 Dec 41,193 0.0 CR Tesaro, Inc. TSRO Q 1 H/SPEC 37.98 70.00 66.95 29.51 NM (4.79) (6.02) (5.59) Dec 1,522 0.0 CR TG Therapeutics, Inc. TGTX Q 1 H/SPEC 8.55 20.00 20.00 7.32 NM (1.64) (1.33) (1.31) Dec 449 0.0 RB Ultragenyx Pharmaceutical Inc. RARE Q 2 H/SPEC 62.74 125.00 137.05 49.00 NM (2.25) (3.61) (5.59) Dec 2,436 0.0 CR Verastem, Inc. VSTM Q 2 H/SPEC 1.14 3.00 12.35 1.07 NM (2.07) (1.46) (0.73) Dec 42 0.0 RB

Clinical Laboratories Laboratory Corporation of America Holdings LH N 2 H/GRW 110.18 135.00 131.19 97.79 12.7 6.80 7.91 A 8.70 Dec 11,150 0.0 NJ Quest Diagnostics Inc. DGX N 3 M/GRW 66.07 NM 89.00 59.66 13.0 4.50 4.77 A 5.10 Dec 9,448 2.4 NJ

Death Care Carriage Services, Inc. (rf) CSV N 1 M/GRW 20.08 27.00 25.96 19.03 7.8 2.07 2.38 A 2.59 Dec 351 0.5 JWR,NJ Service Corporation International (rf) SCI N 1 H/GRW 22.61 29.00 32.02 20.21 13.5 1.30 1.64 A 1.68 Dec 4,522 2.1 JWR,NJ StoneMor Partners L.P. (y) STON N 1 M/INC 27.35 32.00 32.06 22.04 11.9 2.55 2.29 2.50 Dec 870 9.7 JWR,NJ

Diagnostics Alere, Inc. ALR N 3 H/GRW 53.98 NM 55.99 31.96 24.8 1.73 2.18 2.43 Dec 4,652 0.0 NJ CareDx, Inc. CDNA Q 3 H/SPEC 4.82 NM 8.00 3.70 NM 0.10 (1.07) (0.79) Dec 57 0.0 NJ Cepheid CPHD Q 3 H/GRW 28.83 NM 63.69 26.22 NM (0.72) (0.67) A (0.51) Dec 2,131 0.0 NJ GenMark Diagnostics, Inc. GNMK Q 2 H/GRW 4.71 7.25 14.11 4.20 NM (0.93) (1.00) A (1.20) Dec 200 0.0 NJ Genomic Health GHDX Q 2 H/GRW 25.71 35.00 35.79 20.05 NM (0.78) (1.04) A (0.44) Dec 838 0.0 NJ Meridian Bioscience, Inc. VIVO Q 4 NM 20.50 NM 21.23 16.60 23.3 0.83 0.85 A 0.88 Sep 867 3.9 NJ OraSure Technologies, Inc. OSUR Q 2 H/GRW 6.54 7.00 7.76 4.39 32.7 (0.08) 0.14 A 0.20 Dec 371 0.0 NJ Quidel Corporation QDEL Q 3 H/GRW 16.22 NM 27.57 13.21 NM (0.21) (0.18) A (0.12) Dec 543 0.0 NJ Trinity Biotech plc TRIB Q 2 H/GRW 9.78 18.00 19.69 9.20 21.3 0.73 0.46 0.34 Dec 231 2.2 NJ


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Healthcare - USA Drug Distributors AmerisourceBergen Corp. ABC N 3 M/GRW 87.08 NM 120.68 80.50 15.1 3.97 4.96 A 5.77 Sep 20,020 1.6 JWR,NJ Cardinal Health Inc. CAH N 3 M/GRW 82.14 NM 91.91 74.73 15.5 3.84 4.38 A 5.31 Jun 27,270 1.9 JWR,NJ McKesson Corporation MCK N 3 M/GRW 154.67 NM 243.61 148.29 12.1 8.60 11.11 A 12.76 Mar 35,883 0.7 JWR,NJ

Drug Stores CVS Health CVS N 2 M/GRW 96.88 120.00 113.65 81.37 16.6 4.49 5.16 A 5.85 Dec 106,665 1.8 JWR,MJB Rite Aid Corporation RAD N 3 H/GRW 7.95 NM 9.47 5.88 49.7 0.23 2.08 A 0.16 Feb 8,406 0.0 JWR,NJ Walgreens Boots Alliance Inc. WBA Q 2 M/GRW 79.43 95.00 97.30 71.50 17.8 3.28 3.88 A 4.45 Aug 87,294 1.8 JWR,NJ

Healthcare Information Technology The Advisory Board Company ABCO Q 2 H/GRW 26.50 40.00 60.38 18.87 16.2 1.33 1.51 A 1.64 Dec 1,110 0.0 NJ Allscripts Healthcare Solutions Inc. MDRX Q 3 H/GRW 12.39 NM 15.78 11.47 20.7 0.31 0.47 A 0.60 Dec 2,373 0.0 NJ athenahealth Inc. ATHN Q 2 H/GRW 126.91 165.00 170.42 110.68 71.3 1.31 1.35 A 1.78 Dec 4,941 0.0 NJ Cerner Corporation CERN Q 2 H/GRW 51.79 57.00 75.72 49.89 22.0 1.65 2.11 A 2.35 Dec 17,606 0.0 NJ Computer Programs and Systems, Inc. CPSI Q 3 H/INC 54.90 NM 59.16 36.04 15.5 3.32 2.01 A 3.54 Dec 621 4.7 NJ Connecture Inc. CNXR Q 1 H/GRW 2.65 6.00 14.39 1.72 NM (10.27) (0.27) (0.02) Dec 58 0.0 NJ HealthStream, Inc. HSTM Q 3 H/GRW 21.75 NM 32.41 17.80 72.5 0.37 0.28 A 0.30 Dec 688 0.0 NJ Premier, Inc. PINC Q 2 H/GRW 31.91 37.00 39.81 29.68 19.6 1.30 1.43 A 1.63 Jun 4,589 0.0 NJ Press Ganey Holdings, Inc. PGND N 2 H/GRW 26.57 36.50 36.15 23.68 28.9 0.75 0.92 1.03 Dec 1,399 0.0 NJ Quality Systems Inc. QSII Q 2 H/GRW 15.17 19.00 17.95 12.00 21.7 0.70 0.62 A 0.70 Mar 924 0.0 NJ WebMD Health Corp WBMD Q 1 H/GRW 56.89 64.00 58.25 37.57 31.6 0.97 1.48 A 1.80 Dec 2,162 0.0 NJ

Hospital Supplies & Equipment Baxter International Inc. BAX N 3 M/GRW 38.97 NM 43.44 32.18 26.0 1.28 1.38 A 1.50 Dec 21,310 1.2 LK Becton, Dickinson and Company BDX N 1 M/GRW 147.47 176.00 157.50 128.87 17.5 6.50 7.16 A 8.41 Sep 31,237 1.8 LK C.R. Bard, Inc. BCR N 2 M/GRW 193.91 210.00 202.47 163.81 19.4 8.40 9.09 A 9.99 Dec 15,513 0.5 LK The Cooper Companies, Inc. COO N 2 H/GRW 141.44 155.00 190.00 119.28 18.3 7.29 7.44 A 7.74 Oct 6,827 0.0 LK Haemonetics Corporation HAE N 4 NM 31.65 NM 45.43 29.20 18.3 2.19 1.85 A 1.73 Mar 1,608 0.0 LK Halyard Health Inc. HYH N 3 H/GRW 26.23 NM 50.92 22.76 12.7 4.11 2.06 1.69 Dec 1,223 0.0 LK Hill-Rom Holdings, Inc. HRC N 3 M/GRW 45.75 NM 58.73 42.99 13.9 2.25 2.64 A 3.28 Sep 2,987 1.4 LK Intuitive Surgical, Inc. ISRG Q 2 H/GRW 553.65 625.00 580.00 447.00 26.3 16.10 19.28 A 21.02 Dec 20,707 0.0 LK Masimo Corp. MASI Q 2 H/GRW 37.50 44.00 46.00 28.61 22.2 1.30 1.56 A 1.69 Dec 1,886 0.0 LK Stericycle Inc. SRCL Q 2 H/GRW 113.14 140.00 151.57 104.91 21.3 4.51 4.94 A 5.30 Dec 9,610 0.0 LK STERIS plc STE N 2 M/GRW 63.39 84.00 78.77 60.75 18.0 2.48 2.99 A 3.52 Mar 3,798 1.8 LK Teleflex, Inc. TFX N 1 M/GRW 132.46 155.00 140.50 117.96 21.2 5.74 6.25 7.00 Dec 5,510 1.0 LK TransEnterix, Inc. TRXC M 2 H/SPEC 3.58 5.50 4.87 1.54 NM (0.64) (0.59) (0.46) Dec 226 0.0 LK

Hospitals Community Health Systems, Inc. CYH N 3 H/GRW 15.14 NM 65.00 12.86 4.9 3.30 3.24 A 3.08 Dec 1,711 0.0 JWR,NJ HCA Holdings, Inc. HCA N 1 H/GRW 70.14 95.00 95.49 43.91 11.2 4.70 5.57 A 6.26 Dec 29,178 0.0 JWR,NJ LifePoint Health, Inc. LPNT Q 2 H/GRW 63.43 75.00 88.18 58.20 17.3 3.45 4.09 A 3.66 Dec 2,892 0.0 JWR,NJ Tenet Healthcare Corporation THC N 2 H/GRW 24.79 40.00 60.93 21.39 12.4 1.43 2.00 2.35 Dec 2,479 0.0 JWR,NJ Universal Health Services, Inc. UHS N 2 M/GRW 110.66 145.00 148.57 100.82 15.9 5.78 6.95 7.50 Dec 11,199 0.4 JWR,NJ


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Healthcare - USA Medical Devices Abbott Laboratories ABT N 2 M/GRW 39.20 42.00 51.74 36.00 18.3 1.98 2.15 A 2.14 Dec 58,722 2.7 JB Abiomed Inc. ABMD Q 2 H/GRW 80.89 102.00 110.68 58.31 99.9 0.18 0.64 A 0.81 Mar 3,433 0.0 JB AngioDynamics ANGO Q 3 H/GRW 10.54 NM 19.09 9.71 17.3 0.56 0.58 A 0.61 May 384 0.0 JB Boston Scientific Corp. BSX N 1 H/GRW 17.33 22.00 19.06 14.18 16.7 0.84 0.93 A 1.04 Dec 23,337 0.0 JB DexCom Inc. DXCM Q 2 H/GRW 64.45 81.00 103.29 47.92 NM (0.30) (0.26) A (0.36) Dec 5,246 0.0 JB Heartware International, Inc. HTWR Q 2 H/GRW 32.43 50.00 95.59 25.02 NM (1.14) (4.89) (2.75) Dec 561 0.0 JB Hologic Inc. HOLX Q 3 H/GRW 34.61 NM 43.00 31.23 18.3 1.46 1.67 A 1.89 Sep 10,106 0.0 JB ICU Medical, Inc. ICUI Q 1 H/GRW 91.60 120.00 124.69 84.02 20.9 2.38 3.96 A 4.38 Dec 1,530 0.0 JB Insulet PODD Q 3 H/GRW 29.26 NM 40.21 23.94 NM (0.19) (0.74) (0.61) Dec 1,665 0.0 JB Integra LifeSciences Corp. IART Q 2 H/GRW 59.08 71.00 68.84 52.23 19.3 2.79 3.06 3.39 Dec 2,115 0.0 JB Johnson & Johnson JNJ N 2 M/INC 104.96 110.00 105.49 81.79 16.1 6.39 6.20 A 6.50 Dec 294,623 2.9 JB Merit Medical Systems Inc. MMSI Q 1 H/GRW 17.69 20.00 26.42 15.47 18.2 0.78 0.87 A 0.97 Dec 793 0.0 JB Natus Medical Inc. BABY Q 2 H/GRW 36.43 40.00 51.05 29.34 21.9 1.26 1.55 A 1.66 Dec 1,206 0.0 JB RTI Surgical Inc. RTIX Q 3 H/GRW 3.31 NM 7.48 2.81 16.5 0.11 0.23 A 0.20 Dec 194 0.0 JB

Pharma Services Catalent, Inc. CTLT N 3 H/GRW 24.82 NM 34.42 18.92 17.2 NA 1.63 A 1.44 Jun 3,091 0.0 JWR,MJB Charles River Laboratories CRL N 3 H/GRW 72.89 NM 84.69 59.99 16.6 3.46 3.76 A 4.38 Dec 3,404 0.0 MJB Diplomat Pharmacy, Inc. DPLO N 2 H/GRW 34.32 45.00 52.33 22.41 47.0 0.38 0.73 0.91 Dec 2,248 0.0 JWR ICON plc ICLR Q 3 H/GRW 70.00 NM 84.14 62.36 14.9 2.87 3.98 A 4.70 Dec 4,191 0.0 MJB INC Research Holdings INCR Q 2 H/GRW 40.05 53.00 51.69 27.69 20.3 0.83 1.97 2.33 Dec 2,262 0.0 MJB PAREXEL PRXL Q 3 H/GRW 57.97 NM 76.17 56.00 16.6 2.17 2.79 A 3.50 Jun 3,090 0.0 MJB Quintiles Transnational Holdings Q N 1 M/GRW 62.10 82.00 80.45 55.01 16.4 2.70 3.33 A 3.79 Dec 7,413 0.0 MJB

Specialty Pharmaceuticals Akorn, Inc. AKRX Q 2 H/GRW 25.25 53.00 57.10 19.08 12.8 1.16 1.98 2.35 Dec 2,821 0.0 EW Allergan plc AGN N 2 M/GRW 284.70 317.00 340.34 237.50 19.9 13.98 15.47 A 14.33 Dec 112,172 0.0 EW Amphastar Pharmaceuticals, Inc. AMPH Q 1 H/GRW 11.20 23.00 18.30 10.57 NM (0.25) (0.33) (0.19) Dec 506 0.0 EW Dipexium Pharmaceuticals, Inc. DPRX Q 1 H/SPEC 7.66 27.00 17.10 6.04 NM (1.73) (2.01) (2.53) Dec 79 0.0 EW Endo International plc ENDP Q 3 H/GRW 51.02 NM 96.58 46.66 11.2 4.30 4.54 6.01 Dec 11,552 0.0 EW Impax Laboratories, Inc. IPXL Q 3 H/GRW 32.01 NM 52.10 29.66 17.2 1.31 1.45 A 1.86 Dec 2,327 0.0 EW Lannett Company, Inc. LCI N 2 H/GRW 24.97 45.00 72.44 22.75 6.7 2.00 4.04 A 3.71 Jun 910 0.0 EW Mylan N.V. MYL Q 3 H/GRW 46.60 NM 76.69 37.59 9.6 3.56 4.30 A 4.86 Dec 22,863 0.0 EW Perrigo Company PLC PRGO N 3 M/GRW 126.26 NM 215.73 122.62 13.2 6.27 7.59 A 9.59 Dec 18,484 0.5 EW Sagent Pharmaceuticals, Inc. SGNT Q 1 H/GRW 14.58 25.00 28.85 12.78 36.4 0.46 (0.67) A 0.40 Dec 478 0.0 EW Teva Pharmaceutical Industries, Ltd. (r) TEVA N 3 M/GRW 56.89 NM 72.31 53.78 9.7 5.07 5.46 A 5.84 Dec 51,656 2.4 EW


Industrial

USA Canada Europe

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Building Products ..................................................... 54

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

Electrical Equipment ................................................ 54

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

Specialty Distribution .................................................. 54


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

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

Specialty Distribution Airgas, Inc. ARG N 4 NM 141.70 NM 141.74 86.09 29.0 4.72 4.85 A 4.89 Mar 10,242 1.7 SD Beacon Roofing Supply, Inc. BECN Q 1 H/GRW 34.01 48.00 44.01 26.95 16.6 1.08 1.38 A 2.05 Sep 2,041 0.0 SD,BB Fastenal Company FAST Q 3 H/GRW 44.50 NM 45.65 34.45 24.5 1.66 1.77 A 1.82 Dec 12,909 2.7 SD,BB HD Supply Holdings Inc. HDS Q 3 H/GRW 26.99 NM 36.81 21.26 15.6 0.90 1.73 2.40 Jan 5,381 0.0 SD,BB Houston Wire & Cable Company HWCC Q 3 H/GRW 5.41 NM 11.13 4.79 16.9 0.85 0.32 0.30 Dec 93 4.4 SD,BB LKQ Corporation LKQ Q 2 H/GRW 25.94 31.00 32.25 22.90 18.5 1.27 1.40 1.58 Dec 7,982 0.0 SD MRC Global MRC N 3 H/GRW 11.01 NM 17.62 8.50 NM 1.40 (3.38) A (0.23) Dec 1,121 0.0 SD,BB MSC Industrial Direct MSM N 2 H/GRW 68.85 75.00 75.89 54.19 18.9 3.93 3.79 A 3.65 Aug 4,227 2.5 SD,BB NOW Inc. DNOW N 3 H/GRW 15.01 NM 25.86 12.03 NM 1.06 (0.70) (0.87) Dec 1,609 0.0 SD,JMA Praxair, Inc. PX N 1 M/INC 101.89 120.00 130.38 95.60 18.6 6.27 5.81 A 5.48 Dec 29,023 2.9 SD W.W. Grainger, Inc. GWW N 3 M/GRW 215.97 NM 252.87 176.85 18.4 12.26 11.94 A 11.75 Dec 13,520 2.2 SD,BB WESCO International WCC N 3 H/GRW 43.46 NM 74.61 34.00 11.9 5.18 4.18 A 3.65 Dec 2,051 0.0 SD,BB

Waste and Industrial Services Industrial Services Clean Harbors CLH N 4 NM 41.81 NM 59.29 37.09 29.9 1.53 1.40 1.20 Dec 2,438 0.0 TB

Waste Services Casella Waste Systems, Inc. CWST Q 1 H/SPEC 5.58 7.50 7.24 4.11 NM (0.03) (0.21) (0.13) Dec 229 0.0 TB Covanta Holding Corp. CVA N 1 H/INC 13.64 18.50 23.04 12.48 NM 0.35 0.05 A (0.02) Dec 1,814 7.3 TB Progressive Waste Solutions Ltd. BIN N 1 M/GRW 29.51 31.00 30.74 20.81 24.8 1.33 1.19 1.20 Dec 3,225 1.8 TB Republic Services, Inc. RSG N 1 M/GRW 46.00 50.00 46.31 38.99 21.4 1.96 2.06 A 2.15 Dec 16,026 2.6 TB U.S. Ecology, Inc. ECOL Q 3 H/GRW 36.05 NM 52.99 29.89 19.5 2.02 1.64 A 1.85 Dec 782 2.0 TB Waste Connections, Inc. WCN N 1 H/GRW 62.01 66.00 63.01 44.81 29.8 2.04 1.98 A 2.08 Dec 7,589 0.9 TB Waste Management, Inc. WM N 3 M/INC 56.09 NM 56.80 45.86 20.4 2.48 2.62 A 2.75 Dec 25,082 2.9 TB


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

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

David Quezada, CFA (Associate Analyst) [email protected] Michael Overvelde, CFA, CPA, CA [email protected]

Aerospace & Aviation Bombardier Inc. BBD.B T 3 H/GRW C$1.18 1.30 2.79 0.72 NM 0.35 0.16 A (0.03) Dec 2,458 0.0 SH,BC CAE Inc. (f) CAE T 3 M/GRW C$14.89 15.00 15.72 13.04 17.7 0.71 0.76 A 0.84 Mar 4,020 1.9 BC Héroux-Devtek Inc. (f) HRX T 2 M/GRW C$12.36 15.50 14.09 9.50 16.3 0.48 0.55 A 0.76 Mar 445 0.0 BC

Chemicals Canexus Corporation CUS T 2 H/INC C$1.14 1.70 2.89 1.03 4.7 (1.39) 0.24 0.18 Dec 213 1.8 SH Chemtrade Logistics Income Fund CHE.UN T 2 M/INC C$15.61 20.00 22.33 14.38 20.8 0.27 (0.95) A 0.75 Dec 1,077 7.7 SH Methanex MEOH Q 3 H/INC US$29.75 32.00 61.40 22.73 28.3 4.13 1.20 A 1.05 Dec 2,675 3.7 SH Superior Plus Corporation SPB T 2 H/INC C$8.70 12.00 14.94 8.62 9.1 0.24 0.12 A 0.96 Dec 1,102 8.3 SH

Diversified Income Corps. Alaris Royalty Corp. AD T 2 H/INC C$24.81 31.00 35.50 21.00 14.9 1.58 1.67 1.80 Dec 908 6.5 MO Grenville Strategic Royalty Corp. GRC V 2 H/SPEC C$0.70 1.10 0.95 0.46 7.8 0.00 0.09 0.10 Dec 93 10.0 DQ

Infrastructure & Construction Asset Ownership & Management Brookfield Infrastructure Partners L.P. (x) BIP N 1 M/INC US$36.67 50.00 46.95 30.50 8.4 3.45 3.59 A 4.35 Dec 10,077 6.2 FB Brookfield Renewable Energy Partners L.P. (x) BEP N 2 M/INC US$27.01 29.00 33.63 20.36 11.5 2.03 1.69 A 2.35 Dec 7,441 6.6 FB Pattern Energy Group Inc. (ca) PEGI Q 2 M/INC US$16.40 27.00 32.00 15.05 13.7 1.47 1.20 2.20 Dec 1,222 9.1 FB

Construction Aecon Group ARE T 2 H/INC C$14.37 17.50 15.92 10.09 15.5 0.26 0.93 1.00 Dec 993 2.8 FB Bird Construction Inc. BDT T 3 H/INC C$12.19 12.50 14.71 9.28 12.1 0.85 1.01 0.85 Dec 518 6.2 FB North American Energy Partners NOA T 2 H/INC C$2.46 4.00 3.95 1.95 NM (0.02) (0.23) A (0.01) Dec 81 3.3 BC Stuart Olson Inc. SOX T 2 H/INC C$5.60 8.00 7.05 4.45 14.0 0.28 0.40 0.40 Dec 148 8.6 FB

Engineering IBI Group Inc. IBG T 2 H/GRW C$3.60 4.00 3.99 1.25 7.2 0.26 0.50 0.25 Dec 108 NM FB SNC-Lavalin SNC T 3 M/GRW C$42.24 43.00 47.40 35.89 17.2 8.74 2.45 2.70 Dec 6,336 2.4 FB Stantec Inc STN T 2 M/GRW C$30.38 36.50 38.09 28.77 17.2 1.74 1.77 2.10 Dec 2,856 1.4 BC,FB WSP Global Inc. WSP T 2 M/INC C$37.65 50.00 49.18 35.11 15.5 0.98 2.43 2.70 Dec 3,701 4.0 FB

Machinery Cervus Equipment Corp. CVL T 3 M/GRW C$11.70 14.50 19.84 11.70 15.8 1.15 0.74 1.15 Dec 190 7.2 BC Finning International FTT T 3 M/GRW C$17.99 19.00 26.16 16.37 15.0 1.96 1.29 A 1.20 Dec 3,039 4.1 BC Ritchie Bros. Auctioneers RBA N 2 M/GRW US$22.92 33.25 30.85 21.03 19.6 0.86 1.17 1.30 Dec 2,464 2.6 BC Rocky Mountain Dealerships Inc. RME T 3 M/GRW C$6.10 8.00 9.50 5.50 7.8 0.98 0.78 0.82 Dec 118 7.5 BC Strongco Corp. SQP T 3 H/GRW C$1.55 1.50 2.76 1.45 NM (0.43) (0.07) 0.10 Dec 20 0.0 BC Toromont Industries TIH T 2 M/GRW C$31.03 32.00 37.61 27.25 17.0 1.71 1.86 A 1.83 Dec 2,430 2.3 BC Wajax Corp. WJX T 3 M/GRW C$16.35 19.50 27.14 13.37 10.4 2.42 1.57 1.70 Dec 332 6.1 BC


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Industrial - CAN Related Products & Services Canam Group CAM T 2 H/INC C$12.40 19.00 15.26 11.76 9.2 0.70 1.08 A 1.35 Dec 572 1.3 FB Ovivo Inc. OVI.A T 2 H/GRW C$2.05 2.50 2.55 1.10 20.5 (0.60) (0.76) A 0.10 Mar 90 NM FB Russel Metals RUS T 2 M/INC C$17.86 20.00 27.81 13.95 15.5 1.95 (1.42) A 1.15 Dec 1,102 8.5 FB WesternOne Inc. WEQ T 3 H/GRW C$0.32 0.60 1.48 0.21 NM 0.55 (0.36) (0.15) Dec 13 NM FB ZCL Composites ZCL T 1 H/GRW C$7.37 9.00 7.95 5.00 14.5 0.54 0.51 0.62 Dec 225 2.4 BC

Special Situations DIRTT Environmental Solutions Ltd. DRT T 1 H/GRW C$5.61 9.50 9.19 4.30 28.1 0.08 0.20 0.41 Dec 507 0.0 DQ,DS Tree Island Steel Ltd. TSL T 2 H/GRW C$3.12 5.00 3.90 1.68 6.9 0.03 0.52 A 0.45 Dec 97 1.3 DQ

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

Emmanuel Retif, RJEE [email protected]

Aerospace & Defence Commercial Aerospace Airbus Group AIR.PA EPA 1 €54.95 85.00 68.50 49.96 15.9 3.36 3.45 3.45 Dec 43,262 2.5 HB GKN GKN.L L 1 262p 440 377 246 9.7 29.00 27.00 28.00 Dec £4,325 3.4 HB Meggitt MGGT.L L 1 404p 550 594 338 12.6 32.40 32.00 35.60 Dec £3,131 3.5 HB Rolls-Royce RR.L L 3 654p NM 1,047 497 11.1 65.30 59.00 27.00 Dec £12,016 2.4 HB Safran SAF.PA EPA 3 €54.76 NM 72.45 48.87 11.9 3.00 4.60 3.50 Dec 22,801 2.4 HB Senior SNR.L L 3 215p NM 362 190 11.6 19.80 18.50 18.50 Dec £901 2.8 HB Zodiac Aerospace ZODC.PA EPA 3 €19.43 NM 35.82 16.95 27.0 1.34 0.72 1.15 Aug 5,371 1.6 HB

Defence BAE Systems BAES.L L 4 504p 420 549 419 12.5 38.00 40.20 39.00 Dec £15,939 4.2 HB Cobham COB.L L 4 249p 260 344 225 12.5 18.50 20.00 19.50 Dec £2,838 4.4 HB Thales TCFP.PA EPA 1 €71.31 82.00 73.95 49.71 19.8 2.75 3.60 4.25 Dec 14,850 1.8 HB


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Industrial - EUR Chemicals Agrochemicals Syngenta (sa) SYNN.VX SWF 3 CHF391.70 NM 435.20 288.50 NM 15,134 13,615 13,848 Dec $35,903 2.8 PL Yara (sa) YAR.OL OSL 3 NOK325.60 NM 444.60 307.50 NM 95,342 113,015 108,250 Dec 89,271 4.6 PL

Consumer Chemicals AkzoNobel (sa) AKZO.AS AMS 1 €52.56 90.00 75.45 49.91 NM 14,296 14,806 14,946 Dec 13,088 2.9 PL Givaudan (sa) GIVN.VX SWF 2 CHF1841.00 2262.00 1945.00 1521.00 NM 4,404 4,396 A 4,575 Dec 16,926 2.9 PL Symrise (sa) SY1G.DE ETR 3 €56.92 NM 64.47 50.37 NM 2,120 2,600 2,994 Dec 7,389 1.3 PL

Diversified Chemicals BASF (sa) BASFn.DE ETR 4 €58.07 72.00 97.22 56.01 NM 74,326 70,962 59,086 Dec 53,336 4.8 PL DSM (sa) DSMN.AMS AMS 1 €42.95 59.00 55.37 38.71 NM 9,181 8,935 A 7,825 Dec 7,511 3.8 PL

Industrial Chemicals Arkema (sa) AKE.PA EPA 1 €52.44 84.00 75.75 48.17 NM 5,952 7,712 7,974 Dec 3,899 5.3 PL Clariant (sa) CLN.VX SWF 3 CHF16.09 NM 21.70 15.26 NM 6,116 5,806 6,023 Dec 5,146 2.5 PL Covestro (sa) 1COV.DE ETR 2 €27.02 40.00 35.65 24.35 NM 11,761 12,171 A 12,130 Dec 5,472 0.0 PL Lanxess (sa) LXSG.DE ETR 3 €35.63 NM 56.50 32.90 NM 8,006 7,847 7,693 Dec 3,261 1.4 PL Solvay (sa) SOLB.BR EBR 2 €77.91 123.00 132.61 70.52 NM 10,213 10,661 12,616 Dec 6,879 4.2 PL

Industrial Gases Air Liquide (sa) AIRP.PA EPA 2 €92.84 140.00 123.95 90.77 NM 15,358 16,442 16,596 Dec 31,820 4.2 PL

Infrastructure & Construction Building Products Saint-Gobain SGOB.PA EPA 3 €34.76 NM 44.84 31.47 13.4 1.97 2.59 2.98 Dec 19,476 3.9 HB Tarkett TKTT.PA EPA 2 €25.75 30.00 29.96 17.94 20.8 0.96 1.24 1.50 Dec 1,640 1.9 HB

Construction Groups Eiffage FOUG.PA EPA 2 €61.85 61.00 64.49 47.63 18.1 3.05 3.42 4.01 Dec 5,532 2.4 ER Vinci SGEF.PA EPA S €62.37 NM 64.00 50.08 NM 4.47 UR UR Dec NA UR ER

Electrical Equipment Schneider Electric SU.PA EPA 3 €51.48 NM 75.29 45.32 15.4 3.55 3.34 3.59 Dec 29,457 3.7 HB

Infrastructure Operators ADP ADP.PA EPA 4 €105.20 100.00 117.20 96.32 23.4 4.06 4.49 4.99 Dec 10,411 2.6 ER Ferrovial FER.MC MAD 2 €18.02 25.40 22.97 17.30 27.3 0.55 0.66 0.73 Dec 13,196 4.1 ER Fraport FRAG.DE ETR 4 €51.90 53.00 63.01 49.00 19.0 2.54 2.73 3.06 Dec 4,785 2.6 ER

Specialty Distribution Rexel RXL.PA EPA 3 €10.88 NM 18.18 8.31 13.8 0.97 0.79 1.08 Dec 3,177 6.9 HB Wolseley WOS.L L 3 3,564p NM 4,398 3,214 15.4 196.00 231.00 269.00 Jul £9,214 2.8 HB


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

David Sadowski [email protected] Steve Hansen, CMA, CFA [email protected]

Chris Thompson, M.Sc. (Eng), P.Geo [email protected] Phil Russo [email protected]

Agribusiness AGT Food and Ingredients Inc. AGT T 3 H/INC C$36.59 35.00 37.70 25.07 18.9 1.75 1.94 2.55 Dec 853 1.6 SH

Fertilizers Agrium Inc. AGU N 3 M/GRW US$82.23 92.00 116.81 79.94 13.2 5.80 7.25 A 6.25 Dec 11,348 4.3 SH Potash Corp. of Saskatchewan Inc. POT N 3 M/GRW US$16.54 16.00 37.02 14.64 15.8 1.81 1.52 A 1.05 Dec 13,851 6.0 SH

Mining & Natural Resources

Canada

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

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

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

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

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

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

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

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

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

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

Uranium .................................................................. 58

Argentina

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

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

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


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Mining & Natural Resources - CAN Forest Products Building Materials Acadian Timber Corp. ADN T 2 M/INC C$19.27 22.00 21.33 16.20 15.3 2.58 0.81 A 1.26 Dec 322 5.2 DS Canfor Corp. CFP T 1 H/GRW C$13.38 22.00 30.07 12.40 9.4 1.38 0.43 A 1.43 Dec 1,777 0.0 DS Conifex Timber Inc. CFF T 2 H/SPEC C$2.22 4.00 7.89 1.50 5.4 0.22 (0.82) A 0.41 Dec 47 0.0 DS Interfor Corp. IFP T 1 H/GRW C$10.61 16.50 22.97 8.67 7.6 0.62 (0.29) A 1.39 Dec 743 0.0 DS Norbord Inc. OSB T 1 H/GRW C$21.55 35.00 29.23 18.64 10.5 0.48 (0.12) A 2.06 Dec 1,883 1.9 DS West Fraser Timber WFT T 2 M/GRW C$39.36 54.00 74.42 38.88 9.2 3.86 0.57 A 4.28 Dec 3,330 0.7 DS Western Forest Products Inc. WEF T 1 H/GRW C$2.03 2.75 2.35 1.57 6.8 0.17 0.18 A 0.30 Dec 823 3.9 DS

Pulp & Paper Canfor Pulp Products Inc. CFX T 2 H/GRW C$11.28 15.25 16.75 9.05 7.5 1.28 1.59 A 1.51 Dec 778 2.2 DS Domtar UFS N 2 H/INC US$33.96 43.00 48.30 29.88 12.5 3.61 3.33 A 2.72 Dec 2,136 4.7 DS Fortress Paper FTP T 3 H/GRW C$4.00 4.50 5.72 1.89 NM (4.39) (2.21) (0.19) Dec 59 0.0 DS Mercer International Inc. MERC Q 2 H/INC US$8.30 10.50 15.95 5.95 5.9 1.81 1.17 A 1.41 Dec 539 5.5 DS

Mining Base Metals & Minerals Altius Minerals Corporation ALS T 2 H/GRW C$8.99 15.00 15.47 7.39 NM (0.18) (0.04) A 0.02 Apr 360 0.9 AT Capstone Mining Corp. CS T 2 H/GRW C$0.38 1.00 1.71 0.27 NM 0.09 (0.08) A (0.06) Dec 143 0.0 AT Copper Mountain Mining CUM T 3 H/GRW C$0.48 0.75 1.73 0.33 6.9 0.13 0.06 A 0.07 Dec 57 0.0 AT First Quantum Minerals Ltd. FM T 1 H/GRW C$4.47 9.00 19.83 2.15 12.8 0.79 0.41 A 0.35 Dec 3,081 0.2 AT HudBay Minerals, Inc. HBM T 2 H/GRW C$3.55 7.25 12.61 2.26 NM (0.11) 0.00 (0.07) Dec 820 0.6 AT Ivanhoe Mines Ltd. IVN T 2 H/SPEC C$0.70 1.50 1.36 0.53 NM (0.35) (0.07) (0.02) Dec 544 0.0 AT Lundin Mining Corporation LUN T 3 H/GRW C$3.76 4.50 6.46 2.98 NM 0.24 (0.04) 0.02 Dec 2,705 0.0 AT Nevsun Resources Ltd. NSU T 3 H/INC C$4.32 4.50 5.35 3.27 33.2 0.47 0.13 (0.01) Dec 864 3.9 AT Taseko Mines Ltd. TKO T 3 H/GRW C$0.48 0.70 1.22 0.35 NM (0.19) (0.09) A (0.19) Dec 106 0.0 AT Teck Resources Limited TCK.B T 3 H/INC C$7.67 7.00 20.58 3.65 20.2 0.78 0.30 A 0.38 Dec 4,419 8.5 AT Trevali Mining Corporation TV T 2 H/SPEC C$0.41 0.90 1.24 0.25 NM (0.03) (0.05) 0.04 Dec US$131 0.0 AT

Iron Ore Labrador Iron Ore Royalty Corp. LIF T 3 H/INC C$9.99 14.00 18.30 6.85 12.0 1.56 0.83 0.12 Dec 639 13.5 AT


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Mining & Natural Resources - CAN Precious Metals - Gold Agnico Eagle Mines AEM N 2 H/INC US$35.21 32.50 37.24 21.00 NM 1.07 0.19 A (0.42) Dec 7,641 0.9 PR Alacer Gold Corp ASR T 2 H/GRW C$2.66 3.50 3.23 2.08 19.0 0.17 0.14 0.03 Dec US$785 0.0 PR Alamos Gold Inc. AGI N 2 H/INC US$4.30 5.00 7.54 2.27 NM (0.02) (0.32) (0.22) Dec 1,101 0.9 PR Asanko Gold Inc. AKG T 2 H/GRW C$2.85 2.50 2.95 1.59 NM (0.10) (0.02) 0.19 Dec 608 0.0 CT ATAC Resources Ltd. ATC V 3 H/SPEC C$0.52 0.50 0.62 0.26 NM (0.02) (0.02) (0.02) Dec 61 0.0 DSa B2Gold Corp. (cf) BTO T 2 H/GRW C$1.49 2.00 2.21 0.86 9.3 0.17 0.16 0.17 Dec 1,386 0.0 CT Barrick Gold Corporation ABX N 3 H/INC US$13.48 10.50 14.45 5.91 17.3 0.68 0.29 A 0.78 Dec 15,704 0.6 PR Detour Gold Corp. DGC T 2 H/SPEC C$21.90 20.00 22.50 9.08 NM (0.50) (0.22) (0.02) Dec US$3,745 0.0 PR Eldorado Gold Corp. EGO N 3 H/GRW US$2.84 4.25 5.80 1.87 56.8 0.19 0.05 (0.10) Dec 2,036 0.7 PR Endeavour Mining Corp. (cf) EDV T 2 H/GRW C$11.51 11.50 12.44 4.35 3.0 2.58 3.88 2.47 Dec 679 0.0 CT Franco-Nevada Corp. FNV N 2 H/INC US$59.23 61.00 62.09 38.20 NM 0.91 0.54 0.55 Dec 9,299 1.4 PR Goldcorp Inc. GG N 2 H/INC US$15.78 17.00 22.38 9.46 NM 0.61 0.04 0.19 Dec 13,186 1.5 PR Guyana Goldfields Inc. GUY T 2 H/SPEC C$4.44 5.00 4.74 2.48 NM (0.09) 0.03 0.32 Oct 675 0.0 PR IAMGOLD Corp. IAG N 3 H/GRW C$3.25 1.50 3.55 1.50 NM 0.09 (0.39) (0.60) Dec US$1,271 0.0 PR Integra Gold Corporation (cf) ICG V 1 H/SPEC C$0.40 0.70 0.41 0.23 NM NA (0.01) (0.01) Dec 156 0.0 DSa Kaminak Gold Corporation KAM V 2 H/SPEC C$1.09 1.60 1.28 0.61 NM (0.27) (0.19) (0.07) Dec 187 0.0 DSa Kinross Gold Corporation KGC N 3 H/GRW US$3.18 2.75 3.36 1.31 NM 0.11 (0.08) A (0.07) Dec 3,644 0.0 PR Mandalay Resources Corp. (cf) MND T 2 H/INC C$0.88 1.10 0.99 0.59 5.9 0.18 0.17 A 0.15 Dec 375 3.4 CT New Gold, Inc. NGD M 3 H/GRW C$4.51 3.25 5.04 2.52 NM 0.09 (0.02) A (0.07) Dec US$2,310 0.0 PR Newmarket Gold Inc. (cf) NMI T 2 H/GRW C$1.84 2.20 1.94 0.16 3.5 0.15 0.53 0.51 Dec 342 0.0 CT OceanaGold Corp. (cf) OGC T 3 H/GRW C$3.73 3.70 4.01 1.79 9.8 0.76 0.50 A 0.38 Dec 2,251 0.5 CT Orezone Gold Corp. ORE V 2 H/SPEC C$0.41 0.60 0.59 0.22 NM (0.13) (0.07) (0.05) Dec 48 0.0 DSa Roxgold Inc. ROG V R H/SPEC C$0.82 R 0.96 0.51 R R R R Dec R R DSa Royal Gold Inc. RGLD Q 2 H/INC US$44.82 55.00 73.48 24.68 52.1 0.94 1.02 A 0.86 Jun 2,913 2.1 PR Sandstorm Gold Ltd. SSL T 2 H/GRW C$3.90 5.50 4.69 2.82 NM 0.09 (0.18) (0.01) Dec 460 0.0 PR SEMAFO Inc. SMF T 2 H/GRW C$4.40 4.15 4.90 2.46 9.8 0.43 0.45 0.38 Dec 1,295 0.0 CT Tahoe Resources Inc. (cf) THO T 1 H/INC C$12.85 15.25 18.65 9.45 23.8 1.00 0.54 0.88 Dec US$3,984 1.9 CT Yamana Gold Inc. AUY N 3 H/INC US$2.75 3.25 4.32 1.38 NM 0.05 (0.08) (0.09) Dec 2,602 2.2 PR

Precious Metals - Silver Bear Creek Mining Corp. (cf) BCM V 3 H/SPEC C$0.98 1.60 1.46 0.50 NM (0.16) (0.13) (0.06) Dec 98 0.0 CT Coeur Mining Inc. (cf) CDE N 3 H/GRW US$3.48 4.00 6.35 1.62 5.8 0.38 0.54 A 0.60 Dec 527 0.0 CT Endeavour Silver Corp. EDR T 3 H/GRW C$2.30 1.50 3.00 1.46 6.4 0.29 0.36 0.20 Dec 235 0.0 CT First Majestic Silver (cf) FR T 3 H/GRW C$6.02 5.00 7.83 3.50 16.7 0.63 0.36 0.48 Dec 934 0.0 CT Fortuna Silver Mines Inc. (cf) FVI T 1 H/GRW C$4.75 5.00 5.65 2.65 17.0 0.47 0.28 0.50 Dec 628 0.0 CT MAG Silver MAG T R H/SPEC C$9.92 R 11.42 6.90 R R R R Dec R R DSa Pan American Silver (cf) PAAS Q 3 H/INC US$9.42 9.00 10.44 5.38 11.9 0.93 0.55 A 0.79 Dec 1,429 2.1 CT Silver Wheaton SLW N 3 H/INC US$15.81 21.00 21.83 10.04 30.4 0.74 0.52 0.50 Dec 6,387 1.3 PR Silvercorp Metals Inc. (cf) SVM T 3 H/GRW C$1.23 1.20 1.69 0.60 6.5 0.20 0.29 A 0.19 Mar 212 0.0 CT


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Mining & Natural Resources - CAN Uranium Cameco Corporation (cf) CCO T 2 H/GRW C$16.60 25.00 21.44 14.56 7.8 1.48 1.32 A 2.14 Dec 6,570 2.4 DSa Denison Mines Corp. DML T 2 H/SPEC C$0.63 1.50 1.20 0.48 NM (0.05) (0.07) (0.04) Dec 327 0.0 DSa Fission Uranium Corp. FCU T 2 H/SPEC C$0.65 1.50 1.38 0.53 NM (0.02) (0.03) A (0.04) Jun 314 0.0 DSa Kivalliq Energy Corp. KIV V 3 H/SPEC C$0.07 0.20 0.16 0.06 NM (0.01) (0.01) (0.01) Sep 15 0.0 DSa NexGen Energy Ltd. NXE V 1 H/SPEC C$1.00 1.80 1.03 0.39 NM (0.06) (0.01) (0.01) Dec 287 0.0 DSa Paladin Energy Ltd. PDN T 3 H/GRW C$0.19 0.30 0.40 0.15 NM (0.10) (0.05) A (0.03) Jun 317 0.0 DSa UEX Corp. UEX T 2 H/SPEC C$0.16 0.40 0.32 0.11 NM (0.04) (0.01) (0.01) Dec 43 0.0 DSa Uranium Participation Corporation U T 2 H/GRW C$4.99 6.25 5.69 4.82 19.2 (0.64) 1.10 A 0.26 Feb 577 0.0 DSa Ur-Energy Inc. URE T 2 H/SPEC C$0.65 1.80 1.35 0.60 NM (0.07) (0.02) 0.00 Dec 85 0.0 DSa

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

Fernando Suarez [email protected]

Agribusiness & Natural Resources Agribusiness Adecoagro S.A. AGRO N 2 H/SPEC US$12.89 15.00 13.42 6.71 46.0 0.02 0.28 0.68 Dec 1,578 0.0 FS,FRM Cresud SACIFYA (ed, r) CRESY Q 2 H/SPEC US$11.02 19.00 15.17 8.50 NM (2.23) 0.19 A 0.02 Jun 553 0.2 FS,FRM Inversora Juramento SA INVJ BA 3 H/SPEC AR$6.20 NM 8.60 4.04 NM (0.04) (0.02) 0.16 Sep 2,682 0.0 FS,FRM

Natural Resources Siderar Sociedad Anonima Industrial Y Comercial ERAR BA S H/SPEC AR$7.90 NM 10.50 4.80 20.3 0.53 0.39 NA Dec 35,685 2.0 FS,SW


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

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

Jonathan Hughes, CFA [email protected]

Housing CalAtlantic Group Inc. CAA N 3 M/GRW 29.06 NM 46.75 26.97 12.6 2.70 2.31 3.75 Dec 4,051 0.6 BH,PDP D.R. Horton, Inc. DHI N 3 M/GRW 26.48 NM 33.10 22.97 11.5 1.50 2.00 A 2.30 Sep 9,890 1.2 BH,PDP KB Home KBH N 3 H/GRW 11.64 NM 17.42 9.04 9.7 9.25 0.83 A 1.20 Nov 1,198 0.9 BH,PDP Lennar Corporation LEN N 3 M/GRW 41.10 NM 56.04 37.14 10.7 2.80 3.47 A 3.85 Nov 9,506 0.4 BH,PDP MDC Holdings MDC N 3 H/INC 21.79 NM 31.23 19.28 15.9 1.29 1.37 2.10 Dec 1,070 4.6 BH,PDP PulteGroup Inc. PHM N 2 M/GRW 17.10 19.00 23.35 14.61 10.7 1.26 1.36 A 1.60 Dec 6,014 2.1 BH,PDP St. Joe Company JOE N 3 M/GRW 15.24 NM 21.64 14.27 NM 4.40 (0.01) (0.03) Dec 1,148 0.0 BH,PDP Toll Brothers, Inc. TOL N 1 M/GRW 26.83 40.00 42.19 23.75 10.1 1.84 1.97 A 2.65 Oct 4,956 0.0 BH,PDP WCI Communities, Inc. WCIC N 1 M/GRW 16.84 23.00 27.08 16.03 12.0 0.82 1.34 A 1.40 Dec 446 0.0 BH,PDP

Real Estate

USA Canada Europe

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Argentina

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

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


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Real Estate - USA Lodging Hilton Worldwide Holdings Inc. HLT N 2 M/GRW 19.89 25.00 31.60 16.16 24.6 0.69 0.81 0.96 Dec 19,640 1.4 WAC,PDP Hyatt Hotels Corporation H N 3 H/GRW 46.09 NM 61.99 34.06 31.6 1.09 0.90 A 1.46 Dec 6,277 0.0 WAC,PDP La Quinta Holdings, Inc. LQ N 3 H/GRW 11.37 NM 24.94 9.42 20.3 0.45 0.54 A 0.56 Dec 1,474 0.0 WAC,PDP Marriott International, Inc. MAR Q 2 M/GRW 67.03 78.00 85.00 56.43 18.0 2.54 3.15 A 3.72 Dec 17,180 1.5 WAC,PDP Starwood Hotels & Resorts Worldwide HOT N 2 M/GRW 67.51 73.00 87.99 56.87 24.5 3.02 3.11 A 2.76 Dec 11,396 2.2 WAC,PDP

REITs Farmland American Farmland Company (x) AFCO M 2 H/INC 5.65 9.00 8.00 4.95 28.3 0.19 0.20 0.48 Dec 114 4.4 CM,PDP

Healthcare CareTrust REIT, Inc (x) CTRE Q 2 M/INC 11.20 12.00 14.49 9.12 10.0 0.69 0.94 A 1.12 Dec 534 5.7 JH,PDP Healthcare Trust of America, Inc. (x) HTA N 3 M/INC 27.36 NM 29.14 22.35 17.9 1.46 1.53 1.65 Dec 3,476 4.3 JH,PDP Physicians Realty Trust (x) DOC N 2 M/INC 17.32 17.50 17.99 13.86 18.8 0.72 0.92 1.01 Dec 1,945 5.2 JH,PDP Sabra Health Care REIT, Inc. (x) SBRA Q 2 M/INC 19.02 23.00 34.44 14.92 8.7 2.20 2.18 2.27 Dec 1,248 8.6 JH,PDP Senior Housing Properties Trust (x) SNH N 4 NM 14.81 NM 22.92 13.50 8.1 1.75 1.83 1.86 Dec 3,517 10.5 JH,PDP Welltower Inc. (x) HCN N 3 M/INC 61.54 NM 80.35 52.80 14.1 4.13 4.37 4.63 Dec 21,834 5.6 JH,PDP

Hotels DiamondRock Hospitality Company (x) DRH N 3 M/INC 8.73 NM 15.16 7.28 8.7 0.87 1.00 1.12 Dec 1,757 5.7 WAC,PDP Hersha Hospitality Trust (x) HT N 3 M/INC 20.29 NM 28.60 16.13 8.7 1.98 2.32 2.60 Dec 950 5.5 WAC,PDP Host Hotels & Resorts Inc. (x) HST N 4 NM 15.05 NM 21.91 12.17 10.0 1.50 1.50 1.61 Dec 11,433 5.3 WAC,PDP LaSalle Hotel Properties (x) LHO N 3 M/INC 24.23 NM 41.10 19.01 8.6 2.58 2.81 2.94 Dec 2,755 7.4 WAC,PDP Pebblebrook Hotel Trust (x) PEB N 2 M/INC 26.92 33.00 49.77 20.51 10.9 1.96 2.47 2.84 Dec 1,938 5.6 WAC,PDP RLJ Lodging Trust (x) RLJ N 2 M/INC 20.01 25.00 32.87 16.15 8.1 2.40 2.47 2.77 Dec 2,511 6.6 WAC,PDP Ryman Hospitality Properties Inc. (x) RHP N 3 M/INC 48.42 NM 64.97 41.50 9.7 4.68 4.99 5.40 Dec 2,498 5.8 WAC,PDP Summit Hotel Properties, Inc. (x) INN N 2 M/INC 10.27 14.00 14.61 9.00 8.6 0.97 1.19 1.25 Dec 896 4.6 WAC,PDP Sunstone Hotel Investors, Inc. (x) SHO N 2 M/GRW 12.55 15.00 17.93 9.53 9.8 1.17 1.28 1.32 Dec 2,618 1.6 WAC,PDP

Malls CBL & Associates Properties, Inc. (x) CBL N 3 M/INC 10.76 NM 20.46 9.37 4.7 2.26 2.32 A 2.31 Dec 2,150 9.9 CM,PDP Simon Property Group, Inc. (x) SPG N 2 M/INC 189.17 220.00 208.14 170.99 17.2 8.90 9.86 A 10.98 Dec 68,328 3.4 CM,PDP Taubman Centers, Inc. (x) TCO N 3 M/INC 70.13 NM 81.26 63.32 18.8 3.11 3.31 A 3.73 Dec 4,222 3.2 CM,PDP

Net Lease Agree Realty Corporation (x) ADC N 2 M/INC 37.25 37.00 38.17 27.74 15.5 2.18 2.40 2.59 Dec 704 5.0 CM,PDP National Retail Properties, Inc. (x) NNN N 3 M/INC 44.31 NM 46.14 33.62 19.8 2.08 2.24 2.36 Dec 6,248 3.9 CM,PDP Realty Income (x) O N 3 M/INC 59.53 NM 61.34 43.15 21.7 2.58 2.74 2.85 Dec 14,906 4.0 CM,PDP Spirit Realty Capital, Inc. (x) SRC N 2 M/INC 10.72 11.00 12.59 8.89 12.6 0.61 0.85 0.90 Dec 4,736 6.5 CM,PDP STORE Capital Corporation (x) STOR N 2 M/INC 24.56 24.00 26.35 19.63 17.8 1.26 1.38 1.53 Dec 3,117 4.4 CM,PDP


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Real Estate - USA Office/Industrial Armada Hoffler Properties (x) AHH N 2 M/INC 10.78 11.50 11.60 9.50 12.2 0.80 0.88 0.93 Dec 456 6.3 WAC,PDP Brandywine Realty Trust (x) BDN N 3 M/INC 12.29 NM 16.56 11.22 8.5 1.34 1.44 1.31 Dec 2,184 4.9 WAC,PDP Corporate Office Properties Trust (x) OFC N 2 M/INC 23.03 23.50 30.94 19.52 11.5 1.88 2.01 2.03 Dec 2,262 4.8 WAC,PDP Digital Realty Trust, Inc. (x) DLR N 3 M/INC 80.50 NM 82.70 60.66 15.3 5.03 5.27 5.45 Dec 11,222 4.2 WAC,PDP Douglas Emmett (x) DEI N 2 M/INC 26.85 33.00 32.32 24.73 16.5 1.54 1.63 1.70 Dec 4,771 3.3 WAC,PDP DuPont Fabros Technology Inc. (x) DFT N 3 M/INC 35.36 NM 36.08 24.88 12.9 2.37 2.39 A 2.75 Dec 2,871 5.3 WAC,PDP Easterly Government Properties, Inc. (x) DEA N 2 M/GRW 17.00 18.50 18.82 15.25 16.3 NA 1.04 1.20 Dec 675 4.9 WAC,PDP EastGroup Properties, Inc. (x) EGP N 2 M/INC 53.70 58.00 64.45 49.31 13.6 3.47 3.67 A 3.96 Dec 1,740 4.5 WAC,PDP First Industrial Realty Trust, Inc. (x) FR N 2 M/INC 21.21 24.00 23.09 18.54 14.8 1.16 1.27 A 1.43 Dec 2,446 3.6 WAC,PDP First Potomac Realty Trust (x) FPO N 3 M/INC 8.10 NM 12.44 7.90 8.2 0.92 0.99 1.03 Dec 490 7.4 WAC,PDP Parkway Properties (x) PKY N 2 M/INC 13.23 18.00 18.68 11.54 10.0 1.34 1.32 1.34 Dec 1,540 5.7 WAC,PDP STAG Industrial Inc. (x) STAG N 2 M/INC 16.09 22.00 25.40 14.97 10.8 1.45 1.49 1.65 Dec 1,152 8.6 WAC,PDP Washington REIT (x) WRE N 3 M/INC 25.73 NM 29.00 23.78 16.4 1.51 1.57 1.72 Dec 1,757 4.7 WAC,PDP

Residential American Homes 4 Rent (x) AMH N 1 M/GRW 13.59 19.00 17.39 13.16 20.6 0.43 0.66 0.91 Dec 3,611 1.5 BH,PDP American Residential Properties, Inc. (x) ARPI N 3 H/GRW 15.46 NM 19.68 14.64 NM 0.39 UR UR Dec 509 2.6 BH,PDP Apartment Investment and Management Company (x) AIV N 1 M/INC 36.04 46.00 41.33 34.71 16.2 2.07 2.22 2.39 Dec 5,903 3.3 BH,PDP Campus Crest Communities, Inc. (x) CCG N 4 NM 6.98 NM 8.05 4.68 NM UR UR UR Dec 455 0.0 BH,PDP Equity Residential (x) EQR N 3 M/INC 73.23 NM 82.53 61.90 21.2 3.17 3.46 3.26 Dec 27,725 3.0 BH,PDP Essex Property Trust, Inc. (x) ESS N 3 M/INC 207.42 NM 244.71 191.25 21.3 8.54 9.72 10.83 Dec 14,042 2.8 BH,PDP Mid-America Apartment Communities, Inc. (x) MAA N 2 M/INC 91.21 96.00 94.87 70.67 16.7 4.99 5.45 5.88 Dec 7,260 3.6 BH,PDP Post Properties, Inc. (x) PPS N 3 M/INC 55.06 NM 62.55 52.08 18.6 2.44 2.96 3.09 Dec 2,984 3.2 BH,PDP

Self Storage CubeSmart (x) CUBE N 2 M/INC 29.55 34.00 31.91 22.09 23.8 1.08 1.24 1.40 Dec 5,224 2.8 JH,PDP Extra Space Storage (x) EXR N 1 M/INC 82.17 102.00 91.99 63.52 26.3 2.61 3.12 3.65 Dec 10,896 2.9 JH,PDP Jernigan Capital, Inc. JCAP N 2 H/GRW 14.99 18.00 21.99 12.58 NM NA (0.42) 1.34 Dec 93 9.3 JH,PDP Public Storage (x) PSA N 3 M/INC 249.92 NM 257.98 182.08 28.2 8.09 8.86 9.65 Dec 43,436 2.7 JH,PDP Sovran Self Storage, Inc. (x) SSS N 3 M/INC 105.68 NM 113.99 85.69 21.4 4.37 4.93 5.51 Dec 4,185 3.2 JH,PDP

Shopping Centers Cedar Realty Trust, Inc. (x) CDR N 2 M/INC 7.02 7.50 7.75 5.75 13.2 0.51 0.53 0.57 Dec 600 2.8 CM,PDP Equity One, Inc. (x) EQY N 4 NM 27.27 NM 28.30 22.52 21.5 1.20 1.27 1.35 Dec 3,837 3.2 CM,PDP Federal Realty Investment Trust (x) FRT N 3 M/INC 146.69 NM 153.32 124.87 29.0 4.94 5.05 5.70 Dec 10,195 2.6 CM,PDP Inland Real Estate Corporation (x) IRC N 4 NM 10.61 NM 11.10 7.96 NM 0.95 NA NA Dec 1,066 5.4 CM,PDP Kimco Realty Corporation (x) KIM N 3 M/INC 26.56 NM 28.08 22.07 17.7 1.40 1.46 A 1.50 Dec 10,980 3.8 CM,PDP Kite Realty Group Trust (x) KRG N 1 M/INC 27.11 30.00 29.25 22.82 13.0 1.57 2.11 A 2.08 Dec 2,258 4.0 CM,PDP Ramco-Gershenson Properties Trust (x) RPT N 2 M/INC 16.97 18.00 19.48 14.74 12.5 0.95 1.36 1.38 Dec 1,381 4.9 CM,PDP Regency Centers Corp. (x) REG N 2 M/INC 70.37 78.00 73.75 55.79 21.6 2.82 3.04 A 3.26 Dec 6,840 2.8 CM,PDP Retail Opportunity Investments Corp. (x) ROIC Q 1 M/INC 18.50 20.00 18.81 15.30 19.5 0.85 0.95 1.03 Dec 1,833 3.9 CM,PDP Saul Centers, Inc. (x) BFS N 3 M/INC 48.90 NM 59.34 46.46 16.7 2.79 2.92 3.09 Dec 1,032 3.5 CM,PDP


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Real Estate - USA Timber CatchMark Timber Trust, Inc. (ca) CTT N 2 M/INC 10.72 14.00 12.33 7.90 17.3 0.60 0.62 0.65 Dec 422 4.7 CM,PDP Potlatch Corporation PCH Q 2 M/INC 26.17 37.00 40.79 24.01 26.7 2.20 0.77 A 0.98 Dec 1,073 5.7 CM,PDP Rayonier, Inc. RYN N 3 M/INC 22.06 NM 28.00 17.85 63.0 0.76 0.37 A 0.35 Dec 2,709 4.5 CM,PDP Weyerhaeuser Company WY N 2 M/INC 25.00 38.00 35.60 22.06 24.3 3.18 1.03 1.60 Dec 12,928 5.0 CM,PDP

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

Johann Rodrigues, (Associate Analyst) [email protected]

Real Estate Healthcare Sienna Senior Living Inc. (x) SIA T 3 H/INC C$15.68 NM 18.13 14.21 13.6 1.12 1.15 1.23 Dec 615 5.7 KA

Industrial Pure Industrial Real Estate Trust (x) AAR.UN T 2 M/INC C$4.55 5.25 5.25 4.10 11.4 0.37 0.40 0.41 Dec 856 6.8 KA

Mortgage Investment Corporations Timbercreek Mortgage Investment Corporation TMC T 2 M/INC C$7.84 8.00 8.58 6.95 10.9 0.64 0.72 0.74 Dec 318 9.2 JR,KA Timbercreek Senior Mortgage Investment Corp. MTG T 2 M/INC C$7.86 8.00 8.73 7.16 12.7 0.59 0.62 0.65 Dec 248 7.6 KA

Office/Diversified Allied Properties REIT (x) AP.UN T 1 M/INC C$31.37 40.00 41.37 29.11 14.5 2.06 2.17 2.38 Dec 2,450 4.7 KA Artis REIT (x) AX.UN T 1 M/INC C$12.09 15.00 15.46 10.45 8.2 1.42 1.48 1.53 Dec 1,674 8.9 KA Brookfield Canada Office Properties (x) BOX.UN T 3 M/INC C$26.66 NM 30.44 23.02 15.4 1.57 1.61 A 1.73 Dec 2,487 4.9 KA CREIT (x) REF.UN T 1 M/INC C$41.51 45.00 47.65 38.50 13.5 2.96 3.03 A 3.08 Dec 3,030 4.3 JR,KA H&R REIT (x) HR.UN T 3 M/INC C$18.73 NM 24.31 18.03 9.6 1.79 1.92 A 1.96 Dec 5,720 7.2 KA True North Commercial REIT (x) TNT.UN T 2 M/INC C$5.15 5.75 6.16 4.67 8.0 0.57 0.64 0.70 Dec 111 11.5 JR,KA

Real Estate Services Colliers International Group Inc. CIGI Q 2 H/GRW US$33.28 48.00 50.72 30.76 13.6 2.73 2.29 A 2.45 Dec 1,288 1.2 FB FirstService Corporation FSV Q 2 M/GRW US$37.45 42.00 42.31 22.05 25.8 NA 1.20 A 1.45 Dec 1,367 1.2 FB

*Ken Avalos is a Raymond James & Associates employee.


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Real Estate - CAN Residential Boardwalk REIT (x) BEI.UN T 1 M/INC C$48.65 65.00 62.39 38.47 13.7 3.37 3.56 A 3.55 Dec 2,496 4.6 KA Canadian Apartment Properties REIT (x) CAR.UN T 3 M/INC C$29.05 NM 30.25 24.90 16.5 1.65 1.67 A 1.76 Dec 3,765 4.2 KA InterRent REIT (x) IIP.UN T 2 M/INC C$6.69 7.00 6.91 5.92 18.1 0.32 0.37 0.49 Dec 474 3.4 KA Killam Apartment REIT (x) KMP.UN T 1 M/INC C$10.87 12.00 11.15 9.21 12.8 0.72 0.78 A 0.85 Dec 684 5.4 KA Tricon Capital Group Inc. TCN T 1 M/GRW C$7.97 12.00 12.11 7.53 14.5 0.60 0.55 0.40 Dec 980 3.0 KA

Retail Choice Properties REIT (x) CHP.UN T 3 M/INC C$12.37 NM 12.48 10.57 12.4 0.91 0.97 A 1.00 Dec 5,048 5.4 KA Crombie REIT (x) CRR.UN T 2 M/INC C$13.29 14.00 13.87 12.21 11.8 1.10 1.13 1.17 Dec 1,745 6.7 KA CT Real Estate Investment Trust (x) CRT.UN T 3 M/INC C$13.69 NM 14.59 11.26 12.8 0.98 1.04 A 1.07 Dec 2,596 5.0 KA First Capital Realty (x) FCR T 2 M/INC C$19.72 21.00 20.35 16.93 18.3 1.04 1.05 A 1.08 Dec 4,447 4.4 KA,JR Plaza Retail REIT (x) PLZ.UN T 2 M/INC C$4.49 4.75 4.82 4.10 13.6 0.30 0.33 0.35 Dec 423 5.8 JR,KA RioCan REIT (x) REI.UN T 2 M/INC C$26.19 28.00 30.25 22.14 15.9 1.68 1.74 A 1.65 Dec 8,410 5.4 KA SmartREIT (x) SRU.UN T 2 M/INC C$32.23 34.00 32.59 27.47 14.6 1.96 2.10 A 2.21 Dec 4,967 5.1 KA

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

Hotels AccorHotels ACCP.PA EPA 1 €35.32 46.00 51.65 29.96 19.2 0.97 0.88 A 1.84 Dec 8,299 3.1 JR Intercontinental Hotels ($D) IHG.L L 2 2,486p 2,850 2,967 2,162 NM 1.58 1.79 2.08 Dec $7,728 2.7 JR Melia Hotels International MEL.MC MAD 1 €9.05 14.50 13.71 8.25 31.2 0.13 0.29 0.40 Dec 1,800 0.7 JR NH Hoteles NHH.MC MAD 3 €3.62 NM 5.98 3.17 NM (0.03) 0.03 0.14 Dec 1,265 0.0 JR Whitbread WTB.L L 2 3,750p 5,400 5,475 3,641 16.7 214.00 225.00 258.00 Feb £6,825 2.4 JR


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

Diversified Real Estate IRSA Inversiones y Representaciones SA (ed, r) IRS N 3 H/SPEC US$11.86 NM 21.50 8.09 NM (1.44) 0.75 A (0.84) Jun 687 1.0 FRM,FS

Real Estate TGLT S.A. TGLT BA 3 H/SPEC AR$16.80 NM 19.00 8.00 11.3 (0.27) 1.49 1.88 Dec 1,181 0.0 FRM,FS


Technology & Communications

USA Canada Europe

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

IT Services and Security .............................................. 72

IT Services ................................................................ 72

Security .................................................................... 72

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

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

Telecommunications Services .................................... 73

Towers ..................................................................... 73

Wireless ................................................................... 73

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

Transaction Processing ............................................... 74

IT Hardware ................................................................ 75

Software/IT Services ................................................... 75

Telecommunications Services ..................................... 76

Argentina

Telecom & Media ........................................................ 76

Telecommunications Services ..................................... 76


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

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

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

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

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

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

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

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

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

Analog and Communications Semiconductors Analog Devices, Inc. ADI Q 1 H/GRW 51.81 60.00 68.97 47.24 19.5 2.40 3.16 A 2.66 Oct 16,310 3.2 JSS Broadcom Limited AVGO Q 2 H/GRW 130.34 146.00 150.50 100.00 14.1 NA NA 9.23 Oct NA 1.3 JSS Diodes Incorporated DIOD Q 2 H/GRW 18.36 22.00 30.65 16.58 15.3 1.45 0.86 A 1.20 Dec 909 0.0 JSS Fairchild Semiconductor International FCS Q 3 H/GRW 20.02 NM 21.71 12.22 21.5 0.86 0.77 A 0.93 Dec 2,270 0.0 JSS Linear Technology Corporation LLTC Q 4 NM 43.34 NM 49.57 36.41 22.0 1.96 2.13 A 1.97 Jun 10,614 3.0 JSS M/A-COM Technology Solutions MTSI Q 2 H/GRW 37.97 43.00 43.19 25.82 28.5 1.08 1.15 A 1.33 Sep 2,010 0.0 JSS Maxim Integrated MXIM Q 1 H/GRW 33.48 38.00 42.18 29.47 20.3 1.64 1.53 A 1.65 Jun 9,726 3.6 JSS Microsemi Corporation MSCC Q 1 H/GRW 33.24 40.00 39.56 28.24 13.5 1.76 2.25 A 2.46 Sep 3,208 0.0 JSS Monolithic Power Systems, Inc. MPWR Q 2 H/GRW 57.29 69.00 69.25 40.75 50.7 0.87 0.95 A 1.13 Dec 2,372 1.4 JSS NXP Semiconductors N.V. NXPI Q 1 H/GRW 70.01 90.00 114.00 61.61 16.1 4.23 4.82 A 4.35 Dec 16,161 0.0 JSS ON Semiconductor Corporation ON Q 2 H/GRW 8.30 8.50 13.50 6.97 10.4 0.75 0.83 A 0.80 Dec 3,460 0.0 JSS Power Integrations, Inc. POWI Q 3 H/GRW 44.42 NM 58.71 36.04 35.5 1.96 1.56 A 1.25 Dec 1,293 1.2 JSS Qorvo, Inc. QRVO Q 1 H/GRW 42.17 55.00 88.35 33.30 9.9 1.13 3.97 A 4.26 Mar 6,077 0.0 JSS Semtech Corporation SMTC Q 2 H/GRW 18.14 21.00 30.01 14.04 29.7 1.22 1.16 A 0.61 Jan 1,183 0.0 JSS Skyworks Solutions SWKS Q 1 H/GRW 63.71 95.00 112.88 54.50 10.9 3.23 5.27 A 5.86 Sep 12,404 1.6 JSS Texas Instruments Incorporated TXN Q 1 H/INC 52.46 62.00 59.99 43.49 18.2 2.73 3.02 A 2.88 Dec 53,876 2.9 JSS,HM Vishay Intertechnology, Inc. VSH N 3 H/GRW 11.59 NM 14.61 9.22 16.1 0.92 0.72 A 0.72 Dec 1,744 2.1 JSS

*Steven Li is a Raymond James Ltd. employee.


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Technology & Communications - USA Application Software Amber Road, Inc. AMBR N 2 H/GRW 4.17 5.00 9.69 3.42 NM (0.12) (0.73) A (0.56) Dec 112 0.0 TT,BP Benefitfocus, Inc. BNFT Q 1 H/GRW 30.99 45.00 47.49 21.04 NM (2.10) (1.79) A (1.16) Dec 970 0.0 TT,BP Box, Inc. BOX N 3 H/GRW 11.85 NM 20.65 8.82 NM NA (8.14) A (1.16) Jan 1,641 0.0 TT,BP Brightcove Inc. BCOV Q 3 H/GRW 5.88 NM 8.33 4.70 NM (0.13) 0.03 A 0.05 Dec 198 0.0 TT,BP Castlight Health, Inc. CSLT N 2 H/GRW 2.99 4.50 10.36 2.54 NM (0.94) (0.68) A (0.50) Dec 303 0.0 BP,TT ChannelAdvisor Corporation ECOM N 3 H/GRW 10.81 NM 14.73 8.71 NM (1.06) (0.29) A (0.33) Dec 285 0.0 TT,BP Demandware DWRE N 2 H/GRW 32.56 41.00 75.90 26.47 NM 0.11 0.29 A 0.19 Dec 1,231 0.0 TT,BP Fleetmatics Group PLC FLTX N 2 H/GRW 41.99 53.00 62.86 36.92 23.7 1.10 1.58 A 1.77 Dec 1,618 0.0 BP,TT Halogen Software, Inc. ($D, is) HGN T 2 H/GRW C$6.99 10.50 11.15 6.52 NM (0.71) (0.68) (0.60) Dec 154 0.0 TT,SLi HubSpot, Inc. HUBS N 2 H/GRW 36.53 36.00 60.11 27.00 NM (2.77) (0.74) A (0.73) Dec 1,403 0.0 TT,BP Instructure, Inc. INST N 1 H/GRW 14.47 24.50 23.63 13.21 NM NA (2.08) A (1.91) Dec 427 0.0 TT,BP Manhattan Associates, Inc. MANH Q 2 M/GRW 54.65 73.00 77.75 44.14 32.0 1.16 1.52 A 1.71 Dec 4,022 0.0 TT,BP Marketo, Inc. MKTO Q 2 H/GRW 15.53 20.00 33.99 12.86 NM (0.67) (0.61) A (0.49) Dec 752 0.0 TT,BP MiX Telematics Limited ($R) MIXT N 2 H/GRW 3.50 5.00 8.13 3.33 NM NA 0.13 A 0.08 Mar 108 4.0 TT,BP Model N, Inc. MODN N 3 H/GRW 10.10 NM 12.70 9.19 NM (0.41) (0.29) A (0.64) Sep 295 0.0 BP,TT NetSuite, Inc. N N 4 NM 55.26 NM 103.32 51.75 NM 0.32 0.22 A 0.43 Dec 4,459 0.0 TT,BP Paylocity Holding Corporation PCTY Q 2 H/GRW 28.92 44.00 46.90 24.00 NM (0.04) 0.01 A 0.18 Jun 1,553 0.0 TT,BP Q2 Holdings Inc. QTWO N 2 H/GRW 21.14 25.00 30.44 16.44 NM (0.52) (0.37) A (0.36) Dec 901 0.0 TT,BP RingCentral, Inc. RNG N 1 H/GRW 17.90 30.00 25.67 14.42 NM (0.49) (0.13) A 0.05 Dec 1,342 0.0 TT,BP salesforce.com, Inc. CRM N 1 H/GRW 62.52 90.00 82.90 52.60 83.4 0.35 0.53 A 0.75 A Jan 42,701 0.0 TT,BP SciQuest SQI Q 2 H/GRW 11.59 16.00 18.26 9.49 35.1 0.30 0.29 A 0.33 Dec 323 0.0 TT,BP Shopify Inc. SHOP N 2 H/GRW 21.02 30.00 42.13 18.48 NM NA (0.13) A (0.22) Dec 1,846 0.0 TT,BP Tangoe Inc. TNGO Q 3 H/GRW 7.71 NM 14.92 5.84 22.7 0.70 0.34 0.20 Dec 317 0.0 TT,BP Ultimate Software Group Inc. ULTI Q 2 H/GRW 164.97 215.00 216.27 148.26 50.6 2.11 2.65 A 3.26 Dec 4,933 0.0 TT,BP Upland Software, Inc. UPLD Q 2 H/GRW 6.20 9.00 9.72 5.89 NM (0.22) (0.18) (0.09) Dec 97 0.0 TT,BP Workiva Inc. WK N 2 H/GRW 12.25 21.00 18.80 10.92 NM (1.02) (0.88) (0.86) Dec 527 0.0 TT,BP


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Technology & Communications - USA Communications Equipment ADTRAN, Inc. ADTN Q 3 M/GRW 18.75 NM 22.30 13.92 27.6 0.80 0.36 A 0.68 Dec 930 1.9 SL Applied Optoelectronics, Inc. AAOI Q 1 H/GRW 15.97 27.00 22.79 9.98 8.8 0.68 1.03 A 1.82 Dec 244 0.0 SL Arista Networks ANET N 3 H/GRW 67.43 NM 88.56 52.51 23.6 1.58 2.43 A 2.86 Dec 4,567 0.0 SL ARRIS ARRS Q 1 H/GRW 22.87 34.00 37.50 20.27 8.1 2.76 2.16 A 2.84 Dec 3,414 0.0 SL Calix, Inc. CALX N 3 H/GRW 6.81 NM 9.07 5.64 75.7 0.29 0.12 A 0.09 Dec 349 0.0 SL Ciena Corporation CIEN N 2 H/GRW 20.66 24.00 26.50 16.63 15.7 0.54 1.26 A 1.32 Oct 2,227 0.0 SL Cisco Systems CSCO Q 2 M/GRW 26.32 28.00 30.31 22.46 11.3 2.06 2.21 A 2.32 Jul 134,153 4.0 SL CommScope Holding Company, Inc. COMM Q 2 H/GRW 25.22 25.00 34.12 19.37 11.2 2.24 1.86 A 2.26 Dec 4,826 0.0 SL Ericsson ERIC Q 3 M/GRW 9.21 NM 13.14 8.43 11.7 0.67 0.72 A 0.79 Dec 29,942 4.2 SL Extreme Networks, Inc. EXTR Q 3 H/GRW 2.84 NM 4.55 2.11 11.4 0.30 0.06 A 0.25 Jun 286 0.0 SL F5 Networks, Inc. FFIV Q 3 H/GRW 94.30 NM 135.20 86.03 13.4 5.44 6.63 A 7.05 Sep 6,483 0.0 SL Finisar Corporation FNSR Q 2 H/GRW 14.25 18.00 23.38 10.66 15.0 1.53 1.05 A 0.95 Apr 1,522 0.0 SL Gigamon Inc. GIMO N 2 H/GRW 26.30 29.00 34.80 18.93 23.7 0.11 0.81 A 1.11 Dec 944 0.0 SL Harmonic Inc. HLIT Q 4 NM 3.09 NM 7.98 2.92 30.9 0.16 0.10 A 0.10 Dec 235 0.0 SL Infinera Corporation INFN Q 2 H/GRW 15.43 18.00 25.24 13.02 16.6 0.38 0.78 A 0.93 Dec 2,163 0.0 SL Juniper Networks, Inc. JNPR N 3 H/GRW 24.84 NM 32.39 21.49 11.6 1.46 2.04 A 2.14 Dec 9,710 1.6 SL Lumentum Holdings, Inc. LITE Q 3 H/GRW 24.26 NM 26.88 13.97 19.1 0.87 1.10 A 1.27 Jun 1,422 0.0 SL NeoPhotonics Corporation NPTN N 1 H/GRW 10.48 11.00 11.49 3.17 21.8 (0.30) 0.48 0.72 Dec 424 0.0 SL Nokia (r) NOK N 4 NM 6.10 NM 8.37 5.71 22.6 0.25 0.42 A 0.27 Dec 24,077 2.6 SL

Communications Technology Enterprise Communications BroadSoft, Inc. BSFT Q 1 H/GRW 31.08 44.00 40.90 26.99 19.5 1.36 1.59 1.95 Dec 895 0.0 TMC Interactive Intelligence Group Inc. ININ Q 3 H/GRW 29.49 NM 50.39 21.42 NM 0.09 (0.01) A (0.02) Dec 640 0.0 TMC Logitech International SA LOGI Q 3 H/GRW 15.46 NM 16.38 12.37 16.8 0.75 1.09 A 0.92 Mar 2,519 3.3 TMC Plantronics, Inc. PLT N 4 NM 37.42 NM 58.73 32.13 13.5 2.84 3.06 A 2.78 Mar 1,260 1.6 TMC Polycom Inc. PLCM Q 2 H/GRW 10.13 13.00 14.09 8.79 10.1 0.85 0.89 A 1.00 Dec 1,392 0.0 TMC


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Technology & Communications - USA Mobile Devices Alarm.com Holdings ALRM Q 2 H/GRW 17.19 21.00 20.25 10.26 81.9 0.16 0.21 0.16 Dec 783 0.0 TMC Apple Inc. AAPL Q 3 M/GRW 96.10 NM 134.54 92.00 10.8 6.45 9.22 A 8.90 Sep 537,583 2.2 TMC Control4 Corporation CTRL Q 3 H/GRW 7.90 NM 13.20 5.41 11.4 0.53 0.32 A 0.69 Dec 197 0.0 TMC Digi International Inc. DGII Q 3 H/GRW 8.41 NM 13.53 7.70 22.1 0.07 0.26 A 0.38 Sep 216 0.0 TMC FitBit, Inc. FIT N 2 H/GRW 12.33 23.00 51.90 11.91 10.7 0.56 1.07 A 1.15 Dec 2,555 0.0 TMC Garmin Ltd. GRMN Q 2 M/GRW 40.60 44.00 50.79 30.93 18.0 3.10 2.52 A 2.25 Dec 7,703 5.0 TMC GoPro, Inc. GPRO Q 2 H/GRW 11.75 16.00 65.49 9.01 NM 1.32 0.76 A (0.67) Dec 1,717 0.0 TMC Harman International, Inc. HAR N 1 M/GRW 74.01 140.00 149.12 66.20 11.4 4.41 5.71 A 6.52 Jun 5,265 1.9 TMC Mobileye N.V. MBLY N 2 H/GRW 29.23 58.00 64.48 23.57 43.0 0.21 0.48 A 0.68 Dec 6,971 0.0 TMC Motorola Solutions, Inc. MSI N 3 M/GRW 72.84 NM 73.00 56.40 16.0 2.72 3.46 A 4.56 Dec 12,871 2.3 TMC NETGEAR Inc. NTGR Q 2 M/GRW 39.07 46.00 45.76 28.12 14.5 2.54 2.25 A 2.70 Dec 1,379 0.0 TMC Nuance Communications, Inc. NUAN Q 2 H/GRW 19.10 22.00 21.83 13.59 13.2 1.12 1.28 A 1.45 Sep 6,062 0.0 TMC QUALCOMM, Inc. QCOM Q 3 M/GRW 51.52 NM 74.09 42.24 12.9 5.27 4.65 A 4.00 Sep 77,022 3.3 TMC Synchronoss Technologies, Inc. SNCR Q 1 H/GRW 25.71 41.00 52.45 20.33 11.1 1.78 2.24 A 2.32 Dec 1,226 0.0 TMC Ubiquiti Networks, Inc. UBNT Q 3 H/GRW 33.09 NM 37.10 25.50 15.2 2.00 1.97 A 2.18 Jun 2,800 0.0 TMC

Defense Communications Harris Corporation HRS N 2 H/GRW 75.46 90.00 89.78 69.84 13.1 5.00 5.14 A 5.74 Jun 9,388 2.7 CQ HEICO Corporation HEI N 2 H/GRW 54.34 64.00 63.73 47.24 25.5 1.80 1.97 A 2.13 Oct 3,634 0.3 CQ Teledyne Technologies Incorporated TDY N 2 H/GRW 83.01 100.00 111.81 73.66 16.3 5.76 5.45 A 5.10 Dec 2,942 0.0 CQ

Electronic Manufacturing Services Flex FLEX Q 1 H/GRW 10.69 12.50 12.86 8.85 9.4 0.89 1.08 A 1.14 Mar 5,997 0.0 BGA Jabil Circuit, Inc. JBL N 2 H/GRW 20.97 24.00 26.00 16.90 8.4 0.52 2.07 A 2.50 Aug 4,119 1.5 BGA


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Technology & Communications - USA Infrastructure Software Akamai Technologies, Inc. AKAM Q 3 H/GRW 54.78 NM 78.44 39.43 20.4 2.48 2.52 A 2.68 Dec 9,767 0.0 MT Atlassian TEAM Q 2 H/GRW 22.56 27.00 31.46 16.92 72.8 NA 0.31 A 0.31 Jun 5,331 0.0 MT CA Technologies CA Q 3 H/INC 29.51 NM 33.42 25.16 12.3 3.02 2.53 A 2.39 Mar 12,171 3.4 MT Check Point Software Technologies CHKP Q 2 H/GRW 82.80 90.00 88.49 65.09 18.3 3.72 4.17 A 4.53 Dec 15,218 0.0 MT Citrix Systems Inc. CTXS Q 3 H/GRW 69.58 NM 84.17 59.00 14.8 3.30 4.34 A 4.70 Dec 10,703 0.0 MT CommVault Systems Inc. CVLT Q 3 H/GRW 37.36 NM 49.34 29.41 46.7 1.94 1.40 A 0.80 Mar 1,696 0.0 MT FireEye Inc. FEYE Q 3 H/GRW 15.41 NM 55.33 11.35 NM (1.96) (1.61) A (1.29) Dec 3,164 0.0 MT Fortinet Inc. FTNT Q 2 H/GRW 27.30 39.00 50.31 23.16 40.1 0.48 0.51 A 0.68 Dec 4,707 0.0 MT Limelight Networks LLNW Q 4 NM 1.39 NM 4.43 0.90 NM (0.13) (0.11) A 0.00 Dec 142 0.0 MT Microsoft MSFT Q 1 M/GRW 51.36 62.00 56.85 39.72 19.0 NA 2.63 A 2.71 Jun 407,028 2.8 MT MobileIron, Inc. MOBL Q 2 H/GRW 3.31 5.00 9.68 2.81 NM (1.03) (0.71) A (0.50) Dec 265 0.0 MT New Relic, Inc. NEWR N 2 H/GRW 27.11 34.00 40.13 20.39 NM (0.76) (0.85) A (0.84) Mar 1,340 0.0 MT Oracle Corp. ORCL N 2 M/GRW 36.63 41.00 45.24 33.13 14.1 2.87 2.77 A 2.60 May 154,139 1.6 MT Palo Alto Networks PANW N 1 H/GRW 127.94 180.00 200.55 111.09 73.1 0.40 0.86 A 1.75 Jul 10,990 0.0 MT Rapid7, Inc. RPD Q 2 H/SPEC 13.22 16.00 27.45 9.05 NM (2.32) (1.45) A (0.93) Dec 531 0.0 MT Red Hat, Inc. RHT N 2 H/GRW 65.36 95.00 84.44 59.59 35.1 1.49 1.60 A 1.86 Feb 11,936 0.0 MT ServiceNow, Inc. NOW N 1 H/GRW 52.55 80.00 91.28 46.00 83.4 (0.07) 0.40 A 0.63 Dec 8,976 0.0 MT Splunk Inc. SPLK Q 2 H/GRW 36.58 80.00 76.85 29.85 NM NA 0.09 A 0.15 Jan 4,741 0.0 MT Symantec Corp. SYMC Q 2 M/INC 19.29 22.00 26.16 18.31 14.3 1.95 1.88 A 1.35 Mar 12,674 1.6 MT VMware VMW N 3 H/GRW 49.19 NM 93.43 43.25 12.0 3.56 4.07 A 4.11 Dec 20,756 0.0 MT

Internet eCommerce Alibaba Group Holding Ltd. BABA N 2 H/GRW 67.23 85.00 95.06 57.20 24.8 1.90 2.25 A 2.71 Mar 171,437 0.0 AK,JP Amazon.com Inc. AMZN Q 1 H/GRW 554.04 760.00 696.44 365.65 56.5 2.24 6.06 A 9.80 Dec 271,480 0.0 AK,JP CafePress Inc. PRSS Q 4 NM 3.60 NM 5.36 3.02 NM (1.03) (0.37) A (0.21) Dec 62 0.0 AK,JP Chegg, Inc. CHGG N 3 H/GRW 4.12 NM 8.85 3.15 NM (0.75) (0.67) A (0.51) Dec 384 0.0 AK,JP eBay Inc. EBAY Q 3 H/GRW 23.96 NM 29.83 21.52 12.8 1.89 1.83 A 1.87 Dec 28,848 0.0 AK,JP Groupon, Inc. GRPN Q 3 H/GRW 4.20 NM 8.37 2.15 NM 0.13 0.14 A (0.13) Dec 2,578 0.0 AK,JP GrubHub Inc. GRUB N 2 H/GRW 22.79 28.00 47.95 17.77 28.8 0.47 0.68 A 0.79 Dec 1,960 0.0 AK,JP Netflix Inc. NFLX Q 2 H/GRW 91.61 130.00 133.27 58.46 NM 0.62 0.28 A 0.07 Dec 40,089 0.0 JP,AK Shutterfly, Inc. SFLY Q 3 H/GRW 44.25 NM 49.10 35.22 96.2 (0.20) (0.02) A 0.46 Dec 1,624 0.0 AK,JP Shutterstock, Inc. SSTK N 2 H/GRW 34.81 41.00 74.30 25.44 24.0 1.06 1.21 A 1.45 Dec 1,256 0.0 AK,JP Wayfair, Inc. W N 1 H/GRW 40.47 60.00 56.84 21.93 NM (1.39) (0.61) (0.26) Dec 3,401 0.0 AK,JP

Internet & Advertising Technology Criteo S.A. ($E) CRTO Q 2 H/GRW 37.17 48.00 57.30 24.23 22.0 1.12 1.38 A 1.69 Dec 2,322 0.0 JP,AK TubeMogul, Inc. TUBE Q 3 H/GRW 11.82 NM 19.09 9.11 NM (0.22) (0.53) (0.62) Dec 414 0.0 JP,AK Wix.com Ltd. WIX Q 2 H/GRW 19.25 30.00 28.63 14.79 NM (1.06) (0.71) A (0.59) Dec 740 0.0 AK,JP


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Technology & Communications - USA Online Advertising Alphabet, Inc. GOOG Q 2 H/GRW 699.56 900.00 789.87 515.18 20.6 25.14 29.48 A 34.02 Dec 487,593 0.0 AK,JP Angie's List, Inc. ANGI Q 3 H/SPEC 8.34 NM 11.25 3.73 26.1 (0.21) 0.18 A 0.32 Dec 498 0.0 AK,JP Facebook, Inc. FB Q 2 H/GRW 106.88 125.00 117.59 72.00 31.3 1.77 2.28 A 3.41 Dec 307,601 0.0 AK,JP LinkedIn Corp. LNKD N 3 H/GRW 117.70 NM 276.18 98.25 32.4 2.02 2.84 A 3.63 Dec 15,654 0.0 JP,AK Pandora Media, Inc. P N 2 H/GRW 10.14 16.00 22.60 7.10 NM 0.20 0.09 A (0.73) Dec 2,260 0.0 JP,AK Rubicon Project, Inc. RUBI N 2 H/GRW 16.08 20.00 20.59 11.72 19.9 0.20 1.08 A 0.81 Dec 712 0.0 AK,JP Twitter, Inc. TWTR N 2 H/GRW 18.00 25.00 53.49 13.91 34.0 0.15 0.40 A 0.53 Dec 12,652 0.0 AK,JP Yahoo! Inc. YHOO Q 2 H/GRW 30.95 41.00 46.17 26.15 51.6 1.62 0.59 A 0.60 Dec 29,396 0.0 AK,JP Yelp, Inc. YELP N 3 H/GRW 18.75 NM 52.51 14.53 NM 0.48 (0.44) A (0.18) Dec 1,466 0.0 AK,JP Zillow Group, Inc. Z Q 3 H/GRW 20.20 NM 33.62 15.36 NM (0.36) (0.87) A (0.41) Dec 3,919 0.0 AK,JP

Online Travel Ctrip.com International, Ltd. (r) CTRP Q 2 H/GRW 41.53 62.00 57.36 21.54 29.0 0.39 1.43 0.92 Dec 13,273 0.0 JP,AK Expedia, Inc. EXPE Q 2 H/GRW 104.40 130.00 140.51 88.40 20.9 3.98 3.70 A 5.00 Dec 13,990 0.9 JP,AK priceline.com Incorporated PCLN Q 2 H/GRW 1264.21 1400.00 1476.52 954.02 18.1 53.34 58.33 A 69.74 Dec 64,980 0.0 JP,AK TripAdvisor, Inc. TRIP Q 4 NM 60.66 NM 94.00 53.48 32.4 1.93 2.05 A 1.87 Dec 8,917 0.0 JP,AK

IT Hardware and Distribution Arrow Electronics, Inc. ARW N 3 M/GRW 57.23 NM 64.98 45.23 8.7 5.94 6.19 A 6.60 Dec 5,380 0.0 BGA Avnet, Inc. AVT N 3 M/GRW 41.22 NM 47.27 36.42 9.3 4.24 4.49 A 4.45 Jun 5,561 1.6 BGA CDW Corporation CDW Q 2 H/GRW 38.90 44.00 46.92 30.40 12.0 2.37 2.93 A 3.24 Dec 6,617 1.1 BGA EMC Corporation EMC N 1 H/GRW 25.43 29.00 29.24 22.66 13.0 1.90 1.82 A 1.95 Dec 49,538 1.8 BGA Hewlett Packard Enterprise Company HPE N 3 H/GRW 13.53 NM 18.50 11.63 7.2 1.47 1.84 A 1.87 Oct 25,409 1.6 BGA Ingram Micro Inc. IM N 3 H/GRW 35.82 NM 36.50 22.54 13.4 2.56 2.68 3.20 Dec 5,541 1.1 BGA Insight Enterprises, Inc. NSIT Q 4 NM 26.46 NM 32.80 18.26 11.6 2.00 2.12 A 2.28 Dec 990 0.0 BGA NetApp Inc. NTAP Q 3 H/GRW 24.99 NM 39.14 20.66 11.5 2.78 2.70 A 2.18 Apr 7,297 2.9 BGA Nimble Storage NMBL N 3 H/GRW 7.15 NM 32.16 5.64 NM (0.56) (0.58) A (0.47) Jan 577 0.0 BGA PC Connection, Inc. PCCC Q 3 M/GRW 24.38 NM 27.39 19.19 12.8 1.61 1.76 A 1.90 Dec 649 0.0 BGA Pure Storage, Inc. PSTG N 2 H/GRW 12.35 23.00 20.60 11.05 NM NA (0.89) A (0.93) Jan 2,075 0.0 BGA ScanSource, Inc. SCSC Q 2 H/GRW 37.51 44.00 41.95 27.46 13.0 2.54 2.53 A 2.89 Jun 991 0.0 CQ SYNNEX Corporation SNX N 3 H/GRW 93.39 NM 96.92 70.14 13.6 6.16 6.28 A 6.85 Nov 3,680 0.9 BGA Tech Data Corporation TECD Q 3 M/GRW 69.85 NM 79.06 52.93 12.4 4.52 4.97 A 5.63 Jan 2,473 0.0 BGA


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Technology & Communications - USA IT Services and Security IT Services Accenture plc ACN N 3 M/GRW 99.55 NM 109.86 86.40 19.2 4.52 4.82 A 5.19 Aug 64,563 2.2 BG Booz Allen Hamilton Holding Corp. BAH N 2 H/GRW 27.08 35.00 31.34 23.87 16.5 1.63 1.60 A 1.64 Mar 4,059 2.2 BG CACI International Inc. CACI N 2 H/GRW 94.63 106.00 104.09 72.19 16.7 5.38 5.17 A 5.65 Jun 2,328 0.0 BG Computer Sciences Corporation CSC N 2 H/GRW 27.79 35.00 33.66 24.27 11.3 NA 2.24 A 2.47 Mar 3,924 2.0 BG CSRA Inc. CSRA N 2 H/GRW 25.75 34.00 33.44 20.98 12.6 NA 1.77 A 2.05 Mar 4,249 1.6 BG Cubic Corporation CUB N 2 H/GRW 34.77 48.00 54.31 30.11 14.4 2.74 2.79 A 2.41 Sep 938 0.8 BG MAXIMUS Inc. MMS N 2 H/GRW 48.25 64.00 70.00 45.15 19.1 2.10 2.39 A 2.52 Sep 3,131 0.4 BG NCI, Inc. NCIT Q 3 H/GRW 14.30 NM 17.18 9.53 15.2 0.69 0.91 A 0.94 Dec 197 0.0 BG Unisys Corporation UIS N 3 H/SPEC 10.69 NM 24.38 8.15 3.5 2.36 2.26 A 3.05 Dec 534 0.0 BG

Security The ADT Corporation ADT N 3 M/INC 40.09 NM 42.88 24.22 19.2 2.02 1.97 A 2.09 Sep 6,627 2.2 BG AeroVironment Inc. AVAV Q 3 H/GRW 24.94 NM 30.65 19.10 NM 0.60 0.13 A 0.19 Apr 576 0.0 BG Cognex Corporation CGNX Q 2 H/GRW 36.79 36.00 52.48 28.01 36.1 1.24 1.22 A 1.02 Dec 3,122 0.8 BG FLIR Systems FLIR Q 1 H/GRW 31.24 37.00 32.89 25.12 18.3 1.48 1.56 A 1.71 Dec 4,342 1.5 BG iRobot Corporation IRBT Q 3 H/GRW 30.53 NM 37.71 27.55 23.5 1.25 1.47 A 1.30 Dec 904 0.0 BG NIC Inc. EGOV Q 3 H/GRW 17.84 NM 20.90 14.48 26.6 0.59 0.63 A 0.67 Dec 1,171 0.0 BG

Satellite & Space Comtech Telecommunications Corp. (ae) CMTL Q 3 H/GRW 20.23 NM 36.19 17.27 NM 61 51 A 50 Jul 327 5.9 CQ DigitalGlobe, Inc. (ae) DGI N 3 H/GRW 14.63 NM 35.91 11.80 NM 286 337 355 Dec 1,024 0.0 CQ EchoStar Corporation (ae) SATS Q 2 H/GRW 42.64 60.00 55.49 30.86 NM 905 910 A 933 Dec 3,948 0.0 CQ Intelsat S.A. (ae) I N 3 H/GRW 2.17 NM 13.25 2.14 NM 1,959 1,855 A 1,646 Dec 234 0.0 CQ Iridium Communications Inc. (ae) IRDM Q 1 H/GRW 7.49 13.00 11.36 5.85 NM 217 231 256 Dec 711 0.0 CQ KVH Industries KVHI Q 1 H/GRW 9.03 17.00 15.79 8.00 12.4 0.61 0.73 0.99 Dec 141 0.0 CQ ORBCOMM, Inc. (ae) ORBC Q 1 H/GRW 8.57 9.00 8.80 5.27 NM 18 42 53 Dec 604 0.0 CQ Orbital ATK, Inc. OA N 2 H/GRW 85.56 95.00 94.92 56.06 17.8 4.20 4.80 5.51 Dec 5,085 1.4 CQ ViaSat, Inc. (ae) VSAT Q 3 H/GRW 71.19 NM 72.71 56.02 NM 221 345 A 350 Mar 3,479 0.0 CQ

Semiconductors Advanced Micro Devices AMD Q 2 H/GRW 2.02 3.00 3.23 1.61 NM (0.52) (0.84) A (0.39) Dec 1,598 0.0 HM Applied Micro Circuits Corporation AMCC Q 1 H/SPEC 5.68 11.00 8.09 4.69 NM 0.08 (0.22) A (0.13) Mar 474 0.0 HM ARM Holdings plc (r) ARMH Q 2 M/GRW 39.77 62.00 54.82 36.68 26.2 1.18 1.34 A 1.52 Dec 18,779 0.9 HM Atmel Corporation ATML Q 3 M/GRW 8.10 NM 10.50 5.84 25.3 0.39 0.32 0.40 Dec 3,458 2.0 HM Cavium Inc. CAVM Q 1 H/GRW 57.42 84.00 77.42 45.59 NM (0.29) (0.31) A 0.56 Dec 3,428 0.0 HM Intel Corporation INTC Q 4 NM 29.19 NM 35.59 24.87 14.1 2.32 2.33 A 2.07 Dec 142,330 3.6 HM Marvell Technology Group, Ltd. MRVL Q S NM 9.49 NM 16.74 7.40 NM 1.02 1.15 A UR Jan 4,912 2.5 HM Micron Technology, Inc. MU Q 2 H/GRW 10.64 17.00 31.50 9.31 38.0 3.23 2.70 A 0.28 Aug 11,544 0.0 HM NVIDIA Corporation NVDA Q 1 H/GRW 31.82 40.00 33.94 19.09 29.7 0.74 1.12 A 1.07 A Jan 18,869 1.4 HM SanDisk Corp. SNDK Q 3 H/GRW 69.90 NM 87.43 44.28 34.4 4.23 1.85 A 2.03 Dec 14,385 1.7 HM Xilinx, Inc. XLNX Q 1 M/GRW 47.58 60.00 50.72 38.70 23.4 2.19 2.35 A 2.03 Mar 12,847 2.6 HM


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Technology & Communications - USA Telecommunications Services Towers American Tower (af) AMT N 1 H/GRW 89.03 121.00 104.12 83.07 17.5 4.54 5.09 5.59 Dec 37,704 2.2 RP Crown Castle International (af) CCI N 2 M/INC 86.30 94.00 88.18 75.71 18.1 3.97 4.30 A 4.77 Dec 28,652 5.2 RP SBA Communications (af) SBAC Q 1 H/GRW 95.70 129.00 128.47 82.80 16.9 5.22 5.67 6.00 Dec 12,358 0.0 RP

Wireless America Movil, S.A.B. de C.V. (is, r, vf) AMX N 3 M/GRW 13.14 NM 22.38 11.87 14.4 1.18 1.11 A 0.91 Dec 47,120 2.5 RP Atlantic Tele-Network, Inc. (vf) ATNI Q 2 M/GRW 78.68 81.00 83.80 63.44 28.3 3.39 2.78 2.20 Dec 1,263 1.6 RP DISH Network Corp. DISH Q 3 H/GRW 46.42 NM 77.97 38.85 18.9 2.04 1.61 A 2.45 Dec 21,547 0.0 RP Landmark Infrastructure Partners L.P. (y) LMRK Q 1 M/INC 14.45 20.00 19.19 10.54 10.4 0.15 1.30 A 1.39 Dec 199 9.0 RP NTELOS Holdings Corp. (vf) NTLS Q 4 NM 9.19 NM 9.35 4.25 NM (0.08) (1.07) (0.93) Dec 205 0.0 RP Shenandoah Telecommunications Co. (vf) SHEN Q 2 M/GRW 22.88 26.50 25.67 13.82 25.7 1.10 0.89 (0.57) Dec 1,108 1.0 RP Sprint Corp. (f, vf) S N 3 H/GRW 3.05 NM 5.45 2.18 NM (0.46) (0.23) (0.50) Mar 12,029 0.0 RP Telephone and Data Systems, Inc. (vf) TDS N 1 H/GRW 25.60 44.00 30.76 20.83 28.1 (1.78) (0.44) A 0.91 Dec 2,784 2.2 RP T-Mobile US Inc. (vf) TMUS Q 2 H/GRW 36.78 41.00 43.43 31.19 14.7 0.03 1.03 A 2.50 Dec 28,026 0.0 RP U.S. Cellular (vf) USM N 1 H/GRW 39.86 50.00 43.49 32.72 NM (2.74) (0.88) A 0.08 Dec 3,357 0.0 RP

Wireline AT&T Inc. T N 2 M/INC 37.10 39.00 37.12 30.97 13.1 2.50 2.70 A 2.83 Dec 229,538 5.2 FGL Cablevision Systems Corp. (fc) CVC N 4 NM 32.37 NM 33.28 17.66 22.5 1.40 1.44 1.47 Dec 8,956 0.0 FGL CenturyLink CTL N 2 M/INC 30.01 34.00 38.33 21.94 11.5 2.61 2.72 A 2.61 Dec 16,628 7.2 FGL Charter Communications, Inc. (fc) CHTR Q 2 H/GRW 175.79 210.00 199.00 156.13 18.7 1.58 8.53 A 9.41 Dec 20,058 0.0 FGL Cincinnati Bell Inc. CBB N 2 H/GRW 3.20 4.00 4.16 2.80 NM 0.31 0.07 A 0.03 Dec 672 0.0 FGL Cogent Communications Holdings Inc. (fa) CCOI Q 2 H/GRW 34.50 38.00 38.74 25.84 62.7 0.09 0.55 1.29 Dec 1,559 3.9 FGL Comcast Corp. CMCSA Q 1 M/GRW 58.40 70.00 64.99 50.01 16.6 2.93 3.25 A 3.51 Dec 144,890 1.9 FGL Communications Sales & Leasing, Inc. (af) CSAL Q 2 H/INC 17.14 22.00 34.63 15.13 9.6 NA 1.78 2.60 Dec 2,568 14.0 FGL Consolidated Communications Holdings CNSL Q 3 M/INC 21.03 NM 24.18 17.76 29.2 0.92 0.72 0.67 Dec 1,062 7.4 FGL CyrusOne Inc. (af) CONE Q 1 H/GRW 38.64 44.00 38.82 28.88 15.2 1.71 2.31 A 2.55 Dec 2,805 3.9 FGL,WAC Equinix (af) EQIX Q 1 H/GRW 295.01 335.00 318.36 212.72 20.0 13.33 13.68 A 14.72 Dec 21,005 2.4 FGL Frontier Communications Corp. FTR Q 2 M/INC 5.30 6.00 8.12 3.81 NM 0.19 0.13 A (0.15) Dec 6,159 7.9 FGL Inteliquent IQNT Q 2 H/INC 16.96 24.00 23.20 14.31 12.9 1.16 1.12 A 1.31 Dec 575 3.5 FGL Internap Network Services Corp. INAP Q 2 H/GRW 2.26 5.00 10.75 1.79 NM (0.77) (0.94) A (0.88) Dec 126 0.0 FGL InterXion Holding NV ($E) INXN N 3 H/GRW 30.44 NM 32.63 25.85 NM 0.46 0.50 0.57 Dec 2,120 0.0 FGL Level 3 Communications Inc. (fc) LVLT N 3 H/GRW 48.66 NM 57.08 40.86 17.3 1.21 1.81 A 2.82 Dec 17,320 0.0 FGL Rackspace Hosting RAX N 1 H/GRW 19.42 28.00 56.20 15.05 21.6 0.77 0.90 A 0.90 Dec 2,606 0.0 FGL Time Warner Cable Inc. TWC N 2 H/GRW 189.86 210.00 194.22 145.44 25.8 7.57 6.63 A 7.35 Dec 54,395 1.6 FGL Verizon Communications VZ N 2 M/INC 50.82 55.00 51.20 38.06 12.8 3.43 3.99 A 3.97 Dec 207,498 4.4 FGL Windstream Holdings Inc. WIN Q 2 H/INC 6.61 7.00 13.70 4.42 NM 0.61 (1.19) (2.80) Dec 656 9.1 FGL Zayo Group Holdings, Inc. (fc) ZAYO N 1 H/GRW 23.73 34.00 29.69 19.59 65.9 1.04 0.29 A 0.36 Jun 5,809 0.0 FGL


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Technology & Communications - USA Transaction Processing ACI Worldwide, Inc. ACIW Q 4 NM 18.33 NM 25.80 15.07 22.6 0.72 0.81 0.72 Dec 2,168 0.0 WJ Alliance Data Systems Corp. ADS N 2 H/GRW 210.76 246.00 312.00 176.63 12.5 12.61 15.05 A 16.85 Dec 12,882 0.0 WJ Blackhawk Network Holdings, Inc. HAWK Q 2 H/GRW 34.01 43.00 48.40 29.91 13.5 1.77 2.33 A 2.51 Dec 1,935 0.0 WJ Bottomline Technologies EPAY Q 2 H/GRW 27.74 34.00 31.58 21.64 18.2 1.28 1.44 A 1.52 Jun 1,051 0.0 WJ CPI Card Group Inc. PMTS Q 2 H/GRW 7.58 13.00 13.50 7.35 7.9 0.40 0.83 A 0.96 Dec 428 0.0 WJ DH Corporation DH T 1 M/INC C$35.59 45.00 44.14 28.52 13.4 2.34 2.56 A 2.65 Dec 3,776 3.6 WJ Fidelity National Information Services FIS N 2 M/GRW 59.18 68.00 73.60 55.11 15.8 3.10 3.22 A 3.75 Dec 16,695 1.8 WJ FleetCor Technologies FLT N 2 H/GRW 128.12 140.00 165.67 107.56 19.7 5.15 6.30 A 6.50 Dec 12,095 0.0 WJ Global Payments Inc. GPN N 3 M/GRW 61.89 NM 74.64 43.84 21.2 2.06 2.52 A 2.92 May 8,070 0.1 WJ Heartland Payment Systems HPY N 3 M/GRW 94.25 NM 96.47 46.80 28.3 1.36 2.97 A 3.33 Dec 3,481 0.4 WJ Intuit Inc. INTU Q 3 M/GRW 98.83 NM 109.21 79.63 28.5 3.49 2.64 A 3.47 Jul 26,092 1.2 WJ MasterCard, Inc. MA N 3 M/GRW 86.42 NM 101.76 74.61 24.9 3.10 3.43 A 3.47 Dec 96,445 0.9 WJ OnDeck Capital, Inc. ONDK N 3 H/GRW 6.31 NM 23.83 6.22 NM (0.09) 0.13 A 0.05 Dec 441 0.0 WJ PayPal Holdings, Inc. PYPL Q 2 H/GRW 36.47 40.00 42.55 30.00 24.8 1.07 1.28 A 1.47 Dec 44,639 0.0 WJ Vantiv, Inc. VNTV N 2 M/GRW 51.45 54.00 53.46 35.85 19.9 1.87 2.24 A 2.58 Dec 10,213 0.0 WJ Verifone Systems, Inc. PAY N 1 H/GRW 23.79 31.00 39.25 20.14 10.8 1.51 1.83 A 2.20 Oct 2,681 0.0 WJ Visa, Inc. V N 3 M/GRW 71.85 NM 81.01 60.00 26.7 2.19 2.62 A 2.69 Sep 172,859 0.8 WJ


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

IT Hardware Avigilon Corporation AVO T 2 H/GRW C$12.41 19.00 25.62 11.20 15.1 0.80 0.82 1.19 Dec 565 0.0 SLi Baylin Technologies Inc. BYL T 2 H/GRW C$1.85 3.25 4.45 1.28 NM (0.75) (0.69) 0.05 Dec 35 0.0 SLi BlackBerry (f) BBRY Q 3 H/GRW US$7.34 8.00 11.45 5.96 NM (1.35) (0.09) A (0.38) Feb 3,854 0.0 SLi DragonWave DRWI Q UR H/GRW US$2.10 NM 22.50 1.40 NM (1.01) (0.32) A (0.28) Feb 158 0.0 SLi Evertz Technologies Ltd. (f) ET T 2 M/GRW C$17.15 19.00 18.65 13.29 18.6 0.85 0.87 A 0.92 Apr 1,283 4.2 SLi Lumenpulse Inc. LMP T 2 H/GRW C$16.11 18.00 19.19 12.02 43.5 (0.38) 0.07 A 0.37 Apr 403 0.0 SLi Sierra Wireless SWIR Q 3 H/GRW US$12.05 15.00 39.44 9.69 15.6 0.63 0.80 A 0.77 Dec 389 0.0 SLi UrtheCast Corp. UR T 2 H/GRW C$1.22 7.00 4.99 0.99 NM (0.09) (0.32) (0.07) Dec 125 0.0 SLi

Software/IT Services CGI Group GIB.A T 2 M/GRW C$57.00 65.00 61.50 42.49 16.3 2.80 3.13 A 3.49 Sep 18,023 0.0 SLi The Descartes Systems Group Inc. DSGX Q 2 M/GRW US$16.74 21.00 20.74 14.35 26.6 0.54 0.57 A 0.63 Jan 1,277 0.0 SLi MacDonald Dettwiler & Associates MDA T 3 M/GRW C$87.88 93.00 101.42 70.55 13.7 5.76 6.08 A 6.41 Dec 3,190 1.7 SLi NexJ Systems Inc. NXJ T 3 H/GRW C$2.00 2.50 2.94 1.21 NM (0.59) (0.04) A (0.12) Dec 41 0.0 SLi Open Text OTEX Q 2 M/GRW US$48.89 60.00 59.54 36.65 13.0 3.37 3.46 A 3.75 Jun 5,955 1.6 SLi Redknee Solutions Inc. RKN T 3 H/GRW C$1.69 3.00 5.23 1.33 21.1 (0.01) 0.13 A 0.08 Sep US$184 0.0 SLi


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

Telecommunications Services Bouygues BOUY.PA EPA 2 €34.68 40.00 39.24 30.06 23.1 1.45 1.50 1.50 Dec 11,720 4.6 SB BT BT.L L 4 458p 423 503 404 14.8 28.00 32.00 A 31.00 Mar £45,597 3.1 SB Deutsche Telekom DTE.DE ETR 2 €15.12 16.60 17.63 13.50 18.4 0.54 0.82 0.89 Dec 69,676 3.6 SB Iliad ILD.PA EPA 3 €217.50 NM 237.95 173.05 34.7 4.91 6.26 6.54 Dec 12,833 0.2 SB KPN KPN.AS AMS 2 €3.32 3.90 3.66 2.98 36.9 (0.03) 0.09 0.12 Dec 14,141 3.3 SB Mobistar MSTAR.BR EBR 3 €18.74 NM 22.75 14.43 36.0 1.05 0.52 0.91 Dec 1,124 0.0 SB Orange ORA.PA EPA 3 €15.56 NM 16.98 12.21 15.4 0.64 0.87 A 1.01 Dec 41,205 3.9 SB Proximus PROX.BR EBR 2 €30.06 35.00 35.88 27.86 16.8 1.71 1.79 1.75 Dec 9,679 5.0 SB Sky SKY.L L 4 1,006p 910 1,180 954 16.4 60.00 56.00 A 61.30 Jun £17,293 3.3 SB TalkTalk Telecom Group TALK.L L 1 218p 302 415 184 20.9 14.00 8.20 A 10.40 Mar £2,019 7.3 SB Telecom Italia TLIT.MI BIT 2 €0.87 1.29 1.32 0.80 17.4 0.06 0.05 0.06 Dec 15,864 0.0 SB Telefonica TEF.MC MCE 3 €8.97 NM 13.90 8.48 13.2 0.80 0.68 0.63 Dec 43,633 8.4 SB Telenet Group TNET.BR EBR 3 €47.16 NM 57.00 41.45 27.3 1.48 1.65 A 1.73 Dec 5,518 0.0 SB TeliaSonera AB TLSN.ST STO 3 SEK38.36 NM 55.85 37.04 9.8 3.63 3.93 3.51 Dec 166,099 7.8 SB Vivendi VIV.PA EPA 3 €18.03 NM 24.83 16.30 34.7 0.46 0.52 0.47 Dec 24,244 11.1 SB Vodafone VOD.L L 3 211p NM 258 198 54.1 17.40 5.50 A 3.90 Mar £55,985 5.5 SB

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

Telecom & Media Grupo Clarin S.A. GCLA BA S NM AR$142.00 NM 148.00 59.00 NM 2.80 NA NA Dec 40,813 0.7 FRM,FS

Telecommunications Services Telecom Argentina S.A. (ed, r) TEO N S H/SPEC US$17.78 NM 26.39 13.36 NM 1.70 1.38 A UR Dec 3,446 4.4 FS,FRM


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

Savanthi Syth, CFA [email protected]

Airlines Hybrid Carriers Alaska Air Group ALK N 1 H/GRW 73.60 105.00 87.17 58.15 9.8 4.18 6.52 A 7.50 Dec 9,213 1.5 SS Copa Holdings, S.A. (is) CPA N 3 H/INC 60.14 NM 118.90 39.03 12.2 10.92 4.93 4.40 Dec 2,646 5.6 SS LATAM Airlines Group S.A. (is, r) LFL N 4 NM 5.77 NM 10.67 4.35 33.9 0.18 0.17 0.35 Dec 3,148 0.0 SS Virgin America Inc. VA Q 3 H/GRW 30.91 NM 39.20 26.30 8.5 2.48 4.54 A 3.65 Dec 1,379 0.0 SS

Legacy Carriers American Airlines Group, Inc. AAL Q 3 H/GRW 40.66 NM 56.05 34.10 6.5 5.71 9.12 A 6.30 Dec 27,689 1.0 SS Delta Air Lines, Inc. DAL N 2 H/GRW 48.94 60.00 52.77 34.61 7.5 3.38 4.64 A 6.50 Dec 38,114 1.1 SS United Continental Holdings, Inc. UAL N 2 H/GRW 56.26 62.00 70.79 42.17 6.9 5.06 11.88 A 8.20 Dec 20,513 0.0 SS

Transportation

USA Canada Europe

Airlines ........................................................................ 77

Hybrid Carriers ........................................................ 77

Legacy Carriers ........................................................ 77

Low Cost Carriers ..................................................... 78

Regional Carriers ..................................................... 78

Transportation Services .............................................. 78

Intermodal and Asset-Light Logistics ....................... 78

Leasing ..................................................................... 78

Parcel Carriers ......................................................... 78

Railroad ................................................................... 78

Transportation Equipment & Supplies .................... 78

Trucking (Truckload and LTL) ................................... 79

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

Railroads ..................................................................... 79

Transportation & Logistics .......................................... 79

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


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Transportation - USA Low Cost Carriers Allegiant Travel Co. ALGT Q 3 H/GRW 164.71 NM 238.13 134.64 11.6 6.34 12.93 A 14.25 Dec 2,784 0.7 SS GOL Linhas Aereas Inteligentes S.A. (r) GOL N 3 H/GRW 0.49 NM 3.75 0.24 NM (0.65) (0.91) (0.90) Dec 146 0.0 SS JetBlue Airways JBLU Q 2 H/GRW 23.37 29.00 27.36 15.56 9.5 0.74 1.98 A 2.47 Dec 8,028 0.0 SS Ryanair Holdings plc (is, r) RYAAY Q 2 M/GRW 82.73 95.00 88.24 63.66 15.7 2.45 4.25 A 5.26 Mar 21,990 0.0 SS Southwest Airlines Co. LUV N 3 H/GRW 41.36 NM 51.34 31.36 10.1 2.02 3.53 A 4.10 Dec 27,943 0.7 SS Spirit Airlines, Inc. SAVE Q 3 H/GRW 47.03 NM 82.12 32.73 11.1 3.23 4.36 A 4.25 Dec 3,381 0.0 SS

Regional Carriers SkyWest, Inc. SKYW Q 2 H/GRW 17.02 22.00 21.90 12.20 7.7 0.51 1.99 A 2.20 Dec 863 0.9 SS

Transportation Services Intermodal and Asset-Light Logistics C.H. Robinson Worldwide CHRW Q 2 M/GRW 70.23 73.00 76.18 59.71 18.5 3.05 3.51 A 3.79 Dec 10,120 2.4 TB Expeditors International of Washington, Inc. EXPD Q 3 M/GRW 45.47 NM 51.80 40.41 18.8 1.92 2.40 A 2.42 Dec 8,466 1.6 AH,TB Forward Air Corporation FWRD Q 3 H/GRW 40.63 NM 57.65 36.00 17.1 1.96 2.09 A 2.38 Dec 1,251 1.2 AH,TB Hub Group, Inc. HUBG Q 3 H/GRW 36.33 NM 44.00 28.19 16.5 1.73 2.01 A 2.20 Dec 1,319 0.0 TB,AH J.B. Hunt Transport Services, Inc. JBHT Q 3 H/GRW 75.80 NM 93.50 63.58 18.7 3.16 3.66 A 4.06 Dec 8,717 1.2 TB Landstar System, Inc. LSTR Q 3 M/GRW 58.38 NM 73.60 53.03 17.2 3.07 3.37 A 3.40 Dec 2,476 0.5 TB,AH Roadrunner Transportation Systems, Inc. RRTS N 3 H/GRW 11.68 NM 28.51 6.39 8.3 1.36 1.25 A 1.40 Dec 447 0.0 AH XPO Logistics, Inc. XPO N 2 H/GRW 27.55 43.00 50.96 18.04 NM (1.01) (0.59) 0.94 Dec 3,774 0.0 TB,AH

Leasing GATX Corporation GMT N 2 M/INC 41.59 54.00 63.36 33.53 7.8 4.48 5.37 A 5.32 Dec 1,762 3.8 AH Ryder System, Inc. R N 1 M/INC 56.39 91.00 100.64 45.12 9.2 5.60 6.13 A 6.16 Dec 3,016 2.9 AH TAL International Group, Inc. TAL N 3 H/INC 11.30 NM 43.35 8.15 3.8 3.80 2.97 2.58 Dec 376 15.9 AH Textainer Group Holdings Limited TGH N 3 H/INC 11.22 NM 33.57 7.13 8.8 2.86 1.91 A 1.28 Dec 640 8.6 AH

Parcel Carriers FedEx Corporation FDX N 3 M/GRW 133.49 NM 185.19 119.71 13.0 6.75 8.92 A 10.28 May 37,764 0.7 AH,TB United Parcel Service UPS N 3 M/INC 96.87 NM 107.32 87.30 16.7 4.75 5.43 A 5.80 Dec 94,642 3.2 AH,TB

Railroad CSX Corp. CSX Q 3 M/GRW 24.49 NM 37.67 21.33 12.6 1.92 2.00 A 1.94 Dec 23,829 2.9 TB Genesee & Wyoming Inc. GWR N 1 H/GRW 55.77 63.00 105.49 41.56 15.1 4.10 3.68 A 3.70 Dec 3,229 0.0 TB,AH Kansas City Southern KSU N 1 H/GRW 81.17 85.00 120.45 62.20 17.5 4.82 4.49 A 4.65 Dec 8,823 1.6 TB,AH Norfolk Southern Corp. NSC N 3 M/GRW 73.94 NM 111.76 64.51 13.6 6.39 5.10 A 5.45 Dec 22,212 3.2 TB,AH Union Pacific Corp. UNP N 1 M/GRW 80.09 85.00 123.13 67.06 14.6 5.75 5.49 A 5.50 Dec 68,013 2.7 TB,AH

Transportation Equipment & Supplies American Railcar Industries, Inc. ARII Q 4 NM 37.25 NM 60.42 33.02 9.5 4.72 6.43 A 3.93 Dec 745 4.3 AH Fortress Transportation & Infrastructure Investors LLC FTAI N 1 H/INC 8.94 18.00 19.20 8.78 59.6 0.39 0.15 0.41 Dec 677 14.8 AH The Greenbrier Companies, Inc. GBX N 4 NM 23.44 NM 66.50 19.89 4.1 3.08 6.10 A 5.68 Aug 670 3.4 AH Rush Enterprises, Inc. RUSHA Q 3 H/GRW 16.68 NM 29.44 14.19 12.8 1.96 1.61 A 1.30 Dec 673 0.0 AH Trinity Industries, Inc. TRN N 4 NM 15.64 NM 37.15 14.94 7.6 4.19 5.08 A 2.05 Dec 2,390 2.8 AH Wabtec Corporation WAB N 2 M/GRW 67.39 87.00 105.10 60.28 14.8 3.62 4.10 A 4.55 Dec 6,189 0.5 AH


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Transportation - USA Trucking (Truckload and LTL) ArcBest Corp. ARCB Q 1 H/GRW 19.70 31.00 43.68 16.43 12.7 1.81 1.77 A 1.55 Dec 509 1.6 AH,TB Celadon Group, Inc. CGI N 1 H/GRW 9.12 22.00 29.15 6.19 7.7 0.93 1.52 A 1.18 Jun 254 0.9 AH Heartland Express, Inc. HTLD Q 3 H/GRW 18.95 NM 25.55 15.36 22.0 0.96 0.84 A 0.86 Dec 1,632 0.4 AH Knight Transportation, Inc. KNX N 1 H/GRW 25.06 30.00 34.73 20.56 17.5 1.25 1.47 A 1.43 Dec 2,028 1.0 AH Marten Transport, Ltd. MRTN Q 3 H/GRW 16.57 NM 24.92 14.62 14.8 0.89 1.06 A 1.12 Dec 550 0.6 AH Old Dominion Freight Line, Inc. ODFL Q 3 H/GRW 63.42 NM 80.96 48.92 16.5 3.10 3.57 A 3.85 Dec 5,389 0.0 AH,TB Saia, Inc. SAIA Q 1 H/GRW 25.82 36.00 47.00 18.28 11.7 2.04 2.16 A 2.20 Dec 649 0.0 AH,TB Swift Transportation Company SWFT N 1 H/GRW 17.69 27.00 28.90 11.74 11.1 1.38 1.50 A 1.60 Dec 2,455 0.0 AH Werner Enterprises, Inc. WERN Q 1 H/GRW 26.69 34.00 33.42 20.91 14.8 1.37 1.71 A 1.80 Dec 1,922 0.9 AH YRC Worldwide Inc. YRCW Q 1 H/GRW 7.91 26.00 21.37 6.25 5.7 (2.33) 0.02 A 1.38 Dec 254 0.0 AH,TB

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

Airlines Air Canada AC T 4 H/GRW C$7.15 5.00 15.09 6.81 3.2 0.34 4.18 A 2.23 Dec 2,074 0.0 BC WestJet Airlines WJA T 3 H/INC C$16.31 17.50 30.90 14.67 7.6 2.46 2.90 A 2.15 Dec 2,022 3.4 BC

Railroads Canadian National Railway CNR T 3 M/GRW C$78.87 78.00 88.62 66.62 16.8 3.76 4.45 A 4.70 Dec 63,837 1.6 SH Canadian Pacific Railway, LTD CP T 2 M/GRW C$164.79 185.00 245.05 140.02 14.5 8.50 10.12 A 11.40 Dec 26,333 0.8 SH

Transportation & Logistics CanWel Building Materials Group Ltd. CWX T 2 H/INC C$4.11 6.00 6.25 3.70 12.8 0.47 0.32 0.52 Dec 173 13.6 SH


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

Airlines Air France-KLM AIRF.PA EPA 2 €8.19 9.70 8.59 5.52 3.3 (0.67) 0.34 A 2.46 Mar 2,456 0.0 JR easyJet plc EZJ.L L 2 1,514p 1,950 1,916 1,458 10.1 114.50 139.10 A 149.80 Sep £6,011 4.0 JR IAG IAG.MC MAD 3 €6.68 NM 8.72 6.01 8.5 0.48 0.79 0.93 Mar 13,506 3.0 JR Lufthansa LHAG.DE ETR 3 €13.28 NM 15.41 10.25 6.6 0.12 2.02 2.15 Dec 6,173 3.4 JR


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

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

Senior Managing Director,

Director of Equity Research

Brian G. Alexander, CFA

(727) 567-2312

Deputy Director of Equity Research

Shawn Borgeson

(727) 567-2571

Managing Director,

Product Development

Mercedes S. van Woerkom (727) 567-2601

Managing Director, Equity Research

Consumer

Budd Bugatch, CFA (727) 567-2527

Director of Furnishings Research

Joseph Altobello, CFA (212) 883-4606

Household & Personal Care Products

Sam Darkatsh (727) 567-2537

Home & Building Products

Joseph D. Hovorka

(404) 442-5863

Entertainment & Leisure

Brian M. Vaccaro, CFA

(404) 442-5866

Restaurants

Dan Wewer, CFA (404) 442-5846

Hardline Retailers

Benjamin P. Brownlow

(404) 442-5859

Convenience Stores

Energy (800) 945-6275

J. Marshall Adkins

Director of Energy Research

John Freeman, CFA

Exploration & Production

Darren Horowitz

Midstream Suppliers

Pavel Molchanov

Integrated Oil & Gas/ Renewable

Energy & Clean Technology/


Kevin C. Smith


Benjamin P. Brownlow

(404) 442-5859

Midstream Suppliers

Justin Jenkins

Independent Refiners/

Midstream Suppliers

Praveen Narra

Oilfield Services

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

Banking

Robert J. Dodd, Ph.D.

(901) 579-4560

Specialty Finance

David J. Long, CFA

(312) 612-7685

Banking

Patrick J. O'Shaughnessy, CFA

(312) 612-7687

Capital Markets

C. Gregory Peters (727) 567-1534

Insurance Technology & Brokerage/

Non-Life Insurance

Michael Rose (312) 655-2940

Banking

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

Life & Health Insurance/

Asset Management

William J. Wallace IV (301) 657-1548

Banking

Donald A. Worthington (415) 538-5733

Banking

Healthcare John W. Ransom (727) 567-2593

Director of Healthcare Research

Michael J. Baker (727) 567-2499

Benefits Management/Pharma Services

Jayson Bedford (727) 567-2565

Medical Devices

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

Biotechnology

Nicholas Jansen (727) 567-2446

Healthcare Information

Technology/Diagnostics

Lawrence S. Keusch (617) 897-8992

Hospital Supplies & Equipment

Christopher Raymond (312) 655‐2672

Biotechnology

Elliot Wilbur, CFA (212) 856-4897

Specialty Pharmaceuticals

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

Waste & Industrial Services

Sam Darkatsh (727) 567-2537

Specialty Distribution

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

Chief Economist

Jeffrey D. Saut (727) 567-2644

Chief Investment Strategist

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

Director of Real Estate Research

William A. Crow (727) 567-2594

Lodging/REITs

Buck Horne, CFA (727) 567-2561

Housing/REITs

Collin Mings, CFA (727) 567-2585

REITs

Jonathan Hughes, CFA (727) 567-2438 REITs

Technology & Communications

Brian G. Alexander, CFA

(727) 567-2312

Director of Technology Research

Ric Prentiss (727) 567-2567

Director of Telecommunications

Services Research

Brian Gesuale (727) 567-2287

IT Services & Security

Wayne Johnson (404) 442-5837

Transaction Processing

Aaron Kessler, CFA (415) 616-8959

Internet

Simon M. Leopold (212) 856-5464

Communications Equipment

Frank G. Louthan IV (404) 442-5867

Telecommunications Services

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

Communications Technology

Hans C. Mosesmann (727) 567-2498

Semiconductors

Chris Quilty (727) 567-2602

Defense Communications/Satellite & Space

J. Steven Smigie (212) 856-4893

Analog & Communications

Semiconductors

Terry Tillman (404) 442-5825

Application Software

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

Infrastructure Software

Justin Patterson, CFA (415) 616-8035

Internet

Brian Peterson, CFA (404) 442-5888

Application Software

Transportation

Patrick Tyler Brown, CFA

(404) 442-5803

Transportation Services

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

Transportation Services

Savanthi Syth, CFA (727) 567-5274

Airlines


U.S. Equity Capital Markets – Sales & Trading

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

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

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

Institutional Sales St. Petersburg (800) 237-5643

Shawn Borgeson (727) 567-2571

Sarah Concannon (727) 567-2686

Ken Corn (727) 567-2282

Nick Digirolamo (727) 567-2280

Mark Fote (727) 567-2439

Peter L. Gairing (727) 567-2530

Eric Kirby (727) 567-2570

Kevin McElligott (727) 567-2597

Ted Mortonson (727) 567-2285

Mark Ranney (727) 567-1850

David Schaffer (727) 567-2598

Patrick Sauve (727) 567-2526

Dana Williams (727) 567-2278

Jamie Zingaretti (727) 567-2576

Atlanta

Mark Starner (404) 442-5862

Dudley Stephens (404) 442-5828

Boston

Ryan Bagley (617) 897-8965

Dave Hodges (617) 897-8961

John Leffel (617) 897-8967

Chicago

Bill Sammon, Manager (312) 655-2959

Lou Coines (312) 655-2964

Miranda Davidson (312) 655-2948

Rick Glaisner (312) 612-7672

Lonnie Hatcher (312) 612-7673

Chris Lambert (312) 655-2974

Anthony LanFranca (312) 655-2961

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

Tim Murnane (312) 655-2988

Andrew K. Northwick (312) 612-7675

Chris Palermo (312) 655-2967

Leigh Pollak (312) 612-7744

Todd Raclaw (312) 655-2975

Bob Stocking (312) 612-7674

Los Angeles

Mark Hamilton (310) 414-5209

Rob Marckel (310) 414-5201

New York

George Billington (212) 297-5607 Jason Gefaell (212) 672-6828

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

Institutional Sales (continued) New York

Susan Lione (212) 856-4886

Carol McCarthy (212) 297-5605

Tom Nevitt (212) 297-5608

Gene Pennell (212) 297-5606

Craig Sapuppo (212) 297-5602

Kelly Schaeffer (212) 856-4887

Rod Spiegel (212) 297-5610

Nick Zager (212) 297-5615

San Francisco

John Cavender (415) 538-5725

Douglas Deubel (888) 734-0540

Zachary Taylor (415) 616-8944

International Institutional Sales & Trading Desk

Byron Mitson, Head of Agency/

Retail Trading (800) 564-3678

St. Petersburg

(727) 567-2100

Sharon Agudio

Ted Powell

Mike Tagliarini

Memphis

(800) 564-3678

Tony Johnson

Kenny McClain

Corporate & Executive Services (727) 567-8092

Jeff Fordham

Jeanna Bryan

Rachel Jallick

Nicole Middents

Dakota Rockwell

Scott Warnock

Principal Trading (212) 599-6800

Kenneth Bollinger

Eric Braunstein

Earl Johnson

Jesse Lubarsky

Adam Lustig

Ray Moore

Christian O’Brien

Kevin Prunty

Doug Shapiro

Brandon Veldman

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

Trading (212) 856-5477

St. Petersburg (727) 567-2100

Ross Barone

Jake Shumacker

Tom Del Zoppo

Boston (617) 423-5607

Steve Svensen

Brendan Moses

Thomas Ward

Chicago (312) 655-2990

Jeff Grimm

Randy Mrozek

Jeff Snower

New York (212) 599-6800

Jacqueline Britt

Craig Bugniazet

Michael Cannon

Brian Cohan

Paul Cornette

Michael Dalfonzo

John Gilmartin

Mark Koczan

Gary Muehlemann

Vincent Sgherza

Nick Shepard

Eric Siefert

Neil Vankawala

San Francisco

Michael Christian (415) 616-8933

Michael Schwarz (415) 616-8096

Agency/Retail Trading Byron Mitson,

Head of Agency/

Retail Trading

(800) 564-3678

St. Petersburg (727) 567-6466

Scott Brown

Renee Hollingsworth

Justin Miller

James Nielsen

Allen Spence

Memphis (800) 564-3678

Darin Butler

Krystal Butler

Kevin Floyd

Marilyn Hiner

Tony Johnson

Kenny McClain


Strategic Options Desk (212) 856-5400

Ryan Sylvester, Co-head

Adam Templeton, Co-head

Colin Drowica

Geoff Gaiss

Jeffrey Jacobson

Darius Kirksey

Andrew Kramer

Alec Levine

Rob Mabry

Brad Manuilow

James “Hector” Murphy

Brian Werner

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

J. Michael Gibbs, Director,

Equity Portfolio & Technical Strategy Jeff Harvey

David Hydrick

Joey Madere

Barbara Metcalf

Andrew Rumbelow

Equity Advisory Group (727) 567-2520

Harry G. Katica, CFA, Director,

Equity Advisory Group

Suzi Fiorini, Manager,

Equity Advisory Group

Phil Cox

Bonnie Harper

John Messina

Michael Saut

Daniel Sprusansky

Justin Wai

Julie Lachman, International (727) 567-5559

ECM International Offices Raymond James UK,

London 011-44-203-798-5600

Robert Nugent, Manager

Emanuele Badaracco

Nicole Baker

Charles Cooper

Dale Gibson

Benjamin Gilbert

Cara McPhillips

Matt Patterson

Ricky Pilgrim

G. Eric Rowe

Anthony White

Adam Wood

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

Homan Haghighi

Jad Hobeiche

Raymond James Switzerland, Geneva

011-41-22-818-2828

Jean Wilhelm, Manager

Paul Anderson

Philip Burgisser

Albert Fregosi

Eric Moïa

Rudi Moser

Andreas Spiegelberg

Raymond James

Switzerland, Vaduz/Liechtenstein

011-423-233-44-54

Johann Kasamas

Raymond James Poland, Warsaw

+48 (22) 276 2300

Janusz Dancewicz

Homan Haghighi

George Jovanovich

Raymond James France, Paris

011-33-1-456-40520

Emmanuel Laussinotte, Manager

Gregoire M. Alexandre

Thierry Guille

Hubert Le Bret

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

Hans J. Klisch, Manager

Falk G. Reissland, Manager

Marcel Daun

Sebastian Sattelberger

Raymond James Benelux,

Brussels 011-322-626-1060

Henri de Liedekerke, Manager

Diego de Fierlant

Carine R. Van Pellecon

Stéphane Roffler


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

Ken Avalos, MBA 727.567.1756 Real Estate & REITs

Frederic Bastien, CFA 604.659.8232 Infrastructure & Construction

Andrew Bradford, CFA 403.509.0503 Oil & Gas Energy Services

Ben Cherniavsky 604.659.8244 Industrial / Aerospace & Aviation

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

Infrastructure

Steve Hansen, CMA, CFA 604.659.8208 Transportation / Agribusiness

Steven Li, CFA 416.777.4918 Technology /

Alternative Energy & Clean Tech

Jeremy McCrea 403.509.0518 Oil & Gas Producers

Kurt Molnar 403.221.0414 Oil & Gas Producers

Michael Overvelde, CFA, CPA, CA 416.777.4943

Diversified Financials

David Quezada, CFA 604.659.8257 Industrial Special Situations

Johann Rodrigues 416.777.7189 Real Estate & REITs

Phil Russo 416.777.7084 Precious Metals

David Sadowski 604.659.8255 Uranium & Junior Exploration

Daryl Swetlishoff, CFA 604.659.8246 Forest Products

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

Platinum Group Metals

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

Kenric Tyghe, MBA 416.777.7188 Consumer & Retail

Canadian Sales & Trading

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

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

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

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

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

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

Vancouver 800.667.2899 Nav Cheema 604.659.8224 Fraser Jefferson 604.659.8218 Derek Oram 604.659.8223

Montreal 866.350.4455 Joe Clement 514.350.4470 Patrick Sanche 514.350.4465


European Equity Research

Emmanuel Rétif, RJEE +33 (1) 45 64 05 47 Managing Director – European Research Utilities Hermine de Bentzmann, RJEE +33 (1) 45 64 05 53 Premium Consumer Goods Stéphane Beyazian, RJFI +44 (0) 203 798 5643 Telecom Services

Harry Breach, RJFI +44 (0) 203 798 5641 Aerospace & Defence/Industrials 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 Julien Richer, CFA, RJEE +33 (1) 45 64 05 44 Hotels/Tourism/Foodservices

European Sales & Trading

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

Bruno Chabroux Sales

Philippe Andrieu Sebastien Manzoni Laurent Thomasset

Sales Trading

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

Jacques Perez Philippe Vialle

London +44 (0) 203 798 5600 Sales

Dale Gibson Cara McPhillips Matt Patterson

Sales Trading

Jason Keogh Ken Wesson

New York (212) 856-4884 Manager

Benoit Piussan Sales

Joe Campo


Argentine Equity Research

Argentine Research (Equity) Buenos Aires

Federico Rey Marino,

Head of Argentine Research

(+5411) 4850-2535

Agribusiness & Natural Resources/

Financial Institutions/

LatAm Strategy/ Real Estate/

Telecom & Media

Santiago Wesenack, CFA

(+5411) 4850-2537

Electric Utilities/ Natural Resources/

Oil, Gas & Petrochemicals

Fernando Suarez

(+5411) 4850-2538

Agribusiness & Natural

Resources/ Telecommunications

Argentine Sales & Trading

Institutional Trading (Equity) Buenos Aires

Esteban Polanski

(+5411) 4850-2541

Héctor Canzani

(+5411) 4850-2542

Institutional Trading (Fixed Income) Buenos Aires

Joaquin Alonso

(+5411) 4850-2547

Miguel Bueno

(+5411) 4850-2546

Institutional Sales Buenos Aires

Diego Trucco, Head of Sales

(+5411) 4850-2512

Mariano Parras,

Sales – Domestic Institutions

(+5411) 4850-2548


Important Investor Disclosures

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

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

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

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

Additional information is available on request.

Analyst Information

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

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

Ratings and Definitions

Raymond James & Associates (U.S.) definitions

Strong Buy (SB1) Expected to appreciate, produce a total return of at least 15%, and outperform the S&P 500 over the next six to 12 months. For higher yielding and more conservative equities, such as REITs and certain MLPs, a total return of at least 15% is expected to be realized over the next 12 months.

Outperform (MO2) Expected to appreciate and outperform the S&P 500 over the next 12-18 months. For higher yielding and more conservative equities, such as REITs and certain MLPs, an Outperform rating is used for securities where we are comfortable with the relative safety of the dividend and expect a total return modestly exceeding the dividend yield over the next 12-18 months.

Market Perform (MP3) Expected to perform generally in line with the S&P 500 over the next 12 months.

Underperform (MU4) Expected to underperform the S&P 500 or its sector over the next six to 12 months and should be sold.

Suspended (S) The rating and price target have been suspended temporarily. This action may be due to market events that made coverage impracticable, or to comply with applicable regulations or firm policies in certain circumstances, including when Raymond James may be providing investment banking services to the company. The previous rating and price target are no longer in effect for this security and should not be relied upon.


Raymond James Ltd. (Canada) definitions

Strong Buy (SB1) The stock is expected to appreciate and produce a total return of at least 15% and outperform the S&P/TSX Composite Index over the next six months.

Outperform (MO2) The stock is expected to appreciate and outperform the S&P/TSX Composite Index over the next twelve months.

Market Perform (MP3) The stock is expected to perform generally in line with the S&P/TSX Composite Index over the next twelve months and is potentially a source of funds for more highly rated securities.

Underperform (MU4) The stock is expected to underperform the S&P/TSX Composite Index or its sector over the next six to twelve months and should be sold.

Raymond James Argentina S.A. rating definitions

Strong Buy (SB1) Expected to appreciate and produce a total return of at least 25.0% over the next twelve months.

Outperform (MO2) Expected to appreciate and produce a total return of between 15.0% and 25.0% over the next twelve months.

Market Perform (MP3) Expected to perform in line with the underlying country index.

Underperform (MU4) Expected to underperform the underlying country index.

Suspended (S) The rating and price target have been suspended temporarily. This action may be due to market events that made coverage impracticable, or to comply with applicable regulations or firm policies in certain circumstances, including when Raymond James may be providing investment banking services to the company. The previous rating and price target are no longer in effect for this security and should not be relied upon.

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

Strong Buy (1) Expected to appreciate, produce a total return of at least 15%, and outperform the Stoxx 600 over the next 6 to 12 months.

Outperform (2) Expected to appreciate and outperform the Stoxx 600 over the next 12 months.

Market Perform (3) Expected to perform generally in line with the Stoxx 600 over the next 12 months.

Underperform (4) Expected to underperform the Stoxx 600 or its sector over the next 6 to 12 months.

Suspended (S) The rating and target price have been suspended temporarily. This action may be due to market events that made coverage impracticable, or to comply with applicable regulations or firm policies in certain circumstances, including when Raymond James may be providing investment banking services to the company. The previous rating and target price are no longer in effect for this security and should not be relied upon.

In transacting in any security, investors should be aware that other securities in the Raymond James research coverage universe might carry a higher or lower rating. Investors should feel free to contact their Financial Advisor to discuss the merits of other available investments.

Rating Distributions

Coverage Universe Rating Distribution* Investment Banking Distribution

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

Strong Buy and Outperform (Buy) 56% 65% 59% 48% 21% 39% 0% 0%

Market Perform (Hold) 38% 35% 41% 37% 6% 16% 0% 0%

Underperform (Sell) 6% 1% 0% 15% 9% 0% 0% 0%

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

Suitability Ratings (SR)

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

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

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

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

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


Risk Factors

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

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

th Floor, 880 Carillon

Parkway, St. Petersburg, FL 33716.

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