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November 2015

2 Raymond James Research Register - November 2015

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 .......................... 32

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

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

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

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

EUR .......................... 54

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

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

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

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 - November 2015 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) ................................ 75

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

Harry Breach (HB) ......................................... 54

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) ........................................ 32

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

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

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

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

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

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

Steve Hansen, CMA, CFA (SH) ........ 32,52,55,79

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

Bertrand Hodée (BH) .................................... 34

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

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

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

Steven Li, CFA (SLi) .............................. 32,66,74

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

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

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

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

Pavel Molchanov (PM) ............................. 26,34

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

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

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

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

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

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

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

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

Theoni Pilarinos, CFA (TP) ................... 32,52,79

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) ................................ 34,54

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

Technology Investors Conference (USA) December 7-9, 2015; New York, New York

Transport Day - Atlanta (USA) December 9, 2015; Atlanta, Georgia

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

Research Coverage Changes

Additions Deletions (continued)

USA

Dipexium Pharmaceuticals, Inc. (DPRX:Q)

Fate Therapeutics, Inc. (FATE:Q)

Home Bancorp, Inc. (HBCP:Q)

La Quinta Holdings, Inc. (LQ:N)

Newtek Business Services Corp. (NEWT:Q)

Ocata Therapeutics, Inc. (OCAT:Q)

Surgery Partners, Inc. (SGRY:Q)

CAN

Cara Operations Limited (CAO:T)

First Capital Realty (FCR:T)

OceanaGold Corp. (OGC:T)

Deletions

USA

American Midstream Partners L.P. (AMID:N)

Amyris, Inc. (AMRS:Q)

Atlas Resource Partners L.P. (ARP:N)

Benchmark Electronics, Inc. (BHE:N)

Bill Barrett Corp. (BBG:N)

BreitBurn Energy Partners L.P. (BBEP:Q)

Celestica, Inc. (CLS:N)

Chemical Financial Corporation (CHFC:Q)

Comstock Resources (CRK:N)

Con-way Inc. (CNW:N)

Crestwood Midstream Partners L.P. (CMLP:N)

Eagle Rock Energy Partners L.P. (EROC:Q)

Energy XXI Limited (EXXI:Q)

USA

Equifax, Inc. (EFX:N)

First Merchants Corporation (FRME:Q)

Goodrich Petroleum Corp. (GDP:N)

Halcón Resources Corp. (HK:N)

HCC Insurance Holdings (HCC:N)

Lexmark International, Inc. (LXK:N)

LRR Energy L.P. (LRE:N)

Niska Gas Storage Partners LLC (NKA:N)

PetroQuest Energy (PQ:N)

Plexus Corp. (PLXS:Q)

Questar Corp. (STR:N)

Republic Bancorp, Inc. (RBCAA:Q)

Sanmina Corporation (SANM:Q)

Solazyme, Inc. (SZYM:Q)

Stone Energy Corp. (SGY:N)

Swift Energy Company (SFY:N)

The Fresh Market, Inc. (TFM:Q)

The Ryland Group, Inc. (RYL:N)

Thoratec Corp. (THOR:Q)

Total System Services (TSS:N)

W&T Offshore, Inc. (WTI:N)

Whole Foods Market Inc. (WFM:Q)

CAN

Alderon Iron Ore Corp. (ADV:T)

Atico Mining Corp. (ATY:V)

Romarco Minerals Inc. (R:T)

SilverCrest Mines Inc. (SVL:T)

Changes

Google, Inc. (GOOG:Q) changed its name to Alphabet, Inc.

Hewlett-Packard (HPQ:N) changed its name to HP Inc.

Ryanair Holdings plc (RYAAY:Q) adjusted for 39:40 reverse stock split


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.

Raymond James has updated its suitability rating system, effective 9/29/15. Please see the disclosures for the definitions of the suitability ratings.

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

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


Exchanges

AMS ---- Amsterdam Stock Exchange

BA ---- Buenos Aires SE

BIT ---- Italy - Borsa Italiana

EBR ---- Euronext Brussels

ELI ---- Euronext Lisbon

EPA ---- Euronext Paris

ETR ---- Germany - XETRA

HEL ---- Helsinki Stock Exchange

L ---- London Stock Exchange

M ---- NYSE MKT

MAD --- Madrid Stock Exchange

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

N --- NYSE

PRG --- Prague Stock Exchange

Q --- NASDAQ

STO --- Stockholm Stock Exchange

T --- TSX

V --- TSX Venture

WBAG --- Austria, Wiener Borse

Currencies

AR$ ---- Argentine peso

p ---- British pence

£ ---- British pound

C$ ---- Canadian dollar

CZK --- Czech koruna

€ --- Euro

SEK --- Swedish krona

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

Footnotes

NA ---- Not Available.

NM ---- Not Meaningful.

R ---- Research Restricted.

UR ---- Under Review.

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

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

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

ae ---- EPS is Adjusted EBITDA.

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

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

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

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

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

ed --- EPS is Earnings per ADS.

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

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

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

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

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

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

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

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) 71 Access National Corporation (ANCX:Q) 37 AccorHotels (ACCP.PA:EPA) 63 ACE Limited (ACE:N) 42 ACI Worldwide, Inc. (ACIW:Q) 74 Acorda Therapeutics, Inc. (ACOR:Q) 47 Adecoagro SA (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) 20 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) 56 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 Airbus Group (AIR.PA:EPA) 54 Airgas, Inc. (ARG:N) 51 Akamai Technologies, Inc. (AKAM:Q) 70 Akorn, Inc. (AKRX:Q) 49 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 Alcatel-Lucent (ALU:N) 68 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) 32 Altera Corporation (ALTR:Q) 72 Alterra Power Corp. (AXY:T) 32 Altius Minerals Corp. (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 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) 72 AmeriGas Partners L.P. (APU:N) 29 AmerisourceBergen Corp. (ABC:N) 47 Amgen, Inc. (AMGN:Q) 47 Amica Mature Lifestyles Inc. (ACC:T) 62 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) 29 Antero Resources Corporation (AR:N) 26 Anthem (ANTM:N) 46 Aon plc (AON:N) 41 Apache Corporation (APA:N) 26 Apartment Investment and Management Company (AIV:N) 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 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 ARM Holdings plc (ARMH:Q) 72 Armada Hoffler Properties (AHH:N) 61 ARRIS Group Inc. (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 Tele-Network, Inc. (ATNI:Q) 73 Atmel Corporation (ATML:Q) 72 Atwood Oceanics (ATW:N) 30 AutoZone, Inc. (AZO:N) 20 Avago Technologies Ltd. (AVGO:Q) 66 Avigilon Corporation (AVO:T) 74 Avnet, Inc. (AVT:N) 71 B2Gold Corp. (BTO:T) 57 BAE Systems (BAES.L:L) 54

Company Index


Baker Hughes, Inc. (BHI:N) 30 Banc of California, Inc. (BANC:N) 37 BancFirst Corporation (BANF:Q) 37 Banco Macro S.A. (BMA:N) 44 The Bancorp, Inc. (TBBK:Q) 37 BancorpSouth, Inc. (BXS:N) 37 Bank of America Corporation (BAC:N) 37 Bank of Commerce Holdings (BOCH:Q) 37 Bank of Marin Bancorp (BMRC:Q) 37 Bank of New York Mellon Corp (BK:N) 37 Bank of the Ozarks Inc. (OZRK:Q) 37 Banner Corporation (BANR:Q) 37 Barrick Gold Corporation (ABX:N) 57 Basic Energy Services, Inc. (BAS:N) 31 Baxter International Inc. (BAX:N) 48 Baylin Technologies Inc. (BYL:T) 74 Baytex Energy Corp. (BTE:T) 32 BB&T Corporation (BBT:N) 37 BBCN Bancorp, Inc. (BBCN:Q) 37 BBVA Banco Frances (BFR:N) 44 Beacon Roofing Supply, Inc. (BECN:Q) 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 Benefitfocus, Inc. (BNFT:Q) 67 Best Buy Company, Incorporated (BBY:N) 20 BG Group (BG.L:L) 34 BGC Partners, Inc. (BGCP:Q) 41 BIC (BB.FP:EPA) 24 Big Lots Inc. (BIG:N) 20 Biogen Inc. (BIIB:Q) 47 BioMarin Pharmaceutical Inc. (BMRN:Q) 47 BioMed Realty Trust Inc. (BMR:N) 61 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) 74 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) 29 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 Booz Allen Hamilton Holding Corp. (BAH:N) 71 Boston Scientific Corp. (BSX:N) 49 Bottomline Technologies (EPAY:Q) 74 Boulder Energy Ltd. (BXO:T) 32 Bourbon (GPBN.PA:EPA) 34 Bouygues (BOUY.PA:EPA) 75 Box, Inc. (BOX:N) 67 Boyd Group Income Fund (BYD.UN:T) 53 BP (BP.L:L) 34 Brandywine Realty Trust (BDN:N) 61 Briggs & Stratton (BGG:N) 21 Brightcove Inc. (BCOV:Q) 67 Brinker International (EAT:N) 22

Broadcom Corporation (BRCM:Q) 72 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) 75 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) 71 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) 29 Cameco Corp. (CCO:T) 58 Cameron International Corp. (CAM:N) 30 Campari (CPR.MI:BIT) 23 Campus Crest Communities, Inc. (CCG:N) 61 Canadian Apartment Properties REIT (CAR.UN:T) 63 Canadian National Railway (CNR:T) 79 Canadian Natural Resources Ltd (CNQ:T) 33 Canadian Oil Sands Limited (COS:T) 33 Canadian Pacific Railway (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) 29 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) 47 CareDx, Inc. (CDNA:Q) 47 CareTrust REIT, Inc (CTRE:Q) 60 Carmike Cinemas, Inc. (CKEC:Q) 19 Carnival Corp. (CCL:N) 19 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 Casino (CASP.PA:EPA) 24 Castlight Health, Inc. (CSLT:N) 67 Catalent, Inc. (CTLT:N) 49 CatchMark Timber Trust, Inc. (CTT:N) 62 Caterpillar Inc. (CAT:N) 53

Company Index


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 (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) 53 CEZ (CEZsp.PR:PRG) 34 CGG (CGG.PA:EPA) 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) 31 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) 29 Cheniere Energy, Inc. (LNG:M) 29 Chesapeake Energy Corp. (CHK:N) 26 Chesapeake Granite Wash Trust (CHKR:N) 26 Chevron Corp. (CVX:N) 28 Chinook Energy Inc. (CKE:T) 32 Chipotle Mexican Grill, Inc. (CMG:N) 22 Choice Properties REIT (CHP.UN:T) 63 Christian Dior (DIOR.PA:EPA) 24 Chubb Corporation (CB:N) 42 Church & Dwight Co., Inc. (CHD:N) 21 Chuy's Holdings, Inc. (CHUY:Q) 22 Ciena Corporation (CIEN:N) 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 Clayton Williams Energy, Inc. (CWEI:N) 26 Clean Energy Fuels Corp. (CLNE:Q) 31 Clean Harbors (CLH:N) 51 The Clorox Company (CLX:N) 21 CM Finance Inc. (CMFN:Q) 43 CME Group Inc. (CME:Q) 41 Cobham (COB.L:L) 54 Coeur Mining Inc. (CDE:N) 57 Cogent Communications Holdings Inc. (CCOI:Q) 73 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 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) 71 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 Constant Contact, Inc. (CTCT:Q) 67 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 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) 29 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) 29 Crown Castle International (CCI:N) 72 CSI Compressco Partners L.P. (CCLP:Q) 30 CST Brands, Inc. (CST:N) 20 CSX Corp. (CSX:N) 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) 71 Culp, Inc. (CFI:N) 19 CVB Financial Corp. (CVBF:Q) 37 CVS Health (CVS:N) 48 Cypress Energy Partners L.P. (CELP:N) 31 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) 31 Del Frisco’s Restaurant Group, Inc. (DFRG:Q) 22 Delek Logistics Partners L.P. (DKL:N) 29

Company Index


Delek US Holdings, Inc. (DK:N) 28 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) 75 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) 74 DuPont Fabros Technology Inc. (DFT:N) 61 Dycom Industries, Inc. (DY:N) 68 E*TRADE FINANCIAL Corporation (ETFC:Q) 41 E.On (EONGn.DE:ETR) 34 East West Bancorp, Inc. (EWBC:Q) 37 Easterly Government Properties, Inc. (DEA:N) 61 Eastern Platinum Ltd. (ELR:T) 56 Eastern Virginia Bankshares, Inc. (EVBS:Q) 37 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 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) 29 Energy Transfer Partners L.P. (ETP:N) 29 EnerNOC, Inc. (ENOC:Q) 31 Engie (GSZ.PA:EPA) 34 Eni (ENI.MI:BIT) 34 EnLink Midstream LLC (ENLC:N) 29 EnLink Midstream Partners L.P. (ENLK:N) 29 Enphase Energy, Inc. (ENPH:Q) 31 Ensco plc (ESV:N) 30 Ensign Energy Services Inc. (ESI:T) 33 Enterprise Financial Services Corp. (EFSC:Q) 38 Enterprise Products Partners L.P. (EPD:N) 29 Envestnet, Inc. (ENV:N) 41 Enviva Partners L.P. (EVA:N) 31 EOG Resources, Inc. (EOG:N) 26 Equinix (EQIX:Q) 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) 74 Exchange Income Corp (EIF:T) 52 Expedia, Inc. (EXPE:Q) 71 Expeditors International of Washington, Inc. (EXPD:Q) 78 Express Scripts (ESRX:Q) 46 Exterran Partners L.P. (EXLP:Q) 30 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 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) 29 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 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) 53 FireEye Inc. (FEYE:Q) 70 First Bancorp (FBNC:Q) 38 First Busey Corporation (BUSE:Q) 38

Company Index


First Business Financial Services, Inc. (FBIZ:Q) 38 First Capital Realty (FCR:T) 63 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 Security Group, Inc. (FSGI:Q) 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 Flex (FLEX:Q) 69 FLIR Systems (FLIR:Q) 72 FMC Technologies, Inc. (FTI:N) 30 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 Frontier Communications Corp. (FTR:Q) 73 Fulton Financial (FULT:Q) 38 GAIN Capital Holdings, Inc. (GCAP:N) 41 Galena Biopharma Inc. (GALE:Q) 47 Garmin Ltd. (GRMN:Q) 69 GATX Corporation (GMT:N) 78 Genesee & Wyoming Inc. (GWR:N) 78 Genesis Energy L.P. (GEL:N) 29 GenMark Diagnostics, Inc. (GNMK:Q) 47 Genomic Health (GHDX:Q) 47 Genworth Financial (GNW:N) 42 GeoPark Limited (GPRK:N) 35 German American Bancorp, Inc. (GABC:Q) 38 Gibson Energy Inc. (GEI:T) 32 Gigamon Inc. (GIMO:N) 68 Gildan Activewear (GIL:N) 23 GKN (GKN.L:L) 54 Glacier Bancorp, Inc. (GBCI:Q) 38 Glacier Media Inc. (GVC:T) 23 Global Partners L.P. (GLP:N) 29 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) 29 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) 31 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) 30 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) 30 Henkel (HNKG_p.DE:ETR) 24 Hercules Technology Growth Capital Inc. (HTGC:N) 43 Heritage Financial Corporation (HFWA:Q) 38 Heritage Oaks Bancorp (HEOP:Q) 38 Herman Miller (MLHR:Q) 19 Héroux-Devtek Inc. (HRX:T) 52 Hersha Hospitality Trust (HT:N) 60 Heska Corporation (HSKA:Q) 46 Hess Corp. (HES:N) 26 HP Inc. (HPQ:N) 71 Hibbett Sports, Inc. (HIBB:Q) 20 Hi-Crush Partners L.P. (HCLP:N) 31 Hill-Rom Holdings, Inc. (HRC:N) 48 Hilltop Holdings Inc. (HTH:N) 38 Hilton Worldwide Holdings Inc. (HLT:N) 60 HNI Corporation (HNI:N) 19 Holly Energy Partners L.P. (HEP:N) 29 HollyFrontier Corp. (HFC:N) 28 Hologic Inc. (HOLX:Q) 49 Home Bancorp, Inc. (HBCP:Q) 38 Home BancShares, Inc. (HOMB:Q) 38 The Home Depot Inc. (HD:N) 21 HomeAway, Inc. (AWAY:Q) 71

Company Index


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) 38 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) 38 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) 75 Impax Laboratories, Inc. (IPXL:Q) 49 Imperial Oil Limited (IMO:T) 33 INC Research Holdings (INCR:Q) 49 Inditex (ITX.MC:MAD) 24 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 Insulet (PODD:Q) 49 Intact Financial Corporation (IFC:T) 44 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) 32 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 Joy Global Inc. (JOY:N) 53

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) 31 KeyCorp (KEY:N) 39 Keyera Corp (KEY:T) 32 Killam Properties Inc. (KMP:T) 63 Kimco Realty Corporation (KIM:N) 61 Kinder Morgan, Inc. (KMI:N) 29 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) 29 Kona Grill, Inc. (KONA:Q) 22 Kosmos Energy Ltd. (KOS:N) 26 KPN (KPN.AS:AMS) 75 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 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 Legumex Walker Inc. (LWP:T) 55 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 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) 74 Lumentum Holdings, Inc. (LITE:Q) 68 Lundin Mining Corporation (LUN:T) 56

Company Index


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) 29 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) 28 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) 29 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) 71 MB Financial, Inc. (MBFI:Q) 39 MCBC Holdings, Inc. (MCFT:Q) 19 McCoy Global (MCB:T) 33 McDonald's Corporation (MCD:N) 22 McGraw Hill Financial Inc. (MHFI:N) 41 McKesson Corporation (MCK:N) 47 MDC Holdings (MDC:N) 59 MedAssets (MDAS:Q) 48 MEDNAX, Inc. (MD:N) 46 MEG Energy Corp. (MEG:T) 33 Meggitt (MGGT.L:L) 54 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) 75 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 Mosaic Capital Corporation (M:V) 52 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) 31 Nasdaq Inc. (NDAQ:Q) 41 National Commerce Corporation (NCOM:Q) 39 National Fuel Gas Company (NFG:N) 27 National Interstate Corporation (NATL:Q) 42 National Oilwell Varco Inc. (NOV:N) 30 National Retail Properties, Inc. (NNN:N) 60 Natus Medical Inc. (BABY:Q) 49 NCI, Inc. (NCIT:Q) 71 NeoPhotonics Corporation (NPTN:N) 68 NetApp Inc. (NTAP:Q) 71 Netflix Inc. (NFLX:Q) 70 NETGEAR Inc. (NTGR:Q) 69 NetSuite, Inc. (N:N) 67 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) 31 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) 29 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 Nokia (NOK:N) 68 Norbord Inc. (NBD: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) 29 NuStar GP Holdings, LLC (NSH:N) 29 NuVista Energy Ltd. (NVA:T) 32

Company Index


NVIDIA Corporation (NVDA:Q) 72 NXP Semiconductors N.V. (NXPI:Q) 66 O`Reilly Automotive, Inc. (ORLY:Q) 20 Oasis Petroleum Inc. (OAS:N) 27 Ocata Therapeutics, Inc. (OCAT:Q) 47 Occidental Petroleum Corp. (OXY:N) 27 Ocean Rig UDW (ORIG:Q) 30 OceanaGold Corp. (OGC:T) 57 Oil States International, Inc. (OIS:N) 30 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 OmniVision Technologies, Inc. (OVTI:Q) 72 OMV (OMV.AV:WBAG) 34 On Deck Capital, Inc. (ONDK:N) 74 ON Semiconductor Corporation (ON:Q) 66 Oncothyreon Inc. (ONTY:Q) 47 Open Text (OTEX:Q) 75 Oracle Corp. (ORCL:N) 70 Orange (ORA.PA:EPA) 75 OraSure Technologies, Inc. (OSUR:Q) 47 ORBCOMM, Inc. (ORBC:Q) 72 Orbital ATK, Inc. (OA:N) 72 Orezone Gold Corp. (ORE:T) 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 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) 31 Paylocity Holding Corporation (PCTY:Q) 67 PayPal Holdings, Inc. (PYPL:Q) 74 PBF Energy, Inc. (PBF:N) 28 PC Connection, Inc. (PCCC:Q) 71 Pebblebrook Hotel Trust (PEB:N) 60 Pembina Pipeline Corp. (PPL:T) 32 Pengrowth Energy Corporation (PGF:T) 32 PennTex Midstream Partners L.P. (PTXP:Q) 29 Peoples Bancorp Inc. (PEBO:Q) 39 Pericom Semiconductor Corporation (PSEM:Q) 72 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) 28 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) 31 Pioneer Natural Resources Company (PXD:N) 27 Plains All American Pipeline L.P. (PAA:N) 29 Plains GP Holdings L.P. (PAGP:N) 29 Plantronics, Inc. (PLT:N) 68 Platinum Group Metals Ltd. (PTM:T) 56 Plaza Retail REIT (PLZ.UN:T) 63 Plum Creek Timber Company, Inc. (PCL:N) 62 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) 56 Potlatch Corporation (PCH:Q) 62 Power Integrations, Inc. (POWI:Q) 66 PRA Group Inc. (PRAA:Q) 43 Praxair, Inc. (PX:N) 51 Precision Drilling Corporation (PD:T) 33 Preferred Bank (PFBC:Q) 39 Premier, Inc. (PINC:Q) 48 Premiere Global Services Inc. (PGI:N) 68 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 Proximus (PROX.BR:EBR) 75 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 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 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

Company Index


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 Repsol (REP.MC:MAD) 34 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) 53 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) 53 Rolls-Royce (RR.L:L) 54 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 Dutch Shell (RDSa.AS:AMS) 34 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) 54 Sagent Pharmaceuticals, Inc. (SGNT:Q) 49 Saia, Inc. (SAIA:Q) 79 Saint-Gobain (SGOB.PA:EPA) 54 Saipem (SPMI.MI:BIT) 34 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 Energy Inc. (SD:N) 27 SandRidge Mississippian Trust I (SDT:N) 27 SandRidge Mississippian Trust II (SDR:N) 27 SandRidge Permian Trust (PER:N) 27 Sandstorm Gold Ltd. (SSL:T) 57 Sandy Spring Bancorp, Inc. (SASR:Q) 39 Santacruz Silver Mining Ltd. (SCZ:V) 57 Saul Centers, Inc. (BFS:N) 61 Savanna Energy Services (SVY:T) 33 SBA Communications (SBAC:Q) 72 ScanSource, Inc. (SCSC:Q) 71 Schlumberger Ltd. (SLB:N) 30

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) 54 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) 39 Sierra Wireless (SWIR:Q) 74 Signature Bank (SBNY:Q) 39 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 Skullcandy, Inc. (SKUL:Q) 20 Sky (SKY.L:L) 75 SkyWest, Inc. (SKYW:Q) 78 Skyworks Solutions (SWKS:Q) 66 Sleep Country Canada Holdings Inc. (ZZZ:T) 23 SM Energy Company (SM:N) 27 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 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) 30 Spirit Airlines, Inc. (SAVE:Q) 78 Spirit Realty Capital, Inc. (SRC:N) 60 Splunk Inc. (SPLK:Q) 70 Sprague Resources L.P. (SRLP:N) 30 Springleaf Holdings, Inc. (LEAF:N) 43 Sprint Corp. (S:N) 73 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 Stanley Furniture (STLY:Q) 19 Stantec Inc (STN:T) 52

Company Index


Starwood Hotels & Resorts Worldwide (HOT:N) 60 State Street Corporation (STT:N) 40 Steelcase, Inc. (SCS:N) 19 Steiner Leisure Limited (STNR:Q) 19 Stellus Capital Investment Corporation (SCM:N) 43 Stericycle Inc. (SRCL:Q) 48 Steris Corp. (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 Strategic Hotels & Resorts (BEE:N) 60 Strongco Corp. (SQP:T) 53 Stuart Olson Inc. (SOX:T) 52 Student Transportation Inc. (STB:T) 79 Suburban Propane Partners L.P. (SPH:N) 30 Suez Environnement (SEVI.PA:EPA) 34 Summit Hotel Properties, Inc. (INN:N) 60 Suncor Energy Inc (SU:T) 33 Sunoco L.P. (SUN:N) 30 SunPower Corp. (SPWR:Q) 31 Sunstone Hotel Investors, Inc. (SHO:N) 60 SunTrust Banks, Inc. (STI:N) 40 Superior Energy Services, Inc. (SPN:N) 31 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 Symetra Financial Corp. (SYA:N) 42 Synchronoss Technologies, Inc. (SNCR:Q) 69 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) 75 Talmer Bancorp, Inc. (TLMR:Q) 40 Tangoe Inc. (TNGO:Q) 67 Targa Resources Corp. (TRGP:N) 30 Targa Resources Partners L.P. (NGLS:N) 30 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:N) 41 Tech Data Corporation (TECD:Q) 71 Technip (TECF.PA:EPA) 34 Teck Resources Limited (TCK.B:T) 56 Teekay Corporation (TK:N) 30 Teekay LNG Partners L.P. (TGP:N) 30 Teekay Offshore Partners L.P. (TOO:N) 30 Telecom Argentina S.A. (TEO:N) 76 Telecom Italia (TLIT.MI:BIT) 75 TeleCommunication Systems (TSYS:Q) 72 Teledyne Technologies Incorporated (TDY:N) 69 Teleflex, Inc. (TFX:N) 48 Telefonica (TEF.MC:MCE) 75 Telenet Group (TNET.BR:EBR) 75 Telephone and Data Systems, Inc. (TDS:N) 73 TeliaSonera AB (TLSN.ST:STO) 75

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) 28 Tesoro Logistics L.P. (TLLP:N) 30 TETRA Technologies Inc. (TTI:N) 31 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) 54 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) 21 Toromont Industries (TIH:T) 53 Total (TOTF.PA:EPA) 34 Tourmaline Oil Corp. (TOU:T) 32 Towers Watson & Co. (TW:Q) 41 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) 33 Trinity Biotech plc (TRIB:Q) 47 Trinity Industries, Inc. (TRN:N) 78 TripAdvisor, Inc. (TRIP:Q) 71 True North Apartment REIT (TN.UN:T) 63 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) 32 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) 71 Unit Corporation (UNT:N) 31 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) 74 USA Compression Partners L.P. (USAC:N) 30 UTi Worldwide, Inc. (UTIW:Q) 78 Valero Energy Corp. (VLO:N) 28 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) 32 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) 75 VMware (VMW:N) 70 VOC Energy Trust (VOC:N) 27 Vodafone (VOD.L:L) 75 Voya Financial Inc. (VOYA:N) 42 W.W. Grainger, Inc. (GWW:N) 51 Wabtec Corporation (WAB:N) 78 Wajax Corp. (WJX:T) 53 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 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) 30 WebMD Health Corp (WBMD:Q) 48 Webster Financial Corp. (WBS:N) 40 WellCare Health Plans (WCG:N) 46 Wells Fargo & Co. (WFC:N) 40 Welltower Inc. (HCN:N) 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) 33 Western Forest Products Inc. (WEF:T) 56 Western Refining, Inc. (WNR:N) 28 WesternOne Inc. (WEQ:T) 53 WestJet Airlines (WJA:T) 79 Westport Innovations Inc. (WPRT:Q) 31 Weyerhaeuser Company (WY:N) 62 Whirlpool Corp. (WHR:N) 20 Whistler Blackcomb Holdings Inc. (WB:T) 53 Whitbread (WTB.L:L) 63 Whiting Petroleum Corp. (WLL:N) 27 Whiting USA Trust II (WHZ:N) 27 The Williams Companies, Inc. (WMB:N) 30 Williams Partners L.P. (WPZ:N) 30 Williams-Sonoma (WSM:N) 21 Wilshire Bancorp, Inc. (WIBC:Q) 40 Windstream Holdings Inc. (WIN:Q) 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 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) 54


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 ............................................................ 20

Automotive Aftermarket Retailers .......................... 20

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 .................... 21

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 53.84 54.00 54.05 38.28 23.3 1.58 2.31 3.35 Nov 42,049 2.2 JDH Royal Caribbean Cruises Ltd. RCL N 3 M/GRW 99.76 NM 100.39 63.98 33.8 3.43 2.95 5.85 Dec 22,047 1.0 JDH Steiner Leisure Limited STNR Q 3 H/GRW 63.93 NM 65.00 36.42 19.5 (11.20) 3.28 3.55 Dec 831 0.0 JDH

Leisure Products Arctic Cat, Inc. ACAT Q 1 H/GRW 19.69 25.00 39.72 16.60 NM 2.90 0.38 A 0.10 Mar 258 2.5 JDH Brunswick Corp. BC N 2 H/GRW 48.98 59.00 56.63 45.28 16.9 2.58 2.89 3.35 Dec 4,634 1.2 JDH Harley-Davidson, Inc. HOG N 3 M/GRW 47.69 NM 70.41 46.47 13.2 3.88 3.60 3.70 Dec 9,776 2.6 JDH Malibu Boats, Inc. MBUU Q 1 H/GRW 13.03 28.00 24.14 12.90 9.4 0.47 0.93 A 1.39 Jun 253 0.0 JDH Marine Products Corporation MPX N 3 H/GRW 7.04 NM 8.99 5.73 22.0 0.24 0.32 0.37 Dec 261 1.7 JDH MarineMax HZO N 1 H/GRW 14.68 32.00 28.69 13.86 17.7 0.46 0.83 1.00 Sep 371 0.0 JDH MCBC Holdings, Inc. MCFT Q 1 H/GRW 13.16 18.00 16.47 10.70 12.0 1.10 0.29 A 1.10 Jun 249 0.0 JDH Polaris Industries PII N 1 M/GRW 109.07 136.00 159.33 104.10 14.8 6.65 7.35 8.25 Dec 7,351 1.9 JDH

Theaters Carmike Cinemas, Inc. CKEC Q 3 H/GRW 24.27 NM 34.94 18.93 NM (0.38) 0.02 0.83 Dec 604 0.0 JDH Cinemark Holdings, Inc. CNK N 1 M/INC 34.27 47.00 45.68 30.91 17.2 1.68 1.99 2.22 Dec 3,951 2.9 JDH Regal Entertainment Group RGC N 1 M/INC 18.64 25.00 24.52 17.48 17.9 0.68 1.04 1.20 Dec 2,915 4.7 JDH

Furniture & Furnishings Suppliers Office Furniture Herman Miller MLHR Q 2 H/GRW 31.61 33.00 32.66 26.27 15.6 1.68 1.82 A 2.03 May 1,887 1.9 BB HNI Corporation HNI N 2 M/GRW 42.08 55.00 57.74 41.29 16.3 1.97 2.58 2.76 Dec 1,868 2.5 BB Knoll, Inc. KNL N 2 H/GRW 22.79 27.00 26.06 18.01 15.1 1.09 1.51 1.63 Dec 1,112 2.1 BB Steelcase, Inc. SCS N 1 M/GRW 19.24 23.00 20.45 16.06 17.3 0.82 0.89 A 1.11 Feb 2,401 2.3 BB

Residential Furniture Culp, Inc. CFI N 3 M/GRW 30.80 NM 35.23 17.80 17.0 1.31 1.55 A 1.81 Apr 379 0.8 BB Ethan Allen Interiors ETH N 2 H/GRW 26.86 31.00 32.63 23.33 16.3 1.45 1.41 A 1.65 Jun 763 2.1 BB La-Z-Boy Inc. LZB N 1 H/GRW 28.38 32.00 29.34 21.78 17.5 1.12 1.26 A 1.62 Apr 1,436 1.1 BB Leggett & Platt LEG N 2 M/INC 44.39 48.00 51.28 38.18 21.2 1.78 2.09 2.32 Dec 6,073 2.9 BB Select Comfort Corp. SCSS Q 1 H/GRW 20.63 39.50 35.75 20.47 13.3 1.21 1.55 1.85 Dec 1,060 0.0 BB Stanley Furniture STLY Q S NM 2.87 NM 3.64 2.52 NM UR UR NA Dec 41 0.0 BB Tempur Sealy International, Inc. TPX N 3 H/GRW 73.48 NM 80.39 49.00 23.4 2.65 3.14 3.62 Dec 4,548 0.0 BB


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Consumer - USA Hardline Retail Automotive Aftermarket Retailers Advance Auto Parts, Inc. AAP N 1 H/GRW 193.27 220.00 196.09 137.17 23.2 7.78 8.34 9.71 Dec 14,147 0.1 DW AutoZone, Inc. AZO N 1 M/GRW 763.26 855.00 772.10 538.76 18.6 31.57 36.03 A 40.96 Aug 25,875 0.0 DW O`Reilly Automotive, Inc. ORLY Q 1 M/GRW 260.14 280.00 262.92 171.51 29.4 7.34 8.86 10.13 Dec 28,277 0.0 DW

Consumer Electronics Retailers Best Buy Company, Incorporated BBY N 1 M/GRW 34.51 40.00 42.00 28.32 12.9 2.07 2.60 A 2.68 Jan 12,154 2.7 DW Skullcandy, Inc. SKUL Q 3 H/GRW 5.50 NM 11.83 5.40 14.5 0.26 0.38 0.49 Dec 155 0.0 DW

Convenience Stores Casey's General Stores, Inc. CASY Q 2 H/GRW 107.00 120.00 114.90 77.82 22.6 3.26 4.62 A 4.73 Apr 4,161 0.8 BBL,DW Core-Mark Holding Company, Inc. CORE Q 2 M/GRW 76.39 80.00 80.80 52.11 31.6 2.05 2.42 2.92 Dec 1,764 0.7 BBL,DW CST Brands, Inc. CST N 2 H/GRW 35.50 42.00 45.25 32.28 20.2 2.50 1.76 1.84 Dec 2,716 0.7 BBL,DW Murphy USA Inc. MUSA N 3 H/GRW 59.80 NM 73.97 47.73 18.2 4.66 3.29 3.35 Dec 2,562 0.0 BBL,DW TravelCenters of America LLC TA N 3 H/GRW 10.76 NM 18.10 8.80 10.1 1.66 1.07 0.91 Dec 413 0.0 BBL,DW

Hardlines The Michaels Companies, Inc. (f) MIK Q 2 M/GRW 22.34 31.00 30.00 17.28 13.1 1.48 1.71 1.89 Jan 4,647 0.0 DW

Pet Food and Farm Supplies Tractor Supply Co. TSCO Q 1 M/GRW 90.67 110.00 96.28 71.85 29.2 2.66 3.10 3.61 Dec 12,848 0.9 DW

Sporting Goods Cabela’s Inc. CAB N 3 H/GRW 33.42 NM 58.90 33.03 11.6 2.88 2.89 3.15 Dec 2,396 0.0 DW Callaway Golf Co. ELY N 3 H/GRW 9.76 NM 10.20 7.08 65.1 0.20 0.15 0.31 Dec 746 0.4 DW Dick`s Sporting Goods Inc. (f) DKS N 3 H/GRW 43.22 NM 60.33 41.83 13.3 2.87 3.24 3.61 Jan 5,411 1.3 DW Hibbett Sports, Inc. (f) HIBB Q 3 H/GRW 33.11 NM 55.74 32.54 11.5 2.87 2.89 3.15 Jan 864 0.0 DW Under Armour Inc. UA N 3 M/GRW 94.73 NM 105.89 63.59 91.1 0.95 1.04 1.33 Dec 20,547 0.0 DW

Value Retailers Big Lots Inc. (f) BIG N 3 H/GRW 46.69 NM 51.75 38.15 15.6 2.46 3.00 3.55 Jan 2,601 1.6 DW Dollar General Corp. (f) DG N 1 M/GRW 65.34 90.00 81.42 61.60 16.5 3.50 3.96 4.55 Jan 20,275 1.3 DW Dollar Tree, Inc. (f) DLTR Q 1 H/GRW 63.02 85.00 84.22 58.19 22.1 3.12 2.85 3.72 Jan 13,089 0.0 DW

Home & Building Products Appliances Whirlpool Corp. WHR N 1 M/INC 153.69 185.00 217.11 140.50 12.8 11.39 12.00 13.65 Dec 12,249 2.3 SD,BB

Floor Coverings The Dixie Group DXYN Q 2 H/GRW 8.41 11.00 11.50 6.00 31.1 0.01 0.27 0.68 Dec 130 0.0 SD,BB Interface, Inc. TILE Q 3 H/GRW 22.48 NM 27.17 14.49 19.5 0.62 1.15 1.34 Dec 1,484 0.9 SD,BB Mohawk Industries MHK N 1 H/GRW 195.23 250.00 212.16 133.44 18.3 8.15 10.65 12.25 Dec 14,408 0.0 SD,BB

Hardware, Tools, & Decor Masco Corporation MAS N 2 H/GRW 28.36 32.00 28.59 18.80 24.0 0.90 1.18 1.50 Dec 9,586 1.3 SD,BB PGT, Inc. PGTI Q 1 H/GRW 11.56 17.50 16.28 8.28 18.1 0.43 0.64 0.81 Dec 581 0.0 SD,BB Stanley Black & Decker SWK N 3 M/INC 105.95 NM 111.18 89.68 18.0 5.37 5.90 6.45 Dec 15,977 2.1 SD,BB


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Consumer - USA Outdoor Power Equipment & Services Briggs & Stratton BGG N 3 M/INC 19.94 NM 21.24 17.54 15.1 0.82 1.42 A 1.32 Jun 873 2.7 SD,BB The Toro Company TTC N 3 H/GRW 74.00 NM 75.45 59.69 21.0 3.02 3.52 3.96 Oct 4,188 1.4 SD,BB

Home & Other Retailers Big Box Retailers Costco Wholesale Corporation COST Q 3 M/GRW 157.76 NM 158.80 117.03 28.4 4.65 5.25 A 5.55 Aug 69,091 1.0 BB The Home Depot Inc. (f) HD N 3 M/GRW 124.47 NM 125.75 92.17 23.6 4.58 5.28 6.05 Jan 159,819 1.9 BB Lowe`s Companies, Inc. (f) LOW N 3 M/GRW 73.55 NM 76.25 55.52 22.4 2.68 3.29 3.86 Jan 68,254 1.5 BB Lumber Liquidators Holdings, Inc. LL N 3 H/SPEC 13.83 NM 69.99 11.62 NM 2.31 (0.56) 0.32 Dec 375 0.0 BB Wal-Mart Stores Inc. WMT N 1 M/GRW 57.48 78.00 90.97 57.38 13.1 5.11 5.07 A 4.40 Jan 186,235 3.4 BB

Furniture & Furnishings Aaron's Inc. AAN N 3 M/GRW 34.17 NM 40.80 23.88 14.5 1.69 2.35 2.52 Dec 2,481 0.3 BB Bed Bath & Beyond (f) BBBY Q 1 M/GRW 57.66 85.00 79.64 56.01 11.0 5.03 5.24 5.75 Feb 10,043 0.0 BB Haverty Furniture Companies Inc. HVT N 2 H/GRW 22.44 25.00 26.00 19.54 17.7 1.28 1.27 1.52 Dec 509 1.8 BB Mattress Firm Holding Corp. (f) MFRM Q 2 H/GRW 40.74 60.00 71.82 38.66 17.0 2.03 2.39 3.00 Jan 1,434 0.0 BB Pier 1 Imports Incorporated PIR N 1 H/GRW 7.21 15.00 17.52 6.52 12.0 1.01 0.84 A 0.60 Feb 648 3.9 BB Rent-A-Center Inc. RCII Q 2 H/INC 18.06 25.00 37.49 18.00 9.0 1.95 2.00 2.00 Dec 958 5.3 BB Restoration Hardware Holdings, Inc. RH N 2 H/GRW 99.35 110.00 105.98 75.60 31.6 2.36 3.14 3.98 Jan 3,993 0.0 BB Williams-Sonoma (f) WSM N 3 M/GRW 72.48 NM 89.38 62.35 21.2 3.20 3.42 4.01 Jan 6,586 1.9 BB

Household & Personal Care Products Church & Dwight Co., Inc. CHD N 3 M/GRW 86.58 NM 90.73 71.69 26.5 3.01 3.27 3.60 Dec 11,325 1.5 JA The Clorox Company CLX N 3 M/INC 121.89 NM 124.61 97.01 25.4 4.39 4.57 A 4.80 Jun 15,677 2.5 JA Colgate-Palmolive Company CL N 3 M/GRW 68.95 NM 71.56 50.84 24.3 2.93 2.84 3.06 Dec 62,064 2.2 JA Elizabeth Arden Inc. RDEN Q 4 NM 11.83 NM 21.67 9.10 NM (0.55) (2.58) A (0.95) Jun 353 0.0 JA Estee Lauder Companies EL N 2 M/GRW 83.67 91.00 91.68 70.38 26.4 3.16 2.83 A 3.17 Jun 31,366 1.1 JA Inter Parfums, Inc. IPAR Q 3 M/GRW 26.16 NM 35.22 22.33 26.7 0.95 0.98 1.20 Dec 811 2.0 JA Jarden Corporation JAH N 1 H/GRW 46.79 65.00 57.09 42.37 16.9 2.70 2.77 3.12 Dec 9,012 0.0 JA Newell Rubbermaid Inc. NWL N 2 M/GRW 43.26 47.00 44.51 32.81 19.8 2.00 2.18 2.40 Dec 11,797 1.8 JA Prestige Brands Holdings Inc. PBH N 3 H/GRW 49.10 NM 51.74 30.36 23.4 1.53 1.86 A 2.10 Mar 2,568 0.0 JA The Procter & Gamble Company PG N 3 M/GRW 77.29 NM 93.89 65.02 20.5 4.09 3.76 A 3.77 Jun 209,804 3.4 JA Sally Beauty Holdings Inc. SBH N 2 H/GRW 23.41 31.00 35.27 21.94 15.1 1.53 1.55 1.70 Sep 3,675 0.0 JA The Scotts Miracle-Gro Company SMG N 3 H/GRW 64.78 NM 69.27 57.37 18.5 3.29 3.50 3.90 Sep 3,952 2.9 JA Ulta Salon, Cosmetics & Fragrance, Inc. (f) ULTA Q 2 H/GRW 169.09 178.00 176.77 116.91 35.9 3.98 4.71 5.65 Jan 10,823 0.0 JA


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Consumer - USA Restaurants Bloomin' Brands, Inc. BLMN Q 1 H/GRW 17.59 25.00 26.25 17.46 14.1 1.10 1.25 1.45 Dec 2,222 1.4 BV Brinker International EAT N 3 M/GRW 46.31 NM 63.40 45.95 13.0 2.71 3.09 A 3.55 Jun 2,834 2.8 BV Buffalo Wild Wings, Inc. BWLD Q 3 H/GRW 182.19 NM 205.83 143.86 33.0 4.95 5.52 7.00 Dec 3,480 0.0 BV Carrols Restaurant Group, Inc. TAST Q 1 H/GRW 11.90 14.50 14.00 7.00 NM (0.44) (0.02) 0.15 Dec 527 0.0 BV Cheesecake Factory Inc. CAKE Q 3 M/GRW 49.60 NM 58.86 44.61 21.1 1.97 2.35 2.63 Dec 2,510 1.6 BV Chipotle Mexican Grill, Inc. CMG N 3 H/GRW 656.55 NM 758.61 597.33 38.1 14.13 17.25 20.00 Dec 20,681 0.0 BV Chuy's Holdings, Inc. CHUY Q 2 H/GRW 27.86 37.00 35.76 18.40 33.2 0.69 0.84 0.98 Dec 465 0.0 BV Darden Restaurants DRI N 3 M/GRW 63.22 NM 75.60 48.91 19.5 1.71 2.63 A 3.25 May 8,174 3.5 BV Dave & Buster’s Entertainment, Inc. PLAY Q 2 H/GRW 37.18 46.00 43.35 18.95 28.8 0.76 1.29 1.53 Jan 1,591 0.0 BV Del Frisco’s Restaurant Group, Inc. DFRG Q 2 H/GRW 13.54 18.00 25.95 12.25 16.9 0.82 0.80 0.92 Dec 317 0.0 BV DineEquity, Inc. DIN N 2 M/GRW 85.06 110.00 114.23 84.77 14.3 4.72 5.95 6.40 Dec 1,608 4.3 BV Fiesta Restaurant Group, Inc. FRGI Q 2 H/GRW 38.31 59.00 69.00 38.21 23.5 1.35 1.63 1.85 Dec 1,016 0.0 BV The Habit Restaurants, Inc. HABT Q 2 H/GRW 23.34 33.00 44.20 20.76 86.4 0.16 0.27 0.32 Dec 607 0.0 BV Kona Grill, Inc. KONA Q 2 H/GRW 14.82 25.00 28.66 14.50 NM 0.07 (0.25) (0.15) Dec 167 0.0 BV McDonald's Corporation MCD N 3 M/GRW 111.64 NM 113.96 87.50 23.0 5.08 4.86 5.30 Dec 106,906 3.0 BV Panera Bread Co. PNRA Q 3 M/GRW 186.07 NM 208.00 153.00 30.0 6.69 6.20 6.75 Dec 4,949 0.0 BV Papa Murphy's Holdings, Inc. FRSH Q 2 H/GRW 13.22 20.00 22.72 8.68 27.5 0.43 0.48 0.60 Dec 225 0.0 BV Red Robin Gourmet Burgers, Inc. RRGB Q 1 H/GRW 79.95 100.00 95.00 51.20 25.0 2.66 3.20 3.65 Dec 1,143 0.0 BV Ruth`s Hospitality Group, Inc. RUTH Q 3 M/GRW 15.35 NM 17.82 11.35 18.1 0.74 0.85 0.95 Dec 531 1.6 BV Texas Roadhouse, Inc. TXRH Q 2 H/GRW 35.73 42.00 40.82 27.74 25.5 1.23 1.40 1.70 Dec 2,523 1.9 BV


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

Consumer & Retail AIMIA (ae) AIM T 2 M/GRW C$12.30 18.00 17.71 10.11 NM 315 233 271 Dec 2,017 6.6 KT Canadian Tire Corporation CTC.A T 2 M/GRW C$115.90 155.00 137.48 109.05 14.8 7.94 7.81 8.71 Dec 8,924 1.8 KT Cara Operations Limited CAO T 2 M/GRW C$34.18 38.00 36.99 29.52 30.5 0.29 1.12 1.44 Dec 1,743 1.1 KT Cineplex Inc. CGX T 2 M/INC C$49.70 55.00 51.01 40.94 31.5 1.21 1.58 2.10 Dec 3,131 3.1 KT Dollarama DOL T 2 M/GRW C$91.49 92.00 93.91 49.35 32.6 1.74 2.19 A 2.81 Jan 11,894 0.4 KT Empire Company Limited EMP.A T 2 M/GRW C$27.04 31.00 31.98 25.45 14.9 1.61 1.86 A 1.81 Apr 7,504 1.5 KT Gildan Activewear GIL N 1 M/GRW US$27.12 38.00 35.15 24.99 17.7 1.14 1.53 1.98 Dec 6,617 1.0 KT Glacier Media Inc. GVC T 3 H/INC C$0.83 1.25 1.69 0.56 6.9 0.20 0.12 0.06 Dec 74 9.6 KT Great Canadian Gaming GC T 2 H/GRW C$17.57 25.00 24.81 16.02 15.7 1.08 1.12 1.31 Dec 1,197 0.0 KT Loblaw Companies Ltd. L T 2 M/GRW C$70.31 75.00 74.45 56.82 19.6 3.10 3.59 4.08 Dec 29,298 1.4 KT Metro, Inc. MRU T 2 M/GRW C$36.78 41.00 38.17 25.72 18.2 1.71 2.02 2.26 Sep 9,199 1.5 KT Sleep Country Canada Holdings Inc. ZZZ T 3 M/INC C$14.72 16.00 17.20 14.09 16.5 0.58 0.89 1.00 Dec 559 3.0 KT Winpak Ltd. WPK T 2 M/GRW C$39.05 45.00 45.40 28.61 25.5 1.21 1.53 1.76 Dec 2,538 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 €7.79 6.00 7.87 4.89 26.0 0.27 0.30 0.33 Dec 4,526 1.2 HB Diageo DGE.L L 3 1,863p NM 2,055 1,593 21.8 95.50 88.80 A 85.60 Jun £46,836 3.2 HB Pernod Ricard PERP.PA EPA 2 €105.00 123.00 117.75 87.90 19.2 4.46 4.99 A 5.46 Jun 27,869 1.9 HB Remy Cointreau RCOP.PA EPA 3 €62.19 NM 75.00 50.29 29.9 1.63 1.95 A 2.08 Mar 3,031 2.7 HB

Eyecare & Eyewear Essilor ESSI.PA EPA 2 €116.85 119.00 121.10 82.75 32.6 2.99 3.58 4.08 Dec 24,784 1.0 CL Luxottica LUX.MI BIT 3 €62.80 NM 67.80 38.39 34.3 1.42 1.83 2.08 Dec 30,113 1.5 CL


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Consumer - EUR Home & Personal Care Beiersdorf BEIG.DE ETR 4 €85.00 69.00 86.36 62.01 29.9 2.53 2.84 3.00 Dec 21,420 0.9 HB BIC BB.FP EPA 3 €144.25 NM 162.20 96.32 21.4 5.58 6.73 6.91 Dec 6,910 2.3 HB Henkel HNKG_p.DE ETR 2 €98.68 110.00 115.70 75.81 20.3 4.38 4.85 5.16 Dec 39,583 1.5 HB L'Oréal OREP.PA EPA 2 €171.10 176.00 181.30 119.95 27.7 5.34 6.17 6.47 Dec 95,768 1.8 HB RB RB.L L 3 6,294p NM 6,345 4,784 26.6 268.00 237.00 250.00 Dec £44,828 2.0 HB

Luxury Goods Christian Dior DIOR.PA EPA 2 €179.30 197.00 195.35 120.54 18.0 7.90 8.17 A 9.98 Jun 32,579 2.8 HB Kering KER.PA EPA 4 €168.55 148.00 198.50 136.75 18.8 9.35 8.96 10.07 Dec 21,283 2.6 HB LVMH LVMH.PA EPA 2 €168.50 182.00 176.60 116.17 21.9 6.46 7.70 8.38 Dec 85,608 2.0 HB Salvatore Ferragamo SFER.MI BIT 1 €23.90 31.00 32.55 17.61 23.0 0.93 1.04 1.22 Dec 4,034 2.0 HB Tod's Group TOD.MI BIT 4 €76.90 72.00 98.00 64.20 23.4 3.17 3.28 3.58 Dec 2,354 2.6 HB

Foodservices Compass Group CPG.L L 3 1,096p NM 1,223 963 20.3 48.80 54.10 58.65 Sep £18,084 2.5 JR Edenred EDEN.PA EPA 2 €16.84 19.00 27.15 14.19 18.7 0.73 0.90 1.13 Dec 3,886 4.6 JR Sodexo EXHO.PA EPA 4 €79.37 83.00 95.76 70.45 21.3 3.23 3.72 4.30 Aug 12,469 2.6 JR

Retail Apparel H&M HMb.ST STO 4 SEK330.30 260.00 368.50 282.10 25.3 12.07 13.05 13.83 Nov 546,680 3.0 CL Inditex ITX.MC MAD 3 €33.51 NM 34.01 21.21 35.6 0.80 0.94 1.05 Jan 104,441 1.8 CL

Consumer Electronics Fnac FNAC.PA EPA 2 €59.73 65.00 64.00 32.00 18.2 2.97 3.28 3.38 Dec 992 0.0 CL

Food Retail Ahold AHLN.AS AMS 3 €18.10 NM 19.90 12.75 18.5 0.88 0.98 1.09 Dec 16,181 2.7 CL Carrefour CARR.PA EPA 2 €29.55 32.00 33.25 22.25 18.8 1.47 1.57 1.85 Dec 21,822 2.5 CL Casino CASP.PA EPA 2 €52.41 60.00 87.89 43.64 14.9 4.91 3.52 3.87 Dec 5,932 6.0 CL Colruyt COLR.BR EBR 4 €44.39 38.00 45.64 34.81 17.7 2.42 2.51 2.59 Mar 6,953 2.5 CL Delhaize DELB.BR EBR 3 €81.89 NM 89.98 51.89 17.0 0.87 4.81 5.15 Dec 8,477 1.6 CL Dia DIDA.MC MAD 1 €5.79 7.80 7.70 4.75 14.1 0.42 0.41 0.48 Dec 3,602 3.1 CL Jeronimo Martins JMT.LS ELI 3 €12.51 NM 13.86 6.94 23.6 0.48 0.53 0.59 Dec 7,869 2.1 CL Metro MEOG.DE ETR 2 €27.99 36.00 34.81 22.13 16.1 1.84 1.74 1.85 Sep 9,147 3.2 CL Rallye GENC.PA EPA 3 €17.41 NM 37.35 13.71 21.8 1.07 0.80 1.35 Dec 849 10.5 CL

Sporting Goods Adidas ADSGn.DE ETR 4 €81.79 65.00 82.14 53.56 24.2 3.05 3.38 3.55 Dec 17,112 1.8 CL Puma PUMG.DE ETR 3 €196.50 NM 201.50 140.95 75.9 4.29 2.59 4.18 Dec 2,963 0.3 CL


Energy

USA Canada Europe

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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

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

Seismic ..................................................................... 34

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

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

Environmental Services ............................................ 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 65.29 74.00 95.98 58.10 NM 4.13 (2.28) (2.31) Dec 33,167 1.7 JF,KS Antero Resources Corporation AR N 2 H/GRW 20.70 30.00 56.81 20.00 59.1 1.20 0.35 0.30 Dec 5,734 0.0 JF,KS Apache Corporation APA N 2 H/GRW 44.14 57.00 78.65 35.79 NM 5.60 (0.96) 0.62 Dec 16,684 2.3 JF,KS Black Stone Minerals L.P. (cu) BSM N 2 H/INC 12.51 18.00 19.46 12.03 18.1 NA 0.69 1.13 Dec 2,392 8.4 KS Bonanza Creek Energy, Inc. BCEI N 2 H/GRW 5.39 7.00 46.40 3.72 NM 1.64 (0.87) (1.51) Dec 268 0.0 KS,JF Cabot Oil & Gas Corp. COG N 3 H/GRW 21.14 NM 35.64 20.00 NM 0.96 0.16 0.04 Dec 8,748 0.4 KS,JF California Resources Corporation CRC N 3 H/GRW 3.65 NM 9.87 2.26 NM 1.70 (0.95) (0.70) Dec 1,397 1.1 PM Chesapeake Energy Corp. CHK N 3 H/GRW 6.72 NM 24.43 6.01 NM 1.88 (0.84) (1.85) Dec 4,459 5.2 JF,KS Chesapeake Granite Wash Trust (cu) CHKR N 4 NM 5.21 NM 10.72 4.28 3.9 2.18 1.32 0.66 Dec 244 27.6 KS Cimarex Energy Co. XEC N 3 H/GRW 112.99 NM 132.18 91.74 NM 5.76 0.01 1.70 Dec 10,673 0.6 JF,KS Clayton Williams Energy, Inc. CWEI N 3 H/GRW 57.85 NM 93.00 33.06 NM 4.03 (5.28) (3.82) Dec 704 0.0 KS Concho Resources Inc. CXO N 2 H/GRW 110.78 132.00 134.13 77.22 NM 4.06 1.03 0.64 Dec 13,327 0.0 JF,KS ConocoPhillips COP N 3 M/INC 51.69 NM 74.68 41.10 NM 5.31 (0.66) 0.82 Dec 64,147 5.7 PM CONSOL Energy Inc. CNX N 3 H/GRW 6.98 NM 42.26 6.90 NM 0.87 (0.17) (0.22) Dec 1,598 0.6 KS,JF Continental Resources Inc. CLR N 2 H/GRW 31.74 35.00 58.48 22.56 NM 3.43 (0.14) 0.34 Dec 11,841 0.0 JF,KS Denbury Resources Inc. DNR N 4 NM 3.27 NM 12.82 2.37 11.3 1.04 0.29 (0.09) Dec 1,162 0.0 KS,JF Devon Energy Corporation DVN N 2 H/GRW 41.20 47.00 70.48 36.01 18.9 4.91 2.18 (0.13) Dec 16,933 2.3 KS,JF Diamondback Energy, Inc. FANG Q 2 H/GRW 72.56 83.00 85.82 51.69 49.7 2.31 1.46 1.19 Dec 4,620 0.0 JF,KS ECA Marcellus Trust I (cu) ECT N 4 NM 1.68 NM 5.30 1.63 6.5 1.00 0.26 0.19 Dec 30 14.3 KS Energen Corp. EGN N 2 H/GRW 56.60 62.00 77.12 43.75 73.5 2.71 0.77 (0.95) Dec 4,457 0.1 JF,KS EOG Resources, Inc. EOG N 2 H/GRW 82.70 80.00 103.04 68.15 NM 4.95 (0.45) (0.59) Dec 45,414 0.8 KS,JF EV Energy Partners L.P. EVEP Q 4 NM 5.22 NM 33.64 5.08 11.1 2.37 0.47 (1.11) Dec 255 38.3 KS Hess Corp. HES N 2 H/GRW 56.93 75.00 86.25 47.84 NM 4.25 (4.10) (3.34) Dec 16,185 1.8 PM InterOil Corp. IOC N 2 H/SPEC 38.19 70.00 61.15 30.88 NM (2.31) (1.94) (1.71) Dec 1,890 0.0 PM Kosmos Energy Ltd. KOS N 3 H/GRW 6.41 NM 10.41 5.34 NM 0.27 (0.28) (0.12) Dec 2,449 0.0 PM Laredo Petroleum Inc. LPI N 2 H/GRW 11.20 14.00 19.97 6.35 44.8 0.96 0.25 0.08 Dec 2,396 0.0 JF,KS Legacy Reserves L.P. LGCY Q 3 H/INC 3.53 NM 23.06 3.50 NM 0.29 (0.54) (1.42) Dec 243 39.7 KS LINN Energy, LLC LINE Q 3 H/INC 2.48 NM 25.69 2.01 3.6 2.25 0.69 0.43 Dec 881 50.4 KS LinnCo, LLC LNCO Q 3 H/INC 2.26 NM 24.49 1.88 3.2 2.25 0.70 0.43 Dec 761 55.3 KS


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Energy - USA Exploration and Production Marathon Oil Corp. MRO N 2 M/GRW 17.11 24.00 35.78 14.03 NM 2.53 (1.37) (0.86) Dec 11,583 4.9 PM Memorial Production Partners L.P. MEMP Q 3 H/INC 4.90 NM 21.67 4.62 9.4 0.67 0.52 0.33 Dec 406 24.5 KS Memorial Resource Development Corp MRD Q 2 H/GRW 17.31 26.00 28.44 14.61 42.2 0.48 0.41 0.40 Dec 3,315 0.0 JF,KS Mid-Con Energy Partners L.P. MCEP Q 4 NM 1.80 NM 20.27 1.71 6.9 1.06 0.26 0.22 Dec 32 27.8 KS Murphy Oil Corp. MUR N 4 NM 26.19 NM 55.36 23.20 NM 3.40 (3.26) (2.23) Dec 4,570 5.3 PM MV Oil Trust (cu) MVO N 3 H/INC 6.33 NM 24.17 5.34 7.8 3.25 0.81 1.06 Dec 73 13.3 KS National Fuel Gas Company NFG N 3 H/GRW 51.72 NM 72.21 48.61 17.7 3.44 2.93 2.91 Sep 4,372 3.1 KS,DH Newfield Exploration Company NFX N 3 H/GRW 39.19 NM 41.06 22.31 60.3 1.76 0.65 0.55 Dec 6,387 0.0 KS,JF Noble Energy, Inc. NBL N 3 H/GRW 32.98 NM 60.30 29.13 NM 2.41 (0.01) (0.24) Dec 12,862 2.2 JF,KS Northern Oil & Gas Inc. NOG M 3 H/GRW 4.33 NM 12.35 4.05 6.6 0.94 0.66 (0.14) Dec 267 0.0 JF,KS Oasis Petroleum Inc. OAS N 2 H/GRW 10.59 13.00 31.05 8.04 13.4 2.22 0.79 (0.44) Dec 1,474 0.0 JF,KS Occidental Petroleum Corp. OXY N 1 M/INC 70.20 80.00 86.37 63.60 NM 5.86 0.37 1.34 Dec 53,815 4.3 PM Parsley Energy, Inc. PE N 2 H/GRW 16.58 20.00 19.02 11.11 NM 0.33 (0.17) 0.07 Dec 2,328 0.0 JF,KS Pioneer Natural Resources Company PXD N 2 H/GRW 132.14 160.00 195.79 105.83 NM 5.00 0.00 0.52 Dec 19,689 0.1 JF,KS QEP Resources, Inc. QEP N 2 H/GRW 13.79 17.00 26.58 11.20 NM 1.39 (0.09) (0.85) Dec 2,435 0.6 KS,JF Range Resources Corp. RRC N 2 H/GRW 28.77 46.00 74.64 27.83 NM 1.58 (0.07) (1.35) Dec 4,871 0.6 KS,JF Resolute Energy Corp. REN N 4 NM 0.47 NM 3.97 0.25 NM (0.32) (0.25) (0.11) Dec 36 0.0 JF,KS RSP Permian Inc. RSPP N 2 H/GRW 25.75 32.00 31.15 19.20 51.5 0.90 0.50 0.41 Dec 2,164 0.0 JF,KS SandRidge Energy Inc. SD N 4 NM 0.33 NM 4.20 0.25 NM 0.25 (0.42) (0.53) Dec 172 0.0 JF,KS SandRidge Mississippian Trust I (cu) SDT N 3 H/INC 3.25 NM 5.43 2.05 2.6 1.34 1.26 0.30 Dec 91 36.9 KS SandRidge Mississippian Trust II (cu) SDR N 3 H/INC 2.75 NM 5.97 2.00 3.3 1.82 0.84 0.47 Dec 137 36.4 KS SandRidge Permian Trust (cu) PER N 3 H/INC 4.47 NM 10.48 3.99 2.9 2.55 1.56 0.87 Dec 235 37.8 KS SM Energy Company SM N 2 H/GRW 30.01 47.50 60.28 18.21 NM 5.64 0.29 (0.68) Dec 2,029 0.3 KS,JF Southwestern Energy Company SWN N 3 H/GRW 10.64 NM 37.26 10.48 53.2 2.27 0.20 (0.53) Dec 4,091 0.0 KS,JF TransGlobe Energy Corp. TGA Q 2 H/GRW 2.52 5.00 4.83 2.46 NM 0.71 (0.23) (0.05) Dec 187 7.9 PM Ultra Petroleum Corporation UPL N 3 H/GRW 5.12 NM 24.62 4.91 10.0 2.55 0.51 (0.29) Dec 794 0.0 KS,JF Vanguard Natural Resources, LLC VNR Q 2 H/INC 7.57 13.00 26.88 5.50 NM 1.10 (0.13) 0.18 Dec 654 18.6 KS Viper Energy Partners L.P. (cu) VNOM Q 3 H/INC 15.64 NM 22.10 13.40 20.1 0.50 0.78 0.96 Dec 1,247 5.7 KS VOC Energy Trust (cu) VOC N 3 H/INC 3.90 NM 9.80 3.43 8.7 1.38 0.45 0.39 Dec 66 11.5 KS Whiting Petroleum Corp. WLL N 2 H/GRW 16.58 27.00 63.63 13.50 NM 4.07 (0.86) (1.06) Dec 3,385 0.0 JF,KS Whiting USA Trust II (cu) WHZ N 2 H/INC 1.78 2.50 12.20 1.02 11.1 2.47 0.16 0.40 Dec 33 36.0 KS WPX Energy Inc. WPX N 2 H/GRW 6.49 9.00 20.04 5.24 NM 0.28 (0.16) (0.67) Dec 1,332 0.0 KS,JF


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Energy - USA Independent Refiners Delek US Holdings, Inc. DK N 3 H/GRW 25.72 NM 41.15 24.66 11.2 4.23 2.29 3.00 Dec 1,571 2.3 JJ HollyFrontier Corp. HFC N 3 H/GRW 46.92 NM 54.73 30.15 9.1 2.66 5.14 4.50 Dec 8,985 2.8 JJ Marathon Petroleum Corp. MPC N 2 H/GRW 48.98 60.00 60.38 37.62 8.4 4.47 5.80 4.50 Dec 26,645 2.6 JJ PBF Energy, Inc. PBF N 3 H/GRW 30.89 NM 36.93 22.89 8.7 4.52 3.57 4.75 Dec 2,833 3.9 JJ Phillips 66 PSX N 2 H/GRW 83.56 90.00 84.87 57.33 12.0 6.62 6.99 7.50 Dec 45,866 2.7 JJ Tesoro Corp. TSO N 3 H/GRW 104.49 NM 110.74 64.16 8.0 6.90 13.10 8.25 Dec 13,197 1.9 JJ Valero Energy Corp. VLO N 2 H/GRW 62.46 70.00 71.50 43.45 7.3 6.58 8.51 6.75 Dec 31,730 2.6 JJ Western Refining, Inc. WNR N 3 H/GRW 41.00 NM 51.31 31.83 8.0 4.72 5.10 4.25 Dec 3,919 3.7 JJ

Integrated Oil and Gas Chevron Corp. CVX N 2 M/INC 87.70 95.00 120.17 69.58 32.6 10.14 2.69 3.87 Dec 164,587 4.9 PM Ecopetrol S.A. (ed, r) EC N 3 H/GRW 9.07 NM 28.12 8.24 36.3 2.03 0.25 0.50 Dec 18,646 2.8 PM Exxon Mobil Corp. XOM N 3 M/INC 81.09 NM 97.20 66.55 21.6 7.60 3.75 3.86 Dec 340,578 3.6 PM Petróleo Brasileiro S.A. (ed, r) PBR N 3 H/GRW 4.70 NM 11.85 3.72 26.1 1.22 0.18 0.32 Dec 30,653 0.0 PM


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Energy - USA Midstream Suppliers AmeriGas Partners L.P. APU N 3 H/INC 41.42 NM 52.72 39.13 19.4 2.83 2.14 2.90 Sep 3,848 8.9 DH,BBL Antero Midstream Partners L.P. AM N 1 H/GRW 21.65 30.00 30.77 16.47 41.6 0.09 0.52 1.49 Dec 3,289 3.1 DH Boardwalk Pipeline Partners L.P. BWP N 3 H/INC 11.76 NM 18.32 11.26 16.1 0.58 0.73 0.73 Dec 2,861 3.4 DH Calumet Specialty Products Partners L.P. CLMT Q 3 H/INC 27.34 NM 29.70 18.26 48.0 (1.80) 0.57 2.08 Dec 2,071 10.0 JJ,DH Capital Product Partners L.P. CPLP Q 3 H/INC 7.09 NM 10.06 5.56 18.7 0.31 0.38 0.45 Dec 753 13.3 DH,BBL Cheniere Energy Partners L.P. CQP M 3 H/INC 26.95 NM 34.55 20.53 NM (0.87) (0.51) 0.40 Dec 9,104 6.3 DH,PM Cheniere Energy, Inc. LNG M 3 H/GRW 45.06 NM 82.32 44.25 NM (1.93) (1.93) (1.90) Dec 10,206 0.0 PM,DH Crestwood Equity Partners L.P. CEQP N 2 H/INC 2.51 5.00 9.67 2.17 NM 0.30 (0.23) (0.14) Dec 468 21.9 DH CrossAmerica Partners L.P. CAPL N 2 H/INC 24.03 32.00 40.87 20.00 NM (0.25) 0.20 0.78 Dec 803 9.4 BBL,DH Delek Logistics Partners L.P. DKL N 2 H/INC 31.54 48.00 48.46 29.29 10.6 2.87 2.98 3.93 Dec 770 7.0 DH,JJ Energy Transfer Equity L.P. ETE N 1 H/GRW 20.28 28.00 35.44 18.62 20.3 0.59 1.00 1.25 Dec 21,696 5.2 DH Energy Transfer Partners L.P. ETP N 2 H/INC 42.96 48.00 69.66 36.84 45.2 1.86 0.95 1.18 Dec 28,342 9.6 DH EnLink Midstream LLC ENLC N 2 H/GRW 19.03 27.00 39.23 17.22 28.4 0.55 0.67 1.72 Dec 3,121 5.4 DH EnLink Midstream Partners L.P. ENLK N 3 H/INC 16.08 NM 31.55 14.77 42.3 0.59 0.38 0.77 Dec 3,698 9.7 DH Enterprise Products Partners L.P. EPD N 1 H/INC 25.99 35.00 40.12 22.01 20.5 1.47 1.27 1.33 Dec 48,705 5.9 DH Ferrellgas Partners L.P. FGP N 4 NM 20.22 NM 28.50 19.33 39.6 0.41 0.28 A 0.51 Jul 1,663 10.1 DH,BBL Genesis Energy L.P. GEL N 2 H/INC 39.01 50.00 50.04 27.40 27.5 1.18 1.42 2.42 Dec 3,887 6.4 DH,JJ Global Partners L.P. GLP N 3 H/INC 32.11 NM 45.75 26.55 17.2 3.96 1.87 2.00 Dec 1,084 8.7 DH,JJ Golar LNG Partners L.P. GMLP Q 3 H/INC 16.59 NM 38.39 14.09 6.3 2.77 2.64 2.92 Dec 1,022 13.9 DH,BBL Holly Energy Partners L.P. HEP N 3 H/INC 33.04 NM 36.40 26.25 21.0 1.21 1.57 1.86 Dec 1,938 6.6 DH,JJ Kinder Morgan, Inc. KMI N 2 H/INC 27.28 35.00 44.71 25.81 45.5 0.90 0.60 0.75 Dec 60,777 7.2 DH KNOT Offshore Partners L.P. KNOP N 2 H/INC 16.78 19.00 26.49 12.58 11.2 1.34 1.50 1.68 Dec 490 12.2 DH,BBL Magellan Midstream Partners L.P. MMP N 2 H/INC 60.39 71.00 90.08 55.05 18.2 3.69 3.32 3.93 Dec 13,734 4.9 DH,JJ Martin Midstream Partners L.P. MMLP Q 2 H/INC 27.10 35.00 38.61 23.05 23.2 (0.40) 1.17 1.38 Dec 961 12.0 DH NGL Energy Partners L.P. NGL N 2 H/INC 17.60 28.00 40.58 16.96 36.7 0.39 (0.36) A 0.48 Mar 1,829 14.4 DH NuStar Energy L.P. NS N 3 H/INC 46.72 NM 68.10 42.00 14.4 2.10 3.24 2.83 Dec 3,639 9.4 DH,JJ NuStar GP Holdings, LLC NSH N 3 H/INC 27.23 NM 42.35 24.46 15.3 1.44 1.78 1.72 Dec 1,169 8.0 DH,JJ PennTex Midstream Partners L.P. PTXP Q 2 H/INC 17.85 19.00 21.02 14.23 71.4 NA 0.25 1.04 Dec 714 6.2 DH Plains All American Pipeline L.P. PAA N 2 H/INC 30.00 41.00 56.98 26.71 16.9 2.43 1.78 2.24 Dec 11,930 9.3 DH,JJ Plains GP Holdings L.P. PAGP N 2 H/INC 15.93 22.00 29.87 15.51 24.5 0.48 0.65 0.74 Dec 3,568 5.8 DH,JJ Rose Rock Midstream L.P. RRMS N 2 H/INC 25.72 36.00 56.94 21.53 17.0 1.69 1.51 1.98 Dec 946 10.1 DH,JJ SemGroup Corporation SEMG N 2 H/INC 43.89 65.00 86.99 41.44 28.0 0.65 1.57 2.28 Dec 1,928 3.8 DH,JJ Southcross Energy Partners L.P. SXE N 3 H/INC 5.15 NM 20.39 4.77 NM (1.25) (1.64) (0.34) Dec 209 31.1 DH Spectra Energy Corp. SE N 2 M/INC 27.71 31.00 40.00 25.22 26.6 1.61 1.04 1.46 Dec 18,593 5.3 DH


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Energy - USA Midstream Suppliers Spectra Energy Partners L.P. SEP N 2 H/INC 40.81 53.00 60.07 38.25 12.7 2.84 3.21 2.97 Dec 12,423 6.1 DH Sprague Resources L.P. SRLP N 3 H/INC 21.60 NM 28.90 17.15 7.5 5.86 2.89 3.60 Dec 455 9.0 DH,JJ Suburban Propane Partners L.P. SPH N 3 H/INC 34.84 NM 46.05 30.30 20.4 1.55 1.71 2.01 Sep 2,109 10.2 DH,BBL Sunoco L.P. SUN N 2 H/INC 32.72 45.00 54.83 29.50 14.4 1.81 2.28 3.22 Dec 1,171 8.5 BBL,DH Targa Resources Corp. TRGP N 1 H/GRW 52.97 75.00 130.33 48.65 27.9 2.43 1.90 3.52 Dec 2,968 6.7 DH Targa Resources Partners L.P. NGLS N 2 H/INC 29.31 37.00 64.01 23.50 79.2 2.77 0.37 (0.03) Dec 5,396 11.3 DH Teekay Corporation TK N 1 H/GRW 30.76 46.00 59.55 28.36 17.6 (0.76) 1.75 1.75 Dec 2,236 7.2 DH,BBL Teekay LNG Partners L.P. TGP N 3 H/INC 24.38 NM 43.66 22.03 10.5 2.30 2.33 2.25 Dec 1,921 11.5 DH,BBL Teekay Offshore Partners L.P. TOO N 2 H/INC 16.16 22.00 31.35 13.74 7.8 0.21 2.07 1.72 Dec 1,493 13.9 DH,BBL Tesoro Logistics L.P. TLLP N 1 H/INC 49.65 60.00 62.21 40.14 17.2 1.10 2.89 3.82 Dec 4,021 5.8 DH,JJ The Williams Companies, Inc. WMB N 2 H/GRW 37.47 51.00 61.38 34.64 54.3 2.92 0.69 1.14 Dec 28,065 6.8 DH Williams Partners L.P. WPZ N 2 H/INC 30.42 40.00 62.92 29.10 74.2 0.81 0.41 1.16 Dec 17,847 11.2 DH

Oilfield Services Compression CSI Compressco Partners L.P. CCLP Q 2 H/INC 14.42 16.00 23.57 11.60 NM 0.93 0.06 0.45 Dec 478 13.9 JMA,PN Exterran Partners L.P. EXLP Q 2 H/INC 19.14 21.00 28.79 11.65 14.7 1.18 1.30 1.15 Dec 1,143 11.9 JMA,PN USA Compression Partners L.P. USAC N 2 H/INC 16.09 17.00 24.82 13.26 20.4 0.57 0.79 0.60 Dec 468 13.1 JMA,PN

Diversified Oilfield Services Baker Hughes, Inc. BHI N 1 H/GRW 51.50 63.00 70.45 44.11 NM 4.21 (0.32) (0.60) Dec 22,454 1.3 JMA,PN Halliburton HAL N 1 H/GRW 37.48 48.00 58.00 30.93 25.2 4.02 1.49 0.65 Dec 32,008 1.9 JMA,PN Schlumberger Ltd. SLB N 3 H/GRW 76.95 NM 100.54 66.57 23.0 5.57 3.35 2.15 Dec 97,342 2.6 JMA,PN Weatherford WFT N 3 H/GRW 9.57 NM 17.27 7.21 NM 1.01 (0.34) (0.65) Dec 7,455 0.0 JMA,PN

Manufacturing & Fabrication Cameron International Corp. CAM N 3 H/GRW 67.03 NM 68.68 39.52 18.4 4.26 3.65 1.50 Dec 12,790 0.0 JMA,PN FMC Technologies, Inc. FTI N 3 H/GRW 31.80 NM 57.87 27.94 14.7 2.95 2.16 1.10 Dec 7,311 0.0 JMA,PN National Oilwell Varco Inc. NOV N 2 H/GRW 35.95 45.00 74.65 34.54 12.9 6.06 2.79 1.05 Dec 13,896 5.1 JMA,PN Oil States International, Inc. OIS N 2 H/GRW 27.64 35.00 60.71 23.35 60.1 4.39 0.46 (0.70) Dec 1,418 0.0 JMA,PN

Offshore Construction Helix Energy Solutions Group HLX N 3 H/GRW 5.57 NM 27.70 4.57 37.1 1.79 0.15 (0.31) Dec 591 0.0 JMA,PN

Offshore Drillers Atwood Oceanics ATW N 3 H/GRW 15.66 NM 42.23 14.15 2.1 4.87 7.35 3.70 Sep 1,012 6.4 PN,JMA Diamond Offshore DO N 3 H/GRW 19.32 NM 40.00 16.51 9.7 3.26 2.00 0.25 Dec 2,687 2.6 PN,JMA Ensco plc ESV N 3 H/GRW 15.27 NM 41.99 13.26 3.8 6.15 4.03 2.75 Dec 3,533 3.9 PN,JMA Noble Corp plc NE N 3 H/GRW 12.38 NM 22.35 10.34 5.0 2.95 2.47 1.10 Dec 2,996 12.1 PN,JMA Ocean Rig UDW ORIG Q 3 H/GRW 1.90 NM 14.08 1.82 1.2 2.46 1.60 (0.15) Dec 250 0.0 PN,JMA Pacific Drilling PACD N 3 H/GRW 1.43 NM 7.51 1.14 1.8 0.87 0.80 (0.25) Dec 301 0.0 PN,JMA Rowan Companies RDC N 2 H/GRW 18.18 20.00 25.35 14.63 6.8 2.12 2.68 2.30 Dec 2,258 2.2 PN,JMA Transocean RIG N 4 NM 14.76 NM 30.66 11.26 4.2 4.98 3.53 (0.15) Dec 5,366 4.1 PN,JMA


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Energy - USA Onshore Drillers Nabors Industries Ltd. NBR N 2 H/GRW 9.92 11.00 18.47 8.94 NM 1.14 (0.37) (1.20) Dec 2,895 2.4 JMA,PN Patterson-UTI Energy, Inc. PTEN Q 1 H/GRW 14.24 18.00 24.14 12.82 NM 1.62 (0.75) (2.25) Dec 2,096 2.8 JMA,PN Pioneer Energy Services Corp PES N 4 NM 2.66 NM 10.00 1.91 NM 0.24 (0.98) (1.55) Dec 167 0.0 JMA,PN Unit Corporation UNT N 3 H/GRW 12.10 NM 50.05 10.80 NM 4.22 (0.61) (1.40) Dec 610 0.0 JMA,PN

Production/Workover/Miscellaneous Basic Energy Services, Inc. BAS N 3 H/GRW 3.55 NM 13.64 2.96 NM 0.43 (4.50) (5.20) Dec 151 0.0 JMA,PN Cypress Energy Partners L.P. CELP N 2 H/INC 11.13 12.00 23.47 9.21 12.6 0.99 0.88 0.80 Dec 132 14.6 JMA,PN Dawson Geophysical Company DWSN Q 3 H/SPEC 3.01 NM 10.02 3.01 NM (1.65) (1.50) (1.55) Dec 64 0.0 JMA,PN Hi-Crush Partners L.P. HCLP N 3 H/GRW 5.16 NM 50.00 5.10 4.9 2.98 1.05 (0.15) Dec 191 36.8 JMA,PN Key Energy Services Inc. KEG N 3 H/SPEC 0.49 NM 3.42 0.42 NM (0.57) (1.10) (0.95) Dec 77 0.0 JMA,PN Newpark Resources NR N 1 H/GRW 5.21 8.00 12.65 4.89 NM 0.85 (0.16) (0.35) Dec 438 0.0 JMA,PN Superior Energy Services, Inc. SPN N 1 H/GRW 14.94 16.00 26.95 12.35 NM 1.79 (1.15) (2.00) Dec 2,252 2.1 JMA,PN TETRA Technologies Inc. TTI N 2 H/GRW 6.51 7.50 9.79 4.62 32.6 0.26 0.20 (0.40) Dec 522 0.0 JMA,PN

Renewable Energy and Clean Technology Fuels and Chemicals Chart Industries, Inc. GTLS Q 2 H/GRW 20.61 36.00 48.68 17.22 13.0 2.74 1.59 1.82 Dec 639 0.0 PM Clean Energy Fuels Corp. CLNE Q 4 NM 5.09 NM 10.48 3.73 NM (0.87) (1.14) (1.00) Dec 466 0.0 PM Green Plains Partners L.P. GPP Q 1 M/INC 14.15 21.00 16.29 10.92 17.3 0.07 0.82 1.64 Dec 473 12.0 PM Westport Innovations Inc. WPRT Q 3 H/GRW 3.02 NM 6.74 2.42 NM (1.84) (1.12) (0.73) Dec 193 0.0 PM

Power 8point3 Energy Partners L.P. CAFD Q 1 M/INC 13.03 22.00 21.15 10.26 NM (0.02) 0.10 0.18 Nov 925 6.8 PM Advanced Energy Industries, Inc. AEIS Q 1 H/GRW 27.70 32.00 29.50 18.05 13.2 1.73 2.10 2.51 Dec 1,133 0.0 PM EnerNOC, Inc. ENOC Q 1 H/GRW 7.75 16.00 19.04 7.23 NM 1.40 (1.63) (0.21) Dec 219 0.0 PM Enphase Energy, Inc. ENPH Q 3 H/GRW 3.50 NM 15.82 3.42 29.2 0.06 0.12 0.31 Dec 172 0.0 PM Enviva Partners L.P. EVA N 2 M/INC 14.50 20.00 22.46 11.85 15.9 0.01 0.91 0.99 Dec 349 11.4 PM First Solar, Inc. FSLR Q 3 H/GRW 49.16 NM 65.50 39.18 17.7 3.64 2.78 3.95 Dec 4,995 0.0 PM Silver Spring Networks, Inc. SSNI N 2 H/GRW 13.31 15.00 15.20 6.90 95.1 (0.50) 0.14 0.23 Dec 667 0.0 PM SolarCity Corp. SCTY Q 2 H/GRW 37.96 75.00 63.79 34.65 NM (3.96) (6.65) (7.63) Dec 3,682 0.0 PM SunPower Corp. SPWR Q 2 H/GRW 23.78 32.00 35.11 18.25 14.3 1.33 1.66 1.31 Dec 3,733 0.0 PM Trina Solar Limited (r) TSL N 3 H/GRW 10.27 NM 13.33 7.15 6.7 0.75 1.53 1.66 Dec 1,078 0.0 PM


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

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

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

Alternative Energy & Clean Tech Alterra Power Corp. AXY T 2 H/SPEC C$0.46 0.65 0.55 0.29 15.3 (0.07) 0.03 0.03 Dec 215 0.0 SLi U.S. Geothermal HTM M 3 H/SPEC US$0.56 0.85 0.68 0.43 14.0 0.01 0.04 NA Dec 60 0.0 SLi

Energy Infrastructure Midstream AltaGas Ltd. (af) ALA T 2 M/INC C$33.03 38.00 48.00 27.09 13.1 3.25 2.53 2.74 Dec 4,803 6.0 CC Gibson Energy Inc. (af) GEI T 2 M/INC C$17.36 23.00 33.16 16.20 10.2 2.11 1.71 1.96 Dec 2,180 7.4 CC Inter Pipeline Ltd. (af) IPL T 3 M/INC C$24.73 30.00 36.12 21.23 12.5 1.53 1.98 2.04 Dec 8,280 5.9 CC Keyera Corp (af) KEY T 2 M/INC C$38.59 52.00 48.25 34.50 13.3 2.31 2.91 2.96 Dec 6,529 3.9 CC Pembina Pipeline Corp. (af) PPL T 2 M/INC C$32.44 44.00 47.58 30.54 14.6 2.37 2.22 2.70 Dec 11,094 5.6 CC Veresen Inc. (af) VSN T 3 M/INC C$11.46 15.00 19.40 9.77 10.8 1.09 1.06 1.02 Dec 3,317 8.7 CC

Intermediate Oil & Gas Producers ARC Resources Ltd. (cf) ARX T 3 H/INC C$19.16 22.00 29.85 15.57 8.9 3.54 2.15 2.04 Dec 6,543 6.3 KM Athabasca Oil Corp. (cb) ATH T 3 H/GRW C$1.50 2.00 4.02 1.16 NM (38) (39) (27) Dec 605 0.0 CC Baytex Energy Corp. (cf) BTE T 3 H/INC C$5.04 10.00 36.42 3.92 NM 621 471 521 Dec 1,052 0.0 CC Birchcliff Energy Ltd. (cf) BIR T 2 H/GRW C$5.45 8.75 11.86 4.90 5.3 1.97 1.03 1.17 Dec 830 0.0 KM Crescent Point Energy (cf) CPG T 2 M/GRW C$17.48 25.00 37.88 11.31 NM 3,139 1,731 1,965 Dec 8,672 6.9 CC Crew Energy Inc. (cf) CR T 1 H/GRW C$4.50 6.75 8.33 3.40 7.6 1.39 0.59 0.61 Dec 635 0.0 KM Kelt Exploration Ltd. (cf) KEL T 2 H/GRW C$5.00 8.00 10.58 4.80 11.9 0.93 0.42 0.75 Dec 848 0.0 KM NuVista Energy Ltd. (cf) NVA T 2 H/GRW C$4.52 7.50 10.61 4.02 5.8 0.81 0.78 0.78 Dec 627 0.0 KM Paramount Resources Ltd. (cf) POU T 1 H/GRW C$12.41 24.00 50.31 9.31 13.1 1.39 0.95 3.15 Dec 1,301 0.0 KM Pengrowth Energy Corporation (cf) PGF T 3 H/INC C$1.08 1.75 4.64 1.03 NM (8) 622 464 Dec 583 3.7 CC Peyto Exploration and Development (cf) PEY T 2 M/GRW C$27.54 37.00 37.41 24.11 7.9 4.31 3.48 4.23 Dec 4,379 4.8 KM Seven Generations Energy Ltd. (cf) VII T 2 H/GRW C$12.80 20.00 24.70 11.25 7.9 1.46 1.62 1.89 Dec 3,212 0.0 KM Tourmaline Oil Corp. (cf) TOU T 2 H/GRW C$27.16 39.00 43.97 25.01 6.9 4.58 3.93 4.74 Dec 5,877 0.0 KM Trilogy Energy Corp. (cf) TET T 3 H/GRW C$4.31 9.00 18.79 3.13 4.9 2.79 0.88 0.95 Dec 542 0.0 KM

Junior Oil & Gas Producers Boulder Energy Ltd. (cf) BXO T 2 H/GRW C$4.89 8.50 12.03 3.97 4.5 NA 1.08 1.67 Dec 227 0.0 KM Chinook Energy Inc. (cf) CKE T 2 H/GRW C$0.60 1.00 1.86 0.59 15.0 0.23 0.04 0.07 Dec 129 0.0 KM Delphi Energy Corp. (cf) DEE T 1 H/GRW C$0.70 1.85 2.36 0.62 3.0 0.42 0.23 0.30 Dec 109 0.0 KM Granite Oil Corp. (cf) GXO T 1 H/INC C$6.94 9.75 9.47 4.06 4.4 1.95 1.58 1.16 Dec 210 5.6 KM Leucrotta Exploration Inc. (cf) LXE V 2 H/GRW C$0.95 1.15 1.99 0.76 NM 0.12 0.00 0.01 Dec 157 0.0 KM RMP Energy Inc. (cf) RMP T 2 H/GRW C$1.76 2.30 6.78 1.21 2.4 1.30 0.73 0.73 Dec 215 0.0 KM Storm Resources Ltd. (cf) SRX V 2 H/GRW C$3.65 5.50 5.65 3.02 9.9 0.41 0.37 0.53 Dec 436 0.0 KM


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Energy - CAN Oil & Gas Energy Services Contract Drillers Ensign Energy Services Inc. (cb) ESI T 3 H/INC C$7.69 10.25 13.84 7.68 NM 540 348 324 Dec 1,285 6.2 AB Precision Drilling Corporation (cb) PD T 2 H/INC C$5.04 6.75 9.76 4.65 NM 817 507 508 Dec 1,528 5.6 AB Savanna Energy Services (cb) SVY T 1 H/GRW C$1.20 2.75 6.36 1.01 NM 158 93 88 Dec 115 0.0 AB Trinidad Drilling Ltd. (cb) TDG T 2 H/INC C$2.24 3.25 7.48 1.97 NM 252 186 196 Dec 501 8.9 AB Western Energy Services Corp. (cb) WRG T 4 H/INC C$4.25 5.00 7.89 3.03 NM 177 64 80 Dec 336 7.1 AB

Facilities & Infrastructure Black Diamond Group Limited (cb) BDI T 1 H/INC C$8.84 13.50 21.65 6.70 NM 140 97 100 Dec 392 10.9 AB Enerflex Ltd. (cb) EFX T 2 H/INC C$12.66 15.00 18.19 10.03 NM 181 203 206 Dec 1,027 2.7 AB Horizon North Logistics Inc. (cb) HNL T 3 H/INC C$2.66 2.80 4.80 1.80 NM 93 63 67 Dec 374 12.0 AB Secure Energy Services Inc. (cb) SES T 1 H/INC C$8.51 12.00 22.00 7.98 NM 211 122 168 Dec 1,233 2.8 AB

Pressure Pumpers Calfrac Well Services (cb) CFW T 3 H/INC C$2.60 4.50 14.50 2.51 NM 361 28 105 Dec 269 2.3 AB Canyon Services Group Inc. (cb) FRC T 2 H/INC C$4.95 7.50 12.15 3.86 NM 121 28 66 Dec 362 2.4 AB Trican Well Service (cb) TCW T 3 H/GRW C$0.95 1.00 10.65 0.67 NM 269 (27) 93 Dec 156 0.0 AB

Well Site & Other Services Essential Energy Services Ltd. (cb) ESN T 2 H/INC C$0.69 1.25 2.13 0.64 NM 68 25 38 Dec 92 8.7 AB McCoy Global MCB T 3 H/INC C$2.95 2.50 5.06 2.72 NM 0.38 (0.01) (0.04) Dec 81 0.0 TP,SH Mullen Group Ltd. (cb) MTL T 3 H/INC C$17.76 18.75 23.48 14.81 NM 286 226 250 Dec 1,671 6.8 AB Strad Energy Services Ltd. (cb) SDY T 2 H/INC C$2.21 3.15 5.00 1.89 NM 59 21 29 Dec 88 12.7 AB

Oil Sands Canadian Oil Sands Limited (cb) COS T 3 H/INC C$9.72 10.25 18.10 5.61 NM 1,192 293 817 Dec 4,710 2.1 CC MEG Energy Corp. (cb) MEG T 2 H/GRW C$9.58 17.50 29.87 7.86 NM 556 (75) 609 Dec 2,157 0.0 CC

Senior Oil & Gas Producers Canadian Natural Resources Ltd (cb) CNQ T 2 M/GRW C$29.57 36.00 43.10 25.01 NM 10,366 5,916 6,217 Dec 32,353 3.1 CC Cenovus Energy (cb) CVE T 2 M/GRW C$18.93 24.00 29.11 15.75 NM 3,367 2,287 1,844 Dec 15,964 3.4 CC Husky Energy Inc. (cb) HSE T 3 M/GRW C$20.27 24.00 29.48 20.22 NM 6,018 3,751 4,112 Dec 19,948 5.9 CC Imperial Oil Limited (cb) IMO T 3 M/GRW C$43.25 52.00 55.76 40.55 NM 6,121 3,796 3,970 Dec 36,793 1.3 CC Suncor Energy Inc (cb) SU T 2 M/GRW C$36.71 41.00 40.93 30.89 NM 12,159 8,254 7,164 Dec 53,075 3.2 CC


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Energy - EUR Emmanuel Retif, RJEE [email protected] Bertrand Hodée, RJEE [email protected]

Pavel Molchanov* [email protected]

Integrated Oil and Gas BG Group ($D) BG.L L 2 1,028p 1,200 1,302 781 NM 1.19 0.45 0.68 Dec £34,993 1.8 BH BP ($D) BP.L L 3 M/INC 380p NM 488 320 NM 0.65 0.36 0.38 Dec £76,023 6.8 BH,PM Eni ENI.MI BIT 2 €14.89 17.00 17.66 12.98 37.2 1.02 0.40 0.75 Dec 53,938 5.4 BH OMV OMV.AV WBAG 4 €23.88 21.50 30.95 19.54 9.0 3.47 2.66 1.85 Dec 7,790 5.2 BH Repsol REP.MC MAD 3 €11.08 NM 18.21 9.90 10.5 1.26 1.06 0.99 Dec 15,790 8.7 BH Royal Dutch Shell ($D) RDSa.AS AMS 2 €23.81 28.00 29.59 20.27 10.7 3.71 2.22 2.38 Dec 151,139 7.0 BH Total ($D) TOTF.PA EPA 2 €43.64 46.00 50.30 36.92 11.5 5.68 3.79 3.88 Dec 103,763 5.6 BH

Oilfield Services Diversified Oilfield Services Bourbon GPBN.PA EPA 4 €13.18 11.50 22.04 10.89 NM 0.17 (0.70) (0.68) Dec 983 7.6 BH Saipem SPMI.MI BIT 4 €7.99 6.70 14.69 6.86 NM 0.41 (1.34) 0.65 Dec 3,527 0.0 BH Technip TECF.PA EPA 4 €45.64 39.00 66.36 40.06 8.6 4.74 5.32 4.14 Dec 4,988 4.5 BH

Seismic CGG ($D) CGG.PA EPA 4 €3.58 3.20 8.87 3.03 NM (1.15) (0.59) (0.38) Dec 625 0.0 BH

Utilities Electricity & Gas Centrica CNA.L L 2 226p 310 305 219 12.8 19.20 17.60 17.70 Dec £11,291 5.3 ER CEZ CEZsp.PR PRG 4 CZK483.40 458.00 663.90 470.00 8.8 55.10 E 42.90 40.20 Dec 258,136 6.1 ER E.On EONGn.DE ETR 3 €9.50 NM 15.46 7.08 11.0 0.84 0.86 0.78 Dec 18,124 5.3 ER EDF EDF.PA EPA 2 €17.25 20.20 24.89 15.20 8.9 2.41 1.94 2.00 Dec 31,893 7.2 ER Enel ENEI.MI BIT 1 €4.15 4.80 4.50 3.36 12.6 0.32 0.33 0.33 Dec 39,060 3.9 ER Engie GSZ.PA EPA 1 €15.82 21.80 20.57 13.80 13.5 1.13 1.17 1.57 Dec 38,162 6.3 ER Fortum FUM1V.HE HEL 4 €13.79 15.00 21.59 12.96 16.4 1.19 0.84 0.79 Dec 12,251 11.6 ER RWE RWEG.DE ETR 4 €12.49 10.00 29.86 9.13 6.9 2.09 1.80 1.50 Dec 7,670 6.4 ER SSE SSE.L L 2 1,543p 1,645 1,696 1,395 13.1 123.00 118.00 113.00 Mar £15,121 5.8 ER Verbund VERB.VI WBAG 3 €13.07 NM 17.40 11.50 18.9 0.62 0.69 0.55 Dec 4,535 2.6 ER

Environmental Services Suez Environnement SEVI.PA EPA 2 €17.54 19.90 19.22 12.69 21.9 0.61 0.80 0.85 Dec 9,473 3.7 ER Veolia Environnement VIE.PA EPA 1 €21.32 24.40 21.63 12.66 24.5 0.47 0.87 1.01 Dec 11,649 3.3 ER

*Pavel Molchanov is a Raymond James & Associates employee.


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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 S NM US$17.00 NM 19.00 8.66 NM (2.51) NA NA Dec 763 0.0 SW,FRM Pampa Energia SA (ed, r) PAM N S NM US$22.78 NM 22.81 8.80 NM 1.55 NA NA Dec 1,198 0.0 SW,FRM Transener TRAN BA S NM AR$6.48 NM 7.20 2.80 NM UR NA NA Dec 2,882 0.0 SW,FRM

Exploration and Production GeoPark Limited GPRK N 2 H/SPEC US$3.12 10.25 8.99 2.70 3.4 0.91 E 1.67 NA Dec 180 0.0 SW,FRM

Gas Utility Transportadora de Gas del Sur (ed, r) TGS N 2 H/SPEC US$5.32 6.30 6.00 2.88 88.7 0.07 0.06 0.15 Dec 846 0.0 SW,FRM

Integrated Oil and Gas Petrobras Argentina (ed, r) PZE N 3 H/SPEC US$5.08 NM 7.90 4.32 5.6 0.36 0.90 0.88 Dec 1,026 1.4 SW,FRM YPF (ed, r) YPF N 2 H/SPEC US$18.73 27.00 36.16 14.70 8.1 2.89 2.31 3.72 Dec 7,366 1.2 SW,FRM

Oilfield Services Manufacturing & Fabrication Tenaris S.A. (ed, r) TS N 3 H/SPEC US$24.87 NM 39.72 22.85 27.9 1.96 0.89 1.44 Dec 14,681 3.3 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 7.81 NM 16.52 7.01 8.0 1.23 0.98 0.83 Dec 654 8.2 SDS Silvercrest Asset Management Group Inc. SAMG Q 2 M/GRW 11.55 14.00 16.14 10.19 13.9 0.86 0.83 0.80 Dec 147 4.2 SDS Virtus Investment Partners, Inc. VRTS Q 3 H/GRW 105.65 NM 188.04 94.52 16.8 10.51 6.30 9.03 Dec 932 1.7 SDS

Financial Services

USA

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

Canada

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

Argentina

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


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Financial Services - USA Banking 1st Constitution Bancorp FCCY Q 2 H/GRW 12.13 13.00 13.08 9.95 10.2 0.65 1.19 1.05 Dec 91 0.0 WW Access National Corporation ANCX Q 2 H/INC 21.03 22.00 23.29 16.60 14.6 1.17 1.44 1.40 Dec 221 2.9 WW American National Bankshares, Inc. AMNB Q 2 M/INC 24.76 26.00 25.00 21.31 14.1 1.67 1.75 1.85 Dec 213 3.7 WW American River Bankshares AMRB Q 2 H/GRW 10.14 11.00 10.37 9.10 14.9 0.54 0.68 0.75 Dec 76 0.0 DAW Associated Banc-Corp ASB M 3 H/GRW 18.88 NM 20.95 16.50 15.7 1.17 1.20 1.32 Dec 2,849 2.3 DJL Banc of California, Inc. BANC N 2 H/GRW 12.47 14.00 14.25 10.18 10.6 0.91 1.18 1.28 Dec 444 3.8 DAW BancFirst Corporation BANF Q 3 M/GRW 62.39 NM 69.49 55.51 16.2 3.98 3.85 4.20 Dec 973 2.3 DC The Bancorp, Inc. TBBK Q 2 H/SPEC 7.38 10.00 11.03 6.76 43.4 0.27 0.17 0.65 Dec 279 0.0 WW BancorpSouth, Inc. BXS N 3 M/GRW 24.63 NM 26.68 19.64 16.8 1.24 1.47 1.62 Dec 2,315 1.6 MR Bank of America Corporation BAC N 2 M/GRW 16.40 18.00 18.48 14.60 11.3 0.36 1.45 1.55 Dec 171,008 1.2 MR Bank of Commerce Holdings BOCH Q 2 H/GRW 6.01 6.50 6.20 5.40 10.0 0.41 0.60 0.70 Dec 80 2.0 DAW Bank of Marin Bancorp BMRC Q 3 M/GRW 52.35 NM 56.77 45.81 17.3 3.29 3.02 3.20 Dec 319 1.8 DAW Bank of New York Mellon Corp BK N 2 M/GRW 41.71 46.00 45.45 35.63 14.6 2.40 2.86 3.12 Dec 45,589 1.6 DJL Bank of the Ozarks Inc. OZRK Q 1 M/GRW 49.63 54.00 50.56 32.35 23.5 1.55 2.11 2.62 Dec 4,382 1.2 MR Banner Corporation BANR Q 2 M/GRW 48.57 54.00 50.50 39.00 18.4 2.79 2.64 3.20 Dec 1,020 1.5 DAW BB&T Corporation BBT N 2 M/INC 36.91 42.00 41.90 34.24 14.1 2.72 2.62 3.10 Dec 28,797 2.9 MR BBCN Bancorp, Inc. BBCN Q 2 H/GRW 17.00 18.00 17.41 12.77 14.4 1.11 1.18 1.26 Dec 1,353 2.6 DAW BNC Bancorp BNCN Q 3 H/GRW 21.92 NM 23.32 15.52 14.8 1.24 1.48 1.70 Dec 715 0.9 WW BofI Holding, Inc. BOFI Q 1 H/GRW 97.67 145.00 143.92 71.14 14.1 3.85 5.37 A 6.95 Jun 1,514 0.0 DAW BOK Financial Corp. BOKF Q 3 M/GRW 63.15 NM 71.66 53.01 14.3 4.32 4.41 4.72 Dec 4,351 2.7 MR C1 Financial, Inc. BNK N 1 H/GRW 20.17 23.50 20.61 16.25 21.0 0.58 0.96 1.45 Dec 325 0.0 MR Cardinal Financial Corporation CFNL Q 2 M/GRW 22.89 25.00 24.20 17.62 15.9 1.11 1.44 1.56 Dec 737 1.9 MR CenterState Banks, Inc. CSFL Q 2 H/GRW 14.50 17.00 15.15 10.15 16.5 0.54 0.88 1.05 Dec 658 0.6 MR Central Pacific Financial Corp. CPF N 2 H/GRW 22.05 26.00 25.34 17.96 16.0 1.07 1.38 1.50 Dec 695 2.2 DAW Columbia Banking System, Inc. COLB Q 3 M/GRW 32.68 NM 33.70 24.60 18.7 1.52 1.75 2.00 Dec 1,886 2.2 DAW Comerica Inc. CMA N 3 M/GRW 42.22 NM 53.45 39.52 15.4 3.14 2.75 3.05 Dec 7,473 2.0 MR Commerce Bancshares, Inc. CBSH Q 3 H/GRW 44.73 NM 48.70 39.53 17.2 2.54 2.60 2.81 Dec 4,155 2.0 DJL Community Bank System, Inc. CBU N 3 M/INC 39.88 NM 40.95 33.54 17.2 2.27 2.32 2.35 Dec 1,635 3.1 WW Community Trust Bancorp, Inc. CTBI Q 3 M/INC 34.07 NM 37.63 31.53 13.0 2.47 2.62 2.74 Dec 596 3.6 DC ConnectOne Bancorp, Inc. CNOB Q 1 H/GRW 17.72 26.00 22.55 17.32 12.9 1.28 1.37 1.60 Dec 535 1.7 WW CU Bancorp CUNB Q 2 H/GRW 24.48 24.50 24.72 18.52 20.4 0.75 1.20 1.55 Dec 411 0.0 DAW CVB Financial Corp. CVBF Q 3 M/GRW 17.27 NM 18.37 14.53 18.8 0.98 0.92 1.09 Dec 1,836 2.8 DAW East West Bancorp, Inc. EWBC Q 3 H/GRW 39.77 NM 46.50 34.93 14.8 2.46 2.68 2.82 Dec 5,723 2.0 DJL Eastern Virginia Bankshares, Inc. EVBS Q 3 H/GRW 6.27 NM 7.24 5.33 16.9 0.28 0.37 0.42 Dec 82 1.3 WW


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Financial Services - USA Banking Enterprise Financial Services Corp. EFSC Q 3 H/GRW 28.48 NM 29.91 17.44 17.1 1.49 1.67 1.75 Dec 567 1.0 DC EverBank Financial Corp EVER N 2 M/GRW 20.38 22.00 21.18 17.24 14.8 1.13 1.38 1.70 Dec 2,466 1.2 MR Farmers Capital Bank Corp. FFKT Q 3 H/GRW 26.98 NM 31.98 21.92 14.2 1.95 1.90 1.78 Dec 202 0.0 DC Fifth Third Bancorp FITB Q 3 M/GRW 18.75 NM 21.93 17.14 11.9 1.68 1.57 1.71 Dec 14,914 2.8 DJL First Bancorp FBNC Q 2 H/GRW 18.35 18.00 19.13 15.00 14.1 1.20 1.30 1.40 Dec 363 1.7 WW First Busey Corporation BUSE Q 3 H/GRW 19.66 NM 20.83 17.58 14.9 1.14 1.32 1.47 Dec 1,708 3.5 DC First Business Financial Services, Inc. FBIZ Q 2 H/GRW 25.59 28.00 26.42 18.32 13.1 1.84 1.96 2.13 Dec 223 1.7 DC First Community Corporation FCCO Q 2 H/GRW 13.03 14.00 13.37 10.60 14.5 0.85 0.90 1.00 Dec 87 2.1 WW First Defiance Financial Corp. FDEF Q 3 H/GRW 38.85 NM 40.16 28.80 14.0 2.33 2.78 2.75 Dec 357 2.1 DC First Financial Bancorp FFBC Q 2 H/GRW 19.14 22.00 19.75 15.90 15.1 1.19 1.27 1.43 Dec 1,181 3.3 DC First Financial Corporation THFF Q 3 H/GRW 34.01 NM 36.66 31.53 13.9 2.55 2.45 2.54 Dec 442 2.9 DC First Foundation Inc. FFWM Q 2 H/GRW 24.14 27.00 24.73 17.50 22.4 1.03 1.08 1.35 Dec 386 0.0 DAW First Horizon National Corporation FHN N 3 H/GRW 13.78 NM 16.35 11.97 16.6 0.91 0.83 0.92 Dec 3,227 1.7 MR First Midwest Bancorp, Inc. FMBI Q 3 H/GRW 17.55 NM 19.53 15.34 15.5 0.94 1.13 1.24 Dec 1,367 2.1 DC The First of Long Island Corporation FLIC Q 2 M/INC 27.06 28.00 29.28 22.81 14.9 1.64 1.82 2.05 Dec 379 3.0 WW First Republic Bank FRC N 3 H/GRW 64.49 NM 67.69 46.70 20.5 2.97 3.15 3.55 Dec 9,188 0.9 DJL First Security Group, Inc. FSGI Q 3 H/GRW 2.47 NM 2.59 1.95 41.2 0.02 0.06 NA Dec 165 0.0 WW FirstMerit Corp. FMER Q 3 H/GRW 18.43 NM 21.49 16.26 13.6 1.39 1.36 1.40 Dec 3,056 3.7 DJL Fulton Financial FULT Q 3 M/GRW 13.24 NM 13.66 11.00 16.1 0.84 0.82 0.87 Dec 2,330 2.7 DAW German American Bancorp, Inc. GABC Q 2 M/GRW 30.79 32.00 32.66 26.73 14.3 2.07 2.15 2.25 Dec 410 2.2 DC Glacier Bancorp, Inc. GBCI Q 3 M/GRW 26.82 NM 30.29 22.16 17.2 1.53 1.56 1.66 Dec 2,025 2.8 DC Guaranty Federal Bancshares Inc. GFED Q 2 H/GRW 14.65 17.00 15.50 12.60 10.5 1.32 1.39 1.45 Dec 64 1.4 DC Hancock Holding Company HBHC Q 3 M/INC 26.65 NM 35.67 24.96 12.5 2.32 2.14 2.30 Dec 2,065 3.6 MR Hanmi Financial Corporation HAFC Q 1 H/GRW 26.29 28.00 27.71 19.40 16.3 1.56 1.61 1.85 Dec 841 1.7 DAW Heartland Financial USA, Inc. HTLF Q 2 H/GRW 36.98 42.00 38.96 24.12 14.3 2.11 2.59 2.85 Dec 762 1.1 DC Heritage Financial Corporation HFWA Q 3 H/GRW 18.61 NM 19.36 15.44 15.3 0.82 1.22 1.33 Dec 558 2.4 DAW Heritage Oaks Bancorp HEOP Q 2 H/GRW 8.73 8.50 9.25 7.25 17.1 0.27 0.51 0.62 Dec 299 2.7 DAW Hilltop Holdings Inc. HTH N 2 H/GRW 20.17 24.00 24.70 17.34 13.0 1.17 1.55 1.70 Dec 2,023 0.0 MR Home Bancorp, Inc. HBCP Q 2 H/GRW 25.58 29.00 27.22 20.40 13.3 1.64 1.92 2.30 Dec 185 1.3 WW Home BancShares, Inc. HOMB Q 2 M/GRW 43.08 43.00 44.44 28.41 21.2 1.77 2.03 2.35 Dec 2,929 1.4 MR HopFed Bancorp, Inc. HFBC Q 3 H/GRW 11.60 NM 13.86 10.81 35.2 0.50 0.33 0.64 Dec 74 1.4 DC Horizon Bancorp HBNC Q 2 H/GRW 26.53 29.00 27.55 20.50 11.9 1.93 2.23 2.43 Dec 316 2.3 DC Huntington Bancshares Inc. HBAN Q 2 M/GRW 10.90 12.00 11.90 9.56 13.0 0.76 0.84 0.86 Dec 8,684 2.2 DJL IBERIABANK Corporation IBKC Q 2 M/GRW 58.85 64.00 71.21 54.34 14.2 3.65 4.15 4.65 Dec 2,419 2.3 MR


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Financial Services - USA Banking KeyCorp KEY N 3 M/GRW 13.32 NM 15.70 12.04 12.1 1.10 1.10 1.21 Dec 11,126 2.3 DJL Lakeland Bancorp, Inc. LBAI Q 2 M/GRW 11.47 13.00 12.50 10.33 13.3 0.83 0.86 1.00 Dec 435 3.0 WW Lakeland Financial Corporation LKFN Q 2 M/GRW 44.75 47.00 46.57 37.42 16.4 2.62 2.73 2.90 Dec 743 2.2 DC LegacyTexas Financial Group, Inc. LTXB Q 2 M/GRW 28.46 34.00 31.81 19.34 17.5 1.01 1.63 1.82 Dec 1,355 2.0 MR MB Financial, Inc. MBFI Q 3 H/GRW 31.64 NM 36.23 27.93 15.5 1.84 2.04 2.20 Dec 2,332 2.1 DJL Mercantile Bank Corp. MBWM Q 2 H/GRW 21.49 24.00 22.27 18.42 13.3 1.53 1.61 1.70 Dec 350 2.8 DC Meta Financial Group, Inc. CASH Q 1 H/GRW 41.06 60.00 53.51 32.02 13.9 2.64 2.95 4.35 Sep 283 1.3 DC MidSouth Bancorp, Inc. MSL N 3 H/GRW 10.20 NM 19.45 10.20 10.5 1.39 0.97 1.10 Dec 116 3.5 WW MidWestOne Financial Group, Inc. MOFG Q 2 H/GRW 30.43 34.00 34.04 23.98 12.2 2.17 2.49 2.85 Dec 347 2.0 DC National Commerce Corporation NCOM Q 2 H/GRW 22.99 26.00 29.54 20.51 22.3 0.98 1.03 1.35 Dec 217 0.0 WW New York Community Bancorp, Inc. NYCB N 3 M/INC 18.79 NM 19.11 14.26 17.4 1.05 1.08 1.05 Dec 8,348 5.3 WW NewBridge Bancorp NBBC Q 2 H/GRW 11.02 13.00 11.19 7.48 19.3 0.49 0.57 0.65 Dec 431 0.5 WW Northern Trust Corporation NTRS Q 1 M/GRW 68.93 81.00 79.25 61.10 18.1 3.40 3.80 4.15 Dec 15,937 2.1 DJL Old Line Bancshares Inc. OLBK Q 2 H/GRW 17.28 19.00 17.50 13.96 16.5 0.72 1.05 1.35 Dec 183 1.2 WW Old National Bancorp ONB Q 3 H/GRW 13.80 NM 15.16 12.82 14.2 0.99 0.97 1.02 Dec 1,573 3.5 DJL Pacific Continental Corporation PCBK Q 2 M/GRW 13.89 15.00 14.83 12.49 14.5 0.89 0.96 1.18 Dec 272 3.2 DAW Pacific Premier Bancorp, Inc. PPBI Q 2 H/GRW 21.22 24.00 21.92 14.85 17.7 0.96 1.20 1.72 Dec 456 0.0 DAW Park Sterling Corporation PSTB Q 3 H/GRW 7.00 NM 7.80 6.45 17.5 0.31 0.40 0.49 Dec 314 1.7 WW Peoples Bancorp Inc. PEBO Q 1 H/GRW 21.13 26.00 26.65 19.71 13.5 1.72 1.56 1.85 Dec 389 2.8 DC Pinnacle Financial Partners, Inc. PNFP Q 3 M/GRW 53.20 NM 56.00 35.01 20.2 2.01 2.64 3.10 Dec 2,171 0.9 MR PNC Financial Services Group, Inc. PNC N 3 M/INC 89.63 NM 100.52 81.84 12.9 6.93 6.95 7.30 Dec 45,711 2.3 MR Preferred Bank PFBC Q 2 H/GRW 33.72 36.00 34.64 24.76 15.7 1.78 2.15 2.30 Dec 465 1.4 DAW PrivateBancorp, Inc. PVTB Q 1 H/GRW 41.24 48.00 42.93 29.62 18.7 2.00 2.21 2.46 Dec 3,254 0.1 DJL Prosperity Bancshares, Inc. PB N 4 NM 50.02 NM 61.15 43.76 12.3 4.33 4.07 4.00 Dec 3,501 2.2 MR Pulaski Financial Corp. PULB Q 3 H/GRW 14.79 NM 15.69 11.37 14.1 0.89 1.05 1.17 Sep 177 2.6 DC QCR Holdings, Inc. QCRH Q 2 H/GRW 23.54 27.00 23.99 16.91 12.3 1.72 1.92 2.05 Dec 275 0.3 DC Regions Financial Corporation RF N 1 M/GRW 9.24 11.00 10.87 8.54 13.0 0.78 0.71 0.85 Dec 12,049 2.6 MR Renasant Corporation RNST Q 1 M/GRW 34.53 41.00 35.33 26.14 16.5 1.89 2.09 2.44 Dec 1,392 2.0 MR Riverview Bancorp, Inc. RVSB Q 3 H/GRW 4.72 NM 5.48 3.30 15.7 0.87 0.20 A 0.30 Mar 106 1.1 DAW S&T Bancorp, Inc. STBA Q 3 H/GRW 32.03 NM 33.14 24.49 15.3 1.95 2.10 2.20 Dec 1,115 2.4 WW Sandy Spring Bancorp, Inc. SASR Q 3 H/GRW 27.40 NM 28.87 23.25 15.7 1.67 1.74 1.85 Dec 669 3.2 WW ServisFirst Bancshares, Inc. SFBS Q 2 M/GRW 42.93 45.00 43.52 24.77 18.3 2.16 2.35 2.75 Dec NA 0.6 WW Sierra Bancorp BSRR Q 2 H/GRW 15.96 18.00 18.14 15.16 12.7 1.08 1.26 1.35 Dec 212 2.8 DAW Signature Bank SBNY Q 1 H/GRW 147.08 170.00 155.84 113.98 20.4 6.00 7.20 8.30 Dec 7,486 0.0 DJL


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Financial Services - USA Banking Simmons First National Corporation SFNC Q 3 M/INC 51.69 NM 53.00 35.72 16.2 2.29 3.19 3.40 Dec 1,546 1.8 MR Southwest Bancorp, Inc. OKSB Q 2 H/GRW 17.15 20.00 19.00 15.08 18.4 0.86 0.93 1.08 Dec 326 1.4 DC State Street Corporation STT N 3 M/GRW 67.47 NM 81.26 63.97 13.7 5.06 4.92 5.25 Dec 27,244 2.0 DJL Stock Yards Bancorp Inc. SYBT Q 3 M/GRW 38.34 NM 39.05 30.19 15.5 2.36 2.47 2.55 Dec 571 2.5 DC SunTrust Banks, Inc. STI N 3 M/GRW 41.15 NM 45.84 36.52 11.6 3.39 3.56 3.35 Dec 21,155 2.3 MR SVB Financial Group SIVB Q 1 H/GRW 121.10 155.00 152.99 100.54 18.8 5.51 6.44 7.20 Dec 6,237 0.0 DJL Synovus Financial Corp. SNV N 2 M/GRW 31.31 35.00 32.52 24.41 19.3 1.30 1.62 1.85 Dec 4,089 1.3 MR Talmer Bancorp, Inc. TLMR Q 1 H/GRW 16.60 19.00 18.16 12.65 18.7 0.64 0.89 1.14 Dec 1,180 0.2 DJL TCF Financial Corporation TCB N 3 H/GRW 15.21 NM 17.29 13.78 14.1 1.13 1.08 1.18 Dec 2,577 2.0 DJL Territorial Bancorp Inc. TBNK Q 3 M/GRW 28.59 NM 29.25 20.52 17.8 1.51 1.61 1.70 Dec 277 2.4 DAW Texas Capital Bancshares, Inc. TCBI Q 2 M/GRW 53.60 58.00 63.70 40.40 18.2 2.88 2.95 3.50 Dec 2,455 0.0 MR TriCo Bancshares TCBK Q 2 H/GRW 25.61 28.00 26.65 22.44 14.4 1.46 1.78 1.95 Dec 581 2.0 DAW Trustmark Corporation TRMK Q 3 M/INC 24.15 NM 25.55 21.05 14.1 1.83 1.71 1.68 Dec 1,633 3.8 MR U.S. Bancorp USB N 3 M/GRW 42.10 NM 46.26 38.81 13.3 3.05 3.16 3.38 Dec 73,843 2.4 DJL UMB Financial Corporation UMBF Q 4 NM 50.41 NM 61.00 47.03 18.7 2.89 2.69 3.27 Dec 2,485 1.9 DJL Umpqua Holdings Corp. UMPQ Q 1 H/GRW 16.46 20.00 18.92 14.70 14.2 1.08 1.16 1.31 Dec 3,624 3.9 DJL Union Bankshares Corporation UBSH Q 3 H/INC 25.40 NM 26.84 19.92 16.9 1.43 1.50 1.65 Dec 1,143 2.7 WW United Bankshares, Inc. UBSI Q 3 M/INC 39.54 NM 43.43 32.88 19.8 1.94 2.00 2.15 Dec 2,748 3.2 WW United Community Banks, Inc. UCBI Q 2 H/GRW 20.26 23.00 22.23 16.48 16.0 1.11 1.27 1.40 Dec 1,449 1.2 MR Washington Federal, Inc. WAFD Q 3 H/GRW 24.81 NM 25.15 19.72 15.5 1.55 1.60 1.62 Sep 2,332 2.1 DAW Webster Financial Corp. WBS N 3 H/GRW 36.83 NM 41.34 29.02 17.3 2.08 2.13 2.40 Dec 3,374 2.5 WW Wells Fargo & Co. WFC N 2 M/GRW 54.12 61.00 58.77 47.75 13.0 4.10 4.17 4.51 Dec 276,499 2.8 DJL WesBanco, Inc. WSBC Q 3 M/GRW 32.13 NM 36.11 29.26 13.7 2.41 2.35 2.40 Dec 1,237 2.9 WW Wilshire Bancorp, Inc. WIBC Q 3 H/GRW 10.63 NM 13.02 9.02 13.1 0.75 0.81 0.88 Dec 836 2.3 DAW Wintrust Financial Corporation WTFC Q 1 H/GRW 49.49 59.00 55.79 41.04 15.8 3.03 3.13 3.54 Dec 2,390 0.9 DJL Yadkin Financial Corporation YDKN N 1 H/GRW 22.88 26.00 23.11 17.92 15.1 1.37 1.52 1.80 Dec 725 1.7 WW Zions Bancorporation ZION Q 3 H/GRW 28.06 NM 33.03 23.72 17.2 1.78 1.63 1.95 Dec 5,733 0.9 DJL


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Financial Services - USA Capital Markets Brokerages & Exchanges BGC Partners, Inc. BGCP Q 1 H/INC 8.42 14.00 10.27 7.78 10.8 0.62 0.78 0.90 Dec 3,254 6.7 PO CBOE Holdings, Inc. CBOE Q 2 M/GRW 67.95 72.00 68.28 55.04 28.0 2.28 2.43 2.90 Dec 5,708 1.4 PO The Charles Schwab Corporation SCHW N 3 M/GRW 29.85 NM 35.72 25.43 30.8 0.96 0.97 1.25 Dec 39,492 0.8 PO CME Group Inc. CME Q 3 M/GRW 93.89 NM 100.87 80.61 24.2 3.38 3.88 4.50 Dec 31,678 2.1 PO E*TRADE FINANCIAL Corporation ETFC Q 2 H/GRW 27.61 34.00 31.48 20.88 24.4 1.13 1.13 1.50 Dec 8,137 0.0 PO GAIN Capital Holdings, Inc. GCAP N 2 H/GRW 7.27 12.00 10.38 6.65 12.1 0.85 0.60 1.10 Dec 321 2.8 PO Intercontinental Exchange, Inc. ICE N 2 M/GRW 255.71 260.00 257.34 202.24 23.1 8.90 11.09 13.20 Dec 28,640 1.2 PO KCG Holdings, Inc. KCG N 2 H/GRW 12.44 15.00 13.75 9.75 24.4 0.49 0.51 0.60 Dec 1,413 0.0 PO Lazard Ltd LAZ N 2 H/GRW 47.34 60.00 59.82 41.26 12.1 3.20 3.90 3.80 Dec 5,969 3.0 PO MarketAxess Holdings Inc. MKTX Q 2 M/GRW 95.26 110.00 104.69 62.09 37.4 1.97 2.55 3.15 Dec 3,582 0.8 PO Nasdaq Inc. NDAQ Q 1 M/GRW 58.95 65.00 59.90 40.95 18.3 2.88 3.22 3.70 Dec 10,145 1.7 PO TD Ameritrade Holding Corporation AMTD N 2 M/GRW 33.28 38.00 39.05 29.69 20.2 1.42 1.49 A 1.65 Sep 18,138 1.8 PO

Capital Markets Technology Broadridge Financial Solutions, Inc. BR N 2 M/GRW 59.12 58.00 59.89 42.70 21.7 2.25 2.48 A 2.72 Jun 6,988 2.0 PO Envestnet, Inc. ENV N 1 H/GRW 28.56 52.00 58.21 28.17 30.1 0.80 0.95 1.37 Dec 1,017 0.0 PO FactSet Research Systems Inc. FDS N 3 M/GRW 173.89 NM 177.28 128.21 28.3 4.99 5.60 A 6.15 Aug 7,182 1.0 PO Financial Engines, Inc. FNGN Q 4 NM 31.76 NM 46.34 28.23 35.3 0.92 0.90 0.95 Dec 1,693 0.9 PO McGraw Hill Financial Inc. MHFI N 3 M/GRW 93.95 NM 109.13 84.33 21.3 3.88 4.41 5.10 Dec 25,601 1.4 PO Moody's Corporation MCO N 3 M/GRW 99.41 NM 113.87 85.50 21.6 4.22 4.61 5.20 Dec 19,917 1.4 PO MSCI Inc. MSCI N 3 M/GRW 61.52 NM 68.83 45.66 29.7 2.00 2.07 2.44 Dec 6,803 1.4 PO SEI Investments Co. SEIC Q 2 M/GRW 51.04 52.00 55.48 37.16 25.8 1.83 1.98 2.25 Dec 8,401 0.9 PO SS&C Technologies Holdings, Inc. SSNC Q 3 H/GRW 72.80 NM 75.50 44.99 28.2 2.36 2.58 3.24 Dec 6,392 0.7 PO

Insurance Insurance Technology & Brokerage Aon plc AON N 3 M/GRW 92.78 NM 107.08 82.36 15.3 5.71 6.05 6.60 Dec 25,978 1.3 CGP Arthur J. Gallagher & Co. AJG N 2 M/INC 43.65 51.00 49.59 39.99 17.5 2.47 2.50 2.70 Dec 7,617 3.4 CGP Brown & Brown, Inc. BRO N 2 H/GRW 31.64 37.00 34.59 29.67 19.3 1.63 1.64 1.75 Dec 4,528 1.5 CGP Crawford & Company CRD.B N 2 H/GRW 5.98 8.00 11.00 4.86 17.1 0.52 0.35 0.70 Dec 331 3.3 CGP HealthEquity, Inc. HQY Q 2 H/GRW 31.01 35.00 34.56 18.88 NM (1.15) 0.22 A 0.30 Jan 1,758 0.0 CGP Marsh and McLennan Companies, Inc. MMC N 2 M/GRW 55.45 60.00 59.99 50.79 18.5 2.82 3.00 3.25 Dec 29,444 2.2 CGP Solera Holdings, Inc. SLH N 4 NM 53.97 NM 58.19 36.14 18.0 2.76 3.09 A 3.00 Jun 3,615 1.7 CGP Towers Watson & Co. TW Q 2 H/GRW 124.09 136.00 141.88 104.75 19.7 5.76 6.18 A 6.30 Jun 8,624 0.5 CGP Verisk Analytics Inc. VRSK Q 3 H/GRW 80.33 NM 82.00 60.47 26.3 2.40 3.05 3.40 Dec 13,528 0.0 CGP


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Financial Services - USA Life and Health Insurance Aflac, Inc. AFL N 2 M/GRW 63.15 69.00 65.10 51.41 10.4 6.16 6.08 6.30 Dec 27,192 2.5 SDS American Equity Investment Life Holding Company AEL N 2 H/GRW 25.23 30.00 30.02 22.36 10.1 2.38 2.50 2.75 Dec 1,940 0.8 SDS Assurant, Inc. AIZ N 3 H/GRW 81.08 NM 82.53 59.73 11.5 6.88 7.04 7.25 Dec 5,505 2.5 SDS FBL Financial Group FFG N 3 H/GRW 62.32 NM 63.96 47.27 15.2 4.28 4.09 4.40 Dec 1,546 2.6 SDS Genworth Financial GNW N 2 H/SPEC 4.78 9.50 14.10 4.23 5.2 (0.80) 0.92 0.96 Dec 2,378 0.0 SDS Health Insurance Innovations, Inc. HIIQ Q 1 H/SPEC 4.50 8.00 11.48 4.00 22.5 0.38 0.20 0.40 Dec 66 0.0 SDS Kemper Corp. KMPR N 3 M/INC 36.06 NM 40.28 33.39 21.0 1.80 1.72 2.46 Dec 1,868 2.7 SDS Lincoln National Corp. LNC N 2 H/GRW 51.28 59.00 62.08 45.56 9.0 6.02 5.68 6.35 Dec 12,866 1.6 SDS MetLife, Inc. MET N 3 H/GRW 49.22 NM 58.23 44.49 9.5 5.74 5.20 6.10 Dec 54,969 3.0 SDS Primerica, Inc. PRI N 2 H/GRW 46.49 54.00 55.77 40.36 13.0 3.31 3.58 4.08 Dec 2,329 1.4 SDS Principal Financial Group Inc. PFG N 2 H/GRW 48.99 54.00 58.02 45.91 11.6 4.41 4.23 4.30 Dec 14,437 3.1 SDS Prudential Financial, Inc. PRU N 1 H/GRW 80.51 100.00 92.60 73.19 7.8 9.21 10.33 9.87 Dec 36,382 2.9 SDS Reinsurance Group of America, Inc. RGA N 3 M/GRW 94.23 NM 98.70 81.67 11.5 9.12 8.18 8.98 Dec 6,257 1.6 SDS StanCorp Financial Group SFG N 3 H/GRW 114.97 NM 115.43 61.56 20.2 5.01 5.70 5.85 Dec 4,852 1.1 SDS Symetra Financial Corp. SYA N 3 H/GRW 31.72 NM 31.92 20.23 18.1 1.95 1.75 2.06 Dec 3,683 1.4 SDS Torchmark Corporation TMK N 4 NM 56.76 NM 63.26 49.77 13.4 4.03 4.23 4.35 Dec 7,021 1.0 SDS Unum Group UNM N 2 M/GRW 32.96 39.00 38.15 29.81 9.3 1.74 3.56 3.77 Dec 8,224 2.2 SDS Voya Financial Inc. VOYA N 2 H/GRW 39.85 46.00 48.30 36.96 12.5 3.14 3.20 3.25 Dec 9,592 0.1 SDS

Non-Life Insurance ACE Limited ACE N 2 H/GRW 114.58 120.00 117.89 96.00 11.9 9.80 9.60 9.35 Dec 37,103 2.3 CGP Allstate Corporation ALL N 1 M/GRW 60.29 78.00 72.87 54.12 12.6 5.42 4.80 5.75 Dec 24,659 2.0 CGP American Financial Group, Inc. AFG N 2 H/GRW 72.73 77.00 73.65 57.50 13.2 4.82 5.50 5.50 Dec 6,364 1.5 CGP Argo Group International Holdings, Ltd. AGII Q 1 H/GRW 63.67 75.00 65.00 46.83 17.2 3.22 3.70 3.85 Dec 1,776 1.3 CGP Blue Capital Reinsurance Holdings Ltd. BCRH N 2 H/INC 17.70 19.00 18.35 14.98 9.3 1.71 1.90 1.50 Dec 156 8.9 CGP Chubb Corporation CB N 2 M/GRW 130.13 132.00 131.35 94.35 17.0 7.65 7.65 7.45 Dec 29,904 1.8 CGP Conifer Holdings, Inc. CNFR Q 2 H/GRW 9.39 13.00 10.95 8.51 13.4 (2.31) 0.70 1.05 Dec 38 0.0 CGP Federated National Holding Company FNHC Q 1 H/GRW 30.88 42.00 37.04 20.23 10.8 2.74 2.85 2.95 Dec 424 0.6 CGP Hallmark Financial Services Inc. HALL Q 3 H/GRW 12.11 NM 12.67 9.33 13.5 0.69 0.90 0.80 Dec 233 0.0 CGP Infinity Property and Casualty Corporation IPCC Q 2 H/GRW 80.03 85.00 87.89 69.42 18.2 4.71 4.40 4.70 Dec 912 2.1 CGP Mercury General Corporation MCY N 4 NM 52.79 NM 60.31 48.51 23.0 2.28 2.30 2.60 Dec 2,909 4.7 CGP National Interstate Corporation NATL Q 3 H/GRW 27.92 NM 30.54 24.60 19.9 0.40 1.40 1.60 Dec 554 1.9 CGP Old Republic International Corp. ORI N 2 M/INC 17.92 20.00 18.16 13.59 14.3 0.84 1.25 1.45 Dec 4,611 4.1 CGP ProAssurance Corp. PRA N 3 H/GRW 53.00 NM 53.14 43.11 19.6 3.15 2.70 2.45 Dec 2,846 2.3 CGP Progressive Corporation PGR N 2 H/GRW 33.18 34.00 33.30 25.23 17.3 1.91 1.92 2.00 Dec 19,397 2.1 CGP The Travelers Companies, Inc. TRV N 3 M/INC 113.41 NM 113.76 95.21 10.7 10.55 10.55 9.95 Dec 34,499 2.2 CGP United Insurance Holdings Corp. UIHC Q 2 H/GRW 14.96 16.00 28.43 12.12 21.4 2.07 0.70 1.10 Dec 317 1.3 CGP


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Financial Services - USA Specialty Finance Investment Companies Alcentra Capital Corporation (ni) ABDC Q 1 H/INC 12.00 16.00 14.44 10.01 8.2 0.86 1.47 1.48 Dec 162 11.3 RD Apollo Investment Corp. (ni) AINV Q 3 H/INC 5.43 NM 8.37 5.36 6.4 0.90 0.96 A 0.85 Mar 1,286 14.7 RD Ares Capital Corp. (ni) ARCC Q 2 H/INC 15.11 17.00 17.68 11.01 10.2 1.43 1.48 1.60 Dec 4,752 10.1 RD CM Finance Inc. (ni) CMFN Q 1 H/INC 10.72 16.00 14.70 9.64 7.5 0.64 1.48 A 1.42 Jun 147 13.0 RD Compass Diversified Holdings (y) CODI N 2 H/INC 16.61 18.50 18.58 9.70 11.1 1.18 1.49 1.46 Dec 802 8.7 RD Fidus Investment Corporation (ni) FDUS Q 1 H/INC 14.05 20.00 17.44 7.49 9.0 1.62 1.56 1.77 Dec 194 11.1 RD Fifth Street Finance Corp. (ni) FSC Q 3 H/INC 5.63 NM 8.97 5.53 6.8 1.00 0.83 0.83 Sep 863 12.8 RD Goldman Sachs BDC, Inc. (ni) GSBD N 2 H/INC 19.98 23.00 25.42 17.15 10.2 1.77 1.96 2.05 Dec 707 9.0 RD Golub Capital BDC, Inc. (ni) GBDC Q 2 H/INC 16.29 18.00 18.43 15.89 13.4 1.25 1.22 1.25 Sep 835 7.9 RD Hercules Technology Growth Capital Inc. (ni) HTGC N 2 H/INC 10.82 15.00 16.20 9.88 10.6 1.16 1.02 1.38 Dec 784 11.5 RD Horizon Technology Finance Corporation (ni) HRZN Q 3 H/INC 9.75 NM 14.59 9.04 8.1 1.11 1.21 1.41 Dec 113 14.2 RD Main Street Capital Corp. (ni) MAIN N 2 H/INC 29.85 34.00 33.15 26.08 13.6 2.20 2.20 2.27 Dec 1,185 7.0 RD Newtek Business Services Corp. (ni) NEWT Q 3 H/SPEC 16.19 NM 19.95 12.61 8.1 (0.23) 2.01 1.61 Dec 165 11.1 RD Prospect Capital Corporation (ni) PSEC Q 3 H/INC 7.30 NM 9.84 5.30 7.2 1.19 1.03 A 1.01 Jun 2,594 13.7 RD Stellus Capital Investment Corporation (ni) SCM N 2 H/INC 10.60 14.50 14.60 9.60 7.9 1.34 1.34 1.38 Dec 133 12.8 RD TCP Capital Corp. (ni) TCPC Q 2 H/INC 14.37 19.00 17.54 13.16 9.0 1.59 1.60 1.64 Dec 445 10.0 RD THL Credit, Inc. (ni) TCRD Q 2 H/INC 11.58 14.00 13.42 10.71 8.3 1.42 1.40 1.41 Dec 389 11.7 RD Triangle Capital Corporation (ni) TCAP N 2 H/INC 17.14 25.00 25.79 15.41 8.2 2.08 2.09 2.32 Dec 478 12.6 RD

Specialty Consumer Finance Credit Acceptance Corp. CACC Q 3 H/GRW 211.75 NM 277.98 129.82 15.2 11.93 13.95 14.48 Dec 4,362 0.0 RD Encore Capital Group Inc. ECPG Q 2 H/GRW 39.31 51.00 46.18 35.20 7.6 4.52 5.20 5.63 Dec 992 0.0 RD PRA Group Inc. PRAA Q 3 H/GRW 53.83 NM 65.00 47.84 12.0 3.80 4.49 4.97 Dec 2,602 0.0 RD Springleaf Holdings, Inc. LEAF N 3 H/GRW 46.14 NM 54.34 31.35 21.1 2.07 2.19 2.24 Dec 6,205 0.0 RD


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

Diversified Financials Element Financial Corporation EFN T 2 M/GRW C$16.71 24.00 20.47 12.73 16.1 0.57 1.04 1.70 Dec 6,415 0.0 MO goeasy Ltd. GSY T 2 H/INC C$16.33 29.50 24.10 13.65 10.3 1.34 1.59 2.45 Dec 220 2.4 MO Intact Financial Corporation IFC T 3 M/INC C$93.28 99.00 96.77 73.58 15.4 6.01 6.07 6.78 Dec 12,266 2.3 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$55.38 72.00 67.00 35.93 6.9 7.41 8.05 6.71 Dec 3,240 4.0 FRM,FS BBVA Banco Frances (ed, r) BFR N 2 H/SPEC US$21.08 22.00 24.74 11.67 8.7 NA 2.41 2.20 Dec 3,773 2.2 FRM,FS Grupo Financiero Galicia (ed, r) GGAL Q 2 H/SPEC US$24.09 30.00 27.49 13.72 7.6 3.16 3.15 2.60 Dec 3,132 0.9 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 ........................................................ 47

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 25.72 35.00 46.60 15.09 29.2 0.36 0.88 1.48 Dec 553 0.0 JWR Acadia Healthcare Co. ACHC Q 2 H/GRW 60.18 95.00 85.62 52.30 27.6 1.54 2.18 2.76 Dec 4,134 0.0 JWR,NJ Amedisys AMED Q 4 NM 39.96 NM 48.34 21.26 28.1 0.73 1.42 1.65 Dec 1,299 0.0 JWR,NJ AmSurg Corporation AMSG Q 1 H/GRW 70.32 90.00 87.42 48.49 18.9 2.75 3.72 4.40 Dec 3,600 0.0 JWR,NJ Capital Senior Living Corp. CSU N 1 H/GRW 21.79 31.00 27.75 19.20 21.6 0.99 1.01 1.48 Dec 625 0.0 JWR,NJ Civitas Solutions, Inc. CIVI N 1 H/GRW 24.69 29.00 27.85 14.08 47.5 0.00 0.52 0.80 Sep 916 0.0 JWR DaVita HealthCare Partners Inc. DVA N 3 H/GRW 76.95 NM 85.17 70.12 20.5 3.64 3.75 4.10 Dec 16,744 0.0 JWR,NJ HealthSouth Corporation HLS N 2 H/GRW 35.82 51.00 48.37 33.61 15.8 2.10 2.27 2.90 Dec 3,349 2.6 JWR,NJ MEDNAX, Inc. MD N 2 H/GRW 73.08 92.00 86.09 55.59 20.1 3.17 3.63 4.14 Dec 6,871 0.0 JWR,NJ Surgery Partners, Inc. SGRY Q 1 H/GRW 18.79 25.00 20.00 16.26 78.3 NA 0.24 0.79 Dec 905 0.0 JWR

Animal Health Abaxis, Inc. ABAX Q 3 H/GRW 43.36 NM 66.89 41.53 32.1 0.72 0.91 A 1.35 Mar 993 1.0 NJ Heska Corporation HSKA Q 2 H/GRW 31.02 38.00 35.72 12.92 59.7 0.41 0.52 0.80 Dec 197 0.0 NJ IDEXX Laboratories Inc. IDXX Q 3 H/GRW 76.74 NM 84.26 61.37 36.5 1.85 2.10 2.25 Dec 7,237 0.0 NJ VCA Inc. WOOF Q 2 H/GRW 54.96 67.00 62.45 44.22 23.4 1.89 2.35 2.75 Dec 4,540 0.0 NJ

Benefits Management Health Benefits Management Aetna AET N 3 M/GRW 110.67 NM 134.40 76.17 14.7 6.70 7.54 8.20 Dec 38,580 0.9 MJB Anthem ANTM N 3 M/GRW 144.69 NM 173.59 117.60 14.1 8.85 10.29 11.00 Dec 54,881 1.7 MJB Centene CNC N 3 H/GRW 60.84 NM 83.00 39.19 21.5 2.23 2.83 3.25 Dec 7,245 0.0 MJB CIGNA Corporation CI N 3 H/GRW 136.97 NM 170.68 90.55 15.8 7.43 8.65 9.28 Dec 38,009 0.0 MJB Humana HUM N 3 M/GRW 175.16 NM 219.79 129.31 22.5 7.51 7.79 9.20 Dec 25,949 0.7 MJB Insperity NSP N 3 H/GRW 45.07 NM 55.42 29.32 19.9 1.45 2.26 2.52 Dec 1,154 2.0 MJB Magellan Health MGLN Q 3 H/GRW 54.13 NM 73.00 45.40 34.5 2.90 1.57 2.30 Dec 1,499 0.0 MJB Molina Healthcare MOH N 3 H/GRW 66.08 NM 82.37 43.83 25.0 1.44 2.64 3.60 Dec 3,704 0.0 MJB UnitedHealth Group UNH N 1 M/GRW 119.37 146.00 126.21 90.36 18.9 5.70 6.33 7.32 Dec 129,278 1.7 MJB Universal American Corp. UAM N 4 NM 7.25 NM 11.16 6.56 60.4 0.08 0.12 0.26 Dec 609 0.0 MJB WellCare Health Plans WCG N 3 H/GRW 87.07 NM 98.79 62.55 25.1 2.06 3.47 4.75 Dec 3,744 0.0 MJB

Pharmacy Benefits Management Express Scripts ESRX Q 3 H/GRW 84.05 NM 94.61 68.06 15.2 4.88 5.54 6.04 Dec 56,793 0.0 MJB


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Healthcare - USA Biotechnology Acorda Therapeutics, Inc. ACOR Q 3 H/GRW 37.20 NM 45.45 25.50 39.6 1.74 0.94 0.81 Dec 1,593 0.0 CR ADMA Biologics, Inc. ADMA Q 1 H/SPEC 9.19 15.00 14.00 7.51 NM (1.81) (1.52) (1.57) Dec 98 0.0 RB Alexion Pharmaceuticals Inc. ALXN Q 1 H/GRW 176.59 225.00 208.88 142.02 35.8 5.21 4.93 6.35 Dec 39,912 0.0 CR AMAG Pharmaceuticals, Inc. AMAG Q 2 H/GRW 38.55 75.00 77.73 31.49 7.2 5.45 5.32 7.75 Dec 1,190 0.0 CR Amgen, Inc. AMGN Q 3 M/GRW 161.98 NM 181.81 130.09 16.7 8.70 9.70 10.56 Dec 122,959 2.0 CR Biogen Inc. BIIB Q 1 H/GRW 290.63 404.00 480.18 254.00 17.5 13.83 16.64 18.57 Dec 64,782 0.0 CR BioMarin Pharmaceutical Inc. BMRN Q 2 H/GRW 110.71 157.00 151.75 79.64 NM (0.18) (0.85) (0.25) Dec 17,825 0.0 CR Celgene Corporation CELG Q 1 H/GRW 125.79 161.00 140.72 92.98 25.9 3.69 4.86 6.19 Dec 99,500 0.0 CR Fate Therapeutics, Inc. FATE Q 2 H/SPEC 3.57 8.00 8.78 3.12 NM (1.27) (1.39) (1.24) Dec 102 0.0 RB Galena Biopharma Inc. GALE Q 2 H/SPEC 1.63 3.00 2.39 1.10 NM (0.31) (0.26) (0.22) Dec 262 0.0 RB Keryx Biopharmaceuticals, Inc. KERX Q 3 H/SPEC 4.02 NM 17.97 3.04 NM (1.23) (1.05) (0.88) Dec 423 0.0 RB Ocata Therapeutics, Inc. OCAT Q 2 H/SPEC 4.07 8.00 8.39 3.06 NM (1.17) (0.78) (0.80) Dec 172 0.0 RB Oncothyreon Inc. ONTY Q 2 H/SPEC 2.66 5.00 4.69 1.41 NM (0.64) (0.41) (0.44) Dec 252 0.0 RB Regeneron Pharmaceuticals, Inc. REGN Q 2 H/GRW 567.79 615.00 605.93 365.25 46.4 10.00 12.25 15.40 Dec 58,846 0.0 CR Tesaro, Inc. TSRO Q 1 H/SPEC 45.79 70.00 66.95 25.00 NM (4.79) (5.79) (5.19) Dec 1,833 0.0 CR TG Therapeutics, Inc. TGTX Q 1 H/SPEC 12.99 20.00 20.00 9.54 NM (1.64) (1.56) (1.72) Dec 671 0.0 RB Ultragenyx Pharmaceutical Inc. RARE Q 2 H/SPEC 101.25 125.00 137.05 38.01 NM (2.25) (3.18) (3.63) Dec 3,652 0.0 CR Verastem, Inc. VSTM Q 2 H/SPEC 1.89 3.00 12.35 1.50 NM (2.07) (1.48) (0.75) Dec 70 0.0 RB

Clinical Laboratories Laboratory Corporation of America Holdings LH N 2 H/GRW 120.67 145.00 131.19 98.54 15.3 6.80 7.90 8.80 Dec 12,164 0.0 NJ Quest Diagnostics Inc. DGX N 3 M/GRW 64.89 NM 89.00 59.25 13.6 4.50 4.78 5.10 Dec 9,344 2.3 NJ

Death Care Carriage Services, Inc. (rf) CSV N 1 M/GRW 21.43 31.00 25.65 18.77 8.8 2.07 2.43 2.80 Dec 394 0.5 JWR,NJ Service Corporation International (rf) SCI N 1 H/GRW 28.96 34.00 32.02 21.20 17.1 1.30 1.69 1.85 Dec 5,986 1.7 JWR,NJ StoneMor Partners L.P. (y) STON N 1 M/INC 30.45 32.00 32.06 22.04 11.8 2.30 2.58 2.95 Dec 968 8.5 JWR,NJ

Diagnostics Alere, Inc. ALR N 1 H/GRW 45.30 62.00 55.99 35.81 18.6 1.89 2.43 2.87 Dec 3,875 0.0 NJ CareDx, Inc. CDNA Q 3 H/SPEC 4.49 NM 8.00 3.70 NM 0.10 (0.90) (0.78) Dec 53 0.0 NJ Cepheid CPHD Q 3 H/GRW 33.82 NM 63.69 29.21 NM (0.72) (0.73) (0.52) Dec 2,442 0.0 NJ GenMark Diagnostics, Inc. GNMK Q 2 H/GRW 6.79 9.00 14.40 6.66 NM (0.93) (1.05) (1.17) Dec 287 0.0 NJ Genomic Health GHDX Q 3 H/GRW 21.62 NM 37.75 20.05 NM (0.78) (0.80) (0.10) Dec 698 0.0 NJ Meridian Bioscience, Inc. VIVO Q 4 NM 18.54 NM 20.28 15.56 21.8 0.83 0.85 0.88 Sep 779 4.3 NJ OraSure Technologies, Inc. OSUR Q 2 H/GRW 4.95 8.00 10.93 4.39 99.0 (0.08) 0.05 0.10 Dec 281 0.0 NJ Quidel Corporation QDEL Q 2 H/GRW 17.38 27.00 29.38 17.23 NM (0.21) (0.08) 0.22 Dec 601 0.0 NJ Trinity Biotech plc TRIB Q 2 H/GRW 11.85 18.00 20.24 10.83 25.8 0.73 0.46 0.34 Dec 279 1.9 NJ

Drug Distributors AmerisourceBergen Corp. ABC N 2 M/GRW 97.54 110.00 120.68 78.94 19.7 3.97 4.96 5.82 Sep 22,561 1.2 JWR,NJ Cardinal Health Inc. CAH N 2 M/GRW 82.09 95.00 91.91 74.76 16.3 3.84 4.38 A 5.03 Jun 27,336 1.9 JWR,NJ McKesson Corporation MCK N 1 M/GRW 181.68 245.00 243.61 160.10 14.3 8.60 11.11 A 12.70 Mar 42,695 0.6 JWR,NJ


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Healthcare - USA Drug Stores CVS Health CVS N 2 M/GRW 105.29 120.00 113.65 81.37 20.4 4.49 5.16 6.00 Dec 117,714 1.3 JWR,MJB Rite Aid Corporation RAD N 3 H/GRW 8.67 NM 9.47 4.79 54.2 0.23 2.08 A 0.16 Feb 9,175 0.0 JWR,NJ Walgreens Boots Alliance Inc. WBA Q 2 M/GRW 95.16 105.00 97.30 62.28 25.0 3.28 3.80 4.50 Aug 104,904 1.5 JWR,NJ

Healthcare Information Technology The Advisory Board Company ABCO Q 2 H/GRW 42.61 64.00 60.38 37.47 31.3 1.33 1.36 1.70 Dec 1,813 0.0 NJ Allscripts Healthcare Solutions Inc. MDRX Q 2 H/GRW 13.91 17.00 15.41 11.00 30.2 0.31 0.46 0.55 Dec 2,657 0.0 NJ athenahealth Inc. ATHN Q 2 H/GRW 149.43 175.00 163.79 110.68 NM 1.31 1.40 1.70 Dec 5,800 0.0 NJ Cerner Corporation CERN Q 2 H/GRW 66.48 75.00 75.72 57.42 31.7 1.65 2.10 2.50 Dec 22,925 0.0 NJ Computer Programs and Systems, Inc. CPSI Q 3 H/GRW 43.81 NM 64.86 40.57 20.9 2.97 2.10 2.50 Dec 495 5.8 NJ Connecture Inc. CNXR Q 1 H/GRW 4.56 12.00 14.39 3.67 NM (10.27) (0.28) 0.24 Dec 99 0.0 NJ HealthStream, Inc. HSTM Q 3 H/GRW 22.79 NM 32.41 20.89 84.4 0.37 0.27 0.31 Dec 721 0.0 NJ MedAssets MDAS Q 3 H/GRW 23.11 NM 23.90 17.00 18.1 1.35 1.28 1.32 Dec 1,387 0.0 NJ Premier, Inc. PINC Q 2 H/GRW 33.63 42.00 39.81 30.05 21.2 1.30 1.43 A 1.59 Jun 4,844 0.0 NJ Press Ganey Holdings, Inc. PGND N 2 H/GRW 31.13 36.50 35.09 25.72 33.8 0.75 0.92 1.03 Dec 1,636 0.0 NJ Quality Systems Inc. QSII Q 3 H/GRW 14.14 NM 18.75 12.00 21.8 0.70 0.62 A 0.65 Mar 853 5.0 NJ WebMD Health Corp WBMD Q 1 H/GRW 41.67 50.00 48.91 35.64 29.8 0.97 1.40 1.65 Dec 1,535 0.0 NJ

Hospital Supplies & Equipment Baxter International Inc. BAX N 3 M/GRW 36.64 NM 43.44 32.18 29.1 1.28 1.26 1.43 Dec 19,976 1.3 LK Becton, Dickinson and Company BDX N 1 M/GRW 140.75 170.00 154.98 125.35 19.8 6.50 7.11 8.40 Sep 29,593 1.7 LK C.R. Bard, Inc. BCR N 2 M/GRW 183.68 210.00 202.47 158.49 20.3 8.40 9.06 9.89 Dec 14,694 0.5 LK The Cooper Companies, Inc. COO N 2 H/GRW 146.50 175.00 190.00 136.75 19.4 7.29 7.55 8.60 Oct 7,122 0.0 LK Haemonetics Corporation HAE N 3 H/GRW 32.66 NM 45.43 29.70 19.3 2.19 1.85 A 1.69 Mar 1,688 0.0 LK Halyard Health Inc. HYH N 3 H/GRW 28.67 NM 50.92 26.58 14.5 4.11 1.98 2.14 Dec 1,336 0.0 LK Hill-Rom Holdings, Inc. HRC N 3 M/GRW 51.80 NM 58.73 42.54 20.2 2.25 2.57 3.07 Sep 2,938 1.2 LK Intuitive Surgical, Inc. ISRG Q 2 H/GRW 496.76 570.00 564.86 447.00 27.8 16.10 17.87 19.70 Dec 18,529 0.0 LK Masimo Corp. MASI Q 1 H/GRW 38.55 50.00 46.00 22.72 26.8 1.30 1.44 1.65 Dec 1,966 0.0 LK Stericycle Inc. SRCL Q 2 H/GRW 121.92 151.00 151.57 110.56 25.9 4.51 4.71 5.32 Dec 10,342 0.0 LK Steris Corp. STE N 2 M/GRW 68.25 74.00 71.39 59.44 21.0 2.48 2.99 A 3.25 Mar 4,073 1.5 LK Teleflex, Inc. TFX N 2 M/GRW 127.37 150.00 140.50 107.45 20.3 5.74 6.28 7.14 Dec 5,298 1.1 LK TransEnterix, Inc. TRXC M 2 H/SPEC 2.42 5.50 4.87 1.40 NM (0.64) (0.52) (0.36) Dec 152 0.0 LK

Hospitals Community Health Systems, Inc. CYH N 3 H/GRW 27.27 NM 65.00 25.36 7.7 3.30 3.55 3.75 Dec 3,163 0.0 JWR,NJ HCA Holdings, Inc. HCA N 2 H/GRW 68.80 90.00 95.49 43.91 13.1 4.70 5.25 5.95 Dec 29,336 0.0 JWR,NJ LifePoint Health, Inc. LPNT Q 3 H/GRW 65.55 NM 88.18 58.61 16.9 3.45 3.88 4.05 Dec 3,042 0.0 JWR,NJ Tenet Healthcare Corporation THC N 2 H/GRW 29.68 65.00 60.93 26.62 13.8 1.43 2.15 2.26 Dec 2,938 0.0 JWR,NJ Universal Health Services, Inc. UHS N 2 M/GRW 116.04 160.00 148.57 95.63 16.5 5.78 7.05 7.45 Dec 11,708 0.3 JWR,NJ


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Healthcare - USA Medical Devices Abbott Laboratories ABT N 2 M/GRW 43.88 51.00 51.74 39.00 20.4 1.98 2.15 2.40 Dec 65,996 2.2 JB Abiomed Inc. ABMD Q 3 H/GRW 94.13 NM 110.68 24.40 NM 0.18 0.64 A 0.67 Mar 3,891 0.0 JB AngioDynamics ANGO Q 2 H/GRW 12.02 15.00 19.80 11.80 19.4 0.56 0.58 A 0.62 May 439 0.0 JB Boston Scientific Corp. BSX N 1 H/GRW 16.82 21.00 18.62 12.56 18.7 0.84 0.90 1.05 Dec 22,575 0.0 JB DexCom Inc. DXCM Q 2 H/GRW 83.59 100.00 103.29 43.18 NM (0.30) (0.22) 0.12 Dec 6,654 0.0 JB Heartware International, Inc. HTWR Q 3 H/GRW 42.36 NM 95.59 34.70 NM (1.14) (3.68) (2.16) Dec 966 0.0 JB Hologic Inc. HOLX Q 3 H/GRW 38.43 NM 43.00 25.14 23.2 1.46 1.66 1.83 Sep 11,245 0.0 JB ICU Medical, Inc. ICUI Q 1 H/GRW 106.10 120.00 124.69 69.62 29.3 2.38 3.62 3.77 Dec 1,740 0.0 JB Insulet PODD Q 3 H/GRW 29.63 NM 47.97 24.95 NM (0.19) (0.76) (0.72) Dec 1,685 0.0 JB Integra LifeSciences Corp. IART Q 2 H/GRW 56.78 71.00 66.30 42.08 18.7 2.79 3.03 3.38 Dec 1,902 0.0 JB Johnson & Johnson JNJ N 2 M/INC 100.19 108.00 109.49 81.79 16.2 6.39 6.18 6.37 Dec 281,233 3.0 JB Merit Medical Systems Inc. MMSI Q 1 H/GRW 18.90 24.00 26.42 13.88 22.0 0.78 0.86 0.97 Dec 845 0.0 JB Natus Medical Inc. BABY Q 2 H/GRW 45.58 49.00 46.98 29.34 30.0 1.26 1.52 1.93 Dec 1,518 0.0 JB RTI Surgical Inc. RTIX Q 3 H/GRW 4.72 NM 7.48 4.00 21.5 0.11 0.22 0.26 Dec 278 0.0 JB

Pharma Services Catalent, Inc. CTLT N 2 H/GRW 25.82 33.00 34.42 22.85 15.4 NA 1.63 A 1.68 Jun 3,210 0.0 JWR,MJB Charles River Laboratories CRL N 3 H/GRW 66.44 NM 84.69 59.99 18.2 3.46 3.65 4.10 Dec 3,113 0.0 MJB Diplomat Pharmacy, Inc. DPLO N 2 H/GRW 26.04 55.00 52.33 19.25 44.1 0.49 0.59 0.90 Dec 1,700 0.0 JWR ICON plc ICLR Q 3 H/GRW 64.44 NM 84.14 49.75 16.3 2.87 3.95 4.69 Dec 3,858 0.0 MJB INC Research Holdings INCR Q 2 H/GRW 40.24 53.00 51.69 19.61 22.5 0.83 1.79 2.08 Dec 2,264 0.0 MJB PAREXEL PRXL Q 3 H/GRW 62.77 NM 76.17 52.19 19.7 2.17 2.79 A 3.18 Jun 3,467 0.0 MJB Quintiles Transnational Holdings Q N 1 M/GRW 68.76 89.00 80.45 54.77 21.7 2.70 3.17 3.68 Dec 8,433 0.0 MJB

Specialty Pharmaceuticals Akorn, Inc. AKRX Q 2 H/GRW 24.81 53.00 57.10 19.08 12.5 1.16 1.98 2.35 Dec 2,772 0.0 EW Allergan plc AGN N 2 M/GRW 285.77 289.00 340.34 236.25 19.0 13.98 15.04 16.43 Dec 112,336 0.0 EW Amphastar Pharmaceuticals, Inc. AMPH Q 1 H/GRW 11.31 23.00 18.30 9.76 NM (0.25) (0.55) (0.35) Dec 513 0.0 EW Dipexium Pharmaceuticals, Inc. DPRX Q 1 H/SPEC 10.95 35.00 17.10 9.75 NM (1.73) (2.19) (2.97) Dec 112 0.0 EW Endo International plc ENDP Q 3 H/GRW 58.52 NM 96.58 46.66 12.9 4.30 4.54 6.01 Dec 12,185 0.0 EW Impax Laboratories, Inc. IPXL Q 4 NM 35.30 NM 52.10 27.60 29.7 1.31 1.19 1.86 Dec 2,534 0.0 EW Lannett Company, Inc. LCI N 2 H/GRW 43.99 63.00 72.44 39.61 11.5 2.00 4.04 A 3.81 Jun 1,595 0.0 EW Mylan N.V. MYL Q 3 H/GRW 44.09 NM 76.69 37.59 10.6 3.56 4.17 4.61 Dec 21,666 0.0 EW Perrigo Company PLC PRGO N 3 M/GRW 156.25 NM 215.73 142.62 20.1 6.27 7.78 9.42 Dec 22,859 0.3 EW Sagent Pharmaceuticals, Inc. SGNT Q 1 H/GRW 16.25 30.00 32.65 14.60 NM 0.46 (0.05) 0.48 Dec 531 0.0 EW Teva Pharmaceutical Industries, Ltd. (r) TEVA N 3 M/GRW 59.44 NM 72.31 53.89 11.2 5.07 5.33 5.38 Dec 50,643 2.3 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 ............................................................... 53

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

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

Aerospace & Defence .................................................. 54

Commercial Aerospace ............................................ 54

Defence .................................................................... 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 3 M/GRW 92.72 NM 119.00 86.09 18.8 4.72 4.85 A 4.93 Mar 6,987 2.6 SD Beacon Roofing Supply, Inc. BECN Q 2 H/GRW 34.49 48.00 37.10 23.04 26.3 1.08 1.31 1.64 Sep 1,707 0.0 SD,BB Fastenal Company FAST Q 3 H/GRW 38.32 NM 48.43 34.45 21.5 1.66 1.78 1.87 Dec 11,132 2.9 SD,BB HD Supply Holdings Inc. HDS Q 3 H/GRW 29.00 NM 36.81 26.52 16.4 0.90 1.77 2.67 Jan 5,757 0.0 SD,BB Houston Wire & Cable Company HWCC Q 3 H/GRW 6.00 NM 14.00 5.85 15.4 0.85 0.39 0.47 Dec 103 8.0 SD,BB LKQ Corporation LKQ Q 2 H/GRW 28.19 33.00 32.25 22.90 20.0 1.27 1.41 1.62 Dec 8,654 0.0 SD MRC Global MRC N 3 H/GRW 11.61 NM 22.81 10.20 27.0 1.40 0.43 0.43 Dec 1,194 0.0 SD,BB MSC Industrial Direct MSM N 2 H/GRW 59.58 75.00 84.83 58.17 16.1 3.93 3.80 A 3.70 Aug 3,658 2.9 SD,BB NOW Inc. DNOW N 3 H/GRW 15.81 NM 30.32 14.00 NM 1.06 (0.45) 0.09 Dec 1,692 0.0 SD,JMA Praxair, Inc. PX N 1 M/INC 109.27 132.00 132.95 98.55 19.2 6.27 5.70 6.08 Dec 31,303 2.6 SD W.W. Grainger, Inc. GWW N 3 M/GRW 202.46 NM 261.57 194.42 17.4 12.26 11.62 11.90 Dec 13,626 2.3 SD,BB WESCO International WCC N 3 H/GRW 46.05 NM 86.92 44.32 11.0 5.18 4.20 4.50 Dec 2,289 0.0 SD,BB

Waste and Industrial Services Industrial Services Clean Harbors CLH N 3 H/GRW 45.13 NM 59.29 43.00 24.1 1.53 1.87 1.79 Dec 2,649 0.0 TB

Waste Services Casella Waste Systems, Inc. CWST Q 2 H/SPEC 6.16 7.50 6.75 3.41 NM (0.03) (0.17) 0.02 Dec 252 0.0 TB Covanta Holding Corp. CVA N 1 H/INC 16.73 20.00 25.35 16.55 NM 0.35 0.15 0.16 Dec 2,208 6.0 TB Progressive Waste Solutions Ltd. BIN N 1 M/GRW 22.26 31.00 31.47 20.81 19.5 1.33 1.14 1.36 Dec 2,469 2.3 TB Republic Services, Inc. RSG N 1 M/GRW 43.58 49.00 43.86 37.55 21.4 1.96 2.04 2.19 Dec 15,340 2.8 TB U.S. Ecology, Inc. ECOL Q 2 H/GRW 42.94 52.00 52.99 38.42 24.3 2.02 1.77 2.00 Dec 932 1.7 TB Waste Connections, Inc. WCN N 2 H/GRW 53.14 56.00 53.80 42.05 27.1 2.04 1.96 2.16 Dec 6,568 1.0 TB Waste Management, Inc. WM N 3 M/INC 54.34 NM 55.93 45.86 20.8 2.48 2.61 2.75 Dec 24,553 2.8 TB


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

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

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

Aerospace & Aviation Bombardier Inc. (f) BBD.B T 3 H/GRW C$1.45 2.25 4.43 1.03 7.3 0.35 0.20 0.11 Dec 3,086 0.0 SH,BC CAE Inc. (f) CAE T 3 M/GRW C$14.87 16.00 16.53 13.26 17.5 0.71 0.76 A 0.85 Mar 3,985 1.9 BC Héroux-Devtek Inc. (f) HRX T 2 M/GRW C$12.15 14.50 12.47 9.50 18.1 0.48 0.55 A 0.67 Mar 437 0.0 BC

Chemicals Canexus Corporation CUS T 3 H/INC C$1.34 1.80 3.99 1.03 3.4 (1.39) 0.39 0.19 Dec 249 3.0 SH Chemtrade Logistics Income Fund CHE.UN T 2 M/INC C$18.82 23.00 22.33 16.55 36.2 0.27 0.52 0.82 Dec 1,299 6.4 SH Methanex MEOH Q 2 H/INC US$38.16 50.00 61.40 31.66 27.5 4.13 1.39 3.20 Dec 3,484 2.9 SH Superior Plus Corporation SPB T R H/INC C$10.74 R 14.94 10.15 R R R R Dec R R SH

Diversified Income Corps. Alaris Royalty Corp. AD T 2 H/INC C$27.66 37.00 37.20 25.45 14.7 1.60 1.88 2.01 Dec 904 5.6 TP Exchange Income Corp EIF T 2 H/INC C$24.50 30.00 26.95 18.68 15.1 (0.53) 1.62 1.85 Dec 757 7.8 TP,SH Grenville Strategic Royalty Corp. GRC V 2 H/SPEC C$0.63 1.10 0.95 0.46 5.7 0.00 0.11 0.10 Dec 84 7.9 DQ Mosaic Capital Corporation (cb) M V 3 H/INC C$7.21 9.00 14.29 6.00 NM 25 23 29 Dec 59 5.5 TP

Infrastructure & Construction Asset Ownership & Management Brookfield Infrastructure Partners L.P. (x) BIP N 2 M/INC US$40.82 50.00 46.95 36.66 11.5 3.45 3.55 4.30 Dec 11,234 5.2 FB Brookfield Renewable Energy Partners L.P. (x) BEP N 2 M/INC US$26.31 34.00 33.63 26.11 13.4 2.03 1.97 2.50 Dec 7,254 6.3 FB Pattern Energy Group Inc. (ca) PEGI Q 2 M/INC US$21.24 29.00 32.00 18.18 17.7 1.47 1.20 2.30 Dec 1,582 6.8 FB

Construction Aecon Group ARE T 1 H/INC C$14.47 17.50 15.69 9.51 13.2 0.26 1.10 1.10 Dec 941 2.8 FB Bird Construction Inc. BDT T 3 H/INC C$12.45 11.00 13.70 9.28 14.6 0.85 0.85 0.75 Dec 529 6.1 FB North American Energy Partners NOA T 2 H/INC C$3.04 4.00 6.24 2.10 NM (0.02) (0.09) 0.10 Dec 100 2.6 BC Stuart Olson Inc. SOX T 2 H/INC C$5.92 9.00 8.22 4.51 14.8 0.28 0.40 0.60 Dec 156 8.1 FB

Engineering IBI Group Inc. IBG T 3 H/GRW C$2.10 2.00 2.92 1.32 8.4 0.26 0.25 0.30 Dec 48 NM FB SNC-Lavalin SNC T 3 M/GRW C$41.52 43.00 48.68 35.89 23.7 8.74 1.75 2.85 Dec 6,299 2.4 FB Stantec Inc STN T 2 M/GRW C$32.24 36.50 38.09 28.77 17.4 1.74 1.85 2.15 Dec 3,063 1.3 BC,FB WSP Global Inc. WSP T 2 M/INC C$45.89 52.00 49.18 31.13 18.1 0.98 2.53 2.70 Dec 4,488 3.3 FB


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Industrial - CAN Machinery Caterpillar Inc. CAT N 3 M/GRW US$70.39 70.00 107.12 62.99 15.8 6.38 4.45 3.75 Dec 41,882 4.4 TP,BC Cervus Equipment Corp. CVL T 3 M/GRW C$14.75 16.00 20.84 12.71 17.2 1.15 0.86 1.30 Dec 227 5.7 BC Finning International FTT T 2 M/GRW C$20.35 25.50 29.68 18.57 12.8 1.96 1.59 1.65 Dec 3,512 3.6 BC Joy Global Inc. JOY N 3 M/GRW US$16.52 23.00 55.40 14.02 8.9 3.30 1.85 1.30 Oct 1,619 4.8 TP,BC Ritchie Bros. Auctioneers RBA N 2 M/GRW US$25.02 33.25 30.85 23.49 21.0 0.86 1.19 1.30 Dec 2,677 2.4 BC Rocky Mountain Dealerships Inc. RME T 3 M/GRW C$6.90 9.00 11.19 5.82 10.3 0.98 0.67 0.75 Dec 134 6.7 BC Strongco Corp. SQP T 3 H/GRW C$1.88 2.40 3.25 1.74 37.6 (0.43) 0.05 0.24 Dec 25 0.0 BC Toromont Industries TIH T 2 M/GRW C$33.12 37.50 37.61 26.42 16.9 1.71 1.96 2.15 Dec 2,597 2.1 BC Wajax Corp. WJX T 3 M/GRW C$24.55 24.00 36.75 18.50 12.3 2.42 2.00 2.30 Dec 437 4.1 BC

Related Products & Services Canam Group CAM T 2 H/INC C$14.99 19.00 15.20 9.09 13.6 0.70 1.10 1.35 Dec 717 1.1 FB Ovivo Inc. OVI.A T 2 H/GRW C$1.28 2.25 2.45 1.22 42.7 (0.60) (0.76) A 0.03 Mar 56 NM FB Russel Metals RUS T 2 M/INC C$20.32 25.00 34.14 18.23 19.4 1.95 1.05 1.60 Dec 1,256 7.5 FB WesternOne Inc. WEQ T 3 H/GRW C$0.58 0.60 6.98 0.32 NM 0.55 (0.27) (0.15) Dec 23 NM FB ZCL Composites ZCL T 2 H/INC C$6.25 7.50 7.95 5.00 15.2 0.54 0.41 0.54 Dec 193 2.9 BC

Special Situations Boyd Group Income Fund (cb) BYD.UN T 2 M/GRW C$60.96 68.00 69.43 41.55 NM 69 96 108 Dec 1,000 0.8 TP DIRTT Environmental Solutions Ltd. DRT T 1 H/GRW C$6.70 9.00 9.19 3.28 33.5 0.08 0.20 0.39 Dec 586 0.0 DQ,DS Tree Island Steel Ltd. TSL T 2 H/GRW C$3.00 4.50 3.73 1.62 13.0 0.03 0.23 0.46 Dec 93 1.3 DQ Whistler Blackcomb Holdings Inc. (cb) WB T 2 M/INC C$20.20 23.00 22.50 17.67 NM 93 93 106 Sep 768 4.9 TP


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Industrial - EUR Harry Breach, RJFI [email protected] Emmanuel Retif, RJEE [email protected]

Aerospace & Defence Commercial Aerospace Airbus Group AIR.PA EPA 1 €59.12 78.00 67.88 39.64 17.1 3.36 3.45 3.45 Dec 46,536 2.3 HB GKN GKN.L L 3 285p NM 389 249 10.6 29.00 27.00 28.00 Dec £4,704 3.2 HB Meggitt MGGT.L L 1 461p 610 594 438 13.0 32.40 35.50 39.50 Dec £3,611 3.3 HB Rolls-Royce RR.L L 3 675p NM 1,047 627 12.3 65.30 55.00 43.00 Dec £12,402 3.4 HB Safran SAF.PA EPA 3 €68.65 NM 72.45 47.75 14.9 3.00 4.60 3.50 Dec 28,585 1.9 HB Senior SNR.L L 3 237p NM 362 236 12.2 19.80 19.50 20.50 Dec £995 2.5 HB Zodiac Aerospace ZODC.PA EPA 3 €22.88 NM 35.82 19.02 32.7 1.34 0.70 1.60 Aug 6,293 1.4 HB

Defence BAE Systems BAES.L L 4 441p 390 549 419 11.5 38.00 38.50 38.50 Dec £13,963 4.8 HB Cobham COB.L L 4 291p 230 349 251 14.2 18.50 20.50 21.00 Dec £3,310 3.8 HB Thales TCFP.PA EPA 1 €65.45 72.00 67.00 37.60 18.2 2.75 3.60 4.20 Dec 13,630 1.9 HB

Infrastructure & Construction Building Products Saint-Gobain SGOB.PA EPA 3 €38.56 NM 44.84 31.83 14.9 1.97 2.59 2.98 Dec 21,609 3.5 HB Tarkett TKTT.PA EPA 2 €25.48 30.00 25.78 17.09 14.6 0.96 1.75 1.84 Dec 1,623 2.7 HB

Construction Groups Eiffage FOUG.PA EPA 2 €56.16 61.00 58.58 36.60 16.4 3.05 3.42 4.01 Dec 5,023 2.7 ER Vinci SGEF.PA EPA S €59.96 NM 60.64 39.65 NM 4.47 UR UR Dec NA UR ER

Electrical Equipment Schneider Electric SU.PA EPA 3 €53.61 NM 75.29 48.57 15.7 3.55 3.42 3.69 Dec 30,676 3.6 HB

Infrastructure Operators ADP ADP.PA EPA 4 €112.40 100.00 117.20 91.42 25.0 4.06 4.49 4.99 Dec 11,123 2.4 ER Ferrovial FER.MC MAD 2 €23.10 24.00 23.38 14.96 35.5 0.55 0.65 0.72 Dec 16,916 3.2 ER Fraport FRAG.DE ETR 4 €60.06 53.00 63.01 46.80 22.0 2.54 2.73 3.06 Dec 5,537 2.2 ER

Specialty Distribution Rexel RXL.PA EPA 3 €12.06 NM 18.18 10.91 15.3 0.97 0.79 1.08 Dec 3,522 6.2 HB Wolseley WOS.L L 3 3,740p NM 4,398 3,205 16.2 196.00 231.00 269.00 Jul £9,669 2.7 HB


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

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

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

Agribusiness AGT Food and Ingredients Inc. AGT T 2 H/INC C$29.76 35.00 33.44 23.86 15.8 1.75 1.88 2.60 Dec 693 2.0 SH Legumex Walker Inc. LWP T 3 H/GRW C$1.20 1.85 4.48 0.35 NM (1.08) (3.40) (0.26) Dec 20 0.0 SH

Mining & Natural Resources

Canada Argentina

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

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

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

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

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

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

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

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

Platinum Group Metals ........................................... 56

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

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

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

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

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

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


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Mining & Natural Resources - CAN Fertilizers Agrium Inc. AGU N 3 M/GRW US$93.44 105.00 116.81 86.60 13.3 5.80 7.05 7.80 Dec 13,362 3.7 SH Potash Corp. of Saskatchewan Inc. POT N 3 M/GRW US$21.18 25.00 37.60 19.47 12.3 1.81 1.72 1.75 Dec 17,742 7.2 SH

Forest Products Building Materials Acadian Timber Corp. ADN T 2 M/INC C$19.15 22.00 21.33 13.84 73.7 2.58 0.26 1.26 Dec 320 5.2 DS Canfor Corp. CFP T 1 H/GRW C$18.15 25.75 31.93 15.33 22.7 1.38 0.80 2.10 Dec 2,430 0.0 DS Conifex Timber Inc. CFF T 2 H/SPEC C$3.04 6.00 8.30 2.90 NM 0.22 (0.83) 0.79 Dec 68 0.0 DS Interfor Corp. IFP T 1 H/GRW C$12.69 17.00 23.61 8.86 NM 0.62 (0.26) 1.63 Dec 888 0.0 DS Norbord Inc. NBD T 2 H/GRW C$24.70 30.00 29.23 18.64 NM 0.48 (0.19) 2.22 Dec 2,144 1.6 DS West Fraser Timber WFT T 2 M/GRW C$45.39 60.00 78.55 40.56 26.2 3.86 1.73 5.18 Dec 3,845 0.6 DS Western Forest Products Inc. WEF T 2 H/GRW C$1.94 2.40 2.80 1.57 10.8 0.17 0.18 0.29 Dec 789 4.1 DS

Pulp & Paper Canfor Pulp Products Inc. CFX T 1 H/GRW C$13.72 21.00 17.02 10.11 9.3 1.28 1.48 1.62 Dec 963 1.8 DS Domtar UFS N 2 H/INC US$39.59 48.00 48.30 35.20 15.2 3.61 2.61 3.04 Dec 2,530 4.0 DS Fortress Paper FTP T 2 H/GRW C$4.93 5.00 5.72 1.43 NM (4.39) (2.00) 0.46 Dec 72 0.0 DS Mercer International Inc. MERC Q 1 H/INC US$10.17 18.00 15.95 9.47 8.3 1.81 1.22 1.56 Dec 660 4.5 DS

Mining Base Metals & Minerals Altius Minerals Corp. ALS T 2 H/GRW C$12.87 17.00 15.47 9.86 NM (0.18) (0.04) A 0.05 Apr 515 0.4 AT Capstone Mining Corp. CS T 2 H/GRW C$0.64 1.50 2.20 0.43 NM 0.09 (0.11) (0.12) Dec 244 0.0 AT Copper Mountain Mining CUM T 3 H/GRW C$0.49 1.10 2.34 0.38 7.0 0.13 0.07 0.07 Dec 58 0.0 AT First Quantum Minerals Ltd. FM T 2 H/GRW C$7.56 13.00 20.05 4.52 94.5 0.79 0.08 0.26 Dec 5,210 0.3 AT HudBay Minerals, Inc. HBM T 2 H/GRW C$6.64 9.00 12.61 4.82 NM (0.11) (0.04) 0.15 Dec 1,535 0.3 AT Ivanhoe Mines Ltd. IVN T 2 H/SPEC C$0.73 2.00 1.36 0.62 NM (0.35) (0.08) (0.03) Dec 567 0.0 AT Lundin Mining Corporation LUN T 1 H/GRW C$4.57 6.00 6.46 3.68 22.9 0.24 0.20 0.08 Dec 3,288 0.0 AT Nevsun Resources Ltd. NSU T 2 H/INC C$4.12 4.50 5.35 3.41 31.7 0.47 0.13 (0.07) Dec 824 3.9 AT Taseko Mines Ltd. TKO T 3 H/GRW C$0.64 1.20 1.68 0.51 NM (0.19) (0.09) (0.11) Dec 143 0.0 AT Teck Resources Limited TCK.B T 3 H/INC C$8.05 11.50 20.58 5.87 20.6 0.78 0.39 (0.19) Dec 4,638 7.5 AT Trevali Mining Corporation TV T 2 H/SPEC C$0.55 1.20 1.24 0.31 NM (0.03) (0.02) 0.08 Dec US$175 0.0 AT

Iron Ore Labrador Iron Ore Royalty Corp. LIF T 2 H/INC C$15.52 19.00 20.37 10.81 19.9 1.56 0.78 1.14 Dec 993 9.7 AT

Platinum Group Metals Eastern Platinum Ltd. ELR T 3 H/GRW C$0.75 1.40 2.26 0.70 NM (1.35) (0.09) (0.11) Dec 69 0.0 AT Platinum Group Metals Ltd. PTM T 3 H/SPEC C$0.36 0.75 1.10 0.29 NM (0.01) (0.01) (0.03) Aug 273 NM AT


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Mining & Natural Resources - CAN Precious Metals - Gold Agnico Eagle Mines AEM N 2 H/INC US$28.02 34.00 34.89 21.00 NM 1.07 0.16 0.11 Dec 6,080 1.1 PR Alacer Gold Corp ASR T 2 H/GRW C$2.96 4.00 3.23 1.77 17.4 0.17 0.17 0.06 Dec US$873 0.0 PR Alamos Gold Inc. AGI N 2 H/INC US$4.33 6.50 8.77 2.98 NM (0.02) (0.34) (0.16) Dec 1,104 1.6 PR Asanko Gold Inc. AKG T 2 H/GRW C$2.42 2.50 2.55 1.50 NM (0.10) (0.02) 0.28 Dec 503 0.0 CT ATAC Resources Ltd. ATC V 3 H/SPEC C$0.46 0.80 0.78 0.31 NM (0.02) (0.02) (0.02) Dec 54 0.0 DSa B2Gold Corp. (cf) BTO T 2 H/GRW C$1.51 2.50 2.88 1.30 10.1 0.17 0.15 0.19 Dec 1,418 0.0 CT Barrick Gold Corporation ABX N 3 H/INC US$7.55 10.50 13.70 5.91 27.0 0.68 0.28 0.91 Dec 8,796 2.6 PR Detour Gold Corp. DGC T 2 H/SPEC C$15.90 19.25 16.86 6.02 NM (0.50) (0.15) 0.07 Dec US$2,719 0.0 PR Eldorado Gold Corp. EGO N 3 H/GRW US$4.00 5.25 8.00 2.45 80.0 0.19 0.05 0.04 Dec 2,868 0.5 PR Endeavour Mining Corp. (cf) EDV T 2 H/GRW C$0.72 0.90 0.75 0.38 1.9 0.26 0.37 0.17 Dec 425 0.0 CT Franco-Nevada Corp. FNV N 2 H/INC US$53.83 58.00 58.84 38.20 NM 0.91 0.50 0.49 Dec 8,451 1.6 PR Goldcorp Inc. GG N 2 H/INC US$15.02 21.50 25.00 11.95 NM 0.61 0.10 0.17 Dec 12,551 4.0 PR Guyana Goldfields Inc. GUY T 2 H/SPEC C$3.22 5.00 4.48 2.15 NM (0.09) (0.02) 0.19 Oct 486 0.0 PR IAMGOLD Corp. IAG N 4 H/GRW C$2.62 1.50 4.09 1.50 NM 0.09 (0.37) (0.59) Dec US$1,024 0.0 PR Kaminak Gold Corporation KAM V 2 H/SPEC C$0.80 1.50 1.15 0.53 NM (0.27) (0.20) (0.07) Dec 115 0.0 DSa Kinross Gold Corporation KGC N 2 H/GRW US$2.28 3.00 3.71 1.35 NM 0.11 (0.07) (0.06) Dec 2,613 0.0 PR Mandalay Resources Corp. (cf) MND T 1 H/INC C$0.81 1.15 1.04 0.69 5.1 0.18 0.16 0.16 Dec 348 3.7 CT New Gold, Inc. NGD M 3 H/GRW C$3.72 3.75 6.04 2.52 NM 0.09 (0.01) 0.01 Dec US$1,906 0.0 PR Newmarket Gold Inc. (cf) NMI T 2 H/GRW C$1.64 1.90 1.66 0.13 2.9 0.15 0.57 0.56 Dec 305 0.0 CT OceanaGold Corp. (cf) OGC T 2 H/GRW C$2.55 3.50 3.15 1.70 7.5 0.76 0.34 0.38 Dec 1,538 0.8 CT Orezone Gold Corp. ORE T 2 H/SPEC C$0.30 0.80 0.66 0.22 NM (0.13) (0.08) (0.06) Dec 35 0.0 DSa Roxgold Inc. ROG V 1 H/SPEC C$0.71 1.10 0.77 0.39 NM (0.02) (0.02) 0.02 Dec 229 0.0 DSa Royal Gold Inc. RGLD Q 2 H/INC US$50.62 75.00 77.20 42.21 51.1 0.94 1.02 A 0.99 Jun 3,290 1.7 PR Sandstorm Gold Ltd. SSL T 3 H/GRW C$3.53 5.50 5.30 2.80 NM 0.09 (0.13) 0.05 Dec 417 0.0 PR SEMAFO Inc. SMF T 2 H/GRW C$3.19 4.15 4.49 2.39 7.1 0.43 0.45 0.43 Dec 938 0.0 CT Tahoe Resources Inc. (cf) THO T 2 H/INC C$11.69 16.00 24.25 9.66 16.0 1.00 0.73 0.97 Dec US$2,693 2.1 CT Yamana Gold Inc. AUY N 2 H/INC US$2.49 4.50 5.63 1.42 NM 0.05 (0.05) 0.02 Dec 2,356 2.4 PR

Precious Metals - Silver Bear Creek Mining Corp. (cf) BCM V 2 H/SPEC C$0.77 1.90 1.94 0.58 NM (0.16) (0.09) (0.02) Dec 78 0.0 CT Coeur Mining Inc. (cf) CDE N 3 H/GRW US$2.90 4.75 7.45 2.52 6.9 0.38 0.42 0.66 Dec 398 0.0 CT Endeavour Silver Corp. EDR T 3 H/GRW C$2.32 2.25 4.15 1.64 5.9 0.29 0.39 0.34 Dec 237 0.0 CT First Majestic Silver (cf) FR T 3 H/GRW C$4.78 6.00 8.55 3.54 12.9 0.63 0.37 0.56 Dec 741 0.0 CT Fortuna Silver Mines Inc. (cf) FVI T 1 H/GRW C$3.62 5.00 6.30 2.65 13.9 0.47 0.26 0.35 Dec 479 0.0 CT MAG Silver MAG T 1 H/SPEC C$9.91 16.00 11.00 6.56 NM (0.25) (0.13) (0.14) Dec 686 0.0 DSa Pan American Silver (cf) PAAS Q 3 H/INC US$8.19 7.50 12.05 5.85 14.1 0.93 0.58 0.58 Dec 1,242 2.4 CT Santacruz Silver Mining Ltd. (cf) SCZ V 4 H/SPEC C$0.13 0.20 0.60 0.11 12.5 (0.03) 0.01 0.08 Dec 13 0.0 CT Silver Wheaton SLW N 3 H/INC US$14.47 23.50 24.22 11.03 27.3 0.74 0.53 0.54 Dec 5,846 1.4 PR Silvercorp Metals Inc. (cf) SVM T 3 H/GRW C$1.05 1.20 2.00 0.75 8.1 0.20 0.29 A 0.13 Mar 179 0.0 CT


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Mining & Natural Resources - CAN Uranium Cameco Corp. (cf) CCO T 2 H/INC C$18.45 27.00 22.46 15.50 19.4 1.48 0.95 1.78 Dec 7,303 2.2 DSa Denison Mines Corp. DML T 2 H/SPEC C$0.57 1.60 1.39 0.48 NM (0.05) (0.02) (0.03) Dec 295 0.0 DSa Fission Uranium Corp. FCU T 2 H/SPEC C$0.62 1.30 1.38 0.57 NM (0.02) (0.03) (0.03) Jun 237 0.0 DSa Kivalliq Energy Corp. KIV V 3 H/SPEC C$0.09 0.25 0.22 0.06 NM (0.01) (0.01) (0.01) Sep 18 0.0 DSa NexGen Energy Ltd. NXE V 1 H/SPEC C$0.73 1.80 0.89 0.31 NM (0.06) (0.01) (0.01) Dec 185 0.0 DSa Paladin Energy Ltd. PDN T 3 H/GRW C$0.24 0.30 0.43 0.15 NM (0.10) (0.05) A (0.02) Jun 392 0.0 DSa UEX Corp. UEX T 2 H/SPEC C$0.12 0.50 0.37 0.11 NM (0.04) (0.01) (0.01) Dec 28 0.0 DSa Uranium Participation Corporation U T 2 H/GRW C$5.22 6.25 5.76 4.82 NM (0.64) 1.10 A (0.09) Feb 608 nm DSa Ur-Energy Inc. URE T 2 H/SPEC C$0.74 1.80 1.35 0.72 NM (0.07) (0.03) 0.01 Dec 96 0.0 DSa

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

Fernando Suarez [email protected]

Agribusiness & Natural Resources Agribusiness Adecoagro SA AGRO N 2 H/SPEC US$9.70 15.50 11.42 6.71 11.8 0.82 E 0.95 NA Dec 1,187 0.0 FRM,FS Cresud SACIFYA (ed, r) CRESY Q 2 H/SPEC US$12.06 19.00 15.17 8.90 NM (2.97) 0.20 A 0.02 Jun 605 2.5 FRM,FS Inversora Juramento SA INVJ BA 3 H/SPEC AR$5.20 NM 5.82 3.90 52.0 0.10 E NA NA Sep 2,250 0.0 FS,FRM

Natural Resources Siderar Sociedad Anonima Industrial Y Comercial ERAR BA S M/GRW AR$7.20 NM 8.42 4.80 NM UR NA NA Dec 32,523 0.6 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 39.53 NM 46.75 32.60 13.2 2.70 3.00 3.75 Dec 3,151 0.0 BH,PDP D.R. Horton, Inc. DHI N 2 M/GRW 30.06 35.00 33.06 22.12 14.7 1.50 2.05 2.30 Sep 11,131 0.8 BH,PDP KB Home KBH N 3 H/GRW 13.47 NM 18.10 11.76 14.8 9.25 0.91 1.20 Nov 1,373 0.7 BH,PDP Lennar Corporation LEN N 3 M/GRW 50.54 NM 56.04 41.25 14.8 2.80 3.41 3.90 Nov 11,649 0.3 BH,PDP MDC Holdings MDC N 3 H/INC 26.07 NM 31.23 23.83 16.5 1.29 1.58 2.20 Dec 1,277 3.8 BH,PDP PulteGroup Inc. PHM N 3 M/GRW 18.04 NM 23.36 17.52 13.3 1.26 1.36 1.60 Dec 6,570 1.8 BH,PDP St. Joe Company JOE N 3 M/GRW 19.70 NM 21.64 14.94 NM 4.40 (0.02) 0.03 Dec 1,493 0.0 BH,PDP Toll Brothers, Inc. TOL N 2 M/GRW 35.76 44.00 42.19 30.81 18.2 1.84 1.96 2.88 Oct 6,619 0.0 BH,PDP WCI Communities, Inc. WCIC N 1 M/GRW 22.49 31.00 27.08 17.08 18.0 0.82 1.25 1.95 Dec 594 0.0 BH,PDP

Real Estate

USA Canada Europe

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

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

REITs ........................................................................... 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 25.31 30.00 31.60 20.93 31.2 0.69 0.81 0.98 Dec 24,992 1.1 WAC,PDP Hyatt Hotels Corporation H N 3 H/GRW 50.55 NM 62.48 45.71 55.5 1.09 0.91 1.51 Dec 7,254 0.0 WAC,PDP La Quinta Holdings, Inc. LQ N 3 H/GRW 16.69 NM 24.94 15.36 32.1 0.45 0.52 0.69 Dec 2,182 0.0 WAC,PDP Marriott International, Inc. MAR Q 2 M/GRW 77.99 85.00 85.00 63.95 25.2 2.54 3.10 3.71 Dec 20,847 1.3 WAC,PDP Starwood Hotels & Resorts Worldwide HOT N 2 M/GRW 74.81 79.00 87.99 63.99 25.4 3.02 2.95 3.30 Dec 12,763 2.0 WAC,PDP

REITs Healthcare CareTrust REIT, Inc (x) CTRE Q 2 M/INC 11.50 13.50 18.49 10.40 12.4 0.69 0.93 1.11 Dec 360 5.6 JH,PDP Healthcare Trust of America, Inc. (x) HTA N 3 M/INC 26.42 NM 30.28 22.35 17.4 1.46 1.52 1.65 Dec 3,308 4.5 JH,PDP Physicians Realty Trust (x) DOC N 2 M/INC 16.24 17.50 18.12 13.86 17.7 0.72 0.92 1.03 Dec 1,478 5.5 JH,PDP Sabra Health Care REIT, Inc. (x) SBRA Q 2 M/INC 23.02 30.00 34.44 22.10 10.4 2.20 2.22 2.43 Dec 1,503 7.1 JH,PDP Senior Housing Properties Trust (x) SNH N 4 NM 15.45 NM 23.83 14.98 8.5 1.75 1.82 1.86 Dec 3,668 10.1 JH,PDP Welltower Inc. (x) HCN N 3 M/INC 68.07 NM 84.88 61.00 15.6 4.13 4.36 4.60 Dec 23,927 4.8 JH,PDP

Hotels DiamondRock Hospitality Company (x) DRH N 3 M/INC 11.54 NM 16.01 10.72 11.5 0.87 1.00 1.15 Dec 2,323 4.3 WAC,PDP Hersha Hospitality Trust (x) HT N 3 M/INC 23.43 NM 29.96 22.20 10.3 1.98 2.28 2.50 Dec 1,174 4.8 WAC,PDP Host Hotels & Resorts Inc. (x) HST N 4 NM 16.27 NM 24.50 15.36 10.8 1.50 1.50 1.66 Dec 12,871 4.9 WAC,PDP LaSalle Hotel Properties (x) LHO N 3 M/INC 28.84 NM 43.56 27.70 10.2 2.58 2.83 3.09 Dec 3,273 6.2 WAC,PDP Pebblebrook Hotel Trust (x) PEB N 2 M/INC 33.11 45.00 50.17 31.93 13.2 1.96 2.50 3.03 Dec 2,387 3.7 WAC,PDP RLJ Lodging Trust (x) RLJ N 2 M/INC 24.46 31.00 36.25 24.20 9.9 2.40 2.48 2.70 Dec 3,204 5.4 WAC,PDP Ryman Hospitality Properties Inc. (x) RHP N 3 M/INC 51.82 NM 64.97 47.38 10.5 4.68 4.94 5.40 Dec 2,674 5.4 WAC,PDP Strategic Hotels & Resorts (x) BEE N 4 NM 14.06 NM 14.48 11.56 15.6 0.68 0.90 0.96 Dec 3,902 0.0 WAC,PDP Summit Hotel Properties, Inc. (x) INN N 2 M/INC 12.75 14.50 14.61 11.29 11.0 0.97 1.16 1.26 Dec 1,113 3.7 WAC,PDP Sunstone Hotel Investors, Inc. (x) SHO N 3 M/GRW 14.08 NM 18.01 12.89 10.9 1.17 1.29 1.38 Dec 2,938 1.4 WAC,PDP

Malls CBL & Associates Properties, Inc. (x) CBL N 3 M/INC 15.05 NM 21.36 13.47 6.7 2.26 2.25 2.31 Dec 3,007 7.0 CM,PDP Simon Property Group, Inc. (x) SPG N 2 M/INC 206.19 220.00 206.59 170.99 20.3 8.90 10.14 10.92 Dec 74,476 3.1 CM,PDP Taubman Centers, Inc. (x) TCO N 3 M/INC 78.35 NM 85.26 66.83 23.5 3.11 3.33 3.57 Dec 4,725 2.9 CM,PDP

Net Lease Agree Realty Corporation (x) ADC N 2 M/INC 32.96 35.00 36.15 27.74 13.7 2.18 2.40 2.58 Dec 623 5.6 CM,PDP National Retail Properties, Inc. (x) NNN N 2 M/INC 38.58 40.00 44.43 33.62 17.4 2.08 2.22 2.34 Dec 5,185 4.5 CM,PDP Realty Income (x) O N 3 M/INC 50.31 NM 55.54 43.15 18.2 2.58 2.76 2.84 Dec 11,818 4.5 CM,PDP Spirit Realty Capital, Inc. (x) SRC N 2 M/INC 10.15 12.50 13.00 8.89 11.9 0.61 0.85 0.90 Dec 4,481 6.7 CM,PDP STORE Capital Corporation (x) STOR N 2 M/INC 22.88 23.00 24.06 19.25 16.9 1.26 1.35 1.54 Dec 2,903 4.7 CM,PDP


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Real Estate - USA Office/Industrial Armada Hoffler Properties (x) AHH N 2 M/INC 10.80 10.50 11.12 9.25 12.6 0.80 0.86 0.99 Dec 453 6.3 WAC,PDP BioMed Realty Trust Inc. (x) BMR N 3 M/INC 23.29 NM 25.11 17.94 13.1 1.57 1.78 1.48 Dec 4,868 4.5 WAC,PDP Brandywine Realty Trust (x) BDN N 3 M/INC 13.54 NM 17.13 11.63 9.5 1.34 1.42 1.43 Dec 2,471 4.4 WAC,PDP Corporate Office Properties Trust (x) OFC N 2 M/INC 23.64 23.50 30.94 20.13 11.7 1.88 2.02 2.08 Dec 2,321 4.7 WAC,PDP Digital Realty Trust, Inc. (x) DLR N 2 M/INC 72.89 74.00 75.39 60.66 13.5 5.03 5.39 5.39 Dec 10,168 4.7 WAC,PDP Douglas Emmett (x) DEI N 2 M/INC 30.72 31.00 31.56 26.67 18.7 1.54 1.64 1.70 Dec 5,441 2.7 WAC,PDP DuPont Fabros Technology Inc. (x) DFT N 3 M/INC 30.16 NM 38.30 24.88 12.8 2.37 2.36 2.60 Dec 2,437 5.6 WAC,PDP Easterly Government Properties, Inc. (x) DEA N 2 M/GRW 17.35 17.00 17.99 15.18 16.7 NA 1.04 1.11 Dec 689 4.8 WAC,PDP EastGroup Properties, Inc. (x) EGP N 2 M/INC 56.26 64.00 69.90 51.76 15.3 3.47 3.67 3.93 Dec 1,823 4.3 WAC,PDP First Industrial Realty Trust, Inc. (x) FR N 2 M/INC 22.42 23.00 22.69 18.54 17.8 1.16 1.26 1.45 Dec 2,581 2.3 WAC,PDP First Potomac Realty Trust (x) FPO N 3 M/INC 11.39 NM 13.29 9.88 11.7 0.92 0.97 0.94 Dec 699 5.3 WAC,PDP Parkway Properties (x) PKY N 2 M/INC 16.91 18.00 21.50 15.20 12.9 1.34 1.31 1.45 Dec 1,968 4.4 WAC,PDP STAG Industrial Inc. (x) STAG N 2 M/INC 20.15 22.00 27.61 16.66 13.9 1.45 1.45 1.61 Dec 1,439 6.9 WAC,PDP Washington REIT (x) WRE N 3 M/INC 27.06 NM 30.15 23.78 17.2 1.51 1.57 1.73 Dec 1,851 4.4 WAC,PDP

Residential American Homes 4 Rent (x) AMH N 1 M/GRW 16.78 19.00 17.70 15.09 24.7 0.43 0.68 0.90 Dec 4,460 1.2 BH,PDP American Residential Properties, Inc. (x) ARPI N 1 H/GRW 17.11 23.00 19.68 15.53 21.9 0.39 0.78 1.11 Dec 561 2.3 BH,PDP Apartment Investment and Management Company (x) AIV N 1 M/INC 40.23 46.00 41.55 34.06 18.2 2.07 2.21 2.35 Dec 6,586 3.0 BH,PDP Campus Crest Communities, Inc. (x) CCG N 4 NM 6.61 NM 8.05 4.68 NM UR UR UR Dec 431 0.0 BH,PDP Equity Residential (x) EQR N 3 M/INC 79.64 NM 82.53 61.90 23.2 3.17 3.43 3.68 Dec 30,144 2.8 BH,PDP Essex Property Trust, Inc. (x) ESS N 3 M/INC 227.30 NM 243.17 194.01 23.4 8.54 9.73 10.75 Dec 15,320 2.5 BH,PDP Mid-America Apartment Communities Inc. (x) MAA N 2 M/INC 86.14 92.00 86.57 69.13 16.1 4.99 5.35 5.72 Dec 6,857 3.6 BH,PDP Post Properties, Inc. (x) PPS N 2 M/INC 61.31 63.00 63.78 53.18 20.9 2.44 2.94 3.13 Dec 3,348 2.9 BH,PDP

Self Storage CubeSmart (x) CUBE N 1 M/INC 28.27 28.00 28.43 19.86 23.6 1.03 1.20 1.34 Dec 4,797 2.3 JH,PDP Extra Space Storage (x) EXR N 2 M/INC 81.35 80.00 81.99 55.94 27.7 2.52 2.94 3.45 Dec 10,714 2.9 JH,PDP Jernigan Capital, Inc. JCAP N 2 H/GRW 18.43 22.00 21.99 16.42 NM NA (0.15) 1.25 Dec 112 7.6 JH,PDP Public Storage (x) PSA N 2 M/INC 232.94 220.00 232.99 178.05 26.8 7.98 8.70 9.35 Dec 40,345 2.9 JH,PDP Sovran Self Storage, Inc. (x) SSS N 3 M/INC 100.78 NM 101.04 81.35 20.9 4.08 4.83 5.30 Dec 3,638 3.4 JH,PDP

Shopping Centers Cedar Realty Trust, Inc. (x) CDR N 2 M/INC 6.86 7.50 8.36 5.75 12.9 0.51 0.53 0.58 Dec 586 2.9 CM,PDP Equity One, Inc. (x) EQY N 4 NM 26.65 NM 28.23 22.52 21.0 1.21 1.27 1.39 Dec 3,747 3.3 CM,PDP Federal Realty Investment Trust (x) FRT N 3 M/INC 143.10 NM 151.11 124.87 28.3 4.94 5.05 5.76 Dec 9,888 2.6 CM,PDP Inland Real Estate Corporation (x) IRC N 4 NM 8.74 NM 11.73 7.96 8.7 0.95 1.00 1.02 Dec 878 6.4 CM,PDP Kimco Realty Corporation (x) KIM N 3 M/INC 26.85 NM 28.54 22.07 18.6 1.40 1.44 1.50 Dec 11,092 3.6 CM,PDP Kite Realty Group Trust (x) KRG N 1 M/INC 26.26 29.00 31.57 22.82 12.9 1.57 2.04 2.11 Dec 2,187 4.2 CM,PDP Ramco-Gershenson Properties Trust (x) RPT N 2 M/INC 16.54 18.00 20.20 14.74 12.8 0.95 1.29 1.38 Dec 1,350 5.1 CM,PDP Regency Centers Corp. (x) REG N 2 M/INC 67.76 70.00 70.80 55.79 22.7 2.82 2.99 3.22 Dec 6,390 2.9 CM,PDP Retail Opportunity Investments Corp. (x) ROIC Q 1 M/INC 18.16 19.00 18.73 15.30 19.5 0.85 0.93 1.01 Dec 1,700 3.7 CM,PDP Saul Centers, Inc. (x) BFS N 3 M/INC 58.18 NM 60.86 47.34 20.0 2.79 2.91 3.11 Dec 1,228 3.0 CM,PDP


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Real Estate - USA Timber CatchMark Timber Trust, Inc. (ca) CTT N 2 M/INC 10.85 14.00 12.33 7.90 17.5 0.60 0.62 0.66 Dec 430 4.6 CM,PDP Plum Creek Timber Company, Inc. PCL N 3 M/INC 40.37 NM 45.26 36.95 37.4 1.21 1.08 1.45 Dec 7,061 4.4 CM,PDP Potlatch Corporation PCH Q 2 M/INC 29.09 42.00 44.20 28.00 31.6 2.20 0.92 1.40 Dec 1,193 5.2 CM,PDP Rayonier, Inc. RYN N 3 M/INC 22.44 NM 34.04 21.84 74.8 0.76 0.30 0.42 Dec 2,838 4.5 CM,PDP Weyerhaeuser Company WY N 2 M/INC 29.03 38.00 37.04 26.73 30.2 3.18 0.96 1.60 Dec 15,090 4.3 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 Amica Mature Lifestyles Inc. (x) ACC T 4 NM C$18.40 NM 18.70 6.41 26.7 0.48 0.54 A 0.69 May 572 0.0 KA Sienna Senior Living Inc. (x) SIA T 3 H/INC C$17.17 NM 17.60 13.38 15.1 1.12 1.14 1.21 Dec 671 5.2 KA

Industrial Pure Industrial Real Estate Trust (x) AAR.UN T 2 M/INC C$4.51 5.25 5.25 4.18 11.3 0.37 0.40 0.43 Dec 851 6.9 KA

Mortgage Investment Corporations Timbercreek Mortgage Investment Corporation TMC T 2 M/INC C$7.49 9.00 8.84 7.27 10.0 0.64 0.75 0.76 Dec 305 9.6 JR,KA Timbercreek Senior Mortgage Investment Corp. MTG T 2 M/INC C$7.39 9.25 9.02 7.16 11.7 0.59 0.63 0.65 Dec 234 8.1 KA

Office/Diversified Allied Properties REIT (x) AP.UN T 1 M/INC C$36.27 45.00 41.37 33.62 16.3 2.06 2.23 2.48 Dec 2,822 4.0 KA Artis REIT (x) AX.UN T 1 M/INC C$13.47 15.00 15.98 11.59 9.2 1.42 1.47 1.52 Dec 1,991 8.0 KA Brookfield Canada Office Properties (x) BOX.UN T 3 M/INC C$27.77 NM 30.68 23.02 17.0 1.57 1.63 1.70 Dec 2,591 4.5 KA CREIT (x) REF.UN T 1 M/INC C$42.92 47.00 50.00 39.25 14.3 2.96 3.01 3.12 Dec 3,125 4.2 JR,KA H&R REIT (x) HR.UN T 3 M/INC C$21.06 NM 25.27 18.38 10.9 1.79 1.93 1.96 Dec 6,381 6.4 KA True North Commercial REIT (x) TNT.UN T 2 M/INC C$5.75 6.35 6.75 5.32 9.0 0.57 0.64 0.70 Dec 124 11.8 JR,KA

Real Estate Services Colliers International Group Inc. CIGI Q 2 H/GRW US$45.90 55.00 48.01 28.74 20.4 2.73 2.25 2.50 Dec 1,763 0.9 FB FirstService Corporation FSV Q 2 M/GRW US$32.89 33.00 34.31 22.05 27.4 NA 1.20 1.45 Dec 1,194 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$54.25 68.00 71.40 48.82 15.2 3.37 3.57 3.56 Dec 2,821 3.8 KA Canadian Apartment Properties REIT (x) CAR.UN T 3 M/INC C$27.25 NM 30.25 23.57 16.0 1.65 1.70 1.76 Dec 3,194 4.5 KA InterRent REIT (x) IIP.UN T 2 M/INC C$6.55 7.00 6.91 5.65 17.2 0.32 0.38 0.49 Dec 462 3.4 KA Killam Properties Inc. (x) KMP T 1 M/INC C$10.58 12.00 11.24 9.21 13.4 0.72 0.79 0.84 Dec 658 5.6 KA Tricon Capital Group Inc. TCN T 1 M/GRW C$10.62 12.50 12.11 7.76 19.0 0.60 0.56 0.40 Dec 966 2.3 KA True North Apartment REIT (x) TN.UN T 4 H/INC C$7.27 NM 8.53 7.26 10.5 0.69 0.69 0.74 Dec 241 9.6 KA

Retail Choice Properties REIT (x) CHP.UN T 3 M/INC C$11.83 NM 12.17 10.40 12.3 0.91 0.96 0.98 Dec 4,799 5.5 KA Crombie REIT (x) CRR.UN T 2 M/INC C$13.13 14.00 13.87 12.13 11.4 1.10 1.15 1.18 Dec 1,713 6.8 KA CT Real Estate Investment Trust (x) CRT.UN T 3 M/INC C$13.00 NM 13.50 11.24 12.6 0.98 1.03 1.06 Dec 2,464 5.1 KA First Capital Realty (x) FCR T 2 M/INC C$19.52 21.00 20.35 16.93 18.4 1.04 1.06 1.11 Dec 4,378 4.4 KA,JR Plaza Retail REIT (x) PLZ.UN T 2 M/INC C$4.42 4.75 4.60 3.91 13.4 0.30 0.33 0.35 Dec 415 5.7 JR,KA RioCan REIT (x) REI.UN T 2 M/INC C$25.69 28.00 30.25 22.14 15.1 1.68 1.70 1.77 Dec 8,208 5.5 KA SmartREIT (x) SRU.UN T 2 M/INC C$31.06 33.00 32.75 26.57 14.9 1.96 2.09 2.17 Dec 4,758 5.3 KA

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

Hotels AccorHotels ACCP.PA EPA 2 €44.60 52.00 51.65 31.67 29.5 0.97 1.51 1.97 Dec 10,392 2.4 JR Intercontinental Hotels ($D) IHG.L L 2 2,491p 2,850 2,967 2,209 NM 1.58 1.79 2.08 Dec $8,510 2.5 JR Melia Hotels International MEL.MC MAD 1 €12.84 14.50 13.71 7.79 44.3 0.15 0.29 0.40 Dec 2,554 0.5 JR NH Hoteles NHH.MC MAD 3 €5.46 NM 5.98 3.33 NM (0.03) 0.03 0.14 Dec 1,911 0.0 JR Whitbread WTB.L L 2 4,889p 5,400 5,475 4,249 21.7 214.00 225.00 258.00 Feb £8,898 1.8 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$17.22 NM 21.50 13.09 NM (1.80) 0.99 A (0.84) Jun 997 0.8 FRM,FS

Real Estate TGLT S.A. TGLT BA 3 H/SPEC AR$13.80 NM 13.80 7.95 NM 2.12 NA NA Dec 970 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 .............................................. 71

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

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

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

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

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

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

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

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

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

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

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

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

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 61.39 72.00 68.97 46.33 20.7 2.40 2.96 3.25 Oct 19,534 2.6 JSS Avago Technologies Ltd. AVGO Q 2 H/GRW 121.49 135.00 150.50 81.18 15.0 4.37 8.10 8.24 Oct 33,399 1.4 JSS Diodes Incorporated DIOD Q 2 H/GRW 23.12 24.00 30.65 18.42 19.8 1.45 1.17 1.55 Dec 1,140 0.0 JSS Fairchild Semiconductor International FCS Q 3 H/GRW 17.55 NM 20.84 12.22 21.4 0.86 0.82 1.15 Dec 2,011 0.0 JSS Linear Technology Corporation LLTC Q 4 NM 45.07 NM 49.57 36.41 23.4 1.96 2.13 A 1.93 Jun 11,051 2.7 JSS M/A-COM Technology Solutions MTSI Q 2 H/GRW 34.78 36.00 42.81 20.78 27.4 1.08 1.27 1.64 Sep 1,840 0.0 JSS Maxim Integrated MXIM Q 1 H/GRW 38.45 43.00 40.18 28.14 21.4 1.64 1.53 A 1.80 Jun 11,108 3.1 JSS Microsemi Corporation MSCC Q 1 H/GRW 36.37 43.00 37.68 24.45 16.2 1.76 2.25 2.62 Sep 3,506 0.0 JSS Monolithic Power Systems, Inc. MPWR Q 2 H/GRW 61.66 64.00 62.59 40.75 62.3 0.87 0.99 1.22 Dec 2,510 1.3 JSS NXP Semiconductors N.V. NXPI Q 1 H/GRW 90.30 120.00 114.00 63.52 16.9 4.23 5.33 6.21 Dec 20,978 0.0 JSS ON Semiconductor Corporation ON Q 2 H/GRW 10.81 13.00 13.50 7.85 12.4 0.75 0.87 1.10 Dec 4,716 0.0 JSS Power Integrations, Inc. POWI Q 3 H/GRW 45.82 NM 58.71 36.04 32.7 1.96 1.40 2.01 Dec 1,379 1.0 JSS Qorvo, Inc. QRVO Q 1 H/GRW 45.89 77.00 88.35 42.24 10.3 1.13 3.97 A 4.46 Mar 7,090 0.0 JSS Semtech Corporation SMTC Q 2 H/GRW 17.10 18.50 30.01 14.04 23.1 1.22 1.16 A 0.74 Jan 1,127 0.0 JSS Skyworks Solutions SWKS Q 1 H/GRW 76.31 130.00 112.88 54.66 14.5 3.23 5.27 6.30 Sep 14,896 1.4 JSS Texas Instruments Incorporated TXN Q 1 H/INC 58.42 65.00 59.99 43.49 19.9 2.73 2.94 3.04 Dec 61,399 2.6 JSS,HM Vishay Intertechnology, Inc. VSH N 3 H/GRW 10.37 NM 14.61 9.22 16.5 0.92 0.63 0.67 Dec 1,573 2.3 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 4.00 7.00 14.94 3.93 NM (0.12) (0.76) (0.71) Dec 107 0.0 TT,BP Benefitfocus, Inc. BNFT Q 1 H/GRW 31.34 50.00 47.49 19.58 NM (2.10) (1.97) (1.53) Dec 984 0.0 TT,BP Box, Inc. BOX N 3 H/GRW 12.23 NM 24.73 10.93 NM NA (8.14) A (1.16) Jan 1,679 0.0 TT,BP Brightcove Inc. BCOV Q 3 H/GRW 5.27 NM 8.46 4.79 NM (0.13) (0.08) (0.05) Dec 177 0.0 TT,BP Castlight Health, Inc. CSLT N 2 H/GRW 4.39 8.50 13.44 3.94 NM (0.94) (0.69) (0.56) Dec 446 0.0 TT,BP ChannelAdvisor Corporation ECOM N 3 H/GRW 9.05 NM 22.47 8.22 NM (1.06) (0.65) (0.57) Dec 248 0.0 TT,BP Constant Contact, Inc. CTCT Q 3 H/GRW 24.91 NM 43.18 22.75 19.0 1.08 1.31 1.55 Dec 802 0.0 TT,BP Demandware DWRE N 2 H/GRW 56.00 75.00 75.90 47.31 NM 0.11 (0.01) 0.23 Dec 1,999 0.0 TT,BP Halogen Software, Inc. ($D, is) HGN T 2 H/GRW C$9.10 11.50 11.15 7.59 NM (0.71) (0.68) (0.55) Dec 200 0.0 TT,SLi HubSpot, Inc. HUBS N 2 H/GRW 48.98 60.00 55.07 31.01 NM (2.77) (0.89) (0.84) Dec 1,793 0.0 TT,BP Manhattan Associates, Inc. MANH Q 2 M/GRW 72.18 73.00 74.85 36.75 48.8 1.16 1.48 1.67 Dec 5,385 0.0 TT,BP Marketo, Inc. MKTO Q 2 H/GRW 28.34 40.00 35.63 23.17 NM (0.67) (0.71) (0.62) Dec 1,380 0.0 TT,BP MiX Telematics Limited ($R) MIXT N 2 H/GRW 5.35 9.00 9.00 4.86 NM 0.20 0.19 A 0.16 Mar 172 11.1 TT,BP Model N, Inc. MODN N 3 H/GRW 10.08 NM 12.70 9.24 NM (0.41) (0.31) (0.13) Sep 293 0.0 TT,BP NetSuite, Inc. N N 4 NM 84.40 NM 113.88 82.88 NM 0.32 0.21 0.34 Dec 6,786 0.0 TT,BP Paylocity Holding Corporation PCTY Q 2 H/GRW 32.27 42.00 38.59 21.51 NM (0.04) 0.01 A (0.06) Jun 1,739 0.0 TT,BP Q2 Holdings Inc. QTWO N 2 H/GRW 24.85 33.00 30.44 14.27 NM (0.52) (0.40) (0.30) Dec 1,034 0.0 TT,BP RingCentral, Inc. RNG N 1 H/GRW 18.96 27.00 20.94 11.19 NM (0.49) (0.17) 0.02 Dec 1,443 0.0 TT,BP salesforce.com, Inc. CRM N 1 H/GRW 77.75 85.00 79.38 53.44 NM 0.35 0.53 A 0.72 Jan 52,295 0.0 TT,BP SciQuest SQI Q 2 H/GRW 9.80 15.00 18.26 9.49 37.7 0.30 0.26 0.32 Dec 294 0.0 TT,BP Shopify Inc. SHOP N 3 H/GRW 31.04 NM 42.13 22.70 NM NA (0.23) (0.21) Dec 2,797 0.0 TT,BP Tangoe Inc. TNGO Q 3 H/GRW 8.24 NM 15.13 6.57 15.3 0.70 0.54 0.65 Dec 339 0.0 TT,BP Ultimate Software Group Inc. ULTI Q 2 H/GRW 189.38 215.00 198.11 138.64 73.1 2.11 2.59 3.18 Dec 5,625 0.0 TT,BP Upland Software, Inc. UPLD Q 2 H/GRW 7.99 9.00 12.20 5.89 NM (0.22) (0.22) (0.11) Dec 125 0.0 TT,BP Workiva Inc. WK N 2 H/GRW 15.11 18.00 17.30 12.25 NM (1.02) (0.93) (0.88) Dec 630 0.0 TT,BP


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Technology & Communications - USA Communications Equipment ADTRAN, Inc. ADTN Q 3 M/GRW 14.53 NM 24.13 13.93 51.9 0.80 0.28 0.64 Dec 725 2.5 SL Alcatel-Lucent (r) ALU N 3 H/GRW 3.56 NM 4.96 2.48 89.0 (0.07) 0.04 0.18 Dec 9,948 0.0 SL Applied Optoelectronics, Inc. AAOI Q 1 H/GRW 20.45 28.00 22.79 8.17 18.6 0.68 1.10 1.89 Dec 313 0.0 SL Arista Networks ANET N 3 H/GRW 65.90 NM 89.89 56.11 28.4 1.58 2.32 2.60 Dec 4,435 0.0 SL ARRIS Group Inc. ARRS Q 1 H/GRW 28.81 41.00 37.50 24.46 13.0 2.76 2.21 2.75 Dec 4,301 0.0 SL Calix, Inc. CALX N 3 H/GRW 8.65 NM 11.60 6.75 33.3 0.29 0.26 0.51 Dec 451 0.0 SL Ciena Corporation CIEN N 2 H/GRW 23.10 28.00 26.50 14.69 18.8 0.54 1.23 1.65 Oct 2,490 0.0 SL Cisco Systems CSCO Q 2 M/GRW 29.05 33.00 30.31 23.03 12.7 2.06 2.21 A 2.28 Jul 150,247 2.9 SL CommScope Holding Company, Inc. COMM Q 3 H/INC 31.60 NM 34.12 20.19 15.9 2.24 1.99 2.61 Dec 6,003 0.0 SL Dycom Industries, Inc. DY N 4 NM 74.67 NM 80.85 25.34 23.6 1.17 2.41 A 3.16 Jul 2,493 0.0 SL Ericsson ERIC Q 3 M/GRW 9.49 NM 13.14 9.23 13.8 0.67 0.69 0.76 Dec 30,852 4.1 SL Extreme Networks, Inc. EXTR Q 3 H/GRW 3.45 NM 3.90 2.11 19.2 0.30 0.06 A 0.18 Jun 348 0.0 SL F5 Networks, Inc. FFIV Q 3 H/GRW 120.29 NM 136.11 108.60 18.4 5.44 6.54 7.39 Sep 8,541 0.0 SL Finisar Corporation FNSR Q 2 H/GRW 11.27 18.00 23.38 10.66 11.6 1.53 1.05 A 0.97 Apr 1,174 0.0 SL Gigamon Inc. GIMO N 2 H/GRW 26.44 29.00 34.80 13.41 34.8 0.11 0.76 0.87 Dec 949 0.0 SL Harmonic Inc. HLIT Q 4 NM 5.70 NM 7.98 5.40 57.0 0.16 0.10 0.17 Dec 504 0.0 SL Juniper Networks, Inc. JNPR N 3 H/GRW 31.54 NM 31.56 19.73 15.7 1.46 2.01 2.07 Dec 12,528 1.3 SL Lumentum Holdings, Inc. LITE Q 3 H/GRW 14.55 NM 26.88 13.97 12.5 0.87 1.16 1.15 Jun 853 0.0 SL NeoPhotonics Corporation NPTN N 1 H/GRW 7.59 10.00 11.19 2.75 18.5 (0.30) 0.41 0.67 Dec 305 0.0 SL Nokia (r) NOK N 4 NM 6.58 NM 8.45 5.71 18.8 0.25 0.35 0.38 Dec 24,353 2.3 SL

Communications Technology Enterprise Communications BroadSoft, Inc. BSFT Q 1 H/GRW 29.75 44.00 38.83 20.55 19.6 1.36 1.52 1.95 Dec 874 0.0 TMC Interactive Intelligence Group Inc. ININ Q 3 H/GRW 30.30 NM 55.65 28.64 NM 0.09 (0.22) (0.09) Dec 651 0.0 TMC Logitech International SA LOGI Q 3 H/GRW 14.92 NM 16.38 12.37 18.0 0.75 1.05 A 0.83 Mar 2,454 3.6 TMC Plantronics, Inc. PLT N 2 M/GRW 53.02 60.00 58.73 44.49 18.0 2.84 3.06 A 2.95 Mar 2,206 1.1 TMC Polycom Inc. PLCM Q 2 H/GRW 13.46 15.00 14.22 9.99 15.3 0.85 0.88 1.00 Dec 1,828 0.0 TMC Premiere Global Services Inc. PGI N 3 H/GRW 13.55 NM 13.87 8.61 14.3 0.89 0.95 1.02 Dec 604 0.0 TMC


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Technology & Communications - USA Mobile Devices Alarm.com Holdings ALRM Q 2 H/GRW 12.22 21.00 19.15 10.26 94.0 0.16 0.13 0.16 Dec 557 0.0 TMC Apple Inc. AAPL Q 3 M/GRW 114.55 NM 134.54 92.00 12.3 6.45 9.22 A 9.33 Sep 650,873 1.8 TMC Control4 Corporation CTRL Q 3 H/GRW 8.72 NM 16.75 7.02 22.9 0.53 0.38 0.48 Dec 221 0.0 TMC Digi International Inc. DGII Q 3 H/GRW 11.82 NM 12.91 6.95 59.1 0.07 0.20 0.24 Sep 295 0.0 TMC FitBit, Inc. FIT N 3 H/GRW 37.67 NM 51.90 29.50 52.3 0.56 0.72 0.90 Dec 7,786 0.0 TMC Garmin Ltd. GRMN Q 2 M/GRW 34.79 40.00 60.19 31.32 15.4 3.10 2.26 2.25 Dec 6,643 5.9 TMC GoPro, Inc. GPRO Q 2 H/GRW 28.23 50.00 87.50 26.68 17.6 1.32 1.60 2.00 Dec 4,195 0.0 TMC Harman International, Inc. HAR N 1 M/GRW 105.76 145.00 149.12 84.41 16.3 4.41 5.71 A 6.50 Jun 7,532 1.3 TMC Mobileye N.V. MBLY N 2 H/GRW 43.74 67.00 64.48 32.41 97.2 0.21 0.45 0.81 Dec 10,401 0.0 TMC Motorola Solutions, Inc. MSI N 3 M/GRW 69.96 NM 70.98 56.40 21.1 2.72 3.32 3.82 Dec 14,468 1.9 TMC NETGEAR Inc. NTGR Q 2 M/GRW 41.38 39.00 42.76 28.12 20.1 2.54 2.06 2.50 Dec 1,461 0.0 TMC Nuance Communications, Inc. NUAN Q 2 H/GRW 16.69 23.00 18.96 13.20 13.7 1.12 1.22 1.45 Sep 5,277 0.0 TMC QUALCOMM, Inc. QCOM Q 3 M/GRW 59.28 NM 78.53 52.17 13.0 5.27 4.56 4.59 Sep 93,544 2.8 TMC Synchronoss Technologies, Inc. SNCR Q 2 H/GRW 36.45 57.00 54.05 27.86 16.3 1.78 2.23 2.60 Dec 1,724 0.0 TMC Ubiquiti Networks, Inc. UBNT Q 4 NM 30.00 NM 37.10 25.50 14.9 2.00 1.97 A 2.01 Jun 2,622 0.0 TMC

Defense Communications Harris Corporation HRS N 2 H/GRW 74.91 90.00 84.78 66.15 13.2 5.00 5.14 A 5.68 Jun 9,265 2.7 CQ HEICO Corporation HEI N 2 H/GRW 49.41 64.00 63.73 47.24 25.6 1.80 1.93 2.11 Oct 3,302 0.3 CQ Teledyne Technologies Incorporated TDY N 2 H/GRW 86.35 100.00 111.81 83.08 16.8 5.76 5.15 5.41 Dec 3,055 0.0 CQ

Electronic Manufacturing Services Flex FLEX Q 3 H/GRW 11.23 NM 12.86 9.32 10.3 0.89 1.08 A 1.09 Mar 6,398 0.0 BGA Jabil Circuit, Inc. JBL N 2 H/GRW 22.67 27.00 24.95 16.90 8.7 0.52 2.07 A 2.60 Aug 4,452 1.4 BGA


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Technology & Communications - USA Infrastructure Software Akamai Technologies, Inc. AKAM Q 3 H/GRW 75.55 NM 78.44 55.41 31.1 2.48 2.43 2.58 Dec 13,508 0.0 MT CA Technologies CA Q 3 H/INC 27.38 NM 33.42 25.16 11.7 3.02 2.53 A 2.35 Mar 11,924 3.7 MT Check Point Software Technologies CHKP Q 2 H/GRW 83.02 94.00 88.49 65.09 20.2 3.72 4.12 4.58 Dec 15,258 0.0 MT Citrix Systems Inc. CTXS Q 3 H/GRW 82.23 NM 83.36 56.47 21.2 3.30 3.88 4.11 Dec 13,168 0.0 MT CommVault Systems Inc. CVLT Q 3 H/GRW 38.73 NM 54.52 33.41 51.6 1.94 1.40 A 0.75 Mar 1,748 0.0 MT FireEye Inc. FEYE Q 3 H/GRW 27.21 NM 55.33 26.73 NM (1.96) (1.74) (1.32) Dec 5,507 0.0 MT Fortinet Inc. FTNT Q 2 H/GRW 33.82 49.00 50.31 25.42 65.0 0.48 0.52 0.64 Dec 5,765 0.0 MT Limelight Networks LLNW Q 4 NM 2.05 NM 4.43 1.78 NM (0.13) (0.14) (0.10) Dec 206 0.0 MT Microsoft MSFT Q 3 M/GRW 53.69 NM 54.37 39.72 25.9 2.63 1.48 A 2.07 Jun 430,970 2.7 MT MobileIron, Inc. MOBL Q 2 H/GRW 3.75 8.00 10.51 2.81 NM (1.03) (0.81) (0.57) Dec 295 0.0 MT New Relic, Inc. NEWR N 2 H/GRW 38.67 43.00 39.99 29.66 NM (0.76) (0.85) A (0.94) Mar 1,822 0.0 MT Oracle Corp. ORCL N 2 M/GRW 38.34 41.00 46.71 35.14 14.7 2.87 2.77 A 2.61 May 166,511 1.6 MT Palo Alto Networks PANW N 1 H/GRW 158.60 200.00 200.55 100.40 94.4 0.40 0.86 A 1.68 Jul 13,447 0.0 MT Rapid7, Inc. RPD Q 2 H/SPEC 18.69 28.00 27.45 16.51 NM (2.32) (1.54) (0.82) Dec 820 0.0 MT Red Hat, Inc. RHT N 2 H/GRW 77.87 85.00 81.49 56.24 41.9 1.49 1.60 A 1.86 Feb 14,293 0.0 MT ServiceNow, Inc. NOW N 1 H/GRW 80.17 85.00 83.52 59.58 NM (0.07) 0.24 0.57 Dec 14,479 0.0 MT Splunk Inc. SPLK Q 2 H/GRW 54.64 80.00 76.85 51.41 NM NA 0.09 A 0.10 Jan 7,012 0.0 MT Symantec Corp. SYMC Q 2 M/INC 20.44 29.00 27.32 19.07 11.4 1.95 1.88 A 1.79 Mar 13,981 2.9 MT VMware VMW N 3 H/GRW 58.64 NM 93.43 52.72 14.4 3.56 4.06 4.21 Dec 24,800 0.0 MT

Internet eCommerce Alibaba Group Holding Ltd. BABA N 2 H/GRW 79.44 95.00 120.00 57.20 29.4 1.90 2.25 A 2.70 Mar 203,684 0.0 AK,JP Amazon.com Inc. AMZN Q 1 H/GRW 611.01 745.00 619.45 285.25 93.0 2.24 6.57 10.98 Dec 298,784 0.0 AK,JP CafePress Inc. PRSS Q 3 H/GRW 4.41 NM 5.36 1.95 NM (1.03) (0.14) (0.02) Dec 77 0.0 AK,JP Chegg, Inc. CHGG N 2 H/GRW 6.91 10.00 8.85 6.00 NM (0.75) (0.83) (0.65) Dec 599 0.0 AK,JP eBay Inc. EBAY Q 3 H/GRW 28.37 NM 29.35 21.36 15.4 1.91 1.84 1.94 Dec 34,697 0.0 AK,JP Groupon, Inc. GRPN Q 3 H/GRW 3.43 NM 8.43 3.17 26.4 0.13 0.13 0.16 Dec 2,328 0.0 AK,JP GrubHub Inc. GRUB N 2 H/GRW 24.49 28.00 47.95 22.49 38.3 0.47 0.64 0.80 Dec 2,104 0.0 AK,JP Netflix Inc. NFLX Q 2 H/GRW 103.07 130.00 129.29 45.08 NM 0.62 0.21 0.27 Dec 45,103 0.0 JP,AK Shutterfly, Inc. SFLY Q 3 H/GRW 37.97 NM 49.10 35.22 NM (0.20) (0.07) 0.61 Dec 1,405 0.0 AK,JP Shutterstock, Inc. SSTK N 2 H/GRW 28.62 45.00 84.06 27.50 22.9 1.06 1.25 1.58 Dec 1,030 0.0 AK,JP Wayfair, Inc. W N 2 H/GRW 41.65 55.00 56.84 16.74 NM (1.39) (0.75) (0.39) Dec 3,488 0.0 AK,JP

Internet & Advertising Technology Criteo S.A. ($E) CRTO Q 2 H/GRW 40.06 62.00 57.30 28.09 40.5 0.85 0.99 1.45 Dec 2,480 0.0 JP,AK TubeMogul, Inc. TUBE Q 3 H/GRW 11.25 NM 23.83 9.11 NM (0.22) (0.67) (0.61) Dec 384 0.0 JP,AK Wix.com Ltd. WIX Q 2 H/GRW 21.71 30.00 28.63 16.00 NM (1.06) (0.80) (0.52) Dec 834 0.0 AK,JP


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Technology & Communications - USA Online Advertising Alphabet, Inc. GOOG Q 2 H/GRW 708.49 790.00 730.00 486.23 24.4 25.14 29.03 34.37 Dec 491,692 0.0 AK,JP Angie's List, Inc. ANGI Q 4 NM 7.02 NM 8.05 3.73 35.1 (0.21) 0.20 0.37 Dec 411 0.0 AK,JP Facebook, Inc. FB Q 2 H/GRW 103.70 115.00 104.10 72.00 48.9 1.76 2.12 2.87 Dec 295,545 0.0 AK,JP LinkedIn Corp. LNKD N 1 H/GRW 209.81 271.00 276.18 165.57 90.0 2.02 2.33 3.88 Dec 27,485 0.0 JP,AK Pandora Media, Inc. P N 3 H/GRW 12.21 NM 22.60 11.50 NM 0.20 0.07 0.40 Dec 2,722 0.0 JP,AK Rubicon Project, Inc. RUBI N 2 H/GRW 16.53 23.00 20.59 10.61 24.3 0.20 0.68 0.73 Dec 721 0.0 AK,JP Twitter, Inc. TWTR N 3 H/GRW 31.34 NM 53.49 21.01 92.2 0.15 0.34 0.54 Dec 21,941 0.0 AK,JP Yahoo! Inc. YHOO Q 2 H/GRW 34.30 42.00 52.62 27.20 60.2 1.62 0.57 0.63 Dec 32,482 0.0 AK,JP Yelp, Inc. YELP N 3 H/GRW 22.90 NM 63.76 20.50 NM 0.48 (0.16) 0.01 Dec 1,848 0.0 AK,JP Zillow Group, Inc. Z Q 3 H/GRW 28.46 NM 33.62 22.99 NM (0.36) (1.24) (0.42) Dec 5,521 0.0 AK,JP

Online Travel Ctrip.com International, Ltd. (r) CTRP Q 1 H/GRW 88.63 110.00 97.29 40.74 NM 0.78 0.69 1.50 Dec 14,163 0.0 JP,AK Expedia, Inc. EXPE Q 2 H/GRW 127.11 125.00 131.51 76.34 29.2 3.98 4.35 5.72 Dec 16,906 0.8 JP,AK HomeAway, Inc. AWAY Q 2 H/GRW 30.90 35.00 35.25 25.13 47.5 0.67 0.65 0.79 Dec 2,939 0.0 JP,AK priceline.com Incorporated PCLN Q 1 H/GRW 1403.28 1560.00 1429.86 990.69 24.4 53.34 57.55 69.31 Dec 73,672 0.0 JP,AK TripAdvisor, Inc. TRIP Q 3 H/GRW 81.76 NM 94.00 62.24 37.0 1.93 2.21 2.75 Dec 11,937 0.0 JP,AK

IT Hardware and Distribution Arrow Electronics, Inc. ARW N 3 M/GRW 58.19 NM 64.98 47.57 9.2 5.94 6.32 6.75 Dec 5,627 0.0 BGA Avnet, Inc. AVT N 3 M/GRW 45.86 NM 47.27 36.42 9.7 4.24 4.49 A 4.75 Jun 6,310 1.5 BGA CDW Corporation CDW Q 2 H/GRW 44.25 48.00 46.00 29.81 15.3 2.37 2.90 3.30 Dec 7,633 0.6 BGA EMC Corporation EMC N 1 H/GRW 26.04 30.00 30.92 22.66 14.2 1.90 1.84 2.00 Dec 50,726 1.8 BGA HP Inc. HPQ N 3 M/GRW 27.45 NM 41.10 24.30 7.6 3.74 3.61 3.67 Oct 50,179 2.4 BGA Ingram Micro Inc. IM N 1 H/GRW 28.89 34.00 29.64 22.54 11.0 2.56 2.63 3.20 Dec 4,608 1.4 BGA Insight Enterprises, Inc. NSIT Q 4 NM 26.63 NM 32.80 21.59 12.7 2.00 2.10 2.40 Dec 1,020 0.0 BGA NetApp Inc. NTAP Q 3 H/GRW 33.36 NM 43.67 28.75 14.3 2.78 2.70 A 2.33 Apr 10,211 2.2 BGA Nimble Storage NMBL N 1 H/GRW 21.83 32.00 32.16 20.82 NM (0.56) (0.58) A (0.25) Jan 1,733 0.0 BGA PC Connection, Inc. PCCC Q 4 NM 20.21 NM 29.50 19.20 12.0 1.61 1.69 1.75 Dec 538 0.0 BGA ScanSource, Inc. SCSC Q 2 H/GRW 38.75 44.00 42.52 29.53 14.5 2.54 2.53 A 2.68 Jun 1,093 0.0 CQ SYNNEX Corporation SNX N 3 H/GRW 91.34 NM 94.59 64.15 14.6 6.16 6.25 7.10 Nov 3,590 0.9 BGA Tech Data Corporation TECD Q 4 NM 72.50 NM 76.93 52.93 12.8 4.52 4.97 A 5.65 Jan 2,654 0.0 BGA

IT Services and Security IT Services Accenture plc ACN N 3 M/GRW 107.87 NM 108.44 79.00 20.8 4.52 4.82 A 5.19 Aug 70,181 2.0 BG Booz Allen Hamilton Holding Corp. BAH N 2 H/GRW 27.64 32.00 31.30 23.87 16.9 1.63 1.60 A 1.64 Mar 4,127 1.9 BG CACI International Inc. CACI N 2 H/GRW 84.82 96.00 92.20 72.19 15.7 5.38 5.17 A 5.39 Jun 2,087 0.0 BG Computer Sciences Corporation CSC N 2 H/GRW 66.06 80.00 73.29 56.56 13.6 4.27 4.64 A 4.85 Mar 9,167 1.4 BG Cubic Corporation CUB N 2 H/GRW 44.52 53.00 55.73 39.83 39.8 2.59 1.12 2.55 Sep 1,197 0.6 BG MAXIMUS Inc. MMS N 3 H/GRW 65.99 NM 70.00 43.96 27.3 2.10 2.42 2.97 Sep 4,351 0.3 BG NCI, Inc. NCIT Q 3 H/GRW 13.73 NM 16.77 9.50 16.7 0.69 0.82 0.83 Dec 187 0.0 BG Unisys Corporation UIS N 3 H/SPEC 13.22 NM 30.65 11.49 NM 0.95 (2.64) (0.73) Dec 661 0.0 BG


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Technology & Communications - USA Security The ADT Corporation ADT N 2 M/INC 32.87 45.00 42.88 29.34 16.9 2.02 1.94 2.04 Sep 5,610 2.6 BG AeroVironment Inc. AVAV Q 3 H/GRW 22.23 NM 30.96 19.10 NM 0.60 0.13 A (0.04) Apr 511 0.0 BG FLIR Systems FLIR Q 2 H/GRW 27.00 38.00 34.46 26.34 16.2 1.39 1.67 1.90 Dec 3,821 1.6 BG iRobot Corporation IRBT Q 3 H/GRW 29.64 NM 38.10 27.55 21.6 1.25 1.37 1.59 Dec 895 0.0 BG NIC Inc. EGOV Q 3 H/GRW 18.78 NM 20.28 15.16 30.3 0.59 0.62 0.67 Dec 1,232 0.0 BG

Satellite & Space Comtech Telecommunications Corp. (ae) CMTL Q 3 H/GRW 23.46 NM 40.69 20.30 NM 61 51 A 53 Jul 378 5.1 CQ DigitalGlobe, Inc. (ae) DGI N 1 H/GRW 19.16 40.00 35.91 17.78 NM 286 360 388 Dec 1,370 0.0 CQ EchoStar Corporation (ae) SATS Q 2 H/GRW 44.80 60.00 56.00 40.02 NM 905 892 978 Dec 4,139 0.0 CQ Intelsat S.A. (ae) I N 3 H/GRW 5.99 NM 20.08 5.81 NM 1,959 1,845 1,783 Dec 647 48.0 CQ Iridium Communications Inc. (ae) IRDM Q 1 H/GRW 6.49 13.00 11.36 5.85 NM 217 231 254 Dec 616 0.0 CQ KVH Industries KVHI Q 1 H/GRW 9.62 17.00 15.79 9.22 12.0 0.61 0.80 1.14 Dec 150 0.0 CQ ORBCOMM, Inc. (ae) ORBC Q 1 H/GRW 5.85 9.00 7.62 5.27 NM 18 42 53 Dec 412 0.0 CQ Orbital ATK, Inc. OA N 2 H/GRW 84.66 95.00 85.63 46.77 17.6 4.20 4.80 5.51 Dec 5,031 1.8 CQ TeleCommunication Systems TSYS Q 3 H/GRW 3.83 NM 4.24 2.75 15.3 0.20 0.25 0.29 Dec 262 0.0 CQ ViaSat, Inc. (ae) VSAT Q 3 H/GRW 65.62 NM 71.41 55.11 NM 221 345 A 358 Mar 3,130 0.0 CQ

Semiconductors Advanced Micro Devices AMD Q 2 H/GRW 2.15 3.30 3.37 1.61 NM (0.52) (0.86) (0.32) Dec 1,688 0.0 HM Altera Corporation ALTR Q 3 M/GRW 52.63 NM 52.89 32.67 51.6 1.51 1.02 1.56 Dec 16,068 1.4 HM Applied Micro Circuits Corporation AMCC Q 1 H/SPEC 6.72 11.00 8.09 4.61 NM 0.08 (0.22) A (0.09) Mar 543 0.0 HM ARM Holdings plc (r) ARMH Q 2 M/GRW 47.53 62.00 54.82 38.40 34.4 1.18 1.38 1.62 Dec 22,453 0.7 HM Atmel Corporation ATML Q 1 M/GRW 7.57 10.00 10.50 5.84 21.6 0.39 0.35 0.46 Dec 3,204 2.1 HM Broadcom Corporation BRCM Q 3 M/GRW 51.03 NM 57.70 39.73 18.1 2.35 2.82 2.96 Dec 313,120 1.1 HM,JSS Cavium Inc. CAVM Q 1 H/GRW 71.73 94.00 77.42 44.66 NM (0.29) (0.24) 1.34 Dec 4,275 0.0 HM Intel Corporation INTC Q 4 NM 34.47 NM 37.90 24.87 15.5 2.32 2.22 2.20 Dec 168,076 2.8 HM Marvell Technology Group, Ltd. MRVL Q S NM 8.05 NM 16.78 7.55 NM 1.02 1.15 A UR Jan 4,167 3.0 HM Micron Technology, Inc. MU Q 1 H/GRW 16.68 26.00 36.59 13.50 10.3 3.23 2.70 A 1.62 Aug 19,516 0.0 HM NVIDIA Corporation NVDA Q 1 H/GRW 28.44 27.00 28.78 18.42 34.7 0.74 1.12 A 0.82 Jan 15,813 1.4 HM OmniVision Technologies, Inc. OVTI Q 3 H/GRW 28.86 NM 29.08 20.00 33.2 1.70 1.58 A 0.87 Apr 1,792 0.0 HM Pericom Semiconductor Corporation PSEM Q 3 H/GRW 17.30 NM 18.28 9.49 20.6 0.36 0.73 A 0.84 Jun 403 1.4 HM SanDisk Corp. SNDK Q 3 H/GRW 76.90 NM 106.64 44.28 47.5 4.23 1.62 2.41 Dec 15,826 1.6 HM Xilinx, Inc. XLNX Q 1 M/GRW 49.22 60.00 49.40 37.20 24.6 2.19 2.35 A 2.00 Mar 13,093 2.5 HM

Telecommunications Services Towers American Tower (af) AMT N 1 H/GRW 99.27 119.00 106.31 86.83 20.1 4.54 4.95 5.56 Dec 42,018 1.9 RP Crown Castle International (af) CCI N 2 M/INC 85.78 92.00 89.44 74.45 19.9 3.97 4.30 4.74 Dec 28,479 3.8 RP SBA Communications (af) SBAC Q 1 H/GRW 117.24 141.00 128.47 102.13 20.8 5.22 5.65 6.49 Dec 15,033 0.0 RP


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Technology & Communications - USA Wireless America Movil, S.A.B. de C.V. (is, r, vf) AMX N 3 M/GRW 17.03 NM 24.51 15.60 12.1 1.18 1.41 1.06 Dec 61,070 1.9 RP Atlantic Tele-Network, Inc. (vf) ATNI Q 2 M/GRW 82.56 75.00 83.80 60.64 27.3 3.39 3.02 1.50 Dec 1,325 1.6 RP Landmark Infrastructure Partners L.P. (y) LMRK Q 1 H/INC 16.00 20.00 19.25 10.54 12.2 0.15 1.31 1.42 Dec 173 7.7 RP NTELOS Holdings Corp. (vf) NTLS Q 4 NM 9.08 NM 10.33 3.85 NM (0.08) (1.07) (0.93) Dec 202 0.0 RP Shenandoah Telecommunications Co. (vf) SHEN Q 2 M/GRW 45.88 45.00 48.02 25.00 32.1 2.20 1.43 (0.32) Dec 1,110 1.0 RP Sprint Corp. (f, vf) S N 3 H/GRW 4.88 NM 6.25 3.10 NM (0.46) (0.41) (0.44) Mar 19,247 0.0 RP Telephone and Data Systems, Inc. (vf) TDS N 1 H/GRW 26.32 42.00 30.76 22.77 NM (1.78) (1.18) 0.22 Dec 2,857 2.1 RP T-Mobile US Inc. (vf) TMUS Q 2 H/GRW 39.02 46.00 43.43 24.26 30.2 (0.17) 1.29 4.16 Dec 29,733 0.0 RP U.S. Cellular (vf) USM N 1 H/GRW 37.36 48.00 40.92 34.10 NM (2.74) (1.91) (0.44) Dec 3,151 0.0 RP

Wireline AT&T Inc. T N 2 M/INC 33.21 39.00 36.45 30.97 12.3 2.50 2.71 2.87 Dec 204,275 5.7 FGL Cablevision Systems Corp. (fc) CVC N 4 NM 32.81 NM 33.28 17.66 23.3 1.40 1.41 1.55 Dec 9,070 0.0 FGL CenturyLink CTL N 2 M/INC 27.64 34.00 41.99 24.11 10.6 2.61 2.61 2.41 Dec 15,561 7.8 FGL Charter Communications, Inc. (fc) CHTR Q 2 H/GRW 181.09 210.00 199.00 142.37 25.6 1.58 7.08 9.98 Dec 20,680 0.0 FGL Cincinnati Bell Inc. CBB N 2 H/GRW 3.66 4.25 4.16 2.85 4.0 0.31 0.92 0.15 Dec 768 0.0 FGL Cogent Communications Holdings Inc. (fa) CCOI Q 2 H/GRW 30.19 35.00 40.48 25.84 73.6 0.09 0.41 1.23 Dec 1,378 4.5 FGL Comcast Corp. CMCSA Q 1 M/GRW 61.54 72.00 64.99 50.01 18.7 2.93 3.29 3.81 Dec 155,758 1.6 FGL Consolidated Communications Holdings CNSL Q 3 M/INC 21.49 NM 28.81 18.27 27.9 0.92 0.77 0.68 Dec 1,085 7.2 FGL CyrusOne Inc. (af) CONE Q 1 H/GRW 36.19 34.00 36.85 25.71 16.4 1.71 2.21 2.35 Dec 2,389 3.5 FGL,WAC DISH Network Corp. DISH Q 3 H/GRW 61.86 NM 80.75 54.62 25.5 2.04 2.43 2.03 Dec 28,649 0.0 FGL Equinix EQIX Q 1 H/GRW 296.09 315.00 301.77 183.87 60.8 3.09 4.87 5.89 Dec 17,617 2.3 FGL Frontier Communications Corp. FTR Q 2 M/INC 5.24 6.00 8.46 4.19 NM 0.19 0.04 0.10 Dec 6,089 8.0 FGL Inteliquent IQNT Q 2 H/INC 21.40 24.00 23.20 13.28 18.8 1.16 1.14 1.23 Dec 719 2.8 FGL Internap Network Services Corp. INAP Q 2 H/GRW 6.60 8.00 10.75 5.75 NM (0.77) (0.82) (0.77) Dec 366 0.0 FGL InterXion Holding NV ($E) INXN N 3 H/GRW 29.56 NM 33.16 24.88 NM 0.46 0.51 0.60 Dec 2,057 0.0 FGL Level 3 Communications Inc. (fc) LVLT N 3 H/GRW 47.49 NM 57.08 40.86 26.1 1.21 1.82 2.71 Dec 16,838 0.0 FGL Rackspace Hosting RAX N 1 H/GRW 26.15 48.00 56.20 23.65 32.3 0.77 0.81 0.87 Dec 3,779 0.0 FGL Time Warner Cable Inc. TWC N 2 H/GRW 183.35 210.00 194.22 131.00 27.6 7.57 6.64 7.95 Dec 52,401 1.6 FGL Verizon Communications VZ N 2 M/INC 46.17 55.00 51.73 38.06 11.7 3.43 3.94 3.95 Dec 188,281 4.9 FGL Windstream Holdings Inc. WIN Q 3 H/INC 6.69 NM 17.19 4.42 NM 0.61 (1.73) (3.62) Dec 672 9.0 FGL Zayo Group Holdings, Inc. (fc) ZAYO N 1 H/GRW 25.80 34.00 32.18 22.51 35.3 1.04 0.29 A 0.73 Jun 6,254 0.0 FGL


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Technology & Communications - USA Transaction Processing ACI Worldwide, Inc. ACIW Q 4 NM 23.39 NM 25.80 17.78 27.8 0.72 0.84 0.76 Dec 2,755 0.0 WJ Alliance Data Systems Corp. ADS N 2 H/GRW 293.55 315.00 312.00 241.91 19.6 12.61 15.00 17.00 Dec 18,118 0.0 WJ Blackhawk Network Holdings, Inc. HAWK Q 2 H/GRW 41.65 50.00 46.97 32.98 18.1 1.77 2.30 2.75 Dec 2,353 0.0 WJ Bottomline Technologies EPAY Q 2 H/GRW 26.51 29.00 30.78 21.01 17.2 1.28 1.44 A 1.54 Jun 1,010 0.0 WJ DH Corporation DH T 1 M/INC C$32.85 50.00 44.14 29.15 13.7 2.34 2.40 2.53 Dec 3,478 3.9 WJ Fidelity National Information Services FIS N 2 M/GRW 70.99 68.00 72.30 55.69 21.4 3.10 3.32 3.70 Dec 19,991 1.5 WJ FleetCor Technologies FLT N 2 H/GRW 141.30 165.00 165.67 134.55 22.7 5.15 6.22 7.08 Dec 13,296 0.0 WJ Global Payments Inc. GPN N 3 M/GRW 130.98 NM 135.36 77.15 22.5 4.12 5.04 A 5.81 May 8,592 0.1 WJ Heartland Payment Systems HPY N 2 M/GRW 67.81 68.00 70.03 46.65 23.6 1.36 2.87 3.24 Dec 2,489 0.6 WJ Intuit Inc. INTU Q 3 M/GRW 98.03 NM 109.21 79.63 28.6 3.49 2.64 A 3.43 Jul 27,224 1.2 WJ MasterCard, Inc. MA N 3 M/GRW 98.43 NM 99.93 74.47 29.6 3.10 3.32 3.70 Dec 111,621 0.7 WJ On Deck Capital, Inc. ONDK N 3 H/GRW 9.27 NM 28.98 7.75 NM (0.09) 0.02 0.23 Dec 702 0.0 WJ PayPal Holdings, Inc. PYPL Q 2 H/GRW 35.94 45.00 42.55 30.00 28.5 1.07 1.26 1.48 Dec 43,128 0.0 WJ Vantiv, Inc. VNTV N 2 M/GRW 46.99 47.00 47.79 29.98 21.3 1.87 2.21 2.62 Dec 9,483 0.0 WJ VeriFone Systems, Inc. PAY N 1 H/GRW 29.25 44.00 39.25 26.05 16.1 1.51 1.82 2.20 Oct 3,355 0.0 WJ Visa, Inc. V N 3 M/GRW 77.52 NM 78.31 53.44 30.3 2.19 2.56 2.88 Sep 188,606 0.6 WJ

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

IT Hardware Avigilon Corporation AVO T 2 H/GRW C$13.86 19.00 25.62 11.20 18.0 0.80 0.77 1.17 Dec 657 0.0 SLi Baylin Technologies Inc. BYL T 2 H/GRW C$1.79 3.25 4.45 1.28 NM (0.75) (0.56) 0.18 Dec 33 0.0 SLi BlackBerry (f) BBRY Q 3 H/GRW US$7.00 8.00 12.63 5.96 NM (1.35) (0.09) A (0.44) Feb 3,669 0.0 SLi DragonWave DRWI Q 3 H/GRW US$0.11 0.45 1.18 0.11 NM (1.01) (0.32) A (0.18) Feb 8 0.0 SLi Evertz Technologies Ltd. (f) ET T 2 M/GRW C$15.91 19.00 18.73 13.29 17.3 0.85 0.87 A 0.92 Apr 1,195 4.5 SLi Lumenpulse Inc. LMP T 2 H/GRW C$13.61 17.00 18.90 12.02 46.9 (0.38) 0.07 A 0.29 Apr 340 0.0 SLi Sierra Wireless SWIR Q 3 H/GRW US$24.55 28.00 49.13 18.81 22.7 0.63 1.08 1.40 Dec 808 0.0 SLi UrtheCast Corp. UR T 2 H/GRW C$2.14 7.00 4.99 1.10 NM (0.09) (0.15) 0.12 Dec 222 0.0 SLi


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Technology & Communications - CAN Software/IT Services CGI Group GIB.A T 2 M/GRW C$48.49 60.00 57.69 37.75 15.7 2.80 3.09 3.49 Sep 15,648 0.0 SLi The Descartes Systems Group Inc. DSGX Q 2 M/GRW US$17.00 19.00 19.03 13.31 27.0 0.54 0.57 A 0.63 Jan 1,297 0.0 SLi MacDonald Dettwiler & Associates MDA T 3 M/GRW C$77.70 93.00 101.42 70.55 12.7 5.76 6.13 6.59 Dec 2,813 1.9 SLi NexJ Systems Inc. NXJ T 3 H/GRW C$1.65 2.50 2.94 1.15 NM (0.59) (0.44) (0.34) Dec 34 0.0 SLi Open Text OTEX Q 2 M/GRW US$45.11 60.00 61.74 36.65 12.3 3.37 3.46 A 3.67 Jun 5,544 1.8 SLi Redknee Solutions Inc. RKN T 2 H/GRW C$3.56 6.00 5.23 2.83 25.4 (0.01) 0.14 0.26 Sep US$389 0.0 SLi

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

Telecommunications Services Bouygues BOUY.PA EPA 3 €34.75 NM 39.24 26.23 25.0 1.45 1.39 1.59 Dec 11,674 4.6 SB BT BT.L L 4 452p 433 482 361 15.1 28.00 32.00 A 30.00 Mar £35,116 3.1 SB Deutsche Telekom DTE.DE ETR 2 €16.78 17.00 17.63 11.11 19.3 0.54 0.87 0.99 Dec 77,310 3.3 SB Iliad ILD.PA EPA 2 €190.00 232.00 237.95 173.05 32.0 4.91 5.93 7.69 Dec 11,020 0.3 SB KPN KPN.AS AMS 2 €3.31 4.00 3.66 2.43 41.4 (0.03) 0.08 0.09 Dec 14,090 2.4 SB Mobistar MSTAR.BR EBR 1 €21.76 24.00 22.10 14.43 21.8 1.05 1.00 1.15 Dec 1,305 0.0 SB Orange ORA.PA EPA 3 €15.66 NM 16.45 11.71 17.4 0.64 0.90 0.95 Dec 41,470 3.8 SB Proximus PROX.BR EBR 4 €31.83 28.00 35.88 28.58 21.8 1.71 1.46 1.54 Dec 10,217 4.7 SB Sky SKY.L L 3 1,088p NM 1,180 841 16.5 60.00 56.00 A 65.90 Jun £18,703 3.0 SB TalkTalk Telecom Group TALK.L L 3 255p NM 415 225 14.2 14.00 8.20 A 18.00 Mar £2,352 6.3 SB Telecom Italia TLIT.MI BIT 2 €1.14 1.32 1.28 0.82 18.9 0.06 0.06 0.07 Dec 20,931 0.0 SB Telefonica TEF.MC MCE 3 €11.83 NM 14.31 10.38 20.8 0.80 0.57 0.67 Dec 56,252 6.3 SB Telenet Group TNET.BR EBR 3 €50.91 NM 57.00 43.17 31.2 1.48 1.63 2.05 Dec 5,906 0.0 SB TeliaSonera AB TLSN.ST STO 3 SEK43.90 NM 55.85 39.89 10.9 3.63 4.04 4.00 Dec 190,087 6.8 SB Vivendi VIV.PA EPA 3 €22.39 NM 24.83 18.78 40.7 0.46 0.55 0.56 Dec 30,265 13.4 SB Vodafone VOD.L L 3 215p NM 258 198 48.9 17.40 5.50 A 4.40 Mar £62,049 5.3 SB


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

Telecom & Media Grupo Clarin S.A. GCLA BA S NM AR$98.00 NM 100.00 45.00 NM NA NA NA Dec 28,167 0.4 FRM,FS

Telecommunications Services Telecom Argentina S.A. (ed, r) TEO N 2 H/SPEC US$17.15 22.00 26.39 13.36 8.3 2.36 2.07 1.64 Dec 3,324 3.7 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 77.95 95.00 82.78 51.59 12.3 4.18 6.35 6.78 Dec 9,883 1.0 SS Copa Holdings, S.A. (is) CPA N 3 H/INC 49.99 NM 121.25 39.03 10.1 11.14 4.96 5.20 Dec 2,205 6.7 SS LATAM Airlines Group S.A. (is, r) LFL N 4 NM 5.59 NM 12.32 4.54 32.9 0.18 0.17 0.40 Dec 3,049 0.0 SS Virgin America Inc. VA Q 3 H/GRW 34.89 NM 45.43 26.50 7.8 2.48 4.45 4.95 Dec 1,539 0.0 SS

Legacy Carriers American Airlines Group, Inc. AAL Q 3 H/GRW 46.46 NM 56.20 34.10 5.2 5.71 9.00 5.65 Dec 32,894 0.9 SS Delta Air Lines, Inc. DAL N 2 H/GRW 50.87 60.00 51.66 34.61 11.0 3.38 4.61 5.50 Dec 40,008 1.1 SS United Continental Holdings, Inc. UAL N 2 H/GRW 60.94 72.00 74.52 49.20 5.1 5.06 11.85 8.10 Dec 22,775 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 2 H/GRW 204.28 255.00 238.13 124.85 16.3 6.34 12.57 14.00 Dec 3,473 0.6 SS GOL Linhas Aereas Inteligentes S.A. (r) GOL N 3 H/GRW 0.86 NM 5.91 0.79 NM (0.65) (0.95) (0.82) Dec 238 0.0 SS JetBlue Airways JBLU Q 2 H/GRW 25.36 30.00 27.36 11.06 19.4 0.74 1.91 2.12 Dec 8,711 0.0 SS Ryanair Holdings plc (is, r) RYAAY Q 3 M/GRW 82.63 NM 82.71 54.07 16.2 2.39 4.25 A 5.11 Mar 21,711 0.0 SS Southwest Airlines Co. LUV N 3 H/GRW 45.47 NM 47.17 31.36 12.9 2.02 3.53 3.95 Dec 29,981 0.7 SS Spirit Airlines, Inc. SAVE Q 3 H/GRW 34.66 NM 85.35 33.80 8.6 3.23 4.02 3.90 Dec 2,492 0.0 SS

Regional Carriers SkyWest, Inc. SKYW Q 3 H/GRW 19.50 NM 20.88 8.86 10.0 0.51 1.95 2.15 Dec 1,000 0.8 SS

Transportation Services Intermodal and Asset-Light Logistics C.H. Robinson Worldwide CHRW Q 3 M/GRW 69.99 NM 77.49 61.46 20.0 3.05 3.50 3.80 Dec 10,198 2.2 TB Expeditors International of Washington, Inc. EXPD Q 3 M/GRW 50.46 NM 51.80 41.31 22.2 1.92 2.27 2.43 Dec 9,543 1.4 AH,TB Forward Air Corporation FWRD Q 3 H/GRW 43.29 NM 57.65 40.52 20.5 1.96 2.11 2.60 Dec 1,342 1.1 AH,TB Hub Group, Inc. HUBG Q 3 H/GRW 37.18 NM 44.00 33.17 18.9 1.73 1.97 2.15 Dec 1,366 0.0 TB,AH J.B. Hunt Transport Services, Inc. JBHT Q 3 H/GRW 75.70 NM 93.50 70.58 20.6 3.16 3.67 4.17 Dec 8,804 1.1 TB Landstar System, Inc. LSTR Q 3 M/GRW 61.44 NM 81.80 60.51 18.3 3.07 3.35 3.45 Dec 2,677 0.5 TB,AH Roadrunner Transportation Systems, Inc. RRTS N 3 H/GRW 9.34 NM 28.51 8.91 7.5 1.36 1.24 1.42 Dec 357 0.0 AH UTi Worldwide, Inc. UTIW Q 3 H/GRW 7.04 NM 14.75 4.40 NM (0.13) (0.78) A (0.60) Jan 746 0.0 AH,TB XPO Logistics, Inc. XPO N 2 H/GRW 25.04 53.00 50.96 21.33 NM (1.01) (0.77) (0.84) Dec 3,355 0.0 TB,AH

Leasing GATX Corporation GMT N 2 M/INC 44.75 57.00 65.87 42.73 8.4 4.48 5.35 5.00 Dec 1,934 3.4 AH Ryder System, Inc. R N 1 M/INC 68.24 100.00 100.64 67.75 10.9 5.60 6.28 7.00 Dec 3,646 2.4 AH TAL International Group, Inc. TAL N 3 H/INC 15.55 NM 45.91 13.11 4.9 3.80 3.15 2.91 Dec 517 18.5 AH Textainer Group Holdings Limited TGH N 3 H/INC 18.49 NM 36.22 15.50 7.1 2.86 2.62 2.30 Dec 1,054 10.2 AH

Parcel Carriers FedEx Corporation FDX N 1 M/GRW 155.97 205.00 185.19 130.01 14.4 6.75 8.92 A 10.82 May 44,124 0.6 AH,TB United Parcel Service UPS N 3 M/INC 103.10 NM 114.40 93.64 19.5 4.75 5.29 5.70 Dec 100,729 2.8 AH,TB

Railroad CSX Corp. CSX N 3 M/GRW 26.83 NM 37.99 24.47 13.4 1.92 2.00 2.12 Dec 26,347 2.7 TB Genesee & Wyoming Inc. GWR N 1 H/GRW 62.49 86.00 105.49 57.29 16.4 4.10 3.80 4.30 Dec 3,568 0.0 TB,AH Kansas City Southern KSU N 1 H/GRW 82.13 110.00 126.49 81.54 18.5 4.82 4.45 5.05 Dec 9,026 1.6 TB,AH Norfolk Southern Corp. NSC N 3 M/GRW 77.44 NM 117.64 72.10 14.8 6.39 5.24 6.07 Dec 23,658 3.0 TB,AH Union Pacific Corp. UNP N 1 M/GRW 90.24 110.00 124.52 79.31 16.0 5.75 5.65 6.35 Dec 77,220 2.4 TB,AH

Transportation Equipment & Supplies American Railcar Industries, Inc. ARII Q 4 NM 43.84 NM 73.69 33.02 7.1 4.72 6.21 4.10 Dec 936 3.6 AH Fortress Transportation & Infrastructure Investors LLC FTAI N 1 H/INC 13.11 20.00 19.20 11.83 21.5 0.39 0.61 1.60 Dec 993 10.1 AH The Greenbrier Companies, Inc. GBX N 4 NM 34.54 NM 67.45 30.35 5.9 3.08 5.85 4.99 Aug 999 1.7 AH Rush Enterprises, Inc. RUSHA Q 1 H/GRW 24.04 31.00 38.27 22.58 13.6 1.96 1.77 1.70 Dec 969 0.0 AH Trinity Industries, Inc. TRN N 4 NM 25.37 NM 37.52 21.79 5.2 4.19 4.90 3.40 Dec 3,877 1.7 AH Wabtec Corporation WAB N 3 M/GRW 81.40 NM 105.10 79.20 19.9 3.62 4.09 4.55 Dec 7,869 0.4 AH


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Transportation - USA Trucking (Truckload and LTL) ArcBest Corp. ARCB Q 1 H/GRW 25.47 44.00 47.52 24.79 11.4 1.81 2.23 3.26 Dec 661 0.9 AH,TB Celadon Group, Inc. CGI N 1 H/GRW 14.18 28.00 29.15 14.02 8.4 0.93 1.52 A 1.69 Jun 395 0.6 AH Heartland Express, Inc. HTLD Q 3 H/GRW 20.11 NM 27.96 19.09 24.2 0.96 0.83 0.84 Dec 1,767 0.4 AH Knight Transportation, Inc. KNX N 1 H/GRW 24.18 34.00 34.73 23.62 16.3 1.25 1.48 1.65 Dec 1,966 1.0 AH Marten Transport, Ltd. MRTN Q 3 H/GRW 15.69 NM 24.92 15.53 14.5 0.89 1.08 1.23 Dec 521 0.6 AH Old Dominion Freight Line, Inc. ODFL Q 3 H/GRW 62.63 NM 81.48 59.32 17.1 3.10 3.66 4.10 Dec 5,355 0.0 AH,TB Saia, Inc. SAIA Q 1 H/GRW 30.01 51.00 62.31 28.68 12.0 2.04 2.50 3.00 Dec 754 0.0 AH,TB Swift Transportation Company SWFT N 1 H/GRW 15.14 27.00 29.44 14.26 10.4 1.38 1.45 1.70 Dec 2,161 0.0 AH Werner Enterprises, Inc. WERN Q 2 H/GRW 25.87 31.00 33.42 24.88 15.7 1.37 1.65 1.82 Dec 1,860 0.9 AH YRC Worldwide Inc. YRCW Q 1 H/GRW 14.64 27.00 25.40 11.90 17.6 (2.33) 0.83 1.65 Dec 468 0.0 AH,TB

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

Theoni Pilarinos, CFA [email protected]

Airlines Air Canada AC T 3 H/GRW C$10.69 11.00 15.09 8.61 2.9 0.34 3.63 3.26 Dec 3,154 0.0 BC WestJet Airlines WJA T 3 H/INC C$24.15 26.00 34.95 18.51 8.4 2.46 2.88 3.00 Dec 3,067 2.3 BC

Railroads Canadian National Railway CNR T 2 M/GRW C$79.51 87.00 88.89 69.90 18.0 3.76 4.42 4.85 Dec 64,355 1.6 SH Canadian Pacific Railway CP T 2 M/GRW C$191.76 230.00 245.05 172.01 18.7 8.50 10.25 12.10 Dec 31,391 0.7 SH

Transportation & Logistics CanWel Building Materials Group Ltd. CWX T 2 H/INC C$5.36 6.75 6.55 5.04 11.9 0.47 0.45 0.60 Dec 148 10.4 SH Student Transportation Inc. (cb) STB T 3 M/INC C$5.59 6.75 7.48 4.79 NM 89 72 A 80 Jun US$487 10.4 TP,SH


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

Airlines Air France-KLM AIRF.PA EPA 2 €6.55 8.80 8.89 5.52 NM (0.67) (0.04) 1.23 Mar 1,964 0.0 JR easyJet plc EZJ.L L 2 1,782p 1,950 1,929 1,427 13.3 114.50 133.90 148.00 Sep £7,075 3.0 JR IAG IAG.MC MAD 3 €8.48 NM 8.56 4.78 11.2 0.48 0.76 0.88 Mar 17,200 0.0 JR Lufthansa LHAG.DE ETR 3 €14.11 NM 15.53 10.25 10.2 0.12 1.39 2.62 Dec 6,533 4.1 JR


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

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

Senior Managing Director,

Director of Equity Research

Brian G. Alexander, CFA

(727) 567-2312

Deputy Director of Equity Research

Shawn Borgeson

(727) 567-2571

Managing Director,

Product Development

Mercedes S. van Woerkom (727) 567-2601

Managing Director, Equity Research

Consumer

Budd Bugatch, CFA (727) 567-2527

Director of Furnishings Research

Joseph Altobello, CFA (212) 883-4606

Household & Personal Care Products

Sam Darkatsh (727) 567-2537

Home & Building Products

Joseph D. Hovorka

(404) 442-5863

Entertainment & Leisure

Brian M. Vaccaro, CFA

(404) 442-5866

Restaurants

Dan Wewer, CFA (404) 442-5846

Hardline Retailers

Benjamin P. Brownlow

(404) 442-5859

Convenience Stores

Energy (800) 945-6275

J. Marshall Adkins

Director of Energy Research

John Freeman, CFA

Exploration & Production

Darren Horowitz

Midstream Suppliers

Pavel Molchanov

Integrated Oil & Gas/ Renewable

Energy & Clean Technology/


Kevin Smith


Benjamin P. Brownlow

(404) 442-5859

Midstream Suppliers

Justin Jenkins

Independent Refiners/

Midstream Suppliers

Praveen Narra

Oilfield Services

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

Banking

Robert J. Dodd, Ph.D.

(901) 579-4560

Specialty Finance

David J. Long, CFA

(312) 612-7685

Banking

Patrick J. O'Shaughnessy, CFA

(312) 612-7687

Capital Markets

C. Gregory Peters (727) 567-1534

Insurance Technology & Brokerage/

Non-Life Insurance

Michael Rose (312) 655-2940

Banking

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

Life & Health Insurance/

Asset Management

William J. Wallace IV (301) 657-1548

Banking

Donald A. Worthington (415) 538-5733

Banking

Healthcare John W. Ransom (727) 567-2593

Director of Healthcare Research

Michael J. Baker (727) 567-2499

Benefits Management/Pharma Services

Jayson Bedford (727) 567-2565

Medical Devices

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

Biotechnology

Nicholas Jansen (727) 567-2446

Healthcare Information

Technology/Diagnostics

Lawrence S. Keusch (617) 897-8992

Hospital Supplies & Equipment

Christopher Raymond (312) 655‐2672

Biotechnology

Elliot Wilbur, CFA (212) 856-4897

Specialty Pharmaceuticals

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

Waste & Industrial Services

Sam Darkatsh (727) 567-2537

Specialty Distribution

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

Chief Economist

Jeffrey D. Saut (727) 567-2644

Chief Investment Strategist

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

Director of Real Estate Research

William A. Crow (727) 567-2594

Lodging/REITs

Buck Horne, CFA (727) 567-2561

Housing/REITs

Collin Mings, CFA (727) 567-2585

REITs

Jonathan Hughes (727) 567-2438 REITs

Technology & Communications

Brian G. Alexander, CFA

(727) 567-2312

Director of Technology Research

Ric Prentiss (727) 567-2567

Director of Telecommunications

Services Research

Brian Gesuale (727) 567-2287

IT Services & Security

Wayne Johnson (404) 442-5837

Transaction Processing

Aaron Kessler, CFA (415) 616-8959

Internet

Simon M. Leopold (212) 856-5464

Communications Equipment

Frank G. Louthan IV (404) 442-5867

Telecommunications Services

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

Communications Technology

Hans C. Mosesmann (727) 567-2498

Semiconductors

Chris Quilty (727) 567-2602

Defense Communications/Satellite & Space

J. Steven Smigie (212) 856-4893

Analog & Communications

Semiconductors

Terry Tillman (404) 442-5825

Application Software

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

Infrastructure Software

Justin Patterson, CFA (415) 616-8035

Internet

Brian Peterson, CFA (404) 442-5888

Application Software

Transportation

Patrick Tyler Brown, CFA

(404) 442-5803

Transportation Services

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

Transportation Services

Savanthi Syth, CFA (727) 567-5274

Airlines


U.S. Equity Capital Markets – Sales & Trading

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

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

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

Institutional Sales St. Petersburg (800) 237-5643

Shawn Borgeson (727) 567-2571

Sarah Concannon (727) 567-2686

Ken Corn (727) 567-2282

Nick Digirolamo (727) 567-2280

Mark Fote (727) 567-2439

Peter L. Gairing (727) 567-2530

Eric Kirby (727) 567-2570

Kevin McElligott (727) 567-2597

Ted Mortonson (727) 567-2285

Mark Ranney (727) 567-1850

David Schaffer (727) 567-2598

Patrick Sauve (727) 567-2526

Dana Williams (727) 567-2278

Jamie Zingaretti (727) 567-2576

Atlanta

Mark Starner (404) 442-5862

Dudley Stephens (404) 442-5828

Boston

Ryan Bagley (617) 897-8965

Joe Durkin (617) 897-8964

Dave Hodges (617) 897-8961

Jeff Jacobs (617) 897-8966

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

Greg Giannakopoulos, Manager (212) 856-5405

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

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

Institutional Sales (continued) New York

Susan Lione (212) 856-4886

Carol McCarthy (212) 297-5605

Tom Nevitt (212) 297-5608

Gene Pennell (212) 297-5606

Craig Sapuppo (212) 297-5602

Kelly Schaeffer (212) 856-4887

Rod Spiegel (212) 297-5610

Lauren Stellato (212) 856-4389

Scott Sterrett (212) 856-4370

Nick Zager (212) 297-5615

San Francisco

John Cavender (415) 538-5725

Douglas Deubel (888) 734-0540

Zachary Taylor (415) 616-8944

International Institutional

Sales & Trading Desk Byron Mitson, Head of Agency/

Retail Trading (800) 564-3678

St. Petersburg

(727) 567-2100

Sharon Agudio

Ted Powell

Mike Tagliarini

Memphis

(800) 564-3678

Tony Johnson

Kenny McClain

Corporate & Executive

Services (727) 567-8092

Jeff Fordham

Jeanna Bryan

Rachel Jallick

Nicole Middents

Dakota Rockwell

Scott Warnock

Principal Trading (212) 599-6800

Kenneth Bollinger

Eric Braunstein

Earl Johnson

Jesse Lubarsky

Adam Lustig

Ray Moore

Christian O’Brien

Kevin Prunty

Doug Shapiro

Brandon Veldman

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

Trading (212) 856-5477

St. Petersburg (727) 567-2100

Ross Barone

Jake Shumacker

Boston (617) 423-5607

Steve Svensen

Brendan Moses

Thomas Ward

Chicago (312) 655-2990

Jeff Grimm

Randy Mrozek

Jeff Snower

New York (212) 599-6800

Jacqueline Britt

Craig Bugniazet

Michael Cannon

Brian Cohan

Paul Cornette

Michael Dalfonzo

John Gilmartin

Mark Koczan

Gary Muehlemann

Vincent Sgherza

Nick Shepard

Eric Siefert

Neil Vankawala

San Francisco

Michael Christian

(415) 616-8933

Michael Schwarz

(415) 616-8096

Agency/Retail Trading Byron Mitson,

Head of Agency/Retail Trading

(800) 564-3678

St. Petersburg (727) 567-6466

Scott Brown

Renee Hollingsworth

Justin Miller

James Nielsen

Allen Spence

Memphis (800) 564-3678

Darin Butler

Krystal Butler

Kevin Floyd

Marilyn Hiner

Tony Johnson

Kenny McClain


Strategic Options Desk (212) 856-5400

Ryan Sylvester, Co-head

Adam Templeton, Co-head

Colin Drowica

Geoff Gaiss

Jeffrey Jacobson

Darius Kirksey

Andrew Kramer

Alec Levine

Rob Mabry

Brad Manuilow

James “Hector” Murphy

Brian Werner

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

J. Michael Gibbs, Director,

Equity Portfolio & Technical Strategy Jeff Harvey

David Hydrick

Joey Madere

Barbara Metcalf

Andrew Rumbelow

Equity Advisory Group (727) 567-2520

Harry G. Katica, CFA, Director,

Equity Advisory Group

Suzi Fiorini, Manager,

Equity Advisory Group

Phil Cox

Bonnie Harper

John Messina

Michael Saut

Justin Wai

Travis Workman

Julie Lachman, International (727) 567-5559

ECM International Offices Raymond James UK,

London 011-44-207-426-5600

Robert Nugent, Manager

Daniel Acton

Emanuele Badaracco

Nicole Baker

Charles Cooper

Alex Ebeling

Dale Gibson

Benjamin Gilbert

Ricky Pilgrim

G. Eric Rowe

Anthony White

Adam Wood

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

Homan Haghighi

Jad Hobeiche

Raymond James Switzerland, Geneva

011-41-22-818-2828

Jean Wilhelm, Manager

Paul Anderson

Philip Burgisser

Albert Fregosi

Eric Moïa

Rudi Moser

Andreas Spiegelberg

Raymond James

Switzerland, Vaduz/Liechtenstein

011-423-233-44-54

Johann Kasamas

Raymond James Poland, Warsaw

+48 (22) 276 2300

Homan Haghighi

Raymond James France, Paris

011-33-1-456-40520

Emmanuel Laussinotte, Manager

Gregoire M. Alexandre

Thierry Guille

Hubert Le Bret

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

Hans J. Klisch, Manager

Falk G. Reissland, Manager

Marcel Daun

Sebastian Sattelberger

Raymond James Benelux,

Brussels 011-322-626-1060

Henri de Liedekerke, Manager

Diego de Fierlant

Carine R. Van Pellecon

Stéphane Roffler


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

Ken Avalos, MBA 727.567.1756 Real Estate & REITs

Frederic Bastien, CFA 604.659.8232 Infrastructure & Construction

Andrew Bradford, CFA 403.509.0503 Oil & Gas Energy Services

Ben Cherniavsky 604.659.8244 Industrial / Aerospace & Aviation

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

Infrastructure

Steve Hansen, CMA, CFA 604.659.8208 Transportation / Agribusiness

Steven Li, CFA 416.777.4918 Technology /

Alternative Energy & Clean Tech

Kurt Molnar 403.221.0414 Oil & Gas Producers

Michael Overvelde, CFA, CPA, CA 416.777.4943

Diversified Financials

Theoni Pilarinos, CFA 604.659.8234 Infrastructure & Construction

David Quezada, CFA 604.659.8257 Industrial Special Situations

Johann Rodrigues 416.777.7189 Real Estate & REITs

Phil Russo 416.777.7084 Precious Metals

David Sadowski 604.659.8255 Uranium & Junior Exploration

Daryl Swetlishoff, CFA 604.659.8246 Forest Products

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

Platinum Group Metals

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

Kenric Tyghe, MBA 416.777.7188 Consumer & Retail

Canadian Sales & Trading

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

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

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

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

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

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

Vancouver 800.667.2899 Nav Cheema 604.659.8224 Fraser Jefferson 604.659.8218 Derek Oram 604.659.8223

Montreal 866.350.4455 Joe Clement 514.350.4470 Patrick Sanche 514.350.4465


European Equity Research

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

Harry Breach, RJFI +44 (0)20 3798 5641 Aerospace & Defence/Industrials Bertrand Hodée, RJEE +33 (1) 45 64 05 46 Oil & Gas Producers/Oil Services Patrick Lambert, RJFI +44 (0)20 3798 5645 Chemicals

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

European Sales & Trading

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

Bruno Chabroux Sales

Philippe Andrieu Sebastien Manzoni Laurent Thomasset David Barbe

Sales Trading

Laurent Lagneau Trading +33 (1) 45 64 05 68

Jacques Perez Philippe Vialle

London +44 (0)20 3798 5600 Sales

Dale Gibson Cara McPhillips

Sales Trading

Jason Keogh Ken Wesson

New York (212) 856-4884 Manager

Benoit Piussan Sales

Joe Campo


Argentine Equity Research

Argentine Research (Equity) Buenos Aires

Federico Rey Marino,

Head of Argentine Research

(+5411) 4850-2535

Agribusiness & Natural Resources/

Financial Institutions/

LatAm Strategy/ Real Estate/

Telecom & Media

Santiago Wesenack, CFA

(+5411) 4850-2537

Electric Utilities/ Natural Resources/

Oil, Gas & Petrochemicals

Fernando Suarez

(+5411) 4850-2538

Agribusiness & Natural

Resources/ LatAm Strategy/

Telecommunications

Argentine Sales & Trading

Institutional Trading (Equity) Buenos Aires

Esteban Polanski

(+5411) 4850-2541

Héctor Canzani

(+5411) 4850-2542

Institutional Trading (Fixed Income) Buenos Aires

Joaquin Alonso

(+5411) 4850-2547

Miguel Bueno

(+5411) 4850-2546

Institutional Sales Buenos Aires

Diego Trucco, Head of Sales

(+5411) 4850-2512

Mariano Parras,

Sales – Domestic Institutions

(+5411) 4850-2548


Important Investor Disclosures

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

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

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

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

Additional information is available on request.

Analyst Information

Registration of Non-U.S. Analysts: The analysts listed on the front of this report who are not employees of Raymond James & Associates, Inc., are not registered/qualified as research analysts under FINRA rules, are not associated persons of Raymond James & Associates, Inc., and are not subject to NASD Rule 2711 and NYSE Rule 472 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 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 RJ Europe RJA RJL RJ Arg RJ Europe

Strong Buy and Outperform (Buy) 57% 68% 64% 41% 23% 42% 0% 0%

Market Perform (Hold) 39% 31% 36% 36% 8% 21% 0% 0%

Underperform (Sell) 5% 2% 0% 22% 8% 33% 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 projected target prices 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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