R. G. NIEDERHOFFER CAPITAL MANAGEMENT INC Activity Q4 2002-Q2 2020

Q4 2019

			Value		Shares		↓ Weighting
XLF	Exit	SELECT SECTOR SPDR TRetf	$0	–	-7,400	–	-1.84%	–
HD	Exit	HOME DEPOT INC	$0	–	-900	–	-1.86%	–
XLI	Exit	SELECT SECTOR SPDR TRetf	$0	–	-3,200	–	-2.20%	–
AMGN	Exit	AMGEN INC	$0	–	-1,400	–	-2.40%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-5,700	–	-2.56%	–
QCOM	Exit	QUALCOMM INC	$0	–	-3,800	–	-2.57%	–
T	Exit	AT&T INC	$0	–	-7,800	–	-2.62%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-2,500	–	-3.09%	–
XLP	Exit	SELECT SECTOR SPDR TRetf	$0	–	-6,000	–	-3.28%	–
UNP	Exit	UNION PACIFIC CORP	$0	–	-3,000	–	-4.31%	–
ORCL	Exit	ORACLE CORP	$0	–	-9,100	–	-4.45%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-4,500	–	-4.74%	–
JNK	Exit	SPDR SERIES TRUSTetf	$0	–	-5,000	–	-4.83%	–
LQD	Exit	ISHARES TRetf	$0	–	-4,500	–	-5.10%	–
FIS	Exit	FIDELITY NATL INFORMATION SV	$0	–	-5,600	–	-6.59%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-5,300	–	-10.22%	–
MRK	Exit	MERCK & CO INC	$0	–	-13,800	–	-10.31%	–
AAPL	Exit	APPLE INC	$0	–	-13,600	–	-27.04%	–

Q3 2019

			Value		Shares		↓ Weighting
AAPL	Buy	APPLE INC	$3,046,000	+14.0%	13,600	+0.7%	27.04%	+73.9%
MRK	Buy	MERCK & CO INC	$1,162,000	+284.8%	13,800	+283.3%	10.31%	+487.0%
UNH	New	UNITEDHEALTH GROUP INC	$1,152,000	–	5,300	–	10.22%	–
FIS	New	FIDELITY NATL INFORMATION SV	$743,000	–	5,600	–	6.59%	–
LQD	New	ISHARES TRetf	$574,000	–	4,500	–	5.10%	–
JNK	New	SPDR SERIES TRUSTetf	$544,000	–	5,000	–	4.83%	–
CVX	Buy	CHEVRON CORP NEW	$534,000	+151.9%	4,500	+164.7%	4.74%	+284.1%
ORCL	Sell	ORACLE CORP	$501,000	-12.9%	9,100	-9.9%	4.45%	+32.9%
UNP	Sell	UNION PACIFIC CORP	$486,000	-51.3%	3,000	-49.2%	4.31%	-25.7%
XLP	Buy	SELECT SECTOR SPDR TRetf	$369,000	+59.1%	6,000	+50.0%	3.28%	+142.6%
MSFT	Sell	MICROSOFT CORP	$348,000	-35.1%	2,500	-37.5%	3.09%	-1.0%
T	New	AT&T INC	$295,000	–	7,800	–	2.62%	–
QCOM	New	QUALCOMM INC	$290,000	–	3,800	–	2.57%	–
WFC	Sell	WELLS FARGO CO NEW	$288,000	-25.8%	5,700	-30.5%	2.56%	+13.2%
AMGN	New	AMGEN INC	$271,000	–	1,400	–	2.40%	–
XLI	New	SELECT SECTOR SPDR TRetf	$248,000	–	3,200	–	2.20%	–
HD	Sell	HOME DEPOT INC	$209,000	-47.1%	900	-52.6%	1.86%	-19.3%
XLF	New	SELECT SECTOR SPDR TRetf	$207,000	–	7,400	–	1.84%	–
XLU	Exit	SELECT SECTOR SPDR TRetf	$0	–	-3,800	–	-1.32%	–
NVDA	Exit	NVIDIA CORP	$0	–	-1,400	–	-1.34%	–
TXN	Exit	TEXAS INSTRS INC	$0	–	-2,000	–	-1.34%	–
XOP	Exit	SPDR SERIES TRUSTetf	$0	–	-11,300	–	-1.79%	–
IYR	Exit	ISHARES TRetf	$0	–	-3,800	–	-1.93%	–
TGT	Exit	TARGET CORP	$0	–	-4,300	–	-2.16%	–
XLY	Exit	SELECT SECTOR SPDR TRetf	$0	–	-3,500	–	-2.43%	–
OXY	Exit	OCCIDENTAL PETE CORP	$0	–	-8,400	–	-2.46%	–
BIDU	Exit	BAIDU INCadr	$0	–	-3,900	–	-2.66%	–
INTC	Exit	INTEL CORP	$0	–	-11,600	–	-3.23%	–
ADBE	Exit	ADOBE INC	$0	–	-1,900	–	-3.26%	–
MA	Exit	MASTERCARD INC	$0	–	-2,300	–	-3.54%	–
DIS	Exit	DISNEY WALT CO	$0	–	-4,500	–	-3.65%	–
V	Exit	VISA INC	$0	–	-3,700	–	-3.74%	–
CMCSA	Exit	COMCAST CORP NEW	$0	–	-18,200	–	-4.48%	–
XLK	Exit	SELECT SECTOR SPDR TRetf	$0	–	-10,700	–	-4.86%	–
XLE	Exit	SELECT SECTOR SPDR TRetf	$0	–	-13,500	–	-5.00%	–
AMZN	Exit	AMAZON COM INC	$0	–	-600	–	-6.61%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-11,500	–	-7.48%	–

Q2 2019

			Value		Shares		↓ Weighting
AAPL	New	APPLE INC	$2,672,000	–	13,500	–	15.55%	–
JPM	New	JPMORGAN CHASE & CO	$1,286,000	–	11,500	–	7.48%	–
AMZN	New	AMAZON COM INC	$1,136,000	–	600	–	6.61%	–
UNP	New	UNION PACIFIC CORP	$998,000	–	5,900	–	5.81%	–
XLE	New	SELECT SECTOR SPDR TRetf	$860,000	–	13,500	–	5.00%	–
XLK	New	SELECT SECTOR SPDR TRetf	$835,000	–	10,700	–	4.86%	–
CMCSA	New	COMCAST CORP NEW	$769,000	–	18,200	–	4.48%	–
V	New	VISA INC	$642,000	–	3,700	–	3.74%	–
DIS	New	DISNEY WALT CO	$628,000	–	4,500	–	3.65%	–
MA	New	MASTERCARD INC	$608,000	–	2,300	–	3.54%	–
ORCL	New	ORACLE CORP	$575,000	–	10,100	–	3.35%	–
ADBE	New	ADOBE INC	$560,000	–	1,900	–	3.26%	–
INTC	New	INTEL CORP	$555,000	–	11,600	–	3.23%	–
MSFT	New	MICROSOFT CORP	$536,000	–	4,000	–	3.12%	–
BIDU	New	BAIDU INCadr	$458,000	–	3,900	–	2.66%	–
OXY	New	OCCIDENTAL PETE CORP	$422,000	–	8,400	–	2.46%	–
XLY	New	SELECT SECTOR SPDR TRetf	$417,000	–	3,500	–	2.43%	–
HD	New	HOME DEPOT INC	$395,000	–	1,900	–	2.30%	–
WFC	New	WELLS FARGO CO NEW	$388,000	–	8,200	–	2.26%	–
TGT	New	TARGET CORP	$372,000	–	4,300	–	2.16%	–
IYR	New	ISHARES TRetf	$332,000	–	3,800	–	1.93%	–
XOP	New	SPDR SERIES TRUSTetf	$308,000	–	11,300	–	1.79%	–
MRK	New	MERCK & CO INC	$302,000	–	3,600	–	1.76%	–
XLP	New	SELECT SECTOR SPDR TRetf	$232,000	–	4,000	–	1.35%	–
TXN	New	TEXAS INSTRS INC	$230,000	–	2,000	–	1.34%	–
NVDA	New	NVIDIA CORP	$230,000	–	1,400	–	1.34%	–
XLU	New	SELECT SECTOR SPDR TRetf	$227,000	–	3,800	–	1.32%	–
CVX	New	CHEVRON CORP NEW	$212,000	–	1,700	–	1.23%	–

Q4 2018

			Value		Shares		↓ Weighting
C	Exit	Citigroup Inc	$0	–	-2,900	–	-1.23%	–
XOP	Exit	SPDR S&P Oil & Gas Exploration & Production ETFetf	$0	–	-4,900	–	-1.26%	–
AXP	Exit	American Express Co	$0	–	-2,000	–	-1.26%	–
UNH	Exit	UnitedHealth Group Inc	$0	–	-800	–	-1.26%	–
VZ	Exit	Verizon Communications Inc	$0	–	-4,700	–	-1.49%	–
CSCO	Exit	Cisco Systems Inc	$0	–	-5,700	–	-1.64%	–
IYR	Exit	iShares US Real Estate ETFetf	$0	–	-3,600	–	-1.71%	–
XLY	Exit	Consumer Discretionary Select Sector SPDR Fundetf	$0	–	-2,500	–	-1.74%	–
ADBE	Exit	Adobe Systems Inc	$0	–	-1,100	–	-1.76%	–
GILD	Exit	Gilead Sciences Inc	$0	–	-4,000	–	-1.83%	–
COST	Exit	Costco Wholesale Corp	$0	–	-1,400	–	-1.95%	–
AMAT	Exit	Applied Materials Inc	$0	–	-9,500	–	-2.18%	–
UTX	Exit	United Technologies Corp	$0	–	-2,700	–	-2.24%	–
XLU	Exit	Utilities Select Sector SPDR Fundetf	$0	–	-8,100	–	-2.53%	–
HYG	Exit	iShares iBoxx $ High Yield Corporate Bond ETFetf	$0	–	-7,300	–	-3.74%	–
XLK	Exit	Technology Select Sector SPDR Fundetf	$0	–	-8,400	–	-3.76%	–
PEP	Exit	PepsiCo Inc	$0	–	-5,700	–	-3.78%	–
VNQ	Exit	Vanguard Real Estate Index Fund ETFetf	$0	–	-7,900	–	-3.78%	–
INTC	Exit	Intel Corp	$0	–	-14,100	–	-3.96%	–
HD	Exit	Home Depot Inc	$0	–	-3,600	–	-4.43%	–
QCOM	Exit	Qualcomm Inc	$0	–	-10,400	–	-4.44%	–
GS	Exit	Goldman Sachs Group Inc	$0	–	-3,800	–	-5.06%	–
LOW	Exit	Lowe's Companies Inc	$0	–	-10,000	–	-6.81%	–
GOOG	Exit	ALPHABET INC	$0	–	-1,000	–	-7.08%	–
WFC	Exit	Wells Fargo & Co	$0	–	-23,900	–	-7.45%	–
NVDA	Exit	NVIDIA Corp	$0	–	-4,700	–	-7.84%	–
AAPL	Exit	Apple Inc	$0	–	-10,300	–	-13.79%	–

Q3 2018

			Value		Shares		↓ Weighting
AAPL	New	Apple Inc	$2,325,000	–	10,300	–	13.79%	–
NVDA	Sell	NVIDIA Corp	$1,321,000	+7.2%	4,700	-9.6%	7.84%	+10.7%
WFC	Buy	Wells Fargo & Co	$1,256,000	-4.0%	23,900	+1.3%	7.45%	-0.9%
GOOG	New	ALPHABET INC	$1,193,000	–	1,000	–	7.08%	–
LOW	Buy	Lowe's Companies Inc	$1,148,000	+87.6%	10,000	+56.2%	6.81%	+93.7%
GS	New	Goldman Sachs Group Inc	$852,000	–	3,800	–	5.06%	–
QCOM	Buy	Qualcomm Inc	$749,000	+147.2%	10,400	+92.6%	4.44%	+155.3%
HD	Buy	Home Depot Inc	$746,000	+73.9%	3,600	+63.6%	4.43%	+79.5%
INTC	New	Intel Corp	$667,000	–	14,100	–	3.96%	–
PEP	New	PepsiCo Inc	$637,000	–	5,700	–	3.78%	–
VNQ	New	Vanguard Real Estate Index Fund ETFetf	$637,000	–	7,900	–	3.78%	–
XLK	Buy	Technology Select Sector SPDR Fundetf	$633,000	+160.5%	8,400	+140.0%	3.76%	+168.9%
HYG	New	iShares iBoxx $ High Yield Corporate Bond ETFetf	$631,000	–	7,300	–	3.74%	–
XLU	New	Utilities Select Sector SPDR Fundetf	$426,000	–	8,100	–	2.53%	–
UTX	New	United Technologies Corp	$377,000	–	2,700	–	2.24%	–
AMAT	New	Applied Materials Inc	$367,000	–	9,500	–	2.18%	–
COST	New	Costco Wholesale Corp	$329,000	–	1,400	–	1.95%	–
GILD	New	Gilead Sciences Inc	$309,000	–	4,000	–	1.83%	–
ADBE	Sell	Adobe Systems Inc	$297,000	-70.3%	1,100	-73.2%	1.76%	-69.3%
XLY	Sell	Consumer Discretionary Select Sector SPDR Fundetf	$293,000	-4.2%	2,500	-10.7%	1.74%	-1.2%
IYR	New	iShares US Real Estate ETFetf	$288,000	–	3,600	–	1.71%	–
CSCO	New	Cisco Systems Inc	$277,000	–	5,700	–	1.64%	–
VZ	New	Verizon Communications Inc	$251,000	–	4,700	–	1.49%	–
UNH	New	UnitedHealth Group Inc	$213,000	–	800	–	1.26%	–
AXP	New	American Express Co	$213,000	–	2,000	–	1.26%	–
XOP	Sell	SPDR S&P Oil & Gas Exploration & Production ETFetf	$212,000	-16.5%	4,900	-16.9%	1.26%	-13.8%
C	New	Citigroup Inc	$208,000	–	2,900	–	1.23%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-2,100	–	-1.19%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-3,300	–	-1.27%	–
ACN	Exit	ACCENTURE PLC IRELAND	$0	–	-1,600	–	-1.51%	–
AMZN	Exit	AMAZON COM INC	$0	–	-200	–	-1.95%	–
VLO	Exit	VALERO ENERGY CORP NEW	$0	–	-4,000	–	-2.55%	–
V	Exit	VISA INC	$0	–	-3,600	–	-2.74%	–
PFE	Exit	PFIZER INC	$0	–	-14,100	–	-2.94%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-4,300	–	-3.13%	–
JNK	Exit	SPDR SERIES TRUSTetf	$0	–	-17,800	–	-3.63%	–
XLE	Exit	SELECT SECTOR SPDR TRetf	$0	–	-8,500	–	-3.71%	–
MA	Exit	MASTERCARD INCORPORATED	$0	–	-3,300	–	-3.73%	–
CRM	Exit	SALESFORCE COM INC	$0	–	-4,900	–	-3.84%	–
MU	Exit	MICRON TECHNOLOGY INC	$0	–	-12,800	–	-3.86%	–
UNP	Exit	UNION PAC CORP	$0	–	-5,200	–	-4.24%	–
NFLX	Exit	NETFLIX INC	$0	–	-2,400	–	-5.40%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-14,500	–	-6.90%	–
BIDU	Exit	BAIDU INC	$0	–	-5,200	–	-7.26%	–
CELG	Exit	CELGENE CORP	$0	–	-16,400	–	-7.48%	–

Q2 2018

			Value		Shares		↓ Weighting
WFC	New	WELLS FARGO CO NEW	$1,308,000	–	23,600	–	7.52%	–
CELG	New	CELGENE CORP	$1,302,000	–	16,400	–	7.48%	–
BIDU	New	BAIDU INC	$1,264,000	–	5,200	–	7.26%	–
NVDA	New	NVIDIA CORP	$1,232,000	–	5,200	–	7.08%	–
XOM	New	EXXON MOBIL CORP	$1,200,000	–	14,500	–	6.90%	–
ADBE	New	ADOBE SYS INC	$1,000,000	–	4,100	–	5.75%	–
NFLX	New	NETFLIX INC	$939,000	–	2,400	–	5.40%	–
UNP	New	UNION PAC CORP	$737,000	–	5,200	–	4.24%	–
MU	New	MICRON TECHNOLOGY INC	$671,000	–	12,800	–	3.86%	–
CRM	New	SALESFORCE COM INC	$668,000	–	4,900	–	3.84%	–
MA	New	MASTERCARD INCORPORATED	$649,000	–	3,300	–	3.73%	–
XLE	New	SELECT SECTOR SPDR TRetf	$645,000	–	8,500	–	3.71%	–
JNK	New	SPDR SERIES TRUSTetf	$632,000	–	17,800	–	3.63%	–
LOW	New	LOWES COS INC	$612,000	–	6,400	–	3.52%	–
CVX	New	CHEVRON CORP NEW	$544,000	–	4,300	–	3.13%	–
PFE	New	PFIZER INC	$512,000	–	14,100	–	2.94%	–
V	New	VISA INC	$477,000	–	3,600	–	2.74%	–
VLO	New	VALERO ENERGY CORP NEW	$443,000	–	4,000	–	2.55%	–
HD	New	HOME DEPOT INC	$429,000	–	2,200	–	2.47%	–
AMZN	New	AMAZON COM INC	$340,000	–	200	–	1.95%	–
XLY	New	SELECT SECTOR SPDR TRetf	$306,000	–	2,800	–	1.76%	–
QCOM	New	QUALCOMM INC	$303,000	–	5,400	–	1.74%	–
ACN	New	ACCENTURE PLC IRELAND	$262,000	–	1,600	–	1.51%	–
XOP	New	SPDR SERIES TRUSTetf	$254,000	–	5,900	–	1.46%	–
XLK	New	SELECT SECTOR SPDR TRetf	$243,000	–	3,500	–	1.40%	–
SLB	New	SCHLUMBERGER LTD	$221,000	–	3,300	–	1.27%	–
MSFT	New	MICROSOFT CORP	$207,000	–	2,100	–	1.19%	–

Q4 2017

			Value		Shares		↓ Weighting
NVDA	Exit	NVIDIA CORP	$0	–	-1,200	–	-1.38%	–
ADP	Exit	AUTOMATIC DATA PROCESSING IN	$0	–	-2,000	–	-1.41%	–
XLU	Exit	SELECT SECTOR SPDR TRetf	$0	–	-4,900	–	-1.67%	–
EEM	Exit	ISHARES TRetf	$0	–	-5,900	–	-1.70%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-3,100	–	-1.90%	–
BAC	Exit	BANK AMER CORP	$0	–	-12,000	–	-1.96%	–
XLV	Exit	SELECT SECTOR SPDR TRetf	$0	–	-3,800	–	-2.00%	–
CRM	Exit	SALESFORCE COM INC	$0	–	-3,500	–	-2.10%	–
FXI	Exit	ISHARES TRetf	$0	–	-7,400	–	-2.10%	–
V	Exit	VISA INC	$0	–	-3,700	–	-2.50%	–
EWZ	Exit	ISHARES INCetf	$0	–	-9,700	–	-2.60%	–
CELG	Exit	CELGENE CORP	$0	–	-3,000	–	-2.81%	–
ORCL	Exit	ORACLE CORP	$0	–	-9,300	–	-2.89%	–
PFE	Exit	PFIZER INC	$0	–	-12,600	–	-2.89%	–
JNJ	Exit	JOHNSON & JOHNSON	$0	–	-3,900	–	-3.26%	–
LOW	Exit	LOWES COS INC	$0	–	-7,600	–	-3.91%	–
BIDU	Exit	BAIDU INC	$0	–	-2,600	–	-4.14%	–
LQD	Exit	ISHARES TRetf	$0	–	-5,800	–	-4.52%	–
FB	Exit	FACEBOOK INC	$0	–	-4,600	–	-5.06%	–
PEP	Exit	PEPSICO INC	$0	–	-7,100	–	-5.09%	–
WMT	Exit	WAL-MART STORES INC	$0	–	-10,200	–	-5.13%	–
HYG	Exit	ISHARES TRetf	$0	–	-9,000	–	-5.14%	–
BA	Exit	BOEING CO	$0	–	-3,200	–	-5.23%	–
MCD	Exit	MCDONALDS CORP	$0	–	-5,200	–	-5.24%	–
UNH	Exit	UNITEDHEALTH GROUP INC	$0	–	-4,200	–	-5.29%	–
TSLA	Exit	TESLA INC	$0	–	-2,500	–	-5.49%	–
MA	Exit	MASTERCARD INCORPORATED	$0	–	-6,400	–	-5.82%	–
GOOG	Exit	ALPHABET INC	$0	–	-1,100	–	-6.79%	–

Q3 2017

			Value		Shares		↓ Weighting
GOOG	Sell	ALPHABET INC	$1,055,000	-17.1%	1,100	-21.4%	6.79%	-35.5%
MA	New	MASTERCARD INCORPORATED	$904,000	–	6,400	–	5.82%	–
TSLA	New	TESLA INC	$853,000	–	2,500	–	5.49%	–
UNH	New	UNITEDHEALTH GROUP INC	$823,000	–	4,200	–	5.29%	–
MCD	Buy	MCDONALDS CORP	$814,000	+96.6%	5,200	+92.6%	5.24%	+53.0%
BA	New	BOEING CO	$813,000	–	3,200	–	5.23%	–
HYG	New	ISHARES TRetf	$799,000	–	9,000	–	5.14%	–
WMT	Buy	WAL-MART STORES INC	$797,000	+119.6%	10,200	+112.5%	5.13%	+70.8%
PEP	New	PEPSICO INC	$791,000	–	7,100	–	5.09%	–
FB	New	FACEBOOK INC	$786,000	–	4,600	–	5.06%	–
LQD	Buy	ISHARES TRetf	$703,000	+242.9%	5,800	+241.2%	4.52%	+166.8%
BIDU	Sell	BAIDU INC	$644,000	-32.1%	2,600	-50.9%	4.14%	-47.1%
LOW	New	LOWES COS INC	$608,000	–	7,600	–	3.91%	–
JNJ	New	JOHNSON & JOHNSON	$507,000	–	3,900	–	3.26%	–
ORCL	New	ORACLE CORP	$449,000	–	9,300	–	2.89%	–
PFE	New	PFIZER INC	$449,000	–	12,600	–	2.89%	–
CELG	Sell	CELGENE CORP	$437,000	-44.8%	3,000	-50.8%	2.81%	-57.1%
EWZ	New	ISHARES INCetf	$404,000	–	9,700	–	2.60%	–
V	Sell	VISA INC	$389,000	-57.3%	3,700	-61.9%	2.50%	-66.7%
FXI	New	ISHARES TRetf	$326,000	–	7,400	–	2.10%	–
CRM	Sell	SALESFORCE COM INC	$326,000	-12.4%	3,500	-18.6%	2.10%	-31.8%
XLV	New	SELECT SECTOR SPDR TRetf	$311,000	–	3,800	–	2.00%	–
BAC	New	BANK AMER CORP	$304,000	–	12,000	–	1.96%	–
JPM	New	JPMORGAN CHASE & CO	$296,000	–	3,100	–	1.90%	–
EEM	New	ISHARES TRetf	$264,000	–	5,900	–	1.70%	–
XLU	New	SELECT SECTOR SPDR TRetf	$260,000	–	4,900	–	1.67%	–
ADP	New	AUTOMATIC DATA PROCESSING IN	$219,000	–	2,000	–	1.41%	–
NVDA	Sell	NVIDIA CORP	$214,000	-17.7%	1,200	-33.3%	1.38%	-35.9%
ATVI	Exit	Activision Blizzard Inc	$0	–	-4,300	–	-2.05%	–
QCOM	Exit	Qualcomm Inc	$0	–	-6,300	–	-2.88%	–
NFLX	Exit	Netflix Inc	$0	–	-3,200	–	-3.95%	–
XLI	Exit	Industrial Select Sector SPDR Fundetf	$0	–	-9,800	–	-5.51%	–
COST	Exit	Costco Wholesale Corp	$0	–	-5,300	–	-7.01%	–
AMZN	Exit	Amazon.Com Inc	$0	–	-900	–	-7.20%	–
CAT	Exit	Caterpillar Inc	$0	–	-12,600	–	-11.19%	–
AMAT	Exit	Applied Materials Inc	$0	–	-42,300	–	-14.44%	–

Q2 2017

			Value		Shares		↓ Weighting
AMAT	New	Applied Materials Inc	$1,747,000	–	42,300	–	14.44%	–
CAT	New	Caterpillar Inc	$1,354,000	–	12,600	–	11.19%	–
GOOG	New	Alphabet Inc (GOOG)	$1,272,000	–	1,400	–	10.52%	–
BIDU	New	Baidu Inc	$948,000	–	5,300	–	7.84%	–
V	New	Visa Inc	$910,000	–	9,700	–	7.52%	–
AMZN	New	Amazon.Com Inc	$871,000	–	900	–	7.20%	–
COST	New	Costco Wholesale Corp	$848,000	–	5,300	–	7.01%	–
CELG	New	Celgene Corp	$792,000	–	6,100	–	6.55%	–
XLI	New	Industrial Select Sector SPDR Fundetf	$667,000	–	9,800	–	5.51%	–
NFLX	New	Netflix Inc	$478,000	–	3,200	–	3.95%	–
MCD	New	McDonald's Corp	$414,000	–	2,700	–	3.42%	–
CRM	New	Salesforce.com Inc	$372,000	–	4,300	–	3.08%	–
WMT	New	Wal Mart Stores Inc	$363,000	–	4,800	–	3.00%	–
QCOM	New	Qualcomm Inc	$348,000	–	6,300	–	2.88%	–
NVDA	New	NVIDIA Corp	$260,000	–	1,800	–	2.15%	–
ATVI	New	Activision Blizzard Inc	$248,000	–	4,300	–	2.05%	–
LQD	New	iShares iBoxx $ Inv Grade Corporate Bond ETFetf	$205,000	–	1,700	–	1.70%	–

Q4 2016

			Value		Shares		↓ Weighting
ABT	Exit	ABBOTT LABS	$0	–	-4,800	–	-0.98%	–
XLF	Exit	SELECT SECTOR SPDR TRetf	$0	–	-11,600	–	-1.08%	–
XLK	Exit	SELECT SECTOR SPDR TRetf	$0	–	-4,700	–	-1.09%	–
AMAT	Exit	APPLIED MATLS INC	$0	–	-7,600	–	-1.11%	–
BMY	Exit	BRISTOL MYERS SQUIBB CO	$0	–	-5,100	–	-1.33%	–
CRM	Exit	SALESFORCE COM INC	$0	–	-4,000	–	-1.38%	–
WMT	Exit	WAL-MART STORES INC	$0	–	-5,000	–	-1.75%	–
CSCO	Exit	CISCO SYS INC	$0	–	-11,600	–	-1.78%	–
C	Exit	CITIGROUP INC	$0	–	-8,100	–	-1.85%	–
BIDU	Exit	BAIDU INC	$0	–	-2,200	–	-1.94%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-2,600	–	-2.03%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-8,300	–	-2.08%	–
YHOO	Exit	YAHOO INC	$0	–	-10,500	–	-2.19%	–
CMG	Exit	CHIPOTLE MEXICAN GRILL INC	$0	–	-1,100	–	-2.25%	–
V	Exit	VISA INC	$0	–	-6,400	–	-2.56%	–
BAC	Exit	BANK AMER CORP	$0	–	-34,600	–	-2.62%	–
FB	Exit	FACEBOOK INC	$0	–	-4,300	–	-2.67%	–
XLI	Exit	SELECT SECTOR SPDR TRetf	$0	–	-11,800	–	-3.33%	–
WFC	Exit	WELLS FARGO & CO NEW	$0	–	-22,600	–	-4.84%	–
LQD	Exit	ISHARES TRetf	$0	–	-8,300	–	-4.94%	–
TGT	Exit	TARGET CORP	$0	–	-19,300	–	-6.41%	–
IBM	Exit	INTERNATIONAL BUSINESS MACHS	$0	–	-8,600	–	-6.61%	–
QCOM	Exit	QUALCOMM INC	$0	–	-21,200	–	-7.02%	–
BIIB	Exit	BIOGEN INC	$0	–	-5,200	–	-7.88%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-21,900	–	-8.33%	–
	Exit	PRICELINE GRP INC	$0	–	-1,200	–	-8.54%	–
NFLX	Exit	NETFLIX INC	$0	–	-23,900	–	-11.39%	–

Q3 2016

			Value		Shares		↓ Weighting
NFLX	Buy	NETFLIX INC	$2,355,000	+69.4%	23,900	+57.2%	11.39%	+29.2%
	Buy	PRICELINE GRP INC	$1,766,000	+102.1%	1,200	+71.4%	8.54%	+54.1%
SLB	New	SCHLUMBERGER LTD	$1,722,000	–	21,900	–	8.33%	–
BIIB	New	BIOGEN INC	$1,628,000	–	5,200	–	7.88%	–
QCOM	New	QUALCOMM INC	$1,452,000	–	21,200	–	7.02%	–
IBM	New	INTERNATIONAL BUSINESS MACHS	$1,366,000	–	8,600	–	6.61%	–
TGT	New	TARGET CORP	$1,326,000	–	19,300	–	6.41%	–
LQD	New	ISHARES TRetf	$1,022,000	–	8,300	–	4.94%	–
WFC	New	WELLS FARGO & CO NEW	$1,001,000	–	22,600	–	4.84%	–
XLI	New	SELECT SECTOR SPDR TRetf	$689,000	–	11,800	–	3.33%	–
FB	Buy	FACEBOOK INC	$552,000	+17.7%	4,300	+4.9%	2.67%	-10.3%
BAC	New	BANK AMER CORP	$541,000	–	34,600	–	2.62%	–
V	New	VISA INC	$529,000	–	6,400	–	2.56%	–
CMG	New	CHIPOTLE MEXICAN GRILL INC	$466,000	–	1,100	–	2.25%	–
YHOO	Buy	YAHOO INC	$453,000	+94.4%	10,500	+69.4%	2.19%	+48.2%
VZ	New	VERIZON COMMUNICATIONS INC	$431,000	–	8,300	–	2.08%	–
GS	New	GOLDMAN SACHS GROUP INC	$419,000	–	2,600	–	2.03%	–
BIDU	Buy	BAIDU INC	$401,000	+51.9%	2,200	+37.5%	1.94%	+15.8%
C	New	CITIGROUP INC	$383,000	–	8,100	–	1.85%	–
CSCO	New	CISCO SYS INC	$368,000	–	11,600	–	1.78%	–
WMT	New	WAL-MART STORES INC	$361,000	–	5,000	–	1.75%	–
CRM	New	SALESFORCE COM INC	$285,000	–	4,000	–	1.38%	–
BMY	Sell	BRISTOL MYERS SQUIBB CO	$275,000	-60.2%	5,100	-45.7%	1.33%	-69.7%
AMAT	New	APPLIED MATLS INC	$229,000	–	7,600	–	1.11%	–
XLK	New	SELECT SECTOR SPDR TRetf	$225,000	–	4,700	–	1.09%	–
XLF	New	SELECT SECTOR SPDR TRetf	$224,000	–	11,600	–	1.08%	–
ABT	New	ABBOTT LABS	$203,000	–	4,800	–	0.98%	–
MDT	Exit	MEDTRONIC PLC	$0	–	-3,500	–	-1.93%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-3,500	–	-2.08%	–
XLP	Exit	SELECT SECTOR SPDR TR	$0	–	-6,700	–	-2.35%	–
CELG	Exit	CELGENE CORP	$0	–	-3,800	–	-2.38%	–
CVX	Exit	CHEVRON CORP NEW	$0	–	-4,100	–	-2.73%	–
IBB	Exit	ISHARES TR	$0	–	-1,900	–	-3.10%	–
GDX	Exit	VANECK VECTORS ETF TRetf	$0	–	-19,700	–	-3.46%	–
AMZN	Exit	AMAZON COM INC	$0	–	-800	–	-3.63%	–
NVDA	Exit	NVIDIA CORP	$0	–	-12,200	–	-3.64%	–
INTC	Exit	INTEL CORP	$0	–	-18,900	–	-3.93%	–
KO	Exit	COCA COLA CO	$0	–	-14,200	–	-4.08%	–
GILD	Exit	GILEAD SCIENCES INC	$0	–	-11,700	–	-6.19%	–
IYR	Exit	ISHARES TR	$0	–	-12,100	–	-6.32%	–
XLU	Exit	SELECT SECTOR SPDR TRetf	$0	–	-22,900	–	-7.62%	–
MON	Exit	MONSANTO CO NEW	$0	–	-12,200	–	-8.01%	–
ABBV	Exit	ABBVIE INC	$0	–	-34,800	–	-13.66%	–

Q2 2016

			Value		Shares		↓ Weighting
ABBV	New	ABBVIE INC	$2,154,000	–	34,800	–	13.66%	–
NFLX	New	NETFLIX INC	$1,390,000	–	15,200	–	8.82%	–
MON	New	MONSANTO CO NEW	$1,262,000	–	12,200	–	8.01%	–
XLU	New	SELECT SECTOR SPDR TRetf	$1,202,000	–	22,900	–	7.62%	–
IYR	New	ISHARES TR	$997,000	–	12,100	–	6.32%	–
GILD	New	GILEAD SCIENCES INC	$976,000	–	11,700	–	6.19%	–
	New	PRICELINE GRP INC	$874,000	–	700	–	5.54%	–
BMY	New	BRISTOL MYERS SQUIBB CO	$691,000	–	9,400	–	4.38%	–
KO	New	COCA COLA CO	$644,000	–	14,200	–	4.08%	–
INTC	New	INTEL CORP	$620,000	–	18,900	–	3.93%	–
NVDA	New	NVIDIA CORP	$574,000	–	12,200	–	3.64%	–
AMZN	New	AMAZON COM INC	$572,000	–	800	–	3.63%	–
GDX	New	VANECK VECTORS ETF TRetf	$546,000	–	19,700	–	3.46%	–
IBB	New	ISHARES TR	$489,000	–	1,900	–	3.10%	–
FB	New	FACEBOOK INC	$469,000	–	4,100	–	2.98%	–
CVX	New	CHEVRON CORP NEW	$430,000	–	4,100	–	2.73%	–
CELG	New	CELGENE CORP	$375,000	–	3,800	–	2.38%	–
XLP	New	SELECT SECTOR SPDR TR	$370,000	–	6,700	–	2.35%	–
XOM	New	EXXON MOBIL CORP	$328,000	–	3,500	–	2.08%	–
MDT	New	MEDTRONIC PLC	$304,000	–	3,500	–	1.93%	–
BIDU	New	BAIDU INC	$264,000	–	1,600	–	1.68%	–
YHOO	New	YAHOO INC	$233,000	–	6,200	–	1.48%	–

Q4 2015

			Value		Shares		↓ Weighting
VRX	Exit	Valeant Pharmaceuticals International Inc	$0	–	-1,300	–	-1.14%	–
UNH	Exit	UnitedHealth Group Inc	$0	–	-2,700	–	-1.54%	–
REGN	Exit	Regeneron Pharmaceuticals Inc	$0	–	-700	–	-1.60%	–
BIDU	Exit	Baidu Inc	$0	–	-2,700	–	-1.83%	–
INTC	Exit	Intel Corp	$0	–	-13,300	–	-1.98%	–
FXI	Exit	iShares China Large-Cap ETFetf	$0	–	-11,400	–	-2.00%	–
GE	Exit	General Electric Co	$0	–	-16,500	–	-2.05%	–
DOW	Exit	Dow Chemical Co	$0	–	-10,600	–	-2.22%	–
NFLX	Exit	Netflix Inc	$0	–	-4,400	–	-2.24%	–
XLV	Exit	Health Care Select Sector SPDR Fundetf	$0	–	-7,200	–	-2.35%	–
ABBV	Exit	AbbVie Inc	$0	–	-9,100	–	-2.44%	–
AAPL	Exit	Apple Inc	$0	–	-5,300	–	-2.89%	–
AMGN	Exit	Amgen Inc	$0	–	-5,100	–	-3.48%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-11,400	–	-3.88%	–
BIIB	Exit	Biogen Idec Inc	$0	–	-2,700	–	-3.89%	–
XLE	Exit	Energy Select Sector SPDR Fundetf	$0	–	-13,000	–	-3.92%	–
TSLA	Exit	Tesla Motors Inc	$0	–	-4,000	–	-4.90%	–
FB	Exit	Facebook Inc	$0	–	-11,400	–	-5.06%	–
YHOO	Exit	Yahoo! Inc	$0	–	-37,000	–	-5.28%	–
MDT	Exit	Medtronic PLC	$0	–	-19,600	–	-6.48%	–
IBB	Exit	iShares Nasdaq Biotechnology Etfetf	$0	–	-5,300	–	-7.94%	–
CVX	Exit	Chevron Corp	$0	–	-22,700	–	-8.84%	–
CELG	Exit	Celgene Corp	$0	–	-18,500	–	-9.88%	–
GILD	Exit	Gilead Sciences Inc	$0	–	-25,100	–	-12.17%	–

Q3 2015

			Value		Shares		↓ Weighting
GILD	Buy	Gilead Sciences Inc	$2,464,000	+34.9%	25,100	+60.9%	12.17%	+5.8%
CELG	New	Celgene Corp	$2,001,000	–	18,500	–	9.88%	–
CVX	New	Chevron Corp	$1,790,000	–	22,700	–	8.84%	–
IBB	New	iShares Nasdaq Biotechnology Etfetf	$1,607,000	–	5,300	–	7.94%	–
MDT	New	Medtronic PLC	$1,312,000	–	19,600	–	6.48%	–
YHOO	Buy	Yahoo! Inc	$1,069,000	+370.9%	37,000	+537.9%	5.28%	+269.1%
FB	Buy	Facebook Inc	$1,024,000	+40.5%	11,400	+34.1%	5.06%	+10.1%
TSLA	Sell	Tesla Motors Inc	$993,000	-11.8%	4,000	-4.8%	4.90%	-30.9%
XLE	New	Energy Select Sector SPDR Fundetf	$795,000	–	13,000	–	3.92%	–
BIIB	New	Biogen Idec Inc	$788,000	–	2,700	–	3.89%	–
SLB	New	SCHLUMBERGER LTD	$786,000	–	11,400	–	3.88%	–
AMGN	New	Amgen Inc	$705,000	–	5,100	–	3.48%	–
AAPL	New	Apple Inc	$585,000	–	5,300	–	2.89%	–
ABBV	New	AbbVie Inc	$495,000	–	9,100	–	2.44%	–
XLV	Buy	Health Care Select Sector SPDR Fundetf	$476,000	+128.8%	7,200	+157.1%	2.35%	+79.4%
NFLX	New	Netflix Inc	$454,000	–	4,400	–	2.24%	–
DOW	New	Dow Chemical Co	$449,000	–	10,600	–	2.22%	–
GE	New	General Electric Co	$416,000	–	16,500	–	2.05%	–
FXI	New	iShares China Large-Cap ETFetf	$404,000	–	11,400	–	2.00%	–
INTC	New	Intel Corp	$400,000	–	13,300	–	1.98%	–
BIDU	New	Baidu Inc	$371,000	–	2,700	–	1.83%	–
REGN	New	Regeneron Pharmaceuticals Inc	$325,000	–	700	–	1.60%	–
UNH	Sell	UnitedHealth Group Inc	$313,000	-89.7%	2,700	-89.2%	1.54%	-92.0%
VRX	New	Valeant Pharmaceuticals International Inc	$231,000	–	1,300	–	1.14%	–
DIS	Exit	Walt Disney Co	$0	–	-3,200	–	-2.30%	–
WMB	Exit	Williams Companies Inc	$0	–	-6,600	–	-2.38%	–
CI	Exit	Cigna Corp	$0	–	-3,100	–	-3.16%	–
QCOM	Exit	Qualcomm Inc	$0	–	-9,800	–	-3.86%	–
BRCM	Exit	Broadcom Corp	$0	–	-12,000	–	-3.89%	–
TWTR	Exit	Twitter Inc	$0	–	-19,200	–	-4.38%	–
BA	Exit	Boeing Co	$0	–	-5,300	–	-4.63%	–
CSCO	Exit	Cisco Systems Inc	$0	–	-33,500	–	-5.79%	–
UNP	Exit	Union Pacific Corp	$0	–	-10,200	–	-6.12%	–
HUM	Exit	Humana Inc	$0	–	-6,200	–	-7.46%	–
PCLN	Exit	Priceline Group Inc	$0	–	-1,500	–	-10.88%	–

Q2 2015

			Value		Shares		↓ Weighting
UNH	New	UnitedHealth Group Inc	$3,050,000	–	25,000	–	19.21%	–
GILD	New	Gilead Sciences Inc	$1,826,000	–	15,600	–	11.50%	–
PCLN	New	Priceline Group Inc	$1,727,000	–	1,500	–	10.88%	–
HUM	New	Humana Inc	$1,185,000	–	6,200	–	7.46%	–
TSLA	New	Tesla Motors Inc	$1,126,000	–	4,200	–	7.09%	–
UNP	New	Union Pacific Corp	$972,000	–	10,200	–	6.12%	–
CSCO	New	Cisco Systems Inc	$919,000	–	33,500	–	5.79%	–
BA	New	Boeing Co	$735,000	–	5,300	–	4.63%	–
FB	New	Facebook Inc	$729,000	–	8,500	–	4.59%	–
TWTR	New	Twitter Inc	$695,000	–	19,200	–	4.38%	–
BRCM	New	Broadcom Corp	$617,000	–	12,000	–	3.89%	–
QCOM	New	Qualcomm Inc	$613,000	–	9,800	–	3.86%	–
CI	New	Cigna Corp	$502,000	–	3,100	–	3.16%	–
WMB	New	Williams Companies Inc	$378,000	–	6,600	–	2.38%	–
DIS	New	Walt Disney Co	$365,000	–	3,200	–	2.30%	–
YHOO	New	Yahoo! Inc	$227,000	–	5,800	–	1.43%	–
XLV	New	Health Care Select Sector SPDR Fund	$208,000	–	2,800	–	1.31%	–

Q4 2014

			Value		Shares		↓ Weighting
AMGN	Exit	AMGEN INC	$0	–	-1,900	–	-2.09%	–
ABBV	Exit	ABBVIE INC	$0	–	-5,200	–	-2.35%	–
GDX	Exit	MARKET VECTORS GOLD MINERS	$0	–	-14,100	–	-2.36%	–
DIS	Exit	WALT DISNEY CO/THE	$0	–	-3,400	–	-2.37%	–
ORCL	Exit	ORACLE CORP	$0	–	-8,800	–	-2.63%	–
TWTR	Exit	TWITTER INC	$0	–	-7,200	–	-2.91%	–
EEM	Exit	ISHARES MSCI EMERGING MARKETetf	$0	–	-15,100	–	-4.91%	–
WFC	Exit	WELLS FARGO & CO	$0	–	-13,600	–	-5.52%	–
COP	Exit	CONOCOPHILLIPS	$0	–	-9,300	–	-5.57%	–
TSLA	Exit	TESLA MOTORS INC	$0	–	-3,100	–	-5.89%	–
INTC	Exit	INTEL CORP	$0	–	-22,400	–	-6.10%	–
WAG	Exit	WALGREEN CO	$0	–	-14,700	–	-6.82%	–
C	Exit	CITIGROUP INC	$0	–	-19,400	–	-7.86%	–
LVS	Exit	LAS VEGAS SANDS CORP	$0	–	-17,400	–	-8.47%	–
FXI	Exit	ISHARES CHINA LARGE-CAP ETFetf	$0	–	-28,300	–	-8.47%	–
EWZ	Exit	ISHARES MSCI BRAZIL CAPPED Eetf	$0	–	-35,700	–	-12.13%	–
MDT	Exit	MEDTRONIC INC	$0	–	-28,000	–	-13.56%	–

Q3 2014

			Value		Shares		↓ Weighting
MDT	New	MEDTRONIC INC	$1,735,000	–	28,000	–	13.56%	–
EWZ	New	ISHARES MSCI BRAZIL CAPPED Eetf	$1,552,000	–	35,700	–	12.13%	–
FXI	New	ISHARES CHINA LARGE-CAP ETFetf	$1,084,000	–	28,300	–	8.47%	–
LVS	New	LAS VEGAS SANDS CORP	$1,083,000	–	17,400	–	8.47%	–
C	New	CITIGROUP INC	$1,006,000	–	19,400	–	7.86%	–
WAG	Buy	WALGREEN CO	$872,000	+6.0%	14,700	+32.4%	6.82%	+52.9%
INTC	New	INTEL CORP	$780,000	–	22,400	–	6.10%	–
TSLA	New	TESLA MOTORS INC	$753,000	–	3,100	–	5.89%	–
COP	New	CONOCOPHILLIPS	$712,000	–	9,300	–	5.57%	–
WFC	New	WELLS FARGO & CO	$706,000	–	13,600	–	5.52%	–
EEM	Buy	ISHARES MSCI EMERGING MARKETetf	$628,000	+40.8%	15,100	+46.6%	4.91%	+103.2%
TWTR	New	TWITTER INC	$372,000	–	7,200	–	2.91%	–
ORCL	Buy	ORACLE CORP	$337,000	+17.0%	8,800	+23.9%	2.63%	+68.8%
DIS	New	WALT DISNEY CO/THE	$303,000	–	3,400	–	2.37%	–
GDX	New	MARKET VECTORS GOLD MINERS	$302,000	–	14,100	–	2.36%	–
ABBV	New	ABBVIE INC	$301,000	–	5,200	–	2.35%	–
AMGN	New	AMGEN INC	$267,000	–	1,900	–	2.09%	–
NFLX	Exit	NETFLIX INC	$0	–	-500	–	-1.20%	–
XLE	Exit	ENERGY SELECT SECTOR SPDRetf	$0	–	-2,400	–	-1.30%	–
XOM	Exit	EXXON MOBIL CORP	$0	–	-2,500	–	-1.36%	–
AIG	Exit	AMERICAN INTERNATIONAL GROUP	$0	–	-4,700	–	-1.39%	–
IYR	Exit	ISHARES US REAL ESTATE ETFetf	$0	–	-3,700	–	-1.44%	–
WYNN	Exit	WYNN RESORTS LTD	$0	–	-1,300	–	-1.46%	–
T	Exit	AT&T INC	$0	–	-8,300	–	-1.59%	–
XLI	Exit	INDUSTRIAL SELECT SECT SPDRetf	$0	–	-6,500	–	-1.91%	–
V	Exit	VISA INC-CLASS A SHARES	$0	–	-1,700	–	-1.94%	–
BRCM	Exit	BROADCOM CORP-CL A	$0	–	-10,000	–	-2.02%	–
XLU	Exit	UTILITIES SELECT SECTOR SPDR	$0	–	-9,400	–	-2.26%	–
PM	Exit	PHILIP MORRIS INTERNATIONAL	$0	–	-5,400	–	-2.47%	–
FB	Exit	FACEBOOK INC-A	$0	–	-7,100	–	-2.59%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-10,300	–	-2.73%	–
LNKD	Exit	LINKEDIN CORP - A	$0	–	-3,400	–	-3.16%	–
MRK	Exit	MERCK & CO. INC.	$0	–	-10,300	–	-3.23%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-11,000	–	-3.43%	–
CBS	Exit	CBS CORP-CLASS B NON VOTING	$0	–	-16,900	–	-5.69%	–
MU	Exit	MICRON TECHNOLOGY INC	$0	–	-34,200	–	-6.10%	–
QCOM	Exit	QUALCOMM INC	$0	–	-18,400	–	-7.90%	–
BA	Exit	BOEING CO/THE	$0	–	-12,000	–	-8.27%	–
F113PS	Exit	COVIDIEN PLC	$0	–	-19,200	–	-9.38%	–
AAPL	Exit	APPLE INC	$0	–	-37,200	–	-18.73%	–

Q2 2014

			Value		Shares		↓ Weighting
AAPL	New	APPLE INC	$3,457,000	–	37,200	–	18.73%	–
F113PS	New	COVIDIEN PLC	$1,732,000	–	19,200	–	9.38%	–
BA	New	BOEING CO/THE	$1,527,000	–	12,000	–	8.27%	–
QCOM	New	QUALCOMM INC	$1,458,000	–	18,400	–	7.90%	–
MU	New	MICRON TECHNOLOGY INC	$1,127,000	–	34,200	–	6.10%	–
CBS	New	CBS CORP-CLASS B NON VOTING	$1,051,000	–	16,900	–	5.69%	–
WAG	New	WALGREEN CO	$823,000	–	11,100	–	4.46%	–
JPM	New	JPMORGAN CHASE & CO	$634,000	–	11,000	–	3.43%	–
MRK	New	MERCK & CO. INC.	$596,000	–	10,300	–	3.23%	–
LNKD	New	LINKEDIN CORP - A	$583,000	–	3,400	–	3.16%	–
VZ	New	VERIZON COMMUNICATIONS INC	$504,000	–	10,300	–	2.73%	–
FB	New	FACEBOOK INC-A	$478,000	–	7,100	–	2.59%	–
PM	New	PHILIP MORRIS INTERNATIONAL	$456,000	–	5,400	–	2.47%	–
EEM	New	ISHARES MSCI EMERGING MARKETetf	$446,000	–	10,300	–	2.42%	–
XLU	New	UTILITIES SELECT SECTOR SPDR	$417,000	–	9,400	–	2.26%	–
BRCM	New	BROADCOM CORP-CL A	$372,000	–	10,000	–	2.02%	–
V	New	VISA INC-CLASS A SHARES	$359,000	–	1,700	–	1.94%	–
XLI	New	INDUSTRIAL SELECT SECT SPDRetf	$352,000	–	6,500	–	1.91%	–
T	New	AT&T INC	$294,000	–	8,300	–	1.59%	–
ORCL	New	ORACLE CORP	$288,000	–	7,100	–	1.56%	–
WYNN	New	WYNN RESORTS LTD	$270,000	–	1,300	–	1.46%	–
IYR	New	ISHARES US REAL ESTATE ETFetf	$266,000	–	3,700	–	1.44%	–
AIG	New	AMERICAN INTERNATIONAL GROUP	$257,000	–	4,700	–	1.39%	–
XOM	New	EXXON MOBIL CORP	$252,000	–	2,500	–	1.36%	–
XLE	New	ENERGY SELECT SECTOR SPDRetf	$241,000	–	2,400	–	1.30%	–
NFLX	New	NETFLIX INC	$221,000	–	500	–	1.20%	–

Q4 2013

			Value		Shares		↓ Weighting
FXI	Exit	ISHARES FTSE/XINHUA 25etf	$0	–	-5,500	–	-1.26%	–
MCO	Exit	MOODYS CORP.	$0	–	-2,900	–	-1.26%	–
TRW	Exit	TRW AUTOMOTIVE HOLDINGS CORP	$0	–	-2,900	–	-1.28%	–
FE	Exit	FIRSTENERGY CORP.	$0	–	-5,700	–	-1.28%	–
MSFT	Exit	MICROSOFT CORPORATION	$0	–	-6,400	–	-1.32%	–
CIEN	Exit	CIENA CORPORATION	$0	–	-8,600	–	-1.33%	–
EMN	Exit	EASTMAN CHEMICAL CO.	$0	–	-2,800	–	-1.35%	–
EWW	Exit	ISHARE MSCI MEXICOetf	$0	–	-3,700	–	-1.46%	–
NE	Exit	NOBLE CORP.	$0	–	-6,300	–	-1.48%	–
LNG	Exit	CHENIERE ENERGY INC	$0	–	-7,200	–	-1.52%	–
ESRX	Exit	EXPRESS SCRIPTS INC.	$0	–	-4,200	–	-1.60%	–
IBN	Exit	IBN	$0	–	-9,100	–	-1.72%	–
SLG	Exit	SLG	$0	–	-3,400	–	-1.87%	–
ALXN	Exit	ALEXION PHARMACEUTICALS INC.	$0	–	-2,600	–	-1.87%	–
APD	Exit	AIR PRODUCTS & CHEMICALS INC.	$0	–	-3,000	–	-1.98%	–
MNST	Exit	MONSTER WORLDWIDE INC.	$0	–	-6,800	–	-2.20%	–
AVB	Exit	AVALONBAY COMMUNITIES INC.	$0	–	-2,900	–	-2.28%	–
CTSH	Exit	COGNIZANT TECH SOLUTIONS CORP A	$0	–	-4,500	–	-2.28%	–
WAG	Exit	WALGREEN CO.	$0	–	-6,900	–	-2.30%	–
IR	Exit	INGERSOLL-RAND CO. LTD.	$0	–	-5,800	–	-2.33%	–
ADM	Exit	ARCHER DANIELS MIDLAND CO.	$0	–	-10,900	–	-2.48%	–
TIF	Exit	TIFFANY & CO.	$0	–	-5,800	–	-2.75%	–
WSM	Exit	WILLIAMS-SONOMA INC.	$0	–	-8,400	–	-2.92%	–
VMW	Exit	VMWARE INC.	$0	–	-6,400	–	-3.20%	–
ADS	Exit	ADS	$0	–	-2,500	–	-3.26%	–
V	Exit	VISA INC A	$0	–	-3,000	–	-3.54%	–
HUM	Exit	HUMANA INC.	$0	–	-6,400	–	-3.67%	–
NUE	Exit	NUCOR CORP.	$0	–	-12,600	–	-3.83%	–
BBBY	Exit	BED BATH & BEYOND INC.	$0	–	-9,100	–	-4.34%	–
PXD	Exit	PIONEER NATURAL RESOURCES CO	$0	–	-3,800	–	-4.43%	–
SOHU	Exit	SOHU.COM INC.	$0	–	-9,300	–	-4.53%	–
EBAY	Exit	EBAY INC.	$0	–	-14,100	–	-4.86%	–
BA	Exit	BOEING CO. (THE)	$0	–	-7,300	–	-5.30%	–
DISH	Exit	DISH NETWORK CORPORATION	$0	–	-19,700	–	-5.48%	–
CI	Exit	CIGNA CORP.	$0	–	-12,000	–	-5.68%	–
GMCR	Exit	GREEN MOUNTAIN COFFEE ROASTERS INC.	$0	–	-12,400	–	-5.77%	–

Q3 2013

			Value		Shares		↓ Weighting
GMCR	New	GREEN MOUNTAIN COFFEE ROASTERS INC.	$935,000	–	12,400	–	5.77%	–
CI	New	CIGNA CORP.	$921,000	–	12,000	–	5.68%	–
DISH	New	DISH NETWORK CORPORATION	$887,000	–	19,700	–	5.48%	–
BA	New	BOEING CO. (THE)	$858,000	–	7,300	–	5.30%	–
EBAY	New	EBAY INC.	$787,000	–	14,100	–	4.86%	–
SOHU	New	SOHU.COM INC.	$734,000	–	9,300	–	4.53%	–
PXD	New	PIONEER NATURAL RESOURCES CO	$718,000	–	3,800	–	4.43%	–
BBBY	New	BED BATH & BEYOND INC.	$704,000	–	9,100	–	4.34%	–
NUE	New	NUCOR CORP.	$621,000	–	12,600	–	3.83%	–
HUM	New	HUMANA INC.	$595,000	–	6,400	–	3.67%	–
V	New	VISA INC A	$574,000	–	3,000	–	3.54%	–
ADS	New	ADS	$529,000	–	2,500	–	3.26%	–
VMW	New	VMWARE INC.	$518,000	–	6,400	–	3.20%	–
WSM	New	WILLIAMS-SONOMA INC.	$473,000	–	8,400	–	2.92%	–
TIF	New	TIFFANY & CO.	$445,000	–	5,800	–	2.75%	–
ADM	New	ARCHER DANIELS MIDLAND CO.	$402,000	–	10,900	–	2.48%	–
IR	Buy	INGERSOLL-RAND CO. LTD.	$377,000	+25.7%	5,800	+7.4%	2.33%	-42.0%
WAG	Sell	WALGREEN CO.	$372,000	+7.8%	6,900	-11.5%	2.30%	-50.2%
CTSH	New	COGNIZANT TECH SOLUTIONS CORP A	$370,000	–	4,500	–	2.28%	–
AVB	New	AVALONBAY COMMUNITIES INC.	$369,000	–	2,900	–	2.28%	–
MNST	New	MONSTER WORLDWIDE INC.	$356,000	–	6,800	–	2.20%	–
APD	New	AIR PRODUCTS & CHEMICALS INC.	$320,000	–	3,000	–	1.98%	–
SLG	New	SLG	$303,000	–	3,400	–	1.87%	–
ALXN	New	ALEXION PHARMACEUTICALS INC.	$303,000	–	2,600	–	1.87%	–
IBN	New	IBN	$278,000	–	9,100	–	1.72%	–
ESRX	New	EXPRESS SCRIPTS INC.	$260,000	–	4,200	–	1.60%	–
LNG	New	CHENIERE ENERGY INC	$246,000	–	7,200	–	1.52%	–
NE	New	NOBLE CORP.	$239,000	–	6,300	–	1.48%	–
EWW	New	ISHARE MSCI MEXICOetf	$237,000	–	3,700	–	1.46%	–
EMN	New	EASTMAN CHEMICAL CO.	$219,000	–	2,800	–	1.35%	–
CIEN	New	CIENA CORPORATION	$216,000	–	8,600	–	1.33%	–
MSFT	New	MICROSOFT CORPORATION	$213,000	–	6,400	–	1.32%	–
FE	New	FIRSTENERGY CORP.	$208,000	–	5,700	–	1.28%	–
TRW	New	TRW AUTOMOTIVE HOLDINGS CORP	$207,000	–	2,900	–	1.28%	–
MCO	New	MOODYS CORP.	$204,000	–	2,900	–	1.26%	–
FXI	New	ISHARES FTSE/XINHUA 25etf	$204,000	–	5,500	–	1.26%	–
TDC	Exit	TDC	$0	–	-4,600	–	-3.10%	–
CTXS	Exit	CITRIX SYSTEMS INC.	$0	–	-4,000	–	-3.23%	–
CELG	Exit	CELGENE CORPORATION	$0	–	-2,100	–	-3.29%	–
TSO	Exit	TESORO CORPORATION	$0	–	-4,700	–	-3.29%	–
TM	Exit	TOYOTA MOTOR CORP	$0	–	-2,200	–	-3.56%	–
C	Exit	CITIGROUP INC	$0	–	-6,300	–	-4.05%	–
ICE	Exit	INTERCONTINENTALEXCHANGE INC	$0	–	-1,800	–	-4.28%	–
WHR	Exit	WHIRLPOOL CORP	$0	–	-3,100	–	-4.74%	–
CF	Exit	CF INDUSTRIES HOLDINGS INC	$0	–	-2,100	–	-4.82%	–
GDX	Exit	MKT VECT GOLD MNRS	$0	–	-14,800	–	-4.85%	–
GG	Exit	GOLDCORP INC (NEW)	$0	–	-16,400	–	-5.45%	–
RRC	Exit	RANGE RESOURCES CORP	$0	–	-5,500	–	-5.69%	–
GME	Exit	GAMESTOP CORP (NEW)	$0	–	-10,300	–	-5.79%	–
CMI	Exit	CUMMINS INC.	$0	–	-4,100	–	-5.95%	–
NEM	Exit	NEWMONT MINING CORP. (HOLDING CO.)	$0	–	-19,900	–	-7.98%	–
AMT	Exit	AMERICAN TOWER CORP.	$0	–	-8,400	–	-8.22%	–
MON	Exit	MONSANTO CO. (NEW)	$0	–	-9,900	–	-13.08%	–

Q2 2013

			Value		Shares		↓ Weighting
MON	New	MONSANTO CO. (NEW)	$979,000	–	9,900	–	13.08%	–
AMT	New	AMERICAN TOWER CORP.	$615,000	–	8,400	–	8.22%	–
NEM	New	NEWMONT MINING CORP. (HOLDING CO.)	$597,000	–	19,900	–	7.98%	–
CMI	New	CUMMINS INC.	$445,000	–	4,100	–	5.95%	–
GME	New	GAMESTOP CORP (NEW)	$433,000	–	10,300	–	5.79%	–
RRC	New	RANGE RESOURCES CORP	$426,000	–	5,500	–	5.69%	–
GG	New	GOLDCORP INC (NEW)	$408,000	–	16,400	–	5.45%	–
GDX	New	MKT VECT GOLD MNRS	$363,000	–	14,800	–	4.85%	–
CF	New	CF INDUSTRIES HOLDINGS INC	$361,000	–	2,100	–	4.82%	–
WHR	New	WHIRLPOOL CORP	$355,000	–	3,100	–	4.74%	–
WAG	New	WALGREEN CO.	$345,000	–	7,800	–	4.61%	–
ICE	New	INTERCONTINENTALEXCHANGE INC	$320,000	–	1,800	–	4.28%	–
C	New	CITIGROUP INC	$303,000	–	6,300	–	4.05%	–
IR	New	INGERSOLL-RAND CO. LTD.	$300,000	–	5,400	–	4.01%	–
TM	New	TOYOTA MOTOR CORP	$266,000	–	2,200	–	3.56%	–
TSO	New	TESORO CORPORATION	$246,000	–	4,700	–	3.29%	–
CELG	New	CELGENE CORPORATION	$246,000	–	2,100	–	3.29%	–
CTXS	New	CITRIX SYSTEMS INC.	$242,000	–	4,000	–	3.23%	–
TDC	New	TDC	$232,000	–	4,600	–	3.10%	–

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