Q1 2020
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| V | Sell | Visa | $2,337,000 | -17.5% | 14,506 | -3.8% | 8.12% | +46.8% |
| MSFT | Sell | Microsoft | $1,423,000 | -20.8% | 9,022 | -20.8% | 4.94% | +41.1% |
| AMZN | Sell | Amazon.com Inc. | $1,324,000 | +1.5% | 679 | -3.8% | 4.60% | +80.6% |
| JNJ | Sell | Johnson & Johnson | $1,120,000 | -24.5% | 8,539 | -16.0% | 3.89% | +34.5% |
| ABT | Sell | Abbott Laboratories | $1,091,000 | -24.5% | 13,831 | -16.9% | 3.79% | +34.4% |
| FB | Sell | $887,000 | -58.0% | 5,319 | -48.3% | 3.08% | -25.2% | |
| GOOGL | Sell | Alphabet, Inc. Cl A | $866,000 | -53.5% | 745 | -46.4% | 3.01% | -17.2% |
| VST | Buy | Vistra Energy Corp | $676,000 | -21.0% | 42,380 | +13.9% | 2.35% | +40.6% |
| MDT | Sell | Medtronic | $649,000 | -37.6% | 7,192 | -21.6% | 2.26% | +11.1% |
| XEL | New | XCEL Energy Inc. | $624,000 | – | 10,348 | – | 2.17% | – |
| UNH | New | UnitedHealth Group | $608,000 | – | 2,437 | – | 2.11% | – |
| NRG | Sell | NRG Energy | $604,000 | -44.4% | 22,171 | -18.8% | 2.10% | -1.0% |
| JPM | Sell | J.P. Morgan Chase | $594,000 | -45.1% | 6,603 | -14.9% | 2.06% | -2.3% |
| KO | Buy | Coca Cola Co. | $555,000 | +0.7% | 12,535 | +25.9% | 1.93% | +79.3% |
| BDX | Buy | Becton Dickinson | $500,000 | -9.4% | 2,175 | +7.1% | 1.74% | +61.3% |
| BRKB | Sell | Berkshire Hathaway B | $456,000 | -57.3% | 2,493 | -47.2% | 1.58% | -24.1% |
| CHTR | Sell | Charter Communications, Inc. | $453,000 | -29.2% | 1,039 | -21.3% | 1.57% | +26.0% |
| TMUS | Sell | T-Mobile US, Inc. | $435,000 | -17.9% | 5,190 | -23.2% | 1.51% | +46.1% |
| SYK | New | Stryker Corp | $419,000 | – | 2,519 | – | 1.46% | – |
| BAC | Sell | Bank of America | $394,000 | -49.6% | 18,572 | -16.4% | 1.37% | -10.3% |
| UBER | New | Uber Technologies, Inc. | $347,000 | – | 12,440 | – | 1.21% | – |
| MET | Sell | MetLife | $243,000 | -53.4% | 7,961 | -22.3% | 0.84% | -17.2% |
| C | Sell | Citigroup | $203,000 | -81.2% | 4,808 | -64.3% | 0.70% | -66.5% |
| JBHT | Exit | J.B.Hunt Transportation Servic | $0 | – | -2,170 | – | -0.49% | – |
| PHM | Exit | Pulte Homes Inc. | $0 | – | -8,800 | – | -0.67% | – |
| DAL | Exit | Delta Airlines | $0 | – | -6,160 | – | -0.70% | – |
| AL | Exit | Air Lease | $0 | – | -8,130 | – | -0.75% | – |
| T | Exit | AT&T | $0 | – | -10,080 | – | -0.77% | – |
| DIS | Exit | Walt Disney | $0 | – | -3,805 | – | -1.07% | – |
| FTAI | Exit | Fortress Transportation Infr I | $0 | – | -31,890 | – | -1.22% | – |
| CW | Exit | Curtiss-Wright | $0 | – | -4,742 | – | -1.30% | – |
| AAPL | Exit | Apple Computer | $0 | – | -4,140 | – | -2.37% | – |
| NEE | Exit | NextEra Energy, Inc. | $0 | – | -6,190 | – | -2.93% | – |
| PEGI | Exit | Pattern Energy Group, Inc. | $0 | – | -102,832 | – | -5.37% | – |
Q4 2019
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| ET | Buy | Energy Transfer LP | $3,742,000 | +38.0% | 291,690 | +40.7% | 7.30% | +20.2% |
| V | Sell | Visa | $2,834,000 | +1.5% | 15,080 | -7.1% | 5.53% | -11.6% |
| FB | Buy | $2,112,000 | +219.5% | 10,290 | +177.4% | 4.12% | +178.1% | |
| GOOGL | Buy | Alphabet, Inc. Cl A | $1,862,000 | +138.1% | 1,390 | +117.2% | 3.63% | +107.3% |
| AMZN | Sell | Amazon.com Inc. | $1,305,000 | -1.9% | 706 | -7.8% | 2.55% | -14.6% |
| AAPL | New | Apple Computer | $1,216,000 | – | 4,140 | – | 2.37% | – |
| JPM | Buy | J.P. Morgan Chase | $1,082,000 | +52.8% | 7,760 | +28.9% | 2.11% | +33.1% |
| C | Buy | Citigroup | $1,077,000 | +51.9% | 13,480 | +31.4% | 2.10% | +32.3% |
| BAC | Buy | Bank of America | $782,000 | +158.1% | 22,210 | +114.0% | 1.53% | +124.7% |
| CW | New | Curtiss-Wright | $668,000 | – | 4,742 | – | 1.30% | – |
| CHTR | New | Charter Communications, Inc. | $640,000 | – | 1,320 | – | 1.25% | – |
| BDX | Sell | Becton Dickinson | $552,000 | -43.2% | 2,030 | -47.1% | 1.08% | -50.5% |
| DIS | Sell | Walt Disney | $550,000 | -2.5% | 3,805 | -12.0% | 1.07% | -15.1% |
| TMUS | New | T-Mobile US, Inc. | $530,000 | – | 6,760 | – | 1.03% | – |
| MET | New | MetLife | $522,000 | – | 10,250 | – | 1.02% | – |
| T | Sell | AT&T | $394,000 | -25.1% | 10,080 | -27.4% | 0.77% | -34.8% |
| JBHT | New | J.B.Hunt Transportation Servic | $253,000 | – | 2,170 | – | 0.49% | – |
| MTB | Exit | M&T Bank Corp | $0 | – | -1,280 | – | -0.45% | – |
| NSC | Exit | Norfolk Southern | $0 | – | -1,660 | – | -0.67% | – |
| UNP | Exit | Union Pacific | $0 | – | -1,900 | – | -0.69% | – |
| PEP | Exit | Pepsico | $0 | – | -2,545 | – | -0.78% | – |
| AEE | Exit | Ameren Corp | $0 | – | -11,120 | – | -2.00% | – |
Q3 2019
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| NEP | Sell | NextEra Energy Partners | $5,647,000 | -2.7% | 106,879 | -11.1% | 12.66% | +33.6% |
| EPD | Buy | Enterprise Prod Partners | $4,534,000 | +29.1% | 158,640 | +30.4% | 10.16% | +77.2% |
| V | Sell | Visa | $2,792,000 | -35.0% | 16,230 | -34.5% | 6.26% | -10.8% |
| PEGI | Sell | Pattern Energy Group, Inc. | $2,769,000 | -27.2% | 102,832 | -37.6% | 6.21% | -0.1% |
| MSFT | Sell | Microsoft | $1,584,000 | -37.9% | 11,390 | -40.1% | 3.55% | -14.7% |
| NEE | Sell | NextEra Energy, Inc. | $1,442,000 | -23.0% | 6,190 | -32.3% | 3.23% | +5.7% |
| ABT | Sell | Abbott Laboratories | $1,392,000 | -32.8% | 16,640 | -32.4% | 3.12% | -7.7% |
| AMZN | Sell | Amazon.com Inc. | $1,330,000 | -43.8% | 766 | -38.7% | 2.98% | -22.8% |
| JNJ | Sell | Johnson & Johnson | $1,316,000 | -46.3% | 10,170 | -42.2% | 2.95% | -26.3% |
| TGP | Sell | Teekay LNG Partners | $1,276,000 | -34.0% | 93,450 | -31.9% | 2.86% | -9.4% |
| NRG | Sell | NRG Energy | $1,082,000 | -16.6% | 27,320 | -26.0% | 2.42% | +14.5% |
| MDT | Sell | Medtronic | $996,000 | -24.5% | 9,170 | -32.3% | 2.23% | +3.6% |
| VST | Sell | Vistra Energy Corp | $995,000 | -39.5% | 37,220 | -48.8% | 2.23% | -17.0% |
| BRKB | New | Brkshire Hathaway B | $982,000 | – | 4,720 | – | 2.20% | – |
| BDX | Buy | Becton Dickinson | $971,000 | +51.7% | 3,840 | +51.2% | 2.18% | +108.3% |
| NSRGY | Sell | Nestle Spons ADR | $938,000 | -29.0% | 8,650 | -32.3% | 2.10% | -2.5% |
| AEE | Sell | Ameren Corp | $890,000 | -27.8% | 11,120 | -32.3% | 2.00% | -0.9% |
| GOOGL | Sell | Alphabet, Inc. Cl A | $782,000 | -39.3% | 640 | -46.2% | 1.75% | -16.7% |
| C | Sell | Citigroup | $709,000 | -9.6% | 10,260 | -8.4% | 1.59% | +24.1% |
| JPM | Sell | J.P. Morgan Chase | $708,000 | -62.3% | 6,020 | -64.2% | 1.59% | -48.3% |
| FB | Sell | $661,000 | -17.5% | 3,710 | -10.6% | 1.48% | +13.3% | |
| DIS | Sell | Walt Disney | $564,000 | -62.9% | 4,325 | -60.3% | 1.26% | -49.1% |
| KO | Sell | Coca Cola Co. | $542,000 | -27.3% | 9,955 | -32.1% | 1.22% | -0.2% |
| T | New | AT&T | $526,000 | – | 13,890 | – | 1.18% | – |
| FTAI | New | Fortress Transportation Infr I | $483,000 | – | 31,890 | – | 1.08% | – |
| DAL | Sell | Delta Airlines | $355,000 | -54.8% | 6,160 | -55.5% | 0.80% | -37.9% |
| PEP | Sell | Pepsico | $349,000 | -29.4% | 2,545 | -32.4% | 0.78% | -3.1% |
| AL | Sell | Air Lease | $340,000 | -31.5% | 8,130 | -32.2% | 0.76% | -5.9% |
| PHM | Sell | Pulte Homes Inc. | $322,000 | -21.5% | 8,800 | -32.2% | 0.72% | +7.9% |
| DHI | Sell | D. R. Horton | $313,000 | -17.2% | 5,940 | -32.2% | 0.70% | +13.8% |
| UNP | Sell | Union Pacific | $308,000 | -35.0% | 1,900 | -32.1% | 0.69% | -10.9% |
| BAC | Sell | Bank of America | $303,000 | -74.5% | 10,380 | -74.7% | 0.68% | -65.0% |
| NSC | Sell | Norfolk Southern | $298,000 | -38.9% | 1,660 | -32.2% | 0.67% | -16.2% |
| MTB | Sell | M&T Bank Corp | $202,000 | -82.6% | 1,280 | -81.2% | 0.45% | -76.0% |
| WMB | Exit | Williams Companies Inc | $0 | – | -17,360 | – | -0.80% | – |
| RCL | Exit | Royal Caribbean Cruise Ltd. | $0 | – | -4,800 | – | -0.95% | – |
| KMI | Exit | Kinder Morgan Inc. | $0 | – | -42,830 | – | -1.46% | – |
| BP | Exit | BP Amoco ADR | $0 | – | -22,040 | – | -1.50% | – |
| RDSA | Exit | Royal Dutch Shell | $0 | – | -20,660 | – | -2.20% | – |
Q2 2019
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| NEP | New | NextEra Energy Partners | $5,804,000 | – | 120,283 | – | 9.48% | – |
| V | New | Visa | $4,297,000 | – | 24,760 | – | 7.02% | – |
| PEGI | New | Pattern Energy Group, Inc. | $3,805,000 | – | 164,794 | – | 6.21% | – |
| EPD | New | Enterprise Prod Partners | $3,513,000 | – | 121,680 | – | 5.74% | – |
| MMP | New | Magellan Midstream Partners, L | $3,089,000 | – | 48,272 | – | 5.04% | – |
| ET | New | Energy Transfer LP | $2,919,000 | – | 207,290 | – | 4.77% | – |
| MSFT | New | Microsoft | $2,549,000 | – | 19,030 | – | 4.16% | – |
| JNJ | New | Johnson & Johnson | $2,451,000 | – | 17,600 | – | 4.00% | – |
| AMZN | New | Amazon.com Inc. | $2,365,000 | – | 1,249 | – | 3.86% | – |
| ABT | New | Abbott Laboratories | $2,070,000 | – | 24,613 | – | 3.38% | – |
| TGP | New | Teekay LNG Partners | $1,934,000 | – | 137,180 | – | 3.16% | – |
| JPM | New | J.P. Morgan Chase | $1,880,000 | – | 16,820 | – | 3.07% | – |
| NEE | New | NextEra Energy, Inc. | $1,872,000 | – | 9,140 | – | 3.06% | – |
| VST | New | Vistra Energy Corp | $1,645,000 | – | 72,640 | – | 2.69% | – |
| DIS | New | Walt Disney | $1,521,000 | – | 10,890 | – | 2.48% | – |
| RDSA | New | Royal Dutch Shell | $1,344,000 | – | 20,660 | – | 2.20% | – |
| NSRGY | New | Nestle Spons ADR | $1,321,000 | – | 12,780 | – | 2.16% | – |
| MDT | New | Medtronic | $1,320,000 | – | 13,550 | – | 2.16% | – |
| NRG | New | NRG Energy | $1,297,000 | – | 36,922 | – | 2.12% | – |
| GOOGL | New | Alphabet, Inc. Cl A | $1,289,000 | – | 1,190 | – | 2.10% | – |
| AEE | New | Ameren Corp | $1,233,000 | – | 16,420 | – | 2.01% | – |
| BAC | New | Bank of America | $1,188,000 | – | 40,960 | – | 1.94% | – |
| MTB | New | M&T Bank Corp | $1,158,000 | – | 6,810 | – | 1.89% | – |
| BP | New | BP Amoco ADR | $919,000 | – | 22,040 | – | 1.50% | – |
| KMI | New | Kinder Morgan Inc. | $894,000 | – | 42,830 | – | 1.46% | – |
| FB | New | $801,000 | – | 4,150 | – | 1.31% | – | |
| DAL | New | Delta Airlines | $785,000 | – | 13,830 | – | 1.28% | – |
| C | New | Citigroup | $784,000 | – | 11,200 | – | 1.28% | – |
| KO | New | Coca Cola Co. | $746,000 | – | 14,660 | – | 1.22% | – |
| BDX | New | Becton Dickinson | $640,000 | – | 2,540 | – | 1.04% | – |
| RCL | New | Royal Caribbean Cruise Ltd. | $582,000 | – | 4,800 | – | 0.95% | – |
| AL | New | Air Lease | $496,000 | – | 11,991 | – | 0.81% | – |
| PEP | New | Pepsico | $494,000 | – | 3,765 | – | 0.81% | – |
| NSC | New | Norfolk Southern | $488,000 | – | 2,450 | – | 0.80% | – |
| WMB | New | Williams Companies Inc | $487,000 | – | 17,360 | – | 0.80% | – |
| UNP | New | Union Pacific | $474,000 | – | 2,800 | – | 0.77% | – |
| PHM | New | Pulte Homes Inc. | $410,000 | – | 12,980 | – | 0.67% | – |
| DHI | New | D. R. Horton | $378,000 | – | 8,760 | – | 0.62% | – |
Q4 2018
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| BABA | Exit | Alibaba Group Holdings Ltd | $0 | – | -1,490 | – | -0.38% | – |
| SLB | Exit | Schlumberger | $0 | – | -5,820 | – | -0.55% | – |
| FB | Exit | $0 | – | -2,370 | – | -0.61% | – | |
| DLTR | Exit | Dollar Tree Inc. | $0 | – | -6,240 | – | -0.79% | – |
| DG | Exit | Dollar General | $0 | – | -5,510 | – | -0.94% | – |
| HBAN | Exit | Huntington Bancshares Inc. | $0 | – | -57,900 | – | -1.35% | – |
| LUV | Exit | Southwest Airlines | $0 | – | -13,900 | – | -1.35% | – |
| EVRG | Exit | Evergy, Inc. | $0 | – | -17,793 | – | -1.52% | – |
| CCL | Exit | Carnival Corporation | $0 | – | -15,610 | – | -1.55% | – |
| PPL | Exit | PPL Corporation | $0 | – | -34,460 | – | -1.57% | – |
| NRG | Exit | NRG Energy | $0 | – | -28,872 | – | -1.68% | – |
| HD | Exit | Home Depot | $0 | – | -5,780 | – | -1.87% | – |
| BDX | Exit | Becton Dickinson | $0 | – | -4,590 | – | -1.87% | – |
| CSX | Exit | CSX Corp. | $0 | – | -16,580 | – | -1.91% | – |
| MDT | Exit | Medtronic | $0 | – | -12,920 | – | -1.98% | – |
| AAPL | Exit | Apple Computer | $0 | – | -5,811 | – | -2.04% | – |
| RCL | Exit | Royal Caribbean Cruise Ltd. | $0 | – | -10,320 | – | -2.09% | – |
| AL | Exit | Air Lease | $0 | – | -30,310 | – | -2.17% | – |
| FDX | Exit | Fedex | $0 | – | -5,970 | – | -2.24% | – |
| UNP | Exit | Union Pacific | $0 | – | -9,360 | – | -2.38% | – |
| NEE | Exit | NextEra Energy, Inc. | $0 | – | -9,140 | – | -2.39% | – |
| BAC | Exit | Bank of America | $0 | – | -53,670 | – | -2.46% | – |
| DAL | Exit | Delta Airlines | $0 | – | -27,500 | – | -2.48% | – |
| Exit | Energy Transfer Equity LP | $0 | – | -97,380 | – | -2.64% | – | |
| ABT | Exit | Abbott Laboratories | $0 | – | -24,613 | – | -2.82% | – |
| AEE | Exit | Ameren Corp | $0 | – | -29,970 | – | -2.95% | – |
| C | Exit | Citigroup | $0 | – | -29,090 | – | -3.25% | – |
| CWEN | Exit | Clearway Energy, Inc. | $0 | – | -122,010 | – | -3.66% | – |
| GOOGL | Exit | Alphabet, Inc. Cl A | $0 | – | -2,120 | – | -3.99% | – |
| MSFT | Exit | Microsoft | $0 | – | -23,090 | – | -4.12% | – |
| EPD | Exit | Enterprise Prod Partners | $0 | – | -94,950 | – | -4.25% | – |
| JPM | Exit | J.P. Morgan Chase | $0 | – | -25,280 | – | -4.45% | – |
| AMZN | Exit | Amazon.com Inc. | $0 | – | -1,470 | – | -4.59% | – |
| MMP | Exit | Magellan Midstream Partners, L | $0 | – | -48,272 | – | -5.10% | – |
| PEGI | Exit | Pattern Energy Group, Inc. | $0 | – | -164,794 | – | -5.10% | – |
| V | Exit | Visa | $0 | – | -24,760 | – | -5.79% | – |
| NEP | Exit | NextEra Energy Partners | $0 | – | -120,283 | – | -9.10% | – |
Q3 2018
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| JPM | Sell | J.P. Morgan Chase | $2,853,000 | -18.5% | 25,280 | -24.7% | 4.45% | -23.0% |
| MSFT | Buy | Microsoft | $2,641,000 | +21.8% | 23,090 | +5.0% | 4.12% | +15.0% |
| GOOGL | Buy | Alphabet, Inc. Cl A | $2,559,000 | +25.9% | 2,120 | +17.8% | 3.99% | +18.9% |
| CWEN | New | Clearway Energy, Inc. | $2,349,000 | – | 122,010 | – | 3.66% | – |
| C | Buy | Citigroup | $2,087,000 | +27.4% | 29,090 | +18.8% | 3.25% | +20.3% |
| ABT | Buy | Abbott Laboratories | $1,806,000 | +60.2% | 24,613 | +33.2% | 2.82% | +51.3% |
| New | Energy Transfer Equity LP | $1,697,000 | – | 97,380 | – | 2.64% | – | |
| DAL | Buy | Delta Airlines | $1,590,000 | +109.5% | 27,500 | +79.5% | 2.48% | +97.8% |
| BAC | Sell | Bank of America | $1,581,000 | -17.4% | 53,670 | -21.0% | 2.46% | -22.0% |
| UNP | Buy | Union Pacific | $1,524,000 | +88.4% | 9,360 | +63.9% | 2.38% | +77.8% |
| FDX | Sell | Fedex | $1,438,000 | -24.7% | 5,970 | -29.0% | 2.24% | -28.9% |
| AL | Buy | Air Lease | $1,391,000 | +44.4% | 30,310 | +32.1% | 2.17% | +36.4% |
| RCL | Buy | Royal Caribbean Cruise Ltd. | $1,341,000 | +237.8% | 10,320 | +169.5% | 2.09% | +219.1% |
| MDT | Sell | Medtronic | $1,271,000 | +10.2% | 12,920 | -4.1% | 1.98% | +4.0% |
| CSX | Buy | CSX Corp. | $1,228,000 | +41.1% | 16,580 | +21.6% | 1.91% | +33.3% |
| BDX | New | Becton Dickinson | $1,198,000 | – | 4,590 | – | 1.87% | – |
| HD | Buy | Home Depot | $1,197,000 | +52.3% | 5,780 | +43.4% | 1.87% | +43.8% |
| PPL | Buy | PPL Corporation | $1,008,000 | +32.5% | 34,460 | +29.4% | 1.57% | +25.1% |
| CCL | Buy | Carnival Corporation | $995,000 | +163.9% | 15,610 | +137.6% | 1.55% | +149.4% |
| HBAN | New | Huntington Bancshares Inc. | $864,000 | – | 57,900 | – | 1.35% | – |
| DG | New | Dollar General | $602,000 | – | 5,510 | – | 0.94% | – |
| DLTR | New | Dollar Tree Inc. | $509,000 | – | 6,240 | – | 0.79% | – |
| FB | Sell | $390,000 | -79.7% | 2,370 | -76.1% | 0.61% | -80.9% | |
| SLB | New | Schlumberger | $355,000 | – | 5,820 | – | 0.55% | – |
| BABA | Sell | Alibaba Group Holdings Ltd | $245,000 | -83.5% | 1,490 | -81.3% | 0.38% | -84.4% |
| DHI | Exit | D. R. Horton | $0 | – | -8,860 | – | -0.60% | – |
| LEN | Exit | Lennar Corporation Cl A | $0 | – | -7,130 | – | -0.62% | – |
| FQVLF | Exit | First Quantum Minerals, Ltd. | $0 | – | -26,010 | – | -0.63% | – |
| FCX | Exit | Freeport McMoran Inc. | $0 | – | -41,330 | – | -1.18% | – |
| DWDP | Exit | DowDuPont | $0 | – | -11,530 | – | -1.26% | – |
| ET | Exit | Energy Transfer Equity LP | $0 | – | -59,250 | – | -1.69% | – |
| RDSA | Exit | Royal Dutch Shell | $0 | – | -19,260 | – | -2.20% | – |
| GLNCY | Exit | Glencore PC ADR | $0 | – | -156,800 | – | -2.46% | – |
| NYLD | Exit | NRG Yield, Inc.Class C | $0 | – | -122,010 | – | -3.46% | – |
Q2 2018
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| NEP | New | NextEra Energy Partners | $5,614,000 | – | 120,283 | – | 9.27% | – |
| JPM | New | J.P. Morgan Chase | $3,500,000 | – | 33,590 | – | 5.78% | – |
| MMP | New | Magellan Midstream Partners, L | $3,335,000 | – | 48,272 | – | 5.51% | – |
| V | New | Visa | $3,279,000 | – | 24,760 | – | 5.41% | – |
| PEGI | New | Pattern Energy Group, Inc. Cla | $3,090,000 | – | 164,794 | – | 5.10% | – |
| EPD | New | Enterprise Prod Partners | $2,627,000 | – | 94,950 | – | 4.34% | – |
| AMZN | New | Amazon.com Inc. | $2,499,000 | – | 1,470 | – | 4.13% | – |
| MSFT | New | Microsoft | $2,168,000 | – | 21,990 | – | 3.58% | – |
| NYLD | New | NRG Yield, Inc.Class C | $2,099,000 | – | 122,010 | – | 3.46% | – |
| GOOGL | New | Alphabet, Inc. Cl A | $2,033,000 | – | 1,800 | – | 3.36% | – |
| FB | New | $1,924,000 | – | 9,900 | – | 3.18% | – | |
| BAC | New | Bank of America | $1,915,000 | – | 67,940 | – | 3.16% | – |
| FDX | New | Fedex | $1,910,000 | – | 8,410 | – | 3.15% | – |
| AEE | New | Ameren Corp | $1,824,000 | – | 29,970 | – | 3.01% | – |
| C | New | Citigroup | $1,638,000 | – | 24,480 | – | 2.70% | – |
| NEE | New | NextEra Energy, Inc. | $1,527,000 | – | 9,140 | – | 2.52% | – |
| GLNCY | New | Glencore PC ADR | $1,490,000 | – | 156,800 | – | 2.46% | – |
| BABA | New | Alibaba Group Holdings Ltd | $1,481,000 | – | 7,980 | – | 2.44% | – |
| RDSA | New | Royal Dutch Shell | $1,333,000 | – | 19,260 | – | 2.20% | – |
| MDT | New | Medtronic | $1,153,000 | – | 13,470 | – | 1.90% | – |
| ABT | New | Abbott Laboratories | $1,127,000 | – | 18,473 | – | 1.86% | – |
| AAPL | New | Apple Computer | $1,076,000 | – | 5,811 | – | 1.78% | – |
| ET | New | Energy Transfer Equity LP | $1,022,000 | – | 59,250 | – | 1.69% | – |
| EVRG | New | Evergy, Inc. | $999,000 | – | 17,793 | – | 1.65% | – |
| AL | New | Air Lease | $963,000 | – | 22,950 | – | 1.59% | – |
| NRG | New | NRG Energy | $886,000 | – | 28,872 | – | 1.46% | – |
| CSX | New | CSX Corp. | $870,000 | – | 13,640 | – | 1.44% | – |
| UNP | New | Union Pacific | $809,000 | – | 5,710 | – | 1.34% | – |
| HD | New | Home Depot | $786,000 | – | 4,030 | – | 1.30% | – |
| PPL | New | PPL Corporation | $761,000 | – | 26,640 | – | 1.26% | – |
| DWDP | New | DowDuPont | $760,000 | – | 11,530 | – | 1.26% | – |
| DAL | New | Delta Airlines | $759,000 | – | 15,320 | – | 1.25% | – |
| FCX | New | Freeport McMoran Inc. | $713,000 | – | 41,330 | – | 1.18% | – |
| LUV | New | Southwest Airlines | $707,000 | – | 13,900 | – | 1.17% | – |
| RCL | New | Royal Caribbean Cruise Ltd. | $397,000 | – | 3,830 | – | 0.66% | – |
| FQVLF | New | First Quantum Minerals, Ltd. | $383,000 | – | 26,010 | – | 0.63% | – |
| CCL | New | Carnival Corporation | $377,000 | – | 6,570 | – | 0.62% | – |
| LEN | New | Lennar Corporation Cl A | $374,000 | – | 7,130 | – | 0.62% | – |
| DHI | New | D. R. Horton | $363,000 | – | 8,860 | – | 0.60% | – |
Q4 2017
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| ACN | Exit | Accenture PLC | $0 | – | -2,340 | – | -0.55% | – |
| AAL | Exit | American Airlines Group | $0 | – | -8,870 | – | -0.73% | – |
| KKR | Exit | KKR & Co. LP | $0 | – | -23,080 | – | -0.82% | – |
| CCL | Exit | Carnival Corporation | $0 | – | -7,480 | – | -0.84% | – |
| RCL | Exit | Royal Caribbean Cruise Ltd. | $0 | – | -4,410 | – | -0.91% | – |
| RSO | Exit | Resource Capital | $0 | – | -49,644 | – | -0.93% | – |
| AGN | Exit | Allergan Inc. | $0 | – | -2,700 | – | -0.96% | – |
| PEP | Exit | Pepsico | $0 | – | -6,070 | – | -1.18% | – |
| KMI | Exit | Kinder Morgan Inc. | $0 | – | -36,530 | – | -1.22% | – |
| ET | Exit | Energy Transfer Equity LP | $0 | – | -41,360 | – | -1.25% | – |
| HD | Exit | Home Depot | $0 | – | -4,530 | – | -1.29% | – |
| BX | Exit | Blackstone Group | $0 | – | -22,410 | – | -1.30% | – |
| MS | Exit | Morgan Stanley | $0 | – | -16,110 | – | -1.35% | – |
| LUV | Exit | Southwest Airlines | $0 | – | -13,900 | – | -1.35% | – |
| TBBK | Exit | Bancorp Inc | $0 | – | -113,813 | – | -1.64% | – |
| GLNCY | Exit | Glencore PC ADR | $0 | – | -103,670 | – | -1.65% | – |
| SRE | Exit | Sempra Energy | $0 | – | -9,420 | – | -1.87% | – |
| NEE | Exit | NextEra Energy, Inc. | $0 | – | -7,500 | – | -1.91% | – |
| WMB | Exit | Williams Companies Inc | $0 | – | -38,620 | – | -2.02% | – |
| IP | Exit | International Paper | $0 | – | -20,710 | – | -2.05% | – |
| FDX | Exit | Fedex | $0 | – | -5,270 | – | -2.07% | – |
| AMZN | Exit | Amazon.com Inc. | $0 | – | -1,270 | – | -2.12% | – |
| AAPL | Exit | Apple Computer | $0 | – | -8,210 | – | -2.20% | – |
| ABT | Exit | Abbott Laboratories | $0 | – | -23,790 | – | -2.21% | – |
| DAL | Exit | Delta Airlines | $0 | – | -26,430 | – | -2.22% | – |
| GOOGL | Exit | Alphabet, Inc. Cl A | $0 | – | -1,390 | – | -2.35% | – |
| BAC | Exit | Bank of America | $0 | – | -54,620 | – | -2.41% | – |
| CELG | Exit | Celgne Corp | $0 | – | -9,740 | – | -2.47% | – |
| MSFT | Exit | Microsoft | $0 | – | -19,220 | – | -2.49% | – |
| DWDP | Exit | DowDuPont | $0 | – | -22,230 | – | -2.68% | – |
| FB | Exit | $0 | – | -9,270 | – | -2.76% | – | |
| C | Exit | Citigroup | $0 | – | -29,840 | – | -3.78% | – |
| NYLD | Exit | NRG Yield, Inc.Class C | $0 | – | -122,010 | – | -4.10% | – |
| EPD | Exit | Enterprise Prod Partners | $0 | – | -94,950 | – | -4.31% | – |
| V | Exit | Visa | $0 | – | -24,760 | – | -4.53% | – |
| JNJ | Exit | Johnson & Johnson | $0 | – | -20,320 | – | -4.60% | – |
| JPM | Exit | J.P. Morgan Chase | $0 | – | -33,590 | – | -5.58% | – |
| MMP | Exit | Magellan Midstream Partners, L | $0 | – | -48,272 | – | -5.97% | – |
| PEGI | Exit | Pattern Energy Group, Inc. Cla | $0 | – | -164,794 | – | -6.91% | – |
| NEP | Exit | NextEra Energy Partners | $0 | – | -120,283 | – | -8.43% | – |
Q3 2017
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| JPM | Sell | J.P. Morgan Chase | $3,208,000 | -18.8% | 33,590 | -22.3% | 5.58% | -6.2% |
| JNJ | Sell | Johnson & Johnson | $2,642,000 | -5.5% | 20,320 | -3.8% | 4.60% | +9.1% |
| V | Sell | Visa | $2,606,000 | +7.2% | 24,760 | -4.5% | 4.53% | +23.7% |
| C | Sell | Citigroup | $2,171,000 | +4.1% | 29,840 | -4.3% | 3.78% | +20.2% |
| FB | Sell | $1,584,000 | -5.1% | 9,270 | -16.2% | 2.76% | +9.5% | |
| DWDP | New | DowDuPont | $1,539,000 | – | 22,230 | – | 2.68% | – |
| MSFT | Sell | Microsoft | $1,432,000 | -22.2% | 19,220 | -28.0% | 2.49% | -10.1% |
| CELG | Sell | Celgne Corp | $1,420,000 | -9.6% | 9,740 | -19.5% | 2.47% | +4.4% |
| BAC | Sell | Bank of America | $1,384,000 | -24.4% | 54,620 | -27.6% | 2.41% | -12.7% |
| GOOGL | Sell | Alphabet, Inc. Cl A | $1,353,000 | -42.9% | 1,390 | -45.5% | 2.35% | -34.1% |
| DAL | Sell | Delta Airlines | $1,274,000 | -25.5% | 26,430 | -17.0% | 2.22% | -14.0% |
| ABT | Sell | Abbott Laboratories | $1,269,000 | -0.2% | 23,790 | -9.1% | 2.21% | +15.2% |
| AAPL | Sell | Apple Computer | $1,265,000 | -20.2% | 8,210 | -25.4% | 2.20% | -7.9% |
| AMZN | Sell | Amazon.com Inc. | $1,221,000 | -37.3% | 1,270 | -36.8% | 2.12% | -27.6% |
| FDX | Buy | Fedex | $1,189,000 | +42.4% | 5,270 | +37.2% | 2.07% | +64.5% |
| IP | New | International Paper | $1,177,000 | – | 20,710 | – | 2.05% | – |
| NEE | Sell | NextEra Energy, Inc. | $1,099,000 | -19.8% | 7,500 | -23.3% | 1.91% | -7.4% |
| SRE | Sell | Sempra Energy | $1,075,000 | -19.3% | 9,420 | -20.2% | 1.87% | -6.8% |
| GLNCY | New | Glencore PC ADR | $948,000 | – | 103,670 | – | 1.65% | – |
| LUV | Sell | Southwest Airlines | $778,000 | -52.2% | 13,900 | -47.0% | 1.35% | -44.8% |
| MS | New | Morgan Stanley | $776,000 | – | 16,110 | – | 1.35% | – |
| BX | Sell | Blackstone Group | $748,000 | -12.6% | 22,410 | -12.7% | 1.30% | +0.9% |
| HD | Sell | Home Depot | $741,000 | -20.8% | 4,530 | -25.7% | 1.29% | -8.6% |
| PEP | Sell | Pepsico | $676,000 | -17.1% | 6,070 | -14.0% | 1.18% | -4.2% |
| AGN | Sell | Allergan Inc. | $553,000 | -66.9% | 2,700 | -60.7% | 0.96% | -61.8% |
| RCL | New | Royal Caribbean Cruise Ltd. | $523,000 | – | 4,410 | – | 0.91% | – |
| CCL | New | Carnival Corporation | $483,000 | – | 7,480 | – | 0.84% | – |
| KKR | Sell | KKR & Co. LP | $469,000 | -13.6% | 23,080 | -21.0% | 0.82% | -0.2% |
| AAL | Sell | American Airlines Group | $421,000 | -49.9% | 8,870 | -46.9% | 0.73% | -42.1% |
| ACN | Sell | Accenture PLC | $316,000 | -21.4% | 2,340 | -28.0% | 0.55% | -9.2% |
| DIS | Exit | Walt Disney | $0 | – | -3,600 | – | -0.58% | – |
| DHR | Exit | Danaher Corp | $0 | – | -4,800 | – | -0.61% | – |
| TMO | Exit | Thermo Fisher Scientific | $0 | – | -3,975 | – | -1.05% | – |
| UNP | Exit | Union Pacific | $0 | – | -7,120 | – | -1.17% | – |
| ENB | Exit | Enbridge Inc. | $0 | – | -25,249 | – | -1.52% | – |
| DOW | Exit | Dow Chemical | $0 | – | -20,120 | – | -1.91% | – |
| CAFD | Exit | 8point3 Energy Partners, LP | $0 | – | -95,598 | – | -2.18% | – |
| NSRGY | Exit | Nestle Spons ADR | $0 | – | -18,075 | – | -2.38% | – |
Q2 2017
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| NEP | New | Next Era Energy Partners | $4,449,000 | – | 120,283 | – | 6.70% | – |
| JPM | New | J.P. Morgan Chase | $3,950,000 | – | 43,220 | – | 5.95% | – |
| PEGI | New | Pattern Energy Group, Inc. Cla | $3,929,000 | – | 164,794 | – | 5.92% | – |
| MMP | New | Magellan Midstream Partners, L | $3,440,000 | – | 48,272 | – | 5.18% | – |
| JNJ | New | Johnson & Johnson | $2,795,000 | – | 21,130 | – | 4.21% | – |
| EPD | New | Enterprise Prod Partners | $2,571,000 | – | 94,950 | – | 3.87% | – |
| V | New | Visa | $2,432,000 | – | 25,930 | – | 3.66% | – |
| GOOGL | New | Alphabet, Inc. Cl A | $2,371,000 | – | 2,550 | – | 3.57% | – |
| NYLD | New | NRG Yield, Inc.Class C | $2,147,000 | – | 122,010 | – | 3.24% | – |
| C | New | Citigroup | $2,085,000 | – | 31,180 | – | 3.14% | – |
| AMZN | New | Amazon.com Inc. | $1,946,000 | – | 2,010 | – | 2.93% | – |
| MSFT | New | Microsoft | $1,840,000 | – | 26,690 | – | 2.77% | – |
| BAC | New | Bank of America | $1,831,000 | – | 75,490 | – | 2.76% | – |
| DAL | New | Delta Airlines | $1,711,000 | – | 31,830 | – | 2.58% | – |
| FB | New | $1,670,000 | – | 11,060 | – | 2.52% | – | |
| AGN | New | Allergan Inc. | $1,670,000 | – | 6,870 | – | 2.52% | – |
| LUV | New | Southwest Airlines | $1,629,000 | – | 26,220 | – | 2.46% | – |
| AAPL | New | Apple Computer | $1,586,000 | – | 11,010 | – | 2.39% | – |
| NSRGY | New | Nestle Spons ADR | $1,576,000 | – | 18,075 | – | 2.38% | – |
| CELG | New | Celgne Corp | $1,571,000 | – | 12,100 | – | 2.37% | – |
| CAFD | New | 8point3 Energy Partners, LP | $1,446,000 | – | 95,598 | – | 2.18% | – |
| NEE | New | NextEra Energy, Inc. | $1,370,000 | – | 9,780 | – | 2.06% | – |
| SRE | New | Sempra Energy | $1,332,000 | – | 11,810 | – | 2.01% | – |
| ABT | New | Abbott Laboratories | $1,272,000 | – | 26,170 | – | 1.92% | – |
| DOW | New | Dow Chemical | $1,269,000 | – | 20,120 | – | 1.91% | – |
| WMB | New | Williams Companies Inc | $1,169,000 | – | 38,620 | – | 1.76% | – |
| ENB | New | Enbridge Inc. | $1,005,000 | – | 25,249 | – | 1.52% | – |
| HD | New | Home Depot | $936,000 | – | 6,100 | – | 1.41% | – |
| TBBK | New | Bancorp Inc | $863,000 | – | 113,813 | – | 1.30% | – |
| BX | New | Blackstone Group | $856,000 | – | 25,680 | – | 1.29% | – |
| AAL | New | American Airlines Group | $841,000 | – | 16,710 | – | 1.27% | – |
| FDX | New | Fedex | $835,000 | – | 3,840 | – | 1.26% | – |
| PEP | New | Pepsico | $815,000 | – | 7,060 | – | 1.23% | – |
| UNP | New | Union Pacific | $775,000 | – | 7,120 | – | 1.17% | – |
| ET | New | Energy Transfer Equity LP | $743,000 | – | 41,360 | – | 1.12% | – |
| KMI | New | Kinder Morgan Inc. | $700,000 | – | 36,530 | – | 1.06% | – |
| TMO | New | Thermo Fisher Scientific | $694,000 | – | 3,975 | – | 1.05% | – |
| KKR | New | KKR & Co. LP | $543,000 | – | 29,220 | – | 0.82% | – |
| RSO | New | Resource Capital | $505,000 | – | 49,644 | – | 0.76% | – |
| DHR | New | Danaher Corp | $405,000 | – | 4,800 | – | 0.61% | – |
| ACN | New | Accenture PLC | $402,000 | – | 3,250 | – | 0.61% | – |
| DIS | New | Walt Disney | $382,000 | – | 3,600 | – | 0.58% | – |
Q4 2016
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| FTV | Exit | Fortive Corp. | $0 | – | -4,870 | – | -0.47% | – |
| LUV | Exit | Southwest Airlines | $0 | – | -6,800 | – | -0.50% | – |
| WMB | Exit | Williams Companies Inc | $0 | – | -10,880 | – | -0.63% | – |
| VZ | Exit | Verizon Comm | $0 | – | -7,240 | – | -0.71% | – |
| PAA | Exit | Plains All American Pipeline L | $0 | – | -14,368 | – | -0.85% | – |
| SE | Exit | Spectra Energy | $0 | – | -13,880 | – | -1.12% | – |
| RSO | Exit | Resource Capital | $0 | – | -49,644 | – | -1.20% | – |
| ET | Exit | Energy Transfer Equity LP | $0 | – | -41,360 | – | -1.31% | – |
| JCI | Exit | Johnson Controls International | $0 | – | -15,025 | – | -1.32% | – |
| V | Exit | Visa | $0 | – | -8,570 | – | -1.34% | – |
| SEP | Exit | Spectra Energy Partners LP | $0 | – | -16,560 | – | -1.37% | – |
| TBBK | Exit | Bancorp Inc | $0 | – | -113,813 | – | -1.38% | – |
| ABT | Exit | Abbott Laboratories | $0 | – | -17,990 | – | -1.44% | – |
| DHR | Exit | Danaher Corp | $0 | – | -9,740 | – | -1.44% | – |
| MKC | Exit | McCormick & Co. | $0 | – | -7,690 | – | -1.45% | – |
| C | Exit | Citigroup | $0 | – | -17,890 | – | -1.60% | – |
| PEP | Exit | Pepsico | $0 | – | -9,270 | – | -1.90% | – |
| GOOGL | Exit | Alphabet, Inc. Cl A | $0 | – | -1,520 | – | -2.31% | – |
| JPM | Exit | J.P. Morgan Chase | $0 | – | -19,340 | – | -2.43% | – |
| GE | Exit | General Electric | $0 | – | -44,290 | – | -2.48% | – |
| NLSN | Exit | Nielsen Holdings PLC | $0 | – | -25,290 | – | -2.56% | – |
| NYLD | Exit | NRG Yield, Inc.Class C | $0 | – | -86,770 | – | -2.78% | – |
| HD | Exit | Home Depot | $0 | – | -12,460 | – | -3.03% | – |
| FB | Exit | $0 | – | -12,970 | – | -3.14% | – | |
| CAFD | Exit | 8point3 Energy Partners, LP | $0 | – | -115,930 | – | -3.15% | – |
| MDT | Exit | Medtronic | $0 | – | -21,375 | – | -3.49% | – |
| NEE | Exit | NextEra Energy, Inc. | $0 | – | -15,140 | – | -3.50% | – |
| SRE | Exit | Sempra Energy | $0 | – | -18,130 | – | -3.67% | – |
| TMO | Exit | Thermo Fisher Scientific | $0 | – | -12,445 | – | -3.74% | – |
| AMZN | Exit | Amazon.com Inc. | $0 | – | -2,680 | – | -4.24% | – |
| AGN | Exit | Allergan Inc. | $0 | – | -9,860 | – | -4.29% | – |
| EPD | Exit | Enterprise Prod Partners | $0 | – | -94,950 | – | -4.95% | – |
| NSRGY | Exit | Nestle Spons ADR | $0 | – | -34,055 | – | -5.08% | – |
| JNJ | Exit | Johnson & Johnson | $0 | – | -26,310 | – | -5.87% | – |
| NEP | Exit | Next Era Energy Partners | $0 | – | -120,283 | – | -6.35% | – |
| MMP | Exit | Magellan Midstream Partners, L | $0 | – | -48,272 | – | -6.45% | – |
| PEGI | Exit | Pattern Energy Group, Inc. Cla | $0 | – | -153,604 | – | -6.52% | – |
Q3 2016
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| PEGI | Buy | Pattern Energy Group, Inc. Cla | $3,455,000 | +24.3% | 153,604 | +27.0% | 6.52% | +16.5% |
| AMZN | Buy | Amazon.com Inc. | $2,244,000 | +40.6% | 2,680 | +20.2% | 4.24% | +31.8% |
| CAFD | Buy | 8point3 Energy Partners, LP | $1,669,000 | -3.9% | 115,930 | +5.5% | 3.15% | -9.9% |
| FB | Buy | $1,664,000 | +77.2% | 12,970 | +57.8% | 3.14% | +66.1% | |
| HD | Buy | Home Depot | $1,603,000 | +11.9% | 12,460 | +11.1% | 3.03% | +4.9% |
| NYLD | Buy | NRG Yield, Inc.Class C | $1,472,000 | +19.1% | 86,770 | +9.4% | 2.78% | +11.6% |
| GE | New | General Electric | $1,312,000 | – | 44,290 | – | 2.48% | – |
| GOOGL | Buy | Alphabet, Inc. Cl A | $1,222,000 | +55.1% | 1,520 | +35.7% | 2.31% | +45.3% |
| PEP | Buy | Pepsico | $1,008,000 | +22.2% | 9,270 | +19.0% | 1.90% | +14.6% |
| ABT | New | Abbott Laboratories | $761,000 | – | 17,990 | – | 1.44% | – |
| JCI | New | Johnson Controls International | $699,000 | – | 15,025 | – | 1.32% | – |
| VZ | New | Verizon Comm | $376,000 | – | 7,240 | – | 0.71% | – |
| WMB | New | Williams Companies Inc | $334,000 | – | 10,880 | – | 0.63% | – |
| LUV | Sell | Southwest Airlines | $264,000 | -42.0% | 6,800 | -41.4% | 0.50% | -45.6% |
| FTV | New | Fortive Corp. | $248,000 | – | 4,870 | – | 0.47% | – |
| KMB | Exit | Kimberly Clark | $0 | – | -3,060 | – | -0.85% | – |
| UAL | Exit | United Continental Holdings, I | $0 | – | -13,920 | – | -1.15% | – |
| DAL | Exit | Delta Airlines | $0 | – | -19,130 | – | -1.40% | – |
| MA | Exit | MasterCard Inc. | $0 | – | -10,635 | – | -1.89% | – |
Q2 2016
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| MMP | New | Magellan Midstream Partners, L | $3,669,000 | – | 48,272 | – | 7.39% | – |
| NEP | New | Next Era Energy Partners | $3,654,000 | – | 120,283 | – | 7.36% | – |
| JNJ | New | Johnson & Johnson | $3,191,000 | – | 26,310 | – | 6.43% | – |
| PEGI | New | Pattern Energy Group, Inc. Cla | $2,779,000 | – | 120,984 | – | 5.60% | – |
| EPD | New | Enterprise Prod Partners | $2,778,000 | – | 94,950 | – | 5.59% | – |
| NSRGY | New | Nestle Spons ADR | $2,627,000 | – | 34,055 | – | 5.29% | – |
| AGN | New | Allergan Inc. | $2,279,000 | – | 9,860 | – | 4.59% | – |
| SRE | New | Sempra Energy | $2,067,000 | – | 18,130 | – | 4.16% | – |
| NEE | New | NextEra Energy, Inc. | $1,974,000 | – | 15,140 | – | 3.98% | – |
| MDT | New | Medtronic | $1,855,000 | – | 21,375 | – | 3.74% | – |
| TMO | New | Thermo Fisher Scientific | $1,839,000 | – | 12,445 | – | 3.70% | – |
| CAFD | New | 8point3 Energy Partners, LP | $1,736,000 | – | 109,870 | – | 3.50% | – |
| AMZN | New | Amazon.com Inc. | $1,596,000 | – | 2,230 | – | 3.21% | – |
| HD | New | Home Depot | $1,433,000 | – | 11,220 | – | 2.89% | – |
| NLSN | New | Nielsen Holdings PLC | $1,314,000 | – | 25,290 | – | 2.65% | – |
| NYLD | New | NRG Yield, Inc.Class C | $1,236,000 | – | 79,300 | – | 2.49% | – |
| JPM | New | J.P. Morgan Chase | $1,202,000 | – | 19,340 | – | 2.42% | – |
| DHR | New | Danaher Corp | $984,000 | – | 9,740 | – | 1.98% | – |
| FB | New | $939,000 | – | 8,220 | – | 1.89% | – | |
| MA | New | MasterCard Inc. | $937,000 | – | 10,635 | – | 1.89% | – |
| PEP | New | Pepsico | $825,000 | – | 7,790 | – | 1.66% | – |
| MKC | New | McCormick & Co. | $820,000 | – | 7,690 | – | 1.65% | – |
| GOOGL | New | Alphabet, Inc. Cl A | $788,000 | – | 1,120 | – | 1.59% | – |
| SEP | New | Spectra Energy Partners LP | $781,000 | – | 16,560 | – | 1.57% | – |
| C | New | Citigroup | $758,000 | – | 17,890 | – | 1.53% | – |
| DAL | New | Delta Airlines | $697,000 | – | 19,130 | – | 1.40% | – |
| TBBK | New | Bancorp Inc | $685,000 | – | 113,813 | – | 1.38% | – |
| RSO | New | Resource Capital | $638,000 | – | 49,644 | – | 1.28% | – |
| V | New | Visa | $636,000 | – | 8,570 | – | 1.28% | – |
| ET | New | Energy Transfer Equity LP | $594,000 | – | 41,360 | – | 1.20% | – |
| UAL | New | United Continental Holdings, I | $571,000 | – | 13,920 | – | 1.15% | – |
| SE | New | Spectra Energy | $508,000 | – | 13,880 | – | 1.02% | – |
| LUV | New | Southwest Airlines | $455,000 | – | 11,600 | – | 0.92% | – |
| KMB | New | Kimberly Clark | $421,000 | – | 3,060 | – | 0.85% | – |
| PAA | New | Plains All American Pipeline L | $395,000 | – | 14,368 | – | 0.80% | – |
Q4 2015
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| Exit | Bayerische Motoren Werke AG | $0 | – | -4,110 | – | -0.75% | – | |
| BDN | Exit | Brandywine Realty | $0 | – | -31,080 | – | -0.80% | – |
| UBS | Exit | UBS Group AG | $0 | – | -21,620 | – | -0.83% | – |
| MSFT | Exit | Microsoft | $0 | – | -9,190 | – | -0.85% | – |
| COF | Exit | Capital One Financial | $0 | – | -5,670 | – | -0.86% | – |
| LPT | Exit | Liberty Property Tr | $0 | – | -13,892 | – | -0.91% | – |
| HT | Exit | Hersha Hospitality Trust Class | $0 | – | -22,337 | – | -1.05% | – |
| TWO | Exit | Two Harbors Investment Corp. | $0 | – | -61,110 | – | -1.12% | – |
| RSO | Exit | Resource Capital | $0 | – | -49,645 | – | -1.16% | – |
| TMO | Exit | Thermo Fisher Scientific | $0 | – | -5,245 | – | -1.34% | – |
| KMI | Exit | Kinder Morgan Inc. | $0 | – | -23,320 | – | -1.34% | – |
| FB | Exit | $0 | – | -7,730 | – | -1.45% | – | |
| AAP | Exit | Advance Auto Parts | $0 | – | -3,740 | – | -1.48% | – |
| DCP | Exit | DCP Midstream Partners, LP | $0 | – | -30,880 | – | -1.56% | – |
| WMB | Exit | Williams Companies Inc | $0 | – | -20,630 | – | -1.58% | – |
| MKC | Exit | McCormick & Co. | $0 | – | -9,530 | – | -1.63% | – |
| NVR | Exit | NVR, Inc. | $0 | – | -520 | – | -1.65% | – |
| SRE | Exit | Sempra Energy | $0 | – | -8,210 | – | -1.65% | – |
| TBBK | Exit | Bancorp Inc | $0 | – | -113,813 | – | -1.81% | – |
| C | Exit | Citigroup | $0 | – | -19,270 | – | -1.99% | – |
| JPM | Exit | J.P. Morgan Chase | $0 | – | -15,910 | – | -2.02% | – |
| AIG | Exit | American Intl. Group | $0 | – | -17,810 | – | -2.11% | – |
| PAA | Exit | Plains All American Pipeline L | $0 | – | -34,276 | – | -2.17% | – |
| CVS | Exit | CVS Health Corp | $0 | – | -11,300 | – | -2.27% | – |
| NLSN | Exit | Nielsen Holdings PLC | $0 | – | -26,170 | – | -2.42% | – |
| DHR | Exit | Danaher Corp | $0 | – | -14,350 | – | -2.55% | – |
| NEE | Exit | NextEra Energy, Inc. | $0 | – | -12,720 | – | -2.58% | – |
| NEP | Exit | Next Era Energy Partners | $0 | – | -58,642 | – | -2.66% | – |
| UAL | Exit | United Continental Holdings, I | $0 | – | -25,940 | – | -2.87% | – |
| AGN | Exit | Allergan Inc. | $0 | – | -5,130 | – | -2.90% | – |
| AAL | Exit | American Airlines Group | $0 | – | -36,210 | – | -2.93% | – |
| DAL | Exit | Delta Airlines | $0 | – | -32,380 | – | -3.03% | – |
| ALK | Exit | Alaska Airlines | $0 | – | -19,110 | – | -3.16% | – |
| MDT | Exit | Medtronic | $0 | – | -22,825 | – | -3.18% | – |
| MA | Exit | MasterCard Inc. | $0 | – | -17,640 | – | -3.31% | – |
| REXI | Exit | Resource America | $0 | – | -256,851 | – | -3.56% | – |
| HD | Exit | Home Depot | $0 | – | -17,480 | – | -4.21% | – |
| ET | Exit | Energy Transfer Equity LP | $0 | – | -99,720 | – | -4.32% | – |
| EPD | Exit | Enterprise Prod Partners | $0 | – | -94,950 | – | -4.92% | – |
| JNJ | Exit | Johnson & Johnson | $0 | – | -26,310 | – | -5.12% | – |
| NSRGY | Exit | Nestle Spons ADR | $0 | – | -37,365 | – | -5.84% | – |
| MMP | Exit | Magellan Midstream Partners, L | $0 | – | -48,272 | – | -6.05% | – |
Q3 2015
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| ET | Buy | Energy Transfer Equity LP | $2,075,000 | -35.2% | 99,720 | +100.0% | 4.32% | -9.6% |
| HD | New | Home Depot | $2,019,000 | – | 17,480 | – | 4.21% | – |
| MA | Buy | MasterCard Inc. | $1,590,000 | +43.8% | 17,640 | +49.1% | 3.31% | +100.4% |
| MDT | Sell | Medtronic | $1,528,000 | -42.3% | 22,825 | -36.2% | 3.18% | -19.6% |
| ALK | Buy | Alaska Airlines | $1,518,000 | +24.0% | 19,110 | +0.6% | 3.16% | +72.9% |
| DAL | Buy | Delta Airlines | $1,453,000 | +66.8% | 32,380 | +52.7% | 3.03% | +132.5% |
| AAL | Buy | American Airlines Group | $1,406,000 | +64.4% | 36,210 | +69.1% | 2.93% | +129.2% |
| AGN | New | Allergan Inc. | $1,394,000 | – | 5,130 | – | 2.90% | – |
| UAL | Buy | United Continental Holdings, I | $1,376,000 | +42.3% | 25,940 | +42.1% | 2.87% | +98.4% |
| NEP | Buy | Next Era Energy Partners | $1,278,000 | +45.4% | 58,642 | +164.3% | 2.66% | +102.7% |
| DHR | New | Danaher Corp | $1,223,000 | – | 14,350 | – | 2.55% | – |
| NLSN | New | Nielsen Holdings PLC | $1,164,000 | – | 26,170 | – | 2.42% | – |
| CVS | Sell | CVS Health Corp | $1,090,000 | -58.1% | 11,300 | -54.4% | 2.27% | -41.6% |
| JPM | Sell | J.P. Morgan Chase | $970,000 | -61.5% | 15,910 | -57.2% | 2.02% | -46.3% |
| C | Sell | Citigroup | $956,000 | -29.9% | 19,270 | -22.0% | 1.99% | -2.3% |
| SRE | New | Sempra Energy | $794,000 | – | 8,210 | – | 1.65% | – |
| NVR | Buy | NVR, Inc. | $793,000 | +168.8% | 520 | +136.4% | 1.65% | +274.6% |
| MKC | Sell | McCormick & Co. | $783,000 | -21.1% | 9,530 | -22.2% | 1.63% | +10.0% |
| WMB | Sell | Williams Companies Inc | $760,000 | -59.0% | 20,630 | -36.1% | 1.58% | -42.8% |
| AAP | Sell | Advance Auto Parts | $709,000 | +16.2% | 3,740 | -2.3% | 1.48% | +62.0% |
| FB | Sell | $695,000 | -40.3% | 7,730 | -43.0% | 1.45% | -16.8% | |
| KMI | Sell | Kinder Morgan Inc. | $645,000 | -56.1% | 23,320 | -39.0% | 1.34% | -38.7% |
| TMO | Sell | Thermo Fisher Scientific | $641,000 | -52.2% | 5,245 | -49.2% | 1.34% | -33.3% |
| RSO | New | Resource Capital | $555,000 | – | 49,645 | – | 1.16% | – |
| HT | Sell | Hersha Hospitality Trust Class | $506,000 | -78.4% | 22,337 | -75.6% | 1.05% | -70.0% |
| LPT | New | Liberty Property Tr | $438,000 | – | 13,892 | – | 0.91% | – |
| MSFT | Sell | Microsoft | $407,000 | -15.2% | 9,190 | -15.5% | 0.85% | +18.3% |
| UBS | Sell | UBS Group AG | $400,000 | -53.7% | 21,620 | -46.9% | 0.83% | -35.4% |
| BDN | New | Brandywine Realty | $383,000 | – | 31,080 | – | 0.80% | – |
| New | Bayerische Motoren Werke AG | $361,000 | – | 4,110 | – | 0.75% | – | |
| TRGP | Exit | Targa Resources Corp | $0 | – | -2,950 | – | -0.39% | – |
| UN | Exit | Unilever NV NY | $0 | – | -6,740 | – | -0.42% | – |
| DOW | Exit | Dow Chemical | $0 | – | -5,550 | – | -0.42% | – |
| Exit | Anheuser-Busch InBev | $0 | – | -2,620 | – | -0.48% | – | |
| OKE | Exit | Oneok Inc. | $0 | – | -8,850 | – | -0.52% | – |
| RHHBY | Exit | Roche Holding AG | $0 | – | -12,560 | – | -0.66% | – |
| BUD | Exit | Anheuser-Busch Inbev ADR | $0 | – | -3,650 | – | -0.66% | – |
| SEMI | Exit | SunEdison Semiconductor, Inc. | $0 | – | -28,675 | – | -0.74% | – |
| LLY | Exit | Eli Lilly | $0 | – | -6,080 | – | -0.76% | – |
| GILD | Exit | Gilead Science | $0 | – | -6,120 | – | -1.07% | – |
| MS | Exit | Morgan Stanley | $0 | – | -19,710 | – | -1.14% | – |
| RSO | Exit | Resource Capital | $0 | – | -198,581 | – | -1.15% | – |
| ENB | Exit | Enbridge Inc. | $0 | – | -16,480 | – | -1.15% | – |
| Exit | Volkswagen AG Pref | $0 | – | -3,560 | – | -1.22% | – | |
| LUV | Exit | Southwest Airlines | $0 | – | -24,920 | – | -1.23% | – |
| NRF | Exit | Northstar Realty Finance Corp. | $0 | – | -53,117 | – | -1.26% | – |
| NLSN | Exit | Nielsen, N.V. | $0 | – | -19,380 | – | -1.30% | – |
| ALXN | Exit | Alexion Pharmaceutical | $0 | – | -5,940 | – | -1.60% | – |
| AMG | Exit | Affiliated Managers Group, Inc | $0 | – | -5,140 | – | -1.68% | – |
| CELG | Exit | Celgne Corp | $0 | – | -10,040 | – | -1.74% | – |
| AAPL | Exit | Apple Computer | $0 | – | -27,130 | – | -5.09% | – |
Q2 2015
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| MMP | New | Magellan Midstream Partners, L | $3,542,000 | – | 48,272 | – | 5.29% | – |
| AAPL | New | Apple Computer | $3,403,000 | – | 27,130 | – | 5.09% | – |
| ET | New | Energy Transfer Equity LP | $3,200,000 | – | 49,860 | – | 4.78% | – |
| EPD | New | Enterprise Prod Partners | $2,838,000 | – | 94,950 | – | 4.24% | – |
| NSRGY | New | Nestle Spons ADR | $2,699,000 | – | 37,365 | – | 4.03% | – |
| MDT | New | Medtronic | $2,649,000 | – | 35,750 | – | 3.96% | – |
| CVS | New | CVS Health Corp | $2,600,000 | – | 24,790 | – | 3.89% | – |
| JNJ | New | Johnson & Johnson | $2,564,000 | – | 26,310 | – | 3.83% | – |
| JPM | New | J.P. Morgan Chase | $2,519,000 | – | 37,180 | – | 3.76% | – |
| HT | New | Hersha Hospitality Trust Class | $2,348,000 | – | 91,579 | – | 3.51% | – |
| REXI | New | Resource America | $2,160,000 | – | 256,851 | – | 3.23% | – |
| WMB | New | Williams Companies Inc | $1,853,000 | – | 32,290 | – | 2.77% | – |
| PAA | New | Plains All American Pipeline L | $1,493,000 | – | 34,276 | – | 2.23% | – |
| KMI | New | Kinder Morgan Inc. | $1,468,000 | – | 38,240 | – | 2.19% | – |
| C | New | Citigroup | $1,364,000 | – | 24,700 | – | 2.04% | – |
| TMO | New | Thermo Fisher Scientific | $1,340,000 | – | 10,330 | – | 2.00% | – |
| NEE | New | NextEra Energy, Inc. | $1,247,000 | – | 12,720 | – | 1.86% | – |
| ALK | New | Alaska Airlines | $1,224,000 | – | 19,000 | – | 1.83% | – |
| FB | New | $1,164,000 | – | 13,570 | – | 1.74% | – | |
| CELG | New | Celgne Corp | $1,162,000 | – | 10,040 | – | 1.74% | – |
| AMG | New | Affiliated Managers Group, Inc | $1,124,000 | – | 5,140 | – | 1.68% | – |
| MA | New | MasterCard Inc. | $1,106,000 | – | 11,830 | – | 1.65% | – |
| AIG | New | American Intl. Group | $1,101,000 | – | 17,810 | – | 1.65% | – |
| ALXN | New | Alexion Pharmaceutical | $1,074,000 | – | 5,940 | – | 1.60% | – |
| TBBK | New | Bancorp Inc | $1,056,000 | – | 113,813 | – | 1.58% | – |
| MKC | New | McCormick & Co. | $992,000 | – | 12,250 | – | 1.48% | – |
| UAL | New | United Continental Holdings, I | $967,000 | – | 18,250 | – | 1.44% | – |
| DCP | New | DCP Midstream Partners, LP | $948,000 | – | 30,880 | – | 1.42% | – |
| NEP | New | Next Era Energy Partners | $879,000 | – | 22,190 | – | 1.31% | – |
| DAL | New | Delta Airlines | $871,000 | – | 21,200 | – | 1.30% | – |
| NLSN | New | Nielsen, N.V. | $868,000 | – | 19,380 | – | 1.30% | – |
| UBS | New | UBS Group AG | $863,000 | – | 40,690 | – | 1.29% | – |
| AAL | New | American Airlines Group | $855,000 | – | 21,410 | – | 1.28% | – |
| NRF | New | Northstar Realty Finance Corp. | $845,000 | – | 53,117 | – | 1.26% | – |
| LUV | New | Southwest Airlines | $825,000 | – | 24,920 | – | 1.23% | – |
| New | Volkswagen AG Pref | $816,000 | – | 3,560 | – | 1.22% | – | |
| ENB | New | Enbridge Inc. | $771,000 | – | 16,480 | – | 1.15% | – |
| RSO | New | Resource Capital | $769,000 | – | 198,581 | – | 1.15% | – |
| MS | New | Morgan Stanley | $765,000 | – | 19,710 | – | 1.14% | – |
| GILD | New | Gilead Science | $717,000 | – | 6,120 | – | 1.07% | – |
| AAP | New | Advance Auto Parts | $610,000 | – | 3,830 | – | 0.91% | – |
| TWO | New | Two Harbors Investment Corp. | $595,000 | – | 61,110 | – | 0.89% | – |
| LLY | New | Eli Lilly | $508,000 | – | 6,080 | – | 0.76% | – |
| COF | New | Capital One Financial | $499,000 | – | 5,670 | – | 0.75% | – |
| SEMI | New | SunEdison Semiconductor, Inc. | $495,000 | – | 28,675 | – | 0.74% | – |
| MSFT | New | Microsoft | $480,000 | – | 10,870 | – | 0.72% | – |
| BUD | New | Anheuser-Busch Inbev ADR | $440,000 | – | 3,650 | – | 0.66% | – |
| RHHBY | New | Roche Holding AG | $440,000 | – | 12,560 | – | 0.66% | – |
| OKE | New | Oneok Inc. | $349,000 | – | 8,850 | – | 0.52% | – |
| New | Anheuser-Busch InBev | $319,000 | – | 2,620 | – | 0.48% | – | |
| NVR | New | NVR, Inc. | $295,000 | – | 220 | – | 0.44% | – |
| DOW | New | Dow Chemical | $284,000 | – | 5,550 | – | 0.42% | – |
| UN | New | Unilever NV NY | $282,000 | – | 6,740 | – | 0.42% | – |
| TRGP | New | Targa Resources Corp | $263,000 | – | 2,950 | – | 0.39% | – |
Q4 2014
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| 1338PS | Exit | UBS AG | $0 | – | -10,093 | – | -0.26% | – |
| WFC | Exit | Wells Fargo | $0 | – | -5,060 | – | -0.38% | – |
| C | Exit | Citigroup | $0 | – | -5,570 | – | -0.42% | – |
| Exit | Anheuser-Busch InBev | $0 | – | -2,620 | – | -0.42% | – | |
| FOXA | Exit | Twenty-First Century Fox | $0 | – | -12,399 | – | -0.62% | – |
| BAC | Exit | Bank of America | $0 | – | -28,880 | – | -0.72% | – |
| OKE | Exit | Oneok Inc. | $0 | – | -8,850 | – | -0.85% | – |
| MAR | Exit | Marriott Intl Class A | $0 | – | -10,150 | – | -1.04% | – |
| COF | Exit | Capital One Financial | $0 | – | -8,810 | – | -1.05% | – |
| MS | Exit | Morgan Stanley | $0 | – | -23,370 | – | -1.18% | – |
| ALK | Exit | Alaska Airlines | $0 | – | -19,000 | – | -1.21% | – |
| BUD | Exit | Anheuser-Busch Inbev ADR | $0 | – | -7,690 | – | -1.25% | – |
| UNP | Exit | Union Pacific | $0 | – | -7,910 | – | -1.26% | – |
| ALXN | Exit | Alexion Pharmaceutical | $0 | – | -5,200 | – | -1.26% | – |
| AAL | Exit | American Airlines Group | $0 | – | -24,440 | – | -1.27% | – |
| CELG | Exit | Celgne Corp | $0 | – | -9,560 | – | -1.32% | – |
| CVS | Exit | CVS Health Corp | $0 | – | -11,660 | – | -1.36% | – |
| NRF | Exit | Northstar Realty Finance Corp. | $0 | – | -54,107 | – | -1.40% | – |
| RSO | Exit | Resource Capital | $0 | – | -198,581 | – | -1.41% | – |
| TBBK | Exit | Bancorp Inc | $0 | – | -113,813 | – | -1.43% | – |
| DAL | Exit | Delta Airlines | $0 | – | -28,040 | – | -1.48% | – |
| KO | Exit | Coca Cola Co. | $0 | – | -24,320 | – | -1.52% | – |
| BLK | Exit | BlackRock, Inc. | $0 | – | -3,240 | – | -1.56% | – |
| CMRE | Exit | Costamare Inc. | $0 | – | -51,614 | – | -1.66% | – |
| MU | Exit | Micron Technology Inc. | $0 | – | -33,292 | – | -1.67% | – |
| TWO | Exit | Two Harbors Investment Corp. | $0 | – | -122,230 | – | -1.73% | – |
| TOO | Exit | Teekay Offshore Partners, L.P. | $0 | – | -35,560 | – | -1.75% | – |
| TK | Exit | Teekay Corp. | $0 | – | -18,420 | – | -1.79% | – |
| AAP | Exit | Advance Auto Parts | $0 | – | -9,870 | – | -1.88% | – |
| GILD | Exit | Gilead Science | $0 | – | -12,250 | – | -1.91% | – |
| RHHBY | Exit | Roche Holding AG | $0 | – | -35,700 | – | -1.93% | – |
| WMB | Exit | Williams Companies Inc | $0 | – | -25,340 | – | -2.05% | – |
| SLB | Exit | Schlumberger | $0 | – | -16,370 | – | -2.44% | – |
| DCP | Exit | DCP Midstream Partners, LP | $0 | – | -30,880 | – | -2.46% | – |
| UAL | Exit | United Continental Holdings, I | $0 | – | -36,520 | – | -2.50% | – |
| GOOG | Exit | Google Cl C | $0 | – | -2,990 | – | -2.52% | – |
| VZ | Exit | Verizon Comm | $0 | – | -34,940 | – | -2.56% | – |
| GOOGL | Exit | Google Cl A | $0 | – | -3,280 | – | -2.82% | – |
| PAA | Exit | Plains All American Pipeline L | $0 | – | -34,276 | – | -2.95% | – |
| AIG | Exit | American Intl. Group | $0 | – | -40,900 | – | -3.23% | – |
| REXI | Exit | Resource America | $0 | – | -256,851 | – | -3.50% | – |
| NSRGY | Exit | Nestle Spons ADR | $0 | – | -34,885 | – | -3.75% | – |
| JPM | Exit | J.P. Morgan Chase | $0 | – | -44,040 | – | -3.88% | – |
| ET | Exit | Energy Transfer Equity LP | $0 | – | -49,860 | – | -4.50% | – |
| JNJ | Exit | Johnson & Johnson | $0 | – | -31,130 | – | -4.85% | – |
| AAPL | Exit | Apple Computer | $0 | – | -37,170 | – | -5.48% | – |
| EPD | Exit | Enterprise Prod Partners | $0 | – | -94,950 | – | -5.60% | – |
| MMP | Exit | Magellan Midstream Partners, L | $0 | – | -48,272 | – | -5.94% | – |
Q3 2014
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| EPD | Buy | Enterprise Prod Partners | $3,826,000 | +2.9% | 94,950 | +100.0% | 5.60% | +9.9% |
| AAPL | Buy | Apple Computer | $3,745,000 | +34.9% | 37,170 | +24.4% | 5.48% | +43.9% |
| JPM | Buy | J.P. Morgan Chase | $2,653,000 | +391.3% | 44,040 | +370.0% | 3.88% | +424.3% |
| REXI | Buy | Resource America | $2,391,000 | +830.4% | 256,851 | +836.1% | 3.50% | +893.5% |
| VZ | Buy | Verizon Comm | $1,747,000 | +99.7% | 34,940 | +95.4% | 2.56% | +113.1% |
| GOOG | Buy | Google Cl C | $1,726,000 | +84.0% | 2,990 | +83.4% | 2.52% | +96.4% |
| UAL | Sell | United Continental Holdings, I | $1,709,000 | -13.4% | 36,520 | -24.0% | 2.50% | -7.6% |
| SLB | Buy | Schlumberger | $1,665,000 | +40.5% | 16,370 | +62.9% | 2.44% | +49.9% |
| AAP | New | Advance Auto Parts | $1,286,000 | – | 9,870 | – | 1.88% | – |
| TK | Buy | Teekay Corp. | $1,222,000 | +98.4% | 18,420 | +86.1% | 1.79% | +111.7% |
| MU | Sell | Micron Technology Inc. | $1,141,000 | -0.5% | 33,292 | -4.4% | 1.67% | +6.2% |
| CMRE | Sell | Costamare Inc. | $1,133,000 | -32.4% | 51,614 | -28.2% | 1.66% | -27.9% |
| BLK | Sell | BlackRock, Inc. | $1,064,000 | -41.5% | 3,240 | -43.1% | 1.56% | -37.6% |
| KO | New | Coca Cola Co. | $1,037,000 | – | 24,320 | – | 1.52% | – |
| DAL | Sell | Delta Airlines | $1,014,000 | -43.4% | 28,040 | -39.4% | 1.48% | -39.6% |
| NRF | Sell | Northstar Realty Finance Corp. | $956,000 | -49.2% | 54,107 | -50.0% | 1.40% | -45.8% |
| CELG | New | Celgne Corp | $906,000 | – | 9,560 | – | 1.32% | – |
| AAL | Sell | American Airlines Group | $867,000 | -67.5% | 24,440 | -60.6% | 1.27% | -65.3% |
| ALXN | New | Alexion Pharmaceutical | $862,000 | – | 5,200 | – | 1.26% | – |
| UNP | Sell | Union Pacific | $858,000 | -16.0% | 7,910 | -22.8% | 1.26% | -10.3% |
| ALK | New | Alaska Airlines | $827,000 | – | 19,000 | – | 1.21% | – |
| MS | Sell | Morgan Stanley | $808,000 | -10.9% | 23,370 | -16.7% | 1.18% | -4.9% |
| FOXA | New | Twenty-First Century Fox | $425,000 | – | 12,399 | – | 0.62% | – |
| C | Sell | Citigroup | $289,000 | -33.7% | 5,570 | -39.8% | 0.42% | -29.3% |
| WFC | Sell | Wells Fargo | $262,000 | -84.1% | 5,060 | -83.9% | 0.38% | -83.1% |
| Exit | Volkswagen AG Pref | $0 | – | -1,000 | – | -0.35% | – | |
| J | Exit | Jacobs Engineering Group | $0 | – | -10,820 | – | -0.79% | – |
| GE | Exit | General Electric | $0 | – | -23,130 | – | -0.83% | – |
| KKR | Exit | KKR & Co. LP | $0 | – | -25,980 | – | -0.87% | – |
| CBI | Exit | Chicago Bridge & Iron | $0 | – | -9,300 | – | -0.87% | – |
| BX | Exit | Blackstone Group | $0 | – | -19,200 | – | -0.88% | – |
| BHI | Exit | Baker Hughes Inc. | $0 | – | -11,380 | – | -1.16% | – |
| NSC | Exit | Norfolk Southern | $0 | – | -9,000 | – | -1.27% | – |
| RJETQ | Exit | Republic Airways Holdings Inc. | $0 | – | -86,310 | – | -1.28% | – |
| BA | Exit | Boeing Company | $0 | – | -8,090 | – | -1.41% | – |
| QCOM | Exit | Qualcomm | $0 | – | -13,480 | – | -1.46% | – |
| MET | Exit | MetLife | $0 | – | -21,890 | – | -1.67% | – |
| WCIC | Exit | WCI Communities, Inc. | $0 | – | -65,390 | – | -1.73% | – |
Q2 2014
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| MMP | New | Magellan Midstream Partners, L | $4,057,000 | – | 48,272 | – | 5.56% | – |
| EPD | New | Enterprise Prod Partners | $3,717,000 | – | 47,475 | – | 5.09% | – |
| JNJ | New | Johnson & Johnson | $3,257,000 | – | 31,130 | – | 4.46% | – |
| ET | New | Energy Transfer Equity LP | $2,939,000 | – | 49,860 | – | 4.03% | – |
| AAPL | New | Apple Computer | $2,777,000 | – | 29,880 | – | 3.81% | – |
| NSRGY | New | Nestle Spons ADR | $2,703,000 | – | 34,885 | – | 3.70% | – |
| AAL | New | American Airlines Group | $2,664,000 | – | 62,010 | – | 3.65% | – |
| AIG | New | American Intl. Group | $2,232,000 | – | 40,900 | – | 3.06% | – |
| PAA | New | Plains All American Pipeline L | $2,058,000 | – | 34,276 | – | 2.82% | – |
| UAL | New | United Continental Holdings, I | $1,974,000 | – | 48,070 | – | 2.70% | – |
| GOOGL | New | Google Cl A | $1,918,000 | – | 3,280 | – | 2.63% | – |
| NRF | New | Northstar Realty Finance Corp. | $1,881,000 | – | 108,215 | – | 2.58% | – |
| BLK | New | BlackRock, Inc. | $1,819,000 | – | 5,690 | – | 2.49% | – |
| DAL | New | Delta Airlines | $1,791,000 | – | 46,250 | – | 2.46% | – |
| DCP | New | DCP Midstream Partners, LP | $1,760,000 | – | 30,880 | – | 2.41% | – |
| CMRE | New | Costamare Inc. | $1,676,000 | – | 71,860 | – | 2.30% | – |
| WFC | New | Wells Fargo | $1,651,000 | – | 31,410 | – | 2.26% | – |
| WMB | New | Williams Companies Inc | $1,475,000 | – | 25,340 | – | 2.02% | – |
| TBBK | New | Bancorp Inc | $1,356,000 | – | 113,813 | – | 1.86% | – |
| RHHBY | New | Roche Holding AG | $1,331,000 | – | 35,700 | – | 1.82% | – |
| TOO | New | Teekay Offshore Partners, L.P. | $1,284,000 | – | 35,560 | – | 1.76% | – |
| TWO | New | Two Harbors Investment Corp. | $1,281,000 | – | 122,230 | – | 1.76% | – |
| WCIC | New | WCI Communities, Inc. | $1,263,000 | – | 65,390 | – | 1.73% | – |
| MET | New | MetLife | $1,216,000 | – | 21,890 | – | 1.67% | – |
| SLB | New | Schlumberger | $1,185,000 | – | 10,050 | – | 1.62% | – |
| MU | New | Micron Technology Inc. | $1,147,000 | – | 34,820 | – | 1.57% | – |
| RSO | New | Resource Capital | $1,118,000 | – | 198,581 | – | 1.53% | – |
| QCOM | New | Qualcomm | $1,068,000 | – | 13,480 | – | 1.46% | – |
| BA | New | Boeing Company | $1,029,000 | – | 8,090 | – | 1.41% | – |
| UNP | New | Union Pacific | $1,021,000 | – | 10,240 | – | 1.40% | – |
| GILD | New | Gilead Science | $1,016,000 | – | 12,250 | – | 1.39% | – |
| GOOG | New | Google Cl C | $938,000 | – | 1,630 | – | 1.28% | – |
| RJETQ | New | Republic Airways Holdings Inc. | $936,000 | – | 86,310 | – | 1.28% | – |
| NSC | New | Norfolk Southern | $927,000 | – | 9,000 | – | 1.27% | – |
| MS | New | Morgan Stanley | $907,000 | – | 28,060 | – | 1.24% | – |
| BUD | New | Anheuser-Busch Inbev ADR | $884,000 | – | 7,690 | – | 1.21% | – |
| CVS | New | CVS/Caremark | $879,000 | – | 11,660 | – | 1.20% | – |
| VZ | New | Verizon Comm | $875,000 | – | 17,880 | – | 1.20% | – |
| BHI | New | Baker Hughes Inc. | $847,000 | – | 11,380 | – | 1.16% | – |
| COF | New | Capital One Financial | $728,000 | – | 8,810 | – | 1.00% | – |
| MAR | New | Marriott Intl Class A | $651,000 | – | 10,150 | – | 0.89% | – |
| BX | New | Blackstone Group | $642,000 | – | 19,200 | – | 0.88% | – |
| CBI | New | Chicago Bridge & Iron | $634,000 | – | 9,300 | – | 0.87% | – |
| KKR | New | KKR & Co. LP | $632,000 | – | 25,980 | – | 0.87% | – |
| TK | New | Teekay Corp. | $616,000 | – | 9,900 | – | 0.84% | – |
| GE | New | General Electric | $608,000 | – | 23,130 | – | 0.83% | – |
| OKE | New | Oneok Inc. | $603,000 | – | 8,850 | – | 0.83% | – |
| J | New | Jacobs Engineering Group | $576,000 | – | 10,820 | – | 0.79% | – |
| JPM | New | J.P. Morgan Chase | $540,000 | – | 9,370 | – | 0.74% | – |
| BAC | New | Bank of America | $444,000 | – | 28,880 | – | 0.61% | – |
| C | New | Citigroup | $436,000 | – | 9,250 | – | 0.60% | – |
| New | Anheuser-Busch InBev | $301,000 | – | 2,620 | – | 0.41% | – | |
| New | Volkswagen AG Pref | $258,000 | – | 1,000 | – | 0.35% | – | |
| REXI | New | Resource America | $257,000 | – | 27,439 | – | 0.35% | – |
| 1338PS | New | UBS AG | $185,000 | – | 10,093 | – | 0.25% | – |
Q4 2013
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| REXI | Exit | Resource America | $0 | – | -27,439 | – | -0.34% | – |
| Exit | Anheuser-Busch InBev | $0 | – | -2,620 | – | -0.40% | – | |
| UN | Exit | Unilever NV NY | $0 | – | -7,170 | – | -0.42% | – |
| ABT | Exit | Abbott Laboratories | $0 | – | -10,330 | – | -0.53% | – |
| AMLP | Exit | Alerian MLP | $0 | – | -21,530 | – | -0.58% | – |
| MDLZ | Exit | Mondelez International Inc. | $0 | – | -12,550 | – | -0.61% | – |
| MET | Exit | MetLife | $0 | – | -14,970 | – | -1.08% | – |
| MA | Exit | MasterCard Inc. | $0 | – | -1,070 | – | -1.11% | – |
| NOV | Exit | National Oilwell Varco | $0 | – | -9,280 | – | -1.12% | – |
| BUD | Exit | Anheuser-Busch Inbev ADR | $0 | – | -7,690 | – | -1.17% | – |
| COF | Exit | Capital One Financial | $0 | – | -12,080 | – | -1.28% | – |
| MKC | Exit | McCormick & Co. | $0 | – | -13,820 | – | -1.38% | – |
| MS | Exit | Morgan Stanley | $0 | – | -39,040 | – | -1.62% | – |
| BLK | Exit | BlackRock, Inc. | $0 | – | -4,050 | – | -1.69% | – |
| CCK | Exit | Crown Holdings Inc . | $0 | – | -25,940 | – | -1.69% | – |
| WCIC | Exit | WCI Communities, Inc. | $0 | – | -65,390 | – | -1.74% | – |
| RSO | Exit | Resource Capital | $0 | – | -198,581 | – | -1.82% | – |
| TOO | Exit | Teekay Offshore Partners, L.P. | $0 | – | -35,560 | – | -1.82% | – |
| TWO | Exit | Two Harbors Investment Corp. | $0 | – | -122,230 | – | -1.83% | – |
| V | Exit | Visa | $0 | – | -6,360 | – | -1.87% | – |
| MU | Exit | Micron Technology Inc. | $0 | – | -69,660 | – | -1.87% | – |
| CMRE | Exit | Costamare Inc. | $0 | – | -71,860 | – | -1.95% | – |
| RHHBY | Exit | Roche Holding AG | $0 | – | -18,880 | – | -1.96% | – |
| WFC | Exit | Wells Fargo | $0 | – | -33,770 | – | -2.15% | – |
| F | Exit | Ford Motor Co. | $0 | – | -84,210 | – | -2.19% | – |
| CVS | Exit | CVS/Caremark | $0 | – | -25,280 | – | -2.21% | – |
| SLB | Exit | Schlumberger | $0 | – | -16,900 | – | -2.30% | – |
| DCP | Exit | DCP Midstream Partners, LP | $0 | – | -30,880 | – | -2.36% | – |
| BA | Exit | Boeing Company | $0 | – | -13,210 | – | -2.39% | – |
| NSRGY | Exit | Nestle Spons ADR | $0 | – | -22,625 | – | -2.44% | – |
| ET | Exit | Energy Transfer Equity LP | $0 | – | -24,930 | – | -2.52% | – |
| NRF | Exit | Northstar Realty Finance Corp. | $0 | – | -186,895 | – | -2.67% | – |
| PAA | Exit | Plains All American Pipeline L | $0 | – | -34,276 | – | -2.78% | – |
| WMB | Exit | Williams Companies Inc | $0 | – | -50,680 | – | -2.84% | – |
| QCOM | Exit | Qualcomm | $0 | – | -28,880 | – | -2.99% | – |
| BAC | Exit | Bank of America | $0 | – | -141,860 | – | -3.01% | – |
| TBBK | Exit | Bancorp Inc | $0 | – | -113,813 | – | -3.10% | – |
| C | Exit | Citigroup | $0 | – | -44,470 | – | -3.32% | – |
| AIG | Exit | American Intl. Group | $0 | – | -46,450 | – | -3.48% | – |
| MMP | Exit | Magellan Midstream Partners, L | $0 | – | -48,272 | – | -4.19% | – |
| UAL | Exit | United Continental Holdings, I | $0 | – | -89,980 | – | -4.25% | – |
| GOOGL | Exit | $0 | – | -3,280 | – | -4.42% | – | |
| EPD | Exit | Enterprise Prod Partners | $0 | – | -47,475 | – | -4.46% | – |
| DAL | Exit | Delta Airlines | $0 | – | -133,770 | – | -4.86% | – |
| JNJ | Exit | Johnson & Johnson | $0 | – | -39,310 | – | -5.24% | – |
Q3 2013
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| DAL | Buy | Delta Airlines | $3,156,000 | +67.2% | 133,770 | +32.6% | 4.86% | +47.4% |
| GOOGL | Buy | $2,873,000 | +69.1% | 3,280 | +69.9% | 4.42% | +49.0% | |
| UAL | Buy | United Continental Holdings, I | $2,763,000 | +45.0% | 89,980 | +47.7% | 4.25% | +27.7% |
| AIG | Sell | American Intl. Group | $2,259,000 | -31.7% | 46,450 | -37.2% | 3.48% | -39.9% |
| C | Sell | Citigroup | $2,157,000 | -39.3% | 44,470 | -40.0% | 3.32% | -46.5% |
| BAC | Buy | Bank of America | $1,958,000 | +31.1% | 141,860 | +22.1% | 3.01% | +15.5% |
| QCOM | New | Qualcomm | $1,944,000 | – | 28,880 | – | 2.99% | – |
| WMB | New | Williams Companies Inc | $1,843,000 | – | 50,680 | – | 2.84% | – |
| BA | New | Boeing Company | $1,552,000 | – | 13,210 | – | 2.39% | – |
| SLB | New | Schlumberger | $1,493,000 | – | 16,900 | – | 2.30% | – |
| F | Buy | Ford Motor Co. | $1,421,000 | +72.0% | 84,210 | +57.7% | 2.19% | +51.7% |
| WFC | Sell | Wells Fargo | $1,395,000 | -31.1% | 33,770 | -31.1% | 2.15% | -39.3% |
| CMRE | New | Costamare Inc. | $1,267,000 | – | 71,860 | – | 1.95% | – |
| MU | New | Micron Technology Inc. | $1,217,000 | – | 69,660 | – | 1.87% | – |
| RSO | Buy | Resource Capital | $1,180,000 | +63.7% | 198,581 | +69.4% | 1.82% | +44.2% |
| WCIC | New | WCI Communities, Inc. | $1,129,000 | – | 65,390 | – | 1.74% | – |
| BLK | Sell | BlackRock, Inc. | $1,096,000 | -29.0% | 4,050 | -32.6% | 1.69% | -37.5% |
| MS | New | Morgan Stanley | $1,052,000 | – | 39,040 | – | 1.62% | – |
| BUD | Sell | Anheuser-Busch Inbev ADR | $763,000 | -32.1% | 7,690 | -38.2% | 1.17% | -40.1% |
| NOV | New | National Oilwell Varco | $725,000 | – | 9,280 | – | 1.12% | – |
| MET | New | MetLife | $703,000 | – | 14,970 | – | 1.08% | – |
| AMLP | Sell | Alerian MLP | $379,000 | -76.9% | 21,530 | -76.6% | 0.58% | -79.7% |
| ABT | Sell | Abbott Laboratories | $343,000 | -42.3% | 10,330 | -39.3% | 0.53% | -49.1% |
| UN | New | Unilever NV NY | $270,000 | – | 7,170 | – | 0.42% | – |
| GE | Exit | General Electric | $0 | – | -16,020 | – | -0.65% | – |
| Exit | Kunlun Energy | $0 | – | -344,000 | – | -1.01% | – | |
| PM | Exit | Philip Morris | $0 | – | -7,945 | – | -1.20% | – |
| AGN | Exit | Allergan Inc. | $0 | – | -11,100 | – | -1.63% | – |
| GS | Exit | Goldman Sachs Inc. | $0 | – | -6,450 | – | -1.70% | – |
| JPM | Exit | J.P. Morgan Chase | $0 | – | -38,630 | – | -3.56% | – |
Q2 2013
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| C | New | Citigroup | $3,554,000 | – | 74,080 | – | 6.21% | – |
| JNJ | New | Johnson & Johnson | $3,375,000 | – | 39,310 | – | 5.89% | – |
| AIG | New | American Intl. Group | $3,309,000 | – | 74,020 | – | 5.78% | – |
| EPD | New | Enterprise Prod Partners | $2,951,000 | – | 47,475 | – | 5.15% | – |
| MMP | New | Magellan Midstream Partners, L | $2,631,000 | – | 48,272 | – | 4.60% | – |
| JPM | New | J.P. Morgan Chase | $2,039,000 | – | 38,630 | – | 3.56% | – |
| WFC | New | Wells Fargo | $2,024,000 | – | 49,040 | – | 3.54% | – |
| PAA | New | Plains All American Pipeline L | $1,913,000 | – | 34,276 | – | 3.34% | – |
| UAL | New | United Continental Holdings, I | $1,906,000 | – | 60,930 | – | 3.33% | – |
| DAL | New | Delta Airlines | $1,887,000 | – | 100,870 | – | 3.30% | – |
| TBBK | New | Bancorp Inc | $1,706,000 | – | 113,813 | – | 2.98% | – |
| NRF | New | Northstar Realty Finance Corp. | $1,701,000 | – | 186,895 | – | 2.97% | – |
| GOOGL | New | $1,699,000 | – | 1,930 | – | 2.97% | – | |
| DCP | New | DCP Midstream Partners, LP | $1,671,000 | – | 30,880 | – | 2.92% | – |
| AMLP | New | Alerian MLP | $1,644,000 | – | 92,100 | – | 2.87% | – |
| BLK | New | BlackRock, Inc. | $1,544,000 | – | 6,010 | – | 2.70% | – |
| BAC | New | Bank of America | $1,494,000 | – | 116,200 | – | 2.61% | – |
| ET | New | Energy Transfer Equity LP | $1,491,000 | – | 24,930 | – | 2.60% | – |
| NSRGY | New | Nestle Spons ADR | $1,481,000 | – | 22,625 | – | 2.59% | – |
| CVS | New | CVS/Caremark | $1,446,000 | – | 25,280 | – | 2.52% | – |
| TWO | New | Two Harbors Investment Corp. | $1,253,000 | – | 122,230 | – | 2.19% | – |
| RHHBY | New | Roche Holding AG | $1,172,000 | – | 18,880 | – | 2.05% | – |
| V | New | Visa | $1,162,000 | – | 6,360 | – | 2.03% | – |
| TOO | New | Teekay Offshore Partners, L.P. | $1,155,000 | – | 35,560 | – | 2.02% | – |
| BUD | New | Anheuser-Busch Inbev ADR | $1,123,000 | – | 12,440 | – | 1.96% | – |
| CCK | New | Crown Holdings Inc . | $1,067,000 | – | 25,940 | – | 1.86% | – |
| GS | New | Goldman Sachs Inc. | $976,000 | – | 6,450 | – | 1.70% | – |
| MKC | New | McCormick & Co. | $972,000 | – | 13,820 | – | 1.70% | – |
| AGN | New | Allergan Inc. | $935,000 | – | 11,100 | – | 1.63% | – |
| F | New | Ford Motor Co. | $826,000 | – | 53,400 | – | 1.44% | – |
| COF | New | Capital One Financial | $759,000 | – | 12,080 | – | 1.32% | – |
| RSO | New | Resource Capital | $721,000 | – | 117,207 | – | 1.26% | – |
| PM | New | Philip Morris | $688,000 | – | 7,945 | – | 1.20% | – |
| MA | New | MasterCard Inc. | $615,000 | – | 1,070 | – | 1.07% | – |
| ABT | New | Abbott Laboratories | $594,000 | – | 17,030 | – | 1.04% | – |
| New | Kunlun Energy | $578,000 | – | 344,000 | – | 1.01% | – | |
| GE | New | General Electric | $372,000 | – | 16,020 | – | 0.65% | – |
| MDLZ | New | Mondelez International Inc. | $358,000 | – | 12,550 | – | 0.62% | – |
| New | Anheuser-Busch InBev | $237,000 | – | 2,620 | – | 0.41% | – | |
| REXI | New | Resource America | $233,000 | – | 27,439 | – | 0.41% | – |