Q2 2017
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| MSFT | New | Microsoft Corp. | $1,370,000 | – | 19,880 | – | 6.24% | – |
| BXMT | New | Blackstone Mortgage Trust Inc | $1,355,000 | – | 42,872 | – | 6.18% | – |
| BX | New | Blackstone Group LP | $1,326,000 | – | 39,755 | – | 6.04% | – |
| BIP | New | Brookfield Infrastructure Part | $1,028,000 | – | 25,132 | – | 4.68% | – |
| JPM | New | JPMorgan Chase & Co. | $898,000 | – | 9,830 | – | 4.09% | – |
| WELL | New | Welltower Inc. | $882,000 | – | 11,785 | – | 4.02% | – |
| TSM | New | Taiwan Semi ADR | $880,000 | – | 25,175 | – | 4.01% | – |
| STWD | New | Starwood Property Trust Inc | $854,000 | – | 38,131 | – | 3.89% | – |
| ABBV | New | Abbvie, Inc. | $851,000 | – | 11,735 | – | 3.88% | – |
| LVS | New | Las Vegas Sands Corp | $774,000 | – | 12,110 | – | 3.53% | – |
| CME | New | CME Group Inc | $715,000 | – | 5,710 | – | 3.26% | – |
| DOW | New | Dow Chemical | $696,000 | – | 11,040 | – | 3.17% | – |
| PCAR | New | PACCAR Inc. | $617,000 | – | 9,350 | – | 2.81% | – |
| BUD | New | Anheuser-Busch Inbev N.V. | $609,000 | – | 5,520 | – | 2.78% | – |
| INTC | New | Intel Corp. | $607,000 | – | 17,990 | – | 2.77% | – |
| BCE | New | BCE Inc SEDOL B188TH2 | $558,000 | – | 12,392 | – | 2.54% | – |
| CLNS | New | Colony Northstar, Inc. | $554,000 | – | 39,285 | – | 2.52% | – |
| ARCC | New | Ares Capital Corp | $531,000 | – | 32,431 | – | 2.42% | – |
| T | New | AT&T Corp.(New) | $526,000 | – | 13,930 | – | 2.40% | – |
| CMI | New | Cummins Inc. | $507,000 | – | 3,125 | – | 2.31% | – |
| BAESY | New | BAE Systems | $500,000 | – | 14,900 | – | 2.28% | – |
| PAYX | New | Paychex Inc. | $456,000 | – | 8,010 | – | 2.08% | – |
| HSBC | New | HSBC Holdings PLC | $429,000 | – | 9,260 | – | 1.96% | – |
| CMRE | New | Costamare, Inc. | $408,000 | – | 55,840 | – | 1.86% | – |
| LYB | New | Lyondellbasell Inds NV | $405,000 | – | 4,795 | – | 1.85% | – |
| GS | New | Goldman Sachs Group Inc. 4.000 | $363,000 | – | 15,380 | – | 1.65% | – |
| RGC | New | Regal Entertainment Group | $337,000 | – | 16,456 | – | 1.54% | – |
| BMO | New | Bank of Montreal SEDOL 2076009 | $334,000 | – | 4,550 | – | 1.52% | – |
| SAP | New | Sap Aktiengesell | $220,000 | – | 2,098 | – | 1.00% | – |
| NSRGY | New | Nestles ADR | $180,000 | – | 2,065 | – | 0.82% | – |
| HDB | New | HDFC Bank Ltd | $158,000 | – | 1,820 | – | 0.72% | – |
| RACE | New | Ferrari N.V. | $135,000 | – | 1,570 | – | 0.62% | – |
| LUKOY | New | Lukoil Oil Co | $124,000 | – | 2,550 | – | 0.56% | – |
| DHS | New | Wisdontree High Dividend Fund | $115,000 | – | 1,680 | – | 0.52% | – |
| LBTYA | New | Liberty Global Inc | $112,000 | – | 3,500 | – | 0.51% | – |
| DTH | New | Wisdomtree International High | $110,000 | – | 2,630 | – | 0.50% | – |
| UN | New | Unilever ADR | $96,000 | – | 1,730 | – | 0.44% | – |
| XOM | New | Exxon Mobil Corporation | $95,000 | – | 1,180 | – | 0.43% | – |
| JNJ | New | Johnson & Johnson | $91,000 | – | 690 | – | 0.42% | – |
| ASML | New | ASML Holdin NV NY Reg Shs | $91,000 | – | 700 | – | 0.42% | – |
| MHGVY | New | Marine Harvest ASA | $88,000 | – | 5,150 | – | 0.40% | – |
| BIDU | New | Baidu, Inc. | $75,000 | – | 420 | – | 0.34% | – |
| MURGY | New | Muenchener Rueck ADR | $68,000 | – | 3,370 | – | 0.31% | – |
| CPT | New | Camden Property Trust | $64,000 | – | 750 | – | 0.29% | – |
| RY | New | Royal Bank of Canada | $62,000 | – | 860 | – | 0.28% | – |
| STOR | New | Store Capital Corp | $60,000 | – | 2,680 | – | 0.27% | – |
| EPR | New | EPR Properties | $57,000 | – | 790 | – | 0.26% | – |
| WMMVY | New | Wal-Mart De Mexico | $50,000 | – | 2,150 | – | 0.23% | – |
| RAI | New | Reynolds American Inc | $49,000 | – | 760 | – | 0.22% | – |
| JAPSY | New | Japan Airlines Co ADR | $49,000 | – | 3,190 | – | 0.22% | – |
| LILA | New | Liberty Global PLC Lilac (A) | $48,000 | – | 2,211 | – | 0.22% | – |
| SFL | New | Ship Finance Intl Ltd | $47,000 | – | 3,500 | – | 0.21% | – |
| TCP | New | TC Pipelines LP | $44,000 | – | 805 | – | 0.20% | – |
| SWDBY | New | Swedbank AB | $44,000 | – | 1,800 | – | 0.20% | – |
| New | BAE Systems | $39,000 | – | 4,733 | – | 0.18% | – | |
| AB | New | Alliance Bernstein Holdings | $38,000 | – | 1,590 | – | 0.17% | – |
| CHL | New | China Mobile LTD | $36,000 | – | 680 | – | 0.16% | – |
| DDAIF | New | Daimler AG | $36,000 | – | 490 | – | 0.16% | – |
| SIR | New | Select Income REIT | $30,000 | – | 1,250 | – | 0.14% | – |
| SSREY | New | Swiss RE Ltd | $29,000 | – | 1,250 | – | 0.13% | – |
| SRC | New | Spirit Realty Capital Inc New | $22,000 | – | 3,020 | – | 0.10% | – |
| New | Ascendas Real Estate | $8,000 | – | 4,000 | – | 0.04% | – | |
| RMR | New | RMR Group, Inc. | $2,000 | – | 43 | – | 0.01% | – |
| PJT | New | PJT Partners Inc | $1,000 | – | 34 | – | 0.01% | – |
Q4 2016
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| PJT | Exit | PJT Partners Inc | $0 | – | -68 | – | -0.00% | – |
| RMR | Exit | RMR Group, Inc. | $0 | – | -86 | – | -0.00% | – |
| LILA | Exit | Liberty Global PLC Lilac (A) | $0 | – | -1,222 | – | -0.02% | – |
| SIR | Exit | Select Income REIT | $0 | – | -2,500 | – | -0.03% | – |
| RAI | Exit | Reynolds American Inc | $0 | – | -1,520 | – | -0.04% | – |
| CHL | Exit | China Mobile LTD | $0 | – | -1,360 | – | -0.04% | – |
| NVO | Exit | Novo Nordisk AS | $0 | – | -2,440 | – | -0.05% | – |
| SFL | Exit | Ship Finance Intl Ltd | $0 | – | -7,000 | – | -0.05% | – |
| RY | Exit | Royal Bank of Canada | $0 | – | -1,720 | – | -0.05% | – |
| WELL | Exit | Welltower Inc. | $0 | – | -1,630 | – | -0.06% | – |
| BCE | Exit | BCE Inc | $0 | – | -2,680 | – | -0.06% | – |
| EPR | Exit | EPR Properties | $0 | – | -1,580 | – | -0.06% | – |
| CPT | Exit | Camden Property Trust | $0 | – | -1,500 | – | -0.06% | – |
| BMO | Exit | Bank of Montreal | $0 | – | -1,940 | – | -0.06% | – |
| ASML | Exit | ASML Holdin NV NY Reg Shs | $0 | – | -1,400 | – | -0.08% | – |
| RACE | Exit | Ferrari N.V. | $0 | – | -3,140 | – | -0.08% | – |
| TEO | Exit | Telecom Argentina S.A. | $0 | – | -8,980 | – | -0.08% | – |
| MHGVY | Exit | Marine Harvest ASA | $0 | – | -10,300 | – | -0.09% | – |
| SAP | Exit | Sap Aktiengesell | $0 | – | -2,098 | – | -0.10% | – |
| DTH | Exit | Wisdomtree International High | $0 | – | -5,260 | – | -0.10% | – |
| INFY | Exit | Infosys Ltd. | $0 | – | -14,000 | – | -0.11% | – |
| DHS | Exit | Wisdontree High Dividend Fund | $0 | – | -3,360 | – | -0.11% | – |
| LBTYA | Exit | Liberty Global Inc | $0 | – | -7,000 | – | -0.12% | – |
| HDB | Exit | HDFC Bank Ltd | $0 | – | -3,640 | – | -0.13% | – |
| UN | Exit | Unilever ADR | $0 | – | -8,200 | – | -0.19% | – |
| TLK | Exit | PT Telekomunikasi Indonesia | $0 | – | -6,380 | – | -0.21% | – |
| LAMR | Exit | Lamar Advertising Co. | $0 | – | -6,680 | – | -0.22% | – |
| VOD | Exit | Vodafone Group PLC | $0 | – | -31,100 | – | -0.45% | – |
| EPD | Exit | Enterprise Products Partners | $0 | – | -77,400 | – | -1.06% | – |
| CLNY | Exit | Colony Capital, Inc. | $0 | – | -186,760 | – | -1.69% | – |
| ARCC | Exit | Ares Capital Corp | $0 | – | -219,672 | – | -1.69% | – |
| AB | Exit | Alliance Bernstein Holdings | $0 | – | -159,434 | – | -1.80% | – |
| TCP | Exit | TC Pipelines LP | $0 | – | -65,362 | – | -1.85% | – |
| DOW | Exit | Dow Chemical | $0 | – | -74,400 | – | -1.91% | – |
| PLD | Exit | Prologis, Inc. | $0 | – | -73,240 | – | -1.95% | – |
| KSS | Exit | Kohl's Corp. | $0 | – | -96,640 | – | -2.10% | – |
| CSCO | Exit | Cisco Systems, Inc. | $0 | – | -143,760 | – | -2.26% | – |
| CME | Exit | CME Group Inc | $0 | – | -44,360 | – | -2.30% | – |
| INTC | Exit | Intel Corp. | $0 | – | -127,280 | – | -2.38% | – |
| LYB | Exit | Lyondellbasell Inds NV | $0 | – | -63,530 | – | -2.54% | – |
| PAYX | Exit | Paychex Inc. | $0 | – | -88,720 | – | -2.55% | – |
| SRC | Exit | Spirit Realty Capital Inc New | $0 | – | -469,420 | – | -3.11% | – |
| T | Exit | AT&T Corp.(New) | $0 | – | -157,756 | – | -3.18% | – |
| STOR | Exit | Store Capital Corp | $0 | – | -222,776 | – | -3.26% | – |
| LVS | Exit | Las Vegas Sands Corp | $0 | – | -129,880 | – | -3.71% | – |
| JNJ | Exit | Johnson & Johnson | $0 | – | -63,580 | – | -3.73% | – |
| SEP | Exit | Spectra Energy Partners, LP | $0 | – | -175,860 | – | -3.81% | – |
| ETP | Exit | Energy Transfer Partners | $0 | – | -210,462 | – | -3.86% | – |
| TSM | Exit | Taiwan Semi ADR | $0 | – | -288,640 | – | -4.38% | – |
| RGC | Exit | Regal Entertainment Group | $0 | – | -443,790 | – | -4.79% | – |
| BIP | Exit | Brookfield Infrastructure Part | $0 | – | -279,176 | – | -4.80% | – |
| MSFT | Exit | Microsoft Corp. | $0 | – | -173,280 | – | -4.95% | – |
| JPM | Exit | J.P. Morgan Chase & Co. | $0 | – | -155,900 | – | -5.15% | – |
| MIC | Exit | Macquarie Infrastructure Co. | $0 | – | -126,600 | – | -5.23% | – |
| STWD | Exit | Starwood Property Trust Inc | $0 | – | -493,536 | – | -5.52% | – |
| ABBV | Exit | Abbvie, Inc. | $0 | – | -180,920 | – | -5.66% | – |
| BXMT | Exit | Blackstone Mortgage Trust Inc | $0 | – | -418,340 | – | -6.11% | – |
Q3 2016
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| BXMT | Buy | Blackstone Mortgage Trust Inc | $12,320,000 | +32.0% | 418,340 | +24.0% | 6.11% | +54.8% |
| ABBV | Buy | Abbvie, Inc. | $11,410,000 | +100.5% | 180,920 | +96.8% | 5.66% | +135.1% |
| STWD | Sell | Starwood Property Trust Inc | $11,114,000 | +1.8% | 493,536 | -6.3% | 5.52% | +19.4% |
| MIC | Buy | Macquarie Infrastructure Co. | $10,538,000 | +22.9% | 126,600 | +9.3% | 5.23% | +44.1% |
| JPM | Sell | J.P. Morgan Chase & Co. | $10,382,000 | -11.9% | 155,900 | -17.8% | 5.15% | +3.3% |
| MSFT | Buy | Microsoft Corp. | $9,980,000 | +14.6% | 173,280 | +1.8% | 4.95% | +34.3% |
| BIP | Buy | Brookfield Infrastructure Part | $9,670,000 | +5.8% | 279,176 | +38.3% | 4.80% | +24.1% |
| RGC | Sell | Regal Entertainment Group | $9,652,000 | -26.8% | 443,790 | -25.8% | 4.79% | -14.2% |
| TSM | Buy | Taiwan Semi ADR | $8,830,000 | +65.0% | 288,640 | +41.5% | 4.38% | +93.6% |
| ETP | Sell | Energy Transfer Partners | $7,788,000 | -10.5% | 210,462 | -7.9% | 3.86% | +4.9% |
| SEP | Sell | Spectra Energy Partners, LP | $7,684,000 | -23.6% | 175,860 | -17.5% | 3.81% | -10.5% |
| JNJ | Buy | Johnson & Johnson | $7,510,000 | +17.1% | 63,580 | +20.3% | 3.73% | +37.3% |
| LVS | Buy | Las Vegas Sands Corp | $7,474,000 | +57.9% | 129,880 | +19.4% | 3.71% | +85.2% |
| STOR | Sell | Store Capital Corp | $6,566,000 | -33.1% | 222,776 | -33.2% | 3.26% | -21.5% |
| T | Sell | AT&T Corp.(New) | $6,406,000 | -31.8% | 157,756 | -27.4% | 3.18% | -20.0% |
| SRC | Sell | Spirit Realty Capital Inc New | $6,258,000 | -27.9% | 469,420 | -31.0% | 3.11% | -15.5% |
| PAYX | Sell | Paychex Inc. | $5,134,000 | -42.7% | 88,720 | -41.1% | 2.55% | -32.8% |
| LYB | Sell | Lyondellbasell Inds NV | $5,124,000 | -44.7% | 63,530 | -49.0% | 2.54% | -35.2% |
| INTC | New | Intel Corp. | $4,804,000 | – | 127,280 | – | 2.38% | – |
| CME | Buy | CME Group Inc | $4,636,000 | +2016.9% | 44,360 | +1871.6% | 2.30% | +2374.2% |
| CSCO | New | Cisco Systems, Inc. | $4,560,000 | – | 143,760 | – | 2.26% | – |
| KSS | New | Kohl's Corp. | $4,228,000 | – | 96,640 | – | 2.10% | – |
| PLD | Sell | Prologis, Inc. | $3,922,000 | +0.6% | 73,240 | -7.9% | 1.95% | +17.9% |
| DOW | Buy | Dow Chemical | $3,856,000 | +631.7% | 74,400 | +601.2% | 1.91% | +758.3% |
| TCP | Sell | TC Pipelines LP | $3,728,000 | -10.6% | 65,362 | -10.2% | 1.85% | +4.8% |
| AB | Sell | Alliance Bernstein Holdings | $3,636,000 | -53.2% | 159,434 | -52.2% | 1.80% | -45.1% |
| CLNY | New | Colony Capital, Inc. | $3,404,000 | – | 186,760 | – | 1.69% | – |
| ARCC | Sell | Ares Capital Corp | $3,404,000 | -2.4% | 219,672 | -10.6% | 1.69% | +14.4% |
| EPD | Sell | Enterprise Products Partners | $2,138,000 | -52.3% | 77,400 | -49.5% | 1.06% | -44.1% |
| VOD | New | Vodafone Group PLC | $906,000 | – | 31,100 | – | 0.45% | – |
| LAMR | New | Lamar Advertising Co. | $436,000 | – | 6,680 | – | 0.22% | – |
| TLK | Buy | PT Telekomunikasi Indonesia | $422,000 | +115.3% | 6,380 | +100.0% | 0.21% | +151.8% |
| UN | Sell | Unilever ADR | $378,000 | -43.6% | 8,200 | -42.5% | 0.19% | -33.8% |
| HDB | Buy | HDFC Bank Ltd | $262,000 | +116.5% | 3,640 | +100.0% | 0.13% | +154.9% |
| LBTYA | Buy | Liberty Global Inc | $240,000 | +135.3% | 7,000 | +100.0% | 0.12% | +176.7% |
| DHS | Buy | Wisdontree High Dividend Fund | $224,000 | +100.0% | 3,360 | +100.0% | 0.11% | +136.2% |
| INFY | Buy | Infosys Ltd. | $220,000 | +76.0% | 14,000 | +100.0% | 0.11% | +105.7% |
| DTH | Buy | Wisdomtree International High | $202,000 | +110.4% | 5,260 | +100.0% | 0.10% | +143.9% |
| MHGVY | Buy | Marine Harvest ASA | $184,000 | +111.5% | 10,300 | +100.0% | 0.09% | +145.9% |
| TEO | Buy | Telecom Argentina S.A. | $164,000 | +100.0% | 8,980 | +100.0% | 0.08% | +131.4% |
| RACE | New | Ferrari N.V. | $162,000 | – | 3,140 | – | 0.08% | – |
| ASML | New | ASML Holdin NV NY Reg Shs | $154,000 | – | 1,400 | – | 0.08% | – |
| BMO | Buy | Bank of Montreal | $128,000 | +109.8% | 1,940 | +100.0% | 0.06% | +146.2% |
| CPT | Sell | Camden Property Trust | $126,000 | -97.9% | 1,500 | -97.8% | 0.06% | -97.6% |
| BCE | Buy | BCE Inc | $124,000 | +96.8% | 2,680 | +100.0% | 0.06% | +129.6% |
| EPR | Sell | EPR Properties | $124,000 | -99.0% | 1,580 | -99.0% | 0.06% | -98.8% |
| WELL | Sell | Welltower Inc. | $122,000 | -97.9% | 1,630 | -97.9% | 0.06% | -97.5% |
| RY | Buy | Royal Bank of Canada | $106,000 | +107.8% | 1,720 | +100.0% | 0.05% | +140.9% |
| SFL | Buy | Ship Finance Intl Ltd | $104,000 | +100.0% | 7,000 | +100.0% | 0.05% | +136.4% |
| NVO | Buy | Novo Nordisk AS | $102,000 | -22.1% | 2,440 | +0.4% | 0.05% | -7.3% |
| CHL | Buy | China Mobile LTD | $84,000 | +115.4% | 1,360 | +100.0% | 0.04% | +147.1% |
| RAI | Buy | Reynolds American Inc | $72,000 | +75.6% | 1,520 | +100.0% | 0.04% | +111.8% |
| SIR | Sell | Select Income REIT | $68,000 | -97.7% | 2,500 | -97.8% | 0.03% | -97.3% |
| LILA | Buy | Liberty Global PLC Lilac (A) | $34,000 | +70.0% | 1,222 | +100.0% | 0.02% | +112.5% |
| RMR | Buy | RMR Group, Inc. | $4,000 | +300.0% | 86 | +100.0% | 0.00% | – |
| PJT | Buy | PJT Partners Inc | $2,000 | +100.0% | 68 | +100.0% | 0.00% | – |
| BIDU | Exit | Baidu, Inc. | $0 | – | -560 | – | -0.04% | – |
| SRG | Exit | Seritage Growth Properties | $0 | – | -40,320 | – | -0.85% | – |
| FRO | Exit | Frontline Ltd | $0 | – | -318,284 | – | -1.06% | – |
| VZ | Exit | Verizon Communications | $0 | – | -93,130 | – | -2.20% | – |
| DLR | Exit | Digital Realty Trust Inc | $0 | – | -52,540 | – | -2.42% | – |
| XOM | Exit | Exxon Mobil Corporation | $0 | – | -85,650 | – | -3.40% | – |
Q2 2016
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| RGC | New | Regal Entertainment Group | $13,188,000 | – | 598,355 | – | 5.58% | – |
| EPR | New | EPR Properties | $12,388,000 | – | 153,540 | – | 5.24% | – |
| JPM | New | J.P. Morgan Chase & Co. | $11,788,000 | – | 189,700 | – | 4.99% | – |
| STWD | New | Starwood Property Trust Inc | $10,914,000 | – | 526,758 | – | 4.62% | – |
| SEP | New | Spectra Energy Partners, LP | $10,062,000 | – | 213,260 | – | 4.26% | – |
| STOR | New | Store Capital Corp | $9,816,000 | – | 333,300 | – | 4.15% | – |
| T | New | AT&T Corp.(New) | $9,393,000 | – | 217,378 | – | 3.98% | – |
| BXMT | New | Blackstone Mortgage Trust Inc | $9,333,000 | – | 337,280 | – | 3.95% | – |
| LYB | New | Lyondellbasell Inds NV | $9,273,000 | – | 124,600 | – | 3.92% | – |
| BIP | New | Brookfield Infrastructure Part | $9,139,000 | – | 201,919 | – | 3.87% | – |
| PAYX | New | Paychex Inc. | $8,965,000 | – | 150,680 | – | 3.79% | – |
| MSFT | New | Microsoft Corp. | $8,712,000 | – | 170,250 | – | 3.69% | – |
| ETP | New | Energy Transfer Partners | $8,704,000 | – | 228,631 | – | 3.68% | – |
| SRC | New | Spirit Realty Capital Inc New | $8,684,000 | – | 680,070 | – | 3.68% | – |
| MIC | New | Macquarie Infrastructure Co. | $8,575,000 | – | 115,800 | – | 3.63% | – |
| XOM | New | Exxon Mobil Corporation | $8,029,000 | – | 85,650 | – | 3.40% | – |
| AB | New | Alliance Bernstein Holdings | $7,763,000 | – | 333,197 | – | 3.28% | – |
| JNJ | New | Johnson & Johnson | $6,412,000 | – | 52,860 | – | 2.71% | – |
| CPT | New | Camden Property Trust | $6,114,000 | – | 69,150 | – | 2.59% | – |
| WELL | New | Welltower Inc. | $5,792,000 | – | 76,040 | – | 2.45% | – |
| DLR | New | Digital Realty Trust Inc | $5,726,000 | – | 52,540 | – | 2.42% | – |
| ABBV | New | Abbvie, Inc. | $5,690,000 | – | 91,910 | – | 2.41% | – |
| TSM | New | Taiwan Semi ADR | $5,350,000 | – | 203,970 | – | 2.26% | – |
| VZ | New | Verizon Communications | $5,200,000 | – | 93,130 | – | 2.20% | – |
| LVS | New | Las Vegas Sands Corp | $4,732,000 | – | 108,810 | – | 2.00% | – |
| EPD | New | Enterprise Products Partners | $4,485,000 | – | 153,270 | – | 1.90% | – |
| TCP | New | TC Pipelines LP | $4,170,000 | – | 72,821 | – | 1.76% | – |
| PLD | New | Prologis, Inc. | $3,899,000 | – | 79,500 | – | 1.65% | – |
| ARCC | New | Ares Capital Corp | $3,489,000 | – | 245,736 | – | 1.48% | – |
| SIR | New | Select Income REIT | $2,953,000 | – | 113,611 | – | 1.25% | – |
| FRO | New | Frontline Ltd | $2,505,000 | – | 318,284 | – | 1.06% | – |
| SRG | New | Seritage Growth Properties | $2,010,000 | – | 40,320 | – | 0.85% | – |
| UN | New | Unilever ADR | $670,000 | – | 14,269 | – | 0.28% | – |
| DOW | New | Dow Chemical | $527,000 | – | 10,610 | – | 0.22% | – |
| CME | New | CME Group Inc | $219,000 | – | 2,250 | – | 0.09% | – |
| TLK | New | PT Telekomunikasi Indonesia | $196,000 | – | 3,190 | – | 0.08% | – |
| SAP | New | Sap Aktiengesell | $157,000 | – | 2,098 | – | 0.07% | – |
| NVO | New | Novo Nordisk AS | $131,000 | – | 2,430 | – | 0.06% | – |
| INFY | New | Infosys Ltd. | $125,000 | – | 7,000 | – | 0.05% | – |
| HDB | New | HDFC Bank Ltd | $121,000 | – | 1,820 | – | 0.05% | – |
| DHS | New | Wisdontree High Dividend Fund | $112,000 | – | 1,680 | – | 0.05% | – |
| LBTYA | New | Liberty Global Inc | $102,000 | – | 3,500 | – | 0.04% | – |
| DTH | New | Wisdomtree International High | $96,000 | – | 2,630 | – | 0.04% | – |
| BIDU | New | Baidu, Inc. | $92,000 | – | 560 | – | 0.04% | – |
| MHGVY | New | Marine Harvest ASA | $87,000 | – | 5,150 | – | 0.04% | – |
| TEO | New | Telecom Argentina S.A. | $82,000 | – | 4,490 | – | 0.04% | – |
| BCE | New | BCE Inc | $63,000 | – | 1,340 | – | 0.03% | – |
| BMO | New | Bank of Montreal | $61,000 | – | 970 | – | 0.03% | – |
| RY | New | Royal Bank of Canada | $51,000 | – | 860 | – | 0.02% | – |
| SFL | New | Ship Finance Intl Ltd | $52,000 | – | 3,500 | – | 0.02% | – |
| CHL | New | China Mobile LTD | $39,000 | – | 680 | – | 0.02% | – |
| RAI | New | Reynolds American Inc | $41,000 | – | 760 | – | 0.02% | – |
| LILA | New | Liberty Global PLC Lilac (A) | $20,000 | – | 611 | – | 0.01% | – |
| PJT | New | PJT Partners Inc | $1,000 | – | 34 | – | 0.00% | – |
| RMR | New | RMR Group, Inc. | $1,000 | – | 43 | – | 0.00% | – |
Q4 2015
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| LILA | Exit | Liberty Global PLC Lilac (A) | $0 | – | -175 | – | -0.00% | – |
| TTE | Exit | Total SA ADR | $0 | – | -830 | – | -0.01% | – |
| BCE | Exit | BCE Inc | $0 | – | -1,100 | – | -0.02% | – |
| MHGVY | Exit | Marine Harvest ASA | $0 | – | -5,150 | – | -0.02% | – |
| TELNY | Exit | Telenor ASA | $0 | – | -1,170 | – | -0.02% | – |
| ET | Exit | Energy Trans Equity LP | $0 | – | -3,350 | – | -0.02% | – |
| CHL | Exit | China Mobile LTD | $0 | – | -1,670 | – | -0.03% | – |
| VOD | Exit | Vodafone Group PLC | $0 | – | -4,194 | – | -0.04% | – |
| SAP | Exit | Sap Aktiengesell | $0 | – | -2,098 | – | -0.04% | – |
| HDB | Exit | HDFC Bank Ltd | $0 | – | -2,350 | – | -0.05% | – |
| LBTYA | Exit | Liberty Global Inc | $0 | – | -3,500 | – | -0.05% | – |
| NVO | Exit | Novo Nordisk AS | $0 | – | -3,270 | – | -0.06% | – |
| UN | Exit | Unilever ADR | $0 | – | -6,329 | – | -0.08% | – |
| ARLP | Exit | Alliance Resource Partners - L | $0 | – | -15,074 | – | -0.11% | – |
| CQP | Exit | Cheniere Energy Partners LP | $0 | – | -153,417 | – | -1.33% | – |
| STOR | Exit | Store Capital Corp | $0 | – | -331,730 | – | -2.26% | – |
| SIR | Exit | Select Income REIT | $0 | – | -365,441 | – | -2.29% | – |
| PAYX | Exit | Paychex Inc. | $0 | – | -165,690 | – | -2.60% | – |
| TCP | Exit | TC Pipelines LP | $0 | – | -170,639 | – | -2.68% | – |
| BIP | Exit | Brookfield Infrastructure Part | $0 | – | -229,489 | – | -2.78% | – |
| ETP | Exit | Energy Transfer Partners | $0 | – | -217,700 | – | -2.95% | – |
| EPR | Exit | EPR Properties | $0 | – | -239,030 | – | -4.07% | – |
| BX | Exit | Blackstone Group LP | $0 | – | -407,614 | – | -4.26% | – |
| ARCC | Exit | Ares Capital Corp | $0 | – | -1,004,245 | – | -4.80% | – |
| WELL | Exit | Welltower Inc. | $0 | – | -227,040 | – | -5.07% | – |
| T | Exit | AT&T Corp.(New) | $0 | – | -482,005 | – | -5.18% | – |
| RGC | Exit | Regal Entertainment Group | $0 | – | -843,785 | – | -5.20% | – |
| LYB | Exit | Lyondellbasell Inds NV | $0 | – | -192,430 | – | -5.29% | – |
| OAK | Exit | Oaktree Capital Group LLC | $0 | – | -326,094 | – | -5.32% | – |
| SFL | Exit | Ship Finance Intl Ltd | $0 | – | -998,270 | – | -5.35% | – |
| AB | Exit | Alliance Bernstein Holdings | $0 | – | -618,957 | – | -5.43% | – |
| SRC | Exit | Spirit Realty Capital Inc New | $0 | – | -1,805,210 | – | -5.44% | – |
| MIC | Exit | Macquarie Infrastructure Co. | $0 | – | -230,572 | – | -5.68% | – |
| JNJ | Exit | Johnson & Johnson | $0 | – | -214,070 | – | -6.59% | – |
| BXMT | Exit | Blackstone Mortgage Trust Inc | $0 | – | -802,262 | – | -7.26% | – |
| STWD | Exit | Starwood Property Trust Inc | $0 | – | -1,123,147 | – | -7.60% | – |
Q3 2015
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| STWD | Buy | Starwood Property Trust Inc | $23,047,000 | -3.3% | 1,123,147 | +1.6% | 7.60% | +25.7% |
| BXMT | Buy | Blackstone Mortgage Trust Inc | $22,014,000 | +0.2% | 802,262 | +1.6% | 7.26% | +30.3% |
| JNJ | New | Johnson & Johnson | $19,983,000 | – | 214,070 | – | 6.59% | – |
| MIC | Buy | Macquarie Infrastructure Co. | $17,215,000 | -8.0% | 230,572 | +1.9% | 5.68% | +19.7% |
| SRC | Buy | Spirit Realty Capital Inc New | $16,500,000 | -3.7% | 1,805,210 | +1.9% | 5.44% | +25.2% |
| AB | Buy | Alliance Bernstein Holdings | $16,464,000 | -7.6% | 618,957 | +2.6% | 5.43% | +20.2% |
| SFL | Buy | Ship Finance Intl Ltd | $16,222,000 | +1.4% | 998,270 | +1.9% | 5.35% | +31.9% |
| OAK | Buy | Oaktree Capital Group LLC | $16,142,000 | -6.2% | 326,094 | +0.8% | 5.32% | +22.0% |
| LYB | Buy | Lyondellbasell Inds NV | $16,041,000 | -3.6% | 192,430 | +19.8% | 5.29% | +25.4% |
| RGC | Buy | Regal Entertainment Group | $15,770,000 | -8.9% | 843,785 | +1.9% | 5.20% | +18.4% |
| T | Sell | AT&T Corp.(New) | $15,704,000 | -16.8% | 482,005 | -9.3% | 5.18% | +8.1% |
| WELL | New | Welltower Inc. | $15,375,000 | – | 227,040 | – | 5.07% | – |
| ARCC | Buy | Ares Capital Corp | $14,541,000 | -10.5% | 1,004,245 | +1.7% | 4.80% | +16.4% |
| BX | Buy | Blackstone Group LP | $12,909,000 | -21.1% | 407,614 | +1.9% | 4.26% | +2.6% |
| EPR | Buy | EPR Properties | $12,327,000 | -4.1% | 239,030 | +1.9% | 4.07% | +24.7% |
| ETP | Sell | Energy Transfer Partners | $8,941,000 | -64.1% | 217,700 | -54.3% | 2.95% | -53.3% |
| BIP | Buy | Brookfield Infrastructure Part | $8,438,000 | -16.1% | 229,489 | +1.8% | 2.78% | +9.1% |
| TCP | Buy | TC Pipelines LP | $8,124,000 | -15.1% | 170,639 | +1.7% | 2.68% | +10.4% |
| PAYX | New | Paychex Inc. | $7,892,000 | – | 165,690 | – | 2.60% | – |
| SIR | Buy | Select Income REIT | $6,947,000 | -6.2% | 365,441 | +1.9% | 2.29% | +22.0% |
| STOR | Buy | Store Capital Corp | $6,854,000 | +4.7% | 331,730 | +1.9% | 2.26% | +36.1% |
| CQP | Buy | Cheniere Energy Partners LP | $4,041,000 | -14.2% | 153,417 | +0.5% | 1.33% | +11.5% |
| ARLP | Sell | Alliance Resource Partners - L | $336,000 | -90.8% | 15,074 | -89.7% | 0.11% | -88.0% |
| NVO | Buy | Novo Nordisk AS | $177,000 | +77.0% | 3,270 | +78.7% | 0.06% | +132.0% |
| VOD | Sell | Vodafone Group PLC | $133,000 | -97.9% | 4,194 | -97.6% | 0.04% | -97.3% |
| ET | Buy | Energy Trans Equity LP | $70,000 | -23.1% | 3,350 | +135.3% | 0.02% | 0.0% |
| TELNY | New | Telenor ASA | $66,000 | – | 1,170 | – | 0.02% | – |
| MHGVY | Buy | Marine Harvest ASA | $65,000 | +150.0% | 5,150 | +123.9% | 0.02% | +200.0% |
| BCE | Buy | BCE Inc | $45,000 | +164.7% | 1,100 | +175.0% | 0.02% | +275.0% |
| TTE | New | Total SA ADR | $37,000 | – | 830 | – | 0.01% | – |
| LILA | New | Liberty Global PLC Lilac (A) | $6,000 | – | 175 | – | 0.00% | – |
| NUV | Exit | Nuveen Mun Value Fund | $0 | – | -481 | – | -0.00% | – |
| SPG | Exit | Simon Property Group, Inc | $0 | – | -17 | – | -0.00% | – |
| GMLP | Exit | Golar LNG Partners LP | $0 | – | -89 | – | -0.00% | – |
| SWAY | Exit | Starwood Waypoint Reside W/I R | $0 | – | -111 | – | -0.00% | – |
| DUK | Exit | Duke Energy | $0 | – | -28 | – | -0.00% | – |
| EEP | Exit | Enbridge Energy | $0 | – | -273 | – | -0.00% | – |
| JNK | Exit | Barclays High Yield Bd Fd SPDR | $0 | – | -158 | – | -0.00% | – |
| JFR | Exit | Nuveen Float Rate Incm Fund | $0 | – | -868 | – | -0.00% | – |
| CHI | Exit | Calamos Conv Oppty & Incm Fd | $0 | – | -480 | – | -0.00% | – |
| EFT | Exit | Eaton Vance Floating Rt Incm | $0 | – | -694 | – | -0.00% | – |
| APO | Exit | Apollo Global Management LLC | $0 | – | -560 | – | -0.00% | – |
| MWE | Exit | Markwest Energy Ptnrs Lp | $0 | – | -215 | – | -0.00% | – |
| BCV | Exit | Bancroft Fund Ltd | $0 | – | -626 | – | -0.00% | – |
| HCN | Exit | Health Care Reit Inc | $0 | – | -285 | – | -0.01% | – |
| BTI | Exit | British American Tobacco PLC | $0 | – | -166 | – | -0.01% | – |
| NNN | Exit | National Retail Properties Inc | $0 | – | -572 | – | -0.01% | – |
| FHI | Exit | Federated Investors Inc | $0 | – | -672 | – | -0.01% | – |
| AGNC | Exit | American Capital Agency Corp | $0 | – | -1,260 | – | -0.01% | – |
| O | Exit | Realty Income Corp | $0 | – | -632 | – | -0.01% | – |
| MT | Exit | Arcelormittal SA Luxembourg | $0 | – | -3,840 | – | -0.01% | – |
| EPD | Exit | Enterprise Products Partners | $0 | – | -1,324 | – | -0.01% | – |
| VZ | Exit | Verizon Communications | $0 | – | -876 | – | -0.01% | – |
| TSM | Exit | Taiwan Semi ADR | $0 | – | -5,900 | – | -0.03% | – |
| TLSYY | Exit | Telstra Corp LTD | $0 | – | -27,922 | – | -0.17% | – |
| TGP | Exit | Teekay LNG Partners LP | $0 | – | -170,079 | – | -1.39% | – |
| LXP | Exit | Lexington Realty Trust | $0 | – | -1,004,360 | – | -2.16% | – |
| RDSB | Exit | Royal Dutch Shell ADR B sedol | $0 | – | -177,179 | – | -2.58% | – |
| PMT | Exit | PennyMac Mtg Inv Tr | $0 | – | -627,977 | – | -2.78% | – |
| POT | Exit | Potash Corp Sask Inc | $0 | – | -442,890 | – | -3.48% | – |
| PAA | Exit | Plains All American Pipeline L | $0 | – | -355,441 | – | -3.93% | – |
| KKR | Exit | KKR & Co. LP Del | $0 | – | -1,033,095 | – | -5.99% | – |
Q2 2015
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| ETP | New | Energy Transfer Partners | $24,876,000 | – | 476,548 | – | 6.31% | – |
| STWD | New | Starwood Property Trust Inc | $23,834,000 | – | 1,104,965 | – | 6.04% | – |
| KKR | New | KKR & Co. LP Del | $23,606,000 | – | 1,033,095 | – | 5.99% | – |
| BXMT | New | Blackstone Mortgage Trust Inc | $21,962,000 | – | 789,440 | – | 5.57% | – |
| T | New | AT&T Corp.(New) | $18,884,000 | – | 531,643 | – | 4.79% | – |
| MIC | New | Macquarie Infrastructure Co. | $18,703,000 | – | 226,342 | – | 4.74% | – |
| AB | New | Alliance Bernstein Holdings | $17,809,000 | – | 603,067 | – | 4.52% | – |
| RGC | New | Regal Entertainment Group | $17,312,000 | – | 827,944 | – | 4.39% | – |
| OAK | New | Oaktree Capital Group LLC | $17,209,000 | – | 323,594 | – | 4.36% | – |
| SRC | New | Spirit Realty Capital Inc New | $17,137,000 | – | 1,772,150 | – | 4.35% | – |
| LYB | New | Lyondellbasell Inds NV | $16,632,000 | – | 160,660 | – | 4.22% | – |
| BX | New | Blackstone Group LP | $16,352,000 | – | 400,094 | – | 4.15% | – |
| ARCC | New | Ares Capital Corp | $16,251,000 | – | 987,305 | – | 4.12% | – |
| SFL | New | Ship Finance Intl Ltd | $15,991,000 | – | 979,850 | – | 4.06% | – |
| PAA | New | Plains All American Pipeline L | $15,487,000 | – | 355,441 | – | 3.93% | – |
| POT | New | Potash Corp Sask Inc | $13,716,000 | – | 442,890 | – | 3.48% | – |
| EPR | New | EPR Properties | $12,854,000 | – | 234,650 | – | 3.26% | – |
| PMT | New | PennyMac Mtg Inv Tr | $10,946,000 | – | 627,977 | – | 2.78% | – |
| RDSB | New | Royal Dutch Shell ADR B sedol | $10,161,000 | – | 177,179 | – | 2.58% | – |
| BIP | New | Brookfield Infrastructure Part | $10,062,000 | – | 225,450 | – | 2.55% | – |
| TCP | New | TC Pipelines LP | $9,568,000 | – | 167,851 | – | 2.43% | – |
| LXP | New | Lexington Realty Trust | $8,517,000 | – | 1,004,360 | – | 2.16% | – |
| SIR | New | Select Income REIT | $7,405,000 | – | 358,771 | – | 1.88% | – |
| STOR | New | Store Capital Corp | $6,546,000 | – | 325,670 | – | 1.66% | – |
| VOD | New | Vodafone Group PLC | $6,372,000 | – | 174,804 | – | 1.62% | – |
| TGP | New | Teekay LNG Partners LP | $5,477,000 | – | 170,079 | – | 1.39% | – |
| CQP | New | Cheniere Energy Partners LP | $4,711,000 | – | 152,697 | – | 1.20% | – |
| ARLP | New | Alliance Resource Partners - L | $3,660,000 | – | 146,636 | – | 0.93% | – |
| TLSYY | New | Telstra Corp LTD | $658,000 | – | 27,922 | – | 0.17% | – |
| UN | New | Unilever ADR | $265,000 | – | 6,329 | – | 0.07% | – |
| LBTYA | New | Liberty Global Inc | $189,000 | – | 3,500 | – | 0.05% | – |
| SAP | New | Sap Aktiengesell | $147,000 | – | 2,098 | – | 0.04% | – |
| HDB | New | HDFC Bank Ltd | $142,000 | – | 2,350 | – | 0.04% | – |
| TSM | New | Taiwan Semi ADR | $134,000 | – | 5,900 | – | 0.03% | – |
| CHL | New | China Mobile LTD | $107,000 | – | 1,670 | – | 0.03% | – |
| NVO | New | Novo Nordisk AS | $100,000 | – | 1,830 | – | 0.02% | – |
| ET | New | Energy Trans Equity LP | $91,000 | – | 1,424 | – | 0.02% | – |
| EPD | New | Enterprise Products Partners | $40,000 | – | 1,324 | – | 0.01% | – |
| VZ | New | Verizon Communications | $41,000 | – | 876 | – | 0.01% | – |
| MT | New | Arcelormittal SA Luxembourg | $37,000 | – | 3,840 | – | 0.01% | – |
| O | New | Realty Income Corp | $28,000 | – | 632 | – | 0.01% | – |
| MHGVY | New | Marine Harvest ASA | $26,000 | – | 2,300 | – | 0.01% | – |
| AGNC | New | American Capital Agency Corp | $23,000 | – | 1,260 | – | 0.01% | – |
| FHI | New | Federated Investors Inc | $23,000 | – | 672 | – | 0.01% | – |
| NNN | New | National Retail Properties Inc | $20,000 | – | 572 | – | 0.01% | – |
| BTI | New | British American Tobacco PLC | $18,000 | – | 166 | – | 0.01% | – |
| HCN | New | Health Care Reit Inc | $19,000 | – | 285 | – | 0.01% | – |
| BCE | New | BCE Inc | $17,000 | – | 400 | – | 0.00% | – |
| BCV | New | Bancroft Fund Ltd | $13,000 | – | 626 | – | 0.00% | – |
| APO | New | Apollo Global Management LLC | $12,000 | – | 560 | – | 0.00% | – |
| MWE | New | Markwest Energy Ptnrs Lp | $12,000 | – | 215 | – | 0.00% | – |
| EFT | New | Eaton Vance Floating Rt Incm | $10,000 | – | 694 | – | 0.00% | – |
| CHI | New | Calamos Conv Oppty & Incm Fd | $6,000 | – | 480 | – | 0.00% | – |
| EEP | New | Enbridge Energy | $9,000 | – | 273 | – | 0.00% | – |
| JFR | New | Nuveen Float Rate Incm Fund | $9,000 | – | 868 | – | 0.00% | – |
| JNK | New | Barclays High Yield Bd Fd SPDR | $6,000 | – | 158 | – | 0.00% | – |
| SWAY | New | Starwood Waypoint Reside W/I R | $3,000 | – | 111 | – | 0.00% | – |
| SPG | New | Simon Property Group, Inc | $3,000 | – | 17 | – | 0.00% | – |
| NUV | New | Nuveen Mun Value Fund | $5,000 | – | 481 | – | 0.00% | – |
| DUK | New | Duke Energy | $2,000 | – | 28 | – | 0.00% | – |
| GMLP | New | Golar LNG Partners LP | $2,000 | – | 89 | – | 0.00% | – |
Q4 2014
Q3 2014
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| ETP | Buy | Energy Transfer Partners | $38,661,000 | +38.2% | 604,168 | +25.2% | 7.85% | +21.8% |
| STWD | Buy | Starwood Property Trust Inc | $31,194,000 | +7.5% | 1,420,475 | +16.4% | 6.33% | -5.2% |
| T | Buy | AT&T Corp.(New) | $27,879,000 | +16.2% | 791,113 | +16.6% | 5.66% | +2.5% |
| BXMT | Buy | Blackstone Mortgage Trust Inc | $27,427,000 | +8.2% | 1,012,070 | +15.8% | 5.57% | -4.6% |
| SRC | Buy | Spirit Realty Capital Inc New | $24,794,000 | +12.6% | 2,260,200 | +16.6% | 5.03% | -0.7% |
| FHI | Buy | Federated Investors Inc | $24,034,000 | +10.5% | 818,597 | +16.4% | 4.88% | -2.5% |
| RDSB | Buy | Royal Dutch Shell ADR B sedol | $24,021,000 | +7.2% | 303,600 | +17.8% | 4.88% | -5.5% |
| AGNC | Buy | American Capital Agency Corp | $22,720,000 | +5.7% | 1,069,160 | +16.4% | 4.61% | -6.8% |
| O | Buy | Realty Income Corp | $20,016,000 | +7.1% | 490,699 | +16.6% | 4.06% | -5.6% |
| ARLP | Buy | Alliance Resource Partners - L | $19,147,000 | +0.9% | 446,936 | +9.8% | 3.89% | -11.1% |
| OAK | Buy | Oaktree Capital Group LLC | $18,881,000 | +18.9% | 369,494 | +16.3% | 3.83% | +4.8% |
| RGC | Buy | Regal Entertainment Group | $18,873,000 | +9.5% | 949,354 | +16.2% | 3.83% | -3.4% |
| SFL | Buy | Ship Finance Intl Ltd | $18,718,000 | +6.0% | 1,106,250 | +16.5% | 3.80% | -6.5% |
| ARCC | Buy | Ares Capital Corp | $18,246,000 | +5.3% | 1,129,115 | +16.4% | 3.70% | -7.1% |
| PMT | Buy | PennyMac Mtg Inv Tr | $16,589,000 | +13.7% | 774,104 | +16.4% | 3.37% | +0.2% |
| KKR | Buy | KKR & Co. LP Del | $14,582,000 | +7.0% | 653,895 | +16.7% | 2.96% | -5.7% |
| LYB | Buy | Lyondellbasell Inds NV | $14,364,000 | +29.8% | 132,190 | +16.7% | 2.92% | +14.5% |
| APO | Buy | Apollo Global Management LLC | $11,789,000 | +0.2% | 494,525 | +16.5% | 2.39% | -11.7% |
| NNN | Sell | National Retail Properties Inc | $11,076,000 | -9.7% | 320,395 | -2.9% | 2.25% | -20.4% |
| HLSSF | Buy | Home Loan Servicing Solutions, | $10,985,000 | +8.4% | 518,420 | +16.3% | 2.23% | -4.4% |
| LXP | New | Lexington Realty Trust | $10,095,000 | – | 1,031,110 | – | 2.05% | – |
| VOD | Buy | Vodafone Group PLC | $9,840,000 | +14.7% | 299,178 | +16.5% | 2.00% | +1.2% |
| SIR | New | Select Income REIT | $9,756,000 | – | 405,641 | – | 1.98% | – |
| POT | New | Potash Corp Sask Inc | $9,108,000 | – | 263,540 | – | 1.85% | – |
| BIP | Buy | Brookfield Infra Partners L.P. | $7,850,000 | +5.7% | 206,567 | +16.0% | 1.59% | -6.8% |
| CQP | Buy | Cheniere Energy Partners LP | $6,391,000 | +15.0% | 195,317 | +16.2% | 1.30% | +1.4% |
| PAA | Buy | Plains All American Pipeline L | $65,000 | +38.3% | 1,109 | +40.6% | 0.01% | +18.2% |
| EPD | Buy | Enterprise Products Partners | $58,000 | +11.5% | 1,432 | +116.3% | 0.01% | 0.0% |
| 4945SC | New | Kinder Morgan Energy Partners | $28,000 | – | 298 | – | 0.01% | – |
| CHI | Buy | Calamos Conv Oppty & Incm Fd | $13,000 | +85.7% | 963 | +100.6% | 0.00% | +50.0% |
| SLRC | Sell | Solar Capital Ltd | $15,000 | -99.8% | 800 | -99.8% | 0.00% | -99.8% |
| NLY | New | Annaly Capital Management | $6,000 | – | 595 | – | 0.00% | – |
| CYS | New | CYS Investments Inc | $3,000 | – | 348 | – | 0.00% | – |
| YPF | New | YPF Sociedad Anonima | $3,000 | – | 75 | – | 0.00% | – |
| DUK | Buy | Duke Energy | $6,000 | +200.0% | 84 | +200.0% | 0.00% | – |
| TEF | New | Telefonica SA | $4,000 | – | 253 | – | 0.00% | – |
| AINV | Buy | Apollo Investment Corp | $6,000 | +100.0% | 710 | +100.0% | 0.00% | 0.0% |
| FGPRQ | New | Ferrellgas Partners LP | $1,000 | – | 49 | – | 0.00% | – |
| DOFSQ | Exit | Diamond Offshore Drilling, Inc | $0 | – | -197,083 | – | -2.25% | – |
Q2 2014
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| STWD | New | Starwood Ppty Trust Inc | $29,011,000 | – | 1,220,475 | – | 6.68% | – |
| ETP | New | Energy Transfer Partners | $27,980,000 | – | 482,658 | – | 6.44% | – |
| BXMT | New | Blackstone Mortgage Trust Inc | $25,351,000 | – | 874,160 | – | 5.84% | – |
| T | New | AT&T Inc. | $23,992,000 | – | 678,513 | – | 5.52% | – |
| RDSB | New | Royal Dutch Shell ADR B sedol | $22,416,000 | – | 257,630 | – | 5.16% | – |
| SRC | New | Spirit Realty Capital Inc New | $22,011,000 | – | 1,937,600 | – | 5.07% | – |
| FHI | New | Federated Investors Inc | $21,743,000 | – | 703,197 | – | 5.00% | – |
| AGNC | New | American Capital Agency Corp | $21,494,000 | – | 918,160 | – | 4.95% | – |
| ARLP | New | Alliance Resource Partners - L | $18,984,000 | – | 406,936 | – | 4.37% | – |
| O | New | Realty Income Corp | $18,690,000 | – | 420,754 | – | 4.30% | – |
| SFL | New | Ship Finance Intl Ltd | $17,656,000 | – | 949,750 | – | 4.06% | – |
| ARCC | New | Ares Capital Corp | $17,326,000 | – | 970,115 | – | 3.99% | – |
| RGC | New | Regal Entertainment Group | $17,236,000 | – | 816,854 | – | 3.97% | – |
| OAK | New | Oaktree Capital Group LLC | $15,882,000 | – | 317,694 | – | 3.66% | – |
| PMT | New | PennyMac Mtg Inv Tr | $14,592,000 | – | 665,069 | – | 3.36% | – |
| KKR | New | KKR & Co. LP Del | $13,634,000 | – | 560,395 | – | 3.14% | – |
| NNN | New | National Retail Properties Inc | $12,272,000 | – | 329,991 | – | 2.82% | – |
| APO | New | Apollo Global Management LLC | $11,768,000 | – | 424,525 | – | 2.71% | – |
| LYB | New | Lyondellbasell Inds NV | $11,063,000 | – | 113,290 | – | 2.55% | – |
| TCP | New | TC Pipelines LP | $10,248,000 | – | 198,381 | – | 2.36% | – |
| TGP | New | Teekay LNG Partners LP | $10,216,000 | – | 221,409 | – | 2.35% | – |
| HLSSF | New | Home Loan Servicing Solutions, | $10,131,000 | – | 445,720 | – | 2.33% | – |
| DOFSQ | New | Diamond Offshore Drilling, Inc | $9,781,000 | – | 197,083 | – | 2.25% | – |
| VOD | New | Vodafone Group PLC | $8,577,000 | – | 256,878 | – | 1.97% | – |
| BIP | New | Brookfield Infra Partners | $7,429,000 | – | 178,067 | – | 1.71% | – |
| SLRC | New | Solar Capital Ltd | $6,880,000 | – | 323,327 | – | 1.58% | – |
| CQP | New | Cheniere Energy Partners LP | $5,555,000 | – | 168,117 | – | 1.28% | – |
| BAESY | New | BAE Systems | $514,000 | – | 17,210 | – | 0.12% | – |
| TLSYY | New | Telstra Corp LTD | $477,000 | – | 19,392 | – | 0.11% | – |
| NSRGY | New | Nestles ADR | $310,000 | – | 3,985 | – | 0.07% | – |
| UN | New | Unilever ADR | $306,000 | – | 6,989 | – | 0.07% | – |
| SAP | New | Sap Aktiengesell | $162,000 | – | 2,098 | – | 0.04% | – |
| SNY | New | Sanofi Aventis | $136,000 | – | 2,549 | – | 0.03% | – |
| NVO | New | Novo Nordisk AS | $85,000 | – | 1,830 | – | 0.02% | – |
| ET | New | Energy Trans Equity LP | $84,000 | – | 1,424 | – | 0.02% | – |
| PKX | New | Posco ADR | $76,000 | – | 1,025 | – | 0.02% | – |
| MT | New | Arcelormittal SA Luxembourg | $57,000 | – | 3,840 | – | 0.01% | – |
| EPD | New | Enterprise Products Partners | $52,000 | – | 662 | – | 0.01% | – |
| PAA | New | Plains All American Pipeline L | $47,000 | – | 789 | – | 0.01% | – |
| VZ | New | Verizon Communications | $43,000 | – | 876 | – | 0.01% | – |
| New | BAE Systems | $28,000 | – | 3,702 | – | 0.01% | – | |
| BTI | New | British American Tobacco PLC | $20,000 | – | 166 | – | 0.01% | – |
| HCN | New | Health Care Reit Inc | $18,000 | – | 285 | – | 0.00% | – |
| PSEC | New | Prospect Capital Corp | $17,000 | – | 1,566 | – | 0.00% | – |
| BCE | New | BCE Inc | $18,000 | – | 400 | – | 0.00% | – |
| BCV | New | Bancroft Fund Ltd | $13,000 | – | 626 | – | 0.00% | – |
| JFR | New | Nuveen Float Rate Incm Fund | $11,000 | – | 868 | – | 0.00% | – |
| MWE | New | Markwest Energy Ptnrs Lp | $15,000 | – | 215 | – | 0.00% | – |
| EFT | New | Eaton Vance Floating Rt Incm | $10,000 | – | 694 | – | 0.00% | – |
| JNK | New | SPDR Series Trust | $7,000 | – | 158 | – | 0.00% | – |
| MMLP | New | Martin Midstream Prtnr LP | $7,000 | – | 177 | – | 0.00% | – |
| CHI | New | Calamos Conv Opp and Inc Fd | $7,000 | – | 480 | – | 0.00% | – |
| EEP | New | Enbridge Energy Partners LP | $10,000 | – | 273 | – | 0.00% | – |
| AINV | New | Apollo Investment Corp | $3,000 | – | 355 | – | 0.00% | – |
| SPG | New | Simon Ppty Group Inc | $3,000 | – | 17 | – | 0.00% | – |
| SWAY | New | Starwood Waypoint Residentl | $4,000 | – | 164 | – | 0.00% | – |
| NUV | New | Nuveen Mun Value Fund | $5,000 | – | 481 | – | 0.00% | – |
| GMLP | New | Golar LNG Partners LP | $3,000 | – | 89 | – | 0.00% | – |
| DUK | New | Duke Energy | $2,000 | – | 28 | – | 0.00% | – |
| WPG | New | Washington Prime Group Inc | $0 | – | 8 | – | 0.00% | – |
Q4 2013
Q3 2013
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| 4945SC | Buy | Kinder Morgan Energy Partners | $17,689,000 | +19.4% | 221,585 | +27.8% | 7.23% | +20.5% |
| PMT | Buy | PennyMac Mtg Inv Tr | $15,503,000 | +23.5% | 683,574 | +14.6% | 6.34% | +24.6% |
| OAK | New | Oaktree Capital Group LLC | $13,239,000 | – | 252,894 | – | 5.41% | – |
| RGC | Sell | Regal Entertainment Group | $13,184,000 | +4.9% | 694,646 | -1.1% | 5.39% | +5.8% |
| ETP | Sell | Energy Transfer Partners | $12,379,000 | +1.9% | 237,740 | -1.1% | 5.06% | +2.8% |
| BWP | Buy | Boardwalk Pipeline Ptnrs | $11,958,000 | +22.8% | 393,757 | +22.2% | 4.89% | +23.9% |
| VOD | Sell | Vodafone Group PLC | $11,435,000 | +8.2% | 325,042 | -11.6% | 4.68% | +9.1% |
| FHI | Sell | Federated Investors Inc | $10,947,000 | -2.0% | 403,045 | -1.1% | 4.48% | -1.1% |
| KFN | Sell | KKR Financial Hldg Dela | $10,260,000 | -3.1% | 993,258 | -1.1% | 4.20% | -2.3% |
| AZN | Buy | Astrazeneca PLC - Spons ADR | $9,807,000 | +12.3% | 188,848 | +2.3% | 4.01% | +13.3% |
| TGP | Sell | Teekay LNG Partners LP | $9,759,000 | -0.1% | 221,251 | -1.1% | 3.99% | +0.7% |
| NNN | Sell | National Retail Properties Inc | $9,518,000 | -8.5% | 299,109 | -1.1% | 3.89% | -7.7% |
| O | Buy | Realty Income Corp | $9,509,000 | +6.5% | 239,226 | +12.3% | 3.89% | +7.4% |
| HCN | Sell | Health Care Reit Inc | $9,145,000 | -7.9% | 146,597 | -1.1% | 3.74% | -7.1% |
| STWD | Sell | Starwood Property Trust Inc | $8,908,000 | -4.2% | 371,621 | -1.1% | 3.64% | -3.3% |
| DOFSQ | Sell | Diamond Offshore Drilling | $8,864,000 | -10.4% | 142,231 | -1.1% | 3.62% | -9.6% |
| T | Sell | AT&T Corp.(New) | $8,500,000 | -37.6% | 251,328 | -34.7% | 3.48% | -37.1% |
| TCP | Sell | TC Pipelines LP | $7,053,000 | -0.2% | 144,834 | -1.1% | 2.88% | +0.7% |
| BIP | Sell | Brookfield Infra Partners | $6,747,000 | +3.0% | 177,448 | -1.1% | 2.76% | +3.9% |
| SLRC | Buy | Solar Capital Ltd | $6,728,000 | +15.7% | 303,317 | +20.5% | 2.75% | +16.7% |
| PAA | Sell | Plains All American Pipeline L | $6,032,000 | -6.7% | 114,545 | -1.1% | 2.47% | -5.8% |
| NVS | Sell | Novartis AG - ADR | $5,617,000 | +7.3% | 73,229 | -1.1% | 2.30% | +8.2% |
| ET | Sell | Energy Trans Equity LP | $5,152,000 | +8.8% | 78,327 | -1.1% | 2.11% | +9.7% |
| CQP | Sell | Cheniere Energy Partners LP | $4,460,000 | -12.8% | 169,207 | -1.1% | 1.82% | -12.0% |
| ARLP | New | Alliance Resource Partners - L | $4,325,000 | – | 58,344 | – | 1.77% | – |
| PM | Sell | Philip Morris Intl Inc | $3,934,000 | -1.1% | 45,434 | -1.1% | 1.61% | -0.3% |
| BTI | Sell | British American Tobacco PLC | $546,000 | -46.6% | 5,197 | -47.7% | 0.22% | -46.3% |
| New | Samsung SEDOL 4942818 | $498,000 | – | 781 | – | 0.20% | – | |
| ITYBY | Sell | Imperial Tobacco Group PLC | $489,000 | -11.1% | 6,589 | -16.6% | 0.20% | -10.3% |
| TLSYY | Buy | Telstra Corp LTD | $421,000 | +6.9% | 18,137 | +0.6% | 0.17% | +7.5% |
| CS | Sell | Credit Suisse Group | $278,000 | -51.6% | 9,108 | -58.0% | 0.11% | -51.1% |
| NSRGY | Sell | Nestles ADR | $277,000 | -47.1% | 3,985 | -50.0% | 0.11% | -46.7% |
| UN | Sell | Unilever ADR | $264,000 | -52.0% | 6,989 | -50.0% | 0.11% | -51.6% |
| SAP | Sell | Sap Aktiengesell | $189,000 | -49.3% | 2,558 | -50.0% | 0.08% | -49.0% |
| HSBC | Sell | HSBC Holdings PLC | $128,000 | -71.7% | 2,359 | -72.9% | 0.05% | -71.7% |
| SNY | Sell | Sanofi Aventis | $118,000 | -50.8% | 2,333 | -50.0% | 0.05% | -50.5% |
| PKX | Sell | Posco ADR | $75,000 | -43.6% | 1,025 | -49.9% | 0.03% | -42.6% |
| HUPHY | New | Hutchison Port Hldgs USD Sedol | $74,000 | – | 94,908 | – | 0.03% | – |
| NVO | Sell | Novo Nordisk AS | $62,000 | -45.1% | 366 | -49.6% | 0.02% | -45.7% |
| BPY | Exit | Brookfield Property Partners L | $0 | – | -28 | – | 0.00% | – |
| GE | Exit | General Electric | $0 | – | -591 | – | -0.01% | – |
| BAM | Exit | Brookfield Asset Mgmt Ltd | $0 | – | -503 | – | -0.01% | – |
| TEVA | Exit | Teva Pharm | $0 | – | -585 | – | -0.01% | – |
| FCX | Exit | Freeport-McMoran Cp & Gld | $0 | – | -1,033 | – | -0.01% | – |
| F113PS | Exit | Covidien PLC | $0 | – | -464 | – | -0.01% | – |
| ORCL | Exit | Oracle Corp. | $0 | – | -1,523 | – | -0.02% | – |
| CAT | Exit | Caterpillar Inc. | $0 | – | -632 | – | -0.02% | – |
| JNJ | Exit | Johnson & Johnson | $0 | – | -735 | – | -0.03% | – |
| TSM | Exit | Taiwan Semi ADR | $0 | – | -3,873 | – | -0.03% | – |
| WFC | Exit | Wells Fargo | $0 | – | -2,065 | – | -0.03% | – |
| KO | Exit | Coca Cola Co. | $0 | – | -2,797 | – | -0.04% | – |
| MCD | Exit | McDonald's Corp. | $0 | – | -1,160 | – | -0.05% | – |
| Exit | Hutchison Port Hldgs USD Sedol | $0 | – | -189,908 | – | -0.06% | – | |
| PPERY | Exit | Pt Bank Mandiri Persero TBK | $0 | – | -39,181 | – | -0.14% | – |
| Exit | Samsung SEDOL 4942818 | $0 | – | -671 | – | -0.16% | – | |
| PWE | Exit | Penn West Petroleum Ltd | $0 | – | -166,803 | – | -0.72% | – |
| VZ | Exit | Verizon Communications | $0 | – | -145,725 | – | -2.97% | – |
| NLY | Exit | Annaly Capital Management | $0 | – | -879,331 | – | -4.48% | – |
Q2 2013
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| 4945SC | New | Kinder Morgan Energy Partners | $14,809,000 | – | 173,409 | – | 6.00% | – |
| T | New | AT&T Corp.(New) | $13,632,000 | – | 385,088 | – | 5.52% | – |
| RGC | New | Regal Entertainment Group | $12,568,000 | – | 702,146 | – | 5.09% | – |
| PMT | New | PennyMac Mtg Inv Tr | $12,553,000 | – | 596,334 | – | 5.09% | – |
| ETP | New | Energy Transfer Partners | $12,145,000 | – | 240,300 | – | 4.92% | – |
| FHI | New | Federated Investors Inc | $11,167,000 | – | 407,395 | – | 4.53% | – |
| NLY | New | Annaly Capital Management | $11,053,000 | – | 879,331 | – | 4.48% | – |
| KFN | New | KKR Financial Hldg Dela | $10,592,000 | – | 1,003,988 | – | 4.29% | – |
| VOD | New | Vodafone Group PLC | $10,569,000 | – | 367,632 | – | 4.28% | – |
| NNN | New | National Retail Properties Inc | $10,400,000 | – | 302,339 | – | 4.22% | – |
| HCN | New | Health Care Reit Inc | $9,932,000 | – | 148,177 | – | 4.03% | – |
| DOFSQ | New | Diamond Offshore Drilling | $9,890,000 | – | 143,771 | – | 4.01% | – |
| TGP | New | Teekay LNG Partners LP | $9,773,000 | – | 223,641 | – | 3.96% | – |
| BWP | New | Boardwalk Pipeline Ptnrs | $9,735,000 | – | 322,337 | – | 3.95% | – |
| STWD | New | Starwood Property Trust Inc | $9,297,000 | – | 375,641 | – | 3.77% | – |
| O | New | Realty Income Corp | $8,930,000 | – | 213,016 | – | 3.62% | – |
| AZN | New | Astrazeneca PLC - Spons ADR | $8,734,000 | – | 184,648 | – | 3.54% | – |
| VZ | New | Verizon Communications | $7,336,000 | – | 145,725 | – | 2.97% | – |
| TCP | New | TC Pipelines LP | $7,068,000 | – | 146,394 | – | 2.86% | – |
| BIP | New | Brookfield Infra Partners | $6,551,000 | – | 179,368 | – | 2.66% | – |
| PAA | New | Plains All American Pipeline L | $6,462,000 | – | 115,785 | – | 2.62% | – |
| SLRC | New | Solar Capital Ltd | $5,814,000 | – | 251,804 | – | 2.36% | – |
| NVS | New | Novartis AG - ADR | $5,235,000 | – | 74,029 | – | 2.12% | – |
| CQP | New | Cheniere Energy Partners LP | $5,112,000 | – | 171,027 | – | 2.07% | – |
| ET | New | Energy Trans Equity LP | $4,736,000 | – | 79,177 | – | 1.92% | – |
| PM | New | Philip Morris Intl Inc | $3,979,000 | – | 45,934 | – | 1.61% | – |
| PWE | New | Penn West Petroleum Ltd | $1,765,000 | – | 166,803 | – | 0.72% | – |
| BTI | New | British American Tobacco PLC | $1,023,000 | – | 9,935 | – | 0.42% | – |
| CS | New | Credit Suisse Group | $574,000 | – | 21,708 | – | 0.23% | – |
| UN | New | Unilever ADR | $550,000 | – | 13,979 | – | 0.22% | – |
| ITYBY | New | Imperial Tobacco Group PLC | $550,000 | – | 7,899 | – | 0.22% | – |
| NSRGY | New | Nestles ADR | $524,000 | – | 7,965 | – | 0.21% | – |
| HSBC | New | HSBC Holdings PLC | $453,000 | – | 8,719 | – | 0.18% | – |
| BAESY | New | BAE Systems | $406,000 | – | 17,210 | – | 0.16% | – |
| TLSYY | New | Telstra Corp LTD | $394,000 | – | 18,037 | – | 0.16% | – |
| New | Samsung SEDOL 4942818 | $391,000 | – | 671 | – | 0.16% | – | |
| SAP | New | Sap Aktiengesell | $373,000 | – | 5,118 | – | 0.15% | – |
| PPERY | New | Pt Bank Mandiri Persero TBK | $351,000 | – | 39,181 | – | 0.14% | – |
| SNY | New | Sanofi Aventis | $240,000 | – | 4,663 | – | 0.10% | – |
| New | Hutchison Port Hldgs USD Sedol | $140,000 | – | 189,908 | – | 0.06% | – | |
| PKX | New | Posco ADR | $133,000 | – | 2,045 | – | 0.05% | – |
| MCD | New | McDonald's Corp. | $115,000 | – | 1,160 | – | 0.05% | – |
| NVO | New | Novo Nordisk AS | $113,000 | – | 726 | – | 0.05% | – |
| KO | New | Coca Cola Co. | $112,000 | – | 2,797 | – | 0.04% | – |
| WFC | New | Wells Fargo | $85,000 | – | 2,065 | – | 0.03% | – |
| TSM | New | Taiwan Semi ADR | $71,000 | – | 3,873 | – | 0.03% | – |
| JNJ | New | Johnson & Johnson | $63,000 | – | 735 | – | 0.03% | – |
| CAT | New | Caterpillar Inc. | $52,000 | – | 632 | – | 0.02% | – |
| ORCL | New | Oracle Corp. | $47,000 | – | 1,523 | – | 0.02% | – |
| FCX | New | Freeport-McMoran Cp & Gld | $29,000 | – | 1,033 | – | 0.01% | – |
| F113PS | New | Covidien PLC | $29,000 | – | 464 | – | 0.01% | – |
| TEVA | New | Teva Pharm | $23,000 | – | 585 | – | 0.01% | – |
| BAM | New | Brookfield Asset Mgmt Ltd | $18,000 | – | 503 | – | 0.01% | – |
| GE | New | General Electric | $14,000 | – | 591 | – | 0.01% | – |
| BPY | New | Brookfield Property Partners L | $1,000 | – | 28 | – | 0.00% | – |