Q3 2019
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| JPM | Buy | JPMorgan Chase & Co | $132,940,000 | +11.9% | 1,129,575 | +6.3% | 6.09% | +9.9% |
| WFC | Sell | Wells Fargo & Co | $76,844,000 | -21.8% | 1,523,470 | -26.6% | 3.52% | -23.2% |
| C | Buy | Citigroup Inc | $62,566,000 | +61.1% | 905,708 | +63.3% | 2.86% | +58.2% |
| FRC | Buy | First Republic Bank/CA | $57,406,000 | +9.8% | 593,651 | +10.9% | 2.63% | +7.9% |
| KMI | Sell | Kinder Morgan Inc/DE | $57,058,000 | -46.7% | 2,768,490 | -46.0% | 2.61% | -47.6% |
| OKE | New | ONEOK Inc | $51,038,000 | – | 692,609 | – | 2.34% | – |
| MMP | Buy | Magellan Midstream Partners LP | $37,078,000 | +28.1% | 559,500 | +23.7% | 1.70% | +25.8% |
| DUK | Buy | Duke Energy Corp | $28,900,000 | +133.3% | 301,478 | +114.8% | 1.32% | +129.3% |
| COP | Buy | ConocoPhillips | $17,211,000 | +37.4% | 302,055 | +47.1% | 0.79% | +34.9% |
| PPL | Exit | PPL Corp | $0 | – | -562,202 | – | -0.81% | – |
| BK | Exit | Bank of New York Mellon Corp/The | $0 | – | -808,956 | – | -1.66% | – |
Q2 2019
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| GOOGL | New | Google Inc | $161,872,000 | – | 149,494 | – | 7.54% | – |
| BRKB | New | Berkshire Hathaway Inc | $156,563,000 | – | 734,449 | – | 7.30% | – |
| CVX | New | Chevron Corp | $149,232,000 | – | 1,199,229 | – | 6.96% | – |
| DIS | New | Walt Disney Co/The | $129,797,000 | – | 929,511 | – | 6.05% | – |
| JPM | New | JPMorgan Chase & Co | $118,789,000 | – | 1,062,507 | – | 5.54% | – |
| KMI | New | Kinder Morgan Inc/DE | $107,010,000 | – | 5,124,998 | – | 4.99% | – |
| WFC | New | Wells Fargo & Co | $98,274,000 | – | 2,076,804 | – | 4.58% | – |
| NEE | New | NextEra Energy Inc | $89,490,000 | – | 436,835 | – | 4.17% | – |
| BAC | New | Bank of America Corp | $79,817,000 | – | 2,752,318 | – | 3.72% | – |
| RY | New | Royal Bank of Canada | $75,225,000 | – | 947,412 | – | 3.51% | – |
| IVV | New | iShares Core S&P 500 ETFetf | $74,446,000 | – | 252,572 | – | 3.47% | – |
| ZION | New | Zions Bancorporation | $73,705,000 | – | 1,602,993 | – | 3.44% | – |
| ICE | New | IntercontinentalExchange Inc | $69,159,000 | – | 804,743 | – | 3.22% | – |
| CME | New | CME Group Inc/IL | $68,232,000 | – | 351,513 | – | 3.18% | – |
| AMT | New | American Tower Corpreit | $67,261,000 | – | 328,982 | – | 3.14% | – |
| PLD | New | Prologis Increit | $63,227,000 | – | 789,352 | – | 2.95% | – |
| FB | New | Facebook Inc | $58,601,000 | – | 303,632 | – | 2.73% | – |
| FRC | New | First Republic Bank/CA | $52,261,000 | – | 535,189 | – | 2.44% | – |
| SO | New | Southern Co/The | $50,890,000 | – | 920,579 | – | 2.37% | – |
| D | New | Dominion Resources Inc/VA | $46,998,000 | – | 607,838 | – | 2.19% | – |
| TD | New | Toronto-Dominion Bank/The | $46,156,000 | – | 790,878 | – | 2.15% | – |
| XOM | New | Exxon Mobil Corp | $43,703,000 | – | 570,316 | – | 2.04% | – |
| USB | New | US Bancorp/MN | $40,512,000 | – | 773,133 | – | 1.89% | – |
| C | New | Citigroup Inc | $38,836,000 | – | 554,563 | – | 1.81% | – |
| BK | New | Bank of New York Mellon Corp/The | $35,715,000 | – | 808,956 | – | 1.66% | – |
| NTRS | New | Northern Trust Corp | $29,115,000 | – | 323,503 | – | 1.36% | – |
| MMP | New | Magellan Midstream Partners LP | $28,937,000 | – | 452,137 | – | 1.35% | – |
| AON | New | Aon PLC | $27,529,000 | – | 142,653 | – | 1.28% | – |
| PPL | New | PPL Corp | $17,434,000 | – | 562,202 | – | 0.81% | – |
| AEP | New | American Electric Power Co Inc | $12,908,000 | – | 146,670 | – | 0.60% | – |
| COP | New | ConocoPhillips | $12,527,000 | – | 205,362 | – | 0.58% | – |
| DUK | New | Duke Energy Corp | $12,385,000 | – | 140,356 | – | 0.58% | – |
| NWE | New | NorthWestern Corp | $9,066,000 | – | 125,659 | – | 0.42% | – |
Q4 2018
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| NWE | Exit | NorthWestern Corp | $0 | – | -146,682 | – | -0.44% | – |
| AEP | Exit | American Electric Power Co Inc | $0 | – | -171,094 | – | -0.62% | – |
| DUK | Exit | Duke Energy Corp | $0 | – | -164,065 | – | -0.67% | – |
| IVV | Exit | iShares Core S&P 500 ETFetf | $0 | – | -53,990 | – | -0.80% | – |
| MMP | Exit | Magellan Midstream Partners LP | $0 | – | -282,862 | – | -0.97% | – |
| AON | Exit | Aon PLC | $0 | – | -166,403 | – | -1.30% | – |
| SLB | Exit | Schlumberger Ltd | $0 | – | -465,869 | – | -1.44% | – |
| PPL | Exit | PPL Corp | $0 | – | -977,421 | – | -1.45% | – |
| GS | Exit | Goldman Sachs Group Inc/The | $0 | – | -129,563 | – | -1.47% | – |
| XOM | Exit | Exxon Mobil Corp | $0 | – | -351,532 | – | -1.52% | – |
| D | Exit | Dominion Resources Inc/VA | $0 | – | -526,388 | – | -1.88% | – |
| NTRS | Exit | Northern Trust Corp | $0 | – | -377,692 | – | -1.96% | – |
| SU | Exit | Suncor Energy Inc | $0 | – | -1,068,979 | – | -2.10% | – |
| FRC | Exit | First Republic Bank/CA | $0 | – | -472,152 | – | -2.30% | – |
| C | Exit | Citigroup Inc | $0 | – | -647,203 | – | -2.36% | – |
| SO | Exit | Southern Co/The | $0 | – | -1,074,733 | – | -2.38% | – |
| USB | Exit | US Bancorp/MN | $0 | – | -902,504 | – | -2.42% | – |
| AMT | Exit | American Tower Corpreit | $0 | – | -384,164 | – | -2.83% | – |
| TD | Exit | Toronto-Dominion Bank/The | $0 | – | -923,150 | – | -2.85% | – |
| CME | Exit | CME Group Inc/IL | $0 | – | -352,991 | – | -3.05% | – |
| PLD | Exit | Prologis Increit | $0 | – | -921,554 | – | -3.17% | – |
| ICE | Exit | IntercontinentalExchange Inc | $0 | – | -939,395 | – | -3.57% | – |
| NEE | Exit | NextEra Energy Inc | $0 | – | -436,535 | – | -3.71% | – |
| RY | Exit | Royal Bank of Canada | $0 | – | -1,105,931 | – | -4.50% | – |
| BK | Exit | Bank of New York Mellon Corp/The | $0 | – | -1,849,465 | – | -4.78% | – |
| ZION | Exit | Zions Bancorporation | $0 | – | -2,047,699 | – | -5.21% | – |
| BAC | Exit | Bank of America Corp | $0 | – | -3,498,253 | – | -5.23% | – |
| WFC | Exit | Wells Fargo & Co | $0 | – | -2,214,998 | – | -5.90% | – |
| KMI | Exit | Kinder Morgan Inc/DE | $0 | – | -7,110,071 | – | -6.39% | – |
| JPM | Exit | JPMorgan Chase & Co | $0 | – | -1,240,272 | – | -7.10% | – |
| CVX | Exit | Chevron Corp | $0 | – | -1,248,272 | – | -7.74% | – |
| BRKB | Exit | Berkshire Hathaway Inc | $0 | – | -730,286 | – | -7.93% | – |
Q3 2018
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| BRKB | Sell | Berkshire Hathaway Inc | $156,361,000 | +6.4% | 730,286 | -7.2% | 7.93% | +10.6% |
| JPM | Sell | JPMorgan Chase & Co | $139,952,000 | +0.5% | 1,240,272 | -7.2% | 7.10% | +4.4% |
| KMI | Sell | Kinder Morgan Inc/DE | $126,061,000 | -6.9% | 7,110,071 | -7.2% | 6.39% | -3.2% |
| BAC | Sell | Bank of America Corp | $103,058,000 | -3.1% | 3,498,253 | -7.2% | 5.23% | +0.8% |
| ZION | Sell | Zions Bancorporation | $102,692,000 | -11.7% | 2,047,699 | -7.3% | 5.21% | -8.2% |
| BK | Sell | Bank of New York Mellon Corp/The | $94,304,000 | -12.3% | 1,849,465 | -7.2% | 4.78% | -8.8% |
| RY | Sell | Royal Bank of Canada | $88,685,000 | -1.2% | 1,105,931 | -7.3% | 4.50% | +2.7% |
| NEE | Sell | NextEra Energy Inc | $73,163,000 | -6.9% | 436,535 | -7.2% | 3.71% | -3.2% |
| ICE | Sell | IntercontinentalExchange Inc | $70,352,000 | -5.6% | 939,395 | -7.3% | 3.57% | -1.8% |
| PLD | Sell | Prologis Increit | $62,472,000 | -4.3% | 921,554 | -7.2% | 3.17% | -0.5% |
| TD | Sell | Toronto-Dominion Bank/The | $56,128,000 | -2.6% | 923,150 | -7.3% | 2.85% | +1.3% |
| AMT | Sell | American Tower Corpreit | $55,819,000 | -6.5% | 384,164 | -7.2% | 2.83% | -2.8% |
| USB | Sell | US Bancorp/MN | $47,661,000 | -2.1% | 902,504 | -7.2% | 2.42% | +1.8% |
| SO | Sell | Southern Co/The | $46,858,000 | -12.7% | 1,074,733 | -7.3% | 2.38% | -9.2% |
| C | Sell | Citigroup Inc | $46,430,000 | -0.6% | 647,203 | -7.3% | 2.36% | +3.3% |
| FRC | Sell | First Republic Bank/CA | $45,327,000 | -8.0% | 472,152 | -7.3% | 2.30% | -4.4% |
| SU | Sell | Suncor Energy Inc | $41,359,000 | -11.8% | 1,068,979 | -7.3% | 2.10% | -8.3% |
| NTRS | Sell | Northern Trust Corp | $38,574,000 | -8.0% | 377,692 | -7.3% | 1.96% | -4.4% |
| D | Sell | Dominion Resources Inc/VA | $36,995,000 | -4.4% | 526,388 | -7.3% | 1.88% | -0.6% |
| XOM | Buy | Exxon Mobil Corp | $29,887,000 | +177.5% | 351,532 | +170.0% | 1.52% | +188.8% |
| GS | Sell | Goldman Sachs Group Inc/The | $29,053,000 | -5.7% | 129,563 | -7.3% | 1.47% | -2.1% |
| PPL | Sell | PPL Corp | $28,599,000 | -5.1% | 977,421 | -7.4% | 1.45% | -1.3% |
| SLB | Sell | Schlumberger Ltd | $28,381,000 | -48.4% | 465,869 | -43.2% | 1.44% | -46.3% |
| AON | Sell | Aon PLC | $25,590,000 | +3.9% | 166,403 | -7.3% | 1.30% | +8.1% |
| MMP | Sell | Magellan Midstream Partners LP | $19,156,000 | -9.2% | 282,862 | -7.4% | 0.97% | -5.5% |
| IVV | New | iShares Core S&P 500 ETFetf | $15,805,000 | – | 53,990 | – | 0.80% | – |
| DUK | Sell | Duke Energy Corp | $13,128,000 | -6.3% | 164,065 | -7.4% | 0.67% | -2.6% |
| AEP | Sell | American Electric Power Co Inc | $12,127,000 | -5.2% | 171,094 | -7.3% | 0.62% | -1.4% |
| NWE | Sell | NorthWestern Corp | $8,605,000 | -5.3% | 146,682 | -7.6% | 0.44% | -1.6% |
Q2 2018
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| CVX | New | Chevron Corp | $157,819,000 | – | 1,248,272 | – | 7.70% | – |
| BRKB | New | Berkshire Hathaway Inc | $146,933,000 | – | 787,208 | – | 7.17% | – |
| JPM | New | JPMorgan Chase & Co | $139,323,000 | – | 1,337,064 | – | 6.80% | – |
| KMI | New | Kinder Morgan Inc/DE | $135,442,000 | – | 7,665,084 | – | 6.61% | – |
| WFC | New | Wells Fargo & Co | $122,800,000 | – | 2,214,998 | – | 5.99% | – |
| ZION | New | Zions Bancorporation | $116,344,000 | – | 2,208,099 | – | 5.68% | – |
| BK | New | Bank of New York Mellon Corp/The | $107,521,000 | – | 1,993,714 | – | 5.24% | – |
| BAC | New | Bank of America Corp | $106,314,000 | – | 3,771,340 | – | 5.19% | – |
| RY | New | Royal Bank of Canada | $89,796,000 | – | 1,192,506 | – | 4.38% | – |
| NEE | New | NextEra Energy Inc | $78,611,000 | – | 470,636 | – | 3.84% | – |
| ICE | New | IntercontinentalExchange Inc | $74,498,000 | – | 1,012,881 | – | 3.63% | – |
| PLD | New | Prologis Increit | $65,269,000 | – | 993,584 | – | 3.18% | – |
| AMT | New | American Tower Corpreit | $59,703,000 | – | 414,115 | – | 2.91% | – |
| CME | New | CME Group Inc/IL | $57,862,000 | – | 352,991 | – | 2.82% | – |
| TD | New | Toronto-Dominion Bank/The | $57,612,000 | – | 995,711 | – | 2.81% | – |
| SLB | New | Schlumberger Ltd | $54,981,000 | – | 820,254 | – | 2.68% | – |
| SO | New | Southern Co/The | $53,670,000 | – | 1,158,933 | – | 2.62% | – |
| FRC | New | First Republic Bank/CA | $49,279,000 | – | 509,134 | – | 2.40% | – |
| USB | New | US Bancorp/MN | $48,667,000 | – | 972,947 | – | 2.37% | – |
| SU | New | Suncor Energy Inc | $46,904,000 | – | 1,152,987 | – | 2.29% | – |
| C | New | Citigroup Inc | $46,728,000 | – | 698,264 | – | 2.28% | – |
| NTRS | New | Northern Trust Corp | $41,918,000 | – | 407,411 | – | 2.04% | – |
| D | New | Dominion Resources Inc/VA | $38,710,000 | – | 567,769 | – | 1.89% | – |
| GS | New | Goldman Sachs Group Inc/The | $30,825,000 | – | 139,752 | – | 1.50% | – |
| PPL | New | PPL Corp | $30,122,000 | – | 1,055,052 | – | 1.47% | – |
| AON | New | Aon PLC | $24,623,000 | – | 179,505 | – | 1.20% | – |
| MMP | New | Magellan Midstream Partners LP | $21,095,000 | – | 305,363 | – | 1.03% | – |
| DUK | New | Duke Energy Corp | $14,015,000 | – | 177,228 | – | 0.68% | – |
| AEP | New | American Electric Power Co Inc | $12,788,000 | – | 184,665 | – | 0.62% | – |
| XOM | New | Exxon Mobil Corp | $10,769,000 | – | 130,178 | – | 0.52% | – |
| NWE | New | NorthWestern Corp | $9,088,000 | – | 158,742 | – | 0.44% | – |
Q4 2017
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| SPG | Exit | Simon Property Group Increit | $0 | – | -64,802 | – | -0.24% | – |
| AMG | Exit | Affiliated Managers Group Inc | $0 | – | -96,376 | – | -0.42% | – |
| NWE | Exit | NorthWestern Corp | $0 | – | -367,048 | – | -0.48% | – |
| AEP | Exit | American Electric Power Co Inc | $0 | – | -427,064 | – | -0.69% | – |
| XOM | Exit | Exxon Mobil Corp | $0 | – | -408,240 | – | -0.77% | – |
| DUK | Exit | Duke Energy Corp | $0 | – | -409,842 | – | -0.79% | – |
| D | Exit | Dominion Resources Inc/VA | $0 | – | -450,338 | – | -0.79% | – |
| NTRS | Exit | Northern Trust Corp | $0 | – | -585,506 | – | -1.23% | – |
| AON | Exit | Aon PLC | $0 | – | -414,868 | – | -1.39% | – |
| PPL | Exit | PPL Corp | $0 | – | -1,604,724 | – | -1.39% | – |
| SLB | Exit | Schlumberger Ltd | $0 | – | -1,378,802 | – | -2.20% | – |
| USB | Exit | US Bancorp/MN | $0 | – | -2,249,588 | – | -2.76% | – |
| CME | Exit | CME Group Inc/IL | $0 | – | -891,944 | – | -2.77% | – |
| SU | Exit | Suncor Energy Inc | $0 | – | -3,568,964 | – | -2.86% | – |
| TD | Exit | Toronto-Dominion Bank/The | $0 | – | -2,302,128 | – | -2.97% | – |
| AMT | Exit | American Tower Corpreit | $0 | – | -957,648 | – | -3.00% | – |
| SO | Exit | Southern Co/The | $0 | – | -2,679,882 | – | -3.02% | – |
| PLD | Exit | Prologis Increit | $0 | – | -2,297,518 | – | -3.34% | – |
| NEE | Exit | NextEra Energy Inc | $0 | – | -1,088,200 | – | -3.65% | – |
| ICE | Exit | IntercontinentalExchange Inc | $0 | – | -2,342,068 | – | -3.68% | – |
| C | Exit | Citigroup Inc | $0 | – | -2,461,694 | – | -4.10% | – |
| BAC | Exit | Bank of America Corp | $0 | – | -7,484,988 | – | -4.34% | – |
| RY | Exit | Royal Bank of Canada | $0 | – | -2,757,430 | – | -4.88% | – |
| JPM | Exit | JPMorgan Chase & Co | $0 | – | -2,746,846 | – | -6.01% | – |
| CVX | Exit | Chevron Corp | $0 | – | -2,375,500 | – | -6.39% | – |
| WFC | Exit | Wells Fargo & Co | $0 | – | -5,121,534 | – | -6.47% | – |
| ZION | Exit | Zions Bancorporation | $0 | – | -6,358,866 | – | -6.87% | – |
| BRKB | Exit | Berkshire Hathaway Inc | $0 | – | -1,676,332 | – | -7.04% | – |
| BK | Exit | Bank of New York Mellon Corp/The | $0 | – | -6,332,720 | – | -7.69% | – |
| KMI | Exit | Kinder Morgan Inc/DE | $0 | – | -17,723,664 | – | -7.78% | – |
Q3 2017
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| KMI | Buy | Kinder Morgan Inc/DE | $339,940,000 | +94.8% | 17,723,664 | +94.5% | 7.78% | -7.5% |
| BK | Buy | Bank of New York Mellon Corp/The | $335,762,000 | +102.2% | 6,332,720 | +94.6% | 7.69% | -3.9% |
| BRKB | Buy | Berkshire Hathaway Inc | $307,306,000 | +110.6% | 1,676,332 | +94.6% | 7.04% | +0.1% |
| ZION | Buy | Zions Bancorporation | $300,012,000 | +221.4% | 6,358,866 | +199.2% | 6.87% | +52.7% |
| WFC | Buy | Wells Fargo & Co | $282,452,000 | +100.2% | 5,121,534 | +101.1% | 6.47% | -4.9% |
| CVX | Buy | Chevron Corp | $279,120,000 | +119.1% | 2,375,500 | +94.6% | 6.39% | +4.1% |
| JPM | Buy | JPMorgan Chase & Co | $262,352,000 | +103.3% | 2,746,846 | +94.6% | 6.01% | -3.4% |
| RY | Buy | Royal Bank of Canada | $213,288,000 | +107.4% | 2,757,430 | +94.5% | 4.88% | -1.4% |
| BAC | Buy | Bank of America Corp | $189,670,000 | +103.2% | 7,484,988 | +94.5% | 4.34% | -3.4% |
| C | New | Citigroup Inc | $179,064,000 | – | 2,461,694 | – | 4.10% | – |
| ICE | Buy | IntercontinentalExchange Inc | $160,900,000 | +102.7% | 2,342,068 | +94.5% | 3.68% | -3.7% |
| NEE | Buy | NextEra Energy Inc | $159,476,000 | +103.4% | 1,088,200 | +94.5% | 3.65% | -3.4% |
| PLD | Buy | Prologis Increit | $145,800,000 | +110.4% | 2,297,518 | +94.4% | 3.34% | -0.0% |
| SO | Buy | Southern Co/The | $131,690,000 | +99.6% | 2,679,882 | +94.4% | 3.02% | -5.2% |
| AMT | Buy | American Tower Corpreit | $130,892,000 | +101.0% | 957,648 | +94.5% | 3.00% | -4.5% |
| TD | Buy | Toronto-Dominion Bank/The | $129,540,000 | +117.0% | 2,302,128 | +94.3% | 2.97% | +3.1% |
| SU | Buy | Suncor Energy Inc | $125,022,000 | +61.8% | 3,568,964 | +34.9% | 2.86% | -23.1% |
| CME | Buy | CME Group Inc/IL | $121,018,000 | +110.7% | 891,944 | +94.5% | 2.77% | +0.1% |
| USB | Buy | US Bancorp/MN | $120,556,000 | +100.8% | 2,249,588 | +94.6% | 2.76% | -4.6% |
| SLB | Buy | Schlumberger Ltd | $96,186,000 | +106.1% | 1,378,802 | +94.5% | 2.20% | -2.1% |
| PPL | Buy | PPL Corp | $60,900,000 | +90.4% | 1,604,724 | +93.9% | 1.39% | -9.5% |
| AON | Buy | Aon PLC | $60,612,000 | +113.6% | 414,868 | +94.4% | 1.39% | +1.5% |
| NTRS | Buy | Northern Trust Corp | $53,826,000 | +83.3% | 585,506 | +93.8% | 1.23% | -12.9% |
| D | Buy | Dominion Resources Inc/VA | $34,644,000 | +94.4% | 450,338 | +93.7% | 0.79% | -7.6% |
| DUK | Buy | Duke Energy Corp | $34,394,000 | +94.3% | 409,842 | +93.5% | 0.79% | -7.7% |
| XOM | Buy | Exxon Mobil Corp | $33,468,000 | +97.2% | 408,240 | +94.2% | 0.77% | -6.4% |
| AEP | Buy | American Electric Power Co Inc | $29,996,000 | +96.1% | 427,064 | +93.9% | 0.69% | -6.8% |
| NWE | Buy | NorthWestern Corp | $20,900,000 | +80.1% | 367,048 | +93.0% | 0.48% | -14.3% |
| AMG | Buy | Affiliated Managers Group Inc | $18,296,000 | +52.7% | 96,376 | +33.4% | 0.42% | -27.4% |
| SPG | Buy | Simon Property Group Increit | $10,434,000 | +91.9% | 64,802 | +92.8% | 0.24% | -8.8% |
| AIG | Exit | American International Group Inc | $0 | – | -71,553 | – | -0.22% | – |
| BMO | Exit | Bank of Montreal | $0 | – | -702,660 | – | -2.49% | – |
Q2 2017
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| KMI | New | Kinder Morgan Inc/DE | $174,550,000 | – | 9,110,092 | – | 8.41% | – |
| BK | New | Bank of New York Mellon Corp/The | $166,029,000 | – | 3,254,196 | – | 8.00% | – |
| BRKB | New | Berkshire Hathaway Inc | $145,933,000 | – | 861,623 | – | 7.03% | – |
| WFC | New | Wells Fargo & Co | $141,103,000 | – | 2,546,527 | – | 6.80% | – |
| JPM | New | JPMorgan Chase & Co | $129,045,000 | – | 1,411,863 | – | 6.22% | – |
| CVX | New | Chevron Corp | $127,380,000 | – | 1,220,941 | – | 6.14% | – |
| RY | New | Royal Bank of Canada | $102,816,000 | – | 1,417,764 | – | 4.95% | – |
| BAC | New | Bank of America Corp | $93,359,000 | – | 3,848,274 | – | 4.50% | – |
| ZION | New | Zions Bancorporation | $93,332,000 | – | 2,125,533 | – | 4.50% | – |
| ICE | New | IntercontinentalExchange Inc | $79,383,000 | – | 1,204,231 | – | 3.82% | – |
| NEE | New | NextEra Energy Inc | $78,403,000 | – | 559,500 | – | 3.78% | – |
| SU | New | Suncor Energy Inc | $77,254,000 | – | 2,645,678 | – | 3.72% | – |
| PLD | New | Prologis Increit | $69,310,000 | – | 1,181,956 | – | 3.34% | – |
| SO | New | Southern Co/The | $65,992,000 | – | 1,378,280 | – | 3.18% | – |
| AMT | New | American Tower Corpreit | $65,136,000 | – | 492,260 | – | 3.14% | – |
| USB | New | US Bancorp/MN | $60,033,000 | – | 1,156,263 | – | 2.89% | – |
| TD | New | Toronto-Dominion Bank/The | $59,696,000 | – | 1,184,908 | – | 2.88% | – |
| CME | New | CME Group Inc/IL | $57,445,000 | – | 458,677 | – | 2.77% | – |
| BMO | New | Bank of Montreal | $51,604,000 | – | 702,660 | – | 2.49% | – |
| SLB | New | Schlumberger Ltd | $46,670,000 | – | 708,840 | – | 2.25% | – |
| PPL | New | PPL Corp | $31,992,000 | – | 827,538 | – | 1.54% | – |
| NTRS | New | Northern Trust Corp | $29,365,000 | – | 302,078 | – | 1.42% | – |
| AON | New | Aon PLC | $28,373,000 | – | 213,413 | – | 1.37% | – |
| D | New | Dominion Resources Inc/VA | $17,817,000 | – | 232,512 | – | 0.86% | – |
| DUK | New | Duke Energy Corp | $17,702,000 | – | 211,774 | – | 0.85% | – |
| XOM | New | Exxon Mobil Corp | $16,975,000 | – | 210,264 | – | 0.82% | – |
| AEP | New | American Electric Power Co Inc | $15,300,000 | – | 220,236 | – | 0.74% | – |
| AMG | New | Affiliated Managers Group Inc | $11,984,000 | – | 72,252 | – | 0.58% | – |
| NWE | New | NorthWestern Corp | $11,606,000 | – | 190,211 | – | 0.56% | – |
| SPG | New | Simon Property Group Increit | $5,438,000 | – | 33,618 | – | 0.26% | – |
| AIG | New | American International Group Inc | $4,473,000 | – | 71,553 | – | 0.22% | – |
Q4 2016
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| NTRS | Exit | Northern Trust Corp | $0 | – | -105,700 | – | -0.37% | – |
| NWE | Exit | NorthWestern Corp | $0 | – | -259,175 | – | -0.76% | – |
| AEP | Exit | American Electric Power Co Inc | $0 | – | -263,820 | – | -0.87% | – |
| XOM | Exit | Exxon Mobil Corp | $0 | – | -235,750 | – | -1.06% | – |
| D | Exit | Dominion Resources Inc/VA | $0 | – | -282,790 | – | -1.08% | – |
| VZ | Exit | Verizon Communications Inc | $0 | – | -460,280 | – | -1.23% | – |
| AON | Exit | Aon PLC | $0 | – | -235,750 | – | -1.36% | – |
| BNS | Exit | Bank of Nova Scotia | $0 | – | -518,250 | – | -1.41% | – |
| CCI | Exit | Crown Castle International Corpreit | $0 | – | -329,950 | – | -1.60% | – |
| PPL | Exit | PPL Corp | $0 | – | -989,425 | – | -1.76% | – |
| AIG | Exit | American International Group Inc | $0 | – | -593,570 | – | -1.81% | – |
| JPM | Exit | JPMorgan Chase & Co | $0 | – | -550,000 | – | -1.88% | – |
| BAC | Exit | Bank of America Corp | $0 | – | -2,750,000 | – | -2.21% | – |
| SO | Exit | Southern Co/The | $0 | – | -917,325 | – | -2.42% | – |
| ICE | Exit | IntercontinentalExchange Inc | $0 | – | -188,560 | – | -2.61% | – |
| BMO | Exit | Bank of Montreal | $0 | – | -777,425 | – | -2.62% | – |
| CME | Exit | CME Group Inc/IL | $0 | – | -494,725 | – | -2.65% | – |
| USB | Exit | US Bancorp/MN | $0 | – | -1,229,800 | – | -2.71% | – |
| TD | Exit | Toronto-Dominion Bank/The | $0 | – | -1,319,100 | – | -3.00% | – |
| SLB | Exit | Schlumberger Ltd | $0 | – | -753,780 | – | -3.04% | – |
| NEE | Exit | NextEra Energy Inc | $0 | – | -606,725 | – | -3.81% | – |
| SU | Exit | Suncor Energy Inc | $0 | – | -2,850,025 | – | -4.06% | – |
| STT | Exit | State Street Corp | $0 | – | -1,148,453 | – | -4.10% | – |
| AMT | Exit | American Tower Corpreit | $0 | – | -753,800 | – | -4.38% | – |
| ZION | Exit | Zions Bancorporation | $0 | – | -2,818,350 | – | -4.49% | – |
| RY | Exit | Royal Bank of Canada | $0 | – | -1,531,075 | – | -4.87% | – |
| WFC | Exit | Wells Fargo & Co | $0 | – | -2,691,925 | – | -6.12% | – |
| BRKB | Exit | Berkshire Hathaway Inc | $0 | – | -918,725 | – | -6.81% | – |
| CVX | Exit | Chevron Corp | $0 | – | -1,295,575 | – | -6.84% | – |
| BK | Exit | Bank of New York Mellon Corp/The | $0 | – | -3,886,525 | – | -7.95% | – |
| KMI | Exit | Kinder Morgan Inc/DE | $0 | – | -8,549,781 | – | -10.15% | – |
Q3 2016
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| KMI | Sell | Kinder Morgan Inc/DE | $197,756,000 | -0.4% | 8,549,781 | -19.4% | 10.15% | +45.1% |
| BK | Sell | Bank of New York Mellon Corp/The | $154,995,000 | -29.2% | 3,886,525 | -31.0% | 7.95% | +3.1% |
| CVX | Sell | Chevron Corp | $133,340,000 | -32.3% | 1,295,575 | -31.0% | 6.84% | -1.4% |
| BRKB | Sell | Berkshire Hathaway Inc | $132,728,000 | -23.2% | 918,725 | -23.1% | 6.81% | +11.7% |
| WFC | Sell | Wells Fargo & Co | $119,199,000 | -43.3% | 2,691,925 | -39.4% | 6.12% | -17.5% |
| RY | Sell | Royal Bank of Canada | $94,865,000 | -19.3% | 1,531,075 | -23.1% | 4.87% | +17.4% |
| ZION | Sell | Zions Bancorporation | $87,425,000 | -12.6% | 2,818,350 | -29.2% | 4.49% | +27.2% |
| AMT | Sell | American Tower Corpreit | $85,428,000 | -41.3% | 753,800 | -41.2% | 4.38% | -14.6% |
| STT | Sell | State Street Corp | $79,967,000 | -23.2% | 1,148,453 | -40.5% | 4.10% | +11.9% |
| SU | Sell | Suncor Energy Inc | $79,174,000 | -30.9% | 2,850,025 | -31.0% | 4.06% | +0.6% |
| NEE | Sell | NextEra Energy Inc | $74,215,000 | -35.3% | 606,725 | -31.0% | 3.81% | -5.8% |
| SLB | Sell | Schlumberger Ltd | $59,277,000 | -54.8% | 753,780 | -54.5% | 3.04% | -34.2% |
| TD | Sell | Toronto-Dominion Bank/The | $58,568,000 | -16.6% | 1,319,100 | -19.3% | 3.00% | +21.4% |
| USB | Sell | US Bancorp/MN | $52,746,000 | -51.7% | 1,229,800 | -54.5% | 2.71% | -29.6% |
| CME | Sell | CME Group Inc/IL | $51,709,000 | -38.7% | 494,725 | -42.8% | 2.65% | -10.7% |
| BMO | Sell | Bank of Montreal | $50,976,000 | -28.6% | 777,425 | -31.0% | 2.62% | +3.9% |
| ICE | Sell | IntercontinentalExchange Inc | $50,791,000 | -27.4% | 188,560 | -31.0% | 2.61% | +5.7% |
| SO | Sell | Southern Co/The | $47,059,000 | -16.4% | 917,325 | -12.6% | 2.42% | +21.8% |
| BAC | Sell | Bank of America Corp | $43,037,000 | -18.7% | 2,750,000 | -31.0% | 2.21% | +18.4% |
| JPM | New | JPMorgan Chase & Co | $36,624,000 | – | 550,000 | – | 1.88% | – |
| AIG | Sell | American International Group Inc | $35,222,000 | -35.9% | 593,570 | -42.9% | 1.81% | -6.7% |
| PPL | Sell | PPL Corp | $34,204,000 | -26.1% | 989,425 | -19.3% | 1.76% | +7.5% |
| CCI | Sell | Crown Castle International Corpreit | $31,085,000 | -46.9% | 329,950 | -42.8% | 1.60% | -22.7% |
| BNS | Sell | Bank of Nova Scotia | $27,462,000 | -25.4% | 518,250 | -31.0% | 1.41% | +8.6% |
| AON | Sell | Aon PLC | $26,519,000 | -53.1% | 235,750 | -54.5% | 1.36% | -31.8% |
| VZ | Sell | Verizon Communications Inc | $23,926,000 | -59.2% | 460,280 | -56.2% | 1.23% | -40.6% |
| D | Sell | Dominion Resources Inc/VA | $21,003,000 | -34.2% | 282,790 | -31.0% | 1.08% | -4.3% |
| XOM | Sell | Exxon Mobil Corp | $20,576,000 | -57.6% | 235,750 | -54.5% | 1.06% | -38.3% |
| AEP | Sell | American Electric Power Co Inc | $16,940,000 | -47.6% | 263,820 | -42.9% | 0.87% | -23.8% |
| NWE | Sell | NorthWestern Corp | $14,910,000 | -37.1% | 259,175 | -31.0% | 0.76% | -8.4% |
| NTRS | New | Northern Trust Corp | $7,186,000 | – | 105,700 | – | 0.37% | – |
| COP | Exit | ConocoPhillips | $0 | – | -466,365 | – | -0.72% | – |
| AMG | Exit | Affiliated Managers Group Inc | $0 | – | -207,273 | – | -1.03% | – |
Q2 2016
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| BK | New | Bank of New York Mellon Corp/The | $218,928,000 | – | 5,635,235 | – | 7.72% | – |
| WFC | New | Wells Fargo & Co | $210,216,000 | – | 4,441,505 | – | 7.41% | – |
| KMI | New | Kinder Morgan Inc/DE | $198,463,000 | – | 10,601,649 | – | 7.00% | – |
| CVX | New | Chevron Corp | $196,914,000 | – | 1,878,412 | – | 6.94% | – |
| BRKB | New | Berkshire Hathaway Inc | $172,905,000 | – | 1,194,175 | – | 6.09% | – |
| AMT | New | American Tower Corpreit | $145,571,000 | – | 1,281,324 | – | 5.13% | – |
| SLB | New | Schlumberger Ltd | $131,129,000 | – | 1,658,184 | – | 4.62% | – |
| RY | New | Royal Bank of Canada | $117,606,000 | – | 1,990,292 | – | 4.14% | – |
| NEE | New | NextEra Energy Inc | $114,699,000 | – | 879,588 | – | 4.04% | – |
| SU | New | Suncor Energy Inc | $114,594,000 | – | 4,132,505 | – | 4.04% | – |
| USB | New | US Bancorp/MN | $109,102,000 | – | 2,705,230 | – | 3.84% | – |
| STT | New | State Street Corp | $104,058,000 | – | 1,929,843 | – | 3.67% | – |
| ZION | New | Zions Bancorporation | $100,032,000 | – | 3,980,584 | – | 3.53% | – |
| CME | New | CME Group Inc/IL | $84,310,000 | – | 865,600 | – | 2.97% | – |
| BMO | New | Bank of Montreal | $71,443,000 | – | 1,127,047 | – | 2.52% | – |
| TD | New | Toronto-Dominion Bank/The | $70,215,000 | – | 1,635,572 | – | 2.48% | – |
| ICE | New | IntercontinentalExchange Inc | $69,934,000 | – | 273,224 | – | 2.46% | – |
| VZ | New | Verizon Communications Inc | $58,653,000 | – | 1,050,364 | – | 2.07% | – |
| CCI | New | Crown Castle International Corpreit | $58,532,000 | – | 577,066 | – | 2.06% | – |
| AON | New | Aon PLC | $56,601,000 | – | 518,182 | – | 2.00% | – |
| SO | New | Southern Co/The | $56,276,000 | – | 1,049,320 | – | 1.98% | – |
| AIG | New | American International Group Inc | $54,937,000 | – | 1,038,721 | – | 1.94% | – |
| BAC | New | Bank of America Corp | $52,914,000 | – | 3,987,500 | – | 1.86% | – |
| XOM | New | Exxon Mobil Corp | $48,574,000 | – | 518,182 | – | 1.71% | – |
| PPL | New | PPL Corp | $46,306,000 | – | 1,226,679 | – | 1.63% | – |
| BNS | New | Bank of Nova Scotia | $36,824,000 | – | 751,365 | – | 1.30% | – |
| AEP | New | American Electric Power Co Inc | $32,358,000 | – | 461,653 | – | 1.14% | – |
| D | New | Dominion Resources Inc/VA | $31,939,000 | – | 409,836 | – | 1.13% | – |
| AMG | New | Affiliated Managers Group Inc | $29,177,000 | – | 207,273 | – | 1.03% | – |
| NWE | New | NorthWestern Corp | $23,694,000 | – | 375,682 | – | 0.84% | – |
| COP | New | ConocoPhillips | $20,333,000 | – | 466,365 | – | 0.72% | – |
Q4 2015
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| D | Exit | Dominion Resources Inc/VA | $0 | – | -300,000 | – | -0.53% | – |
| NWE | Exit | NorthWestern Corp | $0 | – | -500,000 | – | -0.67% | – |
| XOM | Exit | Exxon Mobil Corp | $0 | – | -400,000 | – | -0.74% | – |
| AES | Exit | AES Corp/VA | $0 | – | -3,500,000 | – | -0.85% | – |
| STR | Exit | Questar Corp | $0 | – | -2,000,000 | – | -0.97% | – |
| COP | Exit | ConocoPhillips | $0 | – | -900,000 | – | -1.08% | – |
| BNS | Exit | Bank of Nova Scotia | $0 | – | -1,000,000 | – | -1.10% | – |
| AEP | Exit | American Electric Power Co Inc | $0 | – | -800,000 | – | -1.13% | – |
| PPL | Exit | PPL Corp | $0 | – | -1,500,000 | – | -1.23% | – |
| PSX | Exit | Phillips 66 | $0 | – | -775,794 | – | -1.48% | – |
| SO | Exit | Southern Co/The | $0 | – | -1,500,000 | – | -1.67% | – |
| AMG | Exit | Affiliated Managers Group Inc | $0 | – | -400,000 | – | -1.70% | – |
| TD | Exit | Toronto-Dominion Bank/The | $0 | – | -2,000,000 | – | -1.96% | – |
| CCI | Exit | Crown Castle International Corpreit | $0 | – | -1,000,000 | – | -1.96% | – |
| BMO | Exit | Bank of Montreal | $0 | – | -1,500,000 | – | -2.04% | – |
| AON | Exit | Aon PLC | $0 | – | -1,000,000 | – | -2.21% | – |
| ICE | Exit | IntercontinentalExchange Inc | $0 | – | -400,000 | – | -2.34% | – |
| AIG | Exit | American International Group Inc | $0 | – | -2,400,000 | – | -3.40% | – |
| ZION | Exit | Zions Bancorporation | $0 | – | -5,000,000 | – | -3.43% | – |
| RY | Exit | Royal Bank of Canada | $0 | – | -2,500,000 | – | -3.44% | – |
| VZ | Exit | Verizon Communications Inc | $0 | – | -3,200,000 | – | -3.47% | – |
| NEE | Exit | NextEra Energy Inc | $0 | – | -1,500,000 | – | -3.64% | – |
| SU | Exit | Suncor Energy Inc | $0 | – | -5,500,000 | – | -3.66% | – |
| USB | Exit | US Bancorp/MN | $0 | – | -4,000,000 | – | -4.08% | – |
| AMT | Exit | American Tower Corpreit | $0 | – | -2,000,000 | – | -4.38% | – |
| STT | Exit | State Street Corp | $0 | – | -2,825,297 | – | -4.73% | – |
| BRKB | Exit | Berkshire Hathaway Inc | $0 | – | -1,500,000 | – | -4.87% | – |
| CVX | Exit | Chevron Corp | $0 | – | -2,500,000 | – | -4.91% | – |
| CME | Exit | CME Group Inc/IL | $0 | – | -2,300,000 | – | -5.31% | – |
| SLB | Exit | Schlumberger Ltd | $0 | – | -3,200,000 | – | -5.50% | – |
| WFC | Exit | Wells Fargo & Co | $0 | – | -5,500,000 | – | -7.03% | – |
| KMI | Exit | Kinder Morgan Inc/DE | $0 | – | -10,416,474 | – | -7.18% | – |
| BK | Exit | Bank of New York Mellon Corp/The | $0 | – | -7,500,000 | – | -7.31% | – |
Q3 2015
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| CME | Sell | CME Group Inc/IL | $213,302,000 | -8.3% | 2,300,000 | -8.0% | 5.31% | +41.0% |
| STT | Sell | State Street Corp | $189,888,000 | -20.6% | 2,825,297 | -9.0% | 4.73% | +22.1% |
| NEE | Buy | NextEra Energy Inc | $146,325,000 | +198.5% | 1,500,000 | +200.0% | 3.64% | +358.9% |
| VZ | Sell | Verizon Communications Inc | $139,232,000 | -25.3% | 3,200,000 | -20.0% | 3.47% | +14.8% |
| RY | Buy | Royal Bank of Canada | $138,125,000 | +12.9% | 2,500,000 | +25.0% | 3.44% | +73.6% |
| AIG | Sell | American International Group Inc | $136,368,000 | -18.3% | 2,400,000 | -11.1% | 3.40% | +25.6% |
| PSX | Sell | Phillips 66 | $59,612,000 | -49.5% | 775,794 | -47.0% | 1.48% | -22.3% |
| STR | Buy | Questar Corp | $38,820,000 | +85.7% | 2,000,000 | +100.0% | 0.97% | +185.3% |
| ROVI | Exit | Rovi Corp | $0 | – | -75,000 | – | -0.02% | – |
| ESINQ | Exit | ITT Educational Services Inc | $0 | – | -700,000 | – | -0.04% | – |
| TLN | Exit | Talen Energy Corp | $0 | – | -187,359 | – | -0.05% | – |
| NEOT | Exit | Neothetics Inc | $0 | – | -680,000 | – | -0.10% | – |
| STRA | Exit | Strayer Education Inc | $0 | – | -150,000 | – | -0.10% | – |
| EARS | Exit | Auris Medical Holding AG | $0 | – | -1,590,000 | – | -0.12% | – |
| ACTG | Exit | Acacia Research Corp | $0 | – | -1,475,000 | – | -0.21% | – |
| INWK | Exit | InnerWorkings Inc | $0 | – | -2,011,900 | – | -0.22% | – |
| LQDT | Exit | Liquidity Services Inc | $0 | – | -1,476,164 | – | -0.23% | – |
| TNGO | Exit | Tangoe Inc | $0 | – | -1,200,000 | – | -0.24% | – |
| VIVO | Exit | Meridian Bioscience Inc | $0 | – | -1,050,000 | – | -0.32% | – |
| MKTX | Exit | MarketAxess Holdings Inc | $0 | – | -250,000 | – | -0.38% | – |
| MNRO | Exit | Monro Muffler Brake Inc | $0 | – | -500,000 | – | -0.50% | – |
| SWN | Exit | Southwestern Energy Co | $0 | – | -2,400,000 | – | -0.88% | – |
| HCSG | Exit | Healthcare Services Group Inc | $0 | – | -2,000,000 | – | -1.07% | – |
| AIRM | Exit | Air Methods Corp | $0 | – | -1,741,800 | – | -1.17% | – |
| CLVS | Exit | Clovis Oncology Inc | $0 | – | -826,919 | – | -1.18% | – |
| DORM | Exit | Dorman Products Inc | $0 | – | -1,585,562 | – | -1.22% | – |
| HMSY | Exit | HMS Holdings Corp | $0 | – | -5,930,000 | – | -1.65% | – |
| RBA | Exit | Ritchie Bros Auctioneers Inc | $0 | – | -4,435,000 | – | -2.01% | – |
| INT | Exit | World Fuel Services Corp | $0 | – | -3,922,572 | – | -3.05% | – |
| SNA | Exit | Snap-on Inc | $0 | – | -1,466,950 | – | -3.78% | – |
| EPD | Exit | Enterprise Products Partners LP | $0 | – | -9,400,000 | – | -4.55% | – |
| MD | Exit | MEDNAX Inc | $0 | – | -3,853,000 | – | -4.62% | – |
Q2 2015
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| KMI | New | Kinder Morgan Inc/DE | $399,888,000 | – | 10,416,474 | – | 6.48% | – |
| BK | New | Bank of New York Mellon Corp/The | $314,775,000 | – | 7,500,000 | – | 5.10% | – |
| WFC | New | Wells Fargo & Co | $309,320,000 | – | 5,500,000 | – | 5.01% | – |
| MD | New | MEDNAX Inc | $285,546,000 | – | 3,853,000 | – | 4.62% | – |
| EPD | New | Enterprise Products Partners LP | $280,966,000 | – | 9,400,000 | – | 4.55% | – |
| SLB | New | Schlumberger Ltd | $275,808,000 | – | 3,200,000 | – | 4.47% | – |
| CVX | New | Chevron Corp | $241,175,000 | – | 2,500,000 | – | 3.91% | – |
| STT | New | State Street Corp | $239,024,000 | – | 3,104,206 | – | 3.87% | – |
| SNA | New | Snap-on Inc | $233,613,000 | – | 1,466,950 | – | 3.78% | – |
| CME | New | CME Group Inc/IL | $232,650,000 | – | 2,500,000 | – | 3.77% | – |
| BRKB | New | Berkshire Hathaway Inc | $204,165,000 | – | 1,500,000 | – | 3.31% | – |
| INT | New | World Fuel Services Corp | $188,088,000 | – | 3,922,572 | – | 3.05% | – |
| AMT | New | American Tower Corpreit | $186,580,000 | – | 2,000,000 | – | 3.02% | – |
| VZ | New | Verizon Communications Inc | $186,440,000 | – | 4,000,000 | – | 3.02% | – |
| USB | New | US Bancorp/MN | $173,600,000 | – | 4,000,000 | – | 2.81% | – |
| AIG | New | American International Group Inc | $166,914,000 | – | 2,700,000 | – | 2.70% | – |
| ZION | New | Zions Bancorporation | $158,675,000 | – | 5,000,000 | – | 2.57% | – |
| SU | New | Suncor Energy Inc | $151,360,000 | – | 5,500,000 | – | 2.45% | – |
| RBA | New | Ritchie Bros Auctioneers Inc | $123,825,000 | – | 4,435,000 | – | 2.01% | – |
| RY | New | Royal Bank of Canada | $122,300,000 | – | 2,000,000 | – | 1.98% | – |
| PSX | New | Phillips 66 | $117,998,000 | – | 1,464,724 | – | 1.91% | – |
| HMSY | New | HMS Holdings Corp | $101,818,000 | – | 5,930,000 | – | 1.65% | – |
| AON | New | Aon PLC | $99,680,000 | – | 1,000,000 | – | 1.62% | – |
| ICE | New | IntercontinentalExchange Inc | $89,444,000 | – | 400,000 | – | 1.45% | – |
| BMO | New | Bank of Montreal | $88,920,000 | – | 1,500,000 | – | 1.44% | – |
| AMG | New | Affiliated Managers Group Inc | $87,440,000 | – | 400,000 | – | 1.42% | – |
| TD | New | Toronto-Dominion Bank/The | $85,020,000 | – | 2,000,000 | – | 1.38% | – |
| CCI | New | Crown Castle International Corpreit | $80,300,000 | – | 1,000,000 | – | 1.30% | – |
| DORM | New | Dorman Products Inc | $75,568,000 | – | 1,585,562 | – | 1.22% | – |
| CLVS | New | Clovis Oncology Inc | $72,670,000 | – | 826,919 | – | 1.18% | – |
| AIRM | New | Air Methods Corp | $72,006,000 | – | 1,741,800 | – | 1.17% | – |
| HCSG | New | Healthcare Services Group Inc | $66,100,000 | – | 2,000,000 | – | 1.07% | – |
| SO | New | Southern Co/The | $62,850,000 | – | 1,500,000 | – | 1.02% | – |
| COP | New | ConocoPhillips | $55,269,000 | – | 900,000 | – | 0.90% | – |
| SWN | New | Southwestern Energy Co | $54,552,000 | – | 2,400,000 | – | 0.88% | – |
| BNS | New | Bank of Nova Scotia | $51,630,000 | – | 1,000,000 | – | 0.84% | – |
| NEE | New | NextEra Energy Inc | $49,015,000 | – | 500,000 | – | 0.79% | – |
| AES | New | AES Corp/VA | $46,410,000 | – | 3,500,000 | – | 0.75% | – |
| PPL | New | PPL Corp | $44,205,000 | – | 1,500,000 | – | 0.72% | – |
| AEP | New | American Electric Power Co Inc | $42,376,000 | – | 800,000 | – | 0.69% | – |
| XOM | New | Exxon Mobil Corp | $33,280,000 | – | 400,000 | – | 0.54% | – |
| MNRO | New | Monro Muffler Brake Inc | $31,080,000 | – | 500,000 | – | 0.50% | – |
| NWE | New | NorthWestern Corp | $24,375,000 | – | 500,000 | – | 0.40% | – |
| MKTX | New | MarketAxess Holdings Inc | $23,193,000 | – | 250,000 | – | 0.38% | – |
| STR | New | Questar Corp | $20,910,000 | – | 1,000,000 | – | 0.34% | – |
| D | New | Dominion Resources Inc/VA | $20,061,000 | – | 300,000 | – | 0.32% | – |
| VIVO | New | Meridian Bioscience Inc | $19,572,000 | – | 1,050,000 | – | 0.32% | – |
| TNGO | New | Tangoe Inc | $15,096,000 | – | 1,200,000 | – | 0.24% | – |
| LQDT | New | Liquidity Services Inc | $14,215,000 | – | 1,476,164 | – | 0.23% | – |
| INWK | New | InnerWorkings Inc | $13,419,000 | – | 2,011,900 | – | 0.22% | – |
| ACTG | New | Acacia Research Corp | $12,936,000 | – | 1,475,000 | – | 0.21% | – |
| EARS | New | Auris Medical Holding AG | $7,727,000 | – | 1,590,000 | – | 0.12% | – |
| STRA | New | Strayer Education Inc | $6,465,000 | – | 150,000 | – | 0.10% | – |
| NEOT | New | Neothetics Inc | $6,120,000 | – | 680,000 | – | 0.10% | – |
| TLN | New | Talen Energy Corp | $3,215,000 | – | 187,359 | – | 0.05% | – |
| ESINQ | New | ITT Educational Services Inc | $2,779,000 | – | 700,000 | – | 0.04% | – |
| ROVI | New | Rovi Corp | $1,196,000 | – | 75,000 | – | 0.02% | – |
Q4 2014
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| XOM | Exit | EXXON MOBIL CORP | $0 | – | -400,000 | – | -0.82% | – |
| SO | Exit | SOUTHERN CO | $0 | – | -1,000,000 | – | -0.96% | – |
| RIG | Exit | TRANSOCEAN INC | $0 | – | -1,873,552 | – | -1.31% | – |
| COP | Exit | CONOCOPHILLIPS | $0 | – | -900,000 | – | -1.51% | – |
| ICE | Exit | INTERCONTINENTALEXCHANGE INC | $0 | – | -400,000 | – | -1.71% | – |
| AMG | Exit | AFFILIATED MANAGERS GROUP | $0 | – | -400,000 | – | -1.75% | – |
| CCI | Exit | CROWN CASTLE INTL CORP | $0 | – | -1,000,000 | – | -1.76% | – |
| SWN | Exit | SOUTHWESTERN ENERGY CO | $0 | – | -2,400,000 | – | -1.84% | – |
| AON | Exit | AON PLC | $0 | – | -1,000,000 | – | -1.92% | – |
| PSX | Exit | PHILLIPS 66 | $0 | – | -1,464,724 | – | -2.61% | – |
| JPM | Exit | J P MORGAN CHASE & CO | $0 | – | -2,400,000 | – | -3.16% | – |
| ZION | Exit | ZIONS BANCORPORATION | $0 | – | -5,000,000 | – | -3.18% | – |
| USB | Exit | US BANCORP DEL | $0 | – | -4,000,000 | – | -3.66% | – |
| SU | Exit | SUNCOR ENERGY INC | $0 | – | -5,070,000 | – | -4.01% | – |
| VZ | Exit | VERIZON COMMUNICATIONS | $0 | – | -4,000,000 | – | -4.38% | – |
| AIG | Exit | AMERICAN INTL GROUP INC | $0 | – | -4,052,602 | – | -4.79% | – |
| STT | Exit | STATE STR CORP | $0 | – | -3,104,206 | – | -5.00% | – |
| CME | Exit | CHICAGO MERCANTILE HLDGS | $0 | – | -3,000,000 | – | -5.25% | – |
| BRKB | Exit | BERKSHIRE HATHAWAY INC DEL | $0 | – | -2,000,000 | – | -6.04% | – |
| WFC | Exit | WELLS FARGO & CO NEW | $0 | – | -5,500,000 | – | -6.24% | – |
| CVX | Exit | CHEVRONTEXACO CORP | $0 | – | -2,500,000 | – | -6.53% | – |
| SLB | Exit | SCHLUMBERGER LTD | $0 | – | -3,200,000 | – | -7.12% | – |
| BK | Exit | BANK NEW YORK INC | $0 | – | -9,050,000 | – | -7.67% | – |
| EPD | Exit | ENTERPRISE PRODS PARTNERS | $0 | – | -9,400,000 | – | -8.29% | – |
| KMR | Exit | KINDER MORGAN MANAGEMENT | $0 | – | -4,129,824 | – | -8.51% | – |
Q3 2014
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| KMR | Buy | KINDER MORGAN MANAGEMENT | $388,822,000 | +21.4% | 4,129,824 | +1.7% | 8.51% | +27.0% |
| EPD | Buy | ENTERPRISE PRODS PARTNERS | $378,821,000 | +2.9% | 9,400,000 | +100.0% | 8.29% | +7.7% |
| AON | Sell | AON PLC | $87,670,000 | -50.1% | 1,000,000 | -48.7% | 1.92% | -47.8% |
| SO | New | SOUTHERN CO | $43,651,000 | – | 1,000,000 | – | 0.96% | – |
| WSH | Exit | WILLIS GROUP HOLDINGS | $0 | – | -219,500 | – | -0.20% | – |
| EXR | Exit | EXTRA SPACE STORAGE INC | $0 | – | -775,400 | – | -0.86% | – |
| L | Exit | LOEWS CORP | $0 | – | -2,432,501 | – | -2.24% | – |
Q2 2014
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| SLB | New | SCHLUMBERGER LTD | $377,442,000 | – | 3,200,000 | – | 7.89% | – |
| EPD | New | ENTERPRISE PRODS PARTNERS | $367,969,000 | – | 4,700,000 | – | 7.70% | – |
| BK | New | BANK NEW YORK INC | $339,196,000 | – | 9,050,000 | – | 7.09% | – |
| CVX | New | CHEVRONTEXACO CORP | $326,374,000 | – | 2,500,000 | – | 6.83% | – |
| KMR | New | KINDER MORGAN MANAGEMENT | $320,389,000 | – | 4,059,206 | – | 6.70% | – |
| WFC | New | WELLS FARGO & CO NEW | $289,080,000 | – | 5,500,000 | – | 6.05% | – |
| BRKB | New | BERKSHIRE HATHAWAY INC DEL | $253,120,000 | – | 2,000,000 | – | 5.29% | – |
| AIG | New | AMERICAN INTL GROUP INC | $221,191,000 | – | 4,052,602 | – | 4.63% | – |
| SU | New | SUNCOR ENERGY INC | $216,136,000 | – | 5,070,000 | – | 4.52% | – |
| CME | New | CHICAGO MERCANTILE HLDGS | $212,850,000 | – | 3,000,000 | – | 4.45% | – |
| STT | New | STATE STR CORP | $208,788,000 | – | 3,104,206 | – | 4.37% | – |
| VZ | New | VERIZON COMMUNICATIONS | $195,722,000 | – | 4,000,000 | – | 4.09% | – |
| AON | New | AON PLC | $175,676,000 | – | 1,950,000 | – | 3.67% | – |
| USB | New | US BANCORP DEL | $173,280,000 | – | 4,000,000 | – | 3.62% | – |
| ZION | New | ZIONS BANCORPORATION | $147,353,000 | – | 5,000,000 | – | 3.08% | – |
| JPM | New | J P MORGAN CHASE & CO | $138,291,000 | – | 2,400,000 | – | 2.89% | – |
| PSX | New | PHILLIPS 66 | $117,811,000 | – | 1,464,724 | – | 2.46% | – |
| SWN | New | SOUTHWESTERN ENERGY CO | $109,177,000 | – | 2,400,000 | – | 2.28% | – |
| L | New | LOEWS CORP | $107,053,000 | – | 2,432,501 | – | 2.24% | – |
| RIG | New | TRANSOCEAN INC | $84,366,000 | – | 1,873,552 | – | 1.76% | – |
| AMG | New | AFFILIATED MANAGERS GROUP | $82,160,000 | – | 400,000 | – | 1.72% | – |
| COP | New | CONOCOPHILLIPS | $77,156,000 | – | 900,000 | – | 1.61% | – |
| ICE | New | INTERCONTINENTALEXCHANGE INC | $75,560,000 | – | 400,000 | – | 1.58% | – |
| CCI | New | CROWN CASTLE INTL CORP | $74,261,000 | – | 1,000,000 | – | 1.55% | – |
| EXR | New | EXTRA SPACE STORAGE INC | $41,290,000 | – | 775,400 | – | 0.86% | – |
| XOM | New | EXXON MOBIL CORP | $40,272,000 | – | 400,000 | – | 0.84% | – |
| WSH | New | WILLIS GROUP HOLDINGS | $9,504,000 | – | 219,500 | – | 0.20% | – |
Q4 2013
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| NFX | Exit | NEWFIELD EXPL CO | $0 | – | -479,344 | – | -0.28% | – |
| XOM | Exit | EXXON MOBIL CORP | $0 | – | -400,000 | – | -0.75% | – |
| CHK | Exit | CHESAPEAKE ENERGY CORP | $0 | – | -1,673,774 | – | -0.94% | – |
| EXR | Exit | EXTRA SPACE STORAGE INC | $0 | – | -1,000,000 | – | -0.99% | – |
| AMG | Exit | AFFILIATED MANAGERS GROUP | $0 | – | -300,000 | – | -1.19% | – |
| WSH | Exit | WILLIS GROUP HOLDINGS | $0 | – | -1,332,500 | – | -1.25% | – |
| RIG | Exit | TRANSOCEAN INC | $0 | – | -1,400,000 | – | -1.35% | – |
| COP | Exit | CONOCOPHILLIPS | $0 | – | -900,000 | – | -1.36% | – |
| PSX | Exit | PHILLIPS 66 | $0 | – | -1,239,724 | – | -1.55% | – |
| SWN | Exit | SOUTHWESTERN ENERGY CO | $0 | – | -2,400,000 | – | -1.89% | – |
| EXC | Exit | EXELON CORP | $0 | – | -3,850,000 | – | -2.47% | – |
| ZION | Exit | ZIONS BANCORPORATION | $0 | – | -5,000,000 | – | -2.97% | – |
| VZ | Exit | VERIZON COMMUNICATIONS | $0 | – | -3,000,000 | – | -3.04% | – |
| APA | Exit | APACHE CORP | $0 | – | -1,681,131 | – | -3.10% | – |
| USB | Exit | US BANCORP DEL | $0 | – | -4,000,000 | – | -3.17% | – |
| AON | Exit | AON PLC | $0 | – | -2,000,000 | – | -3.23% | – |
| JPM | Exit | J P MORGAN CHASE & CO | $0 | – | -3,050,000 | – | -3.42% | – |
| DVN | Exit | DEVON ENERGY CORP NEW | $0 | – | -2,900,000 | – | -3.63% | – |
| SU | Exit | SUNCOR ENERGY INC | $0 | – | -5,070,000 | – | -3.93% | – |
| STT | Exit | STATE STR CORP | $0 | – | -3,104,206 | – | -4.42% | – |
| AIG | Exit | AMERICAN INTL GROUP INC | $0 | – | -4,300,000 | – | -4.53% | – |
| L | Exit | LOEWS CORP | $0 | – | -4,700,000 | – | -4.76% | – |
| CME | Exit | CHICAGO MERCANTILE HLDGS | $0 | – | -3,000,000 | – | -4.80% | – |
| BRKB | Exit | BERKSHIRE HATHAWAY INC DEL | $0 | – | -2,000,000 | – | -4.92% | – |
| WFC | Exit | WELLS FARGO & CO NEW | $0 | – | -5,500,000 | – | -4.93% | – |
| BK | Exit | BANK NEW YORK INC | $0 | – | -9,050,000 | – | -5.92% | – |
| SLB | Exit | SCHLUMBERGER LTD | $0 | – | -3,200,000 | – | -6.13% | – |
| EPD | Exit | ENTERPRISE PRODS PARTNERS | $0 | – | -4,700,000 | – | -6.22% | – |
| KMR | Exit | KINDER MORGAN MANAGEMENT | $0 | – | -3,847,100 | – | -6.25% | – |
| CVX | Exit | CHEVRONTEXACO CORP | $0 | – | -2,500,000 | – | -6.58% | – |
Q3 2013
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| KMR | Buy | KINDER MORGAN MANAGEMENT | $288,377,000 | -8.9% | 3,847,100 | +1.6% | 6.25% | -11.8% |
| VZ | New | VERIZON COMMUNICATIONS | $140,026,000 | – | 3,000,000 | – | 3.04% | – |
| PSX | Buy | PHILLIPS 66 | $71,679,000 | +170.4% | 1,239,724 | +175.5% | 1.55% | +161.6% |
| CHK | Sell | CHESAPEAKE ENERGY CORP | $43,317,000 | -56.3% | 1,673,774 | -65.6% | 0.94% | -57.7% |
| NFX | Sell | NEWFIELD EXPL CO | $13,120,000 | -80.6% | 479,344 | -83.0% | 0.28% | -81.2% |
| BLK | Exit | BLACKROCK INC | $0 | – | -285,000 | – | -1.64% | – |
Q2 2013
| Value | Shares | ↓ Weighting | ||||||
|---|---|---|---|---|---|---|---|---|
| KMR | New | KINDER MORGAN MANAGEMENT LLC | $316,611,000 | – | 3,787,619 | – | 7.09% | – |
| CVX | New | CHEVRON CORP NEW | $295,850,000 | – | 2,500,000 | – | 6.62% | – |
| EPD | New | ENTERPRISE PRODS PARTNERS L | $292,111,000 | – | 4,700,000 | – | 6.54% | – |
| BK | New | BANK NEW YORK MELLON CORP | $253,856,000 | – | 9,050,000 | – | 5.68% | – |
| SLB | New | SCHLUMBERGER LTD | $229,313,000 | – | 3,200,000 | – | 5.14% | – |
| CME | New | CME GROUP INC | $227,852,000 | – | 3,000,000 | – | 5.10% | – |
| WFC | New | WELLS FARGO & CO NEW | $226,986,000 | – | 5,500,000 | – | 5.08% | – |
| BRKB | New | BERKSHIRE HATHAWAY INC DELcl b | $223,840,000 | – | 2,000,000 | – | 5.01% | – |
| L | New | LOEWS CORP | $208,681,000 | – | 4,700,000 | – | 4.67% | – |
| STT | New | STATE STR CORP | $202,427,000 | – | 3,104,206 | – | 4.53% | – |
| AIG | New | AMERICAN INTL GROUP INC | $192,210,000 | – | 4,300,000 | – | 4.30% | – |
| JPM | New | JPMORGAN CHASE & CO | $161,012,000 | – | 3,050,000 | – | 3.60% | – |
| DVN | New | DEVON ENERGY CORP NEW | $150,452,000 | – | 2,900,000 | – | 3.37% | – |
| SU | New | SUNCOR ENERGY INC NEW | $149,517,000 | – | 5,070,000 | – | 3.35% | – |
| USB | New | US BANCORP DEL | $144,602,000 | – | 4,000,000 | – | 3.24% | – |
| ZION | New | ZIONS BANCORPORATION | $144,601,000 | – | 5,000,000 | – | 3.24% | – |
| APA | New | APACHE CORP | $140,932,000 | – | 1,681,131 | – | 3.16% | – |
| AON | New | AON PLCcl a | $128,700,000 | – | 2,000,000 | – | 2.88% | – |
| EXC | New | EXELON CORP | $118,888,000 | – | 3,850,000 | – | 2.66% | – |
| CHK | New | CHESAPEAKE ENERGY CORP | $99,228,000 | – | 4,868,900 | – | 2.22% | – |
| SWN | New | SOUTHWESTERN ENERGY CO | $87,674,000 | – | 2,400,000 | – | 1.96% | – |
| BLK | New | BLACKROCK INC | $73,203,000 | – | 285,000 | – | 1.64% | – |
| NFX | New | NEWFIELD EXPL CO | $67,530,000 | – | 2,826,606 | – | 1.51% | – |
| RIG | New | TRANSOCEAN LTD | $67,130,000 | – | 1,400,000 | – | 1.50% | – |
| COP | New | CONOCOPHILLIPS | $54,450,000 | – | 900,000 | – | 1.22% | – |
| WSH | New | WILLIS GROUP HOLDINGS PUBLIC | $54,339,000 | – | 1,332,500 | – | 1.22% | – |
| AMG | New | AFFILIATED MANAGERS GROUP | $49,182,000 | – | 300,000 | – | 1.10% | – |
| EXR | New | EXTRA SPACE STORAGE INC | $41,931,000 | – | 1,000,000 | – | 0.94% | – |
| XOM | New | EXXON MOBIL CORP | $36,141,000 | – | 400,000 | – | 0.81% | – |
| PSX | New | PHILLIPS 66 | $26,511,000 | – | 450,000 | – | 0.59% | – |