AHL Partners Portfolio holdings

AUM $6.41B

2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1 2015 Q4 2015 Q3 2015 Q2 2015 Q1 2014 Q4 2014 Q3

This Quarter Return

+3.65%

1 Year Return

+23.13%

3 Year Return

+67.91%

5 Year Return

–

10 Year Return

–

AUM

$2.5B

AUM Growth

+$2.5B (+29%)

Cap. Flow

+$522M

Cap. Flow % of AUM

20.86%

Top 10 Holdings % Top 10 Hldgs %

5.5%

Holding

888

New

156

Increased

471

Reduced

151

Closed

109

Top Buys

1	iShares iBoxx $ High Yield Corporate Bond ETF HYG	$25M
2	SPDR Bloomberg High Yield Bond ETF JNK	$15.8M
3	iShares JPMorgan USD Emerging Markets Bond ETF EMB	$13.4M
4	Invesco Senior Loan ETF BKLN	$11.3M
5	ZU ZULILY INC CLASS A COMMON STOCK ZU	$6.48M

Top Sells

1	iShares Core US Aggregate Bond ETF AGG	$24.9M
2	Vanguard Real Estate ETF VNQ	$20.5M
3	Invesco S&P 500 Low Volatility ETF SPLV	$10.7M
4	WBA Walgreens Boots Alliance WBA	$6.23M
5	Becton Dickinson BDX	$5.17M

Sector Composition

1	Consumer Discretionary	20.67%
2	Healthcare	18.65%
3	Technology	13.38%
4	Financials	11.59%
5	Industrials	9.06%

Communication Services

Advertising Agencies

Broadcasting

Electronic Gaming & Multimedia

Entertainment

Internet Content & Information

Publishing

Telecom Services

Consumer Discretionary

Apparel Manufacturing

Apparel Retail

Auto Manufacturers

Auto Parts

Auto & Truck Dealerships

Department Stores

Footwear & Accessories

Furnishings, Fixtures & Appliances

Gambling

Home Improvement Retail

Internet Retail

Leisure

Lodging

Luxury Goods

Packaging & Containers

Personal Services

Recreational Vehicles

Residential Construction

Resorts & Casinos

Restaurants

Specialty Retail

Textile Manufacturing

Travel Services

Consumer Staples

Beverages - Brewers

Beverages - Non-Alcoholic

Beverages - Wineries & Distilleries

Confectioners

Discount Stores

Education & Training Services

Farm Products

Food Distribution

Grocery Stores

Household & Personal Products

Packaged Foods

Tobacco

Energy

Oil & Gas Drilling

Oil & Gas Equipment & Services

Oil & Gas Exploration & Production

Oil & Gas Integrated

Oil & Gas Midstream

Oil & Gas Refining & Marketing

Thermal Coal

Uranium

Financials

Asset Management

Banks - Diversified

Banks - Regional

Capital Markets

Credit Services

Diversified Insurance

Financial Conglomerates

Financial Data & Stock Exchanges

Insurance Brokers

Life Insurance

Mortgage Finance

Property & Casualty Insurance

Reinsurance

Shell Companies

Specialty - Insurance

Healthcare

Biotechnology

Diagnostics & Research

Drug Manufacturers - General

Drug Manufacturers - Specialty & Generic

Healthcare Plans

Health Information Services

Medical Care Facilities

Medical Devices

Medical Distribution

Medical Instruments & Supplies

Pharmaceutical Retailers

Industrials

Aerospace & Defense

Airlines

Airports & Air Services

Building Products & Equipment

Business Equipment & Supplies

Conglomerates

Consulting Services

Electrical Equipment & Parts

Engineering & Construction

Farm & Heavy Construction Machinery

Industrial Distribution

Infrastructure Operations

Integrated Freight & Logistics

Marine Shipping

Metal Fabrication

Pollution & Treatment Controls

Railroads

Rental & Leasing Services

Security & Protection Services

Specialty Business Services

Specialty Industrial Machinery

Staffing & Employment Services

Tools & Accessories

Trucking

Waste Management

Materials

Agricultural Inputs

Aluminum

Building Materials

Chemicals

Coking Coal

Copper

Gold

Lumber & Wood Production

Other Industrial Metals & Mining

Other Precious Metals & Mining

Paper & Paper Products

Silver

Specialty Chemicals

Steel

Real Estate

Diversified REIT

Healthcare Facilities REIT

Hotel & Motel REIT

Industrial REIT

Mortgage REIT

Office REIT

Real Estate Development

Real Estate Diversified

Real Estate Services

Residential REIT

Retail REIT

Specialty REIT

Technology

Communication Equipment

Computer Hardware

Consumer Electronics

Electronic Components

Electronics & Computer Distribution

Information Technology Services

Scientific & Technical Instruments

Semiconductor Equipment & Materials

Semiconductors

Software - Application

Software - Infrastructure

Solar

Utilities

Diversified Utilities

Electric Utilities

Gas Utilities

Independent Power Producers

Renewable Electricity

Water Utilities

#	Name	Market Value	Portfolio Weight	Shares or Principal	Shares Change %	Capital Flow
651	651 RPM International RPM $15.8B	$461K	0.02%	+9,604	New	+$461K
652	652 Entergy ETR $39B	$458K	0.02%	5,910 -50,587	-90%	-$3.92M
653	653 CVR Energy CVI $3.2B	$455K	0.02%	+10,681	New	+$455K
654	654 West Pharmaceutical WST $17.5B	$455K	0.02%	7,559 +3,202	+73%	+$193K
655	655 Caterpillar CAT $195B	$454K	0.02%	5,684 +2,522	+80%	+$201K
656	656 Valero Energy VLO $47.9B	$447K	0.02%	7,030 +2,810	+67%	+$179K
657	MON 657 DELISTED Monsanto Co MON	$442K	0.02%	3,929 +2,167	+123%	+$244K
658	658 Pentair PNR $17.4B	$438K	0.02%	+6,970	New	+$438K
659	659 NOV NOV $4.86B	$434K	0.02%	8,685 +4,960	+133%	+$248K
660	660 EPAM Systems EPAM $9.73B	$433K	0.02%	7,069 +424	+6%	+$26K
661	661 Sensient Technologies SXT $4.75B	$433K	0.02%	+6,285	New	+$433K
662	662 AT&T T $208B	$432K	0.02%	13,224 +2,763	+26%	+$90.3K
663	663 Cummins CMI $54.5B	$423K	0.02%	+3,056	New	+$423K
664	664 Rockwell Automation ROK $38B	$423K	0.02%	+3,649	New	+$423K
665	665 Rogers Communications RCI $19.2B	$420K	0.02%	12,536 +6,752	+117%	+$226K
666	666 UGI UGI $7.36B	$419K	0.02%	12,864 -115,587	-90%	-$3.76M
667	667 Regal Rexnord RRX $9.7B	$416K	0.02%	+5,205	New	+$416K
668	VAL 668 DELISTED Valspar VAL	$412K	0.02%	+4,904	New	+$412K
669	669 Curtiss-Wright CW $18.2B	$410K	0.02%	+5,545	New	+$410K
670	RKT 670 DELISTED ROCK-TENN COMPANY CL-A RKT	$408K	0.02%	+6,330	New	+$408K
671	671 Nucor NUE $33.6B	$407K	0.02%	+8,565	New	+$407K
672	KKD 672 DELISTED KRISPY KREME DOUGHNUTS INC KKD	$407K	0.02%	+20,330	New	+$407K
673	673 Akamai AKAM $11B	$404K	0.02%	5,677	–	–
674	674 Becton Dickinson BDX $53.9B	$398K	0.02%	2,775 -36,061	-93%	-$5.17M
675	675 Jones Lang LaSalle JLL $14.3B	$391K	0.02%	2,297 -150	-6%	-$25.5K