AHL Partners Portfolio holdings

AUM $6.41B

1-Year Return 23.13%

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

+8.8%

1 Year Return

+23.13%

3 Year Return

+67.91%

5 Year Return

–

10 Year Return

–

AUM

$3.28B

AUM Growth

+$594M (+22%)

Cap. Flow

+$438M

Cap. Flow % of AUM

13.34%

Top 10 Holdings % Top 10 Hldgs %

6.76%

Holding

1,314

New

204

Increased

504

Reduced

317

Closed

284

Top Buys

1	AWH Allied World Assurance Co Hld Lt AWH	+$13.3M
2	Unum UNM	+$10.5M
3	Travel + Leisure Co TNL	+$9.84M
4	Bloomin' Brands BLMN	+$9.44M
5	McDonald's MCD	+$9.28M

Top Sells

1	iShares iBoxx $ Investment Grade Corporate Bond ETF LQD	+$50.4M
2	iShares TIPS Bond ETF TIP	+$49M
3	iShares JPMorgan USD Emerging Markets Bond ETF EMB	+$30M
4	Vanguard FTSE Emerging Markets ETF VWO	+$25M
5	iShares MSCI Emerging Markets ETF EEM	+$23M

Sector Composition

1	Financials	22.52%
2	Industrials	20.94%
3	Consumer Discretionary	14.76%
4	Technology	13.14%
5	Materials	8.44%

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
1001	1001 Liberty Media Series C FWONK $25.5B	$224K	0.01%	+7,387	New	+$224K
1002	1002 Broadridge BR $29.7B	$223K	0.01%	3,357 -75,889	-96%	-$5.04M
1003	NPTN 1003 DELISTED NEOPHOTONICS CORP NPTN	$223K	0.01%	+20,654	New	+$223K
1004	1004 ePlus PLUS $1.9B	$222K	0.01%	+7,712	New	+$222K
1005	PACW 1005 DELISTED PacWest Bancorp PACW	$222K	0.01%	4,077 -10,556	-72%	-$575K
1006	1006 United Bankshares UBSI $5.41B	$220K	0.01%	+4,766	New	+$220K
1007	1007 D.R. Horton DHI $53B	$219K	0.01%	+7,986	New	+$219K
1008	1008 Saia SAIA $8.31B	$219K	0.01%	+4,958	New	+$219K
1009	FRAN 1009 DELISTED Francesca's Holdings Corporation FRAN	$219K	0.01%	+1,011	New	+$219K
1010	1010 Jazz Pharmaceuticals JAZZ $7.88B	$218K	0.01%	1,994 -2,122	-52%	-$232K
1011	1011 Camping World CWH $1.11B	$217K	0.01%	+6,653	New	+$217K
1012	1012 Nu Skin NUS $570M	$217K	0.01%	4,545 -9,882	-68%	-$472K
1013	1013 Rollins ROL $27.7B	$216K	0.01%	14,391 -25,742	-64%	-$386K
1014	1014 Strategic Education STRA $1.99B	$216K	0.01%	+2,676	New	+$216K
1015	1015 Employers Holdings EIG $997M	$213K	0.01%	+5,369	New	+$213K
1016	1016 Winnebago Industries WGO $1.02B	$207K	0.01%	+6,534	New	+$207K
1017	1017 Alamo Group ALG $2.56B	$206K	0.01%	+2,712	New	+$206K
1018	1018 Coca-Cola KO $292B	$205K	0.01%	4,956 -286	-5%	-$11.8K
1019	PIR 1019 DELISTED Pier 1 Imports, Inc. PIR	$204K	0.01%	+1,195	New	+$204K
1020	1020 Cato Corp CATO $93.1M	$203K	0.01%	+6,740	New	+$203K
1021	1021 Murphy Oil MUR $3.61B	$203K	0.01%	+6,538	New	+$203K
1022	CIR 1022 DELISTED CIRCOR International, Inc CIR	$202K	0.01%	+3,109	New	+$202K
1023	1023 Azenta AZTA $1.35B	$196K	0.01%	+11,474	New	+$196K
1024	1024 Wendy's WEN $1.89B	$196K	0.01%	14,500 -39,918	-73%	-$540K
1025	INVN 1025 DELISTED Invensense Inc INVN	$189K	0.01%	14,751 -44,260	-75%	-$567K