AOI

Auto-Owners Insurance Portfolio holdings

AUM $3.78B

AUM

$3.78B

AUM Growth

-$620M (-14%)

Cap. Flow

-$2.18B

Cap. Flow % of AUM

-57.69%

Top 10 Holdings %Top 10 Hldgs %

55.24%

Holding

108

New

Increased

Reduced

Closed

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Top Buys

1	Real Estate Select Sector SPDR Fund XLRE	$421M
2	Rio Tinto RIO	$243M
3	Snap-on SNA	$217M
4	iShares Core MSCI Emerging Markets ETF IEMG	$153M
5	Linde LIN	$85.1M

Top Sells

1	Becton Dickinson BDX	$692M
2	SPDR Portfolio Developed World ex-US ETF SPDW	$661M
3	Schwab Fundamental International Large Company Index ETF FNDF	$310M
4	iShares MSCI EAFE Value ETF EFV	$257M
5	Baxter International BAX	$219M

Sector Composition

1	Materials	12.45%
2	Industrials	11.66%
3	Healthcare	6.03%
4	Technology	5.81%
5	Consumer Discretionary	4.42%

#	Name	Market Value	Portfolio Weight	Shares or Principal	Shares Change %	Capital Flow
1	1 Real Estate Select Sector SPDR Fund XLRE $7.19B	$447M	11.83%	13,351,517 +12,584,952	+1,642%	+$421M
2	2 iShares Emerging Markets Dividend ETF DVYE $807M	$301M	7.96%	2,562,310 +492,310	+24%	+$57.8M
3	3 Rio Tinto RIO $99.3B	$243M	6.44%	7,416,000 +7,406,400	+77,150%	+$243M
4	4 Snap-on SNA $16.8B	$218M	5.76%	1,073,000 +1,070,025	+35,967%	+$217M
5	5 iShares Core S&P Total US Stock Market ETF ITOT $66.5B	$207M	5.47%	2,751,570 -541,880	-16%	-$40.7M
6	6 SPDR Portfolio Developed World ex-US ETF SPDW $26.3B	$202M	5.36%	5,157,000 -16,826,000	-77%	-$661M
7	7 iShares Core MSCI Emerging Markets ETF IEMG $88.1B	$171M	4.53%	3,338,000 +2,978,000	+827%	+$153M
8	8 Alphabet (Google) Class C GOOG $2.09T	$111M	2.93%	580,800 -106,000	-15%	-$20.2M
9	9 Becton Dickinson BDX $49.4B	$101M	2.66%	13,765 -94,710	-87%	-$692M
10	10 Linde LIN $216B	$86.9M	2.3%	148,150 +145,050	+4,679%	+$85.1M
11	11 SPDR NYSE Technology ETF XNTK $1.03B	$81.1M	2.15%	1,481,100 +165,900	+13%	+$9.08M
12	12 Amazon AMZN $2.16T	$78.6M	2.08%	358,300 -68,000	-16%	-$14.9M
13	13 Vanguard FTSE Emerging Markets ETF VWO $86.3B	$74.1M	1.96%	896,700 -898,016	-50%	-$74.2M
14	14 iShares MSCI EAFE Value ETF EFV $21.9B	$71.5M	1.89%	999,000 -3,589,000	-78%	-$257M
15	15 FMC FMC $4.75B	$66.3M	1.75%	414,848 -35,152	-8%	-$5.61M
16	16 GE Aerospace GE $246B	$52.2M	1.38%	191,521 -398,951	-68%	-$109M
17	17 Oracle ORCL $441B	$48M	1.27%	315,378 +299,191	+1,848%	+$45.5M
18	18 iShares Core S&P US Value ETF IUSV $19.9B	$48M	1.27%	513,800 -840,200	-62%	-$78.4M
19	19 3M MMM $80.6B	$45.8M	1.21%	354,490 -32,100	-8%	-$4.14M
20	20 Vanguard Small-Cap ETF VB $60.6B	$43.2M	1.14%	912,750 +879,152	+2,617%	+$41.7M
21	21 iShares Core High Dividend ETF HDV $10.9B	$41.2M	1.09%	288,260 +264,460	+1,111%	+$37.8M
22	22 Vanguard High Dividend Yield ETF VYM $58.3B	$40.6M	1.07%	321,533 -714,167	-69%	-$90.1M
23	23 Vanguard Total Stock Market ETF VTI $467B	$40.1M	1.06%	842,316 +805,716	+2,201%	+$38.4M
24	24 Merck MRK $195B	$38.8M	1.03%	90,145 +82,845	+1,135%	+$35.7M
25	25 Cisco CSCO $252B	$37.7M	1%	610,700 -63,640	-9%	-$3.93M