CAM

Capstone Asset Management Portfolio holdings

AUM $3.6B

1-Year Est. Return 20.2%

2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1 2015 Q4 2015 Q3 2015 Q2 2015 Q1 2014 Q4 2014 Q3 2014 Q2 2014 Q1 2013 Q4 2013 Q3 2013 Q2

This Quarter Est. Return

1 Year Est. Return

+20.2%

3 Year Est. Return

5 Year Est. Return

10 Year Est. Return

AUM

$3.59B

AUM Growth

+$101M (+2.9%)

Cap. Flow

Cap. Flow % of AUM

Top 10 Holdings % Top 10 Hldgs %

Holding

1,659

New

Increased

Reduced

Closed

Top Buys

1		+$8M
2		+$7.53M
3		+$6.41M
4	Medtronic MDT	+$5.7M
5	Encompass Health EHC	+$5.34M

Top Sells

1		+$10.6M
2		+$8.86M
3		+$8.81M
4	APC Anadarko Petroleum APC	+$8.72M
5	STJ St Jude Medical STJ	+$6.94M

Sector Composition

1	Financials	17.2%
2	Technology	15.16%
3	Healthcare	11.21%
4	Industrials	10%
5	Consumer Discretionary	9.73%

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
276	276 AvalonBay Communities AVB $26.6B	$3.05M	0.08%	16,591 +486
277	277 Northrop Grumman NOC $86.2B	$3.03M	0.08%	12,746 -3,800
278	TFCFA 278 DELISTED Twenty-First Century Fox, Inc. Class A TFCFA	$3.03M	0.08%	93,603 -3,800
279	279 CRH CRH $78.7B	$3M	0.08%	85,223 +8,020
280	YHOO 280 DELISTED Yahoo Inc YHOO	$2.99M	0.08%	64,522 -1,238
281	281 Marathon Petroleum MPC $56.6B	$2.99M	0.08%	59,155 +1,960
282	282 Shinhan Financial Group SHG $25.7B	$2.98M	0.08%	71,414 +2,630
283	DCM 283 DELISTED NTT DOCOMO, Inc. DCM	$2.98M	0.08%	127,712 +4,520
284	284 Lam Research LRCX $182B	$2.98M	0.08%	232,150 +3,800
285	285 Cognizant CTSH $32.6B	$2.98M	0.08%	50,018 -2,090
286	286 Chunghwa Telecom CHT $34B	$2.97M	0.08%	87,474 +1,160
287	287 Omnicom Group OMC $15.1B	$2.95M	0.08%	34,257 -6,350
288	288 Paychex PAYX $45.6B	$2.95M	0.08%	50,130 -14,380
289	289 Eaton ETN $147B	$2.94M	0.08%	39,709 -2,083
290	290 Marriott International MAR $70.6B	$2.92M	0.08%	31,041 -368
291	291 Aon AON $74.2B	$2.92M	0.08%	24,597 -380
292	292 Ulta Beauty ULTA $23.5B	$2.91M	0.08%	10,199 -52
293	293 Kinder Morgan KMI $61.2B	$2.91M	0.08%	133,651 -870
294	294 Sony SONY $174B	$2.9M	0.08%	430,385 +23,100
295	295 PPG Industries PPG $23.1B	$2.85M	0.08%	27,116 -1,020
296	296 iShares MSCI EAFE ETF EFA $68.7B	$2.84M	0.08%	45,645 -5,915
297	297 PG&E PCG $36.7B	$2.84M	0.08%	42,757 -295
298	298 Canadian Natural Resources CNQ $62.6B	$2.81M	0.08%	174,875 +3,492
299	299 Rio Tinto RIO $113B	$2.81M	0.08%	69,021 +1,570
300	300 Eversource Energy ES $27B	$2.81M	0.08%	47,744 +15,780