Emerald Acquisition Portfolio holdings

AUM $51.8B

2016 Q3 2016 Q2

This Quarter Est. Return

1 Year Est. Return

–

3 Year Est. Return

5 Year Est. Return

10 Year Est. Return

AUM

$51.8B

AUM Growth

-$5.97B (-10%)

Cap. Flow

Cap. Flow % of AUM

Top 10 Holdings % Top 10 Hldgs %

Holding

3,194

New

Increased

Reduced

Closed

Top Buys

1		+$60.1M
2		+$59.1M
3		+$53.8M
4	DD Du Pont De Nemours E I DD	+$53.3M
5	Kinder Morgan KMI	+$42.8M

Top Sells

1		+$142M
2		+$129M
3		+$128M
4	Wells Fargo WFC	+$121M
5	Corning GLW	+$107M

Sector Composition

1	Financials	18.06%
2	Healthcare	12.4%
3	Technology	11.91%
4	Consumer Discretionary	9.71%
5	Industrials	9.67%

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
2026	2026 ASE Group ASX $34.9B	$1.14M	﹤0.01%	193,357 -22,023
2027	2027 Aptevo Therapeutics APVO $21.4M	$1.13M	﹤0.01%	+1
2028	CLDT 2028 Chatham Lodging CLDT $313M	$1.13M	﹤0.01%	58,639 -29,860
2029	2029 LCNB Corp LCNB $218M	$1.13M	﹤0.01%	61,990 -5,700
2030	2030 Grupo Aval AVAL $5.01B	$1.13M	﹤0.01%	127,686 +22,801
2031	2031 Ooma OOMA $310M	$1.13M	﹤0.01%	123,942 +28,832
2032	NLSN 2032 DELISTED Nielsen Holdings plc NLSN	$1.13M	﹤0.01%	21,005 -12,197
2033	GCP 2033 DELISTED GCP Applied Technologies Inc. GCP	$1.12M	﹤0.01%	39,690 -39,893
2034	NUTR 2034 DELISTED Nutraceutical International Co NUTR	$1.12M	﹤0.01%	35,986 +10,383
2035	UBA 2035 DELISTED Urstadt Biddle Properties Inc. Class A UBA	$1.12M	﹤0.01%	50,541 +2,091
2036	SIGM 2036 DELISTED Sigma Designs Inc SIGM	$1.12M	﹤0.01%	144,108
2037	2037 Brown & Brown BRO $27.2B	$1.11M	﹤0.01%	59,060 -3,080
2038	JUNO 2038 DELISTED Juno Therapeutics, Inc. JUNO	$1.11M	﹤0.01%	37,023 -239
2039	MORE 2039 DELISTED Monogram Residential Trust, Inc. MORE	$1.11M	﹤0.01%	104,329 +70,002
2040	2040 Cable One CABO $836M	$1.11M	﹤0.01%	1,895 -986
2041	2041 Trex TREX $5.18B	$1.11M	﹤0.01%	75,380 -58,100
2042	KS 2042 DELISTED KapStone Paper and Pack Corp. KS	$1.1M	﹤0.01%	+58,270
2043	2043 Choice Hotels CHH $4.3B	$1.1M	﹤0.01%	24,431 -5,372
2044	VG 2044 DELISTED Vonage Holdings Corporation VG	$1.1M	﹤0.01%	166,537 +86,184
2045	ACHN 2045 DELISTED Achillion Pharmaceuticals ACHN	$1.1M	﹤0.01%	135,819 -42,685
2046	2046 Immersion IMMR $217M	$1.1M	﹤0.01%	134,700 -12,600
2047	2047 Super Micro Computer SMCI $30.9B	$1.09M	﹤0.01%	468,250 +27,610
2048	2048 First Bancorp FBNC $2.01B	$1.09M	﹤0.01%	55,260 -3,712
2049	MTGE 2049 DELISTED MTGE Investment Corp. Common Stock MTGE	$1.09M	﹤0.01%	63,607 +37,012
2050	2050 Hilltop Holdings HTH $1.98B	$1.09M	﹤0.01%	48,638 -133,447