GCG

Giovine Capital Group Portfolio holdings

AUM $68.7M

2015 Q4 2015 Q3 2015 Q2 2015 Q1 2014 Q4 2014 Q3 2014 Q2 2014 Q1 2013 Q4 2013 Q3 2013 Q2

This Quarter Return

+5.68%

1 Year Return

+2.56%

3 Year Return

–

5 Year Return

–

10 Year Return

–

AUM

$193M

AUM Growth

+$193M (+17%)

Cap. Flow

+$23M

Cap. Flow % of AUM

11.95%

Top 10 Holdings % Top 10 Hldgs %

38.43%

Holding

New

Increased

Reduced

Closed

Top Buys

1	Herbalife HLF	$7M
2	POT Potash Corp Of Saskatchewan POT	$6.88M
3	FRX FOREST LABORATORIES INC FRX	$6.85M
4	DOOR MASONITE INTERNATIONAL CORP DOOR	$6.61M
5	Lennar Class A LEN	$3.54M

Top Sells

1	CLGX Corelogic, Inc. CLGX	$4.47M
2	PENN Entertainment PENN	$4.02M
3	ELN ELAN CORP ADS(RP1 ORD4IRISH PN ELN	$3.54M
4	ROC ROCKWOOD HLDGS INC ROC	$2.35M
5	Corpay CPAY	$2.2M

Sector Composition

1	Industrials	17.63%
2	Materials	12.99%
3	Consumer Discretionary	11.35%
4	Consumer Staples	11.17%
5	Technology	8.54%

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
26	JOY 26 DELISTED Joy Global Inc JOY	$3.93M	2.04%	77,000	–	–
27	27 United Parcel Service UPS $74.1B	$3.66M	1.9%	40,000	–	–
28	28 Lennar Class A LEN $34.5B	$3.54M	1.84%	+100,000	New	+$3.54M
29	29 Philip Morris PM $260B	$3.29M	1.71%	38,000	–	–
30	30 Honeywell HON $139B	$3.16M	1.64%	38,000	–	–
31	31 Sherwin-Williams SHW $91.2B	$3.1M	1.61%	17,000	–	–
32	32 Visa V $683B	$3.02M	1.57%	15,800	–	–
33	33 Mohawk Industries MHK $8.24B	$3M	1.56%	23,000	–	–
34	34 Deere & Co DE $129B	$2.93M	1.52%	36,000	–	–
35	35 McDonald's MCD $224B	$2.89M	1.5%	30,000	–	–
36	TXI 36 DELISTED TEXAS INDUSTRIES INC TXI	$2.59M	1.34%	39,000	–	–
37	KSU 37 DELISTED Kansas City Southern KSU	$2.52M	1.31%	23,000	–	–
38	VXX 38 DELISTED iPath S&P 500 VIX Short-Term Futures ETN due 1/30/2019 VXX	$2.21M	1.14%	150,000	–	–
39	39 General Mills GIS $26.4B	$2.2M	1.14%	46,000	–	–
40	AJRD 40 DELISTED Aerojet Rocketdyne Holdings, Inc. AJRD	$481K	0.25%	+30,000	New	+$481K
41	41 PENN Entertainment PENN $2.95B	–	–	-76,000	Closed	-$4.02M
42	CLGX 42 DELISTED Corelogic, Inc. CLGX	–	–	-193,000	Closed	-$4.47M
43	ROC 43 DELISTED ROCKWOOD HLDGS INC ROC	–	–	-36,730	Closed	-$2.35M
44	ELN 44 DELISTED ELAN CORP ADS(RP1 ORD4IRISH PN ELN	–	–	-250,000	Closed	-$3.54M
45	CLWR 45 DELISTED CLEARWIRE CORP NEW CL A COM STK (DE) CLWR	–	–	-76,000	Closed	-$380K