IRS

Invictus RG (Singapore) Portfolio holdings

AUM $107M

1-Year Return 2.69%

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

This Quarter Return

+5.81%

1 Year Return

+2.69%

3 Year Return

–

5 Year Return

–

10 Year Return

–

AUM

$95.6M

AUM Growth

+$11.4M (+14%)

Cap. Flow

+$7.87M

Cap. Flow % of AUM

8.23%

Top 10 Holdings % Top 10 Hldgs %

7.62%

Holding

809

New

249

Increased

197

Reduced

197

Closed

161

Top Buys

1	ORB ORBITAL SCIENCES CORP ORB	+$656K
2	Broadcom AVGO	+$591K
3	Brookfield Renewable BEP	+$545K
4	Ryman Hospitality Properties RHP	+$536K
5	Coca-Cola Europacific Partners CCEP	+$531K

Top Sells

1	Grupo Cibest S.A. American Depositary Shares (each representing four (4) Preferred Shares) CIB	+$1.09M
2	NetEase NTES	+$690K
3	GA GIANT INTERACTIVE GROUP INC ADR (CAYMAN ISLANDS) GA	+$654K
4	MBT Mobile TeleSystems Public Joint Stock Company American Depositary Shares (Each representing 2 Shares MBT	+$610K
5	Caesarstone CSTE	+$571K

Sector Composition

1	Technology	14.48%
2	Industrials	12.27%
3	Consumer Discretionary	10.95%
4	Energy	10.94%
5	Healthcare	8.84%

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
326	326 Viatris VTRS $12.2B	$88K	0.09%	1,707 +645	+61%	+$33.3K
327	SPN 327 DELISTED Superior Energy Services, Inc. SPN	$88K	0.09%	2,439 +165	+7%	+$5.95K
328	328 Western Digital WDC $32.8B	$86K	0.09%	1,236 -2,873	-70%	-$200K
329	329 Helen of Troy HELE $550M	$85K	0.09%	+1,403	New	+$85K
330	330 Kennametal KMT $1.6B	$84K	0.09%	+1,805	New	+$84K
331	331 Mueller Water Products MWA $3.85B	$84K	0.09%	+9,680	New	+$84K
332	WW 332 DELISTED WW International WW	$84K	0.09%	+4,153	New	+$84K
333	SLH 333 DELISTED SOLERA HOLDINGS, INC. COM SLH	$84K	0.09%	1,255 +355	+39%	+$23.8K
334	GAS 334 DELISTED AGL RESOURCES INC (HOLDING CO) GAS	$84K	0.09%	1,530 +1,230	+410%	+$67.5K
335	335 New York Times NYT $9.48B	$83K	0.09%	+5,466	New	+$83K
336	336 Adtalem Global Education ATGE $4.9B	$82K	0.09%	+1,942	New	+$82K
337	337 Brinker International EAT $6.93B	$82K	0.09%	1,681 +919	+121%	+$44.8K
338	338 Gran Tierra Energy GTE $136M	$82K	0.09%	+1,010	New	+$82K
339	WFT 339 DELISTED Weatherford International plc WFT	$82K	0.09%	3,544 +2,371	+202%	+$54.9K
340	340 Capital One COF $142B	$81K	0.08%	986 -652	-40%	-$53.6K
341	341 Microsoft MSFT $3.7T	$81K	0.08%	1,949 -579	-23%	-$24.1K
342	342 NXP Semiconductors NXPI $56.4B	$80K	0.08%	1,211 +863	+248%	+$57K
343	QCOR 343 DELISTED QUESTCOR PHARMA INC QCOR	$80K	0.08%	865 -4,014	-82%	-$371K
344	CAJ 344 DELISTED Canon, Inc. CAJ	$79K	0.08%	+2,421	New	+$79K
345	345 New Jersey Resources NJR $4.67B	$78K	0.08%	+2,738	New	+$78K
346	346 AbbVie ABBV $372B	$77K	0.08%	1,371 -4,344	-76%	-$244K
347	AOL 347 DELISTED AOL INC COMMON STOCK AOL	$76K	0.08%	1,901 -2,787	-59%	-$111K
348	348 Teekay TK $732M	$73K	0.08%	+1,171	New	+$73K
349	VIAB 349 DELISTED Viacom Inc. Class B VIAB	$73K	0.08%	840 +415	+98%	+$36.1K
350	DFS 350 DELISTED Discover Financial Services DFS	$72K	0.08%	1,166 -543	-32%	-$33.5K