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

+10.55%

1 Year Return

+2.69%

3 Year Return

–

5 Year Return

–

10 Year Return

–

AUM

$147M

AUM Growth

+$29.8M (+25%)

Cap. Flow

+$20.8M

Cap. Flow % of AUM

14.14%

Top 10 Holdings % Top 10 Hldgs %

7.47%

Holding

756

New

188

Increased

204

Reduced

184

Closed

178

Top Buys

1	QIWI QIWI PLC QIWI	$1.54M
2	CTCM CTC MEDIA INC COM STK CTCM	$1.12M
3	NetEase NTES	$1.04M
4	Premier PINC	$951K
5	Magnachip Semiconductor MX	$911K

Top Sells

1	SOHU Sohu.com SOHU	$1.04M
2	InterDigital IDCC	$912K
3	XLS EXELIS INC COM STK XLS	$791K
4	VEON VEON	$765K
5	United Therapeutics UTHR	$747K

Sector Composition

1	Industrials	17.84%
2	Technology	15.59%
3	Consumer Discretionary	9.68%
4	Energy	9.42%
5	Financials	8.77%

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
426	BYI 426 DELISTED BALLY TECHNOLOGIES, INC. BYI	$60K	0.04%	762 -4,961	-87%	-$391K
427	BID 427 DELISTED Sotheby's BID	$59K	0.04%	1,115 +674	+153%	+$35.7K
428	428 Liberty Media Series A FWONA $22.6B	$58K	0.04%	2,218 +557	+34%	+$14.6K
429	429 Starbucks SBUX $97.1B	$58K	0.04%	1,468 +304	+26%	+$12K
430	430 Albemarle ALB $9.6B	$57K	0.04%	900 -2,205	-71%	-$140K
431	431 United Therapeutics UTHR $18.1B	$57K	0.04%	503 -6,592	-93%	-$747K
432	FLIR 432 DELISTED FLIR Systems, Inc. (DE) Common Stock FLIR	$57K	0.04%	1,901 -4,907	-72%	-$147K
433	433 Valero Energy VLO $48.7B	$54K	0.04%	1,080 -9,825	-90%	-$491K
434	434 Jazz Pharmaceuticals JAZZ $7.86B	$49K	0.03%	+388	New	+$49K
435	435 Deckers Outdoor DECK $17.9B	$48K	0.03%	3,384 -984	-23%	-$14K
436	436 Jack in the Box JACK $386M	$47K	0.03%	947 -10,645	-92%	-$528K
437	437 Johnson Controls International JCI $69.5B	$47K	0.03%	876 -102	-10%	-$5.47K
438	438 New York Times NYT $9.6B	$47K	0.03%	+2,969	New	+$47K
439	439 Walt Disney DIS $212B	$46K	0.03%	601 +267	+80%	+$20.4K
440	440 Sealed Air SEE $4.82B	$46K	0.03%	1,355 -938	-41%	-$31.8K
441	441 Fluor FLR $6.72B	$45K	0.03%	561 +240	+75%	+$19.3K
442	ICON 442 DELISTED Iconix Brand Group, Inc. ICON	$45K	0.03%	114 -313	-73%	-$124K
443	443 Allison Transmission ALSN $7.53B	$44K	0.03%	+1,586	New	+$44K
444	444 Amazon AMZN $2.48T	$44K	0.03%	+2,200	New	+$44K
445	445 Avery Dennison AVY $13.1B	$44K	0.03%	872 -73	-8%	-$3.68K
446	446 American Express AXP $227B	$44K	0.03%	485 +200	+70%	+$18.1K
447	447 Groupon GRPN $971M	$44K	0.03%	+187	New	+$44K
448	448 MetLife MET $52.9B	$44K	0.03%	919 -537	-37%	-$25.7K
449	449 MGIC Investment MTG $6.55B	$44K	0.03%	5,189 -6,728	-56%	-$57.1K
450	450 SPX Corp SPXC $9.28B	$44K	0.03%	+1,743	New	+$44K