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

+3.18%

1 Year Return

+2.69%

3 Year Return

–

5 Year Return

–

10 Year Return

–

AUM

$84.2M

AUM Growth

-$62.9M (-43%)

Cap. Flow

-$65.2M

Cap. Flow % of AUM

-77.4%

Top 10 Holdings % Top 10 Hldgs %

8.32%

Holding

766

New

188

Increased

128

Reduced

244

Closed

206

Top Buys

1	Grupo Cibest S.A. American Depositary Shares (each representing four (4) Preferred Shares) CIB	$1.09M
2	Take-Two Interactive TTWO	$575K
3	Vermilion Energy VET	$556K
4	EPL EPL OIL & GAS, INC COMMON STK EPL	$543K
5	Herbalife HLF	$537K

Top Sells

1	CTCM CTC MEDIA INC COM STK CTCM	$1.12M
2	Helmerich & Payne HP	$1.04M
3	SALE RetailMeNot, Inc. Series 1 SALE	$974K
4	SAPE SAPIENT CORP SAPE	$913K
5	Magnachip Semiconductor MX	$911K

Sector Composition

1	Technology	14.23%
2	Industrials	13.79%
3	Energy	10.59%
4	Financials	9.59%
5	Consumer Discretionary	9.07%

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
526	526 Intuit INTU $188B	$16K	0.02%	200 -1,200	-86%	-$96K
527	527 Regions Financial RF $24.1B	$16K	0.02%	+1,400	New	+$16K
528	528 Starbucks SBUX $97.1B	$16K	0.02%	446 -1,022	-70%	-$36.7K
529	529 WisdomTree WT $1.98B	$16K	0.02%	1,245 -3,204	-72%	-$41.2K
530	CXP 530 DELISTED COLUMBIA PROPERTY TRUST, INC. CXP	$16K	0.02%	600 -7,016	-92%	-$187K
531	P 531 DELISTED Pandora Media Inc P	$16K	0.02%	+523	New	+$16K
532	GXP 532 DELISTED Great Plains Energy Incorporated GXP	$16K	0.02%	+600	New	+$16K
533	PL 533 DELISTED PROTECTIVE LIFE CORP PL	$16K	0.02%	+300	New	+$16K
534	534 CACI CACI $10.4B	$15K	0.02%	200 -1,279	-86%	-$95.9K
535	535 L3Harris LHX $51B	$15K	0.02%	200 -4,947	-96%	-$371K
536	536 UDR UDR $13B	$15K	0.02%	+600	New	+$15K
537	NBIS 537 Nebius Group N.V. Class A Ordinary Shares NBIS $15.6B	$15K	0.02%	+506	New	+$15K
538	LM 538 DELISTED Legg Mason, Inc. LM	$15K	0.02%	+300	New	+$15K
539	LLTC 539 DELISTED Linear Technology Corp LLTC	$15K	0.02%	+300	New	+$15K
540	CA 540 DELISTED CA, Inc. CA	$15K	0.02%	500 -2,700	-84%	-$81K
541	PLCM 541 DELISTED POLYCOM INC PLCM	$15K	0.02%	+1,100	New	+$15K
542	GAS 542 DELISTED AGL RESOURCES INC (HOLDING CO) GAS	$15K	0.02%	+300	New	+$15K
543	543 Aramark ARMK $10.2B	$14K	0.02%	+693	New	+$14K
544	544 Cheesecake Factory CAKE $3.02B	$14K	0.02%	300 -1,400	-82%	-$65.3K
545	545 EnerSys ENS $3.89B	$14K	0.02%	200 -1,500	-88%	-$105K
546	546 MDU Resources MDU $3.31B	$14K	0.02%	+1,052	New	+$14K
547	547 LiveRamp RAMP $1.86B	$14K	0.02%	400 -5,044	-93%	-$177K
548	548 Reliance Steel & Aluminium RS $15.7B	$14K	0.02%	+200	New	+$14K
549	549 Republic Services RSG $71.7B	$14K	0.02%	+400	New	+$14K
550	550 Donaldson DCI $9.44B	$13K	0.02%	300 -2,200	-88%	-$95.3K