Naya Management Portfolio holdings

AUM $716M

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

This Quarter Return

-2.08%

1 Year Return

+8.23%

3 Year Return

–

5 Year Return

–

10 Year Return

–

AUM

$716M

AUM Growth

+$716M (-2.6%)

Cap. Flow

+$20.5M

Cap. Flow % of AUM

2.87%

Top 10 Holdings % Top 10 Hldgs %

100%

Holding

New

–

Increased

Reduced

Closed

Top Buys

1	TW TOWERS WATSON & CO COM STK CL A (DE) TW	$161M
2	AWAY HOMEAWAY INC COM AWAY	$10.5M
3	TWC TIME WARNER CABLE INC NEW COM STK TWC	$637K

Top Sells

1	LVNTA Liberty Interactive Corporation Series A Liberty Ventures LVNTA	$58.5M
2	American Express AXP	$36M
3	DuPont de Nemours DD	$26.4M
4	LGF Lions Gate Entertainment LGF	$17M
5	Armstrong World Industries AWI	$13.6M

Sector Composition

1	Industrials	34.92%
2	Communication Services	27.16%
3	Materials	8.36%
4	Financials	1.82%
5	Energy	0%

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
1	TWC 1 DELISTED TIME WARNER CABLE INC NEW COM STK TWC	$195M	10.55%	1,084,438 +3,554	+0.3%	+$637K
2	TW 2 DELISTED TOWERS WATSON & CO COM STK CL A (DE) TW	$162M	8.8%	1,381,041 +1,371,041	+13,710%	+$161M
3	LGF 3 DELISTED Lions Gate Entertainment LGF	$145M	7.88%	3,946,763 -461,500	-10%	-$17M
4	4 Armstrong World Industries AWI $8.47B	$88M	4.77%	1,842,642 -283,958	-13%	-$13.6M
5	5 DuPont de Nemours DD $32.2B	$59.9M	3.25%	1,411,759 -622,900	-31%	-$26.4M
6	AWAY 6 DELISTED HOMEAWAY INC COM AWAY	$53.5M	2.9%	2,014,390 +395,460	+24%	+$10.5M
7	7 American Express AXP $231B	$13M	0.71%	175,800 -486,150	-73%	-$36M
8	8 Charter Communications CHTR $36.3B	–	–	0	–	–
9	9 Cigna CI $80.3B	–	–	0	–	–
10	10 Comcast CMCSA $125B	–	–	0	–	–
11	11 Williams Companies WMB $70.7B	–	–	0	–	–
12	12 SPDR S&P Homebuilders ETF XHB $1.92B	–	–	0	–	–
13	13 Materials Select Sector SPDR Fund XLB $5.53B	–	–	0	–	–
14	14 Zoetis ZTS $69.3B	–	–	0	–	–
15	LVNTA 15 DELISTED Liberty Interactive Corporation Series A Liberty Ventures LVNTA	–	–	-1,490,659	Closed	-$58.5M
16	YHOO 16 DELISTED Yahoo Inc YHOO	–	–	0	–	–
17	17 Salesforce CRM $245B	–	–	0	–	–
18	18 iShares MSCI Emerging Markets ETF EEM $19B	–	–	0	–	–
19	19 iShares China Large-Cap ETF FXI $6.65B	–	–	0	–	–
20	20 iShares US Real Estate ETF IYR $3.76B	–	–	0	–	–
21	21 Lumen LUMN $5.1B	–	–	0	–	–
22	22 MasTec MTZ $14.3B	–	–	0	–	–
23	PARA 23 DELISTED Paramount Global Class B PARA	–	–	0	–	–
24	24 Invesco QQQ Trust QQQ $364B	–	–	0	–	–
25	25 Sysco SYY $38.5B	–	–	0	–	–