NCMW

Northern Capital Management (Wisconsin) Portfolio holdings

AUM $373M

2018 Q4 2018 Q3 2018 Q2 2018 Q1 2017 Q4 2017 Q3 2017 Q2 2017 Q1 2016 Q4 2016 Q3 2016 Q2 2016 Q1 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

+8.93%

1 Year Return

-10.99%

3 Year Return

+12.85%

5 Year Return

+16.93%

10 Year Return

–

AUM

$191M

AUM Growth

+$191M (+12%)

Cap. Flow

+$4.41M

Cap. Flow % of AUM

2.31%

Top 10 Holdings % Top 10 Hldgs %

18.23%

Holding

149

New

Increased

Reduced

Closed

Top Buys

1	Occidental Petroleum OXY	$3M
2	Target TGT	$2.35M
3	Ambev ABEV	$1.36M
4	Wells Fargo WFC	$984K
5	BMR BIOMED REALTY TRUST INC BMR	$981K

Top Sells

1	ABV COMPANHIA BEBIDA ADS EACH REPSTG 1 PFD SH ABV	$1.46M
2	ProShares Short Russell2000 RWM	$1.11M
3	Qualcomm QCOM	$776K
4	Eli Lilly LLY	$704K
5	KLA KLAC	$695K

Sector Composition

1	Technology	17.89%
2	Energy	12.73%
3	Financials	12.6%
4	Healthcare	10.53%
5	Consumer Staples	6.9%

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
126	126 SPDR S&P Oil & Gas Equipment & Services ETF XES $156M	$246K	0.13%	5,625 -100	-2%	-$4.37K
127	127 CVR Energy CVI $3.07B	$235K	0.12%	5,400 -1,500	-22%	-$65.3K
128	128 iShares Biotechnology ETF IBB $5.6B	$225K	0.12%	990	–	–
129	SDRL 129 DELISTED Seadrill Limited Common Stock SDRL	$222K	0.12%	+5,400	New	+$222K
130	130 Tronox TROX $678M	$220K	0.12%	9,550	–	–
131	PRE 131 DELISTED PARTNERRE LTD PRE	$212K	0.11%	+2,010	New	+$212K
132	132 Avery Dennison AVY $13.4B	$210K	0.11%	4,175 -500	-11%	-$25.2K
133	133 IBM IBM $227B	$203K	0.11%	+1,080	New	+$203K
134	134 Autoliv ALV $9.53B	$201K	0.11%	2,185 -1,925	-47%	-$177K
135	135 iShares International Select Dividend ETF IDV $5.77B	$201K	0.11%	5,300 -1,025	-16%	-$38.9K
136	136 Marvell Technology MRVL $54.2B	$173K	0.09%	+12,000	New	+$173K
137	137 Annaly Capital Management NLY $13.6B	$147K	0.08%	14,750 +2,700	+22%	+$26.9K
138	138 DNP Select Income Fund DNP $3.68B	$113K	0.06%	12,000	–	–
139	139 Oaktree Specialty Lending OCSL $1.23B	$97K	0.05%	10,489	–	–
140	140 Berkshire Hathaway Class B BRK.B $1.09T	–	–	-2,730	Closed	-$310K
141	141 Eli Lilly LLY $657B	–	–	-13,995	Closed	-$704K
142	142 Invesco Financial Preferred ETF PGF $793M	–	–	-11,125	Closed	-$191K
143	143 Regions Financial RF $24.4B	–	–	-64,175	Closed	-$594K
144	144 ProShares Short Russell2000 RWM $124M	–	–	-60,000	Closed	-$1.11M
145	KOL 145 DELISTED VanEck Vectors Coal ETF KOL	–	–	-27,375	Closed	-$520K
146	KFN 146 DELISTED KKR FINANCIAL HOLDINGS LLC COM KFN	–	–	-13,800	Closed	-$143K
147	ABV 147 DELISTED COMPANHIA BEBIDA ADS EACH REPSTG 1 PFD SH ABV	–	–	-37,930	Closed	-$1.46M
148	WLL 148 DELISTED Whiting Petroleum Corporation WLL	–	–	-5,440	Closed	-$326K