PAM

Princeton Alpha Management Portfolio holdings

AUM $299M

1-Year Return 11.81%

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

This Quarter Return

+1.66%

1 Year Return

+11.81%

3 Year Return

-9.27%

5 Year Return

–

10 Year Return

–

AUM

$355M

AUM Growth

-$85.7M (-19%)

Cap. Flow

-$92.7M

Cap. Flow % of AUM

-26.12%

Top 10 Holdings % Top 10 Hldgs %

8.25%

Holding

990

New

360

Increased

124

Reduced

164

Closed

342

Top Buys

1	Adobe ADBE	+$3.66M
2	Caterpillar CAT	+$3.62M
3	ANDV Andeavor ANDV	+$3.15M
4	Moody's MCO	+$2.88M
5	Wynn Resorts WYNN	+$2.83M

Top Sells

1	SPDR S&P 500 ETF Trust SPY	+$28.1M
2	TE Connectivity TEL	+$5.29M
3	Aptiv APTV	+$4.33M
4	WBA Walgreens Boots Alliance WBA	+$3.93M
5	Harley-Davidson HOG	+$3.67M

Sector Composition

1	Financials	14.34%
2	Industrials	12.5%
3	Consumer Discretionary	12.38%
4	Technology	10.84%
5	Energy	8.68%

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
401	401 Masimo MASI $7.93B	$318K	0.09%	12,078 -1,265	-9%	-$33.3K
402	402 Saic SAIC $4.71B	$318K	0.09%	+6,423	New	+$318K
403	403 AES AES $9.11B	$317K	0.09%	23,052 -16,637	-42%	-$229K
404	404 Thomson Reuters TRI $77.5B	$317K	0.09%	6,877 -6,101	-47%	-$281K
405	ENH 405 DELISTED Endurance Specialty Holdings Ltd ENH	$316K	0.09%	5,289 -2,307	-30%	-$138K
406	406 Cathay General Bancorp CATY $3.41B	$315K	0.09%	+12,292	New	+$315K
407	407 Darling Ingredients DAR $4.96B	$315K	0.09%	+17,349	New	+$315K
408	408 MarketAxess Holdings MKTX $6.87B	$315K	0.09%	+4,390	New	+$315K
409	409 MGIC Investment MTG $6.53B	$314K	0.09%	+33,666	New	+$314K
410	ANW 410 DELISTED Aegean Marine Petroleum Network ANW	$314K	0.09%	+22,361	New	+$314K
411	411 American Woodmark AMWD $962M	$313K	0.09%	+7,729	New	+$313K
412	412 Radian Group RDN $4.74B	$313K	0.09%	18,702 -392	-2%	-$6.56K
413	413 SL Green Realty SLG $4.28B	$313K	0.09%	2,714 +610	+29%	+$70.4K
414	AEGN 414 DELISTED Aegion Corp AEGN	$313K	0.09%	+16,801	New	+$313K
415	CYNO 415 DELISTED Cynosure, Inc. Class A CYNO	$313K	0.09%	+11,419	New	+$313K
416	HIBB 416 DELISTED Hibbett, Inc. Common Stock HIBB	$313K	0.09%	+6,466	New	+$313K
417	417 Artisan Partners APAM $3.26B	$312K	0.09%	+6,175	New	+$312K
418	418 Marvell Technology MRVL $58.1B	$312K	0.09%	21,485 +3,457	+19%	+$50.2K
419	419 Alcoa AA $8.16B	$311K	0.09%	+8,209	New	+$311K
420	420 Leidos LDOS $23.1B	$311K	0.09%	+7,148	New	+$311K
421	421 Regis Corp RGS $68.2M	$311K	0.09%	927 +26	+3%	+$8.72K
422	422 ScottsMiracle-Gro SMG $3.47B	$311K	0.09%	4,991 +335	+7%	+$20.9K
423	TE 423 DELISTED TECO ENERGY INC TE	$310K	0.09%	15,152 -39,968	-73%	-$818K
424	424 AB InBev BUD $115B	$309K	0.09%	+2,754	New	+$309K
425	425 Kforce KFRC $550M	$309K	0.09%	+12,793	New	+$309K