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

+0.43%

1 Year Return

+11.81%

3 Year Return

-9.27%

5 Year Return

–

10 Year Return

–

AUM

$582M

AUM Growth

+$94.8M (+19%)

Cap. Flow

+$93.4M

Cap. Flow % of AUM

16.06%

Top 10 Holdings % Top 10 Hldgs %

8.48%

Holding

1,073

New

383

Increased

187

Reduced

120

Closed

383

Top Buys

1	Fidelity National Information Services FIS	+$5.13M
2	Intuit INTU	+$4.87M
3	Nike NKE	+$4.84M
4	Cognizant CTSH	+$4.27M
5	Walt Disney DIS	+$4.11M

Top Sells

1	Trane Technologies TT	+$4.44M
2	MJN Mead Johnson Nutrition Company MJN	+$4.19M
3	Macy's M	+$3.52M
4	Las Vegas Sands LVS	+$3.23M
5	Aon AON	+$3.12M

Sector Composition

1	Industrials	13.61%
2	Technology	13.39%
3	Consumer Discretionary	13.03%
4	Financials	12.52%
5	Healthcare	9.72%

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
601	601 Axon Enterprise AXON $57.5B	$219K	0.04%	12,675 +2,065	+19%	+$35.7K
602	602 Comerica CMA $8.88B	$219K	0.04%	5,231 -19,451	-79%	-$814K
603	RP 603 DELISTED RealPage, Inc. RP	$219K	0.04%	9,758 -6,485	-40%	-$146K
604	EFII 604 DELISTED Electronics for Imaging EFII	$219K	0.04%	+4,690	New	+$219K
605	605 Haemonetics HAE $2.61B	$218K	0.04%	6,764 -3,594	-35%	-$116K
606	ARIA 606 DELISTED Ariad Pharmaceuticals Inc ARIA	$218K	0.04%	+34,882	New	+$218K
607	607 New Oriental EDU $8.51B	$217K	0.04%	+6,902	New	+$217K
608	608 Medifast MED $152M	$217K	0.04%	+7,156	New	+$217K
609	609 TAL Education Group TAL $6.47B	$216K	0.04%	+27,828	New	+$216K
610	610 Astronics ATRO $1.36B	$215K	0.04%	+6,979	New	+$215K
611	611 Oshkosh OSK $8.7B	$215K	0.04%	+5,509	New	+$215K
612	612 Reliance Steel & Aluminium RS $15.4B	$215K	0.04%	+3,712	New	+$215K
613	613 Sumitomo Mitsui Financial SMFG $106B	$213K	0.04%	+28,001	New	+$213K
614	614 Acco Brands ACCO $361M	$212K	0.04%	29,760 +5,274	+22%	+$37.6K
615	615 Advanced Energy AEIS $5.84B	$211K	0.04%	+7,465	New	+$211K
616	CLDT 616 Chatham Lodging CLDT $350M	$211K	0.04%	+10,306	New	+$211K
617	617 Steelcase SCS $1.94B	$211K	0.04%	+14,158	New	+$211K
618	ZLTQ 618 DELISTED ZELTIQ Aesthetics, Inc. ZLTQ	$211K	0.04%	+7,408	New	+$211K
619	619 3M MMM $81.5B	$210K	0.04%	+1,671	New	+$210K
620	620 Hercules Capital HTGC $3.51B	$209K	0.04%	17,178 +1,967	+13%	+$23.9K
621	BOBE 621 DELISTED Bob Evans Farms, Inc. BOBE	$208K	0.04%	+5,353	New	+$208K
622	622 Deutsche Bank DB $68.8B	$207K	0.04%	+9,596	New	+$207K
623	623 Werner Enterprises WERN $1.7B	$207K	0.04%	+8,831	New	+$207K
624	IPHS 624 DELISTED Innophos Holdings, Inc. IPHS	$207K	0.04%	7,154 -148	-2%	-$4.28K
625	RDUS 625 DELISTED Radius Recycling RDUS	$206K	0.04%	+14,314	New	+$206K