Seawolf Capital Portfolio holdings

AUM $44.1M

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

+6.98%

1 Year Return

+29.4%

3 Year Return

+24.1%

5 Year Return

–

10 Year Return

–

AUM

$339M

AUM Growth

+$32.1M (+10%)

Cap. Flow

+$17.3M

Cap. Flow % of AUM

5.09%

Top 10 Holdings % Top 10 Hldgs %

59%

Holding

New

Increased

Reduced

Closed

Top Buys

1	Assured Guaranty AGO	$17.7M
2	Capital One COF	$12.1M
3	AVOL AVOLON HLDGS LTD SHS (CYM) AVOL	$8.81M
4	MGIC Investment MTG	$8.58M
5	Popular Inc BPOP	$7.39M

Top Sells

1	Navient NAVI	$10.4M
2	RCAP RCS CAPITAL CORPORATION CLASS A COM RCAP	$8.62M
3	JPMorgan Chase JPM	$8.27M
4	Wells Fargo WFC	$8.15M
5	WisdomTree WT	$7.69M

Sector Composition

1	Financials	69.18%
2	Industrials	9.54%
3	Real Estate	7.55%
4	Technology	6.2%
5	Materials	6.06%

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
26	26 Ally Financial ALLY $12.6B	$4.5M	1.15%	+190,300	New	+$4.5M
27	XL 27 DELISTED XL Group Ltd. XL	$4.42M	1.13%	+128,700	New	+$4.42M
28	28 American Financial Group AFG $11.5B	$4.35M	1.11%	+71,600	New	+$4.35M
29	29 Walker & Dunlop WD $2.79B	$4.32M	1.1%	+246,209	New	+$4.32M
30	30 State Street STT $32.1B	$4.3M	1.1%	+54,800	New	+$4.3M
31	CIM 31 Chimera Investment CIM $1.15B	$4.21M	1.08%	+88,306	New	+$4.21M
32	32 Seacoast Banking Corp of Florida SBCF $2.72B	$2.31M	0.59%	+168,047	New	+$2.31M
33	33 First Bancorp FBP $3.54B	$2.23M	0.57%	+380,000	New	+$2.23M
34	34 PennyMac Financial PFSI $5.83B	$567K	0.15%	+32,782	New	+$567K
35	TCF 35 DELISTED TCF Financial Corporation Common Stock TCF	–	–	-185,000	Closed	-$4.98M
36	INTX 36 DELISTED Intersections, Inc. INTX	–	–	0	–	–
37	PAY 37 DELISTED Verifone Systems Inc PAY	–	–	-116,100	Closed	-$3.99M
38	NSM 38 DELISTED Nationstar Mortgage Holdings NSM	–	–	0	–	–
39	39 American International AIG $45.1B	–	–	0	–	–
40	40 Altisource Portfolio Solutions ASPS $124M	–	–	0	–	–
41	41 Bank of America BAC $371B	–	–	0	–	–
42	42 CME Group CME $97.1B	–	–	0	–	–
43	EVRI 43 DELISTED Everi Holdings EVRI	–	–	-507,100	Closed	-$3.42M
44	44 East-West Bancorp EWBC $14.7B	–	–	-118,700	Closed	-$4.04M
45	45 Genworth Financial GNW $3.51B	–	–	0	–	–
46	46 Huntington Bancshares HBAN $25.7B	–	–	-443,200	Closed	-$4.31M
47	47 H&R Block HRB $6.83B	–	–	0	–	–
48	48 ICICI Bank IBN $113B	–	–	0	–	–
49	49 Invesco IVZ $9.68B	–	–	0	–	–
50	50 iShares Russell 2000 ETF IWM $66.6B	–	–	0	–	–