BANCED CORP

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CIK 1272345

13F portfolio (2018-Q4)

$46M

Positions

Implied 1Y CAGR

modeled · as filed

Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2018-Q3. A lagged quarterly snapshot (filed ≤45 days after quarter-end); excludes shorts, options, cash, and shares listed only on non-US exchanges — foreign companies held via a US listing or ADR (e.g. Alibaba, TSMC) ARE included.

Implied return what this book implies · modeled, not advice methodology →

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As filed = each book applied at its quarter-end (what the reported book did) · As copyable = applied at its statutory 45-day filing deadline (what a 13F follower could have earned).

Computing…

Hypothetical modeled performance constructed with hindsight — not actual results, and not indicative of future results. See the Disclaimer.

Exposures · what this manager owns, by sector & size (2018-Q4)

Holdings

Top 5

14.1%

Top 10

24.0%

Effective N

70.4

HHI

0.014

This quarter

10 new · 0 exit →

By sector

Information Technology16.2%

Financials15.8%

Industrials13.5%

Health Care10.7%

Consumer Discretionary9.7%

Utilities8.1%

Communication Services6.5%

Unclassified6.3%

Other13.2%

By market cap

Large ($10–200B)50.8%

Mega (>$200B)34.0%

Unknown8.7%

Mid ($2–10B)5.2%

Small ($300M–2B)1.3%

By region

North America92.8%

Other6.3%

Europe0.9%

By industry group GICS — finer than sector

Industry group	Weight	Names
Pharmaceuticals & Biotechnology	9.73%	8
Utilities	8.06%	7
Unclassified	7.56%	9
Banks	7.05%	7
Semiconductors & Semiconductor Equipment	6.37%	5
Technology Hardware & Equipment	6.12%	3
Oil, Gas & Consumable Fuels	5.64%	5
Insurance	4.48%	6
Specialty Retail	3.89%	3
Aerospace & Defense	3.76%	2
Diversified Telecommunication Services	3.19%	2
Commercial Services & Supplies	2.77%	2
Machinery	2.64%	3
Software	2.57%	1
Hotels, Restaurants & Leisure	2.40%	2
Chemicals	2.15%	3
Automobiles & Components	2.01%	2
Software & IT Services	1.97%	1
Marine	1.94%	2
Construction & Engineering	1.78%	2
Equity Real Estate Investment Trusts (REITs)	1.35%	1
Media & Entertainment	1.33%	1
Road & Rail	1.33%	2
Tobacco	1.30%	1
Airlines	1.28%	2
Capital Markets	1.06%	1
Health Care Equipment & Supplies	0.99%	1
Beverages	0.89%	2
Food & Staples Retailing	0.88%	1
Household Durables	0.78%	1
Distributors	0.60%	1
Electrical Equipment & Components	0.60%	1
Metals & Mining	0.56%	1
Communications Equipment	0.50%	1
Food Products	0.48%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	AAPL	Apple Inc.	Information Technology	4.12%
2	MSFT	MICROSOFT CORP	Information Technology	2.57%
3	MRK	Merck & Co., Inc.	Health Care	2.54%
4	EXC	EXELON CORP	Utilities	2.43%
5	JPM	JPMORGAN CHASE & CO	Financials	2.41%
6	AMZN	AMAZON COM INC	Consumer Discretionary	2.01%
7		AVANGRID INC	Unclassified	2.01%
8	CVX	CHEVRON CORP	Energy	2.00%
9	GOOGL	Alphabet Inc.	Communication Services	1.97%
10	INTC	INTEL CORP	Information Technology	1.97%

85/93 names classified · sector 93.7% of weight · industry 92.4% · mkt cap 91.3%; unclassified names shown, never dropped.

Sector allocation over time · how the GICS mix & top names shifted quarter by quarter

top 5/sector, rest → “Other” · 23 quarters

FinancialsJPM, BRK.B, MA, AFL, PFG · other

Information TechnologyAAPL, INTC, GE, MSFT, QCOM · other

Consumer DiscretionaryGM, AMZN, MCK, LOW, MCD · other

IndustrialsCCL, BA, SNA, HON, UNP · other

Health CareGILD, JNJ, PFE, MRK, REGN · other

EnergyCVX, COP, VLO, MPC, XOM · other

Communication ServicesT, META, CMCSA, GOOGL, VZ · other

Consumer StaplesMO, CVS, STZ, KO, PEP · other

UtilitiesPPL, EXC, POR, WMB, AEP · other

MaterialsLYB, OLN, PG, NWL, AVY · other

Real EstateSBAC, INN, LAMR, WY, IRM

UnclassifiedE M C CORP MASS, AVANGRID INC, GOOGLE INC, GAM, MYLAN NV · other

Sector is classified on each name's CURRENT fundamentals, not point-in-time — apparent sector drift can reflect the market re-rating a holding, not a manager trade. 13F is a lagged quarterly snapshot of long positions in US-listed securities only — foreign companies held via a US listing or ADR ARE included, but shares listed only on non-US exchanges (plus shorts, options and cash) are not. Latest quarter: 93.7% of the book is sector-classified (unclassified names shown, never dropped).

Style box · size × value-growth placement of the reported book (2018-Q4), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

holdings, colored by sector (78 classified)BANCED CORP centroid (Large Core)

Information TechnologyFinancialsIndustrialsHealth CareConsumer DiscretionaryUtilitiesCommunication ServicesEnergyConsumer StaplesMaterials

Style box summary for BANCED CORP: centroid Large Core. Heaviest cells: Large Value 26.3%, Large Growth 21.3%, Large Core 14.3%.

Classified: 87.2% of book weight (78/86 names) · unclassified 12.8%: , INN, BRK.B, MGA, NVS, JAZZ, TD, STZ. Size: cap 70/20/10 bands; style: value/growth composite on our own metrics — not Morningstar's model.

Contribution holdings-based, any period

No contribution data for this period.

Holdings· 93 positions (2018-Q4) · largest first · Δ vs 2018-Q3

#	Security	Shares	Value	Weight	Δ QoQ
1	AAPLAPPLE INC	12,031	$2M	4.1%	HOLD
2	MSFTMICROSOFT CORP	11,662	$1M	2.6%	TRIM −5%
3	MRKMERCK & CO INC	15,326	$1M	2.5%	TRIM −13%
4	EXCEXELON CORP	24,802	$1M	2.4%	TRIM −4%
5	JPMJPMORGAN CHASE & CO	11,360	$1M	2.4%	TRIM −6%
6	AMZNAMAZON COM INC	618	$928,000	2.0%	HOLD
7	AVANGRID INC	18,496	$927,000	2.0%	TRIM −14%
8	CVXCHEVRON CORP NEW	8,476	$922,000	2.0%	HOLD
9	GOOGLALPHABET INC	870	$909,000	2.0%	TRIM −2%
10	INTCINTEL CORP	19,350	$909,000	2.0%	TRIM −32%
11	MAMASTERCARD INCORPORATED	4,770	$900,000	2.0%	TRIM −7%
12	BABOEING CO	2,752	$888,000	1.9%	TRIM −3%
13	HONHONEYWELL INTL INC	6,395	$845,000	1.8%	TRIM −13%
14	COPCONOCOPHILLIPS	12,602	$786,000	1.7%	TRIM −3%
15	AEPAMERICAN ELEC PWR CO INC	10,078	$753,000	1.6%	NEW
16	TAT&T INC	26,332	$752,000	1.6%	TRIM −35%
17	MCDMCDONALDS CORP	4,116	$731,000	1.6%	ADD 197%
18	VZVERIZON COMMUNICATIONS INC	12,811	$720,000	1.6%	ADD 164%
19	INNSUMMIT HOTEL PPTYS INC	63,809	$620,000	1.3%	ADD 50%
20	CMCSACOMCAST CORP NEW	17,956	$611,000	1.3%	TRIM −8%
21	BRK.BBERKSHIRE HATHAWAY INC DEL	2,953	$603,000	1.3%	TRIM −6%
22	SWKSSKYWORKS SOLUTIONS INC	9,005	$603,000	1.3%	HOLD
23	AMATAPPLIED MATLS INC	18,384	$602,000	1.3%	TRIM −4%
24	MOALTRIA GROUP INC	12,142	$600,000	1.3%	HOLD
25	SNASNAP ON INC	3,938	$572,000	1.2%	HOLD
26	FEFIRSTENERGY CORP	15,046	$565,000	1.2%	NEW
27	JNJJOHNSON & JOHNSON	4,372	$564,000	1.2%	HOLD
28	BMYBRISTOL-MYERS SQUIBB CO	10,745	$559,000	1.2%	ADD 2%
29	PPLPPL CORP	19,309	$547,000	1.2%	TRIM −2%
30	LOWLOWES COS INC	5,868	$541,000	1.2%	TRIM −4%
31	ABTABBOTT LABS	7,216	$522,000	1.1%	TRIM −9%
32	MGAMAGNA INTL INC	11,175	$508,000	1.1%	ADD 5%
33	TMOTHERMO FISHER SCIENTIFIC INC	2,211	$495,000	1.1%	TRIM −7%
34	MSMORGAN STANLEY	12,281	$487,000	1.1%	TRIM −4%
35	DHID R HORTON INC	13,704	$475,000	1.0%	TRIM −2%
36	GILDGILEAD SCIENCES INC	7,527	$471,000	1.0%	TRIM −5%
37	NVDANVIDIA CORPORATION	3,444	$460,000	1.0%	ADD 10%
38	BSXBOSTON SCIENTIFIC CORP	12,930	$457,000	1.0%	TRIM −10%
39	CCLCARNIVAL CORP	9,068	$447,000	1.0%	HOLD
40	RCLROYAL CARIBBEAN GROUP	4,551	$445,000	1.0%	TRIM −5%
41	ZIONZIONS BANCORPORATION N A	10,850	$442,000	1.0%	TRIM −4%
42	PGPROCTER AND GAMBLE CO	4,761	$437,000	0.9%	TRIM −7%
43	CSCOCISCO SYS INC	9,916	$430,000	0.9%	HOLD
44	NVSNOVARTIS AG	4,913	$422,000	0.9%	TRIM −3%
45	SIX FLAGS ENTMT CORP NEW	7,531	$419,000	0.9%	ADD 3%
46	GMGENERAL MTRS CO	12,502	$418,000	0.9%	TRIM −56%
47	AMGNAMGEN INC	2,134	$415,000	0.9%	HOLD
48	CVSCVS HEALTH CORP	6,201	$406,000	0.9%	ADD 39%
49	VLOVALERO ENERGY CORP	5,167	$388,000	0.8%	ADD 5%
50	WMWASTE MGMT INC DEL	4,251	$378,000	0.8%	HOLD
51	ELVELEVANCE HEALTH INC FORMERLY	1,418	$373,000	0.8%	TRIM −9%
52	LVSLAS VEGAS SANDS CORP	7,174	$373,000	0.8%	ADD 9%
53	ORIOld Republic Nat'l. Corp.	18,002	$370,000	0.8%	NEW
54	AVGOBROADCOM INC	1,432	$364,000	0.8%	NEW
55	JAZZJAZZ PHARMACEUTICALS PLC	2,912	$361,000	0.8%	TRIM −3%
56	WHRWHIRLPOOL CORP	3,356	$359,000	0.8%	ADD 16%
57	ALLYALLY FINL INC	15,725	$357,000	0.8%	TRIM −5%
58	PNCPNC FINL SVCS GROUP INC	3,029	$354,000	0.8%	TRIM −5%
59	USBUS BANCORP	7,680	$351,000	0.8%	HOLD
60	LNCLINCOLN NATL CORP IND	6,824	$350,000	0.8%	TRIM −5%
61	PWRQUANTA SVCS INC	11,417	$344,000	0.7%	TRIM −6%
62	CCITIGROUP INC	6,575	$342,000	0.7%	TRIM −6%
63	METMETLIFE INC	8,156	$335,000	0.7%	ADD 3%
64	PRUPRUDENTIAL FINL INC	4,055	$331,000	0.7%	NEW
65	BCBRUNSWICK CORP	7,068	$328,000	0.7%	HOLD
66	LYBLYONDELLBASELL INDUSTRIES N	3,896	$324,000	0.7%	ADD 6%
67	COSTCOSTCO WHSL CORP NEW	1,586	$323,000	0.7%	TRIM −6%
68	ETNEATON CORP PLC	4,628	$318,000	0.7%	NEW
69	OKEONEOK INC NEW	5,719	$309,000	0.7%	NEW
70	RAYTHEON CO	2,016	$309,000	0.7%	TRIM −4%
71	STEELCASE INC	20,812	$309,000	0.7%	TRIM −4%
72	NSCNORFOLK SOUTHN CORP	2,061	$308,000	0.7%	HOLD
73	FAFFIRST AMERN FINL CORP	6,845	$306,000	0.7%	ADD 6%
74	BB&T CORP	7,033	$305,000	0.7%	HOLD
75	UPSUNITED PARCEL SERVICE INC	3,102	$303,000	0.7%	ADD 5%
76	MPCMARATHON PETE CORP	5,071	$299,000	0.6%	TRIM −25%
77	FDXFEDEX CORP	1,826	$295,000	0.6%	TRIM −4%
78	DALDELTA AIR LINES INC	5,894	$294,000	0.6%	TRIM −8%
79	TDTORONTO DOMINION BK ONT	5,921	$294,000	0.6%	HOLD
80	TELTE CONNECTIVITY LTD	3,676	$278,000	0.6%	HOLD
81	EMREMERSON ELEC CO	4,600	$275,000	0.6%	HOLD
82	HANESBRANDS INC	21,075	$264,000	0.6%	ADD 4%
83	NEMNEWMONT CORP	7,489	$259,000	0.6%	TRIM −7%
84	H & E EQUIPMENT SERVICES INC	11,821	$241,000	0.5%	ADD 16%
85	ESEESCO TECHNOLOGIES INC	3,500	$231,000	0.5%	HOLD
86	PPGPPG INDS INC	2,249	$230,000	0.5%	TRIM −6%
87	TRGPTARGA RES CORP	6,222	$224,000	0.5%	NEW
88	POSTPOST HLDGS INC	2,489	$222,000	0.5%	TRIM −6%
89	EOGEOG RES INC	2,370	$206,000	0.4%	TRIM −4%
90	STZCONSTELLATION BRANDS INC	1,276	$205,000	0.4%	TRIM −5%
91	KOCOCA COLA CO	4,289	$203,000	0.4%	NEW
92	PNWPINNACLE WEST CAP CORP	2,360	$201,000	0.4%	NEW
93	ANNALY MORTGAGE MANAGEMENT	11,120	$109,000	0.2%	HOLD

☆BANCED CORP