Kovitz Investment Group, LLC

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CIK 1296434

13F portfolio (2015-Q4)

$1.6B

Positions

123

Implied 1Y CAGR

modeled · as filed

Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2015-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 (2015-Q4)

Holdings

123

Top 5

27.3%

Top 10

44.8%

Effective N

32.7

HHI

0.031

This quarter

28 new · 0 exit →

By sector

Financials27.3%

Industrials20.8%

Unclassified20.2%

Consumer Discretionary10.5%

Information Technology5.7%

Communication Services5.5%

Consumer Staples3.5%

Energy3.4%

Other3.2%

By market cap

Large ($10–200B)37.4%

Mega (>$200B)33.4%

Unknown20.2%

Mid ($2–10B)9.0%

By region

North America79.8%

Other20.2%

Europe0.0%

By industry group GICS — finer than sector

Industry group	Weight	Names
Unclassified	26.11%	48
Banks	17.25%	7
Specialty Retail	6.54%	8
Aerospace & Defense	6.52%	2
Construction & Engineering	5.29%	1
Technology Hardware & Equipment	5.08%	3
Insurance	4.09%	3
Automobiles & Components	3.72%	1
Software & IT Services	3.48%	2
Machinery	3.46%	4
Oil, Gas & Consumable Fuels	3.37%	7
Road & Rail	2.29%	2
Food & Staples Retailing	2.07%	1
Entertainment	1.93%	1
Commercial Services & Supplies	1.93%	2
Metals & Mining	1.66%	1
Beverages	1.43%	2
Airlines	1.24%	2
Pharmaceuticals & Biotechnology	0.68%	7
Chemicals	0.47%	2
Utilities	0.38%	4
Communications Equipment	0.32%	1
Electrical Equipment & Components	0.23%	2
Hotels, Restaurants & Leisure	0.23%	1
Health Care Equipment & Supplies	0.07%	2
Diversified Telecommunication Services	0.04%	2
Software	0.04%	1
Semiconductors & Semiconductor Equipment	0.04%	1
Paper & Forest Products	0.02%	1
Distributors	0.01%	1
Media & Entertainment	0.01%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	BRK.B	BERKSHIRE HATHAWAY INC	Financials	5.94%
2		JACOBS ENGR GROUP INC DEL	Unclassified	5.80%
3	BA	BOEING CO	Industrials	5.32%
4	PWR	QUANTA SERVICES, INC.	Industrials	5.29%
5	AAPL	Apple Inc.	Information Technology	4.92%
6	JPM	JPMORGAN CHASE & CO	Financials	4.24%
7	GM	General Motors Co	Consumer Discretionary	3.72%
8	BAC	BANK OF AMERICA CORP /DE/	Financials	3.71%
9	BNY	Bank of New York Mellon Corp	Financials	3.06%
10	KSS	KOHLS Corp	Consumer Discretionary	2.79%

76/123 names classified · sector 79.8% of weight · industry 73.9% · mkt cap 79.8%; unclassified names shown, never dropped.

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

top 5/sector, rest → “Other” · 11 quarters

FinancialsBRK.B, AIG, WFC, BAC, JPM · other

Consumer DiscretionaryKSS, GM, TGT, KMX, LOW · other

IndustrialsBA, ACN, PWR, VMI, RHI · other

Information TechnologyAAPL, IBM, QCOM, GE, ADP · other

Consumer StaplesCVS, KO, PEP

Communication ServicesDIS, VZ, GOOG, VOD, GOOGL · other

Health CareJNJ, ABT, BDX, ABBV, LLY · other

MaterialsGLW, NKE, PG, KMB

EnergyHAL, SLB, XOM, CVX, COP · other

UtilitiesNEE, ED, WEC, EPD, EXC · other

UnclassifiedBED BATH & BEYOND INC, WALGREEN CO, JACOBS ENGR GROUP INC DEL, HERTZ GLOBAL HLDG 51 WTS, Alphabet CL C · 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: 79.8% of the book is sector-classified (unclassified names shown, never dropped).

Style box · size × value-growth placement of the reported book (2015-Q4), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

holdings, colored by sector (74 classified)Kovitz Investment Group, LLC centroid (Large Core)

FinancialsIndustrialsConsumer DiscretionaryInformation TechnologyCommunication ServicesConsumer StaplesEnergyMaterialsHealth CareUtilities

Style box summary for Kovitz Investment Group, LLC: centroid Large Core. Heaviest cells: Large Growth 23.1%, Large Value 22.3%, Large Core 13.5%.

Classified: 73.9% of book weight (74/100 names) · unclassified 26.1%: , BRK.B, SPY, BRK.A, VEU, ARDC, ERC, MIN, VTI, XMCRX +16 more. 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· 123 positions (2015-Q4) · largest first · Δ vs 2015-Q3

#	Security	Shares	Value	Weight	Δ QoQ
1	BRK.BBERKSHIRE HATHAWAY INC DEL	728,526	$96M	5.9%	HOLD
2	JACOBS ENGR GROUP INC DEL	2,238,055	$94M	5.8%	HOLD
3	BABOEING CO	595,978	$86M	5.3%	TRIM −3%
4	PWRQUANTA SVCS INC	4,227,365	$86M	5.3%	ADD 18%
5	AAPLAPPLE INC	757,406	$80M	4.9%	ADD 3%
6	JPMJPMORGAN CHASE & CO	1,039,923	$69M	4.2%	TRIM −3%
7	GMGENERAL MTRS CO	1,773,195	$60M	3.7%	TRIM −2%
8	BACBANK AMERICA CORP	3,573,927	$60M	3.7%	TRIM −2%
9	BNYBANK NEW YORK MELLON CORP	1,201,586	$50M	3.1%	HOLD
10	KSSKOHLS CORP	948,329	$45M	2.8%	ADD 2%
11	WFCWELLS FARGO CO NEW	824,170	$45M	2.8%	HOLD
12	CBS CORP NEW	923,593	$44M	2.7%	HOLD
13	BED BATH & BEYOND INC	830,860	$40M	2.5%	TRIM −4%
14	HALHALLIBURTON CO	1,105,795	$38M	2.3%	HOLD
15	LEUCADIA NATL CORP	2,133,177	$37M	2.3%	ADD 42%
16	VMIVALMONT INDS INC	341,976	$36M	2.2%	TRIM −3%
17	GOOGALPHABET INC	46,588	$35M	2.2%	NEW
18	AONAON PLC	364,548	$34M	2.1%	HOLD
19	CVSCVS HEALTH CORP	342,147	$33M	2.1%	TRIM −3%
20	UPSUNITED PARCEL SERVICE INC	344,051	$33M	2.0%	HOLD
21	WMTWALMART INC	529,340	$32M	2.0%	HOLD
22	DISDISNEY WALT CO	297,934	$31M	1.9%	TRIM −30%
23	ACNACCENTURE PLC IRELAND	292,592	$31M	1.9%	TRIM −24%
24	AIGAMERICAN INTL GROUP INC	490,950	$30M	1.9%	TRIM −55%
25	AXPAMERICAN EXPRESS CO	416,515	$29M	1.8%	TRIM −2%
26	PRECISION CASTPARTS CORP	117,510	$27M	1.7%	TRIM −8%
27	CCITIGROUP INC	523,044	$27M	1.7%	TRIM −3%
28	GLWCORNING INC	1,469,229	$27M	1.7%	HOLD
29	KMXCARMAX INC	414,398	$22M	1.4%	ADD 7%
30	KOCOCA COLA CO	494,688	$21M	1.3%	TRIM −2%
31	GOOGLALPHABET INC	27,055	$21M	1.3%	NEW
32	AALAMERICAN AIRLS GROUP INC	463,682	$20M	1.2%	TRIM −2%
33	HOGHARLEY DAVIDSON INC	427,012	$19M	1.2%	HOLD
34	BKRBAKER HUGHES INC	409,711	$19M	1.2%	HOLD
35	WALGREENS BOOTS ALLIANCE INC	193,189	$16M	1.0%	HOLD
36	FMC TECHNOLOGIES INC	459,816	$13M	0.8%	ADD 4%
37	SLBSCHLUMBERGER LTD	169,332	$12M	0.7%	HOLD
38	NOBLE CORP PLC	735,665	$8M	0.5%	TRIM −10%
39	QCOMQUALCOMM INC	102,519	$5M	0.3%	ADD 18%
40	NKENIKE INC	79,814	$5M	0.3%	ADD 94%
41	SPYSTATE STR SPDR S&P 500 ETF T	21,324	$4M	0.3%	ADD 154%
42	JNJJOHNSON & JOHNSON	38,917	$4M	0.2%	HOLD
43	UNPUNION PAC CORP	50,442	$4M	0.2%	ADD 1428%
44	MCDMCDONALDS CORP	31,410	$4M	0.2%	TRIM −2%
45	ENSCO PLC	227,289	$3M	0.2%	TRIM −7%
46	GEGENERAL ELECTRIC CO	108,425	$3M	0.2%	HOLD
47	NEENEXTERA ENERGY INC	31,849	$3M	0.2%	HOLD
48	BRK.ABERKSHIRE HATHAWAY INC DEL	16	$3M	0.2%	TRIM −20%
49	XOMEXXON MOBIL CORP	37,811	$3M	0.2%	HOLD
50	PRUDENTIAL GLB SHT DUR HG YL	203,515	$3M	0.2%	NEW
51	HDHOME DEPOT INC	20,433	$3M	0.2%	HOLD
52	PGPROCTER AND GAMBLE CO	33,721	$3M	0.2%	HOLD
53	ABBVABBVIE INC	40,494	$2M	0.1%	HOLD
54	ALLALLSTATE CORP	35,870	$2M	0.1%	HOLD
55	ABTABBOTT LABS	44,182	$2M	0.1%	HOLD
56	PEPPEPSICO INC	19,522	$2M	0.1%	HOLD
57	EDCONSOLIDATED EDISON INC	29,876	$2M	0.1%	HOLD
58	MMACYS INC	53,969	$2M	0.1%	NEW
59	VEUVANGUARD INTL EQUITY INDEX F	38,665	$2M	0.1%	ADD 10%
60	IBMINTERNATIONAL BUSINESS MACHS	11,444	$2M	0.1%	HOLD
61	ARDCARES DYNAMIC CR ALLOCATION F	117,055	$2M	0.1%	NEW
62	ERCALLSPRING MULTI SECTOR INCOM	132,410	$1M	0.1%	NEW
63	Barings Global Short Duration	90,555	$1M	0.1%	NEW
64	MINMFS INTER INCOME TR	309,490	$1M	0.1%	NEW
65	Blackrock Debt Strategies	416,815	$1M	0.1%	NEW
66	VTIVANGUARD INDEX FDS	13,414	$1M	0.1%	TRIM −36%
67	UNITED TECHNOLOGIES CORP	14,448	$1M	0.1%	HOLD
68	XMCRXMFS CHARTER INCOME TR	181,175	$1M	0.1%	NEW
69	XFRAXBLACKROCK FLOATING RATE INCO	104,135	$1M	0.1%	NEW
70	MMTMFS MULTIMARKET INCOME TR	216,780	$1M	0.1%	NEW
71	VWOVANGUARD INTL EQUITY INDEX F	36,142	$1M	0.1%	TRIM −12%
72	HIOWESTERN ASSET HIGH INCOME OP	243,750	$1M	0.1%	NEW
73	BROOKFIELD TOTAL RETURN FD INC COM	52,036	$1M	0.1%	NEW
74	LLYELI LILLY & CO	13,350	$1M	0.1%	HOLD
75	SPARK NETWORKS SE	284,538	$1M	0.1%	TRIM −16%
76	TSITCW STRATEGIC INCOME FD INC	194,420	$1M	0.1%	NEW
77	WESTERN ASSET VAR RT STRG FD	64,721	$1M	0.1%	NEW
78	IVVISHARES TR	4,979	$1M	0.1%	TRIM −3%
79	DISCOVER FINL SVCS	18,905	$1M	0.1%	HOLD
80	XEVGXEATON VANCE SHORT DURATION D	73,494	$986,000	0.1%	NEW
81	CSCOCISCO SYS INC	35,638	$968,000	0.1%	HOLD
82	CVXCHEVRON CORP NEW	10,746	$967,000	0.1%	TRIM −4%
83	EFAISHARES TR	14,999	$881,000	0.1%	HOLD
84	MMM3M CO	5,650	$851,000	0.1%	HOLD
85	VANECK VECTORS ETF OIL SVCS	31,805	$841,000	0.1%	NEW
86	VNQVANGUARD INDEX FDS	10,149	$809,000	0.0%	HOLD
87	WESTERN ASSET MGD HI INCM FD COM	169,095	$764,000	0.0%	NEW
88	XHNWXPIONEER DIVERSIFIED HIGH INC	51,720	$755,000	0.0%	NEW
89	VCRVANGUARD WORLD FD	5,910	$724,000	0.0%	NEW
90	PFEPFIZER INC	22,401	$723,000	0.0%	HOLD
91	WECWEC ENERGY GROUP INC	13,834	$710,000	0.0%	NEW
92	MANMANPOWERGROUP INC WIS	7,900	$666,000	0.0%	HOLD
93	ROSTROSS STORES INC	11,900	$640,000	0.0%	TRIM −9%
94	MSFTMICROSOFT CORP	10,924	$606,000	0.0%	HOLD
95	INTCINTEL CORP	16,784	$578,000	0.0%	HOLD
96	NATIONAL OILWELL VARCO INC	16,445	$551,000	0.0%	NEW
97	ROYAL DUTCH SHELL PLC	11,292	$517,000	0.0%	HOLD
98	AMGNAMGEN INC	3,181	$516,000	0.0%	HOLD
99	COPCONOCOPHILLIPS	10,502	$490,000	0.0%	TRIM −15%
100	DEDEERE & CO	6,419	$490,000	0.0%	ADD 132%
101	BPBP PLC	14,157	$443,000	0.0%	TRIM −4%
102	FDXFEDEX CORP	2,864	$427,000	0.0%	HOLD
103	CATCATERPILLAR INC	6,189	$421,000	0.0%	TRIM −9%
104	VZVERIZON COMMUNICATIONS INC	9,052	$418,000	0.0%	TRIM −55%
105	TJXTJX COS INC NEW	5,830	$413,000	0.0%	HOLD
106	DIAMOND OFFSHORE DRILLING IN	18,789	$397,000	0.0%	TRIM −16%
107	DOW CHEM CO	7,131	$367,000	0.0%	HOLD
108	VBVANGUARD INDEX FDS	3,272	$362,000	0.0%	ADD 5%
109	EMREMERSON ELEC CO	7,357	$352,000	0.0%	TRIM −6%
110	IWDISHARES TR	3,398	$333,000	0.0%	TRIM −3%
111	MRKMERCK & CO INC	6,168	$326,000	0.0%	ADD 3%
112	XRTSPDR SERIES TRUST	7,520	$325,000	0.0%	NEW
113	KMBKIMBERLY-CLARK CORP	2,324	$296,000	0.0%	TRIM −3%
114	TAT&T INC	8,008	$276,000	0.0%	TRIM −7%
115	AEEAMEREN CORP	6,000	$259,000	0.0%	HOLD
116	PSXPHILLIPS 66	3,107	$254,000	0.0%	TRIM −3%
117	TGTTARGET CORP	3,230	$235,000	0.0%	TRIM −16%
118	NTRSNORTHERN TR CORP	3,167	$228,000	0.0%	HOLD
119	GWWWW GRAINGER INC	1,100	$223,000	0.0%	ADD 9%
120	CMCSACOMCAST CORP NEW	3,910	$221,000	0.0%	NEW
121	MDTMEDTRONIC PLC	2,818	$217,000	0.0%	NEW
122	PGIM Short Duration High Yield	13,565	$198,000	0.0%	NEW
123	BGTBLACKROCK FLOATING RATE INC	15,585	$195,000	0.0%	NEW

☆Kovitz Investment Group, LLC