OUTFITTER ADVISORS, LTD.

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CIK 1321219

13F portfolio (2018-Q2)

$221M

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 2018-Q1. 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 →

Open in PORT →

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-Q2)

Holdings

123

Top 5

17.2%

Top 10

30.6%

Effective N

56.9

HHI

0.018

This quarter

5 new · 0 exit →

By sector

Unclassified33.4%

Information Technology14.8%

Financials12.1%

Industrials6.6%

Communication Services6.4%

Health Care6.3%

Consumer Staples4.4%

Materials4.1%

Other11.8%

By market cap

Unknown36.8%

Large ($10–200B)32.2%

Mega (>$200B)25.0%

Mid ($2–10B)2.9%

Micro (<$300M)1.9%

Small ($300M–2B)1.3%

By region

North America65.0%

Other33.4%

Asia-Pacific1.0%

Europe0.6%

By industry group GICS — finer than sector

Industry group	Weight	Names
Unclassified	36.31%	49
Software	8.39%	4
Pharmaceuticals & Biotechnology	6.03%	9
Capital Markets	4.98%	3
Banks	3.75%	7
Semiconductors & Semiconductor Equipment	3.65%	2
Utilities	3.38%	3
Beverages	3.34%	4
Specialty Retail	3.08%	2
Software & IT Services	2.91%	3
Airlines	2.85%	1
Oil, Gas & Consumable Fuels	2.68%	3
Diversified Telecommunication Services	2.68%	3
Technology Hardware & Equipment	2.07%	3
Chemicals	1.71%	3
Paper & Forest Products	1.71%	1
Equity Real Estate Investment Trusts (REITs)	1.52%	2
Commercial Services & Supplies	1.04%	1
Aerospace & Defense	1.02%	2
Food Products	0.97%	2
Hotels, Restaurants & Leisure	0.96%	2
Industrial Conglomerates	0.95%	1
Entertainment	0.80%	1
Metals & Mining	0.64%	2
Communications Equipment	0.61%	1
Insurance	0.52%	2
Machinery	0.44%	1
Transportation Infrastructure	0.28%	1
Real Estate Management & Development	0.20%	1
Health Care Equipment & Supplies	0.19%	1
Life Sciences Tools & Services	0.12%	1
Tobacco	0.11%	1
Electrical Equipment & Components	0.09%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	INTU	INTUIT INC.	Information Technology	3.96%
2	TXN	TEXAS INSTRUMENTS INC	Information Technology	3.46%
3	ADBE	ADOBE INC.	Information Technology	3.42%
4	VTI	VANGUARD INDEX FDS	Unclassified	3.32%
5	D	DOMINION ENERGY, INC	Utilities	2.98%
6	BRK.B	BERKSHIRE HATHAWAY INC	Financials	2.87%
7	FDX	FEDEX CORP	Industrials	2.85%
8	BIIB	BIOGEN INC.	Health Care	2.77%
9	CBOE	Cboe Global Markets, Inc.	Financials	2.68%
10	VBINX	VANGUARD BALANCED INDEX FUND	Unclassified	2.26%

75/123 names classified · sector 66.6% of weight · industry 63.7% · mkt cap 63.2%; unclassified names shown, never dropped.

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

top 5/sector, rest → “Other” · 21 quarters

Information TechnologyGE, INTU, TXN, ADBE, IBM · other

FinancialsBRK.B, CBOE, TROW, RY, CME · other

IndustrialsFDX, MMM, GLNG, GTLS, BABA · other

Health CareBIIB, MRK, JNJ, TXMD, MYGN · other

Communication ServicesVZ, KVHI, DIS, GOOGL, META · other

Consumer StaplesFMX, KO, PEP, CCU, HAIN · other

EnergyXOM, SLB, NGS, CVX, OXY · other

MaterialsKMB, PG, OLN, PPG, RIO · other

Consumer DiscretionaryCOST, CAKE, AMZN, SBH, TGT · other

UtilitiesD, ETR, DUK

Real EstateELME, VNO, UE, EQR

UnclassifiedOUTFITTER FUND, SYNERGY RESOURCES CORP, DU PONT E I DE NEMOURS & CO, VTI, ORBITAL ATK INC · 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: 66.6% of the book is sector-classified (unclassified names shown, never dropped).

Style box · size × value-growth placement of the reported book (2018-Q2), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

holdings, colored by sector (64 classified)OUTFITTER ADVISORS, LTD. centroid (Large Core)

Information TechnologyFinancialsHealth CareCommunication ServicesIndustrialsConsumer DiscretionaryMaterialsUtilitiesEnergyConsumer StaplesReal Estate

Style box summary for OUTFITTER ADVISORS, LTD.: centroid Large Core. Heaviest cells: Large Core 17.0%, Large Value 14.2%, Large Growth 8.4%.

Classified: 58.5% of book weight (64/101 names) · unclassified 41.5%: , VTI, BRK.B, VBINX, CTTAY, FMX, HEINY, BABA, ASAZY, SCHD +27 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 (2018-Q2) · largest first · Δ vs 2018-Q1

#	Security	Shares	Value	Weight	Δ QoQ
1	INTUINTUIT	42,830	$9M	4.0%	TRIM −4%
2	TXNTEXAS INSTRS INC	69,295	$8M	3.5%	HOLD
3	ADBEADOBE INC	30,956	$8M	3.4%	TRIM −12%
4	VTIVANGUARD INDEX FDS	52,187	$7M	3.3%	ADD 5%
5	DDOMINION ENERGY INC	96,608	$7M	3.0%	ADD 6%
6	BRK.BBERKSHIRE HATHAWAY INC DEL	33,895	$6M	2.9%	HOLD
7	FDXFEDEX CORP	27,730	$6M	2.9%	HOLD
8	BIIBBIOGEN INC	21,026	$6M	2.8%	HOLD
9	CBOECBOE GLOBAL MKTS INC	56,810	$6M	2.7%	HOLD
10	VBINXVANGUARD BALANCED INDEX FUND	143,224	$5M	2.3%	ADD 6%
11	UNITED TECHNOLOGIES CORP	39,094	$5M	2.2%	ADD 13%
12	DOWDUPONT INC	73,719	$5M	2.2%	HOLD
13	UNILEVER N V	84,585	$5M	2.1%	HOLD
14	CMECME GROUP INC	28,140	$5M	2.1%	HOLD
15	COSTCOSTCO WHSL CORP NEW	21,595	$5M	2.0%	TRIM −2%
16	CANADIAN PAC RY LTD	23,615	$4M	2.0%	HOLD
17	XOMEXXON MOBIL CORP	47,613	$4M	1.8%	HOLD
18	CINCINNATI BELL, INCORPORATED. PFD CV DEP1/20	78,450	$4M	1.8%	HOLD
19	KMBKIMBERLY-CLARK CORP	35,736	$4M	1.7%	HOLD
20	VZVERIZON COMMUNICATIONS INC	71,057	$4M	1.6%	HOLD
21	H. Lundbeck AS	50,795	$4M	1.6%	TRIM −8%
22	MRKMERCK & CO INC	55,698	$3M	1.5%	HOLD
23	PGPROCTER AND GAMBLE CO	41,208	$3M	1.5%	HOLD
24	HESS CORP	47,632	$3M	1.4%	HOLD
25	IBMINTERNATIONAL BUSINESS MACHS	21,368	$3M	1.4%	TRIM −4%
26	CTTAYCONTINENTAL AG SPONS ADR	64,120	$3M	1.3%	HOLD
27	GOOGLALPHABET INC	2,574	$3M	1.3%	HOLD
28	VNOVORNADO RLTY TR	38,238	$3M	1.3%	HOLD
29	KOCOCA COLA CO	61,829	$3M	1.2%	TRIM −2%
30	FMXFOMENTO ECONOMICO MEXICANO S	30,835	$3M	1.2%	HOLD
31	METAMETA PLATFORMS INC	13,725	$3M	1.2%	HOLD
32	CIGNA CORPORATION	14,877	$3M	1.1%	HOLD
33	BB&T CORP	47,989	$2M	1.1%	HOLD
34	HEINYHEINEKEN N V SPONSORED ADR L1	46,100	$2M	1.0%	HOLD
35	BABAALIBABA GROUP HLDG LTD	12,320	$2M	1.0%	ADD 17%
36	AMZNAMAZON COM INC	1,343	$2M	1.0%	HOLD
37	RBCAAREPUBLIC BANCORP INC KY	47,450	$2M	1.0%	HOLD
38	MMM3M CO	10,694	$2M	1.0%	HOLD
39	ASAZYASSA ABLOY AB ADR	184,650	$2M	0.9%	HOLD
40	WFCWELLS FARGO CO NEW	34,797	$2M	0.9%	TRIM −4%
41	CAKECHEESECAKE FACTORY INC	33,080	$2M	0.8%	HOLD
42	DISDISNEY WALT CO	16,791	$2M	0.8%	HOLD
43	SCHDSCHWAB STRATEGIC TR	34,215	$2M	0.8%	ADD 6%
44	KVHIKVH INDS INC	119,400	$2M	0.7%	HOLD
45	JPMJPMORGAN CHASE & CO	14,950	$2M	0.7%	TRIM −4%
46	IJRISHARES TR	18,220	$2M	0.7%	HOLD
47	NXSTAGE MEDICAL INC	52,190	$1M	0.7%	TRIM −14%
48	JNJJOHNSON & JOHNSON	11,962	$1M	0.7%	HOLD
49	PEPPEPSICO INC	12,675	$1M	0.6%	HOLD
50	AAPLAPPLE INC	7,413	$1M	0.6%	HOLD
51	QCOMQUALCOMM INC	24,038	$1M	0.6%	TRIM −3%
52	CHEMICAL FINL CORP	23,645	$1M	0.6%	HOLD
53	MSFTMICROSOFT CORP	13,138	$1M	0.6%	HOLD
54	AKZO N V ADR	44,850	$1M	0.6%	ADD 5%
55	SLBSCHLUMBERGER LTD	18,940	$1M	0.6%	ADD 6%
56	SAGE THERAPEUTICS INC COM	8,095	$1M	0.6%	NEW
57	SJMSMUCKER J M CO	11,647	$1M	0.6%	HOLD
58	RIORIO TINTO PLC	22,330	$1M	0.6%	ADD 5%
59	BABOEING CO	3,469	$1M	0.5%	HOLD
60	QQQINVESCO QQQ TR	6,760	$1M	0.5%	NEW
61	GDGENERAL DYNAMICS CORP	5,890	$1M	0.5%	HOLD
62	DEDEERE & CO	6,960	$973,000	0.4%	HOLD
63	MKLMARKEL GROUP INC	858	$930,000	0.4%	ADD 28%
64	BOXBOX INC	37,050	$926,000	0.4%	TRIM −8%
65	AXPAMERICAN EXPRESS CO	9,343	$916,000	0.4%	HOLD
66	OTCFXT ROWE PRICE SMALL-CAP STOCK	17,203	$891,000	0.4%	HOLD
67	HAINHAIN CELESTIAL GROUP INC	29,850	$890,000	0.4%	TRIM −41%
68	RED HAT INC	6,420	$863,000	0.4%	HOLD
69	GOOGALPHABET INC	763	$851,000	0.4%	TRIM −3%
70	VFIAXVANGUARD 500 INDEX ADMIRAL	3,381	$849,000	0.4%	HOLD
71	UNBUNION BANKSHARES CORP NEW	21,600	$840,000	0.4%	TRIM −3%
72	SPYSTATE STR SPDR S&P 500 ETF T	3,071	$833,000	0.4%	HOLD
73	TAT&T INC	22,940	$737,000	0.3%	HOLD
74	CVXCHEVRON CORP NEW	5,667	$716,000	0.3%	ADD 4%
75	SRC ENERGY INC	64,330	$709,000	0.3%	HOLD
76	AMGNAMGEN INC	3,507	$647,000	0.3%	ADD 7%
77	XLUSELECT SECTOR SPDR TR	12,360	$642,000	0.3%	HOLD
78	LINDLINDBLAD EXPEDITIONS HLDGS I	47,100	$624,000	0.3%	HOLD
79	RYROYAL BK CDA	8,010	$603,000	0.3%	ADD 2%
80	CCUCOMPANIA CERVECERIAS UNIDAS	22,840	$570,000	0.3%	TRIM −3%
81	ANWPXAmerican Funds New Perspective	12,104	$546,000	0.2%	HOLD
82	ELMEWASHINGTON REAL ESTATE INVT	17,500	$531,000	0.2%	TRIM −5%
83	AWSHXAMERICAN WASHINGTON MUTUAL INVESTORS FUND CLASS A	11,478	$509,000	0.2%	HOLD
84	GSGOLDMAN SACHS GROUP INC	2,130	$470,000	0.2%	HOLD
85	ETRENTERGY CORP NEW	5,790	$468,000	0.2%	TRIM −3%
86	ABBVABBVIE INC	5,001	$463,000	0.2%	HOLD
87	VTSAXVANGUARD TOTAL STOCK MARKET INDEX FUND ADMIRAL SHARES	6,521	$446,000	0.2%	HOLD
88	IVVISHARES TR	1,630	$445,000	0.2%	TRIM −6%
89	ANCFXAMERICAN FUNDS FUNDAMENTAL INVS A	7,094	$444,000	0.2%	HOLD
90	UEURBAN EDGE PPTYS	19,119	$437,000	0.2%	HOLD
91	AMATAPPLIED MATLS INC	9,200	$425,000	0.2%	TRIM −3%
92	BAXBAXTER INTL INC	5,700	$421,000	0.2%	TRIM −3%
93	DUKDUKE ENERGY CORP NEW	5,008	$396,000	0.2%	ADD 9%
94	BMYBRISTOL-MYERS SQUIBB CO	7,132	$395,000	0.2%	HOLD
95	PPGPPG INDS INC	3,200	$332,000	0.2%	HOLD
96	TXMDTHERAPEUTICSMD INC	51,532	$322,000	0.1%	HOLD
97	CHUYS HLDGS INC	10,300	$316,000	0.1%	TRIM −3%
98	LABORATORY CORP AMER HLDGS	1,700	$305,000	0.1%	HOLD
99	Southern National Bancorp of V	17,091	$305,000	0.1%	NEW
100	IWFISHARES TR	2,104	$303,000	0.1%	HOLD
101	MARMARRIOTT INTL INC NEW	2,361	$299,000	0.1%	TRIM −4%
102	VFINXVANGUARD INDEX 500	1,184	$297,000	0.1%	HOLD
103	ABTABBOTT LABS	4,731	$289,000	0.1%	HOLD
104	CWGIXAMERICAN CAPITAL WORLD GROWTH AND INCOME FUND CLASS A	5,681	$289,000	0.1%	TRIM −8%
105	USBUS BANCORP	5,469	$274,000	0.1%	HOLD
106	VBIAXVANGUARD BALANCED INDEX FUND ADMIRAL SHARES	7,843	$273,000	0.1%	HOLD
107	ILMNILLUMINA INC	940	$263,000	0.1%	HOLD
108	PFEPFIZER INC	7,217	$262,000	0.1%	ADD 15%
109	PMPHILIP MORRIS INTL INC	3,022	$244,000	0.1%	HOLD
110	ATRION CORPORATION	400	$240,000	0.1%	HOLD
111	SMGSCOTTS MIRACLE-GRO CO	2,680	$223,000	0.1%	NEW
112	LNCLINCOLN NATL CORP IND	3,520	$219,000	0.1%	HOLD
113	DHRDANAHER CORP DEL	2,200	$217,000	0.1%	TRIM −4%
114	KELLANOVA	3,100	$217,000	0.1%	HOLD
115	GLDSPDR GOLD TR	1,810	$215,000	0.1%	HOLD
116	GEGENERAL ELECTRIC CO	14,650	$199,000	0.1%	TRIM −13%
117	FCXFREEPORT MCMORAN INC	10,650	$184,000	0.1%	HOLD
118	TGNATEGNA INC	13,350	$145,000	0.1%	ADD 13%
119	FOCPXFIDELITY OTC PORTFOLIO	10,486	$129,000	0.1%	NEW
120	NCC GROUP PLC	13,322	$36,000	0.0%	HOLD
121	Austal Ltd	10,000	$14,000	0.0%	HOLD
122	ORHBORHUB INC EQUITY CLASS EQUITY	10,000	$8,000	0.0%	HOLD
123	MEXUS GOLD US COM	283,416	$4,000	0.0%	HOLD

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