BRC Investment Management LLC

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CIK 1332160

13F portfolio (2016-Q3)

$593M

Positions

176

Implied 1Y CAGR

modeled · as filed

Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2016-Q2. 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 (2016-Q3)

Holdings

176

Top 5

7.0%

Top 10

13.4%

Effective N

116.2

HHI

0.009

This quarter

111 new · 0 exit →

By sector

Unclassified38.2%

Consumer Discretionary11.2%

Financials9.2%

Materials8.4%

Industrials7.4%

Health Care5.6%

Communication Services4.0%

Information Technology3.8%

Other12.2%

By market cap

Large ($10–200B)42.5%

Unknown39.4%

Mid ($2–10B)9.4%

Mega (>$200B)8.3%

Small ($300M–2B)0.4%

By region

North America55.4%

Other38.2%

Asia-Pacific6.5%

By industry group GICS — finer than sector

Industry group	Weight	Names
Unclassified	44.64%	83
Specialty Retail	5.83%	12
Insurance	4.43%	8
Banks	4.00%	6
Pharmaceuticals & Biotechnology	3.86%	6
Chemicals	3.69%	3
Equity Real Estate Investment Trusts (REITs)	3.55%	4
Utilities	3.26%	6
Paper & Forest Products	2.82%	3
Commercial Services & Supplies	2.73%	5
Semiconductors & Semiconductor Equipment	2.00%	3
Oil, Gas & Consumable Fuels	1.99%	4
Software & IT Services	1.87%	2
Distributors	1.80%	3
Food Products	1.64%	3
Health Care Equipment & Supplies	1.53%	3
Machinery	1.44%	3
Media & Entertainment	1.29%	1
Metals & Mining	1.24%	1
Beverages	1.20%	1
Technology Hardware & Equipment	0.83%	2
Automobiles & Components	0.80%	1
Hotels, Restaurants & Leisure	0.80%	2
Capital Markets	0.76%	3
Construction Materials	0.64%	1
Diversified Telecommunication Services	0.61%	1
Life Sciences Tools & Services	0.24%	2
Aerospace & Defense	0.13%	1
Entertainment	0.13%	1
Media & Publishing	0.12%	1
Textiles, Apparel & Luxury Goods	0.12%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	PKG	PACKAGING CORP OF AMERICA	Materials	1.43%
2	TSN	TYSON FOODS, INC.	Consumer Staples	1.41%
3		VANTIV INC	Unclassified	1.39%
4	ZTS	Zoetis Inc.	Health Care	1.39%
5		SPECTRUM BRANDS HLDGS INC	Unclassified	1.33%
6	CFG	CITIZENS FINANCIAL GROUP INC/RI	Financials	1.33%
7	CHTR	CHARTER COMMUNICATIONS, INC. /MO/	Communication Services	1.29%
8		NEWFIELD EXPL CO	Unclassified	1.29%
9	BAX	BAXTER INTERNATIONAL INC	Health Care	1.28%
10	SBAC	SBA COMMUNICATIONS CORP	Real Estate	1.28%

106/176 names classified · sector 61.8% of weight · industry 55.4% · mkt cap 60.6%; unclassified names shown, never dropped.

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

top 5/sector, rest → “Other” · 14 quarters

FinancialsLNC, PGR, CINF, NDAQ, JPM · other

IndustrialsNOC, DAL, BA, EXPD, ADT · other

Consumer DiscretionaryHD, LEA, ARW, LEG, MHK · other

Information TechnologyAAPL, MCHP, AMAT, SNPS, AVGO · other

Health CareBIIB, BAX, UHS, BMY, HCA · other

EnergyMPC, EOG, HP, VLO, COP · other

Consumer StaplesKR, STZ, CVS, TSN, MO · other

MaterialsLYB, CE, GT, APD, MOS · other

UtilitiesPEG, CMS, EIX, NI, ETR · other

Communication ServicesVZ, META, DIS, CMCSA, CHTR · other

Real EstateCBRE, JLL, SBAC, BRX, DLR · other

UnclassifiedDISCOVER FINL SVCS, AETNA INC NEW, VANTIV INC, TESORO CORP, UNITED TECHNOLOGIES CORP · 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: 61.8% of the book is sector-classified (unclassified names shown, never dropped).

Style box · size × value-growth placement of the reported book (2016-Q3), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

holdings, colored by sector (103 classified)BRC Investment Management LLC centroid (Mid Core)

Consumer DiscretionaryFinancialsMaterialsIndustrialsHealth CareCommunication ServicesInformation TechnologyReal EstateUtilitiesEnergyConsumer Staples

Style box summary for BRC Investment Management LLC: centroid Mid Core. Heaviest cells: Mid Value 13.1%, Mid Core 12.6%, Small Core 7.7%.

Classified: 60.0% of book weight (103/113 names) · unclassified 40.0%: , FRCB, STZ, HOLX, MITUF, 7269.T, TYTMF, CMA, CRL, CPA. 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· 176 positions (2016-Q3) · largest first · Δ vs 2016-Q2

#	Security	Shares	Value	Weight	Δ QoQ
1	PKGPACKAGING CORP AMER	104,620	$9M	1.4%	TRIM −31%
2	TSNTYSON FOODS INC	112,103	$8M	1.4%	TRIM −27%
3	VANTIV INC	146,922	$8M	1.4%	TRIM −38%
4	ZTSZOETIS INC	158,175	$8M	1.4%	TRIM −28%
5	SPECTRUM BRANDS HLDGS INC	57,348	$8M	1.3%	TRIM −29%
6	CFGCITIZENS FINL GROUP INC	318,802	$8M	1.3%	NEW
7	CHTRCHARTER COMMUNICATIONS INC	28,452	$8M	1.3%	NEW
8	NEWFIELD EXPL CO	176,634	$8M	1.3%	ADD 148%
9	BAXBAXTER INTL INC	159,742	$8M	1.3%	TRIM −40%
10	SBACSBA COMMUNICATIONS CORP	67,532	$8M	1.3%	TRIM −24%
11	FNFFIDELITY NATL FINL INC	203,472	$8M	1.3%	NEW
12	FBINFORTUNE BRANDS INNOVATIONS I	129,230	$8M	1.3%	TRIM −22%
13	FRCBFIRST REP BK SAN FRANCISCO C	97,124	$7M	1.3%	ADD 22%
14	EOGEOG RES INC	77,194	$7M	1.3%	NEW
15	CSLCARLISLE COS INC	72,745	$7M	1.3%	TRIM −27%
16	PFGPRINCIPAL FINANCIAL GROUP IN	143,950	$7M	1.3%	NEW
17	NWLNEWELL BRANDS INC	140,545	$7M	1.2%	TRIM −29%
18	GLWCORNING INC	310,886	$7M	1.2%	NEW
19	MKLMARKEL GROUP INC	7,899	$7M	1.2%	TRIM −27%
20	AMATAPPLIED MATLS INC	243,094	$7M	1.2%	TRIM −66%
21	STTSTATE STR CORP	103,885	$7M	1.2%	NEW
22	EFXEQUIFAX INC	53,712	$7M	1.2%	TRIM −29%
23	SPIRIT AEROSYSTEMS HLDGS INC	162,195	$7M	1.2%	TRIM −29%
24	TORCHMARK CORP	112,285	$7M	1.2%	TRIM −21%
25	STZCONSTELLATION BRANDS INC	42,803	$7M	1.2%	TRIM −59%
26	CDWCDW CORP	153,935	$7M	1.2%	NEW
27	DDR CORP	403,660	$7M	1.2%	NEW
28	AXTAAXALTA COATING SYS LTD	248,734	$7M	1.2%	NEW
29	HOLXHOLOGIC INC	181,027	$7M	1.2%	NEW
30	ITWILLINOIS TOOL WKS INC	58,582	$7M	1.2%	NEW
31	BRXBRIXMOR PPTY GROUP INC	251,390	$7M	1.2%	NEW
32	PIONEER NAT RES CO	37,497	$7M	1.2%	TRIM −30%
33	GOOGLALPHABET INC	8,648	$7M	1.2%	NEW
34	DISCOVER FINL SVCS	121,429	$7M	1.2%	TRIM −29%
35	AMGNAMGEN INC	41,075	$7M	1.2%	NEW
36	AEPAMERICAN ELEC PWR CO INC	106,199	$7M	1.1%	NEW
37	PEGPUBLIC SVC ENTERPRISE GROUP	162,838	$7M	1.1%	NEW
38	WMTWALMART INC	93,318	$7M	1.1%	NEW
39	DLRDIGITAL RLTY TR INC	59,643	$6M	1.0%	NEW
40	LEALEAR CORP	39,057	$5M	0.8%	TRIM −38%
41	DPZDOMINOS PIZZA INC	30,405	$5M	0.8%	NEW
42	AMZNAMAZON COM INC	5,447	$5M	0.8%	TRIM −42%
43	TMOTHERMO FISHER SCIENTIFIC INC	26,149	$4M	0.7%	TRIM −42%
44	METAMETA PLATFORMS INC	32,070	$4M	0.7%	TRIM −67%
45	CITRIX SYS INC	48,124	$4M	0.7%	TRIM −41%
46	LABORATORY CORP AMER HLDGS	29,830	$4M	0.7%	TRIM −42%
47	MMACYS INC	109,207	$4M	0.7%	NEW
48	ARMKARAMARK	105,626	$4M	0.7%	NEW
49	HDHOME DEPOT INC	31,053	$4M	0.7%	TRIM −63%
50	ORLYOREILLY AUTOMOTIVE INC	14,240	$4M	0.7%	TRIM −66%
51	CIMAREX ENERGY CO	29,469	$4M	0.7%	HOLD
52	QEP RES INC	199,319	$4M	0.7%	HOLD
53	KANSAS CITY SOUTHERN	41,657	$4M	0.7%	NEW
54	FHNFIRST HORIZON CORPORATION	252,132	$4M	0.6%	NEW
55	MLMMARTIN MARIETTA MATLS INC	21,230	$4M	0.6%	TRIM −48%
56	WMWASTE MGMT INC DEL	59,597	$4M	0.6%	TRIM −43%
57	FISVFISERV INC	37,329	$4M	0.6%	TRIM −42%
58	MITSUBISHI TANABE PHARMA	170,000	$4M	0.6%	NEW
59	TAT&T INC	88,911	$4M	0.6%	ADD 190%
60	DTEDTE ENERGY CO	37,965	$4M	0.6%	NEW
61	TOHO CO LTD (FILM)	105,000	$3M	0.6%	NEW
62	HITACHI HIGH-TECHNOLOGIES	86,000	$3M	0.6%	NEW
63	FUKUOKA FINANCIAL GROUP INC	827,000	$3M	0.6%	NEW
64	SHIN-ETSU CHEMICAL CO LTD	49,000	$3M	0.6%	NEW
65	MAEDA CORP	398,000	$3M	0.6%	NEW
66	8058.TMITSUBISHI CORP	148,000	$3M	0.6%	NEW
67	YAMAGUCHI FINANCIAL GROUP IN	313,000	$3M	0.6%	NEW
68	SEVENTY SEVEN BANK LTD	812,000	$3M	0.6%	NEW
69	HITACHI TRANSPORT SYSTEM LTD	166,000	$3M	0.6%	NEW
70	BROTHER INDUSTRIES LTD	189,000	$3M	0.6%	NEW
71	ITOCHU TECHNO-SOLUTIONS CORP	128,000	$3M	0.6%	NEW
72	ZIONZIONS BANCORPORATION N A	104,974	$3M	0.5%	NEW
73	LLYELI LILLY & CO	40,335	$3M	0.5%	HOLD
74	1605.TINPEX CORP	360,000	$3M	0.5%	NEW
75	TIS INC	125,000	$3M	0.5%	NEW
76	LKQLKQ CORP	90,741	$3M	0.5%	TRIM −21%
77	1812.TKAJIMA CORP	462,000	$3M	0.5%	NEW
78	SUMITOMO FORESTRY CO LTD	240,000	$3M	0.5%	NEW
79	MEGMILK SNOW BRAND CO LTD	87,500	$3M	0.5%	NEW
80	TOHO GAS CO LTD	337,000	$3M	0.5%	NEW
81	SUNTRUST BKS INC	71,375	$3M	0.5%	TRIM −38%
82	MEDIPAL HLDGS CORP	181,000	$3M	0.5%	NEW
83	CONCHO RES INC	22,655	$3M	0.5%	NEW
84	SYNOVUS FINL CORP	95,652	$3M	0.5%	TRIM −38%
85	NTT DOCOMO INC	122,000	$3M	0.5%	NEW
86	MCHPMICROCHIP TECHNOLOGY INC.	49,660	$3M	0.5%	NEW
87	BIIBBIOGEN INC	9,830	$3M	0.5%	NEW
88	ASAHI GLASS CO LTD	476,000	$3M	0.5%	NEW
89	1803.TSHIMIZU CORP	343,000	$3M	0.5%	NEW
90	7832.TBANDAI NAMCO HOLDINGS INC	99,600	$3M	0.5%	NEW
91	SCHWSCHWAB CHARLES CORP	95,140	$3M	0.5%	NEW
92	HISAMITSU PHARMACEUTICAL CO	56,000	$3M	0.5%	NEW
93	1802.TOBAYASHI CORP	305,000	$3M	0.5%	NEW
94	NIPPON TELEGRAPH & TELEPHONE	65,800	$3M	0.5%	NEW
95	9022.TCENTRAL JAPAN RAILWAY CORP	17,600	$3M	0.5%	NEW
96	POLA ORBIS HOLDINGS INC	33,400	$3M	0.5%	NEW
97	MITSUBISHI CHEMICAL HLDGS CO	478,000	$3M	0.5%	NEW
98	GPORGULFPORT ENERGY CORP	104,840	$3M	0.5%	NEW
99	9020.TEAST JAPAN RAILWAY CO	33,000	$3M	0.5%	NEW
100	FUJITSU GENERAL LTD	137,000	$3M	0.5%	NEW
101	YAMAZAKI BAKING CO LTD	120,500	$3M	0.5%	NEW
102	KANDENKO CO LTD	320,000	$3M	0.5%	NEW
103	ORIX CORPORATION	200,000	$3M	0.5%	NEW
104	MITUFMITSUI CHEMICALS INC	619,000	$3M	0.5%	NEW
105	KENEDIX INC	659,000	$3M	0.5%	NEW
106	8035.TTOKYO ELECTRON LTD	33,000	$3M	0.5%	NEW
107	LION CORP	179,400	$3M	0.5%	NEW
108	RENGO CO LTD	473,000	$3M	0.5%	NEW
109	7269.TSUZUKI MOTOR CO LTD	87,000	$3M	0.5%	NEW
110	SYYSYSCO CORP	58,524	$3M	0.5%	NEW
111	PANAHOME CORP	357,000	$3M	0.5%	NEW
112	6762.TTDK CORP	41,500	$3M	0.5%	NEW
113	TYTMFTOKYO TATEMONO CO LTD	227,000	$3M	0.5%	NEW
114	SHIONGI & CO	53,000	$3M	0.5%	NEW
115	9005.TTOKYU CORP	350,000	$3M	0.4%	NEW
116	IIDA GROUP HOLDINGS CO LTD	131,800	$3M	0.4%	NEW
117	Haseko Corp ORD	269,000	$3M	0.4%	NEW
118	OPEN HOUSE CO LTD	119,000	$3M	0.4%	NEW
119	9983.TFAST RETAILING CO LTD	7,800	$2M	0.4%	NEW
120	SHIMAMURA CO LTD	19,900	$2M	0.4%	NEW
121	NVDANVIDIA CORPORATION	21,182	$1M	0.2%	TRIM −56%
122	CINFCINCINNATI FINL CORP	14,512	$1M	0.2%	TRIM −94%
123	FAFFIRST AMERN FINL CORP	20,500	$805,000	0.1%	HOLD
124	NDSNNORDSON CORP	8,059	$803,000	0.1%	HOLD
125	WDCWESTERN DIGITAL CORP	13,533	$791,000	0.1%	NEW
126	IDCCINTERDIGITAL INC	9,948	$788,000	0.1%	NEW
127	TDGTRANSDIGM GROUP INC	2,682	$775,000	0.1%	HOLD
128	FLEETCOR TECHNOLOGIES INC	4,440	$771,000	0.1%	NEW
129	MTNVAIL RESORTS INC	4,917	$771,000	0.1%	NEW
130	AEOAMERICAN EAGLE OUTFITTERS IN	43,090	$770,000	0.1%	TRIM −10%
131	EEFTEURONET WORLDWIDE INC	9,334	$764,000	0.1%	NEW
132	ACGLARCH CAP GROUP LTD	9,635	$764,000	0.1%	NEW
133	BLACK KNIGHT INC	18,471	$755,000	0.1%	NEW
134	EWEDWARDS LIFESCIENCES CORP	6,257	$754,000	0.1%	NEW
135	ALKSALKERMES PLC	16,039	$754,000	0.1%	HOLD
136	OGSONE GAS INC	12,174	$753,000	0.1%	HOLD
137	CMACOMERICA INC	15,850	$750,000	0.1%	NEW
138	CPRTCOPART INC	13,986	$749,000	0.1%	HOLD
139	MSCIMSCI INC	8,917	$748,000	0.1%	TRIM −93%
140	IDXXIDEXX LABS INC	6,595	$743,000	0.1%	NEW
141	INGRAM MICRO INC	20,767	$741,000	0.1%	NEW
142	AVYAVERY DENNISON CORP	9,496	$739,000	0.1%	TRIM −12%
143	BOHBANK HAWAII CORP	10,177	$739,000	0.1%	NEW
144	MKTXMARKETAXESS HLDGS INC	4,459	$738,000	0.1%	NEW
145	DLXDELUXE CORP MEDIUM TERM NTS	11,027	$737,000	0.1%	TRIM −19%
146	BURLBURLINGTON STORES INC	9,023	$731,000	0.1%	NEW
147	ALLEGHANY CORP DEL	1,388	$729,000	0.1%	HOLD
148	BERRY GLOBAL GROUP I	16,592	$728,000	0.1%	NEW
149	HRLHORMEL FOODS CORP	19,048	$722,000	0.1%	NEW
150	NBRNABORS INDUSTRIES LTD	59,163	$719,000	0.1%	NEW
151	CRLCHARLES RIV LABS INTL INC	8,595	$716,000	0.1%	HOLD
152	WATWATERS CORP	4,510	$715,000	0.1%	NEW
153	OHIOMEGA HEALTHCARE INVS INC	20,119	$713,000	0.1%	NEW
154	AESAES Corp.	55,372	$712,000	0.1%	NEW
155	LIILENNOX INTL INC	4,534	$712,000	0.1%	TRIM −8%
156	PNWPINNACLE WEST CAP CORP	9,349	$710,000	0.1%	NEW
157	VCA INC	10,140	$710,000	0.1%	TRIM −20%
158	JACKJACK IN THE BOX INC	7,347	$705,000	0.1%	NEW
159	PRIPRIMERICA INC	13,292	$705,000	0.1%	HOLD
160	NORDSTROM INC	13,577	$704,000	0.1%	NEW
161	ALLIED WRLD ASSUR COM HLDG A	17,387	$703,000	0.1%	NEW
162	CORELOGIC INC	17,891	$702,000	0.1%	NEW
163	SOUTHWESTERN ENERGY CO	50,687	$702,000	0.1%	HOLD
164	DCT INDUSTRIAL TRUST INC	14,428	$700,000	0.1%	NEW
165	COOCOOPER COMPANIES INC	3,891	$698,000	0.1%	TRIM −13%
166	MHKMOHAWK INDS INC	3,482	$698,000	0.1%	TRIM −13%
167	CMSCMS ENERGY CORP	16,517	$694,000	0.1%	TRIM −96%
168	CPACOPA HOLDINGS SA	7,842	$690,000	0.1%	NEW
169	ULTAULTA BEAUTY INC	2,876	$684,000	0.1%	HOLD
170	RRCRANGE RES CORP	17,455	$676,000	0.1%	NEW
171	DKSDICKS SPORTING GOODS INC	11,532	$654,000	0.1%	NEW
172	OWENS ILL INC	35,376	$651,000	0.1%	HOLD
173	MUSAMURPHY USA INC	9,028	$644,000	0.1%	TRIM −9%
174	POSTPOST HLDGS INC	8,110	$626,000	0.1%	TRIM −13%
175	THGHANOVER INS GROUP INC	8,241	$622,000	0.1%	HOLD
176	DEAN FOODS CO NEW	36,932	$606,000	0.1%	HOLD

☆BRC Investment Management LLC