Gerstein Fisher

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CIK 1527198

13F portfolio (2016-Q3)

$811M

Positions

426

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

425

Top 5

28.8%

Top 10

40.0%

Effective N

41.0

HHI

0.024

This quarter

53 new · 0 exit →

By sector

Unclassified56.4%

Consumer Discretionary8.3%

Information Technology8.0%

Financials5.2%

Industrials4.8%

Real Estate3.8%

Communication Services3.8%

Health Care3.7%

Other6.1%

By market cap

Unknown57.4%

Large ($10–200B)20.3%

Mega (>$200B)14.9%

Mid ($2–10B)5.2%

Small ($300M–2B)1.8%

Micro (<$300M)0.5%

By region

Other56.4%

North America43.4%

Europe0.2%

Asia-Pacific0.0%

By industry group GICS — finer than sector

Industry group	Weight	Names
Unclassified	56.38%	153
Specialty Retail	4.28%	20
Equity Real Estate Investment Trusts (REITs)	3.41%	29
Technology Hardware & Equipment	3.26%	9
Software	2.66%	7
Pharmaceuticals & Biotechnology	2.60%	11
Aerospace & Defense	2.04%	6
Insurance	2.00%	17
Software & IT Services	1.88%	5
Beverages	1.67%	6
Distributors	1.66%	9
Commercial Services & Supplies	1.59%	9
Banks	1.55%	20
Semiconductors & Semiconductor Equipment	1.44%	8
Health Care Equipment & Supplies	1.13%	10
Diversified Telecommunication Services	1.05%	4
Chemicals	1.02%	9
Food & Staples Retailing	1.00%	3
Automobiles & Components	0.98%	4
Oil, Gas & Consumable Fuels	0.93%	9
Hotels, Restaurants & Leisure	0.91%	7
Airlines	0.84%	7
Media & Entertainment	0.53%	6
Capital Markets	0.52%	8
Tobacco	0.51%	2
Professional Services	0.41%	3
Utilities	0.36%	8
Entertainment	0.36%	1
Real Estate Management & Development	0.35%	3
Construction & Engineering	0.35%	3
Food Products	0.34%	6
Electrical Equipment & Components	0.34%	1
Household Durables	0.33%	2
Machinery	0.27%	4
Health Care Providers & Services	0.19%	2
Communications Equipment	0.17%	1
Paper & Forest Products	0.17%	3
Textiles, Apparel & Luxury Goods	0.14%	1
Road & Rail	0.11%	2
Agricultural Products	0.09%	1
Marine	0.08%	1
Metals & Mining	0.03%	2
Life Sciences Tools & Services	0.03%	1
Media & Publishing	0.02%	1
Leisure Products	0.02%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	BWZ	SPDR SERIES TRUST	Unclassified	9.42%
2	EEM	ISHARES TR	Unclassified	7.04%
3	BWX	SPDR SERIES TRUST	Unclassified	6.26%
4	IAU	ISHARES GOLD TRUST	Unclassified	3.03%
5	SHY	ISHARES TR	Unclassified	3.03%
6	GLD	SPDR GOLD TR	Unclassified	2.77%
7	IEMG	ISHARES INC	Unclassified	2.35%
8	AAPL	Apple Inc.	Information Technology	2.32%
9	GSG	ISHARES S&P GSCI COMMODITY-	Unclassified	2.26%
10	VBR	VANGUARD INDEX FDS	Unclassified	1.47%

272/425 names classified · sector 43.6% of weight · industry 43.6% · mkt cap 42.6%; 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

Information TechnologyAAPL, MSFT, IBM, WDC, EA · other

Consumer DiscretionaryHD, LEA, WMT, MCK, DORM · other

FinancialsV, AMP, MA, PRU, BFH · other

IndustrialsLMT, HII, LUV, BA, UNP · other

Health CareGILD, JNJ, ABBV, AMGN, REGN · other

Consumer StaplesPEP, KR, STZ, KO, PM · other

Real EstateSPG, AVB, VNO, MMI, VAC · other

Communication ServicesMETA, CMCSA, T, GOOG, ECHO · other

MaterialsLYB, PG, GT, MATV, SCL · other

EnergyXOM, CVX, EOG, FANG, SLB · other

UtilitiesNEE, KMI, TRGP, AEP, EPD · other

UnclassifiedBWZ, BWX, GLD, IAU, EEM · 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: 43.6% 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

Only 42% of book weight classified — the grid is NOT representative of the whole book.

holdings, colored by sector (257 classified)Gerstein Fisher centroid (Mid Core)

Consumer DiscretionaryInformation TechnologyFinancialsIndustrialsCommunication ServicesHealth CareReal EstateConsumer StaplesMaterialsEnergyUtilities

Style box summary for Gerstein Fisher: centroid Mid Core. Heaviest cells: Large Growth 10.2%, Large Value 8.8%, Large Core 6.8%.

Classified: 41.9% of book weight (257/310 names) · unclassified 58.1%: , BWZ, EEM, BWX, IAU, SHY, GLD, IEMG, GSG, VBR +43 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· 426 positions (2016-Q3) · largest first · Δ vs 2016-Q2

#	Security	Shares	Value	Weight	Δ QoQ
1	BWZSPDR SERIES TRUST	2,402,486	$76M	9.4%	ADD 6%
2	EEMISHARES TR	1,526,083	$57M	7.0%	TRIM −3%
3	BWXSPDR SERIES TRUST	1,762,275	$51M	6.3%	ADD 95%
4	IAUISHARES GOLD TRUST	1,936,914	$25M	3.0%	ADD 4%
5	SHYISHARES TR	288,838	$25M	3.0%	HOLD
6	GLDSPDR GOLD TR	178,759	$22M	2.8%	HOLD
7	IEMGISHARES INC	418,264	$19M	2.4%	ADD 28%
8	AAPLAPPLE INC	166,435	$19M	2.3%	ADD 4%
9	GSGISHARES S&P GSCI COMMODITY-	1,239,013	$18M	2.3%	HOLD
10	VBRVANGUARD INDEX FDS	107,416	$12M	1.5%	HOLD
11	IWDISHARES TR	100,366	$11M	1.3%	ADD 4%
12	MSFTMICROSOFT CORP	166,695	$10M	1.2%	ADD 4%
13	HDHOME DEPOT INC	60,410	$8M	1.0%	HOLD
14	TRINSEO S A	136,303	$8M	1.0%	HOLD
15	LMTLOCKHEED MARTIN CORP	30,582	$7M	0.9%	HOLD
16	LEALEAR CORP	55,122	$7M	0.8%	HOLD
17	GOOGALPHABET INC	8,563	$7M	0.8%	ADD 7%
18	EAELECTRONIC ARTS INC	75,915	$6M	0.8%	HOLD
19	INTCINTEL CORP	151,849	$6M	0.7%	ADD 4%
20	HIIHUNTINGTON INGALLS INDS INC	36,773	$6M	0.7%	HOLD
21	METAMETA PLATFORMS INC	43,481	$6M	0.7%	ADD 16%
22	TAT&T INC	136,456	$6M	0.7%	ADD 4%
23	JNJJOHNSON & JOHNSON	45,151	$5M	0.7%	ADD 3%
24	VVISA INC	63,329	$5M	0.6%	HOLD
25	AMZNAMAZON COM INC	6,215	$5M	0.6%	ADD 31%
26	CELGENE CORP	48,471	$5M	0.6%	TRIM −16%
27	KRKROGER CO	164,091	$5M	0.6%	HOLD
28	STZCONSTELLATION BRANDS INC	27,341	$5M	0.6%	HOLD
29	SHMSPDR SERIES TRUST	92,064	$4M	0.6%	HOLD
30	ALLERGAN PLC	19,009	$4M	0.5%	HOLD
31	ELVELEVANCE HEALTH INC FORMERLY	34,851	$4M	0.5%	ADD 29%
32	PEPPEPSICO INC	40,145	$4M	0.5%	HOLD
33	AMEDISYS INC COM	91,976	$4M	0.5%	HOLD
34	ABIOMED INC	32,426	$4M	0.5%	HOLD
35	BURLBURLINGTON STORES INC	50,551	$4M	0.5%	ADD 25%
36	SPGSIMON PPTY GROUP INC NEW	19,365	$4M	0.5%	HOLD
37	MAMASTERCARD INCORPORATED	39,147	$4M	0.5%	ADD 3%
38	CENTACENTRAL GARDEN & PET CO	156,128	$4M	0.5%	HOLD
39	VTVVANGUARD INDEX FDS	43,556	$4M	0.5%	ADD 11%
40	VALIDUS HOLDINGS LTD	73,070	$4M	0.4%	ADD 4%
41	LUVSOUTHWEST AIRLS CO	92,671	$4M	0.4%	HOLD
42	GILDGILEAD SCIENCES INC	44,912	$4M	0.4%	TRIM −20%
43	LOWLOWES COS INC	44,991	$3M	0.4%	HOLD
44	ISHGISHARES TR	38,909	$3M	0.4%	HOLD
45	XOMEXXON MOBIL CORP	36,193	$3M	0.4%	ADD 5%
46	EFAISHARES TR	52,494	$3M	0.4%	ADD 138%
47	AVBAVALONBAY CMNTYS INC	17,206	$3M	0.4%	HOLD
48	PHYSICIANS RLTY TR	141,001	$3M	0.4%	ADD 68%
49	ABBVABBVIE INC	47,877	$3M	0.4%	ADD 2%
50	IBMINTERNATIONAL BUSINESS MACHS	18,555	$3M	0.4%	HOLD
51	DISDISNEY WALT CO	31,197	$3M	0.4%	ADD 8%
52	IVVISHARES TR	12,967	$3M	0.3%	HOLD
53	MCKMCKESSON CORP	16,552	$3M	0.3%	HOLD
54	GEGENERAL ELECTRIC CO	92,172	$3M	0.3%	HOLD
55	HLFHERBALIFE LTD	43,493	$3M	0.3%	HOLD
56	IJSISHARES TR	21,176	$3M	0.3%	HOLD
57	PFEPFIZER INC	75,626	$3M	0.3%	ADD 16%
58	VZVERIZON COMMUNICATIONS INC	49,130	$3M	0.3%	HOLD
59	IUSGISHARES TR	57,064	$2M	0.3%	ADD 23%
60	ZBHZIMMER BIOMET HOLDINGS INC	18,388	$2M	0.3%	HOLD
61	KOCOCA COLA CO	55,971	$2M	0.3%	ADD 3%
62	ORCLORACLE CORP	60,191	$2M	0.3%	HOLD
63	GOOGLALPHABET INC	2,906	$2M	0.3%	ADD 2%
64	CVSCVS HEALTH CORP	25,984	$2M	0.3%	HOLD
65	CBRLCRACKER BARREL OLD CTRY STOR	16,991	$2M	0.3%	HOLD
66	PRICELINE COM INC	1,527	$2M	0.3%	HOLD
67	EBIX INC	38,799	$2M	0.3%	HOLD
68	MMM3M CO	12,263	$2M	0.3%	HOLD
69	HCKTHACKETT GROUP INC	127,000	$2M	0.3%	HOLD
70	AMGNAMGEN INC	12,459	$2M	0.3%	ADD 14%
71	POST PPTYS INC	31,252	$2M	0.3%	HOLD
72	PMPHILIP MORRIS INTL INC	21,213	$2M	0.3%	HOLD
73	MOALTRIA GROUP INC	32,351	$2M	0.3%	ADD 6%
74	JPMJPMORGAN CHASE & CO	30,228	$2M	0.2%	ADD 14%
75	MARMARRIOTT INTL INC NEW	29,181	$2M	0.2%	HOLD
76	TJXTJX COS INC NEW	26,141	$2M	0.2%	ADD 7%
77	DGDOLLAR GEN CORP	27,761	$2M	0.2%	ADD 63%
78	CORESITE REALTY CORP	25,748	$2M	0.2%	TRIM −16%
79	UVEUNIVERSAL INS HLDGS INC	75,098	$2M	0.2%	TRIM −9%
80	CIGNA CORPORATION	14,422	$2M	0.2%	HOLD
81	ISLE OF CAPRI CASINOS	82,237	$2M	0.2%	HOLD
82	GTGOODYEAR TIRE & RUBR CO	54,663	$2M	0.2%	HOLD
83	HELEHELEN OF TROY LTD	20,473	$2M	0.2%	HOLD
84	PGPROCTER AND GAMBLE CO	19,637	$2M	0.2%	TRIM −6%
85	VNOVORNADO RLTY TR	17,227	$2M	0.2%	HOLD
86	CSCOCISCO SYS INC	54,716	$2M	0.2%	ADD 9%
87	ST JUDE MED INC	21,527	$2M	0.2%	HOLD
88	PLDPROLOGIS INC.	31,394	$2M	0.2%	HOLD
89	WFCWELLS FARGO CO NEW	37,854	$2M	0.2%	HOLD
90	BABOEING CO	12,715	$2M	0.2%	TRIM −9%
91	WMTWALMART INC	23,103	$2M	0.2%	ADD 5%
92	NFLXNETFLIX INC	16,852	$2M	0.2%	ADD 43%
93	CVXCHEVRON CORP NEW	16,017	$2M	0.2%	ADD 24%
94	TRVTRAVELERS COMPANIES INC	14,104	$2M	0.2%	TRIM −2%
95	PRUPRUDENTIAL FINL INC	19,717	$2M	0.2%	ADD 9%
96	Berkshire Hathaway Inc	10,769	$2M	0.2%	NEW
97	CMCSACOMCAST CORP NEW	23,436	$2M	0.2%	HOLD
98	QTS RLTY TR INC	29,350	$2M	0.2%	HOLD
99	WALGREENS BOOTS ALLIANCE INC	19,144	$2M	0.2%	ADD 2%
100	APARTMENT INVT & MGMT CO	33,142	$2M	0.2%	HOLD
101	DST SYS INC DEL	12,847	$2M	0.2%	HOLD
102	AVGOBROADCOM LTD	8,709	$2M	0.2%	TRIM −41%
103	PARSLEY ENERGY INC	44,419	$1M	0.2%	HOLD
104	PDMPIEDMONT REALTY TRUST INC	68,036	$1M	0.2%	ADD 3%
105	SKECHERS U S A INC CL A	64,168	$1M	0.2%	TRIM −18%
106	LYBLYONDELLBASELL INDUSTRIES N	18,042	$1M	0.2%	TRIM −43%
107	INGRAM MICRO INC	40,464	$1M	0.2%	ADD 10%
108	LNCLINCOLN NATL CORP IND	30,425	$1M	0.2%	ADD 435%
109	NHINATIONAL HEALTH INVS INC	18,200	$1M	0.2%	HOLD
110	EPREPR PPTYS	18,094	$1M	0.2%	HOLD
111	CCEPCOCA-COLA EUROPACIFIC PARTNE	35,654	$1M	0.2%	HOLD
112	ARWArrow Electronics	22,232	$1M	0.2%	HOLD
113	QCOMQUALCOMM INC	20,666	$1M	0.2%	ADD 4%
114	HSTHOST HOTELS & RESORTS INC	90,682	$1M	0.2%	ADD 123%
115	PENNSYLVANIA REAL ESTATE INV	60,850	$1M	0.2%	HOLD
116	HARRIS CORP DEL	15,258	$1M	0.2%	HOLD
117	MANHMANHATTAN ASSOCIATES INC	24,139	$1M	0.2%	HOLD
118	MDTMEDTRONIC PLC	16,004	$1M	0.2%	TRIM −29%
119	GBDCGOLUB CAP BDC INC	74,220	$1M	0.2%	HOLD
120	LIFE STORAGE INC	15,365	$1M	0.2%	NEW
121	DYDYCOM INDS INC	16,539	$1M	0.2%	HOLD
122	ACTIVISION BLIZZARD INC	29,865	$1M	0.2%	NEW
123	ADCAGREE RLTY CORP	26,242	$1M	0.2%	ADD 51%
124	TAUBMAN CTRS INC	17,433	$1M	0.2%	HOLD
125	TGTTARGET CORP	18,804	$1M	0.2%	ADD 339%
126	CRUSCIRRUS LOGIC INC	24,162	$1M	0.2%	HOLD
127	PLUSEPLUS INC	13,502	$1M	0.2%	HOLD
128	IVEISHARES TR	13,338	$1M	0.2%	HOLD
129	PSAPUBLIC STORAGE OPER CO	5,678	$1M	0.2%	ADD 14%
130	STRAYER ED INC	27,089	$1M	0.2%	HOLD
131	URBNURBAN OUTFITTERS INC	35,886	$1M	0.2%	NEW
132	ADBEADOBE INC	11,315	$1M	0.2%	ADD 3%
133	PWRQUANTA SVCS INC	43,035	$1M	0.1%	NEW
134	CCITIGROUP INC	24,900	$1M	0.1%	ADD 13%
135	NUTRI SYS INC NEW	39,443	$1M	0.1%	HOLD
136	BACBANK AMERICA CORP	74,325	$1M	0.1%	ADD 15%
137	MRKMERCK & CO INC	18,632	$1M	0.1%	ADD 9%
138	VFCV F CORP	20,201	$1M	0.1%	TRIM −11%
139	GTYGETTY RLTY CORP NEW	46,305	$1M	0.1%	HOLD
140	ARRIS INTL INC	39,127	$1M	0.1%	HOLD
141	EQIXEQUINIX INC	3,066	$1M	0.1%	HOLD
142	EXPRESS SCRIPTS HLDG CO	15,665	$1M	0.1%	HOLD
143	NOCNORTHROP GRUMMAN CORP	5,151	$1M	0.1%	ADD 13%
144	NSPINSPERITY INC	14,879	$1M	0.1%	NEW
145	FINISH LINE INC	46,425	$1M	0.1%	NEW
146	ULTAULTA BEAUTY INC	4,461	$1M	0.1%	NEW
147	GENERAL GROWTH PPTYS INC NEW	38,291	$1M	0.1%	HOLD
148	ALKAlaska Air Group, Inc.	15,923	$1M	0.1%	HOLD
149	CHECHEMED CORP NEW	7,405	$1M	0.1%	HOLD
150	AMPAMERIPRISE FINL INC	10,401	$1M	0.1%	HOLD
151	PLCECHILDRENS PL INC NEW	12,973	$1M	0.1%	NEW
152	EQREQUITY RESIDENTIAL	16,041	$1M	0.1%	HOLD
153	DUPONT FABROS TECHNOLOGY INC	24,963	$1M	0.1%	HOLD
154	JUNIPER NETWORKS INC COM	42,710	$1M	0.1%	HOLD
155	DRIDARDEN RESTAURANTS INC	16,590	$1M	0.1%	NEW
156	CIMPRESS N V	9,974	$1M	0.1%	TRIM −51%
157	IDXXIDEXX LABS INC	8,905	$1M	0.1%	TRIM −5%
158	NKENIKE INC	19,075	$1M	0.1%	ADD 20%
159	MCDMCDONALDS CORP	8,504	$981,000	0.1%	ADD 4%
160	AEOAMERICAN EAGLE OUTFITTERS IN	54,825	$979,000	0.1%	NEW
161	ZEUSOLYMPIC STEEL INC	44,209	$977,000	0.1%	HOLD
162	COUSINS PPTYS INC	93,514	$976,000	0.1%	HOLD
163	UNHUNITEDHEALTH GROUP INC	6,927	$970,000	0.1%	ADD 4%
164	WHRWHIRLPOOL CORP	5,873	$952,000	0.1%	HOLD
165	MSTRSTRATEGY INC	5,600	$938,000	0.1%	HOLD
166	IMKTAINGLES MKTS INC	23,497	$929,000	0.1%	HOLD
167	BIGGQBIG LOTS INC	19,362	$925,000	0.1%	NEW
168	TREELENDINGTREE INC NEW	9,490	$920,000	0.1%	TRIM −50%
169	AFLAFLAC INC	12,647	$909,000	0.1%	HOLD
170	LTCLTC PPTYS INC	17,489	$909,000	0.1%	HOLD
171	SLBSCHLUMBERGER LTD	11,501	$904,000	0.1%	ADD 24%
172	SWBISMITH & WESSON BRANDS, INC.	33,807	$899,000	0.1%	NEW
173	SELECT INCOME REIT	32,741	$881,000	0.1%	HOLD
174	ROSTROSS STORES INC	13,624	$876,000	0.1%	ADD 8%
175	ACNACCENTURE PLC IRELAND	7,141	$872,000	0.1%	ADD 7%
176	NDAQNASDAQ INC	12,879	$870,000	0.1%	HOLD
177	SVB FINANCIAL GROUP	7,561	$836,000	0.1%	ADD 5%
178	TRI POINTE HOMES INC	63,130	$832,000	0.1%	HOLD
179	QUOTIENT TECHNOLOGY INC	62,334	$830,000	0.1%	HOLD
180	KIMKIMCO RLTY CORP	28,304	$819,000	0.1%	HOLD
181	HPEHEWLETT PACKARD ENTERPRISE C	35,706	$812,000	0.1%	ADD 2%
182	ISRGINTUITIVE SURGICAL INC	1,119	$811,000	0.1%	HOLD
183	REYNOLDS AMERICAN INC	17,106	$807,000	0.1%	TRIM −43%
184	PS BUSINESS PKS INC CALIF	7,050	$801,000	0.1%	HOLD
185	TMOTHERMO FISHER SCIENTIFIC INC	5,016	$798,000	0.1%	ADD 24%
186	TILE SHOP HLDGS INC	47,818	$791,000	0.1%	HOLD
187	ROFIN-SINAR TECHNOLOGIES INC	24,167	$778,000	0.1%	HOLD
188	HD SUPPLY HLDGS INC	24,147	$772,000	0.1%	NEW
189	BMYBRISTOL-MYERS SQUIBB CO	14,138	$762,000	0.1%	TRIM −4%
190	MACK CALI RLTY CORP	27,778	$756,000	0.1%	HOLD
191	AMATAPPLIED MATLS INC	24,526	$739,000	0.1%	HOLD
192	DOW CHEM CO	14,077	$730,000	0.1%	TRIM −4%
193	RMBSRAMBUS INC DEL	58,337	$729,000	0.1%	HOLD
194	HAWAIIAN HOLDINGS INC	14,953	$727,000	0.1%	HOLD
195	MCHPMICROCHIP TECHNOLOGY INC.	11,636	$723,000	0.1%	HOLD
196	CALMCal-Maine Foods, Inc.	18,458	$711,000	0.1%	HOLD
197	UNPUNION PAC CORP	7,263	$708,000	0.1%	ADD 11%
198	UALUNITED AIRLS HLDGS INC	13,475	$707,000	0.1%	HOLD
199	KHCKRAFT HEINZ CO	7,726	$692,000	0.1%	ADD 3%
200	TASER INTL INC	24,200	$692,000	0.1%	HOLD

showing the top 200 by weight

☆Gerstein Fisher