PVG Asset Management

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CIK 1624741

13F portfolio (2016-Q4)

$237M

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 2016-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 (2016-Q4)

Holdings

Top 5

39.4%

Top 10

52.5%

Effective N

18.7

HHI

0.053

This quarter

72 new · 0 exit →

By sector

Unclassified77.2%

Communication Services4.6%

Health Care4.0%

Consumer Discretionary3.8%

Information Technology2.5%

Real Estate2.3%

Financials2.0%

Consumer Staples1.1%

Other2.4%

By market cap

Unknown81.2%

Large ($10–200B)7.1%

Mid ($2–10B)7.0%

Mega (>$200B)4.1%

Small ($300M–2B)0.7%

By region

Other77.2%

North America18.8%

Europe4.1%

By industry group GICS — finer than sector

Industry group	Weight	Names
Unclassified	77.16%	47
Pharmaceuticals & Biotechnology	3.98%	3
Specialty Retail	3.83%	4
Diversified Telecommunication Services	3.47%	3
Equity Real Estate Investment Trusts (REITs)	2.34%	2
Banks	2.01%	4
Technology Hardware & Equipment	1.38%	1
Entertainment	1.12%	1
Food & Staples Retailing	1.11%	1
Chemicals	0.73%	1
Oil, Gas & Consumable Fuels	0.68%	1
Electrical Equipment & Components	0.60%	1
Software	0.56%	1
Machinery	0.52%	1
Marine	0.51%	1

Top holdings

#	Ticker	Name	Sector	Weight
1		PROSHARES	Unclassified	15.12%
2		PROSHARES TR	Unclassified	13.56%
3	SPY	STATE STR SPDR S&P 500 ETF T	Unclassified	3.64%
4	IVV	ISHARES TR	Unclassified	3.55%
5	VOO	VANGUARD INDEX FDS	Unclassified	3.53%
6		POWERSHARES ETF TRUST II	Unclassified	3.10%
7		GLAXOSMITHKLINE PLC	Unclassified	3.03%
8	AZN	Astrazeneca PLC	Health Care	2.49%
9		FRONTIER COMMUNICATIONS CORP	Unclassified	2.36%
10		MEDLEY CAPITAL CORP	Unclassified	2.16%

25/72 names classified · sector 22.8% of weight · industry 22.8% · mkt cap 18.8%; unclassified names shown, never dropped.

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

top 5/sector, rest → “Other” · 8 quarters

Information TechnologyGE, ERIC, QCOM, PBI, KLAC · other

Communication ServicesVZ, T, TELFY, LUMN, DIS

Real EstateIRT, WSR

FinancialsC, FITB, BAC, WFC, JPM · other

Consumer DiscretionaryKSS, M, WMT, GAP, AEO · other

Health CareMRK, AZN, AMGN, PFE, MDXG

IndustrialsCAT, RCL, KBH, CSX, TEX

EnergyCOP, XOM, BP

Consumer Staples

Materials

Utilities

UnclassifiedPROSHARES TR, PROSHARES, MEDLEY CAPITAL CORP, POWERSHARES ETF TRUST II, SENIOR HSG PPTYS TR · 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: 22.8% of the book is sector-classified (unclassified names shown, never dropped).

Style box · size × value-growth placement of the reported book (2016-Q4), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

Only 19% of book weight classified — the grid is NOT representative of the whole book.

holdings, colored by sector (22 classified)PVG Asset Management centroid (Mid Core)

Consumer DiscretionaryCommunication ServicesInformation TechnologyReal EstateFinancialsHealth CareConsumer StaplesIndustrialsMaterials

Style box summary for PVG Asset Management: centroid Mid Core. Heaviest cells: Large Value 6.5%, Small Value 5.6%, Mid Value 2.5%.

Classified: 18.8% of book weight (22/39 names) · unclassified 81.2%: , SPY, IVV, VOO, AZN, ARCC, PSEC, SLRC, TELFY, BP +7 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· 72 positions (2016-Q4) · largest first · Δ vs 2016-Q3

#	Security	Shares	Value	Weight	Δ QoQ
1	PROSHARES	981,955	$36M	15.1%	NEW
2	PROSHARES TR	2,130,228	$32M	13.6%	NEW
3	SPYSTATE STR SPDR S&P 500 ETF T	38,646	$9M	3.6%	NEW
4	IVVISHARES TR	37,390	$8M	3.5%	NEW
5	VOOVANGUARD INDEX FDS	40,789	$8M	3.5%	NEW
6	POWERSHARES ETF TRUST II	327,907	$7M	3.1%	NEW
7	GLAXOSMITHKLINE PLC	186,553	$7M	3.0%	NEW
8	AZNASTRAZENECA PLC	216,335	$6M	2.5%	NEW
9	FRONTIER COMMUNICATIONS CORP	1,656,750	$6M	2.4%	NEW
10	MEDLEY CAPITAL CORP	680,933	$5M	2.2%	NEW
11	CYPRESS SEMICONDUCTOR CORP	349,908	$4M	1.7%	NEW
12	IRTINDEPENDENCE RLTY TR INC	444,244	$4M	1.7%	NEW
13	ARCCARES CAPITAL CORP	239,870	$4M	1.7%	NEW
14	TWO HARBORS INVESTMENT CORP	405,760	$4M	1.5%	NEW
15	INVESCO MORTGAGE CAPITAL INC	238,927	$3M	1.5%	NEW
16	LUMNLUMEN TECHNOLOGIES INC	143,960	$3M	1.4%	NEW
17	PBIPITNEY BOWES INC	214,907	$3M	1.4%	NEW
18	PSECPROSPECT CAP CORP	337,908	$3M	1.2%	NEW
19	CBL & ASSOC PPTYS INC	241,786	$3M	1.2%	NEW
20	STAPLES INC	300,892	$3M	1.1%	NEW
21	TAT&T INC	62,826	$3M	1.1%	NEW
22	COMMUNICATIONS SALES&LEAS IN	104,624	$3M	1.1%	NEW
23	DISDISNEY WALT CO	25,443	$3M	1.1%	NEW
24	LXP INDUSTRIAL TRUST	244,705	$3M	1.1%	NEW
25	CVSCVS HEALTH CORP	33,365	$3M	1.1%	NEW
26	JP Morgan Alerian MLP Index	81,468	$3M	1.1%	NEW
27	TGTTARGET CORP	35,458	$3M	1.1%	NEW
28	MMACYS INC	68,624	$2M	1.0%	NEW
29	DGDOLLAR GEN CORP	32,829	$2M	1.0%	NEW
30	SLRCSLR INVESTMENT CORP	112,199	$2M	1.0%	NEW
31	SELECT INCOME REIT	89,826	$2M	1.0%	NEW
32	NEW SR INVT GROUP INC	229,406	$2M	0.9%	NEW
33	SENIOR HSG PPTYS TR	118,233	$2M	0.9%	NEW
34	GUESS INC	181,927	$2M	0.9%	NEW
35	CYS INVESTMENTS INC (cys)	279,066	$2M	0.9%	NEW
36	TELFYTELEFONICA S A	231,404	$2M	0.9%	NEW
37	ARLINGTON ASSET INVST CORP	143,337	$2M	0.9%	NEW
38	FIFTH STREET FINANCE CORP	357,235	$2M	0.8%	NEW
39	Global Medical REIT, Inc. (gmre)	207,894	$2M	0.8%	NEW
40	BLACKROCK CAP INVT CORP	255,555	$2M	0.7%	NEW
41	MRKMERCK & CO INC	30,125	$2M	0.7%	NEW
42	PFEPFIZER INC	54,107	$2M	0.7%	NEW
43	OLNOLIN CORP	67,783	$2M	0.7%	NEW
44	CCITIGROUP INC	28,531	$2M	0.7%	NEW
45	KSSKOHLS CORP	33,382	$2M	0.7%	NEW
46	BPBP PLC	43,216	$2M	0.7%	NEW
47	WSRWHITESTONE REIT	110,595	$2M	0.7%	NEW
48	TPVGTRIPLEPOINT VENTURE GROWTH B	130,730	$2M	0.6%	NEW
49	IVWISHARES TR	11,850	$1M	0.6%	NEW
50	GEGENERAL ELECTRIC CO	45,421	$1M	0.6%	NEW
51	MSFTMICROSOFT CORP	21,548	$1M	0.6%	NEW
52	SOLAR SR CAP LTD	78,950	$1M	0.5%	NEW
53	TPG SPECIALTY LENDING INC	68,412	$1M	0.5%	NEW
54	THL CR INC	123,215	$1M	0.5%	NEW
55	CATCATERPILLAR INC	13,234	$1M	0.5%	NEW
56	RCLROYAL CARIBBEAN GROUP	14,761	$1M	0.5%	NEW
57	BACBANK AMERICA CORP	49,321	$1M	0.5%	NEW
58	WFCWELLS FARGO CO NEW	19,301	$1M	0.4%	NEW
59	IYHISHARES TR	6,905	$995,217	0.4%	NEW
60	ROBOEXCHANGE TRADED CONCEPTS TRU	34,730	$995,014	0.4%	NEW
61	WINDSTREAM HLDGS INC	129,600	$949,971	0.4%	NEW
62	STTSTATE STR CORP	11,800	$917,096	0.4%	NEW
63	XLRESELECT SECTOR SPDR TR	23,135	$711,401	0.3%	NEW
64	IBBISHARES TR	2,310	$613,027	0.3%	NEW
65	Apollo Global Management LLC (apo)	11,445	$221,575	0.1%	NEW
66	ETFIS SER TR I	17,250	$195,442	0.1%	NEW
67	MARVELL TECHNOLOGY GROUP LTD	12,900	$178,923	0.1%	NEW
68	FIRST TR STRATEGIC HIGH INC FD COM SHS NEW	13,058	$160,352	0.1%	NEW
69	ProShares Tr II Ultra Short Futures (uvxy)	13,140	$114,975	0.0%	NEW
70	HIOWESTERN ASSET HIGH INCOME OP	10,785	$53,817	0.0%	NEW
71	Tobacco Settlement Fing Corp (888808DC3)	40,000	$39,679	0.0%	NEW
72	ENDURO RTY TR	10,250	$35,362	0.0%	NEW

☆PVG Asset Management