Yellowstone Partners, LLC

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CIK 1682196

13F portfolio (2017-Q4)

$177M

Positions

183

Implied 1Y CAGR

modeled · as filed

Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2017-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 (2017-Q4)

Holdings

183

Top 5

19.5%

Top 10

33.2%

Effective N

58.7

HHI

0.017

This quarter

13 new · 0 exit →

By sector

Unclassified41.9%

Financials15.0%

Information Technology10.6%

Health Care8.1%

Consumer Discretionary7.4%

Energy4.5%

Industrials3.8%

Utilities2.4%

Other6.2%

By market cap

Unknown42.6%

Large ($10–200B)36.9%

Mega (>$200B)17.2%

Mid ($2–10B)3.1%

Micro (<$300M)0.2%

Small ($300M–2B)0.0%

By region

North America57.6%

Other41.9%

Europe0.4%

By industry group GICS — finer than sector

Industry group	Weight	Names
Unclassified	43.02%	97
Banks	5.83%	7
Technology Hardware & Equipment	5.22%	4
Specialty Retail	4.75%	6
Software & IT Services	4.64%	5
Oil, Gas & Consumable Fuels	4.47%	7
Capital Markets	4.17%	1
Insurance	3.45%	6
Health Care Providers & Services	3.36%	1
Pharmaceuticals & Biotechnology	2.91%	8
Utilities	2.36%	4
Commercial Services & Supplies	2.01%	6
Life Sciences Tools & Services	1.62%	1
Hotels, Restaurants & Leisure	1.33%	3
Automobiles & Components	1.33%	2
Chemicals	1.10%	4
Diversified Telecommunication Services	1.06%	2
Software	1.04%	1
Food & Staples Retailing	0.87%	1
Road & Rail	0.82%	2
Aerospace & Defense	0.81%	2
Beverages	0.66%	1
Equity Real Estate Investment Trusts (REITs)	0.52%	1
Tobacco	0.51%	2
Marine	0.42%	1
Semiconductors & Semiconductor Equipment	0.36%	1
Food Products	0.25%	1
Health Care Equipment & Supplies	0.25%	1
Electrical Equipment & Components	0.24%	1
Paper & Forest Products	0.24%	1
Machinery	0.24%	1
Media & Entertainment	0.15%	1
Metals & Mining	0.00%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	FTCS	FIRST TR EXCHANGE-TRADED FD	Unclassified	4.90%
2	SCHW	SCHWAB CHARLES CORP	Financials	4.17%
3	JPM	JPMORGAN CHASE & CO	Financials	3.72%
4	HCA	HCA Healthcare, Inc.	Health Care	3.36%
5		BROOKFIELD ASSET MGMT INC	Unclassified	3.33%
6	AAPL	Apple Inc.	Information Technology	3.22%
7		LIBERTY GLOBAL PLC	Unclassified	3.02%
8	SHW	SHERWIN WILLIAMS CO	Consumer Discretionary	2.74%
9	AR	ANTERO RESOURCES Corp	Energy	2.48%
10	DON	WISDOMTREE TR	Unclassified	2.29%

87/183 names classified · sector 58.1% of weight · industry 57.0% · mkt cap 57.4%; 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

FinancialsJPM, SCHW, PRI, AXP, BFH · other

Information TechnologyMSFT, CTSH, VYX, ORCL, MSI · other

EnergyCVX, HAL, AR, OXY, MPC · other

Consumer DiscretionarySHW, COST, CAH, MCK, PCAR · other

Health CareJNJ, HCA, ABT, DVA, IQV · other

IndustrialsACN, CMI, BA, FIS, NCLH · other

MaterialsPG, AXTA, LYB, APD, EPC · other

UtilitiesKMI, EPD, WMB, NEE, D · other

Communication ServicesGOOGL, VZ, BCE, CMCSA, T · other

Consumer StaplesKO, CVS, PM, PEP, SFM · other

Real EstateEQIX, IRM, OHI, WPC, AMT · other

UnclassifiedVALEANT PHARMACEUTICALS INTL, EXPRESS SCRIPTS HLDG CO, BROOKFIELD ASSET MGMT INC, FTCS, KINDER MORGAN MANAGE · 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: 58.1% of the book is sector-classified (unclassified names shown, never dropped).

Style box · size × value-growth placement of the reported book (2017-Q4), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

holdings, colored by sector (79 classified)Yellowstone Partners, LLC centroid (Mid Core)

FinancialsInformation TechnologyHealth CareConsumer DiscretionaryEnergyIndustrialsConsumer StaplesUtilitiesCommunication ServicesMaterialsReal Estate

Style box summary for Yellowstone Partners, LLC: centroid Mid Core. Heaviest cells: Large Core 17.5%, Large Value 12.8%, Large Growth 7.6%.

Classified: 55.9% of book weight (79/153 names) · unclassified 44.1%: , FTCS, DON, DBEF, AGG, SPEM, IJR, VNQ, BOND, BRK.B +64 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· 183 positions (2017-Q4) · largest first · Δ vs 2017-Q3

#	Security	Shares	Value	Weight	Δ QoQ
1	FTCSFIRST TR EXCHANGE-TRADED FD	169,974	$9M	4.9%	HOLD
2	SCHWSCHWAB CHARLES CORP	143,361	$7M	4.2%	TRIM −7%
3	JPMJPMORGAN CHASE & CO	61,546	$7M	3.7%	TRIM −24%
4	HCAHCA HEALTHCARE INC	67,579	$6M	3.4%	TRIM −7%
5	BROOKFIELD ASSET MGMT INC	135,086	$6M	3.3%	TRIM −5%
6	AAPLAPPLE INC	33,619	$6M	3.2%	TRIM −5%
7	LIBERTY GLOBAL PLC	157,701	$5M	3.0%	ADD 15%
8	SHWSHERWIN WILLIAMS CO	11,833	$5M	2.7%	HOLD
9	ARANTERO RESOURCES CORP	230,651	$4M	2.5%	TRIM −8%
10	DONWISDOMTREE TR	114,644	$4M	2.3%	ADD 202%
11	PRIPRIMERICA INC	36,409	$4M	2.1%	TRIM −8%
12	CTSHCOGNIZANT TECHNOLOGY SOLUTIO	49,894	$4M	2.0%	TRIM −5%
13	DBEFDBX ETF TR	108,782	$3M	2.0%	ADD 3%
14	ADPAUTOMATIC DATA PROCESSING IN	26,657	$3M	1.8%	ADD 457%
15	KMIKINDER MORGAN INC DEL	168,334	$3M	1.7%	TRIM −5%
16	IQVIQVIA HLDGS INC	29,309	$3M	1.6%	NEW
17	AGGISHARES TR	23,927	$3M	1.5%	TRIM −26%
18	SEAGATE TECHNOLOGY PLC	62,085	$3M	1.5%	TRIM −5%
19	SPEMSPDR INDEX SHS FDS	66,767	$3M	1.4%	ADD 98%
20	STSENSATA TECHNOLOGIES HOLDING	47,386	$2M	1.4%	TRIM −8%
21	IJRISHARES TR	31,239	$2M	1.4%	NEW
22	VNQVANGUARD INDEX FDS	24,631	$2M	1.2%	TRIM −10%
23	BONDPIMCO ETF TR	18,971	$2M	1.1%	TRIM −7%
24	BRK.BBERKSHIRE HATHAWAY INC DEL	9,734	$2M	1.1%	ADD 12%
25	MSFTMICROSOFT CORP	21,576	$2M	1.0%	TRIM −6%
26	PCARPACCAR INC	25,858	$2M	1.0%	HOLD
27	CVSCVS HEALTH CORP	21,178	$2M	0.9%	ADD 48%
28	BIVVANGUARD BD INDEX FDS	17,680	$1M	0.8%	HOLD
29	POWERSHARES ETF TR II	75,285	$1M	0.8%	HOLD
30	MBBISHARES TR	12,984	$1M	0.8%	TRIM −4%
31	VZVERIZON COMMUNICATIONS INC	24,712	$1M	0.7%	HOLD
32	XOMEXXON MOBIL CORP	15,507	$1M	0.7%	TRIM −12%
33	BLACKSTONE MTG TR INC	10,000	$1M	0.7%	HOLD
34	JNJJOHNSON & JOHNSON	8,368	$1M	0.7%	ADD 3%
35	KOCOCA COLA CO	25,251	$1M	0.7%	HOLD
36	ABBVABBVIE INC	11,804	$1M	0.6%	TRIM −8%
37	AMZNAMAZON COM INC	937	$1M	0.6%	TRIM −6%
38	HDHOME DEPOT INC	5,366	$1M	0.6%	TRIM −4%
39	GBCIGLACIER BANCORP INC NEW	25,675	$1M	0.6%	TRIM −17%
40	ACNACCENTURE PLC IRELAND	6,369	$975,000	0.6%	TRIM −17%
41	WFCWELLS FARGO CO NEW	15,703	$953,000	0.5%	TRIM −13%
42	GOOGLALPHABET INC	899	$947,000	0.5%	HOLD
43	BABOEING CO	3,193	$942,000	0.5%	TRIM −9%
44	PFEPFIZER INC	25,975	$941,000	0.5%	HOLD
45	BNDVANGUARD BD INDEX FDS	11,402	$930,000	0.5%	TRIM −16%
46	GUNRFLEXSHARES TR	27,829	$926,000	0.5%	ADD 16%
47	HYGISHARES TR	10,536	$919,000	0.5%	TRIM −24%
48	AMTAMERICAN TOWER CORP	6,393	$912,000	0.5%	ADD 36%
49	BNDXVANGUARD CHARLOTTE FDS	16,620	$904,000	0.5%	ADD 5%
50	MCDMCDONALDS CORP	5,246	$903,000	0.5%	TRIM −10%
51	MAMASTERCARD INCORPORATED	5,675	$859,000	0.5%	TRIM −19%
52	FTLSFIRST TR EXCH TRADED FD III	21,723	$854,000	0.5%	HOLD
53	SPDR Bloomberg Barclays High Yie	23,253	$854,000	0.5%	TRIM −15%
54	UNHUNITEDHEALTH GROUP INC	3,632	$801,000	0.5%	TRIM −4%
55	NSCNORFOLK SOUTHN CORP	5,345	$774,000	0.4%	TRIM −7%
56	SBUXSTARBUCKS CORP	13,443	$772,000	0.4%	HOLD
57	PRUPRUDENTIAL FINL INC	6,655	$765,000	0.4%	HOLD
58	CCLCARNIVAL CORP	11,276	$748,000	0.4%	TRIM −3%
59	NZFNUVEEN MUNICIPAL CREDIT INC	48,825	$744,000	0.4%	TRIM −39%
60	POWERSHARES ETF TR II	24,928	$736,000	0.4%	ADD 6%
61	COSTCOSTCO WHSL CORP NEW	3,915	$729,000	0.4%	TRIM −24%
62	AXTAAXALTA COATING SYS LTD	22,254	$720,000	0.4%	TRIM −73%
63	COPCONOCOPHILLIPS	12,656	$695,000	0.4%	TRIM −16%
64	CLAYMORE EXCHANGE TRD FD TR	13,404	$672,000	0.4%	TRIM −16%
65	LVSLAS VEGAS SANDS CORP	9,666	$672,000	0.4%	TRIM −3%
66	UNPUNION PAC CORP	4,984	$668,000	0.4%	TRIM −4%
67	MOALTRIA GROUP INC	9,267	$662,000	0.4%	HOLD
68	ADIANALOG DEVICES INC	7,092	$631,000	0.4%	HOLD
69	SPYSTATE STR SPDR S&P 500 ETF T	2,354	$628,000	0.4%	HOLD
70	CSCOCISCO SYS INC	16,221	$621,000	0.4%	HOLD
71	ENFRALPS ETF TR	26,193	$605,000	0.3%	HOLD
72	BLACKROCK MUN INCOME TR	42,247	$595,000	0.3%	ADD 3%
73	DDOMINION ENERGY INC	7,333	$594,000	0.3%	HOLD
74	BSVVANGUARD BD INDEX FDS	7,334	$580,000	0.3%	TRIM −16%
75	COFCAPITAL ONE FINL CORP	5,817	$579,000	0.3%	ADD 4%
76	VLOVALERO ENERGY CORP	6,162	$566,000	0.3%	TRIM −35%
77	TAT&T INC	14,330	$557,000	0.3%	ADD 2%
78	NVSNOVARTIS AG	6,457	$542,000	0.3%	TRIM −5%
79	LYBLYONDELLBASELL INDUSTRIES N	4,851	$535,000	0.3%	ADD 3%
80	FISFIDELITY NATL INFORMATION SV	5,561	$523,000	0.3%	TRIM −23%
81	VIGVANGUARD SPECIALIZED FUNDS	5,094	$520,000	0.3%	HOLD
82	WMWASTE MGMT INC DEL	6,011	$519,000	0.3%	ADD 5%
83	ZTSZOETIS INC	7,038	$507,000	0.3%	TRIM −35%
84	GMGENERAL MTRS CO	12,346	$506,000	0.3%	ADD 34%
85	LMTLOCKHEED MARTIN CORP	1,550	$498,000	0.3%	TRIM −16%
86	WDCWESTERN DIGITAL CORP	6,180	$492,000	0.3%	HOLD
87	SYFSYNCHRONY FINANCIAL	12,660	$489,000	0.3%	HOLD
88	LQDISHARES TR	3,958	$481,000	0.3%	ADD 83%
89	NBBNUVEEN TAXABLE MUNICPAL INM	21,872	$481,000	0.3%	HOLD
90	KHCKRAFT HEINZ CO	5,760	$448,000	0.3%	TRIM −18%
91	GILDGILEAD SCIENCES INC	6,237	$447,000	0.3%	ADD 9%
92	USBUS BANCORP	8,267	$443,000	0.3%	HOLD
93	MDTMEDTRONIC PLC	5,466	$441,000	0.2%	TRIM −9%
94	GEGENERAL ELECTRIC CO	24,350	$425,000	0.2%	TRIM −35%
95	DWMWISDOMTREE TR	7,611	$425,000	0.2%	TRIM −31%
96	MUBISHARES TR	3,799	$421,000	0.2%	TRIM −34%
97	KMBKIMBERLY-CLARK CORP	3,489	$421,000	0.2%	HOLD
98	IWFISHARES TR	3,120	$420,000	0.2%	ADD 10%
99	ENBENBRIDGE INC	10,689	$418,000	0.2%	ADD 5%
100	SWKSTANLEY BLACK & DECKER INC	2,457	$417,000	0.2%	ADD 12%
101	TIPISHARES TR	3,616	$413,000	0.2%	NEW
102	WMTWALMART INC	4,073	$402,000	0.2%	ADD 5%
103	NUVNUVEEN MUN VALUE FD INC	39,618	$401,000	0.2%	HOLD
104	NADNUVEEN QUALITY MUNCP INCOME	28,387	$399,000	0.2%	TRIM −45%
105	EFAISHARES TR	5,641	$397,000	0.2%	ADD 21%
106	CELGENE CORP	3,696	$386,000	0.2%	TRIM −28%
107	NWLNEWELL BRANDS INC	12,326	$381,000	0.2%	HOLD
108	WRKCO INC	5,965	$377,000	0.2%	NEW
109	MEARISHARES U S ETF TR	7,518	$375,000	0.2%	ADD 16%
110	MANMANPOWERGROUP INC WIS	2,939	$371,000	0.2%	TRIM −17%
111	AIGAMERICAN INTL GROUP INC	6,149	$366,000	0.2%	TRIM −28%
112	MRKMERCK & CO INC	6,145	$346,000	0.2%	TRIM −22%
113	VEUVANGUARD INTL EQUITY INDEX F	6,250	$342,000	0.2%	HOLD
114	HALHALLIBURTON CO	6,967	$340,000	0.2%	NEW
115	EXPRESS SCRIPTS HLDG CO	4,460	$333,000	0.2%	TRIM −27%
116	BLACKROCK MUNI INCOME TR II	22,798	$329,000	0.2%	HOLD
117	ALLERGAN PLC	2,011	$329,000	0.2%	TRIM −28%
118	EEMISHARES TR	6,960	$328,000	0.2%	ADD 37%
119	IGIWESTERN ASSET INVT GRADE OPP	14,169	$324,000	0.2%	HOLD
120	HANESBRANDS INC	15,409	$322,000	0.2%	TRIM −32%
121	PGPROCTER AND GAMBLE CO	3,441	$316,000	0.2%	ADD 6%
122	EPDENTERPRISE PRODS PARTNERS L	11,818	$313,000	0.2%	HOLD
123	MMTMFS MULTIMARKET INCOME TR	51,565	$313,000	0.2%	TRIM −31%
124	VBRVANGUARD INDEX FDS	2,294	$305,000	0.2%	TRIM −89%
125	XMYDXBLACKROCK MUNIYIELD FD INC	20,971	$304,000	0.2%	HOLD
126	METAMETA PLATFORMS INC	1,719	$303,000	0.2%	TRIM −12%
127	CNDTCONDUENT INC	18,528	$299,000	0.2%	ADD 27%
128	KMXCARMAX INC	4,579	$294,000	0.2%	TRIM −18%
129	GOOGALPHABET INC	271	$284,000	0.2%	HOLD
130	BNY Mellon Strategic Mun Bd	33,236	$284,000	0.2%	HOLD
131	POWERSHARES ETF TR II	11,015	$284,000	0.2%	ADD 17%
132	NFLXNETFLIX INC	1,417	$272,000	0.2%	HOLD
133	JRSNUVEEN REAL ESTATE INCOME FD	24,127	$272,000	0.2%	ADD 3%
134	XNEAXNUVEEN AMT FREE QLTY MUN INC	19,678	$271,000	0.2%	TRIM −55%
135	EIMEATON VANCE MUN BD FD	20,712	$259,000	0.1%	HOLD
136	MMUWESTERN ASSET MANAGED MUNS F	18,342	$258,000	0.1%	ADD 9%
137	STORE CAPITAL CORP	9,652	$251,000	0.1%	NEW
138	COLBCOLUMBIA BKG SYS INC	5,764	$250,000	0.1%	ADD 9%
139	EFVISHARES TR	4,505	$249,000	0.1%	ADD 22%
140	MINMFS INTER INCOME TR	59,372	$246,000	0.1%	HOLD
141	NVGNUVEEN AMT FREE MUN CR INC F	15,783	$244,000	0.1%	TRIM −75%
142	PMPHILIP MORRIS INTL INC	2,309	$244,000	0.1%	TRIM −25%
143	CBCHUBB LIMITED	1,661	$243,000	0.1%	TRIM −37%
144	XEFRXEATON VANCE SR FLTNG RTE TR	16,666	$241,000	0.1%	HOLD
145	VTIVANGUARD INDEX FDS	1,730	$237,000	0.1%	HOLD
146	NXPNUVEEN SELECT TAX-FREE INCOM	15,894	$232,000	0.1%	HOLD
147	IJJISHARES TR	1,440	$231,000	0.1%	TRIM −43%
148	ALLALLSTATE CORP	2,169	$227,000	0.1%	NEW
149	BLACKROCK STRATEGIC MUN TR	16,630	$227,000	0.1%	HOLD
150	ENERGY TRANSFER PARTNERS LP	12,547	$225,000	0.1%	ADD 22%
151	WMBWILLIAMS COS INC	7,292	$222,000	0.1%	NEW
152	IIMINVESCO VALUE MUN INCOME TR	14,827	$221,000	0.1%	ADD 8%
153	AOKISHARES TR	6,288	$218,000	0.1%	NEW
154	BPBP PLC	5,041	$212,000	0.1%	TRIM −16%
155	BLWBLACKROCK LTD DURATION INCOM	13,328	$212,000	0.1%	HOLD
156	BNY Mellon Strategic Muns Inc.	24,016	$207,000	0.1%	HOLD
157	IVVISHARES TR	767	$206,000	0.1%	NEW
158	IWMISHARES TR	1,339	$204,000	0.1%	TRIM −4%
159	BSLBLACKSTONE SENI FLTN RAT 202	10,900	$196,000	0.1%	NEW
160	NUVEEN	29,579	$193,000	0.1%	HOLD
161	MHDBLACKROCK MUNIHOLDINGS FD IN	10,758	$178,000	0.1%	TRIM −10%
162	VVRINVESCO SR INCOME TR	40,074	$176,000	0.1%	HOLD
163	FLAGSTAR BANK NA	13,541	$176,000	0.1%	HOLD
164	CSQCALAMOS STRATEGIC TOTAL RETU	13,875	$168,000	0.1%	HOLD
165	MATINAS BIOPHARMA HLDGS INC	143,914	$167,000	0.1%	HOLD
166	ANNALY MORTGAGE MANAGEMENT	13,811	$164,000	0.1%	ADD 27%
167	ETVEATON VANCE TX MNG BY WRT OP	10,500	$161,000	0.1%	HOLD
168	Nuveen Preferred & Income Securities Fd	15,780	$161,000	0.1%	HOLD
169	NMINUVEEN MUN INCOME FD INC	13,770	$159,000	0.1%	ADD 10%
170	XBKNXBLACKROCK INVT QUALITY MUN T	10,280	$153,000	0.1%	HOLD
171	EFTEATON VANCE FLTING RATE INC	10,600	$152,000	0.1%	NEW
172	XMCRXMFS CHARTER INCOME TR	16,900	$143,000	0.1%	TRIM −37%
173	XCXHXMFS INVT GRADE MUN TR	13,475	$131,000	0.1%	ADD 17%
174	XMVFXBLACKROCK MUNIVEST FD INC	12,009	$115,000	0.1%	HOLD
175	PIMPUTNAM MASTER INTER INCOME T	24,170	$115,000	0.1%	HOLD
176	CORBUS PHARMACEUTICALS HLDGS	15,344	$109,000	0.1%	HOLD
177	BLACKROCK INCOME TR INC	16,829	$104,000	0.1%	ADD 3%
178	MGFMFS GOVT MKTS INCOME TR	14,586	$70,000	0.0%	HOLD
179	OPKOPKO HEALTH INC	11,048	$54,000	0.0%	TRIM −12%
180	WEATHERFORD INTL PLC	12,218	$51,000	0.0%	ADD 22%
181	YAMANA GOLD INC	13,000	$41,000	0.0%	NEW
182	ORGANOVO HLDGS INC	11,250	$15,000	0.0%	HOLD
183	DNNDENISON MINES CORP	13,520	$7,000	0.0%	HOLD

☆Yellowstone Partners, LLC