RAY GERALD L & ASSOCIATES LTD

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CIK 837286

13F portfolio (2017-Q3)

$802M

Positions

328

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-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 (2017-Q3)

Holdings

328

Top 5

19.7%

Top 10

28.7%

Effective N

69.7

HHI

0.014

This quarter

16 new · 0 exit →

By sector

Unclassified25.3%

Health Care14.2%

Industrials12.8%

Information Technology11.2%

Financials10.8%

Consumer Staples5.7%

Consumer Discretionary5.5%

Communication Services4.4%

Other10.0%

By market cap

Large ($10–200B)36.6%

Mega (>$200B)33.6%

Unknown26.1%

Mid ($2–10B)3.0%

Micro (<$300M)0.5%

Small ($300M–2B)0.3%

By region

North America74.2%

Other25.3%

Europe0.3%

Asia-Pacific0.1%

By industry group GICS — finer than sector

Industry group	Weight	Names
Unclassified	25.47%	133
Pharmaceuticals & Biotechnology	13.80%	16
Airlines	6.99%	4
Banks	6.28%	13
Technology Hardware & Equipment	5.71%	11
Chemicals	3.07%	8
Aerospace & Defense	2.90%	4
Oil, Gas & Consumable Fuels	2.59%	11
Specialty Retail	2.56%	9
Semiconductors & Semiconductor Equipment	2.54%	7
Beverages	2.43%	3
Commercial Services & Supplies	2.40%	5
Software & IT Services	2.24%	3
Utilities	2.02%	11
Insurance	2.01%	7
Equity Real Estate Investment Trusts (REITs)	1.94%	12
Hotels, Restaurants & Leisure	1.88%	8
Software	1.53%	4
Tobacco	1.50%	2
Food Products	1.40%	7
Entertainment	1.16%	1
Road & Rail	1.12%	5
Machinery	1.11%	6
Electrical Equipment & Components	0.90%	1
Diversified Telecommunication Services	0.87%	5
Automobiles & Components	0.56%	3
Health Care Equipment & Supplies	0.55%	7
Communications Equipment	0.52%	3
Capital Markets	0.38%	3
Food & Staples Retailing	0.36%	1
Paper & Forest Products	0.32%	2
Textiles, Apparel & Luxury Goods	0.24%	2
Distributors	0.16%	2
Marine	0.11%	1
Health Care Providers & Services	0.09%	1
Construction & Engineering	0.06%	1
Media & Entertainment	0.05%	2
Media & Publishing	0.05%	1
Real Estate Management & Development	0.04%	1
Metals & Mining	0.04%	1
Diversified Consumer Services	0.04%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	LUV	SOUTHWEST AIRLINES CO	Industrials	6.07%
2		CELGENE CORP	Unclassified	4.62%
3	REGN	REGENERON PHARMACEUTICALS, INC.	Health Care	3.12%
4	AAPL	Apple Inc.	Information Technology	3.11%
5	AMGN	AMGEN INC	Health Care	2.80%
6	JPM	JPMORGAN CHASE & CO	Financials	2.45%
7	META	Meta Platforms, Inc.	Communication Services	1.82%
8	V	VISA INC.	Financials	1.79%
9	HON	HONEYWELL INTERNATIONAL INC	Industrials	1.46%
10	BAC	BANK OF AMERICA CORP /DE/	Financials	1.42%

197/328 names classified · sector 74.7% of weight · industry 74.5% · mkt cap 73.9%; unclassified names shown, never dropped.

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

top 5/sector, rest → “Other” · 18 quarters

Health CareREGN, AMGN, JNJ, BMY, PFE · other

Information TechnologyAAPL, GE, INTC, IBM, SNDK · other

IndustrialsLUV, HON, BA, CAT, NSC · other

FinancialsJPM, V, BAC, UNH, C · other

Consumer DiscretionaryWMT, UAA, LOW, LVS, UA · other

Consumer StaplesPEP, KO, PM, MO, CVS · other

MaterialsCL, PG, EL, KMB, FCX · other

Communication ServicesDIS, META, T, VZ, LUMN · other

EnergyXOM, CVX, EOG, SLB, PAA · other

UtilitiesEPD, KMI, D, ET, WMB · other

Real EstateSPG, BXP, MAC, AMT, WY · other

UnclassifiedCELGENE CORP, DU PONT E I DE NEMOURS & CO, MAGELLAN MIDSTREAM PARTNERS LP, KANSAS CITY SOUTHERN, DOWDUPONT 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: 74.7% of the book is sector-classified (unclassified names shown, never dropped).

Style box · size × value-growth placement of the reported book (2017-Q3), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

holdings, colored by sector (175 classified)RAY GERALD L & ASSOCIATES LTD centroid (Large Core)

Health CareIndustrialsInformation TechnologyFinancialsConsumer DiscretionaryConsumer StaplesCommunication ServicesMaterialsEnergyReal EstateUtilities

Style box summary for RAY GERALD L & ASSOCIATES LTD: centroid Large Core. Heaviest cells: Large Core 19.7%, Large Value 18.6%, Large Growth 14.8%.

Classified: 71.8% of book weight (175/259 names) · unclassified 28.2%: , EPD, IBB, HYG, IYG, HAIN, EFA, IVW, IWR, VO +74 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· 328 positions (2017-Q3) · largest first · Δ vs 2017-Q2

#	Security	Shares	Value	Weight	Δ QoQ
1	LUVSOUTHWEST AIRLS CO	869,830	$49M	6.1%	HOLD
2	CELGENE CORP	253,919	$37M	4.6%	HOLD
3	REGNREGENERON PHARMACEUTICALS	55,899	$25M	3.1%	HOLD
4	AAPLAPPLE INC	161,639	$25M	3.1%	HOLD
5	AMGNAMGEN INC	120,452	$22M	2.8%	HOLD
6	JPMJPMORGAN CHASE & CO	205,981	$20M	2.5%	HOLD
7	METAMETA PLATFORMS INC	85,672	$15M	1.8%	HOLD
8	VVISA INC	136,814	$14M	1.8%	HOLD
9	HONHONEYWELL INTL INC	82,779	$12M	1.5%	TRIM −2%
10	BACBANK AMERICA CORP	449,094	$11M	1.4%	TRIM −2%
11	BMYBRISTOL-MYERS SQUIBB CO	174,805	$11M	1.4%	HOLD
12	PEPPEPSICO INC	99,889	$11M	1.4%	HOLD
13	JNJJOHNSON & JOHNSON	85,500	$11M	1.4%	HOLD
14	UNHUNITEDHEALTH GROUP INC	56,095	$11M	1.4%	HOLD
15	DOWDUPONT INC	152,749	$11M	1.3%	NEW
16	CCITIGROUP INC	131,059	$10M	1.2%	HOLD
17	BABOEING CO	36,798	$9M	1.2%	HOLD
18	DISDISNEY WALT CO	94,527	$9M	1.2%	HOLD
19	MSFTMICROSOFT CORP	123,858	$9M	1.2%	HOLD
20	CLCOLGATE PALMOLIVE CO	125,873	$9M	1.1%	HOLD
21	PGPROCTER AND GAMBLE CO	94,292	$9M	1.1%	HOLD
22	PMPHILIP MORRIS INTL INC	72,667	$8M	1.0%	HOLD
23	INTCINTEL CORP	206,473	$8M	1.0%	HOLD
24	ACADACADIA PHARM	199,260	$8M	0.9%	HOLD
25	KOCOCA COLA CO	164,982	$7M	0.9%	HOLD
26	POWERSHARES QQQ TRUST	50,337	$7M	0.9%	TRIM −3%
27	GEGENERAL ELECTRIC CO	299,504	$7M	0.9%	TRIM −5%
28	GILDGILEAD SCIENCES INC	81,292	$7M	0.8%	TRIM −2%
29	MAGELLAN MIDSTREAM PARTNERS LP	89,686	$6M	0.8%	HOLD
30	NSCNORFOLK SOUTHN CORP	47,948	$6M	0.8%	HOLD
31	WMTWALMART INC	78,743	$6M	0.8%	TRIM −2%
32	TMOTHERMO FISHER SCIENTIFIC INC	31,848	$6M	0.8%	HOLD
33	IBMINTERNATIONAL BUSINESS MACHS	39,279	$6M	0.7%	HOLD
34	UNITED TECHNOLOGIES CORP	47,416	$6M	0.7%	HOLD
35	VRTXVERTEX PHARMACEUTICALS INC	35,670	$5M	0.7%	TRIM −4%
36	PFEPFIZER INC	149,808	$5M	0.7%	TRIM −7%
37	XOMEXXON MOBIL CORP	64,828	$5M	0.7%	HOLD
38	MRKMERCK & CO INC	81,524	$5M	0.7%	HOLD
39	NVDANVIDIA CORPORATION	28,170	$5M	0.6%	HOLD
40	EPDENTERPRISE PRODS PARTNERS L	189,393	$5M	0.6%	HOLD
41	ELLAUDER ESTEE COS INC	45,234	$5M	0.6%	HOLD
42	IBBISHARES TR	14,577	$5M	0.6%	HOLD
43	HYGISHARES TR	53,256	$5M	0.6%	HOLD
44	CVXCHEVRON CORP NEW	40,030	$5M	0.6%	HOLD
45	KANSAS CITY SOUTHERN	42,330	$5M	0.6%	HOLD
46	IYGISHARES TR	38,272	$5M	0.6%	HOLD
47	FDXFEDEX CORP	20,239	$5M	0.6%	HOLD
48	CSCOCISCO SYS INC	131,271	$4M	0.6%	HOLD
49	EOGEOG RES INC	44,020	$4M	0.5%	HOLD
50	AMZNAMAZON COM INC	4,403	$4M	0.5%	ADD 2%
51	TAT&T INC	106,680	$4M	0.5%	HOLD
52	QCOMQUALCOMM INC	77,215	$4M	0.5%	ADD 18%
53	MOALTRIA GROUP INC	63,037	$4M	0.5%	HOLD
54	HAINHAIN CELESTIAL GROUP INC	94,305	$4M	0.5%	HOLD
55	HDHOME DEPOT INC	23,593	$4M	0.5%	HOLD
56	EFAISHARES TR	56,349	$4M	0.5%	HOLD
57	LOWLOWES COS INC	46,891	$4M	0.5%	TRIM −13%
58	CBL & ASSOC PPTYS INC	439,106	$4M	0.5%	HOLD
59	MARMARRIOTT INTL INC NEW	33,233	$4M	0.5%	HOLD
60	SPGSIMON PPTY GROUP INC NEW	22,351	$4M	0.4%	HOLD
61	IVWISHARES TR	24,977	$4M	0.4%	TRIM −3%
62	CATCATERPILLAR INC	28,333	$4M	0.4%	HOLD
63	CLOVIS ONCOLOGY INC	42,630	$4M	0.4%	NEW
64	WFCWELLS FARGO CO NEW	57,838	$3M	0.4%	HOLD
65	LLYELI LILLY & CO	36,921	$3M	0.4%	HOLD
66	IWRISHARES TR	15,050	$3M	0.4%	TRIM −3%
67	VOVANGUARD INDEX FDS	19,670	$3M	0.4%	ADD 15%
68	KHCKRAFT HEINZ CO	37,021	$3M	0.4%	TRIM −3%
69	CVSCVS HEALTH CORP	35,110	$3M	0.4%	TRIM −5%
70	VBVANGUARD INDEX FDS	19,823	$3M	0.3%	ADD 16%
71	GMGENERAL MTRS CO	68,989	$3M	0.3%	HOLD
72	TXNTEXAS INSTRS INC	30,958	$3M	0.3%	HOLD
73	HEDJWISDOMTREE TR	41,440	$3M	0.3%	HOLD
74	LVSLAS VEGAS SANDS CORP	41,350	$3M	0.3%	TRIM −2%
75	ABBVABBVIE INC	29,427	$3M	0.3%	HOLD
76	SPLUNK INC	38,789	$3M	0.3%	HOLD
77	SBUXSTARBUCKS CORP	46,367	$2M	0.3%	HOLD
78	EEMISHARES TR	54,704	$2M	0.3%	ADD 4%
79	DDOMINION ENERGY INC	31,845	$2M	0.3%	HOLD
80	BNDVANGUARD BD INDEX FDS	29,709	$2M	0.3%	TRIM −13%
81	GMFSPDR INDEX SHS FDS	23,954	$2M	0.3%	TRIM −3%
82	AXPAMERICAN EXPRESS CO	26,152	$2M	0.3%	HOLD
83	KMBKIMBERLY-CLARK CORP	19,936	$2M	0.3%	HOLD
84	CIGNA CORPORATION	12,525	$2M	0.3%	HOLD
85	EXPRESS SCRIPTS HLDG CO	36,920	$2M	0.3%	TRIM −6%
86	AMTAMERICAN TOWER CORP	17,055	$2M	0.3%	HOLD
87	AALAMERICAN AIRLS GROUP INC	48,836	$2M	0.3%	HOLD
88	GSGOLDMAN SACHS GROUP INC	9,730	$2M	0.3%	TRIM −12%
89	MAMASTERCARD INCORPORATED	16,309	$2M	0.3%	HOLD
90	JCIJOHNSON CONTROLS INTERNATION	56,403	$2M	0.3%	ADD 4%
91	BXPBXP INC	18,450	$2M	0.3%	HOLD
92	CRMSALESFORCE INC	24,005	$2M	0.3%	HOLD
93	MDLZMONDELEZ INTL INC	51,476	$2M	0.3%	HOLD
94	VEAVANGUARD TAX-MANAGED FDS	46,280	$2M	0.3%	ADD 27%
95	LQDISHARES TR	16,498	$2M	0.2%	TRIM −3%
96	AGIOAGIOS PHARMACEUTICALS INC	29,465	$2M	0.2%	TRIM −12%
97	AMDADVANCED MICRO DEVICES INC	153,555	$2M	0.2%	NEW
98	ALTABA INC	29,550	$2M	0.2%	HOLD
99	METMETLIFE INC	37,637	$2M	0.2%	HOLD
100	SLBSCHLUMBERGER LTD	27,915	$2M	0.2%	TRIM −3%
101	MANMANPOWERGROUP INC WIS	16,200	$2M	0.2%	HOLD
102	OKEONEOK INC NEW	33,966	$2M	0.2%	HOLD
103	ICFIShares Cohen & Steers REIT ETF	18,645	$2M	0.2%	TRIM −2%
104	LMTLOCKHEED MARTIN CORP	5,924	$2M	0.2%	HOLD
105	SWKSTANLEY BLACK & DECKER INC	12,031	$2M	0.2%	HOLD
106	MGMMGM RESORTS INTERNATIONAL	54,850	$2M	0.2%	HOLD
107	TIME WARNER INC	17,090	$2M	0.2%	HOLD
108	WDCWESTERN DIGITAL CORP	20,151	$2M	0.2%	ADD 43%
109	GOOGLALPHABET INC	1,764	$2M	0.2%	ADD 30%
110	GOOGALPHABET INC	1,687	$2M	0.2%	ADD 9%
111	ABTABBOTT LABS	29,897	$2M	0.2%	HOLD
112	YUMYUM BRANDS INC	21,511	$2M	0.2%	HOLD
113	MMM3M CO	7,537	$2M	0.2%	ADD 60%
114	KRESPDR SERIES TRUST	27,585	$2M	0.2%	HOLD
115	Guggenheim S&P 500 Equal Weighted ETF	16,325	$2M	0.2%	HOLD
116	XBISPDR SERIES TRUST	17,845	$2M	0.2%	ADD 4%
117	NEENEXTERA ENERGY INC	10,513	$2M	0.2%	HOLD
118	HOWARD HUGHES CORPORATION	13,034	$2M	0.2%	HOLD
119	VZVERIZON COMMUNICATIONS INC	30,705	$2M	0.2%	TRIM −4%
120	MACMACERICH CO	27,550	$2M	0.2%	HOLD
121	IEOISHARES TR	25,379	$1M	0.2%	ADD 5%
122	PANWPALO ALTO NETWORKS INC	10,105	$1M	0.2%	TRIM −3%
123	SWKSSKYWORKS SOLUTIONS INC	13,593	$1M	0.2%	HOLD
124	VGKVANGUARD INTL EQUITY INDEX F	23,510	$1M	0.2%	ADD 6%
125	TECH DATA CORP	15,360	$1M	0.2%	NEW
126	INVESCO AEROSPACE & DEFENSE ETF	26,518	$1M	0.2%	ADD 7%
127	Alerian MLP ETF	120,865	$1M	0.2%	ADD 6%
128	MONSANTO CO NEW	11,224	$1M	0.2%	TRIM −23%
129	VTVVANGUARD INDEX FDS	12,966	$1M	0.2%	TRIM −4%
130	WYWEYERHAEUSER CO	37,538	$1M	0.2%	TRIM −2%
131	ETENERGY TRANSFER L P	73,066	$1M	0.2%	HOLD
132	EESWISDOMTREE TR	36,194	$1M	0.2%	TRIM −3%
133	BUCKEYE PARTNERS L P	21,665	$1M	0.2%	ADD 7%
134	TIPISHARES TR	10,857	$1M	0.2%	TRIM −10%
135	UNPUNION PAC CORP	10,324	$1M	0.1%	HOLD
136	EPIWISDOMTREE TR	47,300	$1M	0.1%	HOLD
137	SYMANTEC CORP	35,397	$1M	0.1%	TRIM −2%
138	CCICROWN CASTLE INC	11,601	$1M	0.1%	HOLD
139	HALHALLIBURTON CO	24,889	$1M	0.1%	HOLD
140	BPBP PLC	29,605	$1M	0.1%	ADD 4%
141	WTREWISDOMTREE TR	35,901	$1M	0.1%	TRIM −5%
142	VBKVANGUARD INDEX FDS	7,405	$1M	0.1%	HOLD
143	KMIKINDER MORGAN INC DEL	58,572	$1M	0.1%	TRIM −3%
144	PRAXAIR INC	7,963	$1M	0.1%	HOLD
145	HSYHERSHEY CO	10,138	$1M	0.1%	HOLD
146	UAAUNDER ARMOUR INC	66,954	$1M	0.1%	TRIM −37%
147	MCDMCDONALDS CORP	7,001	$1M	0.1%	HOLD
148	ALLALLSTATE CORP	11,896	$1M	0.1%	HOLD
149	IGSBISHARES TR	10,325	$1M	0.1%	TRIM −6%
150	SBACSBA COMMUNICATIONS CORP NEW	7,540	$1M	0.1%	HOLD
151	WMBWILLIAMS COS INC	36,054	$1M	0.1%	HOLD
152	DUKDUKE ENERGY CORP NEW	12,863	$1M	0.1%	TRIM −7%
153	TWITTER INC	61,530	$1M	0.1%	ADD 15%
154	ITBISHARES TR	28,185	$1M	0.1%	TRIM −3%
155	WALGREENS BOOTS ALLIANCE INC	13,043	$1M	0.1%	HOLD
156	BMRNBIOMARIN PHARMACEUTICAL INC	10,725	$998,000	0.1%	HOLD
157	BLACKSTONE GROUP LP	29,250	$976,000	0.1%	HOLD
158	FFORD MTR CO	81,076	$970,000	0.1%	TRIM −6%
159	DESWISDOMTREE TR	11,473	$964,000	0.1%	HOLD
160	STZCONSTELLATION BRANDS INC	4,630	$923,000	0.1%	HOLD
161	VIGVANGUARD SPECIALIZED FUNDS	9,686	$918,000	0.1%	HOLD
162	AIGAMERICAN INTL GROUP INC	14,940	$917,000	0.1%	HOLD
163	CMGCHIPOTLE MEXICAN GRILL INC	2,957	$910,000	0.1%	ADD 7%
164	VBRVANGUARD INDEX FDS	7,022	$897,000	0.1%	TRIM −4%
165	YUMCYUM CHINA HLDGS INC	22,051	$881,000	0.1%	TRIM −2%
166	CCLCARNIVAL CORP	13,400	$865,000	0.1%	HOLD
167	TELTE CONNECTIVITY LTD	10,331	$858,000	0.1%	HOLD
168	UAUNDER ARMOUR INC	56,909	$855,000	0.1%	TRIM −35%
169	BB&T CORP	17,890	$840,000	0.1%	HOLD
170	GGP INC	40,367	$838,000	0.1%	HOLD
171	INVESCO WATER RESOURCES ETF	29,104	$829,000	0.1%	HOLD
172	PNCPNC FINL SVCS GROUP INC	5,990	$807,000	0.1%	HOLD
173	FFINFIRST FINL BANKSHARES INC	17,702	$800,000	0.1%	HOLD
174	VGTVANGUARD WORLD FD	5,255	$799,000	0.1%	HOLD
175	ZBHZIMMER BIOMET HOLDINGS INC	6,690	$783,000	0.1%	HOLD
176	ALLERGAN PLC	3,797	$778,000	0.1%	TRIM −3%
177	HUBBHUBBELL INC	6,655	$772,000	0.1%	HOLD
178	USBUS BANCORP	14,357	$769,000	0.1%	HOLD
179	KELLANOVA	12,175	$759,000	0.1%	HOLD
180	ETNEATON CORP PLC	9,700	$745,000	0.1%	ADD 87%
181	ENBENBRIDGE INC	17,776	$744,000	0.1%	HOLD
182	VNQIVANGUARD INTL EQUITY INDEX F	12,531	$744,000	0.1%	HOLD
183	VODVODAFONE GROUP PLC	26,095	$743,000	0.1%	TRIM −2%
184	RWXSPDR INDEX SHS FDS	19,300	$741,000	0.1%	HOLD
185	ARCONIC INC	29,532	$735,000	0.1%	ADD 10%
186	APACHE CORP	15,900	$728,000	0.1%	ADD 23%
187	FTSE RAFI 1000 US Lg Cap	6,791	$728,000	0.1%	HOLD
188	ELVELEVANCE HEALTH INC FORMERLY	3,790	$720,000	0.1%	TRIM −3%
189	HCAHCA HEALTHCARE INC	9,000	$716,000	0.1%	HOLD
190	RACEFERRARI N V	6,470	$715,000	0.1%	HOLD
191	TMTOYOTA MOTOR CORP	5,869	$699,000	0.1%	TRIM −3%
192	POWERSHARES ETF TRUST	22,259	$697,000	0.1%	ADD 110%
193	PIONEER NAT RES CO	4,635	$684,000	0.1%	ADD 12%
194	TGTTARGET CORP	11,591	$684,000	0.1%	ADD 13%
195	WELLWELLTOWER INC	9,729	$684,000	0.1%	HOLD
196	DISH NETWORK CORP	12,600	$683,000	0.1%	ADD 114%
197	BANFBANCFIRST CORP	12,000	$681,000	0.1%	ADD 100%
198	DWMWISDOMTREE TR	12,418	$676,000	0.1%	HOLD
199	DATAWATCH CORP	58,426	$675,000	0.1%	HOLD
200	GCOGENESCO INC	25,309	$673,000	0.1%	ADD 5%

showing the top 200 by weight

☆RAY GERALD L & ASSOCIATES LTD