SIPHRON CAPITAL MANAGEMENT /CA/

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CIK 893273

13F portfolio (2014-Q3)

$30M

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 2014-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 (2014-Q3)

Holdings

Top 5

21.1%

Top 10

39.0%

Effective N

30.6

HHI

0.033

This quarter

1 new · 0 exit →

By sector

Unclassified16.6%

Materials15.9%

Financials13.1%

Health Care12.2%

Consumer Discretionary11.9%

Industrials10.8%

Information Technology6.9%

Communication Services6.4%

Consumer Staples6.2%

By market cap

Large ($10–200B)41.4%

Mega (>$200B)33.1%

Unknown16.6%

Mid ($2–10B)5.5%

Micro (<$300M)3.4%

Small ($300M–2B)0.0%

By region

North America83.4%

Other16.6%

By industry group GICS — finer than sector

Industry group	Weight	Names
Unclassified	16.55%	12
Chemicals	13.92%	6
Health Care Equipment & Supplies	12.29%	5
Banks	6.49%	2
Specialty Retail	6.48%	2
Textiles, Apparel & Luxury Goods	5.36%	5
Road & Rail	4.68%	1
Technology Hardware & Equipment	4.29%	3
Insurance	3.44%	1
Food Products	3.42%	2
Software & IT Services	3.31%	5
Pharmaceuticals & Biotechnology	3.23%	2
Commercial Services & Supplies	3.18%	4
Entertainment	3.08%	1
Beverages	2.83%	2
Machinery	2.81%	5
Software	2.59%	4
Paper & Forest Products	1.97%	1
Semiconductors & Semiconductor Equipment	0.03%	4
Professional Services	0.01%	1
Diversified Telecommunication Services	0.01%	1
Diversified Consumer Services	0.01%	1
Automobiles & Components	0.01%	1
Communications Equipment	0.01%	1
Distributors	0.00%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	UNP	UNION PACIFIC CORP	Industrials	4.68%
2	AAPL	Apple Inc.	Information Technology	4.28%
3	NKE	NIKE, Inc.	Materials	4.15%
4	ECL	ECOLAB INC.	Materials	4.08%
5		CELGENE CORP	Unclassified	3.92%
6		DIRECTV	Unclassified	3.80%
7	COST	COSTCO WHOLESALE CORP /NEW	Consumer Discretionary	3.74%
8	UNH	UNITEDHEALTH GROUP INC	Financials	3.44%
9	WFC	WELLS FARGO & COMPANY/MN	Financials	3.44%
10	HAIN	HAIN CELESTIAL GROUP INC	Consumer Staples	3.41%

61/73 names classified · sector 83.4% of weight · industry 83.4% · mkt cap 83.4%; unclassified names shown, never dropped.

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

top 5/sector, rest → “Other” · 6 quarters

IndustrialsUNP, MMM, CAT, DCI, UPS · other

MaterialsECL, CHD, EL, NKE, KMB · other

Consumer DiscretionaryAMZN, COST, FAST, VFC, UAA · other

Health CareBDX, JNJ, SYK, MDT, LLY · other

FinancialsV, WFC, AXP, UNH, WRLD

Information TechnologyAAPL, INTU, CSCO, IBM, ADSK · other

Consumer StaplesPEP, HAIN, MKC, SAM, BGS

Communication ServicesDIS, META, ZD

UnclassifiedGOOGLE INC, CELGENE CORP, DIRECTV, ANADARKO PETE CORP, CERNER 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: 83.4% of the book is sector-classified (unclassified names shown, never dropped).

Style box · size × value-growth placement of the reported book (2014-Q3), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

holdings, colored by sector (57 classified)SIPHRON CAPITAL MANAGEMENT /CA/ centroid (Large Core)

MaterialsFinancialsHealth CareIndustrialsConsumer DiscretionaryInformation TechnologyCommunication ServicesConsumer Staples

Style box summary for SIPHRON CAPITAL MANAGEMENT /CA/: centroid Large Core. Heaviest cells: Large Core 27.2%, Large Growth 20.3%, Large Value 11.9%.

Classified: 76.9% of book weight (57/62 names) · unclassified 23.1%: , HAIN, UAA, MIDD, TISI. 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· 73 positions (2014-Q3) · largest first · Δ vs 2014-Q2

#	Security	Shares	Value	Weight	Δ QoQ
1	UNPUNION PAC CORP	12,870	$1M	4.7%	HOLD
2	AAPLAPPLE INC	12,648	$1M	4.3%	HOLD
3	NKENIKE INC	13,870	$1M	4.2%	ADD 14%
4	ECLECOLAB INC	10,590	$1M	4.1%	HOLD
5	CELGENE CORP	12,332	$1M	3.9%	HOLD
6	DIRECTV	13,090	$1M	3.8%	HOLD
7	COSTCOSTCO WHSL CORP NEW	8,880	$1M	3.7%	HOLD
8	UNHUNITEDHEALTH GROUP INC	11,900	$1M	3.4%	HOLD
9	WFCWELLS FARGO CO NEW	19,780	$1M	3.4%	HOLD
10	HAINHAIN CELESTIAL GROUP INC	9,940	$1M	3.4%	HOLD
11	BDXBECTON DICKINSON & CO	8,750	$996,000	3.3%	HOLD
12	MMM3M CO	6,990	$990,000	3.3%	HOLD
13	METAMETA PLATFORMS INC	12,350	$976,000	3.3%	NEW
14	JNJJOHNSON & JOHNSON	9,000	$959,000	3.2%	HOLD
15	VVISA INC	4,410	$941,000	3.2%	HOLD
16	UAAUNDER ARMOUR INC	13,540	$936,000	3.1%	ADD 65%
17	DISDISNEY WALT CO	10,320	$919,000	3.1%	ADD 89%
18	SYKSTRYKER CORPORATION	11,350	$917,000	3.1%	HOLD
19	AXPAMERICAN EXPRESS CO	10,380	$909,000	3.1%	HOLD
20	CHDCHURCH & DWIGHT CO INC	12,670	$889,000	3.0%	HOLD
21	PEPPEPSICO INC	9,000	$838,000	2.8%	HOLD
22	CATCATERPILLAR INC	8,330	$825,000	2.8%	HOLD
23	AMZNAMAZON COM INC	2,535	$817,000	2.7%	TRIM −26%
24	ANADARKO PETE CORP	7,910	$802,000	2.7%	HOLD
25	ELLAUDER ESTEE COS INC	10,700	$800,000	2.7%	HOLD
26	INTUINTUIT	8,741	$766,000	2.6%	HOLD
27	MDTMEDTRONIC INC	12,230	$758,000	2.5%	HOLD
28	GOOGLE INC	1,278	$752,000	2.5%	HOLD
29	CERNER CORP	12,147	$724,000	2.4%	HOLD
30	VFCV F CORP	9,920	$655,000	2.2%	HOLD
31	KMBKIMBERLY-CLARK CORP	5,470	$588,000	2.0%	HOLD
32	Alphabet CL C	586	$338,000	1.1%	TRIM −53%
33	ADVENT SOFTWARE	131	$4,000	0.0%	HOLD
34	SAMBOSTON BEER INC	17	$4,000	0.0%	HOLD
35	MIDDMIDDLEBY CORP	45	$4,000	0.0%	HOLD
36	BCPCBALCHEM CORP	54	$3,000	0.0%	HOLD
37	CLARCOR INC	41	$3,000	0.0%	HOLD
38	EXPOEXPONENT INC	36	$3,000	0.0%	HOLD
39	FISVFISERV INC	48	$3,000	0.0%	HOLD
40	ZDZIFF DAVIS INC	64	$3,000	0.0%	HOLD
41	NTCTNETSCOUT SYS INC	76	$3,000	0.0%	HOLD
42	TTCTORO CO	43	$3,000	0.0%	HOLD
43	UNFUNIFIRST CORP MASS	27	$3,000	0.0%	HOLD
44	AZZAZZ INC	50	$2,000	0.0%	HOLD
45	AMGNAMGEN INC	16	$2,000	0.0%	HOLD
46	ADIANALOG DEVICES INC	38	$2,000	0.0%	HOLD
47	ANSYS INC	26	$2,000	0.0%	HOLD
48	ADSKAUTODESK INC	36	$2,000	0.0%	HOLD
49	ADPAUTOMATIC DATA PROCESSING IN	23	$2,000	0.0%	HOLD
50	BGSB & G FOODS INC NEW	66	$2,000	0.0%	HOLD
51	BMIBADGER METER INC	42	$2,000	0.0%	HOLD
52	CTSHCOGNIZANT TECHNOLOGY SOLUTIO	44	$2,000	0.0%	HOLD
53	DORMDORMAN PRODS INC	56	$2,000	0.0%	HOLD
54	FDSFACTSET RESH SYS INC	19	$2,000	0.0%	HOLD
55	GIIIG-III APPAREL GROUP LTD	30	$2,000	0.0%	HOLD
56	ICUIICU MED INC	33	$2,000	0.0%	HOLD
57	INTCINTEL CORP	53	$2,000	0.0%	HOLD
58	LUMBER LIQUIDATORS HOLDINGS	36	$2,000	0.0%	HOLD
59	SHOOMADDEN STEVEN LTD	64	$2,000	0.0%	HOLD
60	MSFTMICROSOFT CORP	52	$2,000	0.0%	HOLD
61	MCHPMICROCHIP TECHNOLOGY INC.	42	$2,000	0.0%	HOLD
62	ORCLORACLE CORP	43	$2,000	0.0%	HOLD
63	QCOMQUALCOMM INC	24	$2,000	0.0%	HOLD
64	RGRSTURM RUGER & CO INC	33	$2,000	0.0%	HOLD
65	TISITEAM INC	54	$2,000	0.0%	HOLD
66	TXNTEXAS INSTRS INC	37	$2,000	0.0%	HOLD
67	VARIAN MED SYS INC	23	$2,000	0.0%	HOLD
68	WDFCW D 40 Co.	30	$2,000	0.0%	HOLD
69	WWWWOLVERINE WORLD WIDE INC	88	$2,000	0.0%	HOLD
70	ACNACCENTURE PLC IRELAND	28	$2,000	0.0%	HOLD
71	DXPEDXP ENTERPRISES INC	18	$1,000	0.0%	HOLD
72	LINEAR TECHNOLOGY CORP	30	$1,000	0.0%	HOLD
73	NTAPNetApp Inc.	33	$1,000	0.0%	HOLD

☆SIPHRON CAPITAL MANAGEMENT /CA/