Franklin US Opportunities

Transkript

Franklin Equity Group
Data as of 31 March 2016
Franklin U.S. Opportunities
AK Portfoy Yonetemi A.S. - Franklin US Opportunities
Mark Mobius, Ph.D.
Executive Chairman
Templeton Asset Management Ltd.
FOR PROFESSIONAL INVESTORS ONLY
Source for data and information provided by Franklin Templeton Investments, as of the date of this presentation, unless otherwise noted.
Franklin Templeton Investments
Cannon Place, 78 Cannon Street
London EC4N 6HL
Tel: +44 (0)20-7073-8500
Fax: +44 (0)20-7073-8700
Table of Contents
Executive Summary................................................................................................................3
Barra Risk Report...................................................................................................................4
Market Review........................................................................................................................5
Performance Attribution by Security.........................................................................................8
Performance Attribution by Sector...........................................................................................9
Performance Attribution by Country.......................................................................................10
Sector Allocation...................................................................................................................11
Geographic Allocation...........................................................................................................12
Top Ten Equity Holdings.......................................................................................................13
Portfolio Characteristics........................................................................................................14
Holdings...............................................................................................................................15
Transaction Summary...........................................................................................................21
Capital Contributions & W ithdrawals..................................................................................... 25
Purchases, Sales & Maturities...............................................................................................29
Important Disclosures...........................................................................................................38
This presentation is intended only as a general overview of the Franklin U.S. Opportunities mandate and is for informational purposes only, and should not be construed or relied upon as investment advice. It has been provided to the recipient for use in
a private and confidential meeting to discuss an existing investment advisory relationship and may not be reproduced or used for any other purpose. It is intended solely for the Client identified hereon. It is not meant for the general public. Information
provided in this presentation is as of 31 March 2016, unless otherwise indicated.
For a complete list of portfolio holdings, please refer to the most recent statement of investments for this account.
2
Executive Summary
As of 31 March 2016
Portfolio Overview
Investment Mandate
North American Equity
Benchmark
Russell 3000 Growth Index
Inception Date
11 May 2011
Portfolio Manager(s)
Grant Bowers
Total Net Assets (TRY)
51,219,886
Cash & Cash Equivalents
1.56%
Number of Issuers
71
Market Capitalisation (Weighted Avg. in Millions TRY)—AK Portfoy Yonetemi A.S. - Franklin US
Opportunities
352,753
Market Capitalisation (Weighted Avg. in Millions TRY)—Russell 3000 Growth Index
368,092
Portfolio Performance (TRY %)
AK Portfoy Yonetemi A.S. Franklin US Opportunities
1.28
1.50
Qtr*
-8.31
-3.09
6 Mths*
-7.32
0.08
1 Mth*
1 Yr
2.17
9.93
3 Yrs
29.13
31.15
Since Incept
23.98
25.81
*Cumulative Total Returns
Holdings of the same issuer have been combined.
Information is historical and may not reflect current or future portfolio characteristics. All portfolio holdings are subject to change.
Performance data is shown rounded to the nearest hundredth.
3
Barra Risk Report
4
Market Review
Market Review
Broad gauges of US equities ended a tempestuous first quarter of 2016 ahead of where they began as they rallied out of correction territory midway
through the period. Energy and materials stocks saw a revival from multi-year lows, while the telecommunication services, utilities and consumer staples
sectors were the top performers among the eight groups that advanced. The health care and financials sectors, however, retreated over the quarter.
Middle-capitalization stocks enjoyed higher average returns than large caps, both of which outperformed the small-cap tier’s overall decline.
By investment style, investors indicated a preference for value-oriented equities, which broadly outperformed their growth counterparts regardless of
company size. Equity gains in the United States stood in contrast to mild declines for most developed and frontier markets, though they lagged robust
average returns across emerging markets.
US equities found investor support despite concerns about dwindling corporate earnings and forward guidance, in addition to weak economies overseas.
Global recession fears eased somewhat as key central banks around the world enacted stimulus measures. Meanwhile, the US Federal Reserve kept
interest rates unchanged during the quarter and expected to scale back the pace of its possible 2016 interest-rate hikes. A weakening trade-weighted US
dollar made American goods more competitive, while a sharp rebound in crude oil and metals prices lent further impetus to the market’s upward swing.
Equities also benefited from stable US economic data as the labor market tightened. Inflationary pressure began building at the consumer level, although
consumers’ spending caution echoed surveys that suggested their high level of confidence in the US economy had lost some momentum since late 2015.
Activity in the services sector remained in expansionary territory during the quarter, and a similar gauge of the manufacturing sector steadily ascended out
of contraction to join it there in March.
Performance Review
The fund underperformed its Russell 3000 Growth benchmark in the first quarter of 2016. Relative underperformance was largely the result of stock
selection in the health care, information technology and consumer discretionary sectors. In contrast, stock selection in the materials and energy sectors
contributed to relative returns.
5
Market Review (continued)
The majority of the fund’s underperformance in the health care sector came from the biotechnology and pharmaceuticals industries, specifically our
holdings in Allergan, Celgene and Anacor Pharmaceuticals. Weakness in the sector was driven by increased political scrutiny on drug pricing and
concerns that large announced mergers may be at risk. In the information technology sector, a position in LinkedIn declined on weaker guidance issued by
the online professional networking company. In contrast, a position in social media company Facebook contributed to the fund’s returns as shares posted
gains following strong fourth-quarter financial results aided by accelerating advertising revenue. Satellite services company ViaSat also reported a
profitable fourth-quarter, which lifted its shares and added to returns.
Despite reporting its highest quarterly profit ever, fourth-quarter financial results fell short of expectations for online retailer Amazon.com, which declined in
value and hurt fund performance in the consumer discretionary sector.
In contrast, several holdings in the materials sector contributed to quarterly returns, specifically construction materials company Martin Marietta Materials
and chemical coatings company Axalta Coating Systems. An optimistic forecast for its aggregates boosted shares of Martin Marietta Materials, while solid
operational growth in fourth quarter lifted shares of Axalta. In the energy sector, higher oil prices fuelled a rally in energy shares, which benefited our
position in Diamondback Energy.
Outlook
Following a bumpy start to the year, US stock markets steadied in March and major indexes climbed higher on signs of improvement in the US economy
and a rebound in commodity prices. However, ongoing concerns about growth in emerging markets and continued weakness in energy prices have led
many to fear that despite generally positive US economic data, we may not be able to avoid lapsing into a recession. We are not worried about a recession
at this time and continue to believe the US economy is performing well. We expect to see moderate corporate earnings growth, strong consumer spending
and modest gross domestic product growth in 2016.
6
Market Review (continued)
From our perspective, US consumers appear to be generally healthy, the economy is operating near full employment, wages are starting to rise and
consumer debt levels are low. As we look for opportunities in the consumer discretionary space, we do so with the belief that consumers will become more
comfortable with lower energy prices, likely resulting in increased spending on discretionary goods. Presently, companies levered to US consumer
spending look attractive to us, specifically areas such as apparel, restaurants, beverages and housing.
We believe the technology and health care sectors continue to have solid growth outlooks with significant changes taking place in the next few years.
In the technology sector, the outlook for spending remains strong, as many companies have realized that investments in technology improvements are
required to remain competitive in the global marketplace. New software, factory automation and data analytics can improve productivity and lower the
production costs for companies, keeping them ahead of the competition. Some areas of technology we are focused on include cyber security, Software as
a Service (SaaS), cloud computing, digital payments and smart devices.
Despite a pullback in the health care sector, we still have a positive long-term outlook for health care companies. We believe an aging global population
will drive increased consumption of health care services and demand for improved treatments and cures. This demographic tailwind combined with
innovation in drug development and medical technology is creating numerous investment opportunities as well.
We are constructive on the US equity market in 2016 and believe that periods of market volatility create opportunities for investors like ourselves who are
willing to step back and take a long-term view of growth drivers and selectively choose companies best positioned to benefit. We expect intermittent
volatility as the markets grapple with global growth concerns, but we continue to find opportunities tied to our long-term investment themes.
7
Performance Attribution by Security
vs. Russell 3000 Growth Index
1 January 2016-31 March 2016
PORTFOLIO
Martin Marietta Materials Inc.
0.18
Diamondback Energy Inc.
0.17
Axalta Coating Systems Ltd.
0.14
*Regeneron Pharmaceuticals Inc.
0.13
Facebook Inc.
0.12
INDEX
Average
Weight
Total
Return
Average
Weight
Total
Return
Total
Effect
Martin Marietta Materials Inc.
1.04
12.98
0.01
12.98
0.18
Diamondback Energy Inc.
1.27
11.29
-
-
0.17
Axalta Coating Systems Ltd.
1.28
5.70
0.02
5.70
0.14
-
-
0.30
-35.95
0.13
3.67
5.17
2.12
5.17
0.12
5 Largest Contributors
*Regeneron Pharmaceuticals Inc.
Facebook Inc.
-0.33
Anacor Pharmaceuticals Inc.
5 Largest Detractors
Amazon.com Inc.
-0.37
Anacor Pharmaceuticals Inc.
0.48
-54.36
0.03
-54.36
-0.33
*LinkedIn Corporation
-0.40
Amazon.com Inc.
3.57
-15.27
2.02
-15.27
-0.37
*LinkedIn Corporation
0.67
-52.32
0.15
-50.99
-0.40
Celgene Corporation
-0.47
Celgene Corporation
3.54
-19.38
0.76
-19.38
-0.47
Allergan plc
-0.49
Allergan plc
3.89
-17.26
0.47
-17.26
-0.49
-1.0
0.0
1.0
Total Effect (%)
Past performance does not guarantee future results. Holdings of the same issuer have been combined. Information is historical and may not reflect current or future portfolio characteristics. All portfolio holdings are subject to change.
Source: FactSet. Data is calculated as a percentage of total including cash and cash equivalents but excluding fixed income. Total Effect represents the opportunity cost of investment decisions in a group relative to the overall benchmark.
*Security not held in the portfolio at the end of the reporting period.
8
Performance Attribution by Sector
PORTFOLIO
Materials
0.25
Energy
0.21
INDEX
ATTRIBUTION EFFECTS
Average
Weight
Total
Return
Average
Weight
Total
Return
Allocation
Effect
Selection
Effect
Total
Effect
Materials
3.00
5.51
3.49
-1.23
0.00
0.25
0.25
Energy
2.91
-1.14
0.53
-11.75
-0.15
0.36
0.21
Utilities
-
-
0.06
4.10
0.01
0.00
0.01
Industrials
4.49
-0.93
11.08
0.93
-0.28
-0.08
-0.36
Telecommunication Services
3.51
-7.68
2.22
12.42
0.20
-0.67
-0.47
Utilities
0.01
Industrials
-0.36
-0.47
Financials
7.66
-11.09
5.71
-2.33
0.03
-0.64
-0.61
Financials
-0.61
Consumer Staples
5.97
-5.79
11.31
1.82
-0.27
-0.46
-0.73
Consumer Staples
-0.73
Information Technology
35.21
-5.79
27.67
-2.47
0.10
-1.17
-1.07
Consumer Discretionary
17.34
-8.19
21.00
-2.11
-0.05
-1.08
-1.13
-1.07
Health Care
18.40
-20.39
16.93
-13.25
-0.16
-1.47
-1.63
-1.13
Health Care
-1.63
-2.0
0.0
2.0
Total Effect (%)
Past performance does not guarantee future results. Information is historical and may not reflect current or future portfolio characteristics. All portfolio holdings are subject to change.
9
Performance Attribution by Country
PORTFOLIO
Singapore
0.11
Ireland
0.02
Puerto Rico
0.01
INDEX
ATTRIBUTION EFFECTS
Average
Weight
Total
Return
Average
Weight
Total
Return
Allocation
Effect
Selection
Effect
Total
Effect
1.64
3.02
0.33
3.02
0.10
0.01
0.11
Ireland
-
-
0.02
-18.99
0.02
0.00
0.02
5 Largest Contributors
Singapore
Israel
0.01
Puerto Rico
-
-
0.01
-18.75
0.01
0.00
0.01
Germany
0.01
Israel
-
-
0.01
-12.35
0.01
0.00
0.01
Germany
-
-
0.00
-49.33
0.01
0.00
0.01
Us Virgin Islands
0.01
Peru
0.01
Us Virgin Islands
-
-
0.00
-33.67
0.01
0.00
0.01
United Kingdom
0.00
Peru
-
-
0.01
2.46
0.01
0.00
0.01
Netherlands
-0.03
United Kingdom
0.63
-9.86
0.20
-14.99
-0.03
0.03
0.00
United States
-5.71
Netherlands
1.86
-7.18
0.03
7.82
0.24
-0.28
-0.03
94.35
-9.07
99.40
-3.20
0.01
-5.72
-5.71
5 Largest Detractors
United States
-6.0
-2.0
2.0
Total Effect (%)
Past performance does not guarantee future results. Information is historical and may not reflect current or future portfolio characteristics. All portfolio holdings are subject to change.
10
Sector Allocation
As of 31 March 2016
Health Care
Financials
Consumer Staples
Industrials
Materials
Energy
Utilities
0%
8%
16%
24%
32%
40%
Software & Services
Technology Hardware & Equipment
Semiconductors & Semiconductor Equipment
Health Care
Pharmaceuticals, Biotechnology & Life Sciences
Health Care Equipment & Services
Retailing
Consumer Durables & Apparel
Consumer Services
Media
Automobiles & Components
Financials
Diversified Financials
Real Estate
Banks
Insurance
Consumer Staples
Food Beverage & Tobacco
Food & Staples Retailing
Household & Personal Products
Industrials
Capital Goods
Transportation
Commercial & Professional Services
Materials
Materials
Energy
Energy
Utilities
Utilities
Portfolio %
Index %
Over/Under
37.44
27.56
5.35
4.53
16.39
14.32
2.07
16.38
5.24
4.35
3.83
2.96
0.00
8.27
3.61
3.24
1.41
0.00
6.33
6.33
0.00
0.00
4.89
2.82
1.10
0.97
3.72
3.72
3.47
3.47
3.12
3.12
0.00
0.00
28.05
18.97
6.73
2.35
16.14
10.16
5.98
21.13
8.93
2.39
3.94
5.07
0.80
5.81
2.17
2.90
0.22
0.52
11.16
7.49
2.32
1.35
11.29
6.84
3.22
1.23
2.28
2.28
3.56
3.56
0.53
0.53
0.06
0.06
9.39
8.59
-1.38
2.18
0.25
4.16
-3.91
-4.75
-3.69
1.96
-0.11
-2.11
-0.80
2.46
1.44
0.35
1.20
-0.52
-4.83
-1.16
-2.32
-1.35
-6.40
-4.02
-2.12
-0.26
1.44
1.44
-0.09
-0.09
2.59
2.59
-0.06
-0.06
Weightings as percent of equity. Percentage may not total 100% due to rounding. Information is historical and may not reflect current or future portfolio characteristics. All portfolio holdings are subject to change.
11
Geographic Allocation
As of 31 March 2016
North America
United States
Europe
Netherlands
Other
Asia
Singapore
United States
Portfolio %
95.47
95.47
2.71
2.05
0.65
1.83
1.83
Index %
100.00
100.00
0.00
0.00
0.00
0.00
0.00
Over/Under
-4.53
-4.53
2.71
2.05
0.65
1.83
1.83
Netherlands
Singapore
United Kingdom
0%
20%
40%
60%
80%
100%
Weightings as percent of equity. Percentage may not equal 100% due to rounding. Information is historical and may not reflect current or future portfolio characteristics. All portfolio holdings are subject to change.
12
Top Ten Equity Holdings
As of 31 March 2016
Name of Issuer
Country
Industry
1.
ALPHABET INC
United States
Software & Services
4.90
2.
VISA INC
United States
Software & Services
3.89
3.
FACEBOOK INC
United States
Software & Services
3.88
4.
APPLE INC
United States
Technology Hardware & Equipment
3.47
5.
ALLERGAN PLC
United States
3.42
6.
CELGENE CORP
United States
3.32
7.
MASTERCARD INC
United States
Software & Services
3.31
8.
SBA COMMUNICATIONS CORP
United States
2.85
9.
MICROSOFT CORP
United States
Software & Services
2.53
10.
STARBUCKS CORP
United States
Consumer Services
2.50
Total
Holdings of the same issuer have been combined, unless otherwise noted. Information is historical and may not reflect current or future portfolio characteristics. All portfolio holdings are subject to change.
% of Total
34.06
13
Portfolio Characteristics
As of 31 March 2016
Price to Earnings
Portfolio
Benchmark
W eighted Average
28.67x
21.51x
Median
33.43x
23.09x
Portfolio
Benchmark
W eighted Average
17.96x
13.45x
Median
19.98x
13.95x
Portfolio
Benchmark
W eighted Average
4.57x
5.39x
Median
5.70x
3.15x
Portfolio
Benchmark
W eighted Average
0.58%
1.58%
Median
0.00%
0.00%
Market Capitalisation
(Millions T R Y)
Portfolio
Benchmark
352,753
368,092
57,773
4,376
Max
1,704,712
1,702,899
Min
902
44
W eighted Average
Price to Cash Flow
Price to Book Value
Dividend Yield
Median
The portfolio characteristics listed are based on the Fund’s underlying holdings, and do not necessarily reflect the Fund’s characteristics. Due to data limitations all equity holdings are assumed to be the primary equity issue (usually the ordinary or
common shares) of each security’s issuing company. This methodology may cause small differences between the portfolio’s reported characteristics and the portfolio’s actual characteristics. In practice, Franklin Templeton’s portfolio managers invest in
the class or type of security which they believe is most appropriate at the time of purchase. The market capitalisation figures for both the portfolio and the benchmark are the security level, not aggregated up to the main issuer. The dividend yield
quoted here is the yield on securities within the Fund’s portfolio and should not be used as an indication of the income received from this portfolio. Information is historical and may not reflect current or future portfolio characteristics. All
portfolio holdings are subject to change.
Source: FactSet. For the portfolio, the Price to Earnings, Price to Cash Flow, and Price to Book Value calculations for the weighted average use harmonic means. Values less than 0.01 (i.e., negative values) are excluded and values in excess of 200x
are capped at 200x. Yields above 100% are also excluded. For the benchmark, no limits are applied to these ratios in keeping with the benchmark's calculation methodology. Market capitalisation statistics are indicated in the base currency for the
portfolio presented.
14
Holdings
As of 31 March 2016
Country
Security
Sector
Netherlands
NXP SEMICONDUCTORS ORD USD NPV Information Technology
Trade
Currency
USD
Number of
Shares
Book Value in
Base
4,530.00
957,130.60
1,036,004.09
8.24
2.02
957,130.60
1,036,004.09
8.24
2.02
569,478.89
920,503.60
61.64
1.80
569,478.89
920,503.60
61.64
1.80
316,593.36
328,170.99
3.66
0.64
316,593.36
328,170.99
3.66
0.64
Netherlands Total
Singapore
BROADCOM LTD ORD USD NPV
USD
2,112.00
Singapore Total
United Kingdom
ARM HOLDINGS PLC ORD GBP.0005
GBP
% Diff.
Between
Market Value in
Market &
Base Book Value
7,982.00
United Kingdom Total
% of
Portfolio
United States
ADOBE SYSTEMS INC COM NPV
USD
3,702.00
751,482.36
979,585.49
30.35
1.91
United States
AFFILIATED MANAGERS GROUP INC
COM USD.01
Financials
USD
1,083.00
550,574.81
496,155.23
-9.88
0.97
United States
ALLEGIANT TRAVEL CO COM USD.001
Industrials
USD
524.00
162,983.78
263,209.01
61.49
0.51
United States
ALLERGAN PLC ORD USD.0033
Health Care
USD
2,316.00
1,446,181.51
1,751,156.88
21.09
3.42
United States
ALNYLAM PHARMACEUTICALS INC COM Health Care
USD.01
USD
738.00
146,597.18
130,680.74
-10.86
0.26
United States
ALPHABET INC COM USD.001 CL A
USD
760.00
1,041,850.57
1,635,627.11
56.99
3.19
United States
ALPHABET INC COM USD.001 CL C
USD
415.00
516,168.50
872,124.15
68.96
1.70
United States
AMAZON.COM INC COM USD.01
USD
752.00
745,796.15
1,259,343.17
68.86
2.46
United States
AMERICAN TOW ER CORP REIT USD0.01 Financials
USD
2,057.00
522,873.83
594,032.34
13.61
1.16
Information is historical and may not reflect current or future portfolio characteristics. All portfolio holdings are subject to change. Percentage may not equal 100% due to rounding.
15
Holdings (continued)
As of 31 March 2016
Number of
Shares
Book Value in
Base
USD
1,109.00
360,618.94
167,217.74
-53.63
0.33
Energy
USD
7,048.00
1,463,889.34
925,923.75
-36.75
1.81
APPLE INC COM USD.00001
USD
5,782.00
1,648,129.70
1,777,738.32
7.86
3.47
United States
AXALTA COATING SYSTEMS LTD ORD
USD1
Materials
USD
9,327.00
672,230.93
768,294.85
14.29
1.50
United States
BIOGEN INC COM USD.0005
Health Care
USD
988.00
857,213.20
725,550.38
-15.36
1.42
United States
BLACKROCK INC COM USD.01
Financials
USD
478.00
362,904.17
459,237.54
26.55
0.90
United States
BROADSOFT INC COM USD NPV
USD
2,319.00
164,814.65
263,965.63
60.16
0.52
United States
BUFFALO W ILD W INGS INC COM USD1
USD
639.00
223,307.73
267,003.93
19.57
0.52
United States
CBRE GROUP INC COM USD1
Financials
USD
6,978.00
571,482.62
567,319.92
-0.73
1.11
United States
CELGENE CORP COM USD.01
Health Care
USD
6,016.00
1,563,597.58
1,698,641.03
8.64
3.32
United States
CELLDEX THERAPEUTICS INC COM
USD.001
Health Care
USD
3,922.00
226,047.88
41,821.78
-81.50
0.08
United States
CHARLES SCHW AB CORP COM USD0.01 Financials
USD
10,953.00
871,860.22
865,773.55
-0.70
1.69
United States
CHIPOTLE MEXICAN GRILL INC COM
USD.01
USD
287.00
384,735.74
381,310.03
-0.89
0.74
United States
COGNIZANT TECHNOLOGY SOLUTIONS Information Technology
CORP COM USD.01
USD
2,933.00
533,793.31
518,779.37
-2.81
1.01
United States
CONSTELLATION BRANDS INC COM A
USD.01
USD
2,853.00
946,108.36
1,216,019.63
28.53
2.37
Country
Security
Sector
United States
ANACOR PHARMACEUTICALS INC COM Health Care
USD.001
United States
ANADARKO PETROLEUM CORP COM
USD0.1
United States
Consumer Staples
Trade
Currency
% Diff.
Between
Market Value in
Market &
Base Book Value
% of
Portfolio
16
As of 31 March 2016
Country
Security
Sector
Trade
Currency
United States
DIAMONDBACK ENERGY INC COM
USD.01
Energy
United States
DIGITALGLOBE INC COM USD NPV
United States
% Diff.
Between
Market Value in
Market &
Base Book Value
Number of
Shares
Book Value in
Base
USD
2,969.00
468,175.87
646,424.88
38.07
1.26
Industrials
USD
2,404.00
187,671.45
117,323.14
-37.48
0.23
DISNEY W ALT CO COM USD.01
USD
3,695.00
857,302.89
1,035,167.24
20.75
2.02
United States
ECOLAB INC COM USD1
Materials
USD
1,145.00
311,768.56
360,214.62
15.54
0.70
United States
EDW ARDS LIFESCIENCES CORP COM
USD1
Health Care
USD
3,021.00
649,997.21
751,746.89
15.65
1.47
United States
ELECTRONIC ARTS INC COM USD0.01
USD
4,710.00
755,433.30
878,397.63
16.28
1.72
United States
ENVISION HEALTHCARE HOLDINGS INC Health Care
COM USD.01
USD
5,079.00
454,504.62
292,288.33
-35.69
0.57
United States
EQUINIX INC REIT USD.001
Financials
USD
508.00
474,179.16
473,929.93
-0.05
0.93
United States
FACEBOOK INC COM USD NPV CL A
USD
6,178.00
1,078,888.65
1,988,550.58
84.31
3.88
United States
FEDEX CORP COM USD.10
Industrials
USD
635.00
266,714.73
291,486.04
9.29
0.57
United States
GENERAL ELECTRIC CO COM USD.06
Industrials
USD
7,142.00
609,783.21
640,491.64
5.04
1.25
United States
GILEAD SCIENCES INC COM USD0.001
Health Care
USD
4,070.00
971,494.84
1,054,687.85
8.56
2.06
United States
HANESBRANDS INC COM USD.01 W /I
USD
7,393.00
644,816.51
591,049.22
-8.34
1.15
United States
HARMAN INTERNATIONAL INDUSTRIES
INC COM USD.01
USD
1,222.00
343,740.43
306,944.21
-10.70
0.60
United States
HERON THERAPEUTICS INC COM USD.01Health Care
USD
4,691.00
291,034.45
251,300.58
-13.65
0.49
United States
HEXCEL CORP COM USD.01
USD
1,674.00
164,348.64
206,414.10
25.60
0.40
Industrials
% of
Portfolio
17
As of 31 March 2016
Country
Security
Sector
Trade
Currency
United States
IHS INC COM A USD.01
Industrials
United States
ILLUMINA INC COM USD.01
% Diff.
Between
Market Value in
Market &
Base Book Value
Number of
Shares
Book Value in
Base
USD
1,403.00
414,192.44
491,408.28
18.64
0.96
Health Care
USD
1,149.00
479,700.90
525,451.85
9.54
1.03
United States
IMPAX LABORATORIES INC COM USD.01 Health Care
USD
2,295.00
249,978.84
207,303.73
-17.07
0.41
United States
INCYTE CORP USD.001
Health Care
USD
1,227.00
253,379.97
250,845.27
-1.00
0.49
United States
KARYOPHARM THERAPEUTICS INC COM Health Care
USD.0001
USD
1,260.00
87,832.75
31,705.78
-63.90
0.06
United States
LOW E'S COMPANIES INC COM USD.5
USD
2,883.00
452,497.34
616,070.44
36.15
1.20
United States
MARTIN MARIETTA MATERIALS INC COM Materials
USD.01
USD
1,375.00
466,523.08
618,719.36
32.62
1.21
United States
MASTERCARD INC COM USD.0001 CL A Information Technology
USD
6,363.00
1,295,003.52
1,696,277.20
30.99
3.31
United States
MICROSOFT CORP COM USD0.0001
USD
8,306.00
1,148,289.66
1,294,106.63
12.70
2.53
United States
MOBILEYE NV ORD USD.01
USD
2,456.00
271,498.73
258,359.15
-4.84
0.50
United States
MONSTER BEVERAGE CORP COM USD
NPV
Consumer Staples
USD
2,858.00
875,526.08
1,075,365.33
22.83
2.10
United States
NIKE INC COM B NPV
USD
4,376.00
481,587.16
758,828.47
57.57
1.48
United States
PALO ALTO NETW ORKS INC COM
USD.0001
USD
1,326.00
395,965.47
610,249.00
54.12
1.19
United States
PERRIGO CO PLC ORD USD NPV
Health Care
USD
1,065.00
400,730.93
384,348.42
-4.09
0.75
United States
PRICELINE GROUP INC/THE COM
USD.008
USD
211.00
602,744.72
767,228.96
27.29
1.50
United States
RED HAT INC COM USD.0001
USD
2,317.00
525,711.39
487,016.52
-7.36
0.95
% of
Portfolio
18
As of 31 March 2016
Country
Security
Sector
Trade
Currency
United States
REYNOLDS AMERICAN INC COM
USD.0001
Consumer Staples
United States
ROPER TECHNOLOGIES INC COM
USD0.01
United States
% Diff.
Between
Market Value in
Market &
Base Book Value
Number of
Shares
Book Value in
Base
USD
3,406.00
495,560.42
483,394.89
-2.45
0.94
Industrials
USD
885.00
458,796.72
456,300.85
-0.54
0.89
SALESFORCE.COM INC COM USD.001
USD
2,796.00
453,568.23
582,335.32
28.39
1.14
United States
SBA COMMUNICATIONS CORP COM
USD.01
USD
5,159.00
1,307,027.83
1,457,828.02
11.54
2.85
United States
SERVICENOW INC COM USD.001
USD
2,586.00
456,655.91
446,314.59
-2.26
0.87
United States
SIGNATURE BANK/NEW YORK NY COM
USD1
Financials
USD
1,854.00
564,331.24
711,925.85
26.15
1.39
United States
STARBUCKS CORP COM USD.001
USD
7,614.00
778,751.34
1,282,301.93
64.66
2.50
United States
T-MOBILE US INC COM USD.0001
USD
3,848.00
501,313.15
415,754.47
-17.07
0.81
United States
TIME W ARNER CABLE INC COM USD
NPV CLASS A
USD
788.00
436,756.92
454,859.63
4.14
0.89
United States
UNDER ARMOUR INC COM USD.0003
CLASS A
USD
2,243.00
311,065.18
536,762.09
72.56
1.05
United States
VIASAT INC COM USD.0001
USD
1,496.00
208,100.06
310,101.48
49.02
0.61
United States
VISA INC COM USD NPV CL A
USD
9,233.00
1,520,426.71
1,992,020.52
31.02
3.89
% of
Portfolio
19
As of 31 March 2016
Country
Security
Sector
Trade
Currency
United States
W HITEW AVE FOODS CO COM USD.01
CLASS A
Consumer Staples
USD
United States Total
% Diff.
Between
Market Value in
Market &
Base Book Value
Number of
Shares
Book Value in
Base
3,652.00
484,209.94
418,685.15
-13.53
0.82
41,642,824.21
48,134,797.63
15.59
93.98
Cash & Equivalents Total
Account Total
% of
Portfolio
800,409.26
1.56
51,219,885.57
100.00
20
Transaction Summary
1 January 2016–31 March 2016
Security
Country
Sector
CHIPOTLE MEXICAN GRILL INC
United States
EDW ARDS LIFESCIENCES CORP
United States
Health Care
MICROSOFT CORP
United States
RED HAT INC
United States
SIGNATURE BANK/NEW YORK NY
United States
Financials
VISA INC
United States
COGNIZANT TECHNOLOGY SOLUTIONS CORP
United States
EQUINIX INC
United States
Financials
FEDEX CORP
United States
Industrials
HERON THERAPEUTICS INC
United States
Health Care
REYNOLDS AMERICAN INC
United States
Consumer Staples
TIME W ARNER CABLE INC
United States
ATLASSIAN CORP PLC
United Kingdom
B/E AEROSPACE INC
United States
Industrials
FLOW SERVE CORP
United States
Industrials
JAZZ PHARMACEUTICALS PLC
United States
Health Care
LINKEDIN CORP
United States
MEAD JOHNSON NUTRITION COMPANY
United States
Consumer Staples
SAGENT PHARMACEUTICALS INC
United States
Health Care
Purchases: Addition to Holdings
Purchases: New Holdings
Sales: Positions Liquidated
21
Transaction Summary (continued)
Security
Country
Sector
United States
Health Care
ADOBE SYSTEMS INC
United States
AFFILIATED MANAGERS GROUP INC
United States
Financials
ALLEGIANT TRAVEL CO
United States
Industrials
ALLERGAN PLC
United States
Health Care
ALPHABET INC
United States
AMAZON.COM INC
United States
AMERICAN TOW ER CORP
United States
Financials
ANACOR PHARMACEUTICALS INC
United States
Health Care
ANADARKO PETROLEUM CORP
United States
Energy
APPLE INC
United States
AVAGO TECHNOLOGIES LTD
Singapore
BIOGEN INC
United States
Health Care
BLACKROCK INC
United States
Financials
BROADCOM LTD
Singapore
BROADSOFT INC
United States
BUFFALO W ILD W INGS INC
United States
CBRE GROUP INC
United States
Financials
CELGENE CORP
United States
Health Care
Sales: Positions Liquidated
VW R CORP
Sales: Reduction in Holdings
22
Security
Country
Sector
CELLDEX THERAPEUTICS INC
United States
Health Care
CHARLES SCHW AB CORP
United States
Financials
CHIPOTLE MEXICAN GRILL INC
United States
DIAMONDBACK ENERGY INC
United States
Energy
ECOLAB INC
United States
Materials
ENVISION HEALTHCARE HOLDINGS INC
United States
Health Care
FACEBOOK INC
United States
GENERAL ELECTRIC CO
United States
Industrials
GILEAD SCIENCES INC
United States
Health Care
HARMAN INTERNATIONAL INDUSTRIES INC
United States
HEXCEL CORP
United States
Industrials
IHS INC
United States
Industrials
ILLUMINA INC
United States
Health Care
IMPAX LABORATORIES INC
United States
Health Care
INCYTE CORP
United States
Health Care
KARYOPHARM THERAPEUTICS INC
United States
Health Care
LOW E'S COMPANIES INC
United States
MARTIN MARIETTA MATERIALS INC
United States
Materials
MASTERCARD INC
United States
MOBILEYE NV
United States
23
Security
Country
Sector
MONSTER BEVERAGE CORP
United States
Consumer Staples
NIKE INC
United States
NXP SEMICONDUCTORS NV
Netherlands
PALO ALTO NETW ORKS INC
United States
PERRIGO CO PLC
United States
Health Care
PRICELINE GROUP INC/THE
United States
SALESFORCE.COM INC
United States
SBA COMMUNICATIONS CORP
United States
SERVICENOW INC
United States
SIGNATURE BANK/NEW YORK NY
United States
Financials
STARBUCKS CORP
United States
UNDER ARMOUR INC
United States
VIASAT INC
United States
VISA INC
United States
W ALT DISNEY CO
United States
W HITEW AVE FOODS CO
United States
Consumer Staples
24
Capital Contributions & Withdrawals
Security
Trade Date
Pay Date
Quantity
Net Amount Local
Net Amount Base
CA - Cash transfer (+) / client-directed cash transfer (+)
01/04/2016
01/05/2016
20,000.00
20,000.00
CW - Client-directed cash withdrawals
01/04/2016
01/07/2016
-10,000.00
-10,000.00
01/05/2016
01/08/2016
-80,000.00
-80,000.00
01/06/2016
01/07/2016
10,000.00
10,000.00
01/06/2016
01/11/2016
-145,000.00
-145,000.00
01/07/2016
01/08/2016
80,000.00
80,000.00
01/07/2016
01/12/2016
-25,000.00
-25,000.00
01/08/2016
01/11/2016
145,000.00
145,000.00
01/08/2016
01/13/2016
-120,000.00
-120,000.00
01/11/2016
01/12/2016
25,000.00
25,000.00
01/11/2016
01/14/2016
-180,000.00
-180,000.00
01/12/2016
01/13/2016
220,000.00
220,000.00
01/12/2016
01/15/2016
-150,000.00
-150,000.00
01/13/2016
01/19/2016
-620,000.00
-620,000.00
01/14/2016
01/20/2016
-210,000.00
-210,000.00
01/15/2016
01/19/2016
120,000.00
120,000.00
01/15/2016
01/21/2016
-130,000.00
-130,000.00
01/19/2016
01/20/2016
410,000.00
410,000.00
01/19/2016
01/22/2016
-1,520,000.00
-1,520,000.00
CA - Client-directed cash contributions
01/20/2016
01/21/2016
130,000.00
130,000.00
01/20/2016
01/25/2016
-2,920,000.00
-2,920,000.00
01/21/2016
01/26/2016
-175,000.00
-175,000.00
01/22/2016
01/27/2016
-295,000.00
-295,000.00
01/25/2016
01/28/2016
-125,000.00
-125,000.00
01/26/2016
01/29/2016
-160,000.00
-160,000.00
T urkish Lira New
Security Contributions or Withdrawals
25
Capital Contributions & Withdrawals (continued)
Security
Trade Date
Pay Date
Quantity
Net Amount Local
Net Amount Base
01/27/2016
01/28/2016
125,000.00
125,000.00
01/27/2016
02/01/2016
-525,000.00
-525,000.00
01/29/2016
02/03/2016
-45,000.00
-45,000.00
02/01/2016
02/04/2016
-75,000.00
-75,000.00
02/02/2016
02/05/2016
-120,000.00
-120,000.00
02/04/2016
02/09/2016
-130,000.00
-130,000.00
02/05/2016
02/10/2016
-75,000.00
-75,000.00
02/08/2016
02/11/2016
-285,000.00
-285,000.00
02/09/2016
02/10/2016
75,000.00
75,000.00
02/09/2016
02/12/2016
-1,120,000.00
-1,120,000.00
02/10/2016
02/16/2016
-255,000.00
-255,000.00
02/11/2016
02/12/2016
120,000.00
120,000.00
02/11/2016
02/17/2016
-60,000.00
-60,000.00
02/12/2016
02/18/2016
-245,000.00
-245,000.00
02/16/2016
02/17/2016
60,000.00
60,000.00
02/16/2016
02/19/2016
-285,000.00
-285,000.00
02/17/2016
02/22/2016
-125,000.00
-125,000.00
02/18/2016
02/19/2016
85,000.00
85,000.00
02/18/2016
02/23/2016
-10,000.00
-10,000.00
02/19/2016
02/22/2016
125,000.00
125,000.00
02/22/2016
02/23/2016
10,000.00
10,000.00
02/22/2016
02/25/2016
-20,000.00
-20,000.00
02/23/2016
02/26/2016
-165,000.00
-165,000.00
02/24/2016
02/25/2016
20,000.00
20,000.00
02/24/2016
02/29/2016
-70,000.00
-70,000.00
02/25/2016
03/01/2016
-45,000.00
-45,000.00
02/26/2016
03/02/2016
-10,000.00
-10,000.00
02/29/2016
03/03/2016
-105,000.00
-105,000.00
T urkish Lira New
26
Security
Trade Date
Pay Date
Quantity
Net Amount Local
Net Amount Base
03/01/2016
03/02/2016
10,000.00
10,000.00
03/01/2016
03/04/2016
-40,000.00
-40,000.00
03/02/2016
03/03/2016
105,000.00
105,000.00
03/02/2016
03/07/2016
-285,000.00
-285,000.00
03/03/2016
03/08/2016
-20,000.00
-20,000.00
03/04/2016
03/09/2016
-20,000.00
-20,000.00
03/07/2016
03/08/2016
20,000.00
20,000.00
03/07/2016
03/10/2016
-20,000.00
-20,000.00
03/08/2016
03/09/2016
20,000.00
20,000.00
03/08/2016
03/11/2016
-30,000.00
-30,000.00
03/09/2016
03/10/2016
20,000.00
20,000.00
03/10/2016
03/11/2016
30,000.00
30,000.00
03/10/2016
03/15/2016
-670,000.00
-670,000.00
03/11/2016
03/16/2016
-100,000.00
-100,000.00
03/14/2016
03/17/2016
-20,000.00
-20,000.00
03/15/2016
03/18/2016
-10,000.00
-10,000.00
03/16/2016
03/17/2016
20,000.00
20,000.00
03/16/2016
03/21/2016
-30,000.00
-30,000.00
03/17/2016
03/18/2016
10,000.00
10,000.00
03/17/2016
03/22/2016
-60,000.00
-60,000.00
03/18/2016
03/21/2016
150,000.00
150,000.00
03/18/2016
03/23/2016
-145,000.00
-145,000.00
03/21/2016
03/22/2016
60,000.00
60,000.00
03/22/2016
03/28/2016
-45,000.00
-45,000.00
03/23/2016
03/29/2016
-45,000.00
-45,000.00
03/24/2016
03/30/2016
-85,000.00
-85,000.00
03/28/2016
03/29/2016
245,000.00
245,000.00
03/28/2016
03/31/2016
-50,000.00
-50,000.00
T urkish Lira New
27
Security
Trade Date
Pay Date
Quantity
Net Amount Local
Net Amount Base
03/29/2016
03/30/2016
85,000.00
85,000.00
03/29/2016
04/01/2016
-85,000.00
-85,000.00
03/30/2016
03/31/2016
50,000.00
50,000.00
03/30/2016
04/04/2016
-40,000.00
-40,000.00
03/31/2016
04/01/2016
85,000.00
85,000.00
03/31/2016
04/05/2016
-110,000.00
-110,000.00
T urkish Lira New
Total Cash Contributions or Withdrawals - Base
-9,855,000.00
Total T urkish Lira New - Base
-9,855,000.00
Account Total - Base
-9,855,000.00
28
Purchases, Sales & Maturities
Security
Total Principal /
Accr Interest
Total
Commission /
Misc. Charge
492.6797
-84,176.50
-6.11
-84,182.61
-251,917.95
61.0373
-178,418.69
-72.72
-178,491.41
-533,793.31
893.00
84.1118
-74,093.74
-32.34
-74,126.08
-216,338.26
508.00
305.088
-156,596.40
-19.05
-156,615.45
-474,179.16
635.00
144.3485
-91,779.13
-16.51
-91,795.64
-266,714.73
20.2852
-97,597.83
-84.34
-97,682.17
-291,034.45
53.3411
-128,261.39
-85.00
-128,346.39
-384,795.83
73.0303
-69,551.80
-10.15
-69,561.95
-198,990.19
Quantity /
Original Face
Book Value
Local / Base
Average
Trade Price
Total Net Amount
Local / Base
Total
Gain / Loss
Local / Base
U.S. Dollar
Purchases
C H IPO TLE M EXIC AN G R ILL IN C C O M U SD .01 | C U SIP: 169656105 | SED O L: B0X7D Z3
177.00
C O G N IZAN T TEC H N O LO G Y SO LU TIO N S C O R P C O M U SD .01 | C U SIP: 192446102 | SED O L: 2257019
2,933.00
ED W AR D S LIFESC IEN C ES C O R P C O M U SD 1 | C U SIP: 28176E108 | SED O L: 2567116
EQ U IN IX IN C R EIT U SD .001 | C U SIP: 29444U 700 | SED O L: BV LZX12
FED EX C O R P C O M U SD .10 | C U SIP: 31428X106 | SED O L: 2142784
H ER O N TH ER APEU TIC S IN C C O M U SD .01 | C U SIP: 427746102 | SED O L: BJ0XLZ3
4,691.00
M IC R O SO FT C O R P C O M U SD 0.0001 | C U SIP: 594918104 | SED O L: 2588173
2,417.00
R ED H AT IN C C O M U SD .0001 | C U SIP: 756577102 | SED O L: 2447218
952.00
29
Purchases, Sales & Maturities (continued)
Security
Quantity /
Original Face
Book Value
Local / Base
Total Principal /
Accr Interest
Total
Commission /
Misc. Charge
48.4074
-164,625.62
-100.07
-164,725.69
-495,560.42
141.6959
-5,809.53
-0.62
-5,810.15
-16,916.25
182.7596
-144,159.43
-26.41
-144,185.84
-436,756.92
73.8273
-75,117.56
-22.34
-75,139.90
-216,313.38
Average
Trade Price
Total Net Amount
Local / Base
Total
Gain / Loss
Local / Base
R EYN O LD S AM ER IC AN IN C C O M U SD .0001 | C U SIP: 761713106 | SED O L: 2429090
3,406.00
SIG N ATU R E BAN K/N EW YO R K N Y C O M U SD 1 | C U SIP: 82669G 104 | SED O L: B00JQ L9
41.00
TIM E W AR N ER C ABLE IN C C O M U SD N PV C LASS A | C U SIP: 88732J207 | SED O L: B63BPC 8
788.00
V ISA IN C C O M U SD N PV C L A | C U SIP: 92826C 839 | SED O L: B2PZN 04
1,017.00
-3,783,310.85
Total Purchases - Base
Sales
AD O BE SYSTEM S IN C C O M N PV | C U SIP: 00724F101 | SED O L: 2008154
344.00
25,973.97
69,829.80
AFFILIATED M AN AG ER S G R O U P IN C C O M U SD .01 | C U SIP: 008252108 | SED O L: 2127899
319.00
65,032.79
162,173.00
ALLEG IAN T TR AV EL C O C O M U SD .001 | C U SIP: 01748X102 | SED O L: B15M 2C 3
48.00
6,323.79
14,929.81
ALLER G AN PLC O R D U SD .0033 | C U SIP: G 0177J108 | SED O L: BY9D 546
528.00
133,719.80
329,699.42
89.6839
30,851.26
-1.72
30,848.97
93,318.13
4,875.00
23,488.33
124.0741
39,060.51
-1.60
39,058.11
115,857.64
-25,974.68
-46,315.36
158.1835
7,592.81
-0.24
7,592.43
22,967.10
1,268.64
8,037.29
287.963
151,652.84
-3.81
151,645.97
450,865.15
17,926.17
121,165.73
30
Security
Quantity /
Original Face
ALPH ABET IN C C O M U SD .001 C L A | C U SIP: 02079K305 | SED O L: BYV Y8G 0
71.00
ALPH ABET IN C C O M U SD .001 C L C | C U SIP: 02079K107 | SED O L: BYY88Y7
38.00
AM AZO N .C O M IN C C O M U SD .01 | C U SIP: 023135106 | SED O L: 2000019
785.00
AM ER IC AN TO W ER C O R P R EIT U SD 0.01 | C U SIP: 03027X100 | SED O L: B7FBFL2
191.00
Book Value
Local / Base
Average
Trade Price
Total Principal /
Accr Interest
Total
Commission /
Misc. Charge
Total Net Amount
Local / Base
Total
Gain / Loss
Local / Base
39,210.84
97,330.78
735.1799
52,197.77
-0.36
52,196.45
157,894.26
12,985.61
60,563.48
19,973.61
47,263.62
716.64
27,232.32
-0.19
27,231.63
82,375.68
7,258.02
35,112.06
309,662.28
778,523.91
544.3902
418,830.77
-10.51
418,811.88
1,227,915.33
109,149.60
449,391.42
18,709.85
48,550.75
90.91
17,363.81
-0.96
17,362.53
52,521.65
-1,347.32
3,970.90
93.4433
29,677.80
-8.11
29,669.14
89,633.84
-6,270.92
-14,747.29
35.536
35,536.00
-5.00
35,530.23
104,016.52
-44,922.70
-103,686.28
95.3571
103,444.36
-5.42
103,436.87
308,351.90
-17,710.98
-351.75
19.8964
9,948.20
-2.50
9,945.48
29,115.89
-554.52
-1,470.61
125.58
26,999.70
-1.08
26,998.12
81,669.31
3,585.07
23,696.79
AN AC O R PH AR M AC EU TIC ALS IN C C O M U SD .001 | C U SIP: 032420101 | SED O L: B28M 788
321.00
35,940.06
104,381.13
AN AD AR KO PETR O LEU M C O R P C O M U SD 0.1 | C U SIP: 032511107 | SED O L: 2032380
1,000.00
80,452.93
207,702.80
APPLE IN C C O M U SD .00001 | C U SIP: 037833100 | SED O L: 2046251
1,083.00
121,147.85
308,703.65
ATLASSIAN C O R P PLC O R D U SD .1 | C U SIP: G 06242104 | SED O L: BZ09BD 1
500.00
10,500.00
30,586.50
AV AG O TEC H N O LO G IES LTD O R D U SD N PV | C U SIP: Y0486S104 | SED O L: B3W S2X9
215.00
23,413.05
57,972.52
B/E AER O SPAC E IN C C O M U SD .01 | C U SIP: 073302101 | SED O L: 2089427
31
Security
Total Principal /
Accr Interest
Total
Commission /
Misc. Charge
Total Net Amount
Local / Base
Total
Gain / Loss
Local / Base
40.4326
96,003.31
-37.12
95,964.09
282,956.90
-47,355.33
-75,048.39
126,793.74
316,683.01
256.0137
92,030.38
-1.83
92,026.65
272,399.02
-34,767.09
-44,283.99
13,679.99
33,405.40
295.7818
13,014.40
-0.22
13,013.94
39,367.17
-666.05
5,961.77
21,779.58
53,927.93
116.99
23,398.00
-1.00
23,396.49
68,494.39
1,616.91
14,566.46
39,686.57
95,022.51
35.7557
47,996.41
-33.49
47,961.86
139,750.69
8,275.29
44,728.18
8,492.31
20,618.40
149.512
8,821.21
-0.30
8,820.75
26,682.77
328.44
6,064.37
46,519.84
115,721.55
26.9931
38,165.93
-7.07
38,158.16
113,526.45
-8,361.68
-2,195.10
104,410.99
258,606.97
104.112
104,382.71
-4.98
104,375.68
311,836.61
-35.31
53,229.64
8,899.61
20,979.46
11.9988
4,367.56
-1.82
4,365.66
13,206.12
-4,533.95
-7,773.34
64,625.20
167,876.67
24.8301
52,387.40
-10.55
52,375.89
155,769.14
-12,249.31
-12,107.53
Quantity /
Original Face
Book Value
Local / Base
2,371.00
143,319.42
358,005.29
365.00
Average
Trade Price
BIO G EN IN C C O M U SD .0005 | C U SIP: 09062X103 | SED O L: 2455965
BLAC KR O C K IN C C O M U SD .01 | C U SIP: 09247X101 | SED O L: 2494504
44.00
BR O AD C O M LTD O R D U SD N PV | C U SIP: Y09827109 | SED O L: BD 9W Q P4
200.00
BR O AD SO FT IN C C O M U SD N PV | C U SIP: 11133B409 | SED O L: B5M 9PG 0
1,337.00
BU FFALO W ILD W IN G S IN C C O M U SD 1 | C U SIP: 119848109 | SED O L: 2170309
59.00
C BR E G R O U P IN C C O M U SD 1 | C U SIP: 12504L109 | SED O L: B6W V M H 3
1,413.00
C ELG EN E C O R P C O M U SD .01 | C U SIP: 151020104 | SED O L: 2182348
995.00
C ELLD EX TH ER APEU TIC S IN C C O M U SD .001 | C U SIP: 15117B103 | SED O L: 2868444
364.00
C H AR LES SC H W AB C O R P C O M U SD 0.01 | C U SIP: 808513105 | SED O L: 2779397
2,109.00
32
Security
Quantity /
Original Face
Book Value
Local / Base
C H IPO TLE M EXIC AN G R ILL IN C C O M U SD .01 | C U SIP: 169656105 | SED O L: B0X7D Z3
125.00
Average
Trade Price
Total Principal /
Accr Interest
Total
Commission /
Misc. Charge
Total Net Amount
Local / Base
Total
Gain / Loss
Local / Base
64,497.15
167,567.83
458.6134
57,304.76
-3.25
57,300.26
163,842.66
-7,196.89
-3,725.17
26,829.23
65,282.86
77.4555
32,066.58
-15.53
32,050.35
91,639.96
5,221.12
26,357.10
100,597.20
250,114.34
93.2699
100,240.00
-5.40
100,232.76
298,306.07
-364.44
48,191.73
11,700.14
28,862.42
EN V ISIO N H EALTH C AR E H O LD IN G S IN C C O M U SD .01 | C U SIP: 29413U 103 | SED O L: BC T5P15
471.00
17,124.83
42,148.39
FAC EBO O K IN C C O M U SD N PV C L A | C U SIP: 30303M 102 | SED O L: B7TL820
901.00
62,991.91
157,345.20
FLO W SER V E C O R P C O M U SD 1.25 | C U SIP: 34354P105 | SED O L: 2288406
2,658.00
168,156.55
392,798.39
G EN ER AL ELEC TR IC C O C O M U SD .06 | C U SIP: 369604103 | SED O L: 2380498
663.00
19,545.26
56,606.87
G ILEAD SC IEN C ES IN C C O M U SD 0.001 | C U SIP: 375558103 | SED O L: 2369174
1,469.00
133,691.34
350,645.18
H AR M AN IN TER N ATIO N AL IN D U STR IES IN C C O M U SD .01 | C U SIP: 413086109 | SED O L: 2411138
101.7571
10,786.25
-0.53
10,785.52
32,626.20
-914.62
3,763.78
23.7233
11,173.67
-2.36
11,171.10
33,792.58
-5,953.73
-8,355.81
98.127
87,695.14
-4.51
87,688.91
262,320.75
24,697.00
104,975.55
36.1794
96,859.72
-69.11
96,788.82
293,793.15
-71,367.73
-99,005.24
28.88
19,147.44
-3.32
19,143.77
57,909.90
-401.49
1,303.03
88.8918
130,054.06
-39.81
130,011.56
383,323.48
-3,679.78
32,678.30
D IAM O N D BAC K EN ER G Y IN C C O M U SD .01 | C U SIP: 25278X109 | SED O L: B7Y8YR 3
414.00
D ISN EY W ALT C O C O M U SD .01 | C U SIP: 254687106 | SED O L: 2270726
1,078.00
EC O LAB IN C C O M U SD 1 | C U SIP: 278865100 | SED O L: 2304227
106.00
33
Security
Total Principal /
Accr Interest
Total
Commission /
Misc. Charge
Total Net Amount
Local / Base
Total
Gain / Loss
Local / Base
73.116
45,900.34
-9.87
45,889.51
135,878.04
-26,340.03
-42,461.91
6,578.35
15,217.47
39.0854
6,058.24
-0.78
6,057.35
18,323.48
-521.00
3,106.01
677.00
81,466.96
199,863.35
96.4232
64,456.12
-3.39
64,451.39
190,391.64
-17,015.57
-9,471.71
377.00
64,368.29
157,395.34
151.077
57,232.11
-3.41
57,227.58
169,445.54
-7,140.71
12,050.20
9,011.05
23,200.65
39.4307
8,398.74
-1.07
8,397.52
25,402.50
-613.53
2,201.85
73,448.17
189,570.34
73.2466
67,024.55
-28.51
66,994.63
196,700.87
-6,453.54
7,130.53
124.384
139,050.05
-39.33
139,007.74
406,630.38
-13,713.52
47,334.18
7.6862
21,883.54
-83.10
21,800.01
64,617.95
-58,001.74
-126,871.38
126.8797
111,461.03
-15.67
111,442.97
322,866.33
-109,813.91
-227,431.30
69.687
18,676.12
-1.34
18,674.44
56,490.18
1,609.73
14,426.60
Quantity /
Original Face
Book Value
Local / Base
634.00
72,229.54
178,339.95
155.00
Average
Trade Price
H EXC EL C O R P C O M U SD .01 | C U SIP: 428291108 | SED O L: 2416779
IH S IN C C O M A U SD .01 | C U SIP: 451734107 | SED O L: B08L7X6
ILLU M IN A IN C C O M U SD .01 | C U SIP: 452327109 | SED O L: 2613990
IM PAX LABO R ATO R IES IN C C O M U SD .01 | C U SIP: 45256B101 | SED O L: 2373722
213.00
IN C YTE C O R P U SD .001 | C U SIP: 45337C 102 | SED O L: 2471950
918.00
JAZZ PH AR M AC EU TIC ALS PLC O R D U SD .0001 | C U SIP: G 50871105 | SED O L: B4Q 5ZN 4
1,132.00
152,721.26
359,296.20
KAR YO PH AR M TH ER APEU TIC S IN C C O M U SD .0001 | C U SIP: 48576U 106 | SED O L: BG 3FZW 0
2,747.00
79,801.75
191,489.33
LIN KED IN C O R P C O M U SD .0001 C L A | C U SIP: 53578A108 | SED O L: B3ZV C Q 8
948.00
221,256.88
550,297.63
LO W E'S C O M PAN IES IN C C O M U SD .5 | C U SIP: 548661107 | SED O L: 2536763
268.00
17,064.71
42,063.58
34
Security
Quantity /
Original Face
Book Value
Local / Base
M AR TIN M AR IETTA M ATER IALS IN C C O M U SD .01 | C U SIP: 573284106 | SED O L: 2572079
128.00
17,404.73
43,429.06
M ASTER C AR D IN C C O M U SD .0001 C L A | C U SIP: 57636Q 104 | SED O L: B121557
2,896.00
236,804.39
589,396.53
M EAD JO H N SO N N U TR ITIO N C O M PAN Y-A C O M U SD .01 | C U SIP: 582839106 | SED O L: B4W 9F29
1,899.00
173,208.50
422,102.99
M O BILEYE N V O R D U SD .01 | C U SIP: N 51488117 | SED O L: BPBFT01
228.00
9,647.30
25,204.28
M O N STER BEV ER AG E C O R P C O M U SD N PV | C U SIP: 61174X109 | SED O L: BZ07BW 4
200.00
23,641.43
61,268.45
N IKE IN C C O M B N PV | C U SIP: 654106103 | SED O L: 2640147
1,308.00
57,970.37
143,947.89
N XP SEM IC O N D U C TO R S O R D U SD N PV | C U SIP: N 6596X109 | SED O L: B505PN 7
420.00
35,165.14
88,740.59
PALO ALTO N ETW O R KS IN C C O M U SD .0001 | C U SIP: 697435105 | SED O L: B87ZM X0
143.00
17,060.46
42,702.16
PER R IG O C O PLC O R D U SD N PV | C U SIP: G 97822103 | SED O L: BG H 1M 56
814.00
126,891.73
306,286.38
PR IC ELIN E G R O U P IN C /TH E C O M U SD .008 | C U SIP: 741503403 | SED O L: 2779063
Total Principal /
Accr Interest
Total
Commission /
Misc. Charge
Total Net Amount
Local / Base
Total
Gain / Loss
Local / Base
118.7631
15,201.68
-0.64
15,200.76
45,982.30
-2,203.97
2,553.24
89.4109
258,514.27
-36.38
258,472.48
755,676.79
21,668.09
166,280.26
69.295
131,587.09
-71.21
131,513.46
397,067.55
-41,695.04
-25,035.44
28.3001
6,452.42
-1.14
6,451.16
19,514.76
-3,196.14
-5,689.52
118.63
23,726.00
-1.00
23,724.48
69,454.60
83.05
8,186.15
58.3663
76,933.29
-6.55
76,925.29
227,674.13
18,954.92
83,726.24
72.9148
30,624.22
-2.10
30,621.56
92,630.22
-4,543.58
3,889.63
135.4782
20,788.80
-0.95
20,787.46
62,671.95
3,727.00
19,969.79
137.9936
112,585.46
-21.60
112,561.65
336,552.59
-14,330.08
30,266.21
Average
Trade Price
35
Security
Quantity /
Original Face
Book Value
Local / Base
111.00
129,785.41
317,083.71
SAG EN T PH AR M AC EU TIC ALS IN C O R D U SD N PV | C U SIP: 786692103 | SED O L: B687XN 8
2,906.00
69,789.98
162,422.63
SALESFO R C E.C O M IN C C O M U SD .001 | C U SIP: 79466L302 | SED O L: 2310525
259.00
16,353.92
42,015.08
SBA C O M M U N IC ATIO N S C O R P C O M U SD .01 | C U SIP: 78388J106 | SED O L: 2429294
479.00
49,872.43
121,354.20
SER V IC EN O W IN C C O M U SD .001 | C U SIP: 81762P102 | SED O L: B80N XX8
240.00
16,470.40
42,381.06
SIG N ATU R E BAN K/N EW YO R K N Y C O M U SD 1 | C U SIP: 82669G 104 | SED O L: B00JQ L9
168.00
20,332.55
50,725.71
STAR BU C KS C O R P C O M U SD .001 | C U SIP: 855244109 | SED O L: 2842255
707.00
29,866.21
72,311.16
U N D ER AR M O U R IN C C O M U SD .0003 C LASS A | C U SIP: 904311107 | SED O L: B0PZN 11
1,160.00
66,931.52
160,871.86
V IASAT IN C C O M U SD .0001 | C U SIP: 92552V 100 | SED O L: 2946243
139.00
8,425.62
19,335.50
V ISA IN C C O M U SD N PV C L A | C U SIP: 92826C 839 | SED O L: B2PZN 04
762.00
47,867.38
120,951.11
Total Principal /
Accr Interest
Total
Commission /
Misc. Charge
Total Net Amount
Local / Base
Total
Gain / Loss
Local / Base
1,111.9892
124,044.19
-2.47
124,039.43
375,260.06
-5,745.98
58,176.35
14.2201
41,168.23
-96.52
41,070.95
124,255.43
-28,719.03
-38,167.20
70.4056
18,235.05
-1.30
18,233.41
55,156.07
1,879.49
13,140.99
88.2688
42,280.76
-2.40
42,277.58
127,889.68
-7,594.85
6,535.48
75.5694
18,136.66
-1.20
18,135.13
54,858.77
1,664.73
12,477.71
142.208
23,890.94
-0.84
23,889.66
72,266.22
3,557.11
21,540.51
58.689
41,493.12
-3.54
41,488.82
125,503.68
11,622.61
53,192.52
70.4494
82,006.22
-34.11
81,970.60
243,082.51
15,039.08
82,210.65
58.8253
8,176.72
-0.70
8,175.87
24,732.01
-249.75
5,396.51
72.2025
55,018.31
-3.81
55,013.49
166,415.81
7,146.11
45,464.70
Average
Trade Price
36
Security
Quantity /
Original Face
Book Value
Local / Base
Average
Trade Price
Total Principal /
Accr Interest
Total
Commission /
Misc. Charge
Total Net Amount
Local / Base
Total
Gain / Loss
Local / Base
V W R C O R P C O M U SD .01 | C U SIP: 91843L103 | SED O L: BQ W JQ F3
4,027.00
W H ITEW AV E FO O D S C O C O M U SD .01 C LASS A | C U SIP: 966244105 | SED O L: B834PQ 5
339.00
Total Sales - Base
T otal U.S. Dollar - Base
91,726.34
225,624.60
23.6406
96,673.91
-138.02
96,533.97
287,228.46
4,807.63
61,603.86
15,413.32
44,947.20
35.6573
12,087.82
-1.70
12,085.90
36,559.85
-3,327.42
-8,387.35
11,145,226.76
925,524.41
7,361,915.91
925,524.41
Purchases
-3,783,310.85
Sales
11,145,226.76
M aturities
Account T otal - Base
925,524.41
0.00
7,361,915.91
925,524.41
37
Important Disclosures
The description in this document is intended to provide a general overview of our investment management service and other related matters and does not constitute investment advice. The information
contained in this document is subject to updating, completion, modification and amendment. It should not be assumed that the approach described will necessarily be followed in a particular case. Such
matters will also be subject to any specific arrangements with a particular client. It is the responsibility of every person receiving a copy of this document to satisfy him or herself as to the full observance of
laws of any relevant country, including obtaining any government or other consent which may be required or observing any other formality which needs to be observed in that country. None of the services or
other matters described here should be taken as an offer or solicitation of those services or other matters in any jurisdiction where such an offer or solicitation is not permitted under applicable legislation.
Issued in the UK by Franklin Templeton Investment Management Limited, Cannon Place, 78 Cannon Street, London, EC4N 6HL, England. Authorised and regulated by the Financial Conduct Authority. This
document is intended to provide general information about financial topics but not specific advice or market predictions. This material is intended for the use of investment consultants and other institutional
investors only, and is not directed at private individuals.
© 2016 Franklin Templeton Investments. All rights reserved.
Indexes are unmanaged, and one cannot invest directly in an index. They do not reflect any fees, expenses or sales charges.
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.
The Russell index shown is a trademark/servicemark of the Frank Russell Company.
38

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