Historical Stock Holdings

Howard Marks - Oaktree Capital Management

PeriodPortfolio ValueTop 20 holdings history (left to right)
2023   Q4$5.39 B TRMD
Torm Plc
28.64% of portfolio
 		CHK
Chesapeake Energy
9.99% of portfolio
 		GTX
Garrett Motion Inc.
7.91% of portfolio
 		STR
Sitio Royalties Corp A
5.64% of portfolio
 		RWAY
Runway Growth Finance Corp
3.86% of portfolio
 		VALE
Vale SA
2.77% of portfolio
 		NMIH
NMI Holdings
2.58% of portfolio
 		SBLK
Star Bulk Carriers Corp.
2.41% of portfolio
 		FCX
Freeport-McMoran Inc.
2.31% of portfolio
 		BBD
Banco Bradesco
2.23% of portfolio
 		INFN
Infinera Corp.
2.22% of portfolio
 		STKL
SunOpta Inc.
2.10% of portfolio
 		AU
AngloGold Ashanti Ltd.
2.04% of portfolio
 		CX
Cemex
2.01% of portfolio
 		CBL
CBL & Associates Pptys Inc.
1.82% of portfolio
 		PBR
Petroleo Brasileiro
1.41% of portfolio
 		KRC
Kilroy Realty Corp.
1.37% of portfolio
 		IBN
ICICI Bank Ltd.
1.34% of portfolio
 		VIST
Vista Oil & Gas, S.A.B. de C.V.
1.31% of portfolio
 		ITUB
ita Unibanco Holding S.A.
1.18% of portfolio
2023   Q3$5.67 B TRMD
Torm Plc
25.80% of portfolio
 		CHK
Chesapeake Energy
10.66% of portfolio
 		GTX
Garrett Motion Inc.
6.13% of portfolio
 		STR
Sitio Royalties Corp A
5.53% of portfolio
 		SBLK
Star Bulk Carriers Corp.
5.47% of portfolio
 		VST
Vistra Corp.
5.27% of portfolio
 		RWAY
Runway Growth Finance Corp
4.76% of portfolio
 		NMIH
NMI Holdings
2.34% of portfolio
 		VALE
Vale SA
2.06% of portfolio
 		INFN
Infinera Corp.
1.86% of portfolio
 		FCX
Freeport-McMoran Inc.
1.78% of portfolio
 		PBR
Petroleo Brasileiro
1.64% of portfolio
 		CX
Cemex
1.61% of portfolio
 		BBD
Banco Bradesco
1.60% of portfolio
 		VIST
Vista Oil & Gas, S.A.B. de C.V.
1.55% of portfolio
 		AU
AngloGold Ashanti Ltd.
1.51% of portfolio
 		CBL
CBL & Associates Pptys Inc.
1.48% of portfolio
 		STKL
SunOpta Inc.
1.23% of portfolio
 		INFY
Infosys Ltd.
1.15% of portfolio
 		IBN
ICICI Bank Ltd.
1.14% of portfolio
2023   Q2$6.35 B TRMD
Torm Plc
20.38% of portfolio
 		CHK
Chesapeake Energy
9.68% of portfolio
 		SBLK
Star Bulk Carriers Corp.
7.26% of portfolio
 		VST
Vistra Corp.
7.03% of portfolio
 		STR
Sitio Royalties Corp A
5.35% of portfolio
 		GTX
Garrett Motion Inc.
5.25% of portfolio
 		RWAY
Runway Growth Finance Corp
4.09% of portfolio
 		STKL
SunOpta Inc.
2.18% of portfolio
 		NMIH
NMI Holdings
1.99% of portfolio
 		ALLY
Ally Financial Inc.
1.96% of portfolio
 		INFN
Infinera Corp.
1.91% of portfolio
 		PBR
Petroleo Brasileiro
1.71% of portfolio
 		BBD
Banco Bradesco
1.68% of portfolio
 		FCX
Freeport-McMoran Inc.
1.65% of portfolio
 		VALE
Vale SA
1.64% of portfolio
 		CX
Cemex
1.62% of portfolio
 		AU
AngloGold Ashanti Ltd.
1.57% of portfolio
 		IBN
ICICI Bank Ltd.
1.45% of portfolio
 		CBL
CBL & Associates Pptys Inc.
1.38% of portfolio
 		FYBR
Frontier Communications Parent Inc.
1.17% of portfolio
2023   Q1$7.29 B TRMD
Torm Plc
22.70% of portfolio
 		CHK
Chesapeake Energy
8.95% of portfolio
 		VST
Vistra Corp.
7.65% of portfolio
 		SBLK
Star Bulk Carriers Corp.
7.55% of portfolio
 		STR
Sitio Royalties Corp A
4.01% of portfolio
 		RWAY
Runway Growth Finance Corp
3.50% of portfolio
 		INFN
Infinera Corp.
2.68% of portfolio
 		EGLE-OLD
Eagle Bulk Shipping
2.36% of portfolio
 		ALVO
Alvotech SA
2.26% of portfolio
 		STKL
SunOpta Inc.
2.19% of portfolio
 		ALLY
Ally Financial Inc.
2.14% of portfolio
 		AU
AngloGold Ashanti Ltd.
1.85% of portfolio
 		VALE
Vale SA
1.81% of portfolio
 		FCX
Freeport-McMoran Inc.
1.51% of portfolio
 		WFRD
Weatherford International plc
1.50% of portfolio
 		NMIH
NMI Holdings
1.50% of portfolio
 		CBL
CBL & Associates Pptys Inc.
1.40% of portfolio
 		FYBR
Frontier Communications Parent Inc.
1.24% of portfolio
 		PCG
PG&E Corp.
1.24% of portfolio
 		IBN
ICICI Bank Ltd.
1.20% of portfolio
2022   Q4$7.55 B TRMD
Torm Plc
20.30% of portfolio
 		CHK
Chesapeake Energy
10.79% of portfolio
 		VST
Vistra Corp.
7.81% of portfolio
 		SBLK
Star Bulk Carriers Corp.
6.64% of portfolio
 		STR
Sitio Royalties Corp A
4.94% of portfolio
 		RWAY
Runway Growth Finance Corp
3.23% of portfolio
 		EGLE-OLD
Eagle Bulk Shipping
2.50% of portfolio
 		WFRD
Weatherford International plc
2.40% of portfolio
 		STKL
SunOpta Inc.
2.32% of portfolio
 		INFN
Infinera Corp.
2.25% of portfolio
 		ALLY
Ally Financial Inc.
1.98% of portfolio
 		VALE
Vale SA
1.81% of portfolio
 		PCG
PG&E Corp.
1.67% of portfolio
 		ITUB
ita Unibanco Holding S.A.
1.42% of portfolio
 		AU
AngloGold Ashanti Ltd.
1.38% of portfolio
 		NMIH
NMI Holdings
1.36% of portfolio
 		FYBR
Frontier Communications Parent Inc.
1.34% of portfolio
 		HTZ
Hertz Global Hldgs Inc.
1.33% of portfolio
 		FCX
Freeport-McMoran Inc.
1.30% of portfolio
 		CBL
CBL & Associates Pptys Inc.
1.22% of portfolio
2022   Q3$7.39 B TRMD
Torm Plc
14.94% of portfolio
 		CHK
Chesapeake Energy
12.50% of portfolio
 		VST
Vistra Corp.
7.22% of portfolio
 		SBLK
Star Bulk Carriers Corp.
6.16% of portfolio
 		PCG
PG&E Corp.
4.19% of portfolio
 		STR-OLD
Sitio Royaltie
3.87% of portfolio
 		RWAY
Runway Growth Finance Corp
3.24% of portfolio
 		STKL
SunOpta Inc.
2.55% of portfolio
 		WFRD
Weatherford International plc
2.52% of portfolio
 		ALLY
Ally Financial Inc.
2.31% of portfolio
 		HTZ
Hertz Global Hldgs Inc.
2.31% of portfolio
 		EGLE-OLD
Eagle Bulk Shipping
2.21% of portfolio
 		ITUB
ita Unibanco Holding S.A.
1.84% of portfolio
 		INFN
Infinera Corp.
1.65% of portfolio
 		VALE
Vale SA
1.58% of portfolio
 		NMIH
NMI Holdings
1.47% of portfolio
 		CBL
CBL & Associates Pptys Inc.
1.38% of portfolio
 		FYBR
Frontier Communications Parent Inc.
1.26% of portfolio
 		BRY
Berry Petroleum Corp.
1.18% of portfolio
 		IBN
ICICI Bank Ltd.
1.15% of portfolio
2022   Q2$6.91 B CHK
Chesapeake Energy
12.32% of portfolio
 		TRMD
Torm Plc
10.52% of portfolio
 		SBLK
Star Bulk Carriers Corp.
9.41% of portfolio
 		VST
Vistra Corp.
8.40% of portfolio
 		PCG
PG&E Corp.
4.19% of portfolio
 		RWAY
Runway Growth Finance Corp
3.45% of portfolio
 		ALLY
Ally Financial Inc.
2.97% of portfolio
 		EGLE-OLD
Eagle Bulk Shipping
2.84% of portfolio
 		HTZ
Hertz Global Hldgs Inc.
2.66% of portfolio
 		STKL
SunOpta Inc.
2.33% of portfolio
 		INFN
Infinera Corp.
1.95% of portfolio
 		PBR
Petroleo Brasileiro
1.88% of portfolio
 		WFRD
Weatherford International plc
1.79% of portfolio
 		ITUB
ita Unibanco Holding S.A.
1.65% of portfolio
 		VALE
Vale SA
1.64% of portfolio
 		FYBR
Frontier Communications Parent Inc.
1.36% of portfolio
 		CBL
CBL & Associates Pptys Inc.
1.35% of portfolio
 		IBN
ICICI Bank Ltd.
1.31% of portfolio
 		NMIH
NMI Holdings
1.28% of portfolio
 		BRY
Berry Petroleum Corp.
1.28% of portfolio
2022   Q1$7.76 B CHK
Chesapeake Energy
12.34% of portfolio
 		SBLK
Star Bulk Carriers Corp.
9.96% of portfolio
 		VST
Vistra Corp.
8.66% of portfolio
 		TRMD
Torm Plc
6.03% of portfolio
 		PCG
PG&E Corp.
4.62% of portfolio
 		HTZ
Hertz Global Hldgs Inc.
4.22% of portfolio
 		ALLY
Ally Financial Inc.
3.85% of portfolio
 		RWAY
Runway Growth Finance Corp
3.69% of portfolio
 		EGLE-OLD
Eagle Bulk Shipping
3.32% of portfolio
 		INFN
Infinera Corp.
2.81% of portfolio
 		WFRD
Weatherford International plc
2.61% of portfolio
 		VALE
Vale SA
2.01% of portfolio
 		CBL
CBL & Associates Pptys Inc.
1.94% of portfolio
 		CX
Cemex
1.73% of portfolio
 		BRY
Berry Petroleum Corp.
1.72% of portfolio
 		PBR
Petroleo Brasileiro
1.71% of portfolio
 		ITUB
ita Unibanco Holding S.A.
1.66% of portfolio
 		KRC
Kilroy Realty Corp.
1.51% of portfolio
 		FYBR
Frontier Communications Parent Inc.
1.42% of portfolio
 		NMIH
NMI Holdings
1.41% of portfolio
2021   Q4$7.01 B CHK
Chesapeake Energy
11.05% of portfolio
 		VST
Vistra Corp.
9.39% of portfolio
 		SBLK
Star Bulk Carriers Corp.
8.41% of portfolio
 		TRMD
Torm Plc
6.07% of portfolio
 		HTZ
Hertz Global Hldgs Inc.
5.21% of portfolio
 		PCG
PG&E Corp.
5.20% of portfolio
 		ALLY
Ally Financial Inc.
4.67% of portfolio
 		RWAY
Runway Growth Finance Corp
3.66% of portfolio
 		INFN
Infinera Corp.
3.45% of portfolio
 		CX
Cemex
2.46% of portfolio
 		EGLE-OLD
Eagle Bulk Shipping
2.46% of portfolio
 		WFRD
Weatherford International plc
2.42% of portfolio
 		STKL
SunOpta Inc.
2.06% of portfolio
 		FYBR
Frontier Communications Parent Inc.
1.68% of portfolio
 		NMIH
NMI Holdings
1.66% of portfolio
 		BRY
Berry Petroleum Corp.
1.55% of portfolio
 		VALE
Vale SA
1.53% of portfolio
 		KRC
Kilroy Realty Corp.
1.46% of portfolio
 		PBR
Petroleo Brasileiro
1.39% of portfolio
 		AU
AngloGold Ashanti Ltd.
1.27% of portfolio
2021   Q3$5.72 B CHK
Chesapeake Energy
12.86% of portfolio
 		SBLK
Star Bulk Carriers Corp.
10.93% of portfolio
 		VST
Vistra Corp.
8.96% of portfolio
 		TRMD
Torm Plc
7.24% of portfolio
 		ALLY
Ally Financial Inc.
6.14% of portfolio
 		PCG
PG&E Corp.
5.04% of portfolio
 		INFN
Infinera Corp.
3.66% of portfolio
 		EGLE-OLD
Eagle Bulk Shipping
3.34% of portfolio
 		STKL
SunOpta Inc.
3.24% of portfolio
 		CX
Cemex
3.07% of portfolio
 		NMIH
NMI Holdings
2.10% of portfolio
 		ITUB
ita Unibanco Holding S.A.
1.96% of portfolio
 		FYBR
Frontier Communications Parent Inc.
1.94% of portfolio
 		KRC
Kilroy Realty Corp.
1.78% of portfolio
 		IBN
ICICI Bank Ltd.
1.74% of portfolio
 		BRY
Berry Petroleum Corp.
1.63% of portfolio
 		PBR
Petroleo Brasileiro
1.59% of portfolio
 		VALE
Vale SA
1.46% of portfolio
 		SMCI
Super Micro Computer Inc.
1.37% of portfolio
 		BBD
Banco Bradesco
1.36% of portfolio
2021   Q2$6.27 B CHK
Chesapeake Energy
9.88% of portfolio
 		SBLK
Star Bulk Carriers Corp.
9.51% of portfolio
 		VST
Vistra Corp.
8.85% of portfolio
 		TRMD
Torm Plc
7.59% of portfolio
 		COLD
Americold Realty Trust
7.10% of portfolio
 		ALLY
Ally Financial Inc.
5.46% of portfolio
 		PCG
PG&E Corp.
4.86% of portfolio
 		INFN
Infinera Corp.
4.09% of portfolio
 		STKL
SunOpta Inc.
3.49% of portfolio
 		CX
Cemex
3.20% of portfolio
 		EGLE-OLD
Eagle Bulk Shipping
2.85% of portfolio
 		SHLS
Shoals Technologies Group Inc. CL A
2.82% of portfolio
 		VALE
Vale SA
2.27% of portfolio
 		ITUB
ita Unibanco Holding S.A.
1.99% of portfolio
 		NMIH
NMI Holdings
1.74% of portfolio
 		FYBR
Frontier Communications Parent Inc.
1.68% of portfolio
 		PBR
Petroleo Brasileiro
1.65% of portfolio
 		BBD
Banco Bradesco
1.40% of portfolio
 		IBN
ICICI Bank Ltd.
1.38% of portfolio
 		BRY
Berry Petroleum Corp.
1.38% of portfolio
2021   Q1$5.34 B SBLK
Star Bulk Carriers Corp.
10.73% of portfolio
 		VST
Vistra Corp.
9.92% of portfolio
 		CHK
Chesapeake Energy
9.70% of portfolio
 		ALLY
Ally Financial Inc.
9.46% of portfolio
 		TRMD
Torm Plc
9.21% of portfolio
 		COLD
Americold Realty Trust
8.48% of portfolio
 		STKL
SunOpta Inc.
5.71% of portfolio
 		PCG
PG&E Corp.
4.94% of portfolio
 		INFN
Infinera Corp.
4.54% of portfolio
 		SHLS
Shoals Technologies Group Inc. CL A
3.24% of portfolio
 		EGLE-OLD
Eagle Bulk Shipping
2.63% of portfolio
 		NMIH
NMI Holdings
2.15% of portfolio
 		SMCI
Super Micro Computer Inc.
2.09% of portfolio
 		CX
Cemex
1.94% of portfolio
 		BRY
Berry Petroleum Corp.
1.33% of portfolio
 		MX
MagnaChip Semiconductor Corp.
1.32% of portfolio
 		EQR
Equity Residential
1.24% of portfolio
 		KRC
Kilroy Realty Corp.
1.12% of portfolio
 		COOP
Mr. Cooper Group Inc.
0.98% of portfolio
 		LBTYK
Liberty Global Ltd CL C
0.96% of portfolio
2020   Q4$4.69 B VST
Vistra Corp.
12.70% of portfolio
 		ALLY
Ally Financial Inc.
10.67% of portfolio
 		COLD
Americold Realty Trust
9.38% of portfolio
 		TRMD
Torm Plc
8.49% of portfolio
 		SBLK
Star Bulk Carriers Corp.
7.35% of portfolio
 		PCG
PG&E Corp.
5.98% of portfolio
 		INFN
Infinera Corp.
5.63% of portfolio
 		ITUB
ita Unibanco Holding S.A.
3.34% of portfolio
 		CX
Cemex
2.70% of portfolio
 		VALE
Vale SA
2.42% of portfolio
 		NMIH
NMI Holdings
2.40% of portfolio
 		SMCI
Super Micro Computer Inc.
2.24% of portfolio
 		STKL
SunOpta Inc.
2.02% of portfolio
 		IBN
ICICI Bank Ltd.
1.95% of portfolio
 		EGLE-OLD
Eagle Bulk Shipping
1.71% of portfolio
 		BBD
Banco Bradesco
1.60% of portfolio
 		PBR
Petroleo Brasileiro
1.51% of portfolio
 		AU
AngloGold Ashanti Ltd.
1.50% of portfolio
 		AZUL
Azul S.A.
1.10% of portfolio
 		LBTYK
Liberty Global Ltd CL C
1.02% of portfolio
2020   Q3$3.69 B VST
Vistra Corp.
15.50% of portfolio
 		TRMD
Torm Plc
9.81% of portfolio
 		ALLY
Ally Financial Inc.
9.74% of portfolio
 		SBLK
Star Bulk Carriers Corp.
7.29% of portfolio
 		PCG
PG&E Corp.
5.73% of portfolio
 		TSM
Taiwan Semiconductor S.A.
5.58% of portfolio
 		INFN
Infinera Corp.
4.21% of portfolio
 		MEG
Montrose Environmental Group
2.79% of portfolio
 		CX
Cemex
2.47% of portfolio
 		SMCI
Super Micro Computer Inc.
2.35% of portfolio
 		NMIH
NMI Holdings
2.35% of portfolio
 		ITUB
ita Unibanco Holding S.A.
2.14% of portfolio
 		AU
AngloGold Ashanti Ltd.
2.06% of portfolio
 		EGLE-OLD
Eagle Bulk Shipping
1.87% of portfolio
 		STKL
SunOpta Inc.
1.63% of portfolio
 		IBN
ICICI Bank Ltd.
1.61% of portfolio
 		BIDU
Baidu Inc.
1.44% of portfolio
 		AFYA
Afya Ltd
1.29% of portfolio
 		UNIT
Uniti Group Inc.
1.28% of portfolio
 		VALE
Vale SA
1.25% of portfolio
2020   Q2$3.67 B VST
Vistra Corp.
15.36% of portfolio
 		TRMD
Torm Plc
9.69% of portfolio
 		ALLY
Ally Financial Inc.
7.74% of portfolio
 		SBLK
Star Bulk Carriers Corp.
7.01% of portfolio
 		TSM
Taiwan Semiconductor S.A.
5.88% of portfolio
 		PCG
PG&E Corp.
5.44% of portfolio
 		CZR
Caesars Entertainment
5.04% of portfolio
 		INFN
Infinera Corp.
4.06% of portfolio
 		TMHC
Taylor Morrison Home Corp.
3.38% of portfolio
 		AU
AngloGold Ashanti Ltd.
2.58% of portfolio
 		SMCI
Super Micro Computer Inc.
2.54% of portfolio
 		ITUB
ita Unibanco Holding S.A.
2.43% of portfolio
 		NMIH
NMI Holdings
1.93% of portfolio
 		CX
Cemex
1.88% of portfolio
 		EGLE-OLD
Eagle Bulk Shipping
1.76% of portfolio
 		BRY
Berry Petroleum Corp.
1.70% of portfolio
 		BABA
Alibaba Group Holdings
1.66% of portfolio
 		BIDU
Baidu Inc.
1.38% of portfolio
 		IBN
ICICI Bank Ltd.
1.33% of portfolio
 		LBTYK
Liberty Global Ltd CL C
1.17% of portfolio
2020   Q1$2.81 B VST
Vistra Corp.
17.23% of portfolio
 		TRMD
Torm Plc
14.82% of portfolio
 		SBLK
Star Bulk Carriers Corp.
7.84% of portfolio
 		ALLY
Ally Financial Inc.
7.37% of portfolio
 		TSM
Taiwan Semiconductor S.A.
5.89% of portfolio
 		INFN
Infinera Corp.
4.76% of portfolio
 		CZR
Caesars Entertainment
3.68% of portfolio
 		BABA
Alibaba Group Holdings
2.71% of portfolio
 		SMCI
Super Micro Computer Inc.
2.63% of portfolio
 		ITUB
ita Unibanco Holding S.A.
2.09% of portfolio
 		EGLE-OLD
Eagle Bulk Shipping
1.95% of portfolio
 		PBR
Petroleo Brasileiro
1.91% of portfolio
 		TMHC
Taylor Morrison Home Corp.
1.89% of portfolio
 		NMIH
NMI Holdings
1.82% of portfolio
 		AU
AngloGold Ashanti Ltd.
1.50% of portfolio
 		IBN
ICICI Bank Ltd.
1.45% of portfolio
 		BIDU
Baidu Inc.
1.19% of portfolio
 		MX
MagnaChip Semiconductor Corp.
1.16% of portfolio
 		CX
Cemex
1.15% of portfolio
 		LBTYK
Liberty Global Ltd CL C
1.12% of portfolio
2019   Q4$4.02 B VST
Vistra Corp.
15.61% of portfolio
 		TRMD
Torm Plc
13.45% of portfolio
 		SBLK
Star Bulk Carriers Corp.
11.19% of portfolio
 		ALLY
Ally Financial Inc.
8.33% of portfolio
 		CZR
Caesars Entertainment
5.16% of portfolio
 		TSM
Taiwan Semiconductor S.A.
4.35% of portfolio
 		INFN
Infinera Corp.
4.15% of portfolio
 		NMIH
NMI Holdings
3.64% of portfolio
 		EGLE-OLD
Eagle Bulk Shipping
3.38% of portfolio
 		BRY
Berry Petroleum Corp.
3.03% of portfolio
 		ITUB
ita Unibanco Holding S.A.
2.81% of portfolio
 		IBN
ICICI Bank Ltd.
2.18% of portfolio
 		PBR
Petroleo Brasileiro
2.14% of portfolio
 		CEO-OLD
CNOOC Ltd.
1.48% of portfolio
 		SMCI
Super Micro Computer Inc.
1.44% of portfolio
 		AU
AngloGold Ashanti Ltd.
1.32% of portfolio
 		BBD
Banco Bradesco
1.29% of portfolio
 		CCS
Century Communities Inc.
1.24% of portfolio
 		BRFS
BRF S.A.
1.22% of portfolio
 		AZUL
Azul S.A.
1.17% of portfolio
2019   Q3$3.64 B VST
Vistra Corp.
20.03% of portfolio
 		TRMD
Torm Plc
11.23% of portfolio
 		SBLK
Star Bulk Carriers Corp.
10.53% of portfolio
 		ALLY
Ally Financial Inc.
9.97% of portfolio
 		CZR
Caesars Entertainment
4.89% of portfolio
 		TSM
Taiwan Semiconductor S.A.
3.64% of portfolio
 		NMIH
NMI Holdings
3.59% of portfolio
 		EGLE-OLD
Eagle Bulk Shipping
3.55% of portfolio
 		BRY
Berry Petroleum Corp.
3.32% of portfolio
 		INFN
Infinera Corp.
3.14% of portfolio
 		IBN
ICICI Bank Ltd.
2.80% of portfolio
 		EURN
Euronav NV
1.92% of portfolio
 		CCS
Century Communities Inc.
1.53% of portfolio
 		CEO-OLD
CNOOC Ltd.
1.41% of portfolio
 		BRFS
BRF S.A.
1.37% of portfolio
 		SMCI
Super Micro Computer Inc.
1.27% of portfolio
 		AU
AngloGold Ashanti Ltd.
1.21% of portfolio
 		INFY
Infosys Ltd.
1.12% of portfolio
 		AZUL
Azul S.A.
1.02% of portfolio
 		MX
MagnaChip Semiconductor Corp.
0.91% of portfolio
2019   Q2$3.57 B VST
Vistra Corp.
17.87% of portfolio
 		TRMD
Torm Plc
11.61% of portfolio
 		SBLK
Star Bulk Carriers Corp.
10.12% of portfolio
 		ALLY
Ally Financial Inc.
9.51% of portfolio
 		CZR
Caesars Entertainment
5.05% of portfolio
 		EGLE-OLD
Eagle Bulk Shipping
3.97% of portfolio
 		NMIH
NMI Holdings
3.96% of portfolio
 		BRY
Berry Petroleum Corp.
3.83% of portfolio
 		TSM
Taiwan Semiconductor S.A.
3.21% of portfolio
 		IBN
ICICI Bank Ltd.
3.05% of portfolio
 		EURN
Euronav NV
2.15% of portfolio
 		INFN
Infinera Corp.
1.71% of portfolio
 		CEO-OLD
CNOOC Ltd.
1.66% of portfolio
 		AU
AngloGold Ashanti Ltd.
1.50% of portfolio
 		AZUL
Azul S.A.
1.42% of portfolio
 		CCS
Century Communities Inc.
1.36% of portfolio
 		SMCI
Super Micro Computer Inc.
1.30% of portfolio
 		BRFS
BRF S.A.
1.19% of portfolio
 		INFY
Infosys Ltd.
1.10% of portfolio
 		PBR
Petroleo Brasileiro
0.96% of portfolio
2019   Q1$3.34 B VST
Vistra Corp.
18.77% of portfolio
 		TRMD
Torm Plc
10.73% of portfolio
 		ALLY
Ally Financial Inc.
9.19% of portfolio
 		SBLK
Star Bulk Carriers Corp.
6.98% of portfolio
 		NMIH
NMI Holdings
4.41% of portfolio
 		CZR
Caesars Entertainment
3.97% of portfolio
 		EGLE-OLD
Eagle Bulk Shipping
3.66% of portfolio
 		TSM
Taiwan Semiconductor S.A.
3.56% of portfolio
 		IBN
ICICI Bank Ltd.
3.54% of portfolio
 		INFN
Infinera Corp.
2.73% of portfolio
 		BRY
Berry Petroleum Corp.
2.70% of portfolio
 		EURN
Euronav NV
1.98% of portfolio
 		CEO-OLD
CNOOC Ltd.
1.92% of portfolio
 		BABA
Alibaba Group Holdings
1.91% of portfolio
 		CCS
Century Communities Inc.
1.31% of portfolio
 		AZUL
Azul S.A.
1.30% of portfolio
 		SMCI
Super Micro Computer Inc.
1.27% of portfolio
 		AU
AngloGold Ashanti Ltd.
1.25% of portfolio
 		INFY
Infosys Ltd.
1.19% of portfolio
 		CIVI
Civitas Resources Inc.
1.16% of portfolio
2018   Q4$3.18 B VST
Vistra Corp.
21.72% of portfolio
 		TRMD
Torm Plc
10.06% of portfolio
 		SBLK
Star Bulk Carriers Corp.
9.83% of portfolio
 		ALLY
Ally Financial Inc.
8.36% of portfolio
 		TSM
Taiwan Semiconductor S.A.
4.47% of portfolio
 		EGLE-OLD
Eagle Bulk Shipping
3.79% of portfolio
 		NMIH
NMI Holdings
3.19% of portfolio
 		IBN
ICICI Bank Ltd.
3.05% of portfolio
 		INFN
Infinera Corp.
2.63% of portfolio
 		CZR
Caesars Entertainment
2.14% of portfolio
 		EURN
Euronav NV
2.00% of portfolio
 		VICI
VICI Properties Inc.
1.69% of portfolio
 		CEO-OLD
CNOOC Ltd.
1.52% of portfolio
 		BABA
Alibaba Group Holdings
1.37% of portfolio
 		AZUL
Azul S.A.
1.26% of portfolio
 		VALE
Vale SA
1.25% of portfolio
 		AU
AngloGold Ashanti Ltd.
1.21% of portfolio
 		CIVI
Civitas Resources Inc.
1.11% of portfolio
 		INFY
Infosys Ltd.
0.99% of portfolio
 		CCS
Century Communities Inc.
0.99% of portfolio
2018   Q3$3.56 B VST
Vistra Corp.
24.93% of portfolio
 		SBLK
Star Bulk Carriers Corp.
12.39% of portfolio
 		TRMD
Torm Plc
8.02% of portfolio
 		ALLY
Ally Financial Inc.
6.47% of portfolio
 		TRCO
Tribune Media Co.
5.87% of portfolio
 		TSM
Taiwan Semiconductor S.A.
4.49% of portfolio
 		NMIH
NMI Holdings
3.61% of portfolio
 		IBN
ICICI Bank Ltd.
2.51% of portfolio
 		EURN
Euronav NV
2.24% of portfolio
 		VICI
VICI Properties Inc.
2.17% of portfolio
 		STKL
SunOpta Inc.
1.67% of portfolio
 		PCG
PG&E Corp.
1.57% of portfolio
 		CEO-OLD
CNOOC Ltd.
1.53% of portfolio
 		VALE
Vale SA
1.38% of portfolio
 		CCS
Century Communities Inc.
1.34% of portfolio
 		INFY
Infosys Ltd.
1.33% of portfolio
 		CX
Cemex
0.95% of portfolio
 		AZUL
Azul S.A.
0.94% of portfolio
 		AU
AngloGold Ashanti Ltd.
0.94% of portfolio
 		EGC
Energy XXI Gulf Coast Inc.
0.92% of portfolio
2018   Q2$3.87 B VST
Vistra Corp.
27.24% of portfolio
 		SBLK
Star Bulk Carriers Corp.
10.16% of portfolio
 		TRMD
Torm Plc
9.70% of portfolio
 		TRCO
Tribune Media Co.
7.51% of portfolio
 		AABA
Altaba Inc.
6.81% of portfolio
 		ALLY
Ally Financial Inc.
5.91% of portfolio
 		TSM
Taiwan Semiconductor S.A.
3.02% of portfolio
 		NMIH
NMI Holdings
2.39% of portfolio
 		EURN
Euronav NV
2.26% of portfolio
 		VICI
VICI Properties Inc.
2.07% of portfolio
 		IBN
ICICI Bank Ltd.
2.02% of portfolio
 		INFY
Infosys Ltd.
1.94% of portfolio
 		STKL
SunOpta Inc.
1.76% of portfolio
 		CCS
Century Communities Inc.
1.48% of portfolio
 		VRS-OLD
Verso Corp.
1.33% of portfolio
 		CEO-OLD
CNOOC Ltd.
1.16% of portfolio
 		EGC
Energy XXI Gulf Coast Inc.
0.89% of portfolio
 		MX
MagnaChip Semiconductor Corp.
0.86% of portfolio
 		ORIG
Ocean Rig UDW Inc.
0.84% of portfolio
 		VALE
Vale SA
0.82% of portfolio
2018   Q1$3.63 B VST
Vistra Corp.
27.81% of portfolio
 		SBLK
Star Bulk Carriers Corp.
10.44% of portfolio
 		AABA
Altaba Inc.
8.14% of portfolio
 		TRCO
Tribune Media Co.
7.80% of portfolio
 		ALLY
Ally Financial Inc.
6.52% of portfolio
 		TSM
Taiwan Semiconductor S.A.
3.50% of portfolio
 		VICI
VICI Properties Inc.
3.42% of portfolio
 		NMIH
NMI Holdings
2.59% of portfolio
 		BABA
Alibaba Group Holdings
2.56% of portfolio
 		IBN
ICICI Bank Ltd.
2.19% of portfolio
 		GNRT
Gener8 Maritime Inc.
2.03% of portfolio
 		DYN-OLD
Dynegy Inc.
1.77% of portfolio
 		INFY
Infosys Ltd.
1.74% of portfolio
 		STKL
SunOpta Inc.
1.58% of portfolio
 		CCS
Century Communities Inc.
1.50% of portfolio
 		VRS-OLD
Verso Corp.
1.27% of portfolio
 		VALE
Vale SA
1.20% of portfolio
 		ABEV
Ambev S.A.
1.13% of portfolio
 		AZUL
Azul S.A.
1.02% of portfolio
 		CEO-OLD
CNOOC Ltd.
0.92% of portfolio
2017   Q4$3.69 B VST
Vistra Corp.
24.97% of portfolio
 		SBLK
Star Bulk Carriers Corp.
9.94% of portfolio
 		TRCO
Tribune Media Co.
8.27% of portfolio
 		ALLY
Ally Financial Inc.
7.72% of portfolio
 		TSM
Taiwan Semiconductor S.A.
3.83% of portfolio
 		ITUB
ita Unibanco Holding S.A.
3.25% of portfolio
 		VALE
Vale SA
3.12% of portfolio
 		DYN-OLD
Dynegy Inc.
2.71% of portfolio
 		NMIH
NMI Holdings
2.62% of portfolio
 		GNRT
Gener8 Maritime Inc.
2.34% of portfolio
 		IBN
ICICI Bank Ltd.
2.32% of portfolio
 		BABA
Alibaba Group Holdings
2.30% of portfolio
 		AABA
Altaba Inc.
2.01% of portfolio
 		STKL
SunOpta Inc.
1.70% of portfolio
 		PBR
Petroleo Brasileiro
1.64% of portfolio
 		CCS
Century Communities Inc.
1.53% of portfolio
 		VRS-OLD
Verso Corp.
1.30% of portfolio
 		FBP
First BanCorp. Puerto Rico
1.29% of portfolio
 		INFY
Infosys Ltd.
1.26% of portfolio
 		BRFS
BRF S.A.
1.21% of portfolio
2017   Q3$3.68 B VST
Vistra Corp.
25.52% of portfolio
 		TRCO
Tribune Media Co.
15.74% of portfolio
 		SBLK
Star Bulk Carriers Corp.
8.59% of portfolio
 		ALLY
Ally Financial Inc.
6.52% of portfolio
 		AABA
Altaba Inc.
5.60% of portfolio
 		TSM
Taiwan Semiconductor S.A.
4.13% of portfolio
 		BABA
Alibaba Group Holdings
3.20% of portfolio
 		VALE
Vale SA
2.47% of portfolio
 		DYN-OLD
Dynegy Inc.
2.24% of portfolio
 		NMIH
NMI Holdings
1.96% of portfolio
 		IBN
ICICI Bank Ltd.
1.78% of portfolio
 		GNRT
Gener8 Maritime Inc.
1.60% of portfolio
 		FBP
First BanCorp. Puerto Rico
1.40% of portfolio
 		CX
Cemex
1.35% of portfolio
 		BRFS
BRF S.A.
1.20% of portfolio
 		EGC
Energy XXI Gulf Coast Inc.
1.10% of portfolio
 		STKL
SunOpta Inc.
1.04% of portfolio
 		CCS
Century Communities Inc.
0.99% of portfolio
 		ABEV
Ambev S.A.
0.98% of portfolio
 		NSM
Nationstar Mortgage Holdings
0.91% of portfolio
2017   Q2$3.34 B VST
Vistra Corp.
25.27% of portfolio
 		TRCO
Tribune Media Co.
17.30% of portfolio
 		SBLK
Star Bulk Carriers Corp.
9.54% of portfolio
 		ALLY
Ally Financial Inc.
6.49% of portfolio
 		TSM
Taiwan Semiconductor S.A.
4.01% of portfolio
 		FBP
First BanCorp. Puerto Rico
3.46% of portfolio
 		BABA
Alibaba Group Holdings
2.73% of portfolio
 		GNRT
Gener8 Maritime Inc.
2.22% of portfolio
 		EGC
Energy XXI Gulf Coast Inc.
2.17% of portfolio
 		DYN-OLD
Dynegy Inc.
2.08% of portfolio
 		CX
Cemex
2.06% of portfolio
 		NMIH
NMI Holdings
1.99% of portfolio
 		IBN
ICICI Bank Ltd.
1.95% of portfolio
 		AABA
Altaba Inc.
1.73% of portfolio
 		STKL
SunOpta Inc.
1.34% of portfolio
 		CCS
Century Communities Inc.
1.09% of portfolio
 		NSM
Nationstar Mortgage Holdings
0.97% of portfolio
 		AU
AngloGold Ashanti Ltd.
0.89% of portfolio
 		BRFS
BRF S.A.
0.88% of portfolio
 		ABEV
Ambev S.A.
0.85% of portfolio
2017   Q1$3.47 B APFH
AdvancePierre Foods Hldgs
28.54% of portfolio
 		TRCO
Tribune Media Co.
15.25% of portfolio
 		SBLK
Star Bulk Carriers Corp.
11.12% of portfolio
 		ALLY
Ally Financial Inc.
6.09% of portfolio
 		TSM
Taiwan Semiconductor S.A.
3.60% of portfolio
 		EGC
Energy XXI Gulf Coast Inc.
3.38% of portfolio
 		FBP
First BanCorp. Puerto Rico
3.26% of portfolio
 		GNRT
Gener8 Maritime Inc.
2.14% of portfolio
 		BABA
Alibaba Group Holdings
2.00% of portfolio
 		NMIH
NMI Holdings
1.91% of portfolio
 		DYN-OLD
Dynegy Inc.
1.91% of portfolio
 		CX
Cemex
1.80% of portfolio
 		IBN
ICICI Bank Ltd.
1.64% of portfolio
 		MTG
MGIC Investment
1.33% of portfolio
 		YHOO
Yahoo Inc.
1.18% of portfolio
 		CCS
Century Communities Inc.
1.08% of portfolio
 		AMX
America Movil SAB de CV
1.02% of portfolio
 		VIV
Telefonica Brasil
0.94% of portfolio
 		ABEV
Ambev S.A.
0.86% of portfolio
 		AU
AngloGold Ashanti Ltd.
0.85% of portfolio
2016   Q4$3.39 B APFH
AdvancePierre Foods Hldgs
38.02% of portfolio
 		TRCO
Tribune Media Co.
14.63% of portfolio
 		FBP
First BanCorp. Puerto Rico
6.14% of portfolio
 		ALLY
Ally Financial Inc.
5.75% of portfolio
 		SBLK
Star Bulk Carriers Corp.
4.38% of portfolio
 		TSM
Taiwan Semiconductor S.A.
3.18% of portfolio
 		DYN-OLD
Dynegy Inc.
2.10% of portfolio
 		TPCO
Tribune Publishing Co.
1.92% of portfolio
 		NMIH
NMI Holdings
1.83% of portfolio
 		MTG
MGIC Investment
1.74% of portfolio
 		GNRT
Gener8 Maritime Inc.
1.73% of portfolio
 		BABA
Alibaba Group Holdings
1.60% of portfolio
 		CX
Cemex
1.59% of portfolio
 		IBN
ICICI Bank Ltd.
1.41% of portfolio
 		CCS
Century Communities Inc.
0.91% of portfolio
 		AMX
America Movil SAB de CV
0.89% of portfolio
 		VIV
Telefonica Brasil
0.84% of portfolio
 		XCO
EXCO Resources Inc.
0.79% of portfolio
 		AU
AngloGold Ashanti Ltd.
0.68% of portfolio
 		CEO-OLD
CNOOC Ltd.
0.67% of portfolio
2016   Q3$3.45 B APFH
AdvancePierre Foods Hldgs
34.52% of portfolio
 		TRCO
Tribune Media Co.
14.99% of portfolio
 		FBP
First BanCorp. Puerto Rico
6.30% of portfolio
 		ALLY
Ally Financial Inc.
5.86% of portfolio
 		SBLK
Star Bulk Carriers Corp.
3.82% of portfolio
 		BANR
Banner Corp.
3.13% of portfolio
 		DYN-OLD
Dynegy Inc.
3.02% of portfolio
 		TSM
Taiwan Semiconductor S.A.
3.01% of portfolio
 		TPCO
Tribune Publishing Co.
2.29% of portfolio
 		MTG
MGIC Investment
2.09% of portfolio
 		GNRT
Gener8 Maritime Inc.
1.93% of portfolio
 		BABA
Alibaba Group Holdings
1.72% of portfolio
 		CX
Cemex
1.56% of portfolio
 		IBN
ICICI Bank Ltd.
1.28% of portfolio
 		NMIH
NMI Holdings
1.28% of portfolio
 		XCO
EXCO Resources Inc.
1.17% of portfolio
 		LVNTA
Liberty Ventures
1.14% of portfolio
 		CCS
Century Communities Inc.
0.91% of portfolio
 		VIV
Telefonica Brasil
0.74% of portfolio
 		TSL
Trina Solar Ltd.
0.73% of portfolio
2016   Q2$2.14 B TRCO
Tribune Media Co.
25.99% of portfolio
 		ALLY
Ally Financial Inc.
8.31% of portfolio
 		FBP
First BanCorp. Puerto Rico
7.77% of portfolio
 		DYN-OLD
Dynegy Inc.
6.79% of portfolio
 		TSM
Taiwan Semiconductor S.A.
5.33% of portfolio
 		BANR
Banner Corp.
5.17% of portfolio
 		GNRT
Gener8 Maritime Inc.
3.91% of portfolio
 		SBLK
Star Bulk Carriers Corp.
3.17% of portfolio
 		TPCO
Tribune Publishing Co.
3.03% of portfolio
 		XCO
EXCO Resources Inc.
2.75% of portfolio
 		MTG
MGIC Investment
2.51% of portfolio
 		CX
Cemex
2.27% of portfolio
 		LVNTA
Liberty Ventures
1.72% of portfolio
 		TSL
Trina Solar Ltd.
1.68% of portfolio
 		NMIH
NMI Holdings
1.49% of portfolio
 		JD
JD.com Inc.
1.43% of portfolio
 		IBN
ICICI Bank Ltd.
1.39% of portfolio
 		BRFS
BRF S.A.
1.28% of portfolio
 		CCS
Century Communities Inc.
1.19% of portfolio
 		VIV
Telefonica Brasil
1.18% of portfolio
2016   Q1$2.09 B TRCO
Tribune Media Co.
26.08% of portfolio
 		ALLY
Ally Financial Inc.
8.65% of portfolio
 		DYN-OLD
Dynegy Inc.
6.56% of portfolio
 		FBP
First BanCorp. Puerto Rico
5.86% of portfolio
 		BANR
Banner Corp.
5.24% of portfolio
 		TSM
Taiwan Semiconductor S.A.
4.87% of portfolio
 		GNRT
Gener8 Maritime Inc.
4.42% of portfolio
 		SBLK
Star Bulk Carriers Corp.
4.11% of portfolio
 		MTG
MGIC Investment
3.32% of portfolio
 		JD
JD.com Inc.
2.23% of portfolio
 		XCO
EXCO Resources Inc.
2.14% of portfolio
 		TSL
Trina Solar Ltd.
1.94% of portfolio
 		BRFS
BRF S.A.
1.87% of portfolio
 		LVNTA
Liberty Ventures
1.86% of portfolio
 		LNCE
Snyders Lance Inc.
1.85% of portfolio
 		CX
Cemex
1.79% of portfolio
 		TPCO
Tribune Publishing Co.
1.74% of portfolio
 		IBN
ICICI Bank Ltd.
1.56% of portfolio
 		NMIH
NMI Holdings
1.41% of portfolio
 		CCS
Century Communities Inc.
1.20% of portfolio
2015   Q4$3.94 B STOR-OLD
STORE Capital Corp.
41.38% of portfolio
 		TRCO
Tribune Media Co.
12.13% of portfolio
 		DMND
Diamond Foods Inc.
4.32% of portfolio
 		ALLY
Ally Financial Inc.
4.08% of portfolio
 		FBP
First BanCorp. Puerto Rico
3.45% of portfolio
 		DYN-OLD
Dynegy Inc.
3.34% of portfolio
 		GNRT
Gener8 Maritime Inc.
3.13% of portfolio
 		BANR
Banner Corp.
3.02% of portfolio
 		TSM
Taiwan Semiconductor S.A.
2.57% of portfolio
 		MTG
MGIC Investment
2.02% of portfolio
 		AIQ
Alliance Healthcare Services
1.88% of portfolio
 		SBLK
Star Bulk Carriers Corp.
1.75% of portfolio
 		XCO
EXCO Resources Inc.
1.42% of portfolio
 		EGLE-OLD
Eagle Bulk Shipping
1.40% of portfolio
 		JD
JD.com Inc.
1.18% of portfolio
 		TPCO
Tribune Publishing Co.
1.10% of portfolio
 		TSL
Trina Solar Ltd.
1.03% of portfolio
 		LVNTA
Liberty Ventures
1.00% of portfolio
 		BRFS
BRF S.A.
0.99% of portfolio
 		NMIH
NMI Holdings
0.97% of portfolio
2015   Q3$4 B STOR-OLD
STORE Capital Corp.
37.40% of portfolio
 		TRCO
Tribune Media Co.
12.58% of portfolio
 		SBLK
Star Bulk Carriers Corp.
5.80% of portfolio
 		DYN-OLD
Dynegy Inc.
5.08% of portfolio
 		ALLY
Ally Financial Inc.
4.40% of portfolio
 		FBP
First BanCorp. Puerto Rico
3.72% of portfolio
 		GNRT
Gener8 Maritime Inc.
3.57% of portfolio
 		DMND
Diamond Foods Inc.
3.41% of portfolio
 		EGLE-OLD
Eagle Bulk Shipping
2.33% of portfolio
 		MTG
MGIC Investment
2.09% of portfolio
 		AIQ
Alliance Healthcare Services
2.08% of portfolio
 		BRFS
BRF S.A.
1.36% of portfolio
 		TSM
Taiwan Semiconductor S.A.
1.32% of portfolio
 		CX
Cemex
1.16% of portfolio
 		NMIH
NMI Holdings
1.04% of portfolio
 		JD
JD.com Inc.
1.02% of portfolio
 		IBN
ICICI Bank Ltd.
0.94% of portfolio
 		TV
Grupo Televisa SA
0.94% of portfolio
 		TPCO
Tribune Publishing Co.
0.92% of portfolio
 		TSL
Trina Solar Ltd.
0.89% of portfolio
2015   Q2$5.09 B STOR-OLD
STORE Capital Corp.
28.63% of portfolio
 		TRCO
Tribune Media Co.
14.85% of portfolio
 		SBLK
Star Bulk Carriers Corp.
6.54% of portfolio
 		DYN-OLD
Dynegy Inc.
5.63% of portfolio
 		ALLY
Ally Financial Inc.
3.97% of portfolio
 		FBP
First BanCorp. Puerto Rico
3.97% of portfolio
 		GNRT
Gener8 Maritime Inc.
3.50% of portfolio
 		DMND
Diamond Foods Inc.
2.73% of portfolio
 		EGLE-OLD
Eagle Bulk Shipping
2.16% of portfolio
 		TSM
Taiwan Semiconductor S.A.
2.03% of portfolio
 		MTG
MGIC Investment
2.02% of portfolio
 		AIQ
Alliance Healthcare Services
1.75% of portfolio
 		TPCO
Tribune Publishing Co.
1.43% of portfolio
 		PBR
Petroleo Brasileiro
1.35% of portfolio
 		BRFS
BRF S.A.
1.18% of portfolio
 		DOOR
Masonite International Corp.
1.14% of portfolio
 		CX
Cemex
1.12% of portfolio
 		ITUB
ita Unibanco Holding S.A.
1.11% of portfolio
 		XCO
EXCO Resources Inc.
1.05% of portfolio
 		TV
Grupo Televisa SA
1.04% of portfolio
2015   Q1$5.86 B STOR-OLD
STORE Capital Corp.
32.71% of portfolio
 		TRCO
Tribune Media Co.
19.46% of portfolio
 		DYN-OLD
Dynegy Inc.
5.68% of portfolio
 		SBLK
Star Bulk Carriers Corp.
5.09% of portfolio
 		FBP
First BanCorp. Puerto Rico
4.42% of portfolio
 		ALLY
Ally Financial Inc.
3.42% of portfolio
 		DMND
Diamond Foods Inc.
2.46% of portfolio
 		EGLE-OLD
Eagle Bulk Shipping
1.98% of portfolio
 		DOOR
Masonite International Corp.
1.87% of portfolio
 		AIQ
Alliance Healthcare Services
1.80% of portfolio
 		MTG
MGIC Investment
1.65% of portfolio
 		TSM
Taiwan Semiconductor S.A.
1.59% of portfolio
 		TPCO
Tribune Publishing Co.
1.55% of portfolio
 		XCO
EXCO Resources Inc.
1.41% of portfolio
 		CX
Cemex
0.94% of portfolio
 		IBN
ICICI Bank Ltd.
0.89% of portfolio
 		BRFS
BRF S.A.
0.87% of portfolio
 		TSL
Trina Solar Ltd.
0.81% of portfolio
 		PBR
Petroleo Brasileiro
0.77% of portfolio
 		TV
Grupo Televisa SA
0.75% of portfolio
2014   Q4$5.75 B STOR-OLD
STORE Capital Corp.
30.89% of portfolio
 		TRCO
Tribune Media Co.
19.52% of portfolio
 		SBLK
Star Bulk Carriers Corp.
5.85% of portfolio
 		DYN-OLD
Dynegy Inc.
5.36% of portfolio
 		FBP
First BanCorp. Puerto Rico
4.27% of portfolio
 		ALLY
Ally Financial Inc.
3.83% of portfolio
 		EGLE-OLD
Eagle Bulk Shipping
3.65% of portfolio
 		DOOR
Masonite International Corp.
2.61% of portfolio
 		DMND
Diamond Foods Inc.
2.17% of portfolio
 		TSM
Taiwan Semiconductor S.A.
1.90% of portfolio
 		TPCO
Tribune Publishing Co.
1.87% of portfolio
 		AIQ
Alliance Healthcare Services
1.74% of portfolio
 		MTG
MGIC Investment
1.74% of portfolio
 		XCO
EXCO Resources Inc.
1.71% of portfolio
 		BRFS
BRF S.A.
0.93% of portfolio
 		TTM-OLD
Tata Motors Ltd.
0.91% of portfolio
 		PBR
Petroleo Brasileiro
0.83% of portfolio
 		IBN
ICICI Bank Ltd.
0.81% of portfolio
 		CX
Cemex
0.78% of portfolio
 		TV
Grupo Televisa SA
0.69% of portfolio
2014   Q3$2.89 B SBLK
Star Bulk Carriers Corp.
19.53% of portfolio
 		DYN-OLD
Dynegy Inc.
7.92% of portfolio
 		FBP
First BanCorp. Puerto Rico
6.88% of portfolio
 		ALLY
Ally Financial Inc.
6.61% of portfolio
 		DOOR
Masonite International Corp.
5.68% of portfolio
 		XCO
EXCO Resources Inc.
5.22% of portfolio
 		DMND
Diamond Foods Inc.
4.38% of portfolio
 		AIQ
Alliance Healthcare Services
3.72% of portfolio
 		MTG
MGIC Investment
3.49% of portfolio
 		TPCO
Tribune Publishing Co.
3.28% of portfolio
 		PBR
Petroleo Brasileiro
3.10% of portfolio
 		TSM
Taiwan Semiconductor S.A.
3.08% of portfolio
 		TTM-OLD
Tata Motors Ltd.
1.95% of portfolio
 		CX
Cemex
1.78% of portfolio
 		MCF
Contango Oil & Gas Co.
1.48% of portfolio
 		NRG
NRG Energy Inc.
1.40% of portfolio
 		VSH
Vishay Intertechnology
1.36% of portfolio
 		TSL
Trina Solar Ltd.
1.31% of portfolio
 		TV
Grupo Televisa SA
1.22% of portfolio
 		BRFS
BRF S.A.
1.18% of portfolio
2014   Q2$2.45 B XCO
EXCO Resources Inc.
10.85% of portfolio
 		DYN-OLD
Dynegy Inc.
9.85% of portfolio
 		FBP
First BanCorp. Puerto Rico
9.28% of portfolio
 		DOOR
Masonite International Corp.
8.31% of portfolio
 		ALLY
Ally Financial Inc.
7.79% of portfolio
 		AIQ
Alliance Healthcare Services
5.24% of portfolio
 		DMND
Diamond Foods Inc.
5.08% of portfolio
 		MTG
MGIC Investment
4.30% of portfolio
 		PBR
Petroleo Brasileiro
3.31% of portfolio
 		SBLK
Star Bulk Carriers Corp.
3.05% of portfolio
 		TSM
Taiwan Semiconductor S.A.
2.83% of portfolio
 		MCF
Contango Oil & Gas Co.
2.22% of portfolio
 		AIG
American International Group
2.07% of portfolio
 		NRG
NRG Energy Inc.
2.01% of portfolio
 		SCAI
Surgical Care Affiliates
1.95% of portfolio
 		VSH
Vishay Intertechnology
1.74% of portfolio
 		TTM-OLD
Tata Motors Ltd.
1.67% of portfolio
 		CX
Cemex
1.62% of portfolio
 		TV
Grupo Televisa SA
1.48% of portfolio
 		TSL
Trina Solar Ltd.
1.33% of portfolio
2014   Q1$2.28 B XCO
EXCO Resources Inc.
11.11% of portfolio
 		DOOR
Masonite International Corp.
10.15% of portfolio
 		FBP
First BanCorp. Puerto Rico
10.00% of portfolio
 		DYN-OLD
Dynegy Inc.
9.04% of portfolio
 		AIQ
Alliance Healthcare Services
7.01% of portfolio
 		DMND
Diamond Foods Inc.
6.78% of portfolio
 		MTG
MGIC Investment
4.27% of portfolio
 		SBLK
Star Bulk Carriers Corp.
3.62% of portfolio
 		SCAI
Surgical Care Affiliates
3.15% of portfolio
 		MCF
Contango Oil & Gas Co.
2.70% of portfolio
 		TSM
Taiwan Semiconductor S.A.
2.41% of portfolio
 		PBR
Petroleo Brasileiro
2.30% of portfolio
 		AIG
American International Group
2.04% of portfolio
 		PULS
Pulse Electronics Corp.
2.03% of portfolio
 		NRG
NRG Energy Inc.
1.85% of portfolio
 		VSH
Vishay Intertechnology
1.80% of portfolio
 		TTM-OLD
Tata Motors Ltd.
1.62% of portfolio
 		LVLT
Level 3 Communications Inc.
1.46% of portfolio
 		CX
Cemex
1.28% of portfolio
 		TV
Grupo Televisa SA
1.20% of portfolio
2013   Q4$2.24 B DOOR
Masonite International Corp.
12.02% of portfolio
 		FBP
First BanCorp. Puerto Rico
11.59% of portfolio
 		XCO
EXCO Resources Inc.
8.74% of portfolio
 		DYN-OLD
Dynegy Inc.
7.94% of portfolio
 		DLPH
Delphi Technologies
5.72% of portfolio
 		AIQ
Alliance Healthcare Services
5.26% of portfolio
 		MTG
MGIC Investment
4.53% of portfolio
 		CHTR
Charter Communications
4.46% of portfolio
 		SCAI
Surgical Care Affiliates
3.48% of portfolio
 		SBLK
Star Bulk Carriers Corp.
3.44% of portfolio
 		MCF
Contango Oil & Gas Co.
2.72% of portfolio
 		LVLT
Level 3 Communications Inc.
2.32% of portfolio
 		AIG
American International Group
2.12% of portfolio
 		PBR
Petroleo Brasileiro
1.93% of portfolio
 		NRG
NRG Energy Inc.
1.70% of portfolio
 		TSM
Taiwan Semiconductor S.A.
1.69% of portfolio
 		ETFC
E*Trade Financial Corp.
1.64% of portfolio
 		VSH
Vishay Intertechnology
1.63% of portfolio
 		TTM-OLD
Tata Motors Ltd.
1.30% of portfolio
 		GTY
Getty Realty Corp.
1.17% of portfolio
2013   Q3$1.91 B XCO
EXCO Resources Inc.
12.99% of portfolio
 		FBP
First BanCorp. Puerto Rico
12.46% of portfolio
 		DOOR
Masonite International Corp.
12.25% of portfolio
 		DLPH
Delphi Technologies
9.19% of portfolio
 		DYN-OLD
Dynegy Inc.
8.35% of portfolio
 		AIQ
Alliance Healthcare Services
6.90% of portfolio
 		CHTR
Charter Communications
6.43% of portfolio
 		MTG
MGIC Investment
4.58% of portfolio
 		CXPO
Crimson Exploration
2.45% of portfolio
 		AIG
American International Group
2.37% of portfolio
 		LVLT
Level 3 Communications Inc.
2.14% of portfolio
 		SBLK
Star Bulk Carriers Corp.
2.05% of portfolio
 		NRG
NRG Energy Inc.
1.90% of portfolio
 		VSH
Vishay Intertechnology
1.86% of portfolio
 		ETFC
E*Trade Financial Corp.
1.61% of portfolio
 		APO
Apollo Global Management
1.48% of portfolio
 		GTY
Getty Realty Corp.
1.45% of portfolio
 		TMS-OLD
TMS International Corp.
1.26% of portfolio
 		CMLS
Cumulus Media Inc.
0.91% of portfolio
 		NTAP
NetApp Inc.
0.83% of portfolio
2013   Q2$1.78 B FBP
First BanCorp. Puerto Rico
20.22% of portfolio
 		XCO
EXCO Resources Inc.
15.83% of portfolio
 		CHTR
Charter Communications
13.77% of portfolio
 		DYN-OLD
Dynegy Inc.
9.91% of portfolio
 		DLPH
Delphi Technologies
8.57% of portfolio
 		AIQ
Alliance Healthcare Services
4.19% of portfolio
 		MTG
MGIC Investment
4.10% of portfolio
 		CXPO
Crimson Exploration
2.47% of portfolio
 		VSH
Vishay Intertechnology
2.15% of portfolio
 		NRG
NRG Energy Inc.
1.99% of portfolio
 		APO
Apollo Global Management
1.70% of portfolio
 		GTY
Getty Realty Corp.
1.65% of portfolio
 		AIG
American International Group
1.62% of portfolio
 		CZR
Caesars Entertainment
1.60% of portfolio
 		LVLT
Level 3 Communications Inc.
1.19% of portfolio
 		TMS-OLD
TMS International Corp.
1.16% of portfolio
 		ORBK
Orbotech Ltd.
0.98% of portfolio
 		CMLS
Cumulus Media Inc.
0.76% of portfolio
 		SWY
Safeway Inc.
0.67% of portfolio
 		ETFC
E*Trade Financial Corp.
0.62% of portfolio
2013   Q1$1.65 B FBP
First BanCorp. Puerto Rico
19.11% of portfolio
 		XCO
EXCO Resources Inc.
15.87% of portfolio
 		CHTR
Charter Communications
12.61% of portfolio
 		DLPH
Delphi Technologies
10.75% of portfolio
 		DYN-OLD
Dynegy Inc.
10.49% of portfolio
 		CXPO
Crimson Exploration
2.69% of portfolio
 		CZR
Caesars Entertainment
2.44% of portfolio
 		VSH
Vishay Intertechnology
2.27% of portfolio
 		AIQ
Alliance Healthcare Services
2.24% of portfolio
 		GTY
Getty Realty Corp.
1.74% of portfolio
 		APO
Apollo Global Management
1.64% of portfolio
 		SWY
Safeway Inc.
1.59% of portfolio
 		NRG
NRG Energy Inc.
1.46% of portfolio
 		MTG
MGIC Investment
1.35% of portfolio
 		AIG
American International Group
1.23% of portfolio
 		LVLT
Level 3 Communications Inc.
1.23% of portfolio
 		CIT
CIT Group
1.07% of portfolio
 		PULS
Pulse Electronics Corp.
0.94% of portfolio
 		TMS-OLD
TMS International Corp.
0.87% of portfolio
 		ORBK
Orbotech Ltd.
0.85% of portfolio
2012   Q4$2.28 B CHTR
Charter Communications
40.66% of portfolio
 		XCO
EXCO Resources Inc.
10.93% of portfolio
 		DLPH
Delphi Technologies
10.75% of portfolio
 		FBP
First BanCorp. Puerto Rico
10.19% of portfolio
 		CIT
CIT Group
6.41% of portfolio
 		DYN-OLD
Dynegy Inc.
6.07% of portfolio
 		CXPO
Crimson Exploration
1.87% of portfolio
 		VSH
Vishay Intertechnology
1.28% of portfolio
 		GTY
Getty Realty Corp.
1.13% of portfolio
 		NRG
NRG Energy Inc.
0.92% of portfolio
 		APO
Apollo Global Management
0.84% of portfolio
 		AIG
American International Group
0.81% of portfolio
 		SWY
Safeway Inc.
0.79% of portfolio
 		CZR
Caesars Entertainment
0.77% of portfolio
 		LVLT
Level 3 Communications Inc.
0.66% of portfolio
 		TMS-OLD
TMS International Corp.
0.60% of portfolio
 		PULS
Pulse Electronics Corp.
0.52% of portfolio
 		CMLS
Cumulus Media Inc.
0.47% of portfolio
 		VALE
Vale SA
0.42% of portfolio
 		FCNCA
First Citizens Bancshares
0.42% of portfolio