NITTANY LION FUND, LLC
MONTHLY REPORT
April 2015
NITTANY LION FUND, LLC |
THE MONTHLY REPORT
2015 Full-Time and Internship Placements
INSIDE THIS ISSUE:
Dr. J. Randall Woolridge
The ultimate indication of the success in meeting our educational mission is the quality of the students graduating from the NLF. The placement of our students from the Nittany Lion Fund
(“NLF”) is a strong indicator of the quality of our students. The quantity and quality of our Wall
Street full-time and internship placements have grown significantly in recent years.
page 2 & 3
I believe that there are several factors that have contributed to this success: (1) the NLF experience –
students develop superior financial and communication skills due to the day-to-day responsibilities
associated with managing investors’ money; (2) the Rogers Family Trading Room provides students
with an environment to not only develop their financial skills, but also it serves as a networking hub
where students learn from visitors as well as each other. I tell our new students that the number one
metric that determines whether a student will make it to Wall Street is the number of hours per day
spent in the Trading Room; (3) Our alumni have become more and more involved in the development and recruitment of our students. This has come in the form of mentoring, coaching, networking, and campus visits. As more and more NLF students have taken jobs on Wall Street, the network
has grown; and (4) the Smeal College and Development and Alumni Relations Staff have become
very involved with our students. Robin Stevens does an incredible job of counseling and developing
our students, running the Wall Street Boot Camp, and networking our students with alumni. The
Development Office, and specifically Todd Sloan and Scott Graham, have been very involved with
engaging and involving our alumni, linking our students with alumni and firms, and hosting networking events on Wall Street.
Due to the increased interest in the NLF among PSU students, we have increased the number of
students admitted to the Fund by adding associate sector analyst positions and by creating new Directors’ positions in risk management, portfolio analytics, options strategy, risk analytics, and equity
research/analysis. In addition, to provide internship and placement opportunities for these additional fund managers, we have aggressively courted Smeal alumni at Wall Street firms that have not traditionally recruited here. This process has involved inviting alumni back to campus to interact with
NLF managers and participating in alumni networking activities in New York. The placement success of NLF students on Wall Street is a big selling point in attracting more alumni and firms to recruit our students.
 2015 Placements
— Dr. J. Randall Woolridge
page 4
 Featured Alumnus
— Steve Iwanczuk
page 5
 Sector of the Month
— Materials
 2015 Annual Meeting
page 6&7
 Sector Summaries
page 8
 Portfolio Analysis
2015 Full-Time Placement
Fund Position
President
Vice President
Chief Investment Officer
Secretary
Treasurer
Director of Options Strategy
Director of Equity Research
Director of Economic Analytics
Director of Portfolio Analytics
Energy
Energy
Healthcare
Industrials
Information Technology
Information Technology
Materials
Utilities
Name
Emily Zheng
Dale Peterson
Matt Manocchio
Jordan Freed
Alec Lucente
Nate Rubinstein
Evan Fisher
James Hollawell
Radler Kelly
Jake Cunningham
Justin Citron
Mason Austen
Bennett Salvatora
Steven Edgeworth
Matt Venoit
Michael Brown
Andrew Onufrey
Placement
Goldman Sachs
Perella Weinberg
JP Morgan
JP Morgan
Perella Weinberg
Goldman Sachs
Wells Fargo
BAML
UBS
Barclays
UBS
Morgan Stanley
Citigroup
BAML
Goldman Sachs
Citigroup
Deutsche Bank
Division
IBD
IBD
IBD
S&T
IBD
IBD
IBD
IBD
IBD
S&T
IBD
IBD
IBD
S&T
S&T
S&T
IBD
April 2015
Location
New York, NY
New York, NY
New York, NY
New York, NY
New York, NY
New York, NY
Charlotte, NC
New York, NY
New York, NY
New York, NY
New York, NY
New York, NY
New York, NY
New York, NY
New York, NY
New York, NY
New York, NY
Fund Year
2014
2014
2014
2014
2014
2014
2014
2014
2014
2014
2014
2014
2014
2014
2014
2014
2014
PAGE 2
NITTANY LION FUND, LLC |
THE MONTHLY REPORT
2015 Full-Time and Internship Placements
Dr. J. Randall Woolridge
We will have seventeen seniors graduate in May 2015 who have accepted jobs in investment management and banking. As shown in
the table on the previous page, the quality of the full-time placements for NLF managers for 2015 was exceptional. PSU is a target
school at Goldman Sachs and Bank of America Merrill Lynch. In addition, we have made a major effort to get more Wall Street
firms involved in recruiting our students. The success of this effort is shown by our placements at Perella Weinberg, Wells Fargo,
UBS, Barclays, and Deutsche Bank.
As shown in the table below, our junior and sophomore NLF managers have been very successful securing internships for the upcoming summer. There are several themes to this year’s internship successes. First, the number of firms interviewing for summer
internships has increased in recetn years. Second, the Wall Street summer internship recruiting market has accelerated to earlier in the
academic year. Whereas the junior summer internship recruiting market used to start and end in February, it now starts as early as
October and is mostly finished by December.
We have had a total of 191 students graduate from the NLF. Over the years, the largest employers of NLF managers have been Bank
of America Merrill Lynch, Goldman Sachs, Citigroup, BlackRock, JP Morgan, and Morgan Stanley. About 50% of our graduates have
secured positions in investment banking divisions of these firms. Our largest six employers have hired 122 of the 191graduates, or
64%. Another 49 graduates, or 26%, have been hired by other banks and investment advisory firms, including Perella Weinberg,
UBS, Barclays, PNC, Deutsche Bank, Bloomberg, and Credit Suisse, among others. Mutual and hedge funds have hired 11 (6%) NLF
graduates, and corporations and others have hired the remaining 9 (4%) NLF graduates.
2015 Summer Internship Placement
Fund Position
President
Vice President
Chief Investment Officer
Secretary
Treasurer
Director of Portfolio Analytics
Director of Equity Research
Director of Economic Analytics
Consumer Discretionary
Consumer Discretionary
Consumer Discretionary
Consumer Staples
Consumer Staples
Energy
Energy
Energy
Financials
Healthcare
Healthcare
Industrials
Materials
Materials
Telecom
Utilities
Name
Chris Loggia
Liam Quinlan-Walshe
Ameya Naik
Alex DiStefano
Aleksei Cremo
Michele Carchedi
Louis Rosenberg
Aaron White
Virginia Woolridge
Dante Rebelo
Chris Binder
Joe Liberto
Kyle Nowelski
Jordan Pennella
Chris McArdle
Kevin Hernandez
Ed Goodall
Kody Amburgey
Julian Lui
Tim Farley
Vlad Munteanu
Chris Walker
Tomo Deguchi
Tyler O'Donnell
Placement
Perella Weinberg
BAML
Goldman Sachs
Goldman Sachs
Perella Weinberg
BAML
Citigroup
Deutsche Bank
BAML
BAML
Wells Fargo
BAML
Bloomberg
BAML
Goldman Sachs
JP Morgan
Convergent Wealth Advisors
BAML
Raymond James
BAML
Citigroup
JP Morgan
Morgan Stanley
Wells Fargo
April 2015
Division
IBD
IBD
IBD
S&T
IBD
IBD
S&T
IBD
IBD
S&T
IBD
S&T
Intelligence
S&T
S&T
IBD
Advisory
IBD
IBD
S&T
IBD
S&T
IBD
IBD
Location
Fund Year
New York, NY
2015
New York, NY
2015
New York, NY
2015
New York, NY
2015
New York, NY
2015
New York, NY
2015
New York, NY
2015
New York, NY
2015
New York, NY
2015
New York, NY
2015
Charlotte, NC
2016
New York, NY
2015
Princeton, NJ
2016
New York, NY
2015
New York, NY
2015
New York, NY
2016
Potomac, MD
2016
New York, NY
2015
San Francisco, CA
2015
New York, NY
2016
New York, NY
2015
New York, NY
2016
Tokyo, Japan
2015
New York, NY
2015
PAGE 3
NITTANY LION FUND, LLC |
THE MONTHLY REPORT
Featured Alumnus
Steve Iwanczuk
Steve Iwanczuk is a Fall 2010 graduate of Penn State, originally from Marlton, NJ. His twin
brother, Nick Iwanczuk also graduated from Penn State with a degree in Finance. Steve
originally aimed to play football at Penn State but refocused his efforts towards the Finance program at Smeal early in his academic career.
As a student, Steve credits the Penn State Investment Association and the Nittany Lion
Fund with helping foster a passion for markets, teaching solid fundamental analysis techniques and most importantly creating a series of opportunities that would provide him a
path to Wall Street. Steve joined the NLF in the Summer of 2009 as a Fund Manager while
taking additional course work in economics during the Summer Session. He had previously
interviewed for a Fund Manager position earlier in the year but failed to make it past the
first round of interviews. Once in the Fund, he focused primarily on Utilities and became
Lead Analyst of the Utilities Sector the following year.
The following Summer, Steve landed an internship with Goldman Sachs Securities Division (S&T) despite having minimal prior
corporate work experience. He leaned on several NLF alums within Goldman Sachs to guide him through the internship process
and ensure his success. With 3 weeks left in the program, Steve was offered a full-time spot on the US Shares Trading Desk and
attributed his pro-activeness, persistence and passion for trading to helping attain the offer. He returned to PSU for one semester
and started full-time at GS in July of 2011.
At GS, Steve worked his way up in quick fashion. Starting originally as a jr. trader in Financials, he subsequently moved to the
Energy/Industrials pad as a jr. trader to gain more exposure and reps. Within his second year on the desk, Steve got his first pad,
trading Small and Mid-cap TMT companies. Showing an early propensity for being commercial, Steve was given additional trading responsibility for the Small-Mid-cap Energy/Industrials and Materials Pads only 6 months later.
With one of the largest books on the desk, Steve was able to grow net revenues by over 30% in his first full year of trading both
pads despite being comped against two more senior traders who traded each pad separately the previous year. He utilized intensive single-stock analysis to carve out a niche for himself and gain rapport with buyside clientele, fostering relationships with a
number of traders across the street who appreciated his thoughts and insights. Additionally, Steve began pursuit of the CFA designation and is currently a CFA level II candidate.
In early 2015, Steve found himself wanting to be more closely aligned with the investment process and despite his early success at
GS, decided to leave the firm and head to the buyside. He accepted a job offer in March to trade at Point72 Asset Management in
Stamford, CT.
When asked for advice from current PSIA and NLF members, Steve is a big proponent of self-education, preparation and persistence. He notes he was often one of the only traders in the office on most weekends, either putting together write-ups/analysis
for fundamental trades or broadening his knowledge of financial markets. He firmly believes the incremental 1-2% of effort/
preparedness is often the differentiating factor when navigating uncertain markets. He fought through several major set backs
including the loss of an immediate family member and credits his unrelenting resilience to being properly positioned to take advantage of the opportunity set that presented itself at GS. Steve stresses that you must have the mentality that you are going to
run the desk one day and constantly challenge yourself to create efficiencies inside and outside of the workplace to allow maximum time towards achieving that goal.
April 2015
PAGE 4
NITTANY LION FUND, LLC |
THE MONTHLY REPORT
Sector of the Month
2015 Annual Meeting
Materials
The Materials Sector returned (-2.54%) nominally in
March, a relative outperformance of 2.56%. Performance was driven by LyondellBasell, as well as rebounding investor confidence surrounding the Chemicals subsector.
LyondellBasell returned 2.20% in March, trading up as
rallies in oil prices throughout the month reassured investors that the company will maintain a margin advantage by using ethane as an input in its North American production of ethylene. When producing ethylene,
chemical companies will either use natural gas-based
ethane or crude-based naphtha as inputs. LyondellBasell
uses ethane in its North American operations and naphtha in its European production.
The Chemical sub-sector continued to trade off of volatility in oil prices. Companies such as LyondellBasell benefit from a rise in oil prices, which allows them to take
advantage of cheap natural gas-based feedstock and expand margins as ethylene contract prices go up. On the
other hand, coatings manufacturers such as PPG benefit
from lower oil prices, given that they use crude-based
feedstock as a primary input in many of their products.
DuPont continued to experience volatility, as the company formally rejected Nelson Peltz's nominees for its
Board of Directors. The ongoing proxy battle is caused
by the activist investor's disagreement with DuPont's
cost management and by his effort to split up the company into two separate businesses.
April 2015
The 2015 Nittany Lion Fund Annual Meeting will be held on April 17, at the Penn
State Business Building, University Park, PA.
Come out and hear from the Nittany Lion
Fund’s Board of Directors, CEO, and Fund
Managers about 2014 performance and initiatives to look forward to in 2015. If you are
interested in attending, or would like more
information, please contact Dr. Woolridge
([email protected]) or Chris Loggia
([email protected]).
PAGE 5
NITTANY LION FUND, LLC |
THE MONTHLY REPORT
SECTOR SUMMARIES — Month ended March 31st
Consumer Discretionary returned 0.08% nominally
this month, a relative outperformance of 0.72%. The
Sector’s best performing holding this month was The
Gap, trading up 4.16% nominally. The Gap reported its
earnings at the beginning of the month, beating on bottom line estimates and meeting on top line estimates,
driven by strong growth in its Old Navy segment and
robust demand in China. The Sector’s worst performing holding this month was Whirlpool, returning
(4.67%) nominally. Whirlpool shares have come under
pressure by investors who are weary that a strong dollar
will have a larger than expected negative impact on the
Company's future earnings, as Whirlpool has recently
begun to invest in increasing its presence abroad, namely in Europe through a series of acquisitions.
Consumer Staples returned (0.76%) nominally this
month, a relative outperformance of 1.71%. The Sector’s best performing holding this month was Kroger,
trading up 7.74% nominally. Kroger reported earnings
on March 5 and the Company's performance beat estimates for revenue and EPS due to strong identical store
sales growth. The Sector’s worst performing holding
this month was Reynolds American, returning (8.87%)
nominally. Officials from the Federal Trade Commission scrutinized the Company's pending acquisition of
Lorillard in order to determine if there will be enough
competition in the U.S. tobacco market.
Energy returned (1.39%) nominally this month, a relative outperformance of 0.65%. The Sector’s best performing holding this month was Valero Energy, trading
up 3.13% nominally. The West Texas Intermediate
crude oil price increased to $49.14, while Brent oil pric-
April 2015
prices increased to $54.14, benefiting Valero Energy's
profit margins. The Sector’s worst performing holding
this month was Marathon Oil, returning (6.28%) nominally. Marathon Oil reduced capital expenditures for
2015 by 20% to $4.4 bn, a drastic cut when compared to
competitors.
Financials returned (1.27%) nominally this month, a
relative underperformance of (0.49%). The Sector’s
best performing holding this month was Prologis, trading up 1.99% nominally. The ten-year treasury note fell
5.39% in March. As interest rates fall, REIT’s represent
an attractive yield play option, with Prologis posting a
dividend yield of 3.31% . The Sector’s worst performing holding this month was Discover Financial Services,
returning (7.59%) nominally. The Company has been
adversely affected by a decrease in card volume and
transactions due to lower gasoline prices.
Healthcare returned (1.09%) nominally this month, a
relative underperformance of 1.84%. The Sector's best
performing holding this month was Actavis, trading up
2.15% nominally. During the month, Actavis officially
completed its acquisition of Allergan after receiving
shareholder and regulatory approval. The Sector's worst
performing holding this month was Gilead Sciences,
returning (5.22%) nominally. The Company struggled
with issues surrounding its blockbuster hepatitis C drug,
Sovaldi, due to a patient dying from using the treatment
in combination with a heart drug, as well as an unlicensed version of Sovaldi being released in Bangladesh
for $10.
PAGE 6
NITTANY LION FUND, LLC |
THE MONTHLY REPORT
SECTOR SUMMARIES — Month ended March 31st
Industrials returned (1.60%) nominally this month, a
relative outperformance of 1.11%. The Sector’s best
performing holding this month was Spirit AeroSystems,
trading up 6.10% nominally. The primary driver of performance was strong orders from end suppliers such as
Boeing. The Sector’s worst performing holding this
month was FedEx, returning (6.51%) nominally. FedEx
reported 3Q2015 earnings on March 19, beating top
and bottom line estimates, however management issued
weak guidance which resulted in a trade down this
month.
Information Technology returned (1.76%) nominally
this month, a relative outperformance of 1.68%. The
Sector’s best performing holding this month was Facebook, trading up 4.11% nominally. Facebook announced a new payment system linked to its Messenger
application, allowing users to directly transfer money to
other users from within the application itself. The Sector’s worst performing holding this month was Microsoft, returning (7.29%) nominally. Microsoft announced that its new Microsoft Offices services will be
free for devices with screens smaller than 10 inches,
such as tablets and phones.
Materials returned (-2.54%) nominally this month, a
relative outperformance of 2.56%. The Sector’s best
performing holding this month was LyondellBasell,
trading up 2.20% nominally. LyondellBasell continued
its rebound as the increase in crude oil prices strengthened the Company's competitive advantage in using
natural gas liquids as a feedstock. The Sector’s worst
performing holding this month was DuPont, returning
April 2015
(8.20%) nominally. DuPont formally rejected Nelson Peltz's nominees for the Company's Board of Directors and
continues its proxy battle with Trian Management.
Telecommunications returned (3.02%) nominally this
month, a relative outperformance of 0.77%. The Sector’s
best performing holding this month was Verizon, returning (1.66%) nominally. Following the FCC’s announcement that it would regulate the internet as a Title II Utility, Verizon and AT&T filed a lawsuit with US Court of
Appeals through US Telecom (an industry trade group)
claiming that the FCC is overstepping it’s regulatory
bounds. The Sector’s worst performing holding this
month was TELUS, returning (6.52%) nominally. This
month, TELUS issued $1.75 bn in new notes, leading to
investor concern that the Company has lowered it borrowing cost advantage over its Canadian competitors.
Utilities returned (1.23%) nominally this month, a relative
outperformance of 0.07%. The Sector's best performing
holding this month was NiSource, Inc., trading up 2.91%
nominally. The Company announced that Donald Brown,
former Chief Financial Officer at UGI Utilities, will become an executive vice president in the Company's finance organization and will transition to Chief Financial
Officer after the separation of Columbia Pipeline Group
expected in mid-2015. The Sector's worst performing
holding this month was Wisconsin Energy Corp., returning (2.90%) nominally. It was reported that the Company
will no longer be selling its Upper Peninsula power plant
and will continue to provide power to customers in the
region for up to five more years.
PAGE 7
NITTANY LION FUND, LLC |
THE MONTHLY REPORT
NITTANY LION FUND | PORTFOLIO ANALYSIS
PORTFOLIO OVERVIEW
Year Beginning Portfolio Value
Month Beginning Portfolio Value
Month Close Portfolio Value
Cash Balance
$6,868,263.20
$7,110,297.17
$7,008,291.62
$274,986.87
PERFORMANCE
Performance
Nittany Lion Fund
S&P 500 Index
Monthly
(1.43%)
(1.58%)
YTD
2.04%
0.95%
NLF vs. S&P 500 2
0.15%
1.09%
KEY STATISTICS
Key Statistics
Portfolio Beta
Sharpe Ratio
Volatility (26 week)
Weighted Ave. Market Value
P/E (NTM)*
YTD Turnover Ratio
Annualized Dividend Yield
NLF
1.02
0.77
13.61%
$147.33 billion
17.15
29.61%
1.83%
SECTOR ANALYSIS
Sector Analysis
Monthly
Consumer Discretionary 0.08%
Consumer Staples
(0.76%)
Energy
(1.39%)
Financials
(1.27%)
Healthcare
(1.09%)
Industrials
(1.60%)
S&P Relative
(0.64%) 0.72%
(2.43%) 1.71%
(2.03%) 0.65%
(0.78%) (0.49%)
0.76% (1.84%)
(2.68%) 1.11%
Information Technology
Materials
Telecommunications
Utilities
(3.38%)
(4.98%)
(3.76%)
(1.30%)
(1.76%)
(2.54%)
(3.02%)
(1.23%)
1.68%
2.56%
0.77%
0.07%
CURRENT HOLDINGS
Purchase Date Purchase Price Price as of 2/27/15 or Purchase 1
Current Holding
Ticker
Walt Disney Co/The
Gap Inc/The
Publicis Groupe SA
TJX Cos Inc/The
Volkswagen AG
Whirlpool Corp
NIKE Inc
DIS
GPS
PUBGY
TJX
VLKAY
WHR
NKE
4/13/2012
10/25/2013
2/2/2015
1/31/2011
3/21/2014
9/25/2014
3/10/2015
$41.85
$36.63
$18.84
$23.75
$48.17
$150.89
$96.73
$104.08
$41.60
$20.38
$68.64
$50.20
$211.95
$97.12
$104.89
$43.33
$19.27
$70.05
$51.25
$202.06
$100.33
0.78%
4.16%
-5.76%
2.05%
2.09%
-4.67%
3.31%
Anheuser-Busch InBev NV
CVS Health Corp
Kroger Co/The
Archer-Daniels-Midland Co
Procter & Gamble Co/The
Reynolds American Inc
Molson Coors Brewing Co
BUD
CVS
KR
ADM
PG
RAI
TAP
10/20/2014
7/7/2014
6/16/2014
2/23/2015
2/28/2014
10/16/2013
10/1/2014
$106.93
$78.36
$48.97
$48.22
$78.59
$50.91
$72.47
$126.66
$103.87
$71.15
$47.88
$85.13
$75.62
$75.89
$121.91
$103.21
$76.66
$47.40
$81.94
$68.91
$74.45
-3.75%
-0.64%
7.74%
-1.00%
-3.75%
-8.87%
-1.90%
Chevron Corp
EOG Resources Inc
Enterprise Products Partners L
Halliburton Co
Marathon Oil Corp
Valero Energy Corp
Exxon Mobil Corp
CVX
EOG
EPD
HAL
MRO
VLO
XOM
3/5/2013
11/11/2014
4/1/2014
5/21/2013
10/6/2014
10/4/2013
9/13/2011
$118.19
$98.57
$35.24
$44.93
$36.61
$34.12
$71.55
$106.68
$89.72
$33.34
$42.94
$27.86
$61.69
$88.54
$104.98
$91.69
$32.93
$43.88
$26.11
$63.62
$85.00
-1.59%
2.20%
-1.23%
2.19%
-6.28%
3.13%
-4.00%
Allstate Corp/The
BlackRock Inc
American International Group I
Discover Financial Services
Goldman Sachs Group Inc/The
JPMorgan Chase & Co
Prologis Inc
TCF Financial Corp
Wells Fargo & Co
ALL
BLK
AIG
DFS
GS
JPM
PLD
TCB
WFC
3/11/2013
3/16/2015
3/26/2015
5/7/2014
5/30/2012
2/18/2014
1/2/2014
1/7/2015
7/9/2010
$49.11
$373.77
$54.27
$56.41
$94.88
$58.55
$36.80
$14.77
$29.41
$70.60
$371.42
$55.33
$60.98
$189.79
$61.28
$42.71
$15.69
$54.79
$71.17
$365.84
$54.79
$56.35
$187.97
$60.58
$43.56
$15.72
$54.40
0.80%
-1.50%
-0.98%
-7.59%
-0.96%
-1.14%
1.99%
0.19%
-0.71%
Actavis plc
Gilead Sciences Inc
iShares Nasdaq Biotechnology E
Johnson & Johnson
McKesson Corp
Medtronic PLC
Merck & Co Inc
Stryker Corp
ACT
GILD
IBB
JNJ
MCK
MDT
MRK
SYK
11/4/2014
3/26/2014
5/19/2014
10/10/2014
2/11/2014
1/2/2014
6/26/2014
3/21/2014
$245.01
$73.79
$231.81
$101.72
$174.22
$57.25
$58.37
$81.78
$291.36
$103.53
$337.47
$102.51
$228.70
$77.59
$58.54
$94.75
$297.62
$98.13
$343.43
$100.60
$226.20
$77.99
$57.48
$92.25
2.15%
-5.22%
1.77%
-1.86%
-1.09%
0.52%
-1.81%
-2.64%
Cummins Inc
Delta Air Lines Inc
FedEx Corp
General Electric Co
Northrop Grumman Corp
Spirit AeroSystems Holdings In
CMI
DAL
FDX
GE
NOC
SPR
4/12/2013
3/14/2014
4/28/2014
12/14/2011
1/26/2015
6/6/2014
$116.88
$34.18
$134.93
$16.68
$155.30
$33.79
$142.23
$44.52
$176.98
$25.99
$165.71
$49.21
$138.64
$44.96
$165.45
$24.81
$160.96
$52.21
-2.52%
0.99%
-6.51%
-4.54%
-2.87%
6.10%
Apple Inc
Broadcom Corp
Microsoft Corp
Facebook Inc
Fortinet Inc
Google Inc
Texas Instruments Inc
AAPL
BRCM
MSFT
FB
FTNT
GOOGL
TXN
9/8/2011
10/20/2014
3/2/2015
10/28/2014
2/25/2014
2/12/2007
3/30/2015
$60.94
$36.12
$43.74
$80.10
$23.10
$260.91
$57.87
$128.46
$45.23
$43.85
$78.97
$33.61
$562.63
$58.80
$124.43
$43.30
$40.66
$82.22
$34.95
$554.70
$57.19
-3.14%
-4.28%
-7.29%
4.11%
3.99%
-1.41%
-2.75%
Verint Systems Inc
VRNT
6/17/2013
$34.00
$60.88
$61.93
1.73%
EI du Pont de Nemours & Co
DD
11/9/2011
$48.75
$77.85
$71.47
-8.20%
Kaiser Aluminum Corp
LyondellBasell Industries NV
PPG Industries Inc
KALU
LYB
PPG
5/16/2013
4/10/2013
12/8/2009
$64.43
$60.45
$59.35
$75.55
$85.91
$235.38
$76.89
$87.80
$225.54
1.77%
2.20%
-4.18%
AT&T Inc
TELUS Corp
Verizon Communications Inc
T
TU
VZ
9/20/2011
12/10/2014
5/1/2009
$29.14
$35.06
$30.29
$34.56
$35.56
$49.45
$32.65
$33.24
$48.63
-5.53%
-6.52%
-1.66%
Dominion Resources Inc/VA
NextEra Energy Inc
Wisconsin Energy Corp
NiSource Inc
D
NEE
WEC
NI
6/9/2011
4/27/2012
5/21/2009
3/20/2015
$48.66
$64.34
$18.53
$44.00
$72.09
$103.46
$50.98
$42.91
$70.87
$104.05
$49.50
$44.16
-1.69%
0.57%
-2.90%
2.91%
April 2015
Price as of 3/31/2015
Monthly Return
PAGE 8