Strategy March 10, 2015
MidLincoln GEMs Model Portfolio Update
Changes in the last rebalancing round which was on 2015­02­16
country trade Remaining Stocks
New Stocks
Removed Stocks
Multiplus SA,BB Seguridade
Participacoes SA
Itausa ­ Investimentos Itau SA,Natura
Cosmeticos SA
BZ
Cia Energetica de Minas Gerais,CCR SA,Souza Cruz
Long
SA
BZ
Short
CH
Zhuzhou CSR Times Electric Co Ltd,Agricultural
Long Bank of China Ltd,China Minsheng Banking Corp
Ltd
PICC Property & Casualty Co
Ltd,China Construction Bank Corp
IN
Long Coal India Ltd,Canara Bank,Asian Paints Ltd
Bajaj Auto Ltd,Hindustan Unilever Ltd JSW Steel Ltd,Hindalco Industries Ltd
IN
Short United Spirits Ltd,Siemens Ltd,Adani Enterprises Ltd DLF Ltd,Tata Power Co Ltd
Reliance Power Ltd,Piramal Enterprises Ltd
RU
MMC Norilsk Nickel OJSC,Surgutneftegas
Long
OAO,Gazpromneft,Tatneft OAO
Surgutneftegas OAO
Moscow Exchange
RU
Short VTB Bank OJSC,FGC UES JSC,NovaTek OAO
Severstal OAO,Aeroflot
Tinkoff CS,Magnit OJSC
SA
Long
Truworths International Ltd,Spar Group Ltd/The,Life
Gold Fields Ltd,Mr Price Group Ltd
Healthcare Group Holdings Ltd
Foschini Group Ltd/The,PPC Ltd
SA
Short
AngloGold Ashanti Ltd,African Rainbow Minerals
Ltd,African Bank Investments Ltd
Sappi Ltd,Sasol Ltd
Massmart Holdings Ltd,Assore Ltd
SK
Long SK Hynix Inc,Hyundai Glovis Co Ltd
Samsung Heavy Industries Co
Ltd,Hanwha Chemical Corp,Korea
Electric Power Corp
Coway Co Ltd,KT&G Corp,Hyundai Marine
& Fire Insurance Co Ltd
SK
Short
GS Engineering & Construction Corp,GS
Daelim Industrial Co Ltd,Samsung Electro­Mechanics Samsung SDI Co Ltd,OCI Co Ltd,NHN
Holdings,Hyundai Development Co­
Co Ltd
Entertainment Corp
Engineering & Con
TU
Long
Tofas Turk Otomobil Fabrikasi AS,Ford Otomotiv
Sanayi AS,Arcelik AS
TU
Anadolu Efes Biracilik Ve Malt Sanayii A,Turkiye
Short Vakiflar Bankasi Tao,Turkiye Halk Bankasi AS,KOC Turkiye Is Bankasi
Usinas Siderurgicas de Minas Gerais SA,Sul America
SA,Ultrapar Participacoes SA
ALL ­ America Latina Logistica SA,BR
BR Malls Participacoes SA,Marcopolo SA
Properties SA
BIM Birlesik Magazalar AS,Turk
Telekomunikasyon AS
Wumart Stores Inc,ICBC
Eregli Demir ve Celik Fabrikalari TAS
Yapi ve Kredi Bankasi AS,Turkiye Sise ve
Cam Fabrikalari AS
Holding AS
Portfolio rules: We maintain 5 longs and 5 shorts for each country. Portfolio is equally weighted for each stock and for each country. Country, stocks weights
are set to equal at each reporting date. Performance reported is therefore simple average of performance for each side of the trade for each country and
overall for portfolio.
Performance Update ­­ Performance since last rebalancing on 2015­02­16
Country Trade Rebalancing Date Benchmark Performance Local Currency FX Change Benchmark Change USD % Portfolio Performance USD %
BZ
Long 2015­02­16
­1.29
8.09
­8.68
­4.67
BZ
Short 2015­02­16
­1.29
8.09
­8.68
­1.67
CH
Long 2015­02­16
2.92
0.30
2.61
0.83
CH
Short 2015­02­16
2.92
0.30
2.61
1.64
IN
Long 2015­02­16
­0.39
0.77
­1.15
­1.02
IN
Short 2015­02­16
­0.39
0.77
­1.15
3.59
RU
Long 2015­02­16
­5.96
­6.90
1.01
­1.12
RU
Short 2015­02­16
­5.96
­6.90
1.01
7.11
SA
Long 2015­02­16
­0.25
3.52
­3.64
­5.72
SA
Short 2015­02­16
­0.25
3.52
­3.64
­13.43
SK
Long 2015­02­16
1.63
1.17
0.45
1.52
SK
Short 2015­02­16
1.63
1.17
0.45
14.95
TU
Long 2015­02­16
­5.31
6.55
­11.13
­8.91
TU
Short 2015­02­16
­5.31
6.55
­11.13
­13.73
Since last rebalancing on 2015­02­16
Countries where we have done well in relative terms include Brazil, India, South Africa, Turkey, While countries where we have done poorly in relative terms include China, Russia, Korea, Countries where we have done well in absolute terms include South Africa, Turkey, While countries where we have done poorly in absolute terms include Brazil, China, India, Russia, Korea, Overall in the period between 2015­02­16 and 2015­03­09 our performance was ­2.51%, while our GEM benchmark showed performance of ­2.93%
Performance Since Inception
Country
trade ML Portfolio in USD%
Brazil
Short ­18.2
Brazil
Long ­5.0
China
Short ­13.7
China
Long 37.6
India
Short 71.8
India
Long 41.2
Korea
Short ­11.9
Korea
Long 29.8
Russia
Short ­60.1
Russia
Long ­44.6
South Africa Short ­42.0
South Africa Long 4.6
Turkey
Short 15.4
Turkey
Long 40.8
Local Benchmark in USD%
­7.88
­7.88
60.72
60.72
39.59
39.59
­0.52
­0.52
­41.00
­41.00
4.10
4.10
41.86
41.86
Performance update since inception of Feb 3 2014
Countries where we have done well in relative terms include Brazil, Korea, Russia, South Africa, While countries where we have done poorly in relative terms include China, India, Turkey, Countries where we have done well in absolute terms include Brazil, China, Korea, Russia, South Africa, Turkey, While countries where we have done poorly in absolute terms include India, Overall since inception our performance was 23.29%, while our GEM benchmark showed performance of 13.84% A set of local benchmarks that we use for the above calculations converted to USD includes Shanghai Stock Exchange Composite Borsa Istanbul 100 Index S&P BSE SENSEX Index Korea Stock Exchange KOSPI Index FTSE/JSE Africa All Share Index MICEX Index Ibovespa Brasil Sao Paulo Stocks Our GEM benchmark is the arithmetic average of the 7 above local benchmarks.
History of rebalancings and performance
Changes in the rebalancing round on 2014­02­03
In that rebalancing period portfolio showed 0.6700% of performance while benchmark showed 6.370%. Changes in the rebalancing round on 2014­04­02
country trade Remaining Stocks
New Stocks
Removed Stocks
BZ
Usinas Siderurgicas de Minas Gerais
Short SA,Centrais Eletricas Brasileiras
Fibria Celulose SA,BR Malls Participacoes SA
SA,Sul America SA
CH
Long Country Garden Holdings Co Ltd
PICC Property & Casualty Co
Ltd,ICBC,Agricultural Bank of China Ltd,China
Construction Bank Corp
Greentown China Holdings Ltd,Zhuzhou CSR
Times Electric Co Ltd,Anta Sports Products
Ltd,China Minsheng Banking Corp Ltd
CH
Short Shui On Land Ltd
China Coal Energy Co Ltd,Sinopharm Group Co
Ltd,Uni­President China Holdings Ltd,China
International Marine Containers Gr
Yanzhou Coal Mining Co Ltd,Daphne
International Holdings Ltd,China Southern Airlines
Co Ltd,ZTE Corp
IN
Long Asian Paints Ltd
Divis Laboratories Ltd,Bajaj Auto Ltd,Tata Motors
Unitech Ltd,Cairn India Ltd,JSW Steel Ltd,DLF Ltd
Ltd,Adani Ports and Special Economic Zone Lt
IN
Short
Adani Enterprises Ltd,Jaiprakash
Associates Ltd,United Spirits Ltd
RU
Long
Gazpromneft,Severstal OAO,Moscow
Tinkoff CS,Mobile Telesystems OJSC
Exchange
Yandex,MMC Norilsk Nickel OJSC
RU
Short
FGC UES JSC,Inter RAO
JSC,Rostelecom OJSC
Rusal,NovaTek OAO
RusHydro JSC,TMK OAO
SA
Long Vodacom Group Ltd,PPC Ltd
Life Healthcare Group Holdings Ltd,Sasol
Ltd,Woolworths Holdings Ltd/South Africa
Sanlam Ltd,Kumba Iron Ore Ltd
SA
Harmony Gold Mining Co
Short Ltd,Investec Ltd,Growthpoint
Properties Ltd
Northam Platinum Ltd,Gold Fields Ltd
Anglo American Platinum Ltd,Mediclinic
International Ltd,AngloGold Ashanti Ltd
SK
Long
Coway Co Ltd,Dongbu Insurance Co Ltd,Lotte
Shopping Co Ltd
Samsung Heavy Industries Co Ltd,LS Industrial
Systems Co Ltd,Woori Finance Holdings Co Ltd
TU
Tofas Turk Otomobil Fabrikasi
Long AS,TAV Havalimanlari Holding
AS,BIM Birlesik Magazalar AS
Koza Altin Isletmeleri AS,Tupras Turkiye Petrol
Rafinerileri AS
Turk Telekomunikasyon AS,Arcelik AS
TU
Short
Hyundai Glovis Co Ltd,Samsung
Electronics Co Ltd
Akbank TAS,Turkiye Garanti
Bankasi AS
Siemens Ltd,Reliance Power Ltd
CCR SA,Hypermarcas SA
Ranbaxy Laboratories Ltd,HDFC Bank Ltd
Anadolu Efes Biracilik Ve Malt Sanayii A,Yapi ve Haci Omer Sabanci Holding AS,Coca­Cola Icecek
Kredi Bankasi AS,Turkiye Is Bankasi
AS,Turkiye Vakiflar Bankasi Tao
In that rebalancing period portfolio showed ­0.5100% of performance while benchmark showed 1.540%. Changes in the rebalancing round on 2014­05­05
country trade Remaining Stocks
New Stocks
Removed Stocks
BZ
Long AES Tiete SA,Cielo SA,Multiplus SA,Souza Cruz SA
CETIP SA ­ Mercados
Organizados
Natura Cosmeticos SA
BZ
Short
Fibria Celulose SA,Sul America SA,BR Malls Participacoes
SA,Centrais Eletricas Brasileiras SA
Klabin SA
Usinas Siderurgicas de Minas
Gerais SA
CH
Long
ICBC,Agricultural Bank of China Ltd,Country Garden Holdings Co
Ltd
China CITIC Bank Corp
Ltd,China Minsheng Banking
Corp Ltd
PICC Property & Casualty Co
Ltd,China Construction Bank Corp
CH
Short
China Coal Energy Co Ltd,Shui On Land Ltd,Uni­President China
Holdings Ltd
China Southern Airlines Co
Ltd,SOHO China Ltd
Sinopharm Group Co Ltd,China
International Marine Containers Gr
IN
Long
Asian Paints Ltd,Divis Laboratories Ltd,Bajaj Auto Ltd,Tata Motors
Ltd
Titan Industries Ltd
Adani Ports and Special Economic
Zone Lt
IN
Short
Adani Enterprises Ltd,United Spirits Ltd,Jaiprakash Associates
Ltd,Reliance Power Ltd
Ranbaxy Laboratories Ltd
Siemens Ltd
RU
Long Moscow Exchange,Gazpromneft
Rosneft OAO,MMC Norilsk
Nickel OJSC,Yandex
Severstal OAO,Tinkoff CS,Mobile
Telesystems OJSC
RU
Short Inter RAO JSC,FGC UES JSC
X5 Group,VTB Bank OJSC,TMK Rostelecom OJSC,Rusal,NovaTek
OAO
OAO
SA
Short
Harmony Gold Mining Co Ltd,Northam Platinum Ltd,Gold Fields
Ltd,Investec Ltd
Mediclinic International Ltd
Growthpoint Properties Ltd
SK
Long
Coway Co Ltd,Dongbu Insurance Co Ltd,Hyundai Glovis Co
Ltd,Samsung Electronics Co Ltd
SK Hynix Inc
Lotte Shopping Co Ltd
SK
Short OCI Co Ltd,Samsung Engineering Co Ltd,Samsung SDI Co Ltd
TU
Long
TAV Havalimanlari Holding AS,Tofas Turk Otomobil Fabrikasi
Eregli Demir ve Celik Fabrikalari
Koza Altin Isletmeleri AS
AS,Tupras Turkiye Petrol Rafinerileri AS,BIM Birlesik Magazalar AS TAS
TU
Short
Anadolu Efes Biracilik Ve Malt Sanayii A,Yapi ve Kredi Bankasi
AS,Turkiye Garanti Bankasi AS,Akbank TAS
Woori Investment & Securities Co GS Engineering & Construction
Ltd,Korean Air Lines Co Ltd
Corp,Doosan Infracore Co Ltd
Turkiye Vakiflar Bankasi Tao
Turkiye Is Bankasi
In that rebalancing period portfolio showed 0.2000% of performance while benchmark showed 3.890%. Changes in the rebalancing round on 2014­06­05
country trade Remaining Stocks
New Stocks
Removed Stocks
BZ
CETIP SA ­ Mercados Organizados,Cielo SA,Souza
Long
Arteris SA,Cia Energetica de Sao Paulo
Cruz SA
BZ
Short
Fibria Celulose SA,BR Malls Participacoes
SA,Centrais Eletricas Brasileiras SA
Cosan SA Industria e Comercio,Suzano
Papel e Celulose SA
CH
Long
Agricultural Bank of China Ltd,Country Garden
Holdings Co Ltd,China CITIC Bank Corp Ltd
PICC Property & Casualty Co Ltd,Zhuzhou
ICBC,China Minsheng Banking Corp Ltd
CSR Times Electric Co Ltd
CH
Short
China Coal Energy Co Ltd,Shui On Land Ltd,China
Tingyi Cayman Islands Holding Corp
Southern Airlines Co Ltd,SOHO China Ltd
IN
Long Divis Laboratories Ltd,Asian Paints Ltd
Coal India Ltd,Hindustan Unilever
Ltd,Unitech Ltd
Tata Motors Ltd,Bajaj Auto Ltd,Titan
Industries Ltd
IN
Short United Spirits Ltd,Jaiprakash Associates Ltd
Piramal Enterprises Ltd,GlaxoSmithKline
Consumer Healthcare Ltd,Siemens Ltd
Adani Enterprises Ltd,Ranbaxy
Laboratories Ltd,Reliance Power Ltd
SA
Long
Life Healthcare Group Holdings Ltd,PPC Ltd,Sasol
Mr Price Group Ltd
Ltd,Woolworths Holdings Ltd/South Africa
Vodacom Group Ltd
SA
Short
Northam Platinum Ltd,Harmony Gold Mining Co
Ltd,Gold Fields Ltd
Investec Ltd,Mediclinic International Ltd
SK
Long SK Hynix Inc,Coway Co Ltd
SK
Short
Woori Investment & Securities Co Ltd,OCI Co
Ltd,Korean Air Lines Co Ltd
TU
Long
TAV Havalimanlari Holding AS,Tofas Turk
Turkcell Iletisim Hizmetleri AS,Enka Insaat Tupras Turkiye Petrol Rafinerileri
Otomobil Fabrikasi AS,BIM Birlesik Magazalar AS ve Sanayi AS
AS,Eregli Demir ve Celik Fabrikalari TAS
Impala Platinum Holdings Ltd,Anglo
American PLC
AES Tiete SA,Multiplus SA
Klabin SA,Sul America SA
Uni­President China Holdings Ltd
Hyundai Marine & Fire Insurance Co
Samsung Electronics Co Ltd,Hyundai
Ltd,Samsung Securities Co Ltd,KT&G Corp Glovis Co Ltd,Dongbu Insurance Co Ltd
Samsung Life Insurance Co Ltd,GS
Engineering & Construction Corp
Samsung SDI Co Ltd,Samsung Engineering
Co Ltd
In that rebalancing period portfolio showed 3.4500% of performance while benchmark showed 2.720%. Changes in the rebalancing round on 2014­07­02
country trade Remaining Stocks
New Stocks
Removed Stocks
Multiplus SA
Cielo SA
BZ
Arteris SA,Souza Cruz SA,CETIP SA ­ Mercados
Long
Organizados,Cia Energetica de Sao Paulo
BZ
Short
Fibria Celulose SA,Centrais Eletricas Brasileiras SA,BR Malls Centrais Eletricas Brasileiras
Participacoes SA
SA,Gerdau SA
Cosan SA Industria e Comercio,Suzano
Papel e Celulose SA
CH
Long
PICC Property & Casualty Co Ltd,China CITIC Bank Corp
Ltd,Agricultural Bank of China Ltd
Country Garden Holdings Co
Ltd,Zhuzhou CSR Times Electric Co Ltd
CH
Short
Shui On Land Ltd,China Coal Energy Co Ltd,China Southern
Uni­President China Holdings Ltd
Airlines Co Ltd,SOHO China Ltd
IN
Long Coal India Ltd,Hindustan Unilever Ltd,Divis Laboratories Ltd
IN
Short
RU
China Minsheng Banking Corp
Ltd,Zijin Mining Group Co Ltd
Tingyi Cayman Islands Holding Corp
Hero MotoCorp Ltd,Sun
Pharmaceutical Industries Ltd
Unitech Ltd,Asian Paints Ltd
Ranbaxy Laboratories Ltd,Housing
Development Finance Corp
Piramal Enterprises Ltd,Jaiprakash
Associates Ltd
Short VTB Bank OJSC,FGC UES JSC,X5 Group,TMK OAO
Evraz
Inter RAO JSC
SA
PPC Ltd,Life Healthcare Group Holdings Ltd,Woolworths
Long
Holdings Ltd/South Africa,Sasol Ltd
Investec Ltd
Mr Price Group Ltd
SA
Short
Harmony Gold Mining Co Ltd,Impala Platinum Holdings
Ltd,Northam Platinum Ltd,Gold Fields Ltd
African Bank Investments Ltd
Anglo American PLC
SK
Long
Hyundai Marine & Fire Insurance Co Ltd,SK Hynix
Inc,Coway Co Ltd,KT&G Corp
SK C&C Co Ltd
Samsung Securities Co Ltd
SK
Short
Samsung Life Insurance Co Ltd,OCI Co Ltd,Korean Air Lines
Daewoo Securities Co Ltd
Co Ltd,GS Engineering & Construction Corp
Woori Investment & Securities Co Ltd
TU
Long
TAV Havalimanlari Holding AS,BIM Birlesik Magazalar
AS,Tofas Turk Otomobil Fabrikasi AS
Ford Otomotiv Sanayi AS,Eregli
Demir ve Celik Fabrikalari TAS
Turkcell Iletisim Hizmetleri AS,Enka
Insaat ve Sanayi AS
TU
Short
Anadolu Efes Biracilik Ve Malt Sanayii A,Yapi ve Kredi
Bankasi AS,Akbank TAS
Turkiye Sise ve Cam Fabrikalari
AS,KOC Holding AS
Turkiye Garanti Bankasi AS,Turkiye
Vakiflar Bankasi Tao
United Spirits Ltd,GlaxoSmithKline Consumer Healthcare
Ltd,Siemens Ltd
In that rebalancing period portfolio showed ­1.5000% of performance while benchmark showed ­0.560%. Changes in the rebalancing round on 2014­08­06
country trade Remaining Stocks
New Stocks
Removed Stocks
Cielo SA
CETIP SA ­ Mercados
Organizados
Qualicorp SA,Sul America SA
Centrais Eletricas Brasileiras
SA,Gerdau SA
BZ
Arteris SA,Souza Cruz SA,Cia Energetica de Sao
Long
Paulo,Multiplus SA
BZ
Short
CH
China Minsheng Banking Corp Ltd,PICC Property & Casualty
Long Co Ltd,Zijin Mining Group Co Ltd,Agricultural Bank of China Parkson Retail Group Ltd
Ltd
Fibria Celulose SA,Centrais Eletricas Brasileiras SA,BR Malls
Participacoes SA
China CITIC Bank Corp Ltd
Shui On Land Ltd,China Coal Energy Co Ltd,Uni­President
China Holdings Ltd,SOHO China Ltd
CH
Short
Air China Ltd
China Southern Airlines Co Ltd
IN
Long Coal India Ltd,Hindustan Unilever Ltd,Divis Laboratories Ltd
Asian Paints Ltd,Power Finance Corp Ltd
Hero MotoCorp Ltd,Sun
Pharmaceutical Industries Ltd
IN
Short
Piramal Enterprises Ltd
Ranbaxy Laboratories Ltd
RU
RU
Long MMC Norilsk Nickel OJSC,Moscow Exchange,Gazpromneft
Tatneft OAO,Lukoil OAO
Rosneft OAO,Yandex
Short VTB Bank OJSC,FGC UES JSC
Sberbank,Tinkoff CS,NovaTek OAO
Evraz,X5 Group,TMK OAO
SA
PPC Ltd,Life Healthcare Group Holdings Ltd,Woolworths
Long
Holdings Ltd/South Africa,Sasol Ltd
Mr Price Group Ltd
Investec Ltd
SK
Long Coway Co Ltd,SK C&C Co Ltd
Mirae Asset Securities Co Ltd,Hyundai
Glovis Co Ltd,Woori Investment &
Securities Co Ltd
Hyundai Marine & Fire
Insurance Co Ltd,SK Hynix
Inc,KT&G Corp
SK
Short
TU
TAV Havalimanlari Holding AS,BIM Birlesik Magazalar
Long AS,Tofas Turk Otomobil Fabrikasi AS,Eregli Demir ve Celik
Fabrikalari TAS
TU
Anadolu Efes Biracilik Ve Malt Sanayii A,Yapi ve Kredi
Short Bankasi AS,Turkiye Sise ve Cam Fabrikalari AS,KOC Holding Turkiye Halk Bankasi AS
AS
United Spirits Ltd,GlaxoSmithKline Consumer Healthcare
Ltd,Siemens Ltd,Housing Development Finance Corp
Samsung Life Insurance Co Ltd,OCI Co Ltd,GS Engineering & Samsung Engineering Co Ltd,NHN
Construction Corp
Entertainment Corp
Turkcell Iletisim Hizmetleri AS
Daewoo Securities Co
Ltd,Korean Air Lines Co Ltd
Ford Otomotiv Sanayi AS
Akbank TAS
In that rebalancing period portfolio showed 4.0400% of performance while benchmark showed 4.800%. Changes in the rebalancing round on 2014­09­04
country trade Remaining Stocks
RU
New Stocks Removed Stocks
Short VTB Bank OJSC,Tinkoff CS,FGC UES JSC,NovaTek OAO Megafon
Sberbank
In that rebalancing period portfolio showed 3.9100% of performance while benchmark showed ­9.760%. Changes in the rebalancing round on 2014­10­06
country trade Remaining Stocks
New Stocks
Removed Stocks
BZ
Long Cia Energetica de Sao Paulo,Multiplus SA
CETIP SA ­ Mercados Organizados,BB
Seguridade Participacoes SA,Natura
Cosmeticos SA
Arteris SA,Souza Cruz SA,Cielo SA
BZ
Short
Fibria Celulose SA,BR Malls Participacoes SA,Sul
America SA
Cosan SA Industria e Comercio,Usinas
Siderurgicas de Minas Gerais SA
Qualicorp SA,Centrais Eletricas
Brasileiras SA
CH
Long
Zijin Mining Group Co Ltd,Agricultural Bank of China ICBC,China Construction Bank
Ltd
Corp,Country Garden Holdings Co Ltd
China Minsheng Banking Corp Ltd,PICC
Property & Casualty Co Ltd,Parkson
Retail Group Ltd
CH
Short
Shui On Land Ltd,Uni­President China Holdings
Ltd,SOHO China Ltd
Yanzhou Coal Mining Co Ltd,China
International Marine Containers Gr
China Coal Energy Co Ltd,Air China Ltd
IN
Long
Coal India Ltd,Asian Paints Ltd,Divis Laboratories
Ltd,Hindustan Unilever Ltd
Hero MotoCorp Ltd
Power Finance Corp Ltd
IN
Short United Spirits Ltd,Siemens Ltd,Piramal Enterprises Ltd
Reliance Power Ltd,Wockhardt Ltd
GlaxoSmithKline Consumer Healthcare
Ltd,Housing Development Finance Corp
RU
Long
Gazprom OAO,QIWI
Tatneft OAO,Lukoil OAO
RU
Short Megafon,VTB Bank OJSC,Tinkoff CS,FGC UES JSC
TMK OAO
NovaTek OAO
SA
PPC Ltd,Life Healthcare Group Holdings
Long
Ltd,Woolworths Holdings Ltd/South Africa,Sasol Ltd
Truworths International Ltd
Mr Price Group Ltd
SA
Short Harmony Gold Mining Co Ltd
Barloworld Ltd,African Rainbow
Minerals Ltd,AngloGold Ashanti
Ltd,Exxaro Resources Ltd
Northam Platinum Ltd,Impala Platinum
Holdings Ltd,Gold Fields Ltd,African
Bank Investments Ltd
SK
Long Mirae Asset Securities Co Ltd,Coway Co Ltd
Samsung Fire & Marine Insurance Co
Ltd,SK Hynix Inc,Hyundai Marine &
Fire Insurance Co Ltd
Hyundai Glovis Co Ltd,SK C&C Co
Ltd,Woori Investment & Securities Co Ltd
SK
Short OCI Co Ltd,GS Engineering & Construction Corp
S­Oil Corp,Samsung SDI Co Ltd,Hanwha Samsung Life Insurance Co Ltd,Samsung
Engineering Co Ltd,NHN Entertainment
Chemical Corp
Corp
TU
TAV Havalimanlari Holding AS,Tofas Turk Otomobil
Long Fabrikasi AS,Eregli Demir ve Celik Fabrikalari TAS,BIM Turk Telekomunikasyon AS
Birlesik Magazalar AS
Turkcell Iletisim Hizmetleri AS
TU
Yapi ve Kredi Bankasi AS,Turkiye Sise ve Cam
Short Fabrikalari AS,KOC Holding AS,Turkiye Halk Bankasi
AS
Anadolu Efes Biracilik Ve Malt Sanayii A
MMC Norilsk Nickel OJSC,Gazpromneft,Moscow
Exchange
Turkiye Is Bankasi
In that rebalancing period portfolio showed 5.3400% of performance while benchmark showed 1.050%. Changes in the rebalancing round on 2014­11­10
country trade Remaining Stocks
New Stocks
Removed Stocks
Souza Cruz SA,CCR SA
BB Seguridade Participacoes
SA,Natura Cosmeticos SA
BZ
Multiplus SA,CETIP SA ­ Mercados Organizados,Cia
Long
Energetica de Sao Paulo
BZ
Short
BR Malls Participacoes SA,Sul America SA,Usinas
Siderurgicas de Minas Gerais SA
Suzano Papel e Celulose SA,Gerdau SA
Fibria Celulose SA,Cosan SA
Industria e Comercio
CH
Long
Agricultural Bank of China Ltd,China Construction Bank
Corp
Golden Eagle Retail Group Ltd,China
Merchants Bank Co Ltd,China Minsheng
Banking Corp Ltd
Zijin Mining Group Co
Ltd,ICBC,Country Garden
Holdings Co Ltd
CH
Yanzhou Coal Mining Co Ltd,Shui On Land Ltd,Uni­
Short President China Holdings Ltd,China International Marine
Containers Gr
China Coal Energy Co Ltd
SOHO China Ltd
IN
Long Coal India Ltd,Divis Laboratories Ltd,Hero MotoCorp Ltd Canara Bank,Hindalco Industries Ltd
IN
Short
United Spirits Ltd,Reliance Power Ltd,Piramal Enterprises
Reliance Communications Ltd
Ltd,Siemens Ltd
Wockhardt Ltd
RU
Long
MMC Norilsk Nickel OJSC,Gazpromneft,Moscow
Exchange
Surgutneftegas OAO,Tatneft OAO
Gazprom OAO,QIWI
RU
Short Tinkoff CS,VTB Bank OJSC,FGC UES JSC
Magnit OJSC,Mail.RU
Megafon,TMK OAO
SA
PPC Ltd,Truworths International Ltd,Life Healthcare Group
Long
Mr Price Group Ltd
Holdings Ltd,Woolworths Holdings Ltd/South Africa
SA
Short
Harmony Gold Mining Co Ltd,Barloworld Ltd,African
Rainbow Minerals Ltd,AngloGold Ashanti Ltd
Assore Ltd
Exxaro Resources Ltd
SK
Long
Coway Co Ltd,Samsung Fire & Marine Insurance Co
Ltd,SK Hynix Inc
Samsung Card Co Ltd,Daewoo Securities Co
Ltd
Hyundai Marine & Fire Insurance
Co Ltd,Mirae Asset Securities Co
Ltd
SK
Short S­Oil Corp,GS Engineering & Construction Corp
TU
Long
Tofas Turk Otomobil Fabrikasi AS,Eregli Demir ve Celik
Fabrikalari TAS,BIM Birlesik Magazalar AS
TU
Short
Yapi ve Kredi Bankasi AS,Turkiye Sise ve Cam Fabrikalari
Anadolu Efes Biracilik Ve Malt Sanayii A
AS,Turkiye Halk Bankasi AS,KOC Holding AS
Asian Paints Ltd,Hindustan
Unilever Ltd
Sasol Ltd
Daelim Industrial Co Ltd,Hyundai
OCI Co Ltd,Samsung SDI Co
Development Co­Engineering & Con,Hyundai
Ltd,Hanwha Chemical Corp
Securities Co Ltd
Arcelik AS,Ford Otomotiv Sanayi AS
TAV Havalimanlari Holding
AS,Turk Telekomunikasyon AS
Turkiye Is Bankasi
In that rebalancing period portfolio showed 5.1700% of performance while benchmark showed ­1.860%. Changes in the rebalancing round on 2014­12­11
country trade Remaining Stocks
New Stocks
Removed Stocks
BZ
Long Souza Cruz SA,Cia Energetica de Sao Paulo,CCR SA
Itausa ­ Investimentos Itau SA,Cia
Energetica de Minas Gerais
Multiplus SA,CETIP SA ­ Mercados
Organizados
BZ
Short
Usinas Siderurgicas de Minas Gerais SA,BR Malls
Participacoes SA,Sul America SA
Cia Siderurgica Nacional
Suzano Papel e Celulose SA,Gerdau SA
SA,Centrais Eletricas Brasileiras SA
CH
Long
China Construction Bank Corp,Agricultural Bank of
China Ltd,China Minsheng Banking Corp Ltd
Zhuzhou CSR Times Electric Co
Ltd,BBMG Corp
Golden Eagle Retail Group Ltd,China
Merchants Bank Co Ltd
CH
Shui On Land Ltd,Yanzhou Coal Mining Co Ltd,China
Short Coal Energy Co Ltd,China International Marine
Containers Gr
CITIC Securities Co Ltd
Uni­President China Holdings Ltd
IN
Long Canara Bank,Coal India Ltd,Hindalco Industries Ltd
Zee Entertainment Enterprises
Ltd,Oil India Ltd
Hero MotoCorp Ltd,Divis Laboratories Ltd
IN
Short
Tata Power Co Ltd
Reliance Communications Ltd
RU
Short Tinkoff CS,VTB Bank OJSC,FGC UES JSC,Magnit OJSC NovaTek OAO
SA
Long PPC Ltd,Truworths International Ltd
SA
Short
SK
SK
Siemens Ltd,United Spirits Ltd,Reliance Power
Ltd,Piramal Enterprises Ltd
AngloGold Ashanti Ltd,African Rainbow Minerals
Ltd,Assore Ltd
Mail.RU
Woolworths Holdings Ltd/South Africa,Life
Foschini Group Ltd/The,Redefine
Healthcare Group Holdings Ltd,Mr Price
Properties Ltd,Spar Group Ltd/The
Group Ltd
Massmart Holdings Ltd,Exxaro
Resources Ltd
Barloworld Ltd,Harmony Gold Mining Co Ltd
Long Coway Co Ltd,SK Hynix Inc
Halla Visteon Climate Control
Corp,Hyundai Glovis Co
Ltd,KT&G Corp
Samsung Fire & Marine Insurance Co
Ltd,Samsung Card Co Ltd,Daewoo Securities
Co Ltd
Short GS Engineering & Construction Corp,Daelim Industrial
Co Ltd,Hyundai Development Co­Engineering & Con
Samsung Electro­Mechanics Co
Ltd,SK Innovation Co Ltd
S­Oil Corp,Hyundai Securities Co Ltd
In that rebalancing period portfolio showed 4.6700% of performance while benchmark showed 1.190%. Changes in the rebalancing round on 2015­01­15
country trade Remaining Stocks
BZ
CCR SA,Souza Cruz
Long
SA,Natura Cosmeticos SA
New Stocks
Removed Stocks
Cia Energetica de Minas Gerais,Itausa ­ Investimentos
Itau SA
Cielo SA,AES Tiete SA,Multiplus SA
Usinas Siderurgicas de Minas BR Malls Participacoes SA,Ultrapar Participacoes
BZ
Short Gerais SA,Sul America SA
SA,Marcopolo SA
Hypermarcas SA,Centrais Eletricas Brasileiras SA
CH
Zhuzhou CSR Times Electric
Long Co Ltd,China Minsheng
Banking Corp Ltd
Agricultural Bank of China Ltd,Wumart Stores
Inc,ICBC
Greentown China Holdings Ltd,Country Garden
Holdings Co Ltd,Anta Sports Products Ltd
CH
Short
Shui On Land Ltd,Yanzhou
Coal Mining Co Ltd
China Coal Energy Co Ltd,Sinopec Shanghai
Daphne International Holdings Ltd,China Southern
Petrochemical Co Ltd,China Shipping Container Lines
Airlines Co Ltd,ZTE Corp
Co Ltd
IN
Long
JSW Steel Ltd,Asian Paints
Ltd
Hindalco Industries Ltd,Coal India Ltd,Canara Bank
Unitech Ltd,Cairn India Ltd,DLF Ltd
IN
Short
United Spirits Ltd,Adani
Enterprises Ltd
Siemens Ltd,Reliance Power Ltd,Piramal Enterprises
Ltd
Ranbaxy Laboratories Ltd,HDFC Bank
Ltd,Jaiprakash Associates Ltd
RU
MMC Norilsk Nickel
Long OJSC,Gazpromneft,Moscow
Exchange
Surgutneftegas OAO,Tatneft OAO
Yandex,Severstal OAO
RU
Short FGC UES JSC
VTB Bank OJSC,Tinkoff CS,NovaTek OAO,Magnit
OJSC
RusHydro JSC,Inter RAO JSC,TMK OAO,Rostelecom
OJSC
SA
Long PPC Ltd
Foschini Group Ltd/The,Truworths International
Ltd,Spar Group Ltd/The,Life Healthcare Group
Holdings Ltd
Growthpoint Properties Ltd,Sanlam Ltd,Kumba Iron
Ore Ltd,Vodacom Group Ltd
SA
Short AngloGold Ashanti Ltd
African Rainbow Minerals Ltd,African Bank
Investments Ltd,Massmart Holdings Ltd,Assore Ltd
Harmony Gold Mining Co Ltd,Anglo American
Platinum Ltd,Investec Ltd,Mediclinic International
Ltd
SK
Long Hyundai Glovis Co Ltd
Coway Co Ltd,SK Hynix Inc,KT&G Corp,Hyundai
Marine & Fire Insurance Co Ltd
Samsung Heavy Industries Co Ltd,LS Industrial
Systems Co Ltd,Woori Finance Holdings Co
Ltd,Samsung Electronics Co Ltd
TU
Long
TU
Yapi ve Kredi Bankasi AS,Anadolu Efes Biracilik Ve
Haci Omer Sabanci Holding AS,Coca­Cola Icecek
Short Turkiye Vakiflar Bankasi Tao Malt Sanayii A,Turkiye Halk Bankasi AS,Turkiye Sise
AS,Akbank TAS,Turkiye Garanti Bankasi AS
ve Cam Fabrikalari AS
Tofas Turk Otomobil Fabrikasi Ford Otomotiv Sanayi AS,Eregli Demir ve Celik
AS,Arcelik AS
Fabrikalari TAS,KOC Holding AS
Turk Telekomunikasyon AS,TAV Havalimanlari
Holding AS,BIM Birlesik Magazalar AS
In that rebalancing period portfolio showed ­1.1600% of performance while benchmark showed 1.560%. Changes in the rebalancing round on 2015­02­16
country trade Remaining Stocks
New Stocks
Removed Stocks
Multiplus SA,BB Seguridade
Participacoes SA
Itausa ­ Investimentos Itau SA,Natura
Cosmeticos SA
BZ
Cia Energetica de Minas Gerais,CCR SA,Souza Cruz
Long
SA
BZ
Short
CH
Zhuzhou CSR Times Electric Co Ltd,Agricultural
Long Bank of China Ltd,China Minsheng Banking Corp
Ltd
PICC Property & Casualty Co
Ltd,China Construction Bank Corp
IN
Long Coal India Ltd,Canara Bank,Asian Paints Ltd
Bajaj Auto Ltd,Hindustan Unilever Ltd JSW Steel Ltd,Hindalco Industries Ltd
IN
Short United Spirits Ltd,Siemens Ltd,Adani Enterprises Ltd DLF Ltd,Tata Power Co Ltd
Reliance Power Ltd,Piramal Enterprises Ltd
RU
MMC Norilsk Nickel OJSC,Surgutneftegas
Long
OAO,Gazpromneft,Tatneft OAO
Surgutneftegas OAO
Moscow Exchange
RU
Short VTB Bank OJSC,FGC UES JSC,NovaTek OAO
Severstal OAO,Aeroflot
Tinkoff CS,Magnit OJSC
SA
Truworths International Ltd,Spar Group Ltd/The,Life
Long
Gold Fields Ltd,Mr Price Group Ltd
Healthcare Group Holdings Ltd
SA
Short
SK
Long SK Hynix Inc,Hyundai Glovis Co Ltd
SK
Short
GS Engineering & Construction Corp,GS
Daelim Industrial Co Ltd,Samsung Electro­Mechanics Samsung SDI Co Ltd,OCI Co Ltd,NHN
Holdings,Hyundai Development Co­
Co Ltd
Entertainment Corp
Engineering & Con
TU
Long
Tofas Turk Otomobil Fabrikasi AS,Ford Otomotiv
Sanayi AS,Arcelik AS
TU
Anadolu Efes Biracilik Ve Malt Sanayii A,Turkiye
Short Vakiflar Bankasi Tao,Turkiye Halk Bankasi AS,KOC Turkiye Is Bankasi
Holding AS
Usinas Siderurgicas de Minas Gerais SA,Sul America
SA,Ultrapar Participacoes SA
AngloGold Ashanti Ltd,African Rainbow Minerals
Ltd,African Bank Investments Ltd
ALL ­ America Latina Logistica SA,BR
BR Malls Participacoes SA,Marcopolo SA
Properties SA
Wumart Stores Inc,ICBC
Foschini Group Ltd/The,PPC Ltd
Sappi Ltd,Sasol Ltd
Massmart Holdings Ltd,Assore Ltd
Samsung Heavy Industries Co
Ltd,Hanwha Chemical Corp,Korea
Electric Power Corp
Coway Co Ltd,KT&G Corp,Hyundai Marine
& Fire Insurance Co Ltd
BIM Birlesik Magazalar AS,Turk
Telekomunikasyon AS
Eregli Demir ve Celik Fabrikalari TAS
Yapi ve Kredi Bankasi AS,Turkiye Sise ve
Cam Fabrikalari AS
In that rebalancing period portfolio showed ­2.5100% of performance while benchmark showed ­2.930%. 
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MidLincoln GEMs Model Portfolio Update