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Introduction

Name: Madability SA

Account: U2205376

Base Currency: EUR

Account Type: Institution Master

Analysis Period: September 6, 2017 to January 17, 2018 (Monthly)

Performance Measure: TWR

PortfolioAnalyst

Account Overview

Cumulative Return

Net Asset Value

Key Statistics

Beginning NAV: 0.00

Ending NAV: 28,241.09

Cumulative Return: 5.26%

1 Month Return: 0.77% (Jan 2018)

3 Month Return: -3.59% (Nov 2017 - Jan 2018)

Best Return: 6.26% (Oct 2017)

Worst Return: -2.83% (Dec 2017)

Deposits/Withdrawals: 27,000.00

Ending Asset Allocation

PortfolioAnalyst Page: 2

Open Position Summary

Symbol Description Sector Quantity Close Price Value Cost Basis Unrealized P&L Base Value

Stocks

EUR

ADBm AEROPORTO GUGLIELMO MARCONI Industrials 61 16.04 978.44 1,009.02 -30.58 978.44

ALNXT NEXTEDIA Communications 400 1.16 464.80 481.55 -16.75 464.80

APM AD PEPPER MEDIA INTL NV Communications 143 3.84 549.12 577.54 -28.42 549.12

ARGXb ARGENX SE Consumer Non-Cyclicals 14 54.90 768.60 792.28 -23.68 768.60

BELIp LE BELIER Industrials 20 58.30 1,166.00 977.69 188.31 1,166.00

BIGp BIGBEN INTERACTIVE Technology 57 14.94 851.58 807.56 44.02 851.58

CATGp CATANA GROUP Consumer Cyclicals 212 3.53 748.36 690.57 57.79 748.36

CEMm CEMENTIR HOLDING SPA Industrials 127 7.89 1,002.03 984.22 17.80 1,002.03

CRESm COIMA RES SPA Financials 111 8.96 994.56 1,001.52 -6.96 994.56

DAF BE Communications 784 1.04 815.36 777.10 38.26 815.36

ELNm EL.EN. SPA Industrials 28 26.48 741.44 794.92 -53.48 741.44

FAM1 DEUTSCHE CANNABIS AG Financials 125 2.37 296.25 399.39 -103.14 296.25


Open Position Summary (Cont.)


FNMm FNM SPA Industrials 875 0.77 676.38 686.76 -10.38 676.38

FRU FERRATUM OYJ Financials 26 29.90 777.40 702.70 74.70 777.40

GEm GEFRAN SPA Industrials 61 11.00 671.00 690.60 -19.60 671.00

HLAG HAPAG-LLOYD AG Industrials 28 34.54 967.12 1,007.10 -39.98 967.12

MTa ARCELORMITTAL Basic Materials 20 29.78 595.50 499.35 96.15 595.50

PA6 PRIMA INDUSTRIE SPA Industrials 18 38.05 684.90 722.52 -37.62 684.90

PHARMa PHARMING GROUP NV Consumer Non-Cyclicals 286 1.30 372.37 375.09 -2.72 372.37

RDM RENO DE MEDICI SPA Industrials 1,311 0.62 811.51 802.22 9.28 811.51

RIB RIB SOFTWARE SE Technology 26 27.00 702.00 609.00 93.00 702.00

ROODa ROODMICROTEC NV Consumer Non-Cyclicals 1,667 0.32 540.11 588.08 -47.97 540.11

RXp RECYLEX SA Basic Materials 31 13.77 426.87 477.71 -50.84 426.87

SAX STROEER SE & CO KGAA Communications 16 64.00 1,024.00 984.30 39.70 1,024.00

SIOEb SIOEN INDUSTRIES NV Consumer Cyclicals 26 29.95 778.70 794.27 -15.57 778.70

TECNm TECNOINVESTIMENTI SPA Financials 175 6.75 1,181.25 986.02 195.24 1,181.25

TGYMm TECHNOGYM SPA Consumer Cyclicals 127 9.64 1,223.65 990.21 233.44 1,223.65

TOM2a TOMTOM Technology -98 8.41 -823.98 -819.99 -3.99 -823.98

XPRm EXPRIVIA SPA Technology 412 1.65 681.45 705.38 -23.94 681.45

Total 20,666.77 20,094.67 572.10 20,666.77

USD

APPS DIGITAL TURBINE INC Technology 378 2.05 774.90 699.91 74.99 635.92

APRI APRICUS BIOSCIENCES INC Consumer Non-Cyclicals 172 2.55 438.60 487.17 -48.57 359.94

APTO APTOSE BIOSCIENCES INC Consumer Non-Cyclicals 261 2.82 736.02 561.57 174.45 604.01

FENG PHOENIX NEW MEDIA LTD -ADR Communications 67 7.03 471.01 489.46 -18.45 386.53

HLG HAILIANG EDUCATION GROUP-ADR Consumer Non-Cyclicals 22 47.22 1,038.84 979.31 59.53 852.52

MLP MAUI LAND & PINEAPPLE CO Financials 38 15.90 604.20 606.56 -2.36 495.84

MTEM MOLECULAR TEMPLATES INC Consumer Non-Cyclicals 40 12.51 500.40 496.11 4.29 410.65

MYSZ MY SIZE INC Consumer Non-Cyclicals 182 2.37 431.34 399.80 31.54 353.98

NEPT NEPTUNE TECH & BIORESSOURCES Consumer Non-Cyclicals 278 3.02 839.56 479.66 359.90 688.98

QBAK QUALSTAR CORP Technology 53 7.87 417.11 487.51 -70.40 342.30


Open Position Summary (Cont.)


RESN RESONANT INC Industrials 78 6.99 545.22 600.80 -55.58 447.43

SQ SQUARE INC - A Consumer Non-Cyclicals 12 40.06 480.72 494.19 -13.47 394.50

SRRA SIERRA ONCOLOGY INC Consumer Non-Cyclicals 222 3.16 701.52 491.77 209.75 575.70

TNTR TINTRI INC Technology 71 6.98 495.58 494.03 1.55 406.70

VRX VALEANT PHARMACEUTICALS INTE Consumer Non-Cyclicals 29 22.70 658.30 574.90 83.40 540.23

Total 9,133.32 8,342.75 790.57

Total in EUR 7,495.26 6,846.47 648.79 7,495.26

Total Stocks in EUR 28,162.03 26,941.14 1,220.89 28,162.03


Allocation by Asset Class

Date Stocks Cash NAV

Sep 2017 11,391.98 8,166.74 19,558.72

Oct 2017 28,055.00 1,237.31 29,292.31

Nov 2017 18,330.86 10,510.65 28,841.51

Dec 2017 14,638.86 13,385.73 28,024.59

Jan 2018 28,162.03 79.06 28,241.09


Allocation by Sector

Date BasicMaterials

Communications ConsumerCyclicals

ConsumerNon-Cyclicals

Diversified Energy Financials Industrials Technology Utilities Total

Sep 2017 0.00 -1,025.64 2,355.27 1,316.76 1,018.61 832.81 956.38 4,218.93 809.89 908.96 11,391.98

Oct 2017 2,147.97 1,174.13 3,957.97 6,607.29 0.00 0.00 4,029.62 5,308.41 4,829.62 0.00 28,055.00

Nov 2017 1,592.72 573.53 843.50 1,801.22 0.00 0.00 6,700.48 2,925.39 3,894.02 0.00 18,330.86

Dec 2017 2,228.53 82.43 2,786.98 3,055.33 0.00 -1,011.64 2,364.04 3,288.05 1,845.13 0.00 14,638.86

Jan 2018 1,022.37 3,239.81 2,750.71 6,461.61 0.00 0.00 3,745.30 8,146.25 2,795.97 0.00 28,162.03


Allocation by Region

Allocation By Region

Region Long Weight (%)

Europe 74.14

North America 20.36

Asia 5.50

Total 100.00

Region Short Weight (%)

Europe 100.00

Total 100.00

Top 5 CountriesTop 5 Countries

Country Long Weight (%)

Italy 36.09

United States 13.92

France 12.62

Germany 10.31

Netherlands 7.69

Other 19.37

Total 100.00

Country Short Weight (%)

Netherlands 100.00

Total 100.00


Time Period Performance Statistics

Key Statistics

Beginning NAV: 0.00








Date U2205376

Sep 2017 2.75%

Oct 2017 6.26%

Nov 2017 -1.54%

Dec 2017 -2.83%

Jan 2018 0.77%

Average 1.08%


Time Period Benchmark Comparison

Date SPX EFA VT U2205376

Sep 2017 2.63% 2.92% 2.49% 2.75%

Oct 2017 2.33% 1.68% 2.11% 6.26%

Nov 2017 3.07% 0.69% 1.90% -1.54%

Dec 2017 1.10% 1.35% 1.60% -2.83%

Jan 2018 4.89% 4.98% 4.86% 0.77%

Average 2.81% 2.32% 2.59% 1.08%


Cumulative Performance Statistics

Key Statistics

Beginning NAV: 0.00








Date U2205376

Sep 2017 2.75%

Oct 2017 9.18%

Nov 2017 7.50%

Dec 2017 4.45%

Jan 2018 5.26%

Sep 2017 to Jan 2018 5.26%


Cumulative Benchmark Comparison

Date SPX EFA VT U2205376

Sep 2017 2.63% 2.92% 2.49% 2.75%

Oct 2017 5.02% 4.64% 4.65% 9.18%

Nov 2017 8.25% 5.37% 6.63% 7.50%

Dec 2017 9.44% 6.79% 8.34% 4.45%

Jan 2018 14.80% 12.11% 13.60% 5.26%

Sep 2017 to Jan 2018 14.80% 12.11% 13.60% 5.26%


Risk Measures

Risk AnalysisU2205376

Ending VAMI 1,052.61

Max Drawdown: 4.33%

Peak-To-Valley: Oct 17 - Dec 17

Recovery: Ongoing

Sharpe Ratio: 1.07

Sortino Ratio: 0.93

Calmar Ratio: 3.03

Standard Deviation: 3.22%

Downside Deviation: 1.81%

Mean Return: 1.08%

Positive Periods: 3 (60.00%)

Negative Periods: 2 (40.00%)

Distribution of Returns


Risk Measures Benchmark Comparison

Risk AnalysisSPX EFA VT U2205376

Ending VAMI 1,147.97 1,121.06 1,136.03 1,052.61

Max Drawdown: N/A N/A N/A 4.33%

Peak-To-Valley: N/A N/A N/A Oct 17 - Dec 17

Recovery: N/A N/A N/A Ongoing

Sharpe Ratio: 7.66 5.13 7.41 1.07

Sortino Ratio: N/A N/A N/A 0.93

Calmar Ratio: N/A N/A N/A 3.03

Standard Deviation: 1.23% 1.51% 1.17% 3.22%

Downside Deviation: 0.00% 0.00% 0.00% 1.81%

Correlation: 0.13 0.20 0.12 -

Mean Return: 2.81% 2.32% 2.59% 1.08%

Positive Periods: 5 (100.00%) 5 (100.00%) 5 (100.00%) 3 (60.00%)

Negative Periods: 0 (0.00%) 0 (0.00%) 0 (0.00%) 2 (40.00%)

Distribution of Returns


Performance by Asset Class

Date Stocks Cash

Sep 2017 3.01% -0.25%

Oct 2017 6.74% -0.46%

Nov 2017 -1.78% 0.24%

Dec 2017 -2.88% 0.05%

Jan 2018 0.45% 0.31%

Total 5.36% -0.11%


Performance by Sector

Date BasicMaterials

Communications ConsumerCyclicals

Consumer Non-Cyclicals

Diversified Energy Financials Industrials Technology Utilities

Sep 2017 0.00% -0.05% 3.29% 0.12% 0.12% 0.08% -0.15% 0.38% -0.12% -0.63%

Oct 2017 -0.12% 1.18% 1.34% 3.76% -0.16% -0.09% -0.36% -0.48% 1.59% 0.00%

Nov 2017 1.10% -0.44% -1.33% -0.67% 0.00% 0.00% 1.29% -0.73% -0.95% 0.00%

Dec 2017 2.29% -0.02% -0.87% -0.72% 0.00% -0.33% -0.67% -1.15% -1.40% 0.00%

Jan 2018 -0.50% -1.63% 0.95% 0.37% 0.00% -0.12% -0.20% 0.96% 0.66% 0.00%

Total 2.78% -0.97% 3.35% 2.83% -0.04% -0.47% -0.10% -1.03% -0.25% -0.63%


Performance by SymbolTop 5 Contributors

Bottom 5 Contributors

Contribution by Sector

Contribution by Asset Class

Symbol Description Sector Avg Weight Return Contribution Unrealized P&L Realized P&L Open

Stocks

37B B&C SPEAKERS SPA Industrials 3.50% -17.82% -0.61% 0.00 -179.07 No

4PO DIRECT ENERGIE Utilities 5.48% -11.12% -0.63% 0.00 -113.66 No

ADBm AEROPORTO GUGLIELMO MARCONI Industrials 3.48% -3.03% -0.11% -30.58 0.00 Yes

ADE BITCOIN GROUP SE Financials 2.06% 11.73% 0.19% 0.00 60.29 No

AEFm AEFFE SPA Consumer Cyclicals 3.99% 9.80% 0.31% 0.00 93.23 No

AEm AEDES SIIQ SPA Financials 2.91% 0.77% 0.02% 0.00 6.10 No

AIRp AIRBUS SE Industrials 4.13% 11.36% 0.48% 0.00 115.33 No

ALNXT NEXTEDIA Communications 1.64% -3.48% -0.06% -16.75 0.00 Yes

ALXa ALUMEXX N.V. Industrials 1.51% -28.90% -0.52% 0.00 -147.86 No

AMS AMADEUS IT GROUP SA Technology 3.72% 6.99% 0.25% 0.00 71.37 No


Performance by Symbol (Cont.)


APM AD PEPPER MEDIA INTL NV Communications 1.98% -4.92% -0.10% -28.42 0.00 Yes

APPS DIGITAL TURBINE INC Technology 2.03% 6.60% 0.14% 61.54 0.00 Yes

APRI APRICUS BIOSCIENCES INC Consumer Non-Cyclicals 1.34% -9.42% -0.13% -39.86 0.00 Yes

APTI APPTIO INC - CLASS A Technology 3.38% 27.17% 0.84% 0.00 226.29 No

APTO APTOSE BIOSCIENCES INC Consumer Non-Cyclicals 1.62% 26.29% 0.45% 143.16 0.00 Yes

ARGXb ARGENX SE Consumer Non-Cyclicals 2.73% -2.99% -0.08% -23.68 0.00 Yes

ARQ LANDI RENZO SPA Consumer Cyclicals 6.34% 79.18% 3.91% 0.00 707.47 No

AZMm AZIMUT HOLDING SPA Financials -2.58% 4.80% -0.15% 0.00 -42.70 No

BAMIm BANCO BPM SPA Financials 4.26% -12.88% -0.61% 0.00 -128.11 No

BELIp LE BELIER Industrials 3.64% 19.26% 0.66% 188.31 0.00 Yes

BIGp BIGBEN INTERACTIVE Technology 2.88% 6.06% 0.17% 44.02 0.00 Yes

BNN BIOTECHNOLOGY RESEARCH & INF Consumer Non-Cyclicals 2.78% -0.48% -0.01% 0.00 -3.80 No

BWEN BROADWIND ENERGY INC Industrials -4.39% 16.79% -0.72% 0.00 -134.56 No

BZUm BUZZI UNICEM SPA Industrials -3.59% 1.74% -0.30% 0.00 -84.35 No

CALA CALITHERA BIOSCIENCES INC Consumer Non-Cyclicals 2.01% -17.63% -0.36% 0.00 -108.68 No

CASI CASI PHARMACEUTICALS INC Consumer Non-Cyclicals 1.32% -24.03% -0.34% 0.00 -99.91 No

CATGp CATANA GROUP Consumer Cyclicals 2.58% 8.37% 0.21% 57.79 0.00 Yes

CDE COEUR MINING INC Basic Materials -3.11% 11.40% -0.35% 0.00 -125.15 No

CEMm CEMENTIR HOLDING SPA Industrials 3.49% 1.81% 0.06% 17.80 0.00 Yes

COFm COFIDE SPA Diversified 4.18% -1.48% -0.04% 0.00 -14.71 No

COUP COUPA SOFTWARE INC Technology 2.99% -4.43% -0.12% 0.00 -35.20 No

CPRm DAVIDE CAMPARI-MILANO SPA Consumer Non-Cyclicals 3.56% -1.12% -0.03% 0.00 -11.19 No

CRESm COIMA RES SPA Financials 3.48% 0.06% 0.01% -6.96 0.00 Yes

DAF BE Communications 2.87% 4.92% 0.14% 38.26 0.00 Yes

ELNm EL.EN. SPA Industrials 2.64% -6.73% -0.19% -53.48 0.00 Yes

EMES EMERGE ENERGY SERVICES LP Consumer Non-Cyclicals 1.07% -23.55% -0.34% 0.00 -78.37 No

EVT EVOTEC AG Consumer Non-Cyclicals 3.68% -14.72% -0.43% 0.00 -130.00 No

FAM1 DEUTSCHE CANNABIS AG Financials 1.29% -25.83% -0.36% -103.14 0.00 Yes

FENG PHOENIX NEW MEDIA LTD -ADR Communications 1.37% -5.49% -0.08% -15.14 0.00 Yes




FNMm FNM SPA Industrials 2.41% -1.51% -0.04% -10.38 0.00 Yes

FRTA FORTERRA INC Industrials 1.44% -16.33% -0.24% 0.00 -52.23 No

FRU FERRATUM OYJ Financials 2.60% 10.63% 0.29% 74.70 0.00 Yes

GBT GLOBAL BLOOD THERAPEUTICS IN Consumer Non-Cyclicals 6.63% 42.82% 1.39% 0.00 349.39 No

GEm GEFRAN SPA Industrials 2.36% -2.84% -0.07% -19.60 0.00 Yes

GTOa GEMALTO Technology -3.51% 38.33% -1.37% 0.00 -388.99 No

HLAG HAPAG-LLOYD AG Industrials 3.51% -3.97% -0.14% -39.98 0.00 Yes

HLG HAILIANG EDUCATION GROUP-ADR Consumer Non-Cyclicals 3.00% 2.46% 0.07% 48.85 0.00 Yes

IDTI INTEGRATED DEVICE TECH INC Technology 3.58% 12.53% 0.37% 0.00 98.49 No

IGDm IMMOBILIARE GRANDE DISTRIBUZ Financials 3.83% 11.88% 0.41% 0.00 117.06 No

INFN INFINERA CORP Communications -2.96% -0.75% 0.02% 0.00 -9.35 No

JCQp JACQUET METAL SERVICE Consumer Cyclicals 3.40% -8.08% -0.29% 0.00 -81.21 No

JYNT JOINT CORP/THE Consumer Non-Cyclicals 1.60% -13.17% -0.23% 0.00 -64.99 No

LDm LA DORIA SPA Consumer Non-Cyclicals 5.00% 31.66% 1.38% 0.00 284.31 No

M MACYS INC Consumer Cyclicals -3.14% 12.61% -0.38% 0.00 -125.22 No

MITm MITTEL SPA Financials 2.59% -15.55% -0.43% 0.00 -122.82 No

MJE MONDO TV SPA Communications 4.82% 41.18% 1.46% 0.00 416.90 No

MLP MAUI LAND & PINEAPPLE CO Financials 1.85% -4.09% -0.07% -1.94 0.00 Yes

MTEM MOLECULAR TEMPLATES INC Consumer Non-Cyclicals 1.45% 0.88% 0.01% 3.52 0.00 Yes

MTa ARCELORMITTAL Basic Materials 1.84% 19.26% 0.34% 96.15 0.00 Yes

MYSZ MY SIZE INC Consumer Non-Cyclicals 1.27% 8.55% 0.09% 25.88 0.00 Yes

NDX1 NORDEX SE Energy -3.54% 17.01% -0.45% 0.00 -126.03 No

NEOS NEOS THERAPEUTICS INC Consumer Non-Cyclicals 1.12% -28.99% -0.39% 0.00 -106.99 No

NEPT NEPTUNE TECH & BIORESSOURCES Consumer Non-Cyclicals 1.97% 69.06% 1.00% 295.35 0.00 Yes

NFLX NETFLIX INC Communications 2.94% -4.38% -0.13% 0.00 -47.06 No

NOAA NOKIA CORP-SPON ADR Communications -3.41% -4.13% 0.14% 0.00 41.70 No

NTRP NEUROTROPE INC Consumer Non-Cyclicals 1.47% -22.27% -0.34% 0.00 -92.25 No

ORAp ORANGE Communications -4.17% 4.24% -0.16% 0.00 -43.04 No

PA6 PRIMA INDUSTRIE SPA Industrials 2.43% -5.21% -0.13% -37.62 0.00 Yes




PHARMa PHARMING GROUP NV Consumer Non-Cyclicals 3.62% 54.31% 1.32% -2.72 388.77 Yes

PNF PININFARINA SPA Consumer Cyclicals 2.96% -5.91% -0.20% 0.00 -47.06 No

PQm PIQUADRO SPA Consumer Cyclicals 2.42% -18.34% -0.44% 0.00 -128.93 No

QBAK QUALSTAR CORP Technology 1.24% -18.48% -0.26% -57.77 0.00 Yes

QURE UNIQURE NV Consumer Non-Cyclicals 4.26% -7.94% -0.35% 0.00 -70.89 No

RAD RITE AID CORP Consumer Cyclicals -0.91% -18.99% 0.46% 0.00 131.07 No

RADA RADA ELECTRONIC INDS LTD Industrials 4.00% 1.10% -0.02% 0.00 -15.28 No

RDM RENO DE MEDICI SPA Industrials 2.83% 1.16% 0.03% 9.28 0.00 Yes

RESN RESONANT INC Industrials 1.69% -11.63% -0.20% -45.61 0.00 Yes

RIB RIB SOFTWARE SE Technology 2.36% 15.27% 0.33% 93.00 0.00 Yes

RICE RICE ENERGY INC Energy 3.62% 0.59% -0.02% 0.00 -16.81 No

ROODa ROODMICROTEC NV Consumer Non-Cyclicals 2.00% -8.16% -0.17% -47.97 0.00 Yes

RXp RECYLEX SA Basic Materials 1.48% -10.64% -0.17% -50.84 0.00 Yes

S9L SALVATORE FERRAGAMO SPA Consumer Cyclicals -4.01% 11.59% -0.54% 0.00 -112.13 No

SAX STROEER SE & CO KGAA Communications 3.53% 4.03% 0.13% 39.70 0.00 Yes

SGOp COMPAGNIE DE SAINT-GOBAIN Industrials 4.34% 0.89% 0.03% 0.00 8.83 No

SIOEb SIOEN INDUSTRIES NV Consumer Cyclicals 2.80% -1.96% -0.05% -15.57 0.00 Yes

SLR SOLARIA ENERGIA Y MEDIO AMBI Industrials 2.59% 53.89% 1.27% 0.00 360.88 No

SQ SQUARE INC - A Consumer Non-Cyclicals 1.42% -4.46% -0.06% -11.05 0.00 Yes

SRRA SIERRA ONCOLOGY INC Consumer Non-Cyclicals 1.85% 36.40% 0.56% 172.13 0.00 Yes

SSC SEVEN STARS CLOUD GROUP, INC Communications 2.14% -23.10% -0.54% 0.00 -155.09 No

STMp STMICROELECTRONICS NV Technology 3.94% 15.14% 0.56% 0.00 148.37 No

SZG SALZGITTER AG Basic Materials 2.30% 20.26% 0.44% 0.00 122.84 No

SZU SUEDZUCKER AG Consumer Non-Cyclicals -3.44% 1.65% -0.06% 0.00 -16.49 No

TECNm TECNOINVESTIMENTI SPA Financials 3.81% 19.80% 0.61% 195.24 0.00 Yes

TGYMm TECHNOGYM SPA Consumer Cyclicals 3.64% 23.57% 0.83% 233.44 0.00 Yes

TNTR TINTRI INC Technology 1.40% 0.93% 0.01% 1.27 0.00 Yes

TOB TOD'S SPA Consumer Cyclicals -3.51% 6.69% -0.23% 0.00 -66.50 No

TOM2a TOMTOM Technology -2.92% 0.49% -0.01% -3.99 0.00 Yes




UCTT ULTRA CLEAN HOLDINGS INC Technology 2.96% -20.69% -0.62% 0.00 -181.85 No

UGp PEUGEOT S.A. Consumer Cyclicals 2.97% -5.85% -0.16% 0.00 -58.95 No

VRS VERSO CORP - A Basic Materials 3.19% 117.36% 2.51% 0.00 717.67 No

VRX VALEANT PHARMACEUTICALS INTE Consumer Non-Cyclicals 1.89% 10.60% 0.18% 68.44 0.00 Yes

VSTM VERASTEM INC Consumer Non-Cyclicals 1.49% -20.51% -0.31% 0.00 -87.42 No

WSU WASHTEC AG Industrials 4.04% 1.04% 0.09% 0.00 10.76 No

XNET XUNLEI LTD-ADR Communications 4.30% -42.06% -1.78% 0.00 -478.70 No

XPRm EXPRIVIA SPA Technology 2.61% -18.92% -0.51% -23.94 -126.24 Yes

ZAL ZALANDO SE Consumer Cyclicals 3.52% -1.06% -0.04% 0.00 -10.62 No

ZVB ZIGNAGO VETRO SPA Industrials 4.29% -8.57% -0.38% 0.00 -94.80 No

Total Stocks 72.09% 9.62% 5.36% 1,220.89 111.89

Cash

EUR Euro Cash 51.97% -0.53% -0.27% Yes

USD United States Dollar Cash -19.64% -153.53% 0.15% Yes

Total Cash 33.98% -29.45% -0.11%

Total 100.00% 5.26% 5.26% 1,220.89 111.89



Sector Composition Heat Map



Portfolio Heat Map


Performance by Long & ShortLong & Short Performance Comparison Long & Short Performance By Asset Class Comparison

Long PositionsSymbol Description Asset Class Contribution to Return Unrealized P&L Realized P&L Open

Basic Materials

MTa ARCELORMITTAL Stocks 0.34% 96.15 0.00 Yes

VRS VERSO CORP - A Stocks 2.51% 0.00 717.67 No

RXp RECYLEX SA Stocks -0.17% -50.84 0.00 Yes

SZG SALZGITTER AG Stocks 0.44% 0.00 122.84 No

Total Basic Materials 3.13% 45.31 840.51

Communications

ALNXT NEXTEDIA Stocks -0.06% -16.75 0.00 Yes

SAX STROEER SE & CO KGAA Stocks 0.13% 39.70 0.00 Yes

APM AD PEPPER MEDIA INTL NV Stocks -0.10% -28.42 0.00 Yes

SSC SEVEN STARS CLOUD GROUP, INC Stocks -0.54% 0.00 -155.09 No

NFLX NETFLIX INC Stocks -0.13% 0.00 -47.06 No

DAF BE Stocks 0.14% 38.26 0.00 Yes

XNET XUNLEI LTD-ADR Stocks -1.78% 0.00 -478.70 No

FENG PHOENIX NEW MEDIA LTD -ADR Stocks -0.08% -15.14 0.00 Yes

MJE MONDO TV SPA Stocks 1.46% 0.00 416.90 No


Performance by Long & Short (Cont.)


Total Communications -0.94% 17.65 -263.95

Consumer Cyclicals

TGYMm TECHNOGYM SPA Stocks 0.83% 233.44 0.00 Yes

JCQp JACQUET METAL SERVICE Stocks -0.29% 0.00 -81.21 No

CATGp CATANA GROUP Stocks 0.21% 57.79 0.00 Yes

ZAL ZALANDO SE Stocks -0.04% 0.00 -10.62 No

PNF PININFARINA SPA Stocks -0.20% 0.00 -47.06 No

PQm PIQUADRO SPA Stocks -0.44% 0.00 -128.93 No

AEFm AEFFE SPA Stocks 0.31% 0.00 93.23 No

SIOEb SIOEN INDUSTRIES NV Stocks -0.05% -15.57 0.00 Yes

RAD RITE AID CORP Stocks -0.01% 0.00 -6.21 No

ARQ LANDI RENZO SPA Stocks 3.91% 0.00 707.47 No

UGp PEUGEOT S.A. Stocks -0.14% 0.00 -56.09 No

Total Consumer Cyclicals 4.08% 275.67 470.59


VRX VALEANT PHARMACEUTICALS INTE Stocks 0.18% 68.44 0.00 Yes

MTEM MOLECULAR TEMPLATES INC Stocks 0.01% 3.52 0.00 Yes

SRRA SIERRA ONCOLOGY INC Stocks 0.56% 172.13 0.00 Yes

VSTM VERASTEM INC Stocks -0.31% 0.00 -87.42 No

EVT EVOTEC AG Stocks -0.43% 0.00 -130.00 No

MYSZ MY SIZE INC Stocks 0.09% 25.88 0.00 Yes

CALA CALITHERA BIOSCIENCES INC Stocks -0.36% 0.00 -108.68 No

APTO APTOSE BIOSCIENCES INC Stocks 0.45% 143.16 0.00 Yes

CPRm DAVIDE CAMPARI-MILANO SPA Stocks -0.03% 0.00 -11.19 No

ARGXb ARGENX SE Stocks -0.08% -23.68 0.00 Yes

BNN BIOTECHNOLOGY RESEARCH & INF Stocks -0.01% 0.00 -3.80 No

LDm LA DORIA SPA Stocks 1.38% 0.00 284.31 No

SQ SQUARE INC - A Stocks -0.06% -11.05 0.00 Yes




APRI APRICUS BIOSCIENCES INC Stocks -0.13% -39.86 0.00 Yes

NTRP NEUROTROPE INC Stocks -0.34% 0.00 -92.25 No

HLG HAILIANG EDUCATION GROUP-ADR Stocks 0.07% 48.85 0.00 Yes

GBT GLOBAL BLOOD THERAPEUTICS IN Stocks 2.35% 0.00 602.62 No

PHARMa PHARMING GROUP NV Stocks 1.32% -2.72 388.77 Yes

CASI CASI PHARMACEUTICALS INC Stocks -0.34% 0.00 -99.91 No

NEOS NEOS THERAPEUTICS INC Stocks -0.39% 0.00 -106.99 No

EMES EMERGE ENERGY SERVICES LP Stocks -0.34% 0.00 -78.37 No

NEPT NEPTUNE TECH & BIORESSOURCES Stocks 1.00% 295.35 0.00 Yes

QURE UNIQURE NV Stocks -0.35% 0.00 -70.89 No

ROODa ROODMICROTEC NV Stocks -0.17% -47.97 0.00 Yes

JYNT JOINT CORP/THE Stocks -0.23% 0.00 -64.99 No

Total Consumer Non-Cyclicals 3.86% 632.06 421.21

Diversified

COFm COFIDE SPA Stocks -0.04% 0.00 -14.71 No

Total Diversified -0.04% 0.00 -14.71

Energy

RICE RICE ENERGY INC Stocks -0.02% 0.00 -16.81 No

Total Energy -0.02% 0.00 -16.81

Financials

AEm AEDES SIIQ SPA Stocks 0.02% 0.00 6.10 No

TECNm TECNOINVESTIMENTI SPA Stocks 0.61% 195.24 0.00 Yes

IGDm IMMOBILIARE GRANDE DISTRIBUZ Stocks 0.41% 0.00 117.06 No

FRU FERRATUM OYJ Stocks 0.29% 74.70 0.00 Yes

BAMIm BANCO BPM SPA Stocks -0.61% 0.00 -128.11 No

MLP MAUI LAND & PINEAPPLE CO Stocks -0.07% -1.94 0.00 Yes

ADE BITCOIN GROUP SE Stocks 0.19% 0.00 60.29 No

MITm MITTEL SPA Stocks -0.43% 0.00 -122.82 No




AZMm AZIMUT HOLDING SPA Stocks 0.01% 0.00 2.65 No

FAM1 DEUTSCHE CANNABIS AG Stocks -0.36% -103.14 0.00 Yes

CRESm COIMA RES SPA Stocks 0.01% -6.96 0.00 Yes

Total Financials 0.06% 157.89 -64.83

Industrials

WSU WASHTEC AG Stocks 0.09% 0.00 10.76 No

ALXa ALUMEXX N.V. Stocks -0.52% 0.00 -147.86 No

PA6 PRIMA INDUSTRIE SPA Stocks -0.13% -37.62 0.00 Yes

HLAG HAPAG-LLOYD AG Stocks -0.14% -39.98 0.00 Yes

SLR SOLARIA ENERGIA Y MEDIO AMBI Stocks 1.27% 0.00 360.88 No

FRTA FORTERRA INC Stocks -0.24% 0.00 -52.23 No

SGOp COMPAGNIE DE SAINT-GOBAIN Stocks 0.03% 0.00 8.83 No

ELNm EL.EN. SPA Stocks -0.19% -53.48 0.00 Yes

ADBm AEROPORTO GUGLIELMO MARCONI Stocks -0.11% -30.58 0.00 Yes

RESN RESONANT INC Stocks -0.20% -45.61 0.00 Yes

RADA RADA ELECTRONIC INDS LTD Stocks -0.02% 0.00 -15.28 No

FNMm FNM SPA Stocks -0.04% -10.38 0.00 Yes

BZUm BUZZI UNICEM SPA Stocks -0.01% 0.00 -4.01 No

ZVB ZIGNAGO VETRO SPA Stocks -0.38% 0.00 -94.80 No

AIRp AIRBUS SE Stocks 0.48% 0.00 115.33 No

GEm GEFRAN SPA Stocks -0.07% -19.60 0.00 Yes

BELIp LE BELIER Stocks 0.66% 188.31 0.00 Yes

RDM RENO DE MEDICI SPA Stocks 0.03% 9.28 0.00 Yes

CEMm CEMENTIR HOLDING SPA Stocks 0.06% 17.80 0.00 Yes

37B B&C SPEAKERS SPA Stocks -0.61% 0.00 -179.07 No

Total Industrials -0.01% -21.84 2.55

Technology

COUP COUPA SOFTWARE INC Stocks -0.12% 0.00 -35.20 No




XPRm EXPRIVIA SPA Stocks -0.51% -23.94 -126.24 Yes

QBAK QUALSTAR CORP Stocks -0.26% -57.77 0.00 Yes

AMS AMADEUS IT GROUP SA Stocks 0.25% 0.00 71.37 No

IDTI INTEGRATED DEVICE TECH INC Stocks 0.37% 0.00 98.49 No

UCTT ULTRA CLEAN HOLDINGS INC Stocks -0.62% 0.00 -181.85 No

APPS DIGITAL TURBINE INC Stocks 0.14% 61.54 0.00 Yes

STMp STMICROELECTRONICS NV Stocks 0.56% 0.00 148.37 No

BIGp BIGBEN INTERACTIVE Stocks 0.17% 44.02 0.00 Yes

TNTR TINTRI INC Stocks 0.01% 1.27 0.00 Yes

RIB RIB SOFTWARE SE Stocks 0.33% 93.00 0.00 Yes

APTI APPTIO INC - CLASS A Stocks 0.84% 0.00 226.29 No

Total Technology 1.16% 118.14 201.23

Utilities

4PO DIRECT ENERGIE Stocks -0.63% 0.00 -113.66 No

Total Utilities -0.63% 0.00 -113.66

Cash

EUR Euro Cash -0.27% Yes

Total Cash -0.27%

Total Long 10.84% 1,224.88 1,462.14

Short PositionsSymbol Description Asset Class Contribution to Return Unrealized P&L Realized P&L Open

Basic Materials

CDE COEUR MINING INC Stocks -0.35% 0.00 -125.15 No

Total Basic Materials -0.35% 0.00 -125.15

Communications

INFN INFINERA CORP Stocks 0.02% 0.00 -9.35 No

ORAp ORANGE Stocks -0.16% 0.00 -43.04 No




NOAA NOKIA CORP-SPON ADR Stocks 0.14% 0.00 41.70 No

Total Communications -0.01% 0.00 -10.69

Consumer Cyclicals

TOB TOD'S SPA Stocks -0.23% 0.00 -66.50 No

RAD RITE AID CORP Stocks 0.47% 0.00 137.28 No

S9L SALVATORE FERRAGAMO SPA Stocks -0.54% 0.00 -112.13 No

UGp PEUGEOT S.A. Stocks -0.01% 0.00 -2.86 No

M MACYS INC Stocks -0.38% 0.00 -125.22 No

Total Consumer Cyclicals -0.70% 0.00 -169.43


GBT GLOBAL BLOOD THERAPEUTICS IN Stocks -0.93% 0.00 -253.23 No

SZU SUEDZUCKER AG Stocks -0.06% 0.00 -16.49 No

Total Consumer Non-Cyclicals -0.99% 0.00 -269.72

Energy

NDX1 NORDEX SE Stocks -0.45% 0.00 -126.03 No

Total Energy -0.45% 0.00 -126.03

Financials

AZMm AZIMUT HOLDING SPA Stocks -0.16% 0.00 -45.35 No

Total Financials -0.16% 0.00 -45.35

Industrials

BWEN BROADWIND ENERGY INC Stocks -0.72% 0.00 -134.56 No

BZUm BUZZI UNICEM SPA Stocks -0.28% 0.00 -80.34 No

Total Industrials -1.01% 0.00 -214.90

Technology

GTOa GEMALTO Stocks -1.37% 0.00 -388.99 No

TOM2a TOMTOM Stocks -0.01% -3.99 0.00 Yes

Total Technology -1.39% -3.99 -388.99

Cash




USD United States Dollar Cash 0.15% Yes

Total Cash 0.15%

Total Short -4.95% -3.99 -1,350.25

Total 5.26% 1,220.89 111.89


Historical Performance

History Since Inception

MTD QTD YTD Since Inception

U2205376 0.77% 0.77% 0.77% 5.26%


Historical Performance (Cont.)

2017

January N/A

February N/A

March N/A

April N/A

May N/A

June N/A

July N/A

August N/A

September N/A

October 6.26%

November -1.54%

December -2.83%

2017

Q1 N/A

Q2 N/A

Q3 N/A

Q4 1.66%


Historical Performance (Cont.)

YTD

U2205376 0.77%


Historical Performance Benchmark Comparison

History Since Inception

MTD QTD YTD Since Inception

SPX 4.89% 4.89% 4.89% 14.80%

EFA 4.98% 4.98% 4.98% 12.11%

VT 4.86% 4.86% 4.86% 13.60%

U2205376 0.77% 0.77% 0.77% 5.26%


Historical Performance Benchmark Comparison (Cont.)

Monthly

2017

% SPX EFA VT U22..

Jan N/A N/A N/A N/A

Feb N/A N/A N/A N/A

Mar N/A N/A N/A N/A

Apr N/A N/A N/A N/A

May N/A N/A N/A N/A

Jun N/A N/A N/A N/A

Jul N/A N/A N/A N/A

Aug N/A N/A N/A N/A

Sep N/A N/A N/A N/A

Oct 2.33 1.68 2.11 6.26

Nov 3.07 0.69 1.90 -1.54

Dec 1.10 1.35 1.60 -2.83



Quarterly

2017

% SPX EFA VT U22..

Q1 N/A N/A N/A N/A

Q2 N/A N/A N/A N/A

Q3 N/A N/A N/A N/A

Q4 6.64 3.76 5.70 1.66



YTD

SPX 4.89%

EFA 4.98%

VT 4.86%

U2205376 0.77%


Trade Summary

Bought Sold

Symbol Description Sector Quantity Average Price Proceeds Quantity Average Price Proceeds

Stocks

EUR

37B B&C SPEAKERS SPA Industrials 76 13.19 -1,002.44 -76 10.90 828.40

4PO DIRECT ENERGIE Utilities 19 53.70 -1,020.30 -19 47.89 909.82

ADBm AEROPORTO GUGLIELMO MARCONI Industrials 61 16.50 -1,006.50 0 0.00 0.00

ADE BITCOIN GROUP SE Financials 8 64.00 -512.00 -8 72.01 576.08

AEFm AEFFE SPA Consumer Cyclicals 477 1.99 -949.23 -477 2.20 1,047.49

AEm AEDES SIIQ SPA Financials 1,739 0.46 -793.68 -1,739 0.46 804.81

AIRp AIRBUS SE Industrials 13 77.97 -1,013.65 -13 87.06 1,131.78

ALNXT NEXTEDIA Communications 400 1.20 -480.00 0 0.00 0.00

ALXa ALUMEXX N.V. Industrials 238 2.10 -499.80 -238 1.50 355.81

AMS AMADEUS IT GROUP SA Technology 18 56.62 -1,019.16 -18 60.88 1,095.84

APM AD PEPPER MEDIA INTL NV Communications 143 4.03 -576.29 0 0.00 0.00

ARGXb ARGENX SE Consumer Non-Cyclicals 14 56.50 -791.00 0 0.00 0.00

ARQ LANDI RENZO SPA Consumer Cyclicals 891 1.00 -891.00 -891 1.80 1,603.80

AZMm AZIMUT HOLDING SPA Financials 128 16.46 -2,106.24 -128 16.20 2,073.60

BAMIm BANCO BPM SPA Financials 281 3.53 -991.93 -281 3.09 868.85

BELIp LE BELIER Industrials 20 48.80 -976.00 0 0.00 0.00

BIGp BIGBEN INTERACTIVE Technology 57 14.14 -805.98 0 0.00 0.00

BNN BIOTECHNOLOGY RESEARCH & INF Consumer Non-Cyclicals 32 24.80 -793.60 -32 24.80 793.60

BZUm BUZZI UNICEM SPA Industrials 190 22.54 -4,282.50 -190 22.18 4,215.05

CATGp CATANA GROUP Consumer Cyclicals 212 3.25 -689.00 0 0.00 0.00

CEMm CEMENTIR HOLDING SPA Industrials 127 7.73 -981.71 0 0.00 0.00

COFm COFIDE SPA Diversified 1,613 0.62 -993.61 -1,613 0.61 983.93

CPRm DAVIDE CAMPARI-MILANO SPA Consumer Non-Cyclicals 154 6.50 -1,001.00 -154 6.46 994.84

CRESm COIMA RES SPA Financials 111 9.00 -999.00 0 0.00 0.00

DAF BE Communications 784 0.99 -774.59 0 0.00 0.00

ELNm EL.EN. SPA Industrials 28 28.30 -792.40 0 0.00 0.00


Trade Summary (Cont.)

Bought Sold


EVT EVOTEC AG Consumer Non-Cyclicals 43 20.50 -881.50 -43 17.56 755.30

FAM1 DEUTSCHE CANNABIS AG Financials 125 3.18 -397.50 0 0.00 0.00

FNMm FNM SPA Industrials 875 0.78 -684.25 0 0.00 0.00

FRU FERRATUM OYJ Financials 26 26.98 -701.45 0 0.00 0.00

GEm GEFRAN SPA Industrials 61 11.28 -688.08 0 0.00 0.00

GTOa GEMALTO Technology 31 45.24 -1,402.41 -31 32.78 1,016.02

HLAG HAPAG-LLOYD AG Industrials 28 35.90 -1,005.20 0 0.00 0.00

IGDm IMMOBILIARE GRANDE DISTRIBUZ Financials 1,064 0.92 -983.14 -1,064 1.04 1,105.50

JCQp JACQUET METAL SERVICE Consumer Cyclicals 34 29.50 -1,003.00 -34 27.21 924.97

LDm LA DORIA SPA Consumer Non-Cyclicals 74 12.10 -895.40 -74 16.01 1,184.74

MITm MITTEL SPA Financials 402 1.96 -787.52 -402 1.67 669.73

MJE MONDO TV SPA Communications 222 4.55 -1,009.70 -222 6.45 1,431.90

MTa ARCELORMITTAL Basic Materials 20 24.90 -498.10 0 0.00 0.00

NDX1 NORDEX SE Energy 228 8.62 -1,966.50 -228 8.10 1,846.80

NOAA NOKIA CORP-SPON ADR Communications 237 4.08 -966.96 -237 4.27 1,012.46

ORAp ORANGE Communications 74 14.29 -1,057.46 -74 13.75 1,017.50

PA6 PRIMA INDUSTRIE SPA Industrials 18 40.00 -720.00 0 0.00 0.00

PHARMa PHARMING GROUP NV Consumer Non-Cyclicals 1,245 0.86 -1,073.87 -959 1.14 1,091.34

PNF PININFARINA SPA Consumer Cyclicals 348 2.28 -793.44 -348 2.16 751.68

PQm PIQUADRO SPA Consumer Cyclicals 352 1.99 -700.48 -352 1.64 576.58

RDM RENO DE MEDICI SPA Industrials 1,311 0.61 -799.71 0 0.00 0.00

RIB RIB SOFTWARE SE Technology 26 23.35 -607.10 0 0.00 0.00

ROODa ROODMICROTEC NV Consumer Non-Cyclicals 1,667 0.35 -586.78 0 0.00 0.00

RXp RECYLEX SA Basic Materials 31 15.36 -476.16 0 0.00 0.00

S9L SALVATORE FERRAGAMO SPA Consumer Cyclicals 89 23.57 -2,097.41 -89 22.42 1,995.60

SAX STROEER SE & CO KGAA Communications 16 61.40 -982.40 0 0.00 0.00

SGOp COMPAGNIE DE SAINT-GOBAIN Industrials 20 49.30 -985.90 -20 49.89 997.80

SIOEb SIOEN INDUSTRIES NV Consumer Cyclicals 26 30.50 -793.00 0 0.00 0.00



Bought Sold


SLR SOLARIA ENERGIA Y MEDIO AMBI Industrials 424 1.57 -665.68 -424 2.44 1,034.56

STMp STMICROELECTRONICS NV Technology 59 16.87 -995.33 -59 19.47 1,148.73

SZG SALZGITTER AG Basic Materials 15 40.34 -605.16 -15 48.70 730.50

SZU SUEDZUCKER AG Consumer Non-Cyclicals 58 17.53 -1,016.74 -58 17.30 1,003.40

TECNm TECNOINVESTIMENTI SPA Financials 175 5.62 -983.50 0 0.00 0.00

TGYMm TECHNOGYM SPA Consumer Cyclicals 127 7.78 -987.43 0 0.00 0.00

TOB TOD'S SPA Consumer Cyclicals 18 58.80 -1,058.40 -18 55.40 997.20

TOM2a TOMTOM Technology 0 0.00 0.00 -98 8.38 821.24

UGp PEUGEOT S.A. Consumer Cyclicals 90 18.53 -1,667.84 -90 17.94 1,614.20

WSU WASHTEC AG Industrials 14 73.50 -1,029.00 -14 74.54 1,043.56

XPRm EXPRIVIA SPA Technology 856 1.74 -1,485.64 -444 1.49 661.56

ZAL ZALANDO SE Consumer Cyclicals 22 45.64 -1,004.08 -22 45.33 997.26

ZVB ZIGNAGO VETRO SPA Industrials 133 8.30 -1,103.90 -133 7.63 1,014.13

Total -64,889.73 45,727.96

USD

APPS DIGITAL TURBINE INC Technology 378 1.85 -699.30 0 0.00 0.00

APRI APRICUS BIOSCIENCES INC Consumer Non-Cyclicals 172 2.83 -486.31 0 0.00 0.00

APTI APPTIO INC - CLASS A Technology 54 18.60 -1,004.40 -54 23.49 1,268.46

APTO APTOSE BIOSCIENCES INC Consumer Non-Cyclicals 261 2.15 -561.15 0 0.00 0.00

BWEN BROADWIND ENERGY INC Industrials 313 3.71 -1,160.24 -313 3.21 1,004.73

CALA CALITHERA BIOSCIENCES INC Consumer Non-Cyclicals 40 17.45 -698.00 -40 14.30 572.00

CASI CASI PHARMACEUTICALS INC Consumer Non-Cyclicals 125 3.78 -472.50 -125 2.85 356.25

CDE COEUR MINING INC Basic Materials 141 8.24 -1,161.73 -141 7.18 1,012.38

COUP COUPA SOFTWARE INC Technology 29 34.05 -987.45 -29 32.65 946.85

EMES EMERGE ENERGY SERVICES LP Consumer Non-Cyclicals 41 9.34 -382.94 -41 7.11 291.51

FENG PHOENIX NEW MEDIA LTD -ADR Communications 67 7.30 -489.10 0 0.00 0.00

FRTA FORTERRA INC Industrials 45 11.00 -495.00 -45 9.59 431.55

GBT GLOBAL BLOOD THERAPEUTICS IN Consumer Non-Cyclicals 178 35.40 -6,301.80 -178 37.70 6,710.30



Bought Sold


HLG HAILIANG EDUCATION GROUP-ADR Consumer Non-Cyclicals 22 44.50 -979.00 0 0.00 0.00

IDTI INTEGRATED DEVICE TECH INC Technology 36 27.75 -999.00 -36 31.02 1,116.72

INFN INFINERA CORP Communications 143 7.04 -1,006.72 -143 6.97 996.71

JYNT JOINT CORP/THE Consumer Non-Cyclicals 103 5.60 -576.80 -103 4.86 500.58

M MACYS INC Consumer Cyclicals 56 20.94 -1,172.64 -56 18.32 1,025.92

MLP MAUI LAND & PINEAPPLE CO Financials 38 15.95 -606.10 0 0.00 0.00

MTEM MOLECULAR TEMPLATES INC Consumer Non-Cyclicals 40 12.40 -495.80 0 0.00 0.00

MYSZ MY SIZE INC Consumer Non-Cyclicals 182 2.19 -398.58 0 0.00 0.00

NEOS NEOS THERAPEUTICS INC Consumer Non-Cyclicals 37 12.35 -456.95 -37 8.95 331.15

NEPT NEPTUNE TECH & BIORESSOURCES Consumer Non-Cyclicals 278 1.72 -478.16 0 0.00 0.00

NFLX NETFLIX INC Communications 5 201.96 -1,009.78 -5 191.12 955.60

NTRP NEUROTROPE INC Consumer Non-Cyclicals 60 8.37 -502.20 -60 6.56 393.60

QBAK QUALSTAR CORP Technology 53 9.19 -487.07 0 0.00 0.00

QURE UNIQURE NV Consumer Non-Cyclicals 104 9.60 -998.40 -104 8.80 915.27

RAD RITE AID CORP Consumer Cyclicals 842 1.75 -1,473.50 -842 1.94 1,633.48

RADA RADA ELECTRONIC INDS LTD Industrials 313 3.10 -970.30 -313 3.05 955.07

RESN RESONANT INC Industrials 78 7.70 -600.60 0 0.00 0.00

RICE RICE ENERGY INC Energy 34 28.65 -974.10 -34 28.10 955.40

SQ SQUARE INC - A Consumer Non-Cyclicals 12 41.15 -493.80 0 0.00 0.00

SRRA SIERRA ONCOLOGY INC Consumer Non-Cyclicals 222 2.21 -490.62 0 0.00 0.00

SSC SEVEN STARS CLOUD GROUP, INC Communications 250 3.20 -800.00 -250 2.47 617.50

TNTR TINTRI INC Technology 71 6.95 -493.45 0 0.00 0.00

UCTT ULTRA CLEAN HOLDINGS INC Technology 29 34.02 -986.72 -29 26.75 775.75

VRS VERSO CORP - A Basic Materials 99 7.10 -702.90 -99 15.85 1,569.15

VRX VALEANT PHARMACEUTICALS INTE Consumer Non-Cyclicals 29 19.81 -574.49 0 0.00 0.00

VSTM VERASTEM INC Consumer Non-Cyclicals 109 4.60 -501.40 -109 3.66 398.95

XNET XUNLEI LTD-ADR Communications 145 17.62 -2,555.15 -145 13.63 1,976.89

Total -36,684.15 27,711.78



Bought Sold


Total in EUR -30,998.25 23,509.94

Total Stocks in EUR -95,887.97 69,237.91


Deposits and Withdrawals

Date Type Description Amount

09/06/2017 Deposit Cash Receipts / Electronic Fund Transfers 11,000.00



Total 27,000.00


Dividends

Pay Date Ex-Date Symbol Quantity DividendPer Share

Estimated ForwardDividend Yield %

Estimated AnnualDividend

Amount

11/15/17 11/13/17 CRESm 111 0.09 4.02 39.96 9.99

12/20/17 12/18/17 STMp 59 0.05 1.10 11.91 2.98

01/08/18 01/04/18 BIGp 57 0.10 2.78 22.80 5.70

Total 18.67


Interest Details

Date Description Amount

10/04/17 EUR Net Stock Interest Paid for September 2017 -1.11

10/04/17 USD Debit Interest Paid for September 2017 -2.27

10/04/17 USD Net Stock Interest Paid for September 2017 -0.07

11/03/17 USD Debit Interest Paid for October 2017 -18.56

11/03/17 USD Net Stock Interest Paid for October 2017 -0.31

11/03/17 EUR Net Stock Interest Paid for October 2017 -2.43

12/05/17 EUR Net Stock Interest Paid for November 2017 -8.51

12/05/17 USD Debit Interest Paid for November 2017 -12.50

12/05/17 USD Net Stock Interest Paid for November 2017 -1.01

01/04/18 EUR Net Stock Interest Paid for December 2017 -19.47

01/04/18 USD Debit Interest Paid for December 2017 -15.79

01/04/18 USD Net Stock Interest Paid for December 2017 -0.86

Total -82.88


Notes

1. The Net Asset Value (NAV) consists of all positions by asset class (stock, securities options, warrants, bonds, cash, etc.). All non-base currency amounts are converted to the basecurrency at the close of period rate.

2. The deposit/withdrawal amount displayed in the Account Overview report includes internal transfers along with cash and position transfers.

3. The gain or loss for future contracts settle into cash each night. The notional value is used when computing the contribution to return.

4. Dividend accruals, interest accruals and insured deposits are included in cash amounts throughout the report.

5. Price valuations are obtained from outside parties. Interactive Brokers shall have no responsibility for the accuracy or timeliness of any such price valuation.

6. The Allocation by Sector report includes only the following asset classes; stocks (except ETFs) and options. All other asset classes are included in Unclassified sector.

7. Amounts are formatted to two decimal places. If amounts are greater than two decimal places, Interactive Brokers uses "half-even" rounding. This means that Interactive Brokersrounds such amounts up to the nearest even number.

8. As of December 31, 2015 the historical annual return including dividends since inception of the S&P 500 was 7.14%. This rate is used to calculate the downside deviation and theSortino ratio.

9. As of August 31, 2017 the US 3 Month Treasury Bill was 1.01%. This was the risk free rate used to calculate the Sharpe ratio.

10. The mean return is the average TWR for the period.

11. Historical SPX dividend data in the Performance Attribution report may be modeled from sector compositions that are subject to change.

12. Frongello is the method used for mathematical smoothing in the Performance Attribution report. It has been developed by Andrew Scott Bay Frongello.

13. For accounts opened and funded before 2009, reports with a time period of Since Inception will include data going back to January 1, 2009. This includes some default reportsand both Historical Performance reports.

14. The Modified Dietz method is used to calculate MWR. This method only values the portfolio at the start and end of the period and weights the cash flows. When large flowsoccur, its accuracy can diminish.


Glossary

Allocation EffectThe percent effectiveness of an account's asset allocation to various sectors. Theallocation effect determines whether the overweighting or underweighting of sectorsrelative to a benchmark contributes negatively or positively to an account's overallreturn.

Asset ClassA category of investment products in your portfolio. Cash, stocks, options, futures, etc.are examples.

Attribution EffectThe percent effectiveness of asset allocation and selection of securities on theportfolio's performance when compared to the performance of a benchmark over aspecified time period.

BenchmarkA standard against which the performance of your portfolio can be measured.

Calmar RatioA ratio used to determine return versus drawdown risk.

Contribution To ReturnThe percent contribution of certain portfolio constituents (symbols, sectors) to theaccount's overall return.

Cumulative ReturnGeometric linking of single period returns. Cumulative return is presented as apercentage.

Downside DeviationThe standard deviation for all negative returns in your portfolio in the specific timeperiod.

Max DrawdownThe largest cumulative percentage decline in the Net Asset Value of your portfolio fromthe highest or peak value to the lowest or trough value after the peak.

Mean ReturnThe average time weighted return of your portfolio for a specified time period.

Money Weighted Return (MWR)Money Weighted Return (MWR) is used to measure performance during the specifiedreport period. MWR is influenced by the time of decisions to contribute or to withdrawfunds, as well as the decisions made by the portfolio manager of the fund.

Negative PeriodsThe number of occurrences of negative performance returns. For example, if you selecta monthly report with 12 months, each month with a negative return would be anegative occurrence.

Net Asset Value (NAV)The total value of your account.

Peak-to-ValleyThe time period during which the Max Drawdown (largest cumulative percentagedecline in the NAV) occurred.

Period ReturnA performance measure that calculates the return you have received over a period oftime.

Positive PeriodsThe number of occurrences of positive performance returns. For example, if you selecta monthly report with 12 months, each month with a positive return would be apositive occurrence.

RecoveryThe time it took for the NAV of your account to recover from the valley (lowest NAV)back to the peak (highest NAV).

SectorA firm's general area of business. Financials, Communications and Energy are allexamples of sectors.

Selection EffectA percentage that measures the ability to select securities within a sector relative to abenchmark.

Sharpe RatioA ratio that measures the excess return per unit of risk. The ratio is used to characterizehow well the return compensates the account holder for the risk taken.


Glossary (Cont.)

Sortino RatioThe ratio measures the risk adjusted return of the account. The ratio penalizes onlythose returns that fall below the required rate of return.

Standard DeviationStandard deviation is a statistical measurement of variability. It shows how muchvariation or dispersion there is from the average.

Time Period ReturnThe return your portfolio has gained or lost for the specific time period. Time periodperformance is presented as a percentage.

Time-Weighted Return (TWR)TWR measures the percent return produced over time independent of contributions orwithdrawals. TWR eliminates the impact of the timing of inflows and outflows andisolates the portion of a portfolio's return that is attributable solely to the account'sactions.

Value-Added Monthly Index (VAMI)A statistical figure that tracks the daily/monthly/quarterly performance of ahypothetical $1000 investment.


Disclaimer

This Portfolio Analysis was generated using Interactive Brokers' Portfolio Analyst tool, which allows Interactive Brokers customers to generate reports concerning the customer'saccount using the trade and account data contained in Interactive Brokers' systems and market data provided by third parties.

This report is for information purposes only. This report is provided AS IS and Interactive Brokers makes no warranty of any kind, express or implied, as to this report and itscontents. The data provided for use in this Portfolio Analsyis is believed to be accurate and completeness of the information is not guaranteed and Interactive Brokers has noliability with respect thereto. This material in this report is intended only as a reference and should not be relied upon for the maintenance of your books and records for tax,accounting, financial, or regulatory reporting or for any other disclosure purposes. This report is not an offer or a solicitation of an offer to buy or sell any security. InteractiveBrokers does not solicit orders and does not provide proprietary research, recommendations or advice. Interactive Brokers is not responsible for any trading decisions resultingfrom or related to this information, data or analysis.

01/18/2018 07:15:12 ESTPortfolioAnalyst Page: 49

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