Holdings. Security Name Portfolio Weight Country

Transcription

1 Gavekal Knowledge Leaders Developed World Index Holdings Security Name Portfolio Weight Country Carsales.Com Limited 0.15% Australia Jcdecaux SA 0.15% France Cookpad Inc. 0.15% Japan Cyberagent, Inc. 0.15% Japan WPP Plc 0.15% United Kingdom Gildan Activewear Inc. 0.15% Canada Christian Dior SE 0.15% France Hermes International SCA 0.15% France Kering SA 0.15% France LVMH Moet Hennessy Louis Vuitton SE 0.15% France adidas AG 0.15% Germany HUGO BOSS AG 0.15% Germany Moncler SpA 0.15% Italy Prada S.p.A. 0.15% Italy Salvatore Ferragamo S.p.A. 0.15% Italy Aoyama Trading Co., Ltd. 0.15% Japan Asics Corporation 0.15% Japan FAST RETAILING CO., LTD. 0.15% Japan Ryohin Keikaku Co., Ltd. 0.15% Japan SHIMAMURA Co., Ltd. 0.15% Japan Wacoal Holdings Corp. 0.15% Japan Industria de Diseno Textil, S.A. 0.15% Spain Hennes & Mauritz AB Class B 0.15% Sweden Burberry Group plc 0.15% United Kingdom Sports Direct International plc 0.15% United Kingdom Coach, Inc. 0.15% United States Foot Locker, Inc. 0.15% United States Gap, Inc. 0.15% United States Hanesbrands Inc. 0.15% United States Michael Kors Holdings Ltd 0.15% United States NIKE, Inc. Class B 0.15% United States Nordstrom, Inc. 0.15% United States PVH Corp. 0.15% United States Ralph Lauren Corporation Class A 0.15% United States Ross Stores, Inc. 0.15% United States TJX Companies, Inc. 0.15% United States Under Armour, Inc. Class A 0.15% United States V.F. Corporation 0.15% United States Continental AG 0.15% Germany NGK SPARK PLUG CO., LTD. 0.15% Japan Stanley Electric Co., Ltd. 0.15% Japan Yokohama Rubber Co. Ltd. 0.15% Japan BorgWarner Inc. 0.15% United States Daihatsu Motor Co., Ltd. 0.15% Japan

2 Fuji Heavy Industries Ltd. 0.15% Japan Mitsubishi Motors Corporation 0.15% Japan Suzuki Motor Corp. 0.15% Japan Harley-Davidson, Inc. 0.15% United States Nokian Renkaat Oyj 0.15% Finland Compagnie Generale des Etablissements Michelin SCA 0.15% France Pirelli & C. S.p.A. 0.15% Italy Bridgestone Corporation 0.15% Japan Sumitomo Rubber Industries, Ltd. 0.15% Japan LKQ Corporation 0.15% United States Fuji Media Holdings, Inc. 0.15% Japan Nippon Television Holdings, Inc. 0.15% Japan SKY Perfect JSAT Holdings Inc. 0.15% Japan Tokyo Broadcasting System Holdings, Inc. 0.15% Japan TV Asahi Holdings Corporation 0.15% Japan Scripps Networks Interactive, Inc. Class A 0.15% United States Comcast Corporation Class A 0.15% United States SKYCITY Entertainment Group Limited 0.15% New Zealand William Hill PLC 0.15% United Kingdom Monotaro Co., Ltd. 0.15% Japan Garmin Ltd. 0.15% United States Hikari Tsushin, Inc. 0.15% Japan Harvey Norman Holdings Ltd 0.15% Australia Hudson's Bay Co. 0.15% Canada Takashimaya Company, Limited 0.15% Japan Marks and Spencer Group plc 0.15% United Kingdom Kohl's Corporation 0.15% United States Macy's Inc 0.15% United States Canon Marketing Japan Inc. 0.15% Japan Dollarama Inc. 0.15% Canada Dollar General Corporation 0.15% United States Dollar Tree, Inc. 0.15% United States Family Dollar Stores, Inc. 0.15% United States Target Corporation 0.15% United States Leggett & Platt, Incorporated 0.15% United States Newell Rubbermaid Inc. 0.15% United States Kingfisher Plc 0.15% United Kingdom Home Depot, Inc. 0.15% United States Lowe's Companies, Inc. 0.15% United States Resorttrust, Inc. 0.15% Japan Hoshizaki Electric Co., Ltd. 0.15% Japan Nikon Corp. 0.15% Japan Rinnai Corporation 0.15% Japan Harman International Industries, Incorporated 0.15% United States Luxottica Group S.p.A. 0.15% Italy Sanrio Company, Ltd. 0.15% Japan

3 ASOS plc 0.15% United Kingdom Amazon.com, Inc. 0.15% United States Aristocrat Leisure Limited 0.15% Australia Amer Sports Oyj Class A 0.15% Finland BANDAI NAMCO Holdings Inc. 0.15% Japan Heiwa Corporation 0.15% Japan Sankyo Co., Ltd. 0.15% Japan Sega Sammy Holdings Inc. 0.15% Japan Shimano Inc. 0.15% Japan Hasbro, Inc. 0.15% United States Mattel, Inc. 0.15% United States Polaris Industries Inc. 0.15% United States Cineplex Inc. 0.15% Canada IMAX Corporation 0.15% Canada Toho Co. Ltd. 0.15% Japan Merlin Entertainments Plc 0.15% United Kingdom Netflix, Inc. 0.15% United States Time Warner Inc. 0.15% United States Wolters Kluwer NV 0.15% Netherlands Schibsted ASA 0.15% Norway Pearson PLC 0.15% United Kingdom News Corporation Class A 0.15% United States Domino's Pizza Enterprises Limited 0.15% Australia SKYLARK CO.LTD 0.15% Japan Whitbread PLC 0.15% United Kingdom Chipotle Mexican Grill, Inc. 0.15% United States McDonald's Corporation 0.15% United States Starbucks Corporation 0.15% United States Flight Centre Travel Group Limited 0.15% Australia Pandora A/S 0.15% Denmark Benesse Holdings, Inc. 0.15% Japan Compagnie Financiere Richemont SA 0.15% Switzerland Swatch Group Ltd. Bearer 0.15% Switzerland Expedia, Inc. 0.15% United States H&R Block, Inc. 0.15% United States Priceline Group Inc 0.15% United States TripAdvisor, Inc. 0.15% United States Sekisui Chemical Co., Ltd. 0.15% Japan Canadian Tire Corporation, Limited Class A 0.15% Canada Autobacs Seven Co., Ltd. 0.15% Japan Izumi Co., Ltd. 0.15% Japan Nitori Holdings Co., Ltd. 0.15% Japan Dixons Carphone plc 0.15% United Kingdom Howden Joinery Group PLC 0.15% United Kingdom Advance Auto Parts, Inc. 0.15% United States

4 Bed Bath & Beyond Inc. 0.15% United States O'Reilly Automotive, Inc. 0.15% United States Staples, Inc. 0.15% United States Tiffany & Co. 0.15% United States Tractor Supply Company 0.15% United States Ulta Salon, Cosmetics & Fragrance, Inc. 0.15% United States Williams-Sonoma, Inc. 0.15% United States Husqvarna AB Class B 0.15% Sweden ABC-MART, INC. 0.15% Japan Genuine Parts Company 0.15% United States Vivendi SA 0.15% France Nisshin Seifun Group Inc. 0.15% Japan Ingredion Incorporated 0.15% United States Anheuser-Busch Inbev Sa 0.15% Belgium Carlsberg A/S Class B 0.15% Denmark Pernod Ricard SA 0.15% France Davide Campari-Milano S.p.A. 0.15% Italy Asahi Group Holdings,Ltd. 0.15% Japan Kirin Holdings Company, Limited 0.15% Japan Takara Holdings Inc. 0.15% Japan Diageo plc 0.15% United Kingdom SABMiller plc 0.15% United Kingdom Brown-Forman Corporation Class B 0.15% United States Molson Coors Brewing Company Class B 0.15% United States Sugi Holdings Co., Ltd. 0.15% Japan Sundrug Co., Ltd. 0.15% Japan Tsuruha Holdings Inc. 0.15% Japan Walgreens Boots Alliance Inc 0.15% United States Energizer Holdings, Inc. 0.15% United States Woolworths Ltd 0.15% Australia Delhaize Group SA 0.15% Belgium George Weston Limited 0.15% Canada AEON Co., Ltd. 0.15% Japan Familymart Co., Ltd. 0.15% Japan Lawson, Inc. 0.15% Japan Matsumotokiyoshi Holdings Co., Ltd. 0.15% Japan Seven & I Holdings Co., Ltd. 0.15% Japan Royal Ahold NV 0.15% Netherlands Whole Foods Market, Inc. 0.15% United States Wal-Mart Stores, Inc. 0.15% United States L'Oreal SA 0.15% France Beiersdorf AG 0.15% Germany Kao Corp. 0.15% Japan Kose Corporation 0.15% Japan Lion Corporation 0.15% Japan

5 Shiseido Company,Limited 0.15% Japan Unicharm Corporation 0.15% Japan Unilever NV Cert. of shs 0.15% Netherlands Svenska Cellulosa Aktiebolaget Class B 0.15% Sweden Reckitt Benckiser Group plc 0.15% United Kingdom Unilever PLC 0.15% United Kingdom Church & Dwight Co., Inc. 0.15% United States Estee Lauder Companies Inc. Class A 0.15% United States Mead Johnson Nutrition Company 0.15% United States Procter & Gamble Company 0.15% United States Orkla ASA 0.15% Norway Danone SA 0.15% France Ajinomoto Co., Inc. 0.15% Japan CALBEE, Inc. 0.15% Japan Ezaki Glico Co., Ltd. 0.15% Japan House Foods Group Inc. 0.15% Japan Kagome Co., Ltd. 0.15% Japan Kewpie Corporation 0.15% Japan Kikkoman Corporation 0.15% Japan Meiji Holdings Co., Ltd. 0.15% Japan Nissin Foods Holdings Co., Ltd. 0.15% Japan Toyo Suisan Kaisha, Ltd. 0.15% Japan Yakult Honsha Co., Ltd. 0.15% Japan Yamazaki Baking Co., Ltd. 0.15% Japan Chocoladefabriken Lindt & Spruengli AG 0.15% Switzerland Nestle S.A. 0.15% Switzerland Associated British Foods plc 0.15% United Kingdom Tate & Lyle PLC 0.15% United Kingdom General Mills, Inc. 0.15% United States Hain Celestial Group, Inc. 0.15% United States Hershey Company 0.15% United States J. M. Smucker Company 0.15% United States McCormick & Company, Incorporated 0.15% United States Mondelez International, Inc. Class A 0.15% United States WhiteWave Foods Company 0.15% United States Coca-Cola Amatil Limited 0.15% Australia Coca-Cola East Japan Co., Ltd. 0.15% Japan Coca-Cola West Co. Ltd. 0.15% Japan ITO EN,Ltd. 0.15% Japan Suntory Beverage & Food Ltd. 0.15% Japan Coca-Cola HBC AG 0.15% United Kingdom Coca-Cola Company 0.15% United States Dr Pepper Snapple Group, Inc. 0.15% United States PepsiCo, Inc. 0.15% United States Japan Tobacco Inc. 0.15% Japan

6 Reynolds American Inc. 0.15% United States Cameron International Corporation 0.15% United States Dresser-Rand Group Inc. 0.15% United States FMC Technologies, Inc. 0.15% United States Schlumberger NV 0.15% United States CI Financial Corp. 0.15% Canada Aberdeen Asset Management PLC 0.15% United Kingdom CBRE Group, Inc. Class A 0.15% United States MSCI Inc. 0.15% United States SEI Investments Company 0.15% United States M3, Inc. 0.15% Japan CSL Limited 0.15% Australia Alkermes Plc 0.15% Ireland Grifols, S.A. Class A 0.15% Spain Actelion Ltd. 0.15% Switzerland Agilent Technologies, Inc. 0.15% United States Alexion Pharmaceuticals, Inc. 0.15% United States Amgen Inc. 0.15% United States Biogen Inc. 0.15% United States Celgene Corporation 0.15% United States Gilead Sciences, Inc. 0.15% United States Illumina, Inc. 0.15% United States Medivation, Inc. 0.15% United States Mettler-Toledo International Inc. 0.15% United States Henry Schein, Inc. 0.15% United States Cochlear Limited 0.15% Australia Sonic Healthcare Limited 0.15% Australia Coloplast A/S Class B 0.15% Denmark William Demant Holding A/S 0.15% Denmark Essilor International SA 0.15% France Fresenius Medical Care AG & Co. KGaA 0.15% Germany Fresenius SE & Co. KGaA 0.15% Germany Asahi Intecc Co., Ltd. 0.15% Japan Kobayashi Pharmaceutical Co., Ltd. 0.15% Japan Miraca Holdings Inc. 0.15% Japan Nihon Kohden Corporation 0.15% Japan Pigeon Corporation 0.15% Japan Pola Orbis Holdings Inc. 0.15% Japan Rohto Pharmaceutical Co., Ltd. 0.15% Japan Sysmex Corporation 0.15% Japan Terumo Corporation 0.15% Japan Fisher & Paykel Healthcare Corporation Limited 0.15% New Zealand Biosensors International Group, Ltd. 0.15% Singapore Elekta AB Class B 0.15% Sweden Getinge AB Class B 0.15% Sweden

7 Sonova Holding AG 0.15% Switzerland Smith & Nephew plc 0.15% United Kingdom Abbott Laboratories 0.15% United States Baxter International Inc. 0.15% United States Becton, Dickinson and Company 0.15% United States C. R. Bard, Inc. 0.15% United States Cerner Corporation 0.15% United States Cooper Companies, Inc. 0.15% United States DENTSPLY International Inc. 0.15% United States Edwards Lifesciences Corporation 0.15% United States Hospira, Inc. 0.15% United States Intuitive Surgical, Inc. 0.15% United States Laboratory Corporation of America Holdings 0.15% United States Omnicare, Inc. 0.15% United States QIAGEN NV 0.15% United States Quest Diagnostics Incorporated 0.15% United States ResMed Inc. 0.15% United States St. Jude Medical, Inc. 0.15% United States Stryker Corporation 0.15% United States Thermo Fisher Scientific Inc. 0.15% United States Varian Medical Systems, Inc. 0.15% United States Waters Corporation 0.15% United States Zimmer Holdings, Inc. 0.15% United States Ansell Limited 0.15% Australia UCB S.A. 0.15% Belgium H. Lundbeck A/S 0.15% Denmark Novo Nordisk A/S Class B 0.15% Denmark Orion Oyj Class B 0.15% Finland Sanofi 0.15% France Bayer AG 0.15% Germany Merck KGaA 0.15% Germany Taro Pharmaceutical Industries Ltd. 0.15% Israel Teva Pharmaceutical Industries Limited 0.15% Israel COSMO Pharmaceuticals S.A. 0.15% Italy Recordati S.p.A. 0.15% Italy Astellas Pharma Inc. 0.15% Japan Chugai Pharmaceutical Co., Ltd. 0.15% Japan Daiichi Sankyo Company, Limited 0.15% Japan Eisai Co., Ltd. 0.15% Japan Hisamitsu Pharmaceutical Co., Inc. 0.15% Japan Kaken Pharmaceutical Co., Ltd. 0.15% Japan Kyorin Holdings, Inc. 0.15% Japan Kyowa Hakko Kirin Co., Ltd. 0.15% Japan Mitsubishi Tanabe Pharma Corporation 0.15% Japan Nippon Shinyaku Co., Ltd. 0.15% Japan

8 ONO Pharmaceutical Co., Ltd. 0.15% Japan Otsuka Holdings Co., Ltd. 0.15% Japan Santen Pharmaceutical Co., Ltd. 0.15% Japan Sawai Pharmaceutical Co., Ltd. 0.15% Japan Shionogi & Co., Ltd. 0.15% Japan Sumitomo Dainippon Pharma Co. Ltd. 0.15% Japan Taisho Pharmaceutical Holdings Co., Ltd. 0.15% Japan Takeda Pharmaceutical Co. Ltd. 0.15% Japan Tsumura & Co. 0.15% Japan Meda AB Class A 0.15% Sweden Novartis AG 0.15% Switzerland Roche Holding Ltd Genusssch. 0.15% Switzerland AstraZeneca PLC 0.15% United Kingdom BTG plc 0.15% United Kingdom GlaxoSmithKline plc 0.15% United Kingdom Hikma Pharmaceuticals Plc 0.15% United Kingdom Shire PLC 0.15% United Kingdom AbbVie, Inc. 0.15% United States Actavis Plc 0.15% United States Bristol-Myers Squibb Company 0.15% United States Eli Lilly and Company 0.15% United States Johnson & Johnson 0.15% United States Mallinckrodt Plc 0.15% United States Merck & Co., Inc. 0.15% United States Perrigo Co. Plc 0.15% United States Pfizer Inc. 0.15% United States United Therapeutics Corporation 0.15% United States Zoetis, Inc. Class A 0.15% United States Nielsen N.V. 0.15% United States CAE Inc. 0.15% Canada Japan Aviation Electronics Industry, Limited 0.15% Japan Saab AB Class B 0.15% Sweden Cobham plc 0.15% United Kingdom Meggitt PLC 0.15% United Kingdom Rolls-Royce Holdings plc 0.15% United Kingdom Northrop Grumman Corporation 0.15% United States Raytheon Company 0.15% United States Rockwell Collins, Inc. 0.15% United States FedEx Corporation 0.15% United States WestJet 0.15% Canada Japan Airlines Co., Ltd. 0.15% Japan Southwest Airlines Co. 0.15% United States Spirit Airlines, Inc. 0.15% United States Compagnie de Saint-Gobain SA 0.15% France LIXIL Group Corp. 0.15% Japan

9 Sanwa Holdings Corporation 0.15% Japan TOTO Ltd 0.15% Japan Zardoya Otis, S.A. 0.15% Spain Geberit AG 0.15% Switzerland Stantec Inc. 0.15% Canada Kone Oyj Class B 0.15% Finland Konecranes Oyj 0.15% Finland Komatsu Ltd. 0.15% Japan Kubota Corporation 0.15% Japan TADANO Ltd. 0.15% Japan Cummins Inc. 0.15% United States WABCO Holdings Inc. 0.15% United States Westinghouse Air Brake Technologies Corporation 0.15% United States CaesarStone Sdot-Yam Ltd. 0.15% Israel Legrand SA 0.15% France Schneider Electric SE 0.15% France Fuji Electric Co., Ltd. 0.15% Japan Mabuchi Motor Co., Ltd. 0.15% Japan Mitsubishi Electric Corp. 0.15% Japan NGK Insulators, Ltd. 0.15% Japan Nidec Corporation 0.15% Japan Ushio Inc. 0.15% Japan Acuity Brands, Inc. 0.15% United States Eaton Corp. Plc 0.15% United States Emerson Electric Co. 0.15% United States Hubbell Incorporated Class B 0.15% United States Ebara Corporation 0.15% Japan Kurita Water Industries Ltd. 0.15% Japan Trelleborg AB Class B 0.15% Sweden IMI plc 0.15% United Kingdom AMETEK, Inc. 0.15% United States Carlisle Companies Incorporated 0.15% United States Dover Corporation 0.15% United States Pentair plc 0.15% United States Pall Corporation 0.15% United States Stericycle, Inc. 0.15% United States Seek Limited 0.15% Australia Robert Half International Inc. 0.15% United States Siemens AG 0.15% Germany Royal Philips NV 0.15% Netherlands ABB Ltd. 0.15% Switzerland Smiths Group Plc 0.15% United Kingdom 3M Company 0.15% United States Danaher Corporation 0.15% United States Honeywell International Inc. 0.15% United States

10 Ingersoll-Rand Plc 0.15% United States Roper Technologies, Inc. 0.15% United States United Technologies Corporation 0.15% United States Metso Oyj 0.15% Finland GEA Group AG 0.15% Germany AMADA HOLDINGS CO.,LTD 0.15% Japan Daifuku Co., Ltd. 0.15% Japan Daikin Industries, Ltd. 0.15% Japan Harmonic Drive Systems Inc. 0.15% Japan Misumi Group Inc. 0.15% Japan Mitsubishi Heavy Industries, Ltd. 0.15% Japan Nabtesco Corporation 0.15% Japan Nachi-Fujikoshi Corp. 0.15% Japan Okuma Corp. 0.15% Japan OSG Corporation 0.15% Japan SMC Corporation 0.15% Japan Sumitomo Heavy Industries, Ltd. 0.15% Japan THK Co., Ltd. 0.15% Japan Tsubakimoto Chain Co. 0.15% Japan Alfa Laval AB 0.15% Sweden ASSA ABLOY AB Class B 0.15% Sweden Atlas Copco AB Class A 0.15% Sweden Sandvik AB 0.15% Sweden Schindler Holding AG Pref 0.15% Switzerland Spirax-Sarco Engineering PLC 0.15% United Kingdom Weir Group PLC 0.15% United Kingdom Colfax Corporation 0.15% United States Flowserve Corporation 0.15% United States IDEX Corporation 0.15% United States Illinois Tool Works Inc. 0.15% United States Middleby Corporation 0.15% United States Parker-Hannifin Corporation 0.15% United States Rockwell Automation, Inc. 0.15% United States Xylem Inc. 0.15% United States Recruit Holdings Co., Ltd. 0.15% Japan A.P. Moller - Maersk A/S Class B 0.15% Denmark Minebea Co., Ltd. 0.15% Japan NSK Ltd. 0.15% Japan SKF AB Class B 0.15% Sweden Melrose Industries Plc 0.15% United Kingdom Ritchie Bros. Auctioneers Incorporated 0.15% Canada Glory Ltd. 0.15% Japan Secom Co., Ltd. 0.15% Japan Sohgo Security Services Co., Ltd. 0.15% Japan SGS SA 0.15% Switzerland

11 Experian PLC 0.15% United Kingdom Cintas Corporation 0.15% United States Equifax Inc. 0.15% United States IHS Inc. Class A 0.15% United States Central Japan Railway Company 0.15% Japan Aggreko plc 0.15% United Kingdom Societe BIC SA 0.15% France Park24 Co., Ltd. 0.15% Japan Duluxgroup Limited 0.15% Australia Asahi Glass Co., Ltd. 0.15% Japan Nihon Parkerizing Co., Ltd. 0.15% Japan HEXPOL AB Class B 0.15% Sweden Makita Corporation 0.15% Japan Snap-on Incorporated 0.15% United States Stanley Black & Decker, Inc. 0.15% United States Nisshinbo Holdings Inc. 0.15% Japan Finning International Inc. 0.15% Canada Travis Perkins plc 0.15% United Kingdom Fastenal Company 0.15% United States W.W. Grainger, Inc. 0.15% United States Japan Airport Terminal Co., Ltd. 0.15% Japan SATS Ltd 0.15% Singapore Macquarie Infrastructure Company LLC 0.15% United States Gungho Online Entertainment, Inc. 0.15% Japan BlackBerry Limited 0.15% Canada Radware Ltd. 0.15% Israel LM Ericsson Telefon AB Class B 0.15% Sweden Apple Inc. 0.15% United States Cisco Systems, Inc. 0.15% United States F5 Networks, Inc. 0.15% United States Harris Corporation 0.15% United States Juniper Networks, Inc. 0.15% United States QUALCOMM Incorporated 0.15% United States Trimble Navigation Limited 0.15% United States Amadeus IT Holding SA Class A 0.15% Spain Broadridge Financial Solutions, Inc. 0.15% United States Global Payments Inc. 0.15% United States Ingenico SA 0.15% France Azbil Corporation 0.15% Japan Brother Industries, Ltd. 0.15% Japan Canon Inc. 0.15% Japan Horiba, Ltd. 0.15% Japan Konica Minolta, Inc. 0.15% Japan Kyocera Corporation 0.15% Japan OMRON Corporation 0.15% Japan

12 Ricoh Company, Ltd. 0.15% Japan Shimadzu Corporation 0.15% Japan Yaskawa Electric Corporation 0.15% Japan NIBE Industrier AB Class B 0.15% Sweden Halma p.l.c. 0.15% United Kingdom Spectris plc 0.15% United Kingdom Keysight Technologies Inc 0.15% United States Hamamatsu Photonics K.K. 0.15% Japan HOYA CORPORATION 0.15% Japan Ibiden Co., Ltd. 0.15% Japan Murata Manufacturing Co., Ltd. 0.15% Japan TDK Corporation 0.15% Japan Nordic Semiconductor ASA 0.15% Norway Amphenol Corporation Class A 0.15% United States Corning Incorporated 0.15% United States SanDisk Corporation 0.15% United States TE Connectivity Ltd. 0.15% United States Disco Corporation 0.15% Japan Tokyo Electron Ltd. 0.15% Japan ASML Holding NV 0.15% Netherlands Hexagon AB Class B 0.15% Sweden Applied Materials, Inc. 0.15% United States KLA-Tencor Corporation 0.15% United States Lam Research Corporation 0.15% United States Synopsys, Inc. 0.15% United States Fujifilm Holdings Corporation 0.15% Japan United Internet AG 0.15% Germany DeNA Co., Ltd. 0.15% Japan Gree, Inc. 0.15% Japan NEXON Co., Ltd. 0.15% Japan Yahoo Japan Corporation 0.15% Japan Opera Software ASA 0.15% Norway Akamai Technologies, Inc. 0.15% United States Check Point Software Technologies Ltd. 0.15% United States CoStar Group, Inc. 0.15% United States Facebook, Inc. Class A 0.15% United States Google Inc. Class A 0.15% United States LinkedIn Corporation Class A 0.15% United States Rackspace Hosting, Inc. 0.15% United States Yahoo! Inc. 0.15% United States CGI Group Inc. Class A 0.15% Canada Constellation Software Inc. 0.15% Canada Tieto Oyj 0.15% Finland Atos SE 0.15% France Cap Gemini SA 0.15% France

13 NICE Systems Ltd. 0.15% Israel Itochu Techno-Solutions Corporation 0.15% Japan Nomura Research Institute,Ltd. 0.15% Japan NTT DATA Corporation 0.15% Japan OBIC Co., Ltd. 0.15% Japan Gemalto N.V. 0.15% Netherlands Accenture Plc 0.15% United States Amdocs Limited 0.15% United States Citrix Systems, Inc. 0.15% United States Cognizant Technology Solutions Corporation Class A 0.15% United States Teradata Corporation 0.15% United States Vmware, Inc. Class A 0.15% United States Konami Corporation 0.15% Japan Square Enix Holdings Co., Ltd. 0.15% Japan Activision Blizzard Inc 0.15% United States CDK Global Inc 0.15% United States Xerox Corporation 0.15% United States Infineon Technologies AG 0.15% Germany Mellanox Technologies, Ltd. 0.15% Israel Rohm Co., Ltd. 0.15% Japan Avago Technologies Limited 0.15% Singapore ARM Holdings plc 0.15% United Kingdom Altera Corporation 0.15% United States Analog Devices, Inc. 0.15% United States Broadcom Corporation Class A 0.15% United States Intel Corporation 0.15% United States Linear Technology Corporation 0.15% United States Maxim Integrated Products, Inc. 0.15% United States Microchip Technology Incorporated 0.15% United States Micron Technology, Inc. 0.15% United States NVIDIA Corporation 0.15% United States Skyworks Solutions, Inc. 0.15% United States Texas Instruments Incorporated 0.15% United States Xilinx, Inc. 0.15% United States ebay Inc. 0.15% United States FactSet Research Systems Inc. 0.15% United States Open Text Corporation 0.15% Canada Dassault Systemes SA 0.15% France SAP SE 0.15% Germany Oracle Corporation Japan 0.15% Japan SCSK Corporation 0.15% Japan Sage Group plc 0.15% United Kingdom Adobe Systems Incorporated 0.15% United States ANSYS, Inc. 0.15% United States Autodesk, Inc. 0.15% United States

14 CA, Inc. 0.15% United States Intuit Inc. 0.15% United States Microsoft Corporation 0.15% United States Oracle Corporation 0.15% United States Red Hat, Inc. 0.15% United States salesforce.com, inc. 0.15% United States EMC Corporation 0.15% United States Hewlett-Packard Company 0.15% United States NetApp, Inc. 0.15% United States Seagate Technology PLC 0.15% United States Western Digital Corporation 0.15% United States Novozymes A/S Class B 0.15% Denmark Aica Kogyo Company, Limited 0.15% Japan Incitec Pivot Limited 0.15% Australia Agrium Inc. 0.15% Canada BASF SE 0.15% Germany Evonik Industries AG 0.15% Germany ICL-Israel Chemicals Ltd. 0.15% Israel Asahi Kasei Corporation 0.15% Japan Mitsubishi Chemical Holdings Corporation 0.15% Japan Nissan Chemical Industries, Ltd. 0.15% Japan Royal DSM NV 0.15% Netherlands Syngenta AG 0.15% Switzerland Celanese Corporation Class A 0.15% United States E. I. du Pont de Nemours and Company 0.15% United States International Flavors & Fragrances Inc. 0.15% United States Monsanto Company 0.15% United States Boral Limited 0.15% Australia HeidelbergCement AG 0.15% Germany CRH Plc 0.15% Ireland Fletcher Building Limited 0.15% New Zealand Holcim Ltd. 0.15% Switzerland Hitachi Chemical Company, Ltd. 0.15% Japan Hitachi Metals, Ltd. 0.15% Japan West Fraser Timber Co. Ltd. 0.15% Canada Givaudan SA 0.15% Switzerland CCL Industries Inc. Class B 0.15% Canada Smurfit Kappa Group Plc 0.15% Ireland Lintec Corporation 0.15% Japan DS Smith Plc 0.15% United Kingdom Rexam PLC 0.15% United Kingdom Stora Enso Oyj Class R 0.15% Finland Nippon Paper Industries Co., Ltd. 0.15% Japan Oji Holdings Corp. 0.15% Japan Mondi plc 0.15% United Kingdom

15 Orica Limited 0.15% Australia Solvay SA 0.15% Belgium Chr. Hansen Holding A/S 0.15% Denmark Air Liquide SA 0.15% France Linde AG 0.15% Germany Symrise AG 0.15% Germany Frutarom Industries Ltd 0.15% Israel Daicel Corporation 0.15% Japan Denki Kagaku Kogyo Kabushiki Kaisha 0.15% Japan DIC Corporation 0.15% Japan JSR Corp. 0.15% Japan Kaneka Corporation 0.15% Japan Kansai Paint Co., Ltd. 0.15% Japan Kuraray Co., Ltd. 0.15% Japan Nippon Kayaku Co., Ltd. 0.15% Japan NIPPON PAINT HOLDINGS CO.LTD. 0.15% Japan Nitto Denko Corp. 0.15% Japan Shin-Etsu Chemical Co Ltd 0.15% Japan Sumitomo Chemical Co., Ltd. 0.15% Japan Taiyo Nippon Sanso Corporation 0.15% Japan Tokyo Ohka Kogyo Co., Ltd. 0.15% Japan Toyo Ink SC Holdings Co., Ltd. 0.15% Japan Zeon Corporation 0.15% Japan EMS-CHEMIE HOLDING AG 0.15% Switzerland Sika AG 0.15% Switzerland Croda International Plc 0.15% United Kingdom Air Products and Chemicals, Inc. 0.15% United States Airgas, Inc. 0.15% United States Albemarle Corporation 0.15% United States Ashland Inc. 0.15% United States Ecolab Inc. 0.15% United States FMC Corporation 0.15% United States NewMarket Corporation 0.15% United States PPG Industries, Inc. 0.15% United States RPM International Inc. 0.15% United States Sherwin-Williams Company 0.15% United States Sigma-Aldrich Corporation 0.15% United States Valspar Corporation 0.15% United States Belgacom SA 0.15% Belgium Elisa Oyj Class A 0.15% Finland Nippon Telegraph and Telephone Corporation 0.15% Japan Telenor ASA 0.15% Norway Singapore Telecommunications Limited 0.15% Singapore Teliasonera AB 0.15% Sweden AT&T Inc. 0.15% United States

16 Telefonica Deutschland Holding AG 0.15% Germany KDDI Corporation 0.15% Japan NTT DoCoMo, Inc. 0.15% Japan Tele2 AB Class B 0.15% Sweden TalkTalk Telecom Group PLC 0.15% United Kingdom Osaka Gas Co., Ltd. 0.15% Japan TOHO GAS CO., LTD. 0.15% Japan Tokyo Gas Co., Ltd. 0.15% Japan UGI Corporation 0.15% United States This document does not constitute an offer of services in jurisdictions where Gavekal Capital, LLC is not authorized to conduct business. All information provided herein by Gavekal Capital is impersonal and not tailored to the needs of any person, entity or group of persons. Past performance of an index is not a guarantee of future results. It is not possible to invest directly in an index. Exposure to an asset class represented by an index is available through investable instruments based on that index. Gavekal Capital makes no assurance that investment products based on the index will accurately track index performance or provide positive investment returns. A decision to invest in any such investment fund or other investment vehicle should not be made in reliance on any of the statements set forth in this document. Prospective investors are advised to make an investment in any such fund or other vehicle only after carefully considering the risks associated with investing in such funds, as detailed in an offering memorandum or similar document that is prepared by or on behalf of the issuer of the investment fund or other vehicle. Inclusion of a security within an index is not a recommendation by Gavekal Capital to buy, sell or hold such a security, nor is it considered to be investment advice. Closing prices for the Gavekal Knowledge Leaders Indexes are calculated by Solactive AG based on the closing price of the individual constituents of the index as set by their primary exchange. These materials have been prepared solely for informational purposes based upon information generally available to the public from sources believed to be reliable. No content contained in these materials (including index data, ratings, credit-related analyses and data, model, software or other application or output therefrom) or any part there of (Content) may be modified, reverseengineered, reproduced or distributed in any form by any means, or stored in a database or retrieval system, without the prior written permission of Gavekal Capital. The Content shall not be used for any unlawful or unauthorized purposes. Gavekal Capital and its third-party data providers and licensors do not guarantee the accuracy, completeness, timeliness or availability of the Content. Gavekal Capital Parties are not responsible for any errors or omissions, regardless of the cause, for the results obtained from the use of the Content. The Content is provided on an as is basis. The Indexes are calculated and published by Solactive AG. Solactive AG uses its best efforts to ensure that the Indexes are calculated correctly. Irrespective of its obligations towards Gavekal Capital, Solactive AG has no obligation to point out errors in the Indexes to third parties including but not limited to investors and/or financial intermediaries of the financial instrument. Neither publication of the Indexes by Solactive AG nor the licensing of the Indexes or Indexes trademark for the purpose of use in connection with the financial instrument constitutes a recommendation by Solactive AG to invest capital in said financial instrument nor does it in any way represent an assurance or opinion of Solactive AG with regard to any investment in any financial instrument. For full information including any named holdings that may have been mentioned in the document as well as additional policies and full disclosures on the Advisor, please visit our website gavekalcapital.com.