50 Hedge Fund Holdings

February 20, 2014
United States
Hedge Fund Trend Monitor
Portfolio Strategy Research
Hedge fund long positions continue to outperform as turnover falls
Hedge fund portfolio turnover continues to fall but the record of long position outperformance
persists. Our Hedge Fund VIP list beat the S&P 500 by 900 bp in 2013 (41% vs. 32%) and has posted
a positive absolute YTD return (1.2%) while the S&P 500 declined modestly (-0.2%). Activist funds
have returned 40% during the past two years vs. 23% for the typical equity hedge fund. More than
25 activist campaigns have been launched YTD. This report analyzes 778 hedge funds with $1.8
trillion of gross equity positions ($1.2 trillion long and $570 billion short) at the start of 2014.
Most important hedge fund positions continue to outperform
Our Hedge Fund VIP list (Bloomberg ticker: <GSTHHVIP>) has returned
1.2% YTD vs. -0.2% for the S&P 500, following 900 bp of excess return in
2013 (41% vs. 32%). Top 5 stocks: GM, GOOG, AAPL, AIG, and HTZ.
Activism jumps 23% since 2011 to reach highest level in five years
Activism will likely persist in 2014, with 25 campaigns already launched
YTD. Activist hedge funds have posted returns of 40% during the past two
years compared with a 23% return for the typical equity hedge fund.
Turnover of hedge fund positions drops to new low of 28% in 4Q
The turnover of the largest quartile of holdings also fell to an all-time low
of 14%. The average fund holds 63% of long assets in its top 10 positions
compared with 31% for the average mutual fund.
Activist target 3-month post-announcement relative performance
Source: SharkRepellent via FactSet, IDC, and Goldman Sachs Global Investment Research.

Amanda Sneider, CFA
(212) 357-9860 amanda.sneider@gs.com
Goldman, Sachs & Co.

David J. Kostin
(212) 902-6781 david.kostin@gs.com

Stuart Kaiser, CFA
(212) 357-6308 stuart.kaiser@gs.com

Ben Snider
(212) 357-1744 ben.snider@gs.com

Rima Reddy
(801) 884-4794 rima.reddy@gs.com

Aaron Woodside
(212) 902-9693 aaron.woodside@gs.com

Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors
should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors
should consider this report as only a single factor in making their investment decision. For Reg AC certification and other
important disclosures, see the Disclosure Appendix, or go to www.gs.com/research/hedge.html. Analysts employed by
non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.
The Goldman Sachs Group, Inc. Global Investment Research
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Median 3-month reIative performance
of activist targets vs. sector
February 20, 2014 United States

Goldman Sachs Global Investment Research 2
Table of Contents
Goldman Sachs Hedge Fund Trend Monitor 3
Hedge funds held steady as the market pulled back in January 4
Activist campaigns have steadily increased 5
Stocks that matter most: The hedge fund VIP list 8
Estimating the short side: The Very Important Short Position list 10
The impact of hedge funds: Look at the concentrated positions 12
Exploring hedge fund net exposure 14
Sectors: Funds keep steady allocations 16
Size: Large-cap stocks account for almost 50% of typical fund 18
Hedge fund portfolio density and position turnover 20
Hedge funds and ETFs: Hedging tools, not investment vehicles 21
Appendix A: Drawbacks of our hedge fund holding analysis 22
Appendix B: Hedge fund data tables 23
Appendix C: 100 largest hedge funds ranked by equity assets 36
Appendix D: GS Portfolio Strategy Baskets on Bloomberg 37
Equity basket disclosure 38
Disclosure Appendix 39

Turnover for our Hedge Fund VIP Basket (<GSTHHVIP>) and Very Important Short Position Basket (<GSTHVISP>)

Note: The ability to trade this basket will depend upon market conditions, including liquidity and borrow constraints at the time of trade.
Source: Goldman Sachs Global Investment Research.
Turnover for our Turnover for our
Hedge Fund VIP Basket Very Important Short Position Basket
<GSTHHVIP> <GSTHVISP>
Added Dropped Added Dropped
GLD QCOM QCOM GLD
AAL WFC WFC CMG
AGO ELN FDX GLW
COLE LFE GD HPQ
ENDP LYB DTV NTU
HCA TMO DOW LO
LAMR FCX NEE LOW
LBTYK TWX EXC MMM
NRF GRA SO MTB
OCN MC ACN PEP
STZ FLT WAG RG
TMUS LMCA BA SYY
VC MET USB TXN
REGN UPS

Goldman Sachs Hedge Fund Trend Monitor
This Hedge Fund Trend Monitor analyzes 778 hedge funds with $1.8 trillion of gross
equity positions ($1.2 trillion long and $570 billion short). Our analysis of hedge fund
positions at the start of 1Q 2014 is based on 13-F filings as of February 14, 2014. We list 9
conclusions below.
1. VERY IMPORTANT POSITIONS: Our Hedge Fund VIP list (Bloomberg: <GSTHHVIP>)
continues to outperform in 2014 following 900 bp of excess return in 2013 (41% vs.
32%). The basket contains the 50 stocks that appear most frequently among the top 10
holdings of fundamentally-driven hedge fund portfolios. The VIP list has returned 1.2% YTD,
140 bp better than the S&P 500. Top 5 stocks: GM, GOOG, AAPL, AIG, and HTZ. Turnover in
our VIP basket was below its historical average, with 13 new constituents: AAL, AGO, COLE,
ENDP, GILD, HCA, LAMR, LBTYK, NRF, OCN, STZ, TMUS, and VC. See page 8.
2. ACTIVISM: The number of activist campaigns has risen by 23% during the past two
years but remains below the prior peak of 2007 and 2008. We expect activism to
continue in 2014, with 25 campaigns already launched YTD. Activist hedge funds have
posted returns of 40% during the past two years compared with a 23% return for the typical
equity hedge fund. Three of our VIP constituents have open campaigns: EBAY, YHOO, TWC.
3. TURNOVER: Turnover of hedge fund positions continues to drop, falling to a record
low of 28% in 4Q as fund portfolios remain static. The turnover of the largest quartile of
holdings also fell to an all-time low of 14%. The average fund holds 63% of long assets in
its top 10 positions compared with 31% for the average mutual fund. See page 20.
4. RISK: We estimate hedge funds in aggregate operate 54% net long at the portfolio
level, the highest ratio in at least a decade. Risk appetite by this metric dipped modestly
in mid-2013 but climbed to new highs along with the market to start 2014. See page 14.
5. CONCENTRATION: Our basket of the 20 Most Concentrated hedge fund stocks
(Bloomberg ticker: <GSTHHFHI>) continues to outperform the S&P 500. We define
concentration as the share of equity cap owned by hedge funds. Since 2001, the strategy
has outperformed the S&P 500 71% of the time by an average of 262 bp per quarter.
Following 1700 bp of outperformance in 2013, the basket continues to lead the S&P 500 in
2014 (+1.8% vs. -0.3%). Four new constituents: ALLE, APD, QEP, and CVC. See page 12.
6. PERFORMANCE: Hedge funds returned an average of -0.5% YTD through January,
with 82% of funds outperforming the S&P 500 (-3.5%). Last year the typical fund posted
a 9.8% return compared with 32% for the S&P 500 and average large-cap core mutual fund.
See page 4.
7. ETFs: Hedge funds hold large positions in EM equity, volatility, gold, and bond ETFs.
Hedge funds generally use ETFs more as a hedging tool than directional investment
vehicles, and most of these positions reflect net shorts. ETFs represent 3% of long holdings,
the lowest since 1Q 2010. See page 21.
8. SHORT INTEREST: The S&P 500 short interest ratio reached 3 days to cover in 4Q
2013, the highest since mid-2007. Aggregate dollars of short interest outstanding hit
record levels in late 2013 as the S&P 500 reached record highs. The market rally combined
with low trading volumes drove the S&P 500 short interest ratio to a six-year high. Page 15.
9. VERY IMPORTANT SHORT POSITIONS: Our Hedge Fund Very Important Short
Position basket (<GSTHVISP>) provides a more effective short than the S&P 500. The
basket contains the 50 S&P 500 stocks with the highest total dollar value of short interest
outstanding that are not in our VIP long basket. Our long VIP/short VISP pair trade has
mirrored the HFR Equity Hedge Index with an average quarterly return of 148 bp vs. 141 bp
since 2001, but with a higher Sharpe Ratio (0.46 vs. 0.27). See page 11.

Hedge funds held steady as the market pulled back in January
The typical hedge fund generated a return of -0.5% in January, compared with -3.5%
return for both the S&P 500 and the average large-cap core mutual fund (Exhibit 1).
82% of hedge funds outperformed the S&P 500, and one half posted positive absolute
returns. Long/short equity funds returned -0.3%, in line with the average across strategies.
The most popular hedge fund long positions outperformed as the market pulled back
in early 2014, demonstrating funds stockpicking ability as well as position conviction.
Our Hedge Fund VIP list (Bloomberg ticker: <GSTHHVIP>) and High Concentration basket
(<GSTHHFHI>) each outperformed the S&P 500 by more than 100 bp in January, despite
the 6% risk-off pullback inspired by EM fears and weak economic data.
Exhibit 1: 2014 YTD distribution of hedge fund performance
as of January 31, 2014

Source: Lipper, FactSet, Goldman Sachs Asset Management, and Goldman Sachs Global Investment Research.
Top hedge fund long positions also posted exceptionally strong returns in 2013, but
shorts hampered overall returns. While the VIP basket returned 41% in 2013, the typical
hedge fund returned 9.8%. Fewer than 5% of funds outperformed the S&P 500 last year.
Exhibit 2: 2013 distribution of hedge fund performance
as of December 31, 2013

Source: Lipper, FactSet, Goldman Sachs Asset Management, and Goldman Sachs Global Investment Research.

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<-10 -9 -8 -7 -6 -5 -4 -3 -2 -1 0 1 2 3 4 5 6 7 8 9 10 11 >12
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2014 YTD Returns (%)
Average
MutuaI Fund
-3.5%
Average
Hedge Fund
-0.5%
S&P 500
-3.5%
2014 YTD
Performance
as of 31-Jan
Hedge Fund
VIP Basket
<GSTHHVIP>
-2.5%
Hedge
Funds
Average
L/S Equity
Hedge Fund
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2013 Returns (%)
Hedge
Funds
2013
Performance
Average
Hedge Fund
9.8%
Average
MutuaI Fund
31.6%
Hedge Fund
VIP Basket
GSTHHVIP
41.4%
S&P 500
32.4%

Activist campaigns have steadily increased
Investor activism has increased in recent years. The number of Russell 3000 activist
campaigns rose by 6% to 129 in 2013, following a 15% increase in 2012. However, while the
S&P 500 index trades close to an all-time high, the number of announced activist
campaigns remains below 2007 and 2008 levels (see Exhibit 3).
Hedge funds participated in 75% of activist campaigns in 2013, the highest share in at
least a decade. In a typical year, hedge funds participate in 64% of campaigns (see Exhibit
4). Three constituents of our Hedge Fund VIP list have open campaigns: eBay (EBAY),
Yahoo! (YHOO) and Time Warner Cable (TWC).
We expect the number of activist campaigns will remain high in 2014. 25 campaigns
have already been announced since the start of the year, more than the 22 campaigns
announced during the first two months of 2013.
Exhibit 3: Announced activist campaigns by year
as of February 19, 2014; limited to Russell 3000 stocks

Exhibit 4: Activist campaigns by investor type (2005-13)

Source: FactSet and Goldman Sachs Global Investment Research.


The majority of campaigns involve maximizing shareholder value or board
representation/control. In 2013, maximizing shareholder value was the purpose of 43% of
campaigns. Methods include strategic mergers, spin-offs, leverage adjustment, dividends,
and share repurchases. Board representation accounted for another 34% of campaigns.
Activism on larger companies is on the rise. Historically, Russell 1000 firms accounted
for 32% of activism in the Russell 3000, in line with its share of stocks in the index (34%,
1013/3008). But in 2013, constituents of the Russell 1000 accounted for 38% of campaigns.

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Announcement Date
Number of activist campaigns
Hedge Funds
64%
nvestment
Advisers
13%
ndividuals
5%
Corporations
4%
Other
14%

Exhibit 5: Primary purpose of 2013 campaigns

Exhibit 6: Share of campaigns by market cap


Performance of activist-targeted stocks has been stronger in recent years. Between
2007 and 2009, the median stock underperformed its Russell 3000 sector during the three
months following a campaign announcement. After 2009, activist-targeted stocks
outperformed their sector by 100-350 bp. The median activist campaign lasts four months.
Post-announcement gains are strongest in the first month. Median sector-relative
performance in during months two and three is typically flat to slightly negative.
Exhibit 7: Activist target post-announcement relative performance reached high in 2013

Source: SharkRepellent via FactSet, IDC, and Goldman Sachs Global Investment Research.

Maximize
Shareholder
Value
43%
Board
Representation
34%
Board Control
14%
Remove
Director(s) or
Officer(s)
5%
Enhance
Corporate
Governance
4%
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Announcement Date
RusseII 2000
Constituents
Share of activist campaigns
on RusseII 3000 constituents
RusseII 1000
Constituents
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As the number of activist campaigns and the size of targeted stocks grow, non-
activist investors should focus on the ability of targeted stocks to sustain returns
following a campaign announcement.
Recent campaigns have been more likely to outperform over extended periods of
time. While post-announcement outperformance typically decays over longer periods of
time, sector-relative outperformance has shown signs of greater endurance in recent years.
See Portfolio Manager Toolkit: An Investors Cornucopia: Activism, Inventories, The Search
for Value & Margins (November 12, 2013) for more information.
Unsurprisingly, the outperformance of activism targets is evident in the performance
of activist hedge funds. The HFR Activist Index rose by 21% in 2012, significantly higher
than the HFR Equity Hedge Index (+7%). While the Activist Index also outperformed the
Equity Hedge Index in 2013 (16% vs. 14%), both indices underperformed the Russell 3000
(+34%).
In January 2014, The HFR Activist Index returned -0.5% versus -0.9% for the HFR Equity
Hedge Index and -3% for the Russell 3000.
Exhibit 8: Activist funds outperformed equity hedge funds between 2012 and 2013

Source: Hedge Fund Research and Goldman Sachs Global Investment Research.
Note on methodology: For our analysis we utilize FactSets SharkRepellent database. The universe is
limited to Russell 3000 constituents at the time of campaign announcement. Campaign purposes are
limited to board control, board representation, director or officer removal, shareholder value
maximization, or corporate governance enhancement.

2008 2009 2010 2011 2012 2013
Activist Index (40)% 30 % 8 % (8)% 21 % 16 %
Equity Hedge (27) 25 10 (8) 7 14
RusseII 3000 (37) 28 17 1 16 34
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LONG HFR Activist Index /
SHORT HFR Equity Hedge Index

Stocks that matter most: The hedge fund VIP list
Our hedge fund VIP list (Bloomberg ticker: <GSTHHVIP>) consists of stocks in which
fundamentally-driven hedge funds have a large stake. We define stocks that matter
most as the positions that appear most frequently among the top 10 holdings within
hedge fund portfolios. This specific approach yields a similar list of stocks as simply
choosing the largest aggregate long positions. For this analysis, we limit our universe to
hedge funds with 10 to 200 distinct equity positions in an attempt to isolate fundamentally-
driven investors from quantitative funds or funds that mirror private equity investments.
Our hedge fund VIP list offers investment ideas and tracks long exposure of hedge
funds. By construction, the VIP list identifies the 50 stocks whose performance will largely
influence the long side of many fundamentally driven hedge funds.
The basket of the 50 stocks that matter most has outperformed the S&P 500 by 76
bp on a quarterly basis since 2001, with a Sharpe ratio of 0.29. The VIP basket has
outperformed the S&P 500 by 140 bp (+1.2% vs. -0.3%) YTD through February 14. As
illustrated in Exhibit 9, the VIP basket outperformed the S&P 500 by more than 720 bp in
both 2012 and 2013 (23% vs. 16% in 2012; 41% vs. 34% in 2013).
From an implementation standpoint, the hedge fund VIP list offers an efficient vehicle
for investors seeking to follow the smart money based on 13-F filings. The VIP
basket has a large-cap bias with a median market capitalization of $39 billion compared
with $17 billion for S&P 500. Top constituents include GM, GOOG, AAPL, AIG, and HTZ.
Our hedge fund VIP basket is not sector-neutral to the S&P 500. The VIP list contains
stocks from eight of the ten sectors, with Utilities and Materials absent. The basket
overweights the Consumer Discretionary sector (28%) and underweights Energy (4%)
relative to the broad market index.
Turnover for the basket during 4Q 2013 was significantly below the historical average,
with 13 new stocks entering the VIP list compared with an average quarterly turnover of 17
stocks since 2001. New constituents are AAL, AGO, COLE, ENDP, GILD, HCA, LAMR, LBTYK,
NRF, OCN, STZ, TMUS, and VC (see Exhibit 10).
Exhibit 9: Stocks that matter most have outperformed by 76 bp on average each quarter since 2001 (51 quarters)
as of February 14, 2014

Source: Lionshares via FactSet, IDC and Goldman Sachs Global Investment Research.
Stocks that "Matter Most"
BIoomberg <GSTHHVIP>
QuarterIy ReIative Return vs. SPX
Maximum 674 bp
75th Percentile 197
Median 100
25th Percentile (100)
Minimum (785)
Standard Deviation 260
Average Excess Return (bp) 76 bp
Sharpe Ratio 0.29
Hit rate of outperformance 65 %
since May 2001
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Stocks that "Matter Most"
BIoomberg: <GSTHHVIP>
(ReIative Return vs. SPX)
Current
123
Returns 4Q YTD_
VIP List 13.9% 1.2%
S&P 500 10.5 0.3

GSTHHVIP: 50 stocks that matter most to hedge funds
Exhibit 10: Very Important Positions (VIP) for hedge funds

Note: Based on our analysis of 618 hedge funds with $762 billion in equity assets that own between 10 and 200 individual stock positions.
New stocks in basket listed in bold.
Holdings as of December 31, 2013; Pricing as of February 14, 2014.
Source: Lionshares via FactSet, IDC, and Goldman Sachs Global Investment Research.
50 stocks that most frequentIy appear among the Iargest 10 hoIdings of hedge funds
No. of funds No. of funds Average
with 10 to 200 with stock portfoIio weight % of Equity Cap
Equity positions as top 10 when stock owned by TotaI
Cap owning stock hoIding ranks among Hedge Funds Return
Company Ticker Sub-sector ($ biI) 31-Dec-13 31-Dec-13 Top 10 hoIdings 31-Dec-13 YTD
General Motors GM Automobile Manufacturers $50 114 75 7 % 14 % (12)%
Google nc. GOOG nternet Software & Services 402 88 60 7 3 7
Apple nc. AAPL Computer Hardware 489 92 58 8 3 (2)
American ntl Group AG Multi-line nsurance 72 84 54 7 11 (4)
Hertz Global Holdings HTZ Trucking 12 62 40 6 31 (10)
Citigroup nc. C Other Diversified Financial Services 150 70 38 6 4 (5)
Time Warner Cable TWC Cable & Satellite 41 63 38 6 17 8
Facebook nc. FB nternet Software & Services 165 58 36 7 7 23
Amazon.com AMZN nternet Retail 164 44 33 6 3 (10)
Microsoft Corp. MSFT Systems Software 314 47 27 6 2 1
JPMorgan Chase JPM Other Diversified Financial Services 219 51 26 5 2 0
CBS Corp. CBS Broadcasting 39 50 25 6 17 2
Micron Technology MU Semiconductors 26 43 25 6 24 15
American AirIines Group, Inc. AAL AirIines 26 52 24 7 11 36
Charter Communications CHTR Cable & Satellite 13 46 24 6 38 (5)
Liberty nteractive LNTA Catalog Retail 15 34 24 7 13 (3)
priceline.com PCLN nternet Retail 66 46 24 6 11 10
Twenty-First Century Fox FOXA Movies & Entertainment 74 40 23 6 11 (7)
Delta Air Lines DAL Airlines 27 48 22 6 12 14
Equinix nc. EQX nternet Software & Services 10 33 21 6 47 9
Hess Corp. HES ntegrated Oil & Gas 27 36 21 7 16 (4)
Liberty GIobaI CIass C LBTYK CabIe & SateIIite 21 38 21 7 28 (2)
NorthStar ReaIty Finance Corp. NRF Mortgage REITs 5 35 21 9 48 8
Vodafone Sponsored ADR VOD Wireless Telecommunication Services 180 39 21 8 3 (6)
Lamar Advertising LAMR Advertising 5 28 20 6 51 (3)
Bank of America BAC Other Diversified Financial Services 178 40 19 7 2 7
eBay nc. EBAY nternet Software & Services 71 40 19 5 4 (0)
T-MobiIe US TMUS WireIess TeIecommunication Services 23 35 19 5 13 (7)
Yahoo! nc. YHOO nternet Software & Services 39 36 19 6 9 (5)
Assured Guaranty AGO Property & CasuaIty Insurance 4 26 18 6 34 (0)
Anadarko Petroleum APC Oil & Gas Exploration & Production 41 34 18 6 9 3
Crown Castle ntl CC Wireless Telecommunication Services 25 30 18 6 23 2
DSH Network Corp. DSH Cable & Satellite 26 31 18 6 21 (2)
United Rentals UR Trading Companies & Distributors 8 27 18 6 14 7
Visa nc. V Data Processing & Outsourced Services 144 36 18 5 4 2
Visteon Corporation VC Auto Parts & Equipment 4 26 18 7 43 2
Actavis ACT Pharmaceuticals 33 26 17 4 13 14
Berkshire Hathaway BRK.B Multi-Sector Holdings 283 25 17 7 2 (3)
Comcast Corp. CMCSA Cable & Satellite 140 31 17 6 3 3
Liberty Global LBTYA Cable & Satellite 33 36 17 6 19 (6)
MasterCard MA Data Processing & Outsourced Services 93 40 17 6 4 (7)
Ocwen FinanciaI Corporation OCN Thrifts & Mortgage Finance 5 23 17 7 16 (32)
Valeant Pharmaceuticals ntl VRX Pharmaceuticals 46 27 17 10 15 19
Baidu Sponsored ADR BDU nternet Software & Services 59 28 16 7 9 (6)
CoIe ReaI Estate Investments, Inc. COLE RetaiI REITs 7 31 16 10 27 7
Endo HeaIth SoIutions ENDP PharmaceuticaIs 8 26 16 9 38 6
HCA HoIdings HCA HeaIth Care FaciIities 22 31 16 5 20 4
ConsteIIation Brands STZ DistiIIers & Vintners 15 30 16 7 29 13
Express Scripts Holding ESRX Health Care Services 62 25 15 6 4 9
GiIead Sciences GILD BiotechnoIogy 125 25 15 6 2 8
Average $82 42 25 6 % 16 % 2 %
Median 39 36 20 6 13 1

Estimating the short side: The Very Important Short Position list
Our Very Important Short Position (Bloomberg ticker: <GSTHVISP>) list tracks short
exposure of hedge funds. The equal-weighted basket consists of 50 S&P 500 constituents
with the highest total dollar value of short interest outstanding. The VISP basket excludes
companies in our long VIP List and stocks with more than 10% of float-adjusted shares held
short. The VISP basket has a large-cap bias with a median market capitalization of $74
billion compared with $17 billion for the S&P 500 and $39 billion for the VIP List.
Constituents of this basket are not based on 13-F holdings and this is not a basket of
stocks most held short. The median stock has a higher value of short interest compared
with the median S&P 500 company ($1.4 billion vs. $0.4 billion) but similar short interest as
a percent of float-adjusted shares (about 2% for each). The top five VISP constituents are
INTC, T, VZ, XOM, and IBM (see Exhibit 13).
We use the total dollar value of short interest outstanding as an estimate of short
portfolio holdings. Short positions in large-cap stocks can still be significant on a total
dollar value basis even though the size of these stocks typically leads to lower short
interest as a percentage of shares outstanding. We did not adjust our analysis to take into
account the impact of convertible arbitrage strategies on short interest outstanding.
However, when we incorporated these positions it did not significantly affect the results or
the composition of the basket.
The long GSTHHVIP/short S&P 500 pair is one method of tracking hedge fund
performance as it replicates the long/short nature of fund holdings, but it is a proxy
with shortcomings. The Hedge Fund VIP List consists of an equal weighted basket of 50
stocks whereas the S&P 500 is market cap weighted. S&P 500 stocks with weights greater
than 2%, such as Apple (AAPL), are implicitly underweight even if held on the long side. It
is also a blunter tool, disregarding information about shorts disclosed by the exchanges.
By addressing these issues, we can create a better approximation of hedge fund short-side
performance.
The performance of a long GSTHHVIP / short GSTHVISP pair tracks hedge fund
performance better than the long GSTHHVIP / short S&P 500 pair. The long/short VIP
pair has generated an average quarterly return of 148 bp (5.9% annualized) since 2001,
close to the average return of the HFR Equity Hedge index. The Sharpe ratio of the pair has
been 0.46, higher than the Equity Hedge index Sharpe ratio of 0.27.
Exhibit 11: Hedge fund performance versus basket pairs
Exhibit 12: Sharpe Ratio of GSTHHVIP/GSTHVISP is 0.46

Source: Hedge Fund Research, IDC and Goldman Sachs Investment Research. Source: Hedge Fund Research, IDC and Goldman Sachs Investment Research.
75
100
125
150
175
200
225
250
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HFR
Equity
Hedge
Index
GSTHHVIP /
GSTHVISP
GSTHHVIP /
S&P 500
QuarterIy ReIative Return
GSTHHVIP GSTHHVIP HFR Equity
vs. SPX vs. GSTHVISP Hedge Index
Maximum 775 bp 735 bp 1,542 bp
75th Percentile 231 336 510
Median 89 168 205
25th Percentile (110) (44) (113)
Minimum (1057) (1000) (1997)
Standard Deviation 284 318 523
Avg Return (bp) 75 bp 148 bp 141 bp
Sharpe Ratio 0.26 0.46 0.27
Hit rate of Performance 66 % 68 % 64 %
since June 2001

GSTHVISP: 50 stocks representing important short positions
Exhibit 13: Very Important Short Positions (VISP) for hedge funds

Short interest as of January 31, 2014; pricing as of February 14, 2014.
Source: FactSet, IDC, and Goldman Sachs Global Investment Research.
50 stocks that represent the Iargest short positions
SHORT Interest LONG Hedge Fund HoIdings
Short VaIue of Average
Interest Short No. of funds portfoIio weight % of Equity Cap
Equity TotaI as a % of Interest with stock as when stock owned by
Cap Return FIoat Cap ($biI) Top 10 hoIding ranks among Hedge Funds
Company Ticker Sub-sector ($ biI) YTD 31-Jan-14 31-Jan-14 31-Dec-13 Top 10 hoIdings 31-Dec-13
ntel Corp. NTC Semiconductors $123 (4)% 4 % $5.1 10 5 % 1 %
AT&T nc. T ntegrated Telecommunication Services 175 (4) 3 5.0 3 4 1
Verizon Communications VZ ntegrated Telecommunication Services 133 (4) 4 4.9 2 5 1
Exxon Mobil Corp. XOM ntegrated Oil & Gas 411 (6) 1 4.7 6 4 0
nternational Bus. Machines BM T Consulting & Other Services 199 (2) 3 4.7 4 4 1
Caterpillar CAT Construction & Farm Machinery & Heavy Trucks 61 7 6 3.6 4 4 1
EMC Corp. EMC Computer Storage & Peripherals 52 1 7 3.4 8 5 3
salesforce.com, inc. CRM Application Software 38 14 9 2.9 10 5 3
Walt Disney DS Movies & Entertainment 139 4 2 2.5 4 4 1
Johnson & Johnson JNJ Pharmaceuticals 262 1 1 2.2 9 4 1
Netflix nc. NFLX nternet Retail 26 18 9 2.1 9 7 16
Wal-Mart Stores WMT Hypermarkets & Super Centers 245 (4) 2 1.9 3 12 1
General Electric GE ndustrial Conglomerates 260 (8) 1 1.8 13 4 1
Coca-Cola Co. KO Soft Drinks 172 (6) 1 1.7 2 5 1
WeIIs Fargo & Co. WFC Diversified Banks 243 2 1 1.7 11 6 1
FedEx Corp. FDX Air Freight & Logistics 42 (7) 4 1.6 7 4 4
GeneraI Dynamics GD Aerospace & Defense 37 12 5 1.5 0 NM 14
Pfizer nc. PFE Pharmaceuticals 207 5 1 1.5 8 4 1
Procter & Gamble PG Household Products 216 (2) 1 1.5 6 7 1
Target Corp. TGT General Merchandise Stores 35 (11) 4 1.5 2 6 2
DIRECTV DTV CabIe & SateIIite 38 4 4 1.5 6 5 4
Chevron Corp. CVX ntegrated Oil & Gas 218 (8) 1 1.5 7 5 1
Dow ChemicaI DOW Diversified ChemicaIs 57 5 3 1.5 3 4 2
Deere & Co. DE Construction & Farm Machinery & Heavy Trucks 33 (6) 4 1.4 1 2 1
Oracle Corp. ORCL Systems Software 173 (0) 1 1.4 10 6 1
QUALCOMM Inc. QCOM Communications Equipment 129 3 1 1.4 13 5 3
NextEra Energy NEE EIectric UtiIities 40 9 3 1.4 8 7 3
UnitedHealth Group UNH Managed Health Care 74 (2) 2 1.4 4 4 1
SanDisk Corp. SNDK Computer Storage & Peripherals 17 6 9 1.4 7 8 11
ConocoPhillips COP Oil & Gas Exploration & Production 80 (6) 2 1.4 1 9 1
CenturyLink CTL ntegrated Telecommunication Services 18 (4) 8 1.3 2 4 1
Cisco Systems CSCO Communications Equipment 121 1 1 1.3 5 4 1
Merck & Co. MRK Pharmaceuticals 162 11 1 1.3 11 5 1
McDonald's Corp. MCD Restaurants 95 (1) 1 1.3 2 4 2
ExeIon Corp. EXC EIectric UtiIities 25 10 5 1.2 4 6 2
Eli Lilly and Co. LLY Pharmaceuticals 61 7 2 1.2 0 NM 2
Mylan nc. MYL Pharmaceuticals 18 6 7 1.2 7 6 7
Fastenal Co. FAST Trading Companies & Distributors 13 (5) 10 1.2 1 8 1
Schlumberger NV SLB Oil & Gas Equipment & Services 119 1 1 1.2 9 4 1
Bristol-Myers Squibb BMY Pharmaceuticals 90 2 1 1.2 7 5 2
Amgen nc. AMGN Biotechnology 93 9 1 1.2 4 6 1
Ford Motor Co. F Automobile Manufacturers 60 (0) 2 1.2 5 4 2
Southern Co. SO EIectric UtiIities 37 5 3 1.2 0 NM 1
Clorox Co. CLX Household Products 11 (4) 10 1.1 2 5 2
Accenture ACN IT ConsuIting & Other Services 52 (0) 2 1.1 3 7 2
WaIgreen Co. WAG Drug RetaiI 61 13 2 1.1 9 5 6
Boeing Co. BA Aerospace & Defense 98 (4) 1 1.1 7 5 1
U.S. Bancorp USB Diversified Banks 74 1 1 1.1 5 6 1
Cerner Corp. CERN Health Care Technology 21 8 6 1.1 0 NM 0
Regeneron PharmaceuticaIs REGN BiotechnoIogy 32 18 5 1.1 0 NM 1
TotaI $5,200 $93.3
Average $104 2 % 3 % $1.9 5 5 % 2 %
Median 74 1 2 1.4 5 5 1

The impact of hedge funds: Look at the concentrated positions
We define concentration as the share of market capitalization owned in aggregate
by hedge funds. The strategy of buying the 20 most concentrated stocks has a strong track
record over more than 10 years. Since 2001, the strategy has outperformed the market 71%
of the time by an average of 262 bp per quarter (not annualized).
Exhibit 14: Hedge fund concentration baskets versus the S&P 500

The high hedge fund concentration strategy works in an upward trending market but
tends to perform poorly during choppy or flat markets. The stocks in the basket tend to
be mid-caps (at the lower end of the S&P 500 capitalization distribution), which
outperformed large-caps from 2004 to 2007, contributing to the attractive back-test results.
The baskets are not sector neutral versus the S&P 500.
The most concentrated stocks performed exceptionally well in 2012 and 2013. After
underperforming the S&P 500 by 400 bp in 2011 (-2% vs. +2%), our High Concentration
basket outperformed by 800 bp in 2012 (+24% vs. +16%) and 1700 bp in 2013 (+51% vs.
+34%).
Four stocks entered the most concentrated basket this quarter: ALLE, APD, QEP, and
CVC.
Exhibit 15: Most concentrated outperformed SPX by 210 bp YTD; Least concentrated underperformed by 50 bp

Hedge Fund Concentration
QuarterIy ReIative Return vs. SPX
"Most" "Least"
<GSTHHFHI> <GSTHHFSL>
Maximum 1,225 bp
75th Percentile 608 259
Median 341 (9)
25th Percentile (191)
Minimum (600)
Standard Deviation 654 345
Avg Excess Return (bp) 262 bp 25 bp
Sharpe Ratio 0.40 0.07
Hit rate of outperformance 71 % 49 %
since May 2001
2,413 bp
(1347)
(90)
50
60
70
80
90
100
110
120
130
140
150
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MOST
Concentrated
<GSTHHFHI>
LEAST
Concentrated
<GSTHHFSL>
S&P 500 Hedge Fund Baskets
(reIative returns vs. SPX)
Performance Average Stock Turnover
BIoomberg 4Q % owned by Equity Cap Beta to 4Q Average
Name Ticker YTD 2013 Hedge Funds ($ biI) S&P 500 2013 since 2001
High Concentration GSTHHFH 1.8 % 10.2 % 21.5% $11 1.1 20 % 29 %
Low Concentration GSTHHFSL (0.8) 7.6 0.5 84 1.0 45 51
S&P 500 (0.3) 10.5 5.2 35 1.1

Goldman Sachs S&P 500 concentrated hedge fund baskets
Exhibit 16: The 20 most concentrated stocks in the S&P 500 <Bloomberg: GSTHHFHI>
Holdings as of December 31, 2013; Pricing as of February 14, 2014

Exhibit 17: The 20 least concentrated stocks in the S&P 500 <Bloomberg: GSTHHFSL>

S&P 500: Twenty MOST CONCENTRATED Hedge Fund HoIdings (BIoomberg Ticker: GSTHHFHI)
% of equity cap
Equity TotaI Return owned by
Cap During 2014 Hedge Funds
Company Ticker Sector Sub-sector ($ biI) 4Q YTD 31-Dec-13
AutoNation AN Consumer Discretionary Automotive Retail 6 (5)% 4 % 30%
Constellation Brands STZ Consumer Staples Distillers & Vintners 15 23 13 29
Tenet Healthcare THC Health Care Health Care Facilities 5 2 11 27
Family Dollar Stores FDO Consumer Discretionary General Merchandise Stores 7 (9) (2) 27
Micron Technology MU nformation Technology Semiconductors 26 25 15 24
Crown Castle ntl CC Telecommunication Services Wireless Telecommunication Services 25 1 2 23
CBRE Group CBG Financials Real Estate Services 9 14 3 22
AIIegion ALLE IndustriaIs BuiIding Products 5 12 22
Tesoro Corp. TSO Energy Oil & Gas Refining & Marketing 7 34 (14) 22
Beam nc. BEAM Consumer Staples Distillers & Vintners 14 6 23 21
H&R Block nc. HRB Consumer Discretionary Specialized Consumer Services 8 10 7 21
VeriSign nc. VRSN nformation Technology nternet Software & Services 7 17 (9) 19
WPX Energy WPX Energy Oil & Gas Exploration & Production 4 6 (14) 19
E*TRADE Financial ETFC Financials nvestment Banking & Brokerage 6 19 11 18
Goodyear Tire & Rubber GT Consumer Discretionary Tires & Rubber 7 6 12 18
Motorola Solutions MS nformation Technology Communications Equipment 17 14 (3) 18
Air Products and ChemicaIs APD MateriaIs IndustriaI Gases 25 6 5 18
News Corp. NWSA Consumer Discretionary Publishing 10 12 (2) 17
QEP Resources QEP Energy OiI & Gas ExpIoration & Production 6 11 4 17
CabIevision Systems CVC Consumer Discretionary CabIe & SateIIite 4 8 (7) 17
GSTHHFHI Basket (average) 11 10 % 4 % 21%
S&P 500 (average) 35 10 0 5
S&P 500: Twenty LEAST CONCENTRATED Hedge Fund HoIdings (BIoomberg Ticker: GSTHHFSL)
% of equity cap
Equity TotaI Return owned by
Cap During 2014 Hedge Funds
Company Ticker Sector Sub-sector ($ biI) 4Q YTD 31-Dec-13
PACCAR nc PCAR ndustrials Construction & Farm Machinery & Heavy Trucks 22 8 % 4 % 0.4%
Texas nstruments TXN nformation Technology Semiconductors 48 10 1 0.4
AMETEK Inc. AME IndustriaIs EIectricaI Components & Equipment 13 15 (2) 0.4
BlackRock nc. BLK Financials Asset Management & Custody Banks 51 18 (4) 0.4
Cerner Corp. CERN Health Care Health Care Technology 21 6 8 0.4
Exxon Mobil Corp. XOM Energy ntegrated Oil & Gas 411 18 (6) 0.5
AmphenoI Corp. APH Information TechnoIogy EIectronic Components 14 16 (1) 0.5
V.F. Corp. VFC Consumer Discretionary Apparel Accessories & Luxury Goods 25 26 (9) 0.5
BorgWarner BWA Consumer Discretionary Auto Parts & Equipment 13 11 4 0.5
Public Storage PSA Financials Specialized RETs 29 (5) 10 0.5
AT&T nc. T Telecommunication Services ntegrated Telecommunication Services 175 5 (4) 0.5
Torchmark Corp. TMK FinanciaIs Life & HeaIth Insurance 7 9 (3) 0.6
Waste Management WM IndustriaIs EnvironmentaI & FaciIities Services 20 10 (3) 0.6
Southern Co. SO UtiIities EIectric UtiIities 37 1 5 0.6
Vornado Realty Trust VNO Financials Diversified RETs 18 6 9 0.6
InternationaI Bus. Machines IBM Information TechnoIogy IT ConsuIting & Other Services 199 2 (2) 0.6
Chevron Corp. CVX Energy ntegrated Oil & Gas 218 4 (8) 0.6
WaI-Mart Stores WMT Consumer StapIes Hypermarkets & Super Centers 245 7 (4) 0.6
Plum Creek Timber PCL Financials Specialized RETs 8 0 (7) 0.6
United TechnoIogies UTX IndustriaIs Aerospace & Defense 104 6 1 0.6
GSTHHFSL Basket (average) 84 9 % (1)% 0.5%
S&P 500 (average) 35 10 0 5.2

Exploring hedge fund net exposure
Short positions shed light on the other side of fund portfolios
We combined $1.2 trillion of single-stock and ETF long holdings in 13-F filings of 778
hedge funds with our estimate of hedge fund short positions. We estimate hedge funds
accounted for 85%, or $570 billion, of the $671 billion in single-stock, ETF and market index
short interest positions filed with exchanges as of December 31, 2013. Our analysis
suggests that hedge funds operate 54% net long (net/long), a new record high. We estimate
roughly 15% of short positioning is conducted via ETFs with 9% occurring at the broad
index level.
Short positions offer more comprehensive insight to hedge fund sector tilts. Our
analysis of short interest data suggests that hedge fund sector net exposure may differ
from what 13-F filings of long positions would indicate.
Allocation differences between long and short positions skew sector positioning
relative to the Russell 3000 beyond what long holdings alone would suggest. Hedge
fund long exposure shows funds are overweight Consumer Discretionary relative to the
Russell 3000 (21% versus 14%). Short interest data indicates Consumer Discretionary
accounts for 18% of all short positions. Combining long and short data, hedge funds
appear to hold a 24% net weighting in Consumer Discretionary and are more overweight
relative to the Russell 3000 than long exposure suggests. Similar portfolio skew occurs in
the overweight of the Materials sector and underweight of the Information Technology
sector, among others.
Hedge fund over- and underweight sector positioning went unchanged in 2H 2013.
Hedge funds remain most overweight Consumer Discretionary and most underweight
Information Technology, Consumer Staples, and Financials relative to the Russell 3000.
Exhibit 18: Estimated hedge fund long, short, and net exposure, by sector ($ in billions)

Overweight / Underweight
Consumer
Discretionary Energy MateriaIs
TeIecom
Services IndustriaIs
HeaIth
Care UtiIities
Information
TechnoIogy
Consumer
StapIes FinanciaIs TOTAL
LONG
Stock Positions $260 $145 $62 $29 $128 $140 $19 $197 $69 $163 $1,212
ETF Positions 2 2 1 0 2 2 1 4 2 4 19
Hedge Fund LONG $262 $147 $63 $29 $130 $142 $20 $201 $70 $166 $1,232
SHORT
Stock Positions $91 $39 $19 $13 $51 $67 $13 $97 $30 $67 $486
ETF Positions 10 13 4 1 7 9 4 14 7 17 85
Estimated SHORT $101 $51 $23 $14 $58 $76 $17 $111 $36 $83 $570
EXPOSURE
Gross $363 $199 $85 $44 $188 $217 $37 $312 $106 $250 $1,802
Net 161 96 40 15 71 66 3 91 34 83 661
% Net Long (Net/Long) 61 % 65 % 64 % 52 % 55 % 47 % 15 % 45 % 48 % 50 % 54 %
Net Sector Weighting (%)
Hedge Fund Net Exposure 24 % 14 % 6 % 2 % 11 % 10 % 0 % 14 % 5 % 13 % 100 %
Russell 3000 14 9 4 2 12 12 3 17 9 18 100
Over/(Under)weight 1,056 bp 563 bp 211 bp (2)bp (86)bp (228)bp (243)bp (338)bp (422)bp (511)bp

Exhibit 19: The biggest discrepancy between long and short portfolio positioning is in Consumer Discretionary


We believe hedge funds account for the vast majority of short positions. The steady
growth of shorts in the US equity market from 2002 to 2008 accompanied the rise in hedge
fund assets (Exhibit 20). We estimate that hedge funds account for 85% of all short
positions. Short interest remained at about 2.0% of market cap in 4Q 2013, where it has
hovered since mid-2012. The short interest ratio (days to cover) rose to 3.0 days, the
highest since mid-2007, as the market rallied but volumes remained low.
We acknowledge certain limitations to our hedge fund short position analysis. There
is time delay, as short interest is filed bi-weekly with the exchanges and released with a 10-
day delay. The short interest information we have represents positions reported by US
broker/dealers. Broker/dealers incorporated outside the US do not have to report their
positions. Swaps and other derivatives are also not captured in this analysis.

Exhibit 20: Short interest by dollars and share of cap
Exhibit 21: Short interest ratio (days to cover)

Source: Compustat, FactSet and Goldman Sachs Global Investment Research.

Source: Compustat, FactSet and Goldman Sachs Global Investment Research.
Aggregate Asset AIIocation vs. RusseII 3000 vs. MutuaI Funds
Long Short Net MuIti-cap Core Net
PortfoIio PortfoIio AIIocation Net RusseII 3000 Sector Aggregate Sector
Sector ($1232 biI) ($570 biI) Difference Weighting Weighting TiIt Weighting TiIt
Consumer Discretionary 21.3 % 17.7 % 361 bp 24.4 % 13.9 % 1,056 bp 16.1 % 831 bp
Energy 12.0 9.0 293 14.5 8.9 563 7.9 663
nformation Technology 16.4 19.4 (305) 13.7 17.1 (338) 14.6 (87)
Financials 13.5 14.6 (108) 12.6 17.7 (511) 16.4 (386)
ndustrials 10.5 10.2 32 10.8 11.7 (86) 14.0 (317)
Health Care 11.5 13.3 (174) 10.0 12.3 (228) 14.1 (408)
Materials 5.1 4.0 110 6.0 3.9 211 5.8 28
Consumer Staples 5.7 6.3 (63) 5.2 9.4 (422) 7.5 (232)
Telecom Services 2.4 2.5 (10) 2.3 2.3 (2) 1.2 107
Utilities 1.6 3.0 (136) 0.4 2.9 (243) 2.4 (200)
Total 100.0 100.0 0 100.0 100.0 0 100.0 0
1.0
1.5
2.0
2.5
3.0
100
150
200
250
300
350
400
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of short interest
(Ieft-hand axis)
Share of S&P 500
market cap heId short
(right-hand axis)
1.0 days
1.5 days
2.0 days
2.5 days
3.0 days
3.5 days
2
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based on 1-year average daiIy voIume

Sectors: Funds keep steady allocations
Commodity sectors remain overweights; Health Care underweight
During 4Q 2013, average hedge fund long sector allocations remained largely
unchanged from 3Q 2013. While allocations to some sectors shifted by as much as 50 bp,
the overall over- and underweight positioning and ranking of sectors remained constant.
Consumer Discretionary and Consumer Staples are consistently the largest over- and
underweight sector positions relative to the Russell 3000, and those biases remained this
quarter (see Exhibit 22). We recognize hedge funds do not manage assets based on a
benchmark, but understanding and interpreting sector tilts requires an orientation to some
index.
Hedge funds added exposure to Health Care but remained underweight. Hedge funds
reduced exposure to the Energy, Financials, and Consumer Staples sectors.
Mutual funds also lowered exposure to the Energy sector. Mutual funds and hedge
funds both raised allocations to Health Care and Industrials and lowered exposure to
Utilities but made opposite adjustments to exposure in most other sectors.
Sub-sectors: What hedge funds are buying and selling
We estimate the dollars invested by hedge funds in various sub-sectors based on
change in ownership during the quarter. Sub-sectors in which hedge funds added to
positions underperformed sub-sectors in which they sold during 4Q (10% vs. 12%).

Exhibit 22: Distribution of hedge fund long holdings by sector (equal-weighted average of 778 hedge funds)

Note: Based on analysis of 778 hedge funds with $1.2 trillion of single-stock equity assets. Mutual fund holdings represent an aggregate multi-cap core portfolio.
Overweight / Underweight
Consumer
Discretionary MateriaIs Energy
Information
TechnoIogy
TeIecom
Services IndustriaIs HeaIth Care FinanciaIs UtiIities
Consumer
StapIes
Hedge Fund Weight (%) 19.2 5.8 10.5 17.9 2.2 10.9 11.5 16.7 1.6 3.7
Over/(Underweight) (bp) 536 186 159 81 (12) (79) (81) (95) (131) (564)
Change vs. last quarter (bp) 16 18 (49) (6) 18 35 58 (29) (9) (53)
MutuaI Fund Weight (%) 16.1 5.8 7.9 14.6 1.2 14.0 14.1 16.4 2.4 7.5
Over/(Underweight) (bp) 225 183 (100) (252) (109) 230 180 (125) (43) (190)
Change vs. last quarter (bp) (5) (2) (54) 56 (6) 17 10 0 (16) 0
RusseII 3000 Weight (%) 13.9 3.9 8.9 17.1 2.3 11.7 12.3 17.7 2.9 9.4
Russell 3000 - 4Q 2013 Return 10.5 10.4 7.8 12.2 6.8 13.1 9.8 9.5 3.2 8.6
Russell 3000 - YTD Return (2.4) 0.3 (2.9) 1.4 (3.5) (1.7) 5.7 (0.7) 5.6 (2.7)

Exhibit 23: Largest changes in hedge fund ownership concentration of Russell 3000 sub-sectors during 4Q 2013
as of December 31, 2013

Top 20 Sub-sectors Hedge Funds BUYING
% of Equity Cap
owned by Sub-sector
Hedge Funds Change MktCap 4Q
30-Sep-13 31-Dec-13 (bps) ($ miI) ($ miI) Performance
Education Services 9% 14% 430 bp $938 $23,897 9 %
Mortgage RETs 8 13 406 2,301 55,592 3
Wireless Telecommunication Services 11 13 188 1,862 110,629 2
Home Entertainment Software 7 9 177 511 25,583 (0)
Trucking 11 13 159 852 58,041 15
Automobile Manufacturers 5 7 158 2,280 144,313 (2)
Building Products 9 10 149 743 54,834 14
Construction Materials 10 11 148 279 19,572 7
Semiconductor Equipment 6 7 142 878 64,087 13
Metal & Glass Containers 8 9 135 426 33,306 8
Leisure Facilities 18 20 133 192 14,745 10
Home Furnishings 10 11 133 269 21,473 13
Advertising 10 11 133 479 38,315 9
Human Resource & Employment Services 4 6 131 396 32,313 17
Airlines 11 12 129 887 77,828 17
Diversified Real Estate Activities 6 7 127 55 4,523 7
Diversified Support Services 9 11 121 368 32,052 12
ndependent Power Producers & Energy Traders 10 11 110 362 33,943 6
Oil & Gas Refining & Marketing 10 11 104 1,235 135,932 34
Paper Packaging 4 5 103 431 43,546 11
Top 20 (median) 10 %
Russell 3000 (median) 8
Bottom 20 Sub-sectors Hedge Funds SELLING
% of Equity Cap
owned by Sub-sector
Hedge Funds Change MktCap 4Q
30-Sep-13 31-Dec-13 (bps) ($ miI) ($ miI) Performance
Tires & Rubber 23% 19% (442)bp ($330) $7,437 (8)%
Commodity Chemicals 11 7 (367) (2,268) 65,288 14
Security & Alarm Services 13 10 (295) (279) 9,066 10
Forest Products 12 9 (251) (113) 4,634 5
Department Stores 10 8 (187) (999) 56,351 10
Coal & Consumable Fuels 7 5 (147) (270) 19,385 14
Hotels Resorts & Cruise Lines 8 7 (119) (1,163) 106,404 17
Food Retail 9 8 (106) (738) 68,709 (2)
Specialized Finance 9 9 (98) (1,007) 113,326 12
Aluminum 5 4 (90) (112) 13,811 31
Brewers 3 2 (82) (108) 13,734 13
Apparel Accessories & Luxury Goods 9 8 (80) (1,007) 132,907 13
Research & Consulting Services 5 5 (71) (440) 64,905 7
nternet Retail 8 7 (69) (1,950) 313,545 10
Textiles 8 7 (68) (5) 769 13
Real Estate Services 26 25 (63) (131) 22,329 16
Leisure Products 3 3 (63) (255) 43,208 15
Motorcycle Manufacturers 3 2 (57) (85) 15,310 8
Specialty Stores 10 10 (56) (481) 89,856 13
Movies & Entertainment 6 5 (55) (1,797) 336,092 6
Bottom 20 (median) 12 %
Russell 3000 (median) 8

Size: Large-cap stocks account for almost 50% of typical fund
Small-cap stocks compose 33% of the average funds portfolio
The typical hedge fund allocates 33% of its assets to small-cap stocks (Russell 2000)
and 46% to large-cap stocks (largest 500 in the Russell 1000). Mid-cap stocks (bottom
half of the Russell 1000) account for 20% of the average funds portfolio (Exhibit 25).
On an aggregate asset basis, hedge funds allocate just 17% of their assets to small-
cap stocks, while 63% is allocated to large caps. The difference between the average
and the aggregate suggests that the hedge funds with the largest assets under
management target large-cap stocks.
For comparison, mutual funds invest an average of 11% of their portfolios in small-
cap stocks and 62% in large-cap stocks. Similarly, on an aggregate asset basis 9% of
assets are invested in small-cap stocks and 63% is in large-cap stocks.
Exhibit 24: Small-caps have generally performed in line with large-caps since 2006

Source: Compustat and Goldman Sachs Global Investment Research.

50
75
100
125
150
175
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Large-Caps
Outperforming
SmaII-Caps
Outperforming
8 years trading sideways
S&P 500
vs
RusseII 2000

Exhibit 25: Hedge fund asset allocation by equity capitalization

Note: Mutual fund holdings represent an aggregate multi-cap core portfolio.
0%
10%
20%
30%
40%
50%
60%
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Large-cap (Top 500 Stocks)
Mid-cap
(Bottom HaIf of RusseII 1000)
33%
46%
20%
EquaI-Weighted Average
0%
10%
20%
30%
40%
50%
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SmaII-cap (RusseII 2000)
Large-cap (Top 500 Stocks)
Mid-cap
(Bottom HaIf of RusseII 1000)
17%
63%
21%
Aggregate Hedge Fund Assets
EquaI Weighted Average
Less than
$2 BiIIion
$2 BiIIion to
$10 BiIIion
$10 BiIIion
and Greater
Hedge Funds 31 % 31 % 39 %
Mutual Funds 11 27 62
Russell 3000 57 29 14
Aggregate Assets
Hedge Funds 13 % 33 % 55 %
Mutual Funds 9 28 63
Russell 3000 5 16 78
Median Performance
Russell 3000 - 2013 44 % 45 % 42 %
Russell 3000 - 4Q 2013 9 10 11
Russell 3000 - YTD (2) 0 1

Hedge fund portfolio density and position turnover
Hedge fund returns are highly dependent on the performance of a few key stocks. The
typical hedge fund has an average of 63% of its long-equity assets invested in its 10 largest
positions compared with 31% for the typical large-cap mutual fund, 22% for the average
small-cap mutual fund, 18% for the S&P 500 and just 3% for the Russell 2000 Index.
Exhibit 26: Top 10 holdings account for 63% of assets in hedge fund portfolios

Source: Compustat and Goldman Sachs Global Investment Research.
Turnover of holdings continues to fall, reaching a new historic low of 28% in 4Q.
Quarterly turnover fell in most sectors, with increases only in the Consumer Discretionary
and Info Tech sectors.
Exhibit 27: Hedge fund position turnover averaged 28% in 4Q 2013, a new all-time low, as of December 31, 2013

Source: Compustat, Lionshares via FactSet and Goldman Sachs Global Investment Research.
0%
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10 20 30 40 50 60 70 80 90 100
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Largest stock positions
Hedge Funds
(Top 10 positions = 63% of portfoIio)
Large-cap mutual funds
(Top 10 = 31%)
Small-cap mutual funds
(Top 10 =22%)
S&P 500
(Top 10 = 18%)
Russell 2000
(Top 10 = 3%)
1
10%
15%
20%
25%
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35%
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60%
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SmaIIest positions
AII positions
Largest positions
43%
28%
14%
Hedge Fund Turnover by Sector
2013 Change since 2-yr
Sector 4Q 3Q 2013 Avg
Consumer Discretionary 30 % 1 pp 32 %
nformation Technology 33 1 33
ndustrials 29 0 32
Telecom Services 29 (0) 33
Financials 27 (1) 30
Energy 29 (2) 33
Health Care 29 (3) 32
Utilities 30 (3) 37
Materials 28 (4) 33
Consumer Staples 28 (6) 34
S&P 500 28 % (1)pp 31 %

Hedge funds and ETFs: Hedging tools, not investment vehicles
Hedge funds use ETFs more as a hedging tool than as a directional investment
vehicle, based on our analysis of 13-F and short interest filings. We estimate that hedge
funds hold $143 billion in gross exposure to ETFs compared with $1.7 trillion of gross
exposure to single-stocks. ETFs represent 3% of long holdings, down from nearly 6% in 1Q
2009 and the lowest level since 1Q 2010 (Exhibit 28).
The $109 billion of short ETF positions accounts for 76% of the hedge fund gross ETF
exposure. In contrast, single-stock short positions ($486 billion) represent 29% of hedge
fund gross single-stock positions. The most shorted ETFs tend to be index hedges.
Commodity-related, bond funds, and Emerging Market ETFs appear to make up the
majority of ETFs that hedge funds utilize (see Exhibit 29). Specific notable short positions
include the Energy and Utilities sectors, real estate, and 20+ year Treasuries.
Exhibit 28: ETF long assets total $35 billion, or just 3% of total long exposure, as of December 31, 2013

Source: Compustat, Lionshares via FactSet, IDC and Goldman Sachs Global Investment Research.
Exhibit 29: Hedge fund ETF ownership

Source: Compustat, Lionshares via FactSet, IDC and Goldman Sachs Global Investment Research.
Hedge Fund ETF Positioning ($ biIIions)
Sector / Description Long Short Gross Net
Telecom Services $0.0 $0.0 $0.0 ($0.0)
Consumer Staples 0.1 1.4 1.5 (1.4)
Materials 0.5 1.7 2.2 (1.3)
ndustrials 0.1 1.7 1.8 (1.7)
Utilities 0.1 2.6 2.7 (2.5)
Health Care 0.1 2.4 2.5 (2.3)
Consumer Discretionary 0.3 3.0 3.4 (2.7)
nformation Technology 1.1 4.3 5.4 (3.2)
Financials 1.1 8.1 9.2 (7.0)
Energy 0.4 7.2 7.6 (6.8)
Total Sector ETFs $3.7 $32.6 $36.3 ($28.9)
ndex 15.5 52.2 67.8 (36.7)
Other 15.4 24.0 39.4 (8.6)
TotaI ETF Ownership $34.6 $108.8 $143.4 ($74.1)
0%
1%
2%
3%
4%
5%
6%
7%
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5.8%
2.8%
Hedge Fund ETF hoIdings
(as % of Iong portfoIio)
Current ETF Ownership Change from Sep-2013
Change Change Change
Return # of HF Long Short Net in # of HF in Long in Short
ETF Name Ticker Sector/Type 4Q YTD Investors ($ miI) ($ miI) ($ miI) Investors HoIdings Interest
Vanguard FTSE Emerging Markets ETF VWO EM 3 % (5)% 23 $4,454 $948 $3,506 (2) $(324) $413
iShares MSC Emerging Markets ETF EEM EM 3 (5) 44 3,601 2,875 726 (6) (57) (175)
SPDR Gold Trust ETF GLD Commodities (9) 9 60 1,803 1,835 (33) 6 (162) (988)
SPDR S&P Regional Banking ETF KRE Financials 14 (4) 18 419 893 (474) 10 131 (246)
iShares MSC EAFE ETF EFA DM 6 (1) 27 629 1,228 (599) (2) 97 (1,348)
iShares Core S&P 500 ETF VV Index 10 (0) 10 58 908 (850) 2 21 511
iShares iBoxx USD High Yield Corporate Bond ETF HYG Bonds 3 2 21 683 1,654 (971) (4) 300 171
Barclays Bank PLC iPath S&P 500 VX Short-Term Futures ETN VXX VX (28) (1) 17 78 1,075 (998) (4) (50) 258
iShares MSC Brazil Capped ETF EWZ EM (6) (9) 23 311 1,462 (1,151) (2) (417) (159)
iShares China Large-Cap ETF FX EM 4 (7) 29 318 1,492 (1,175) (3) (212) 149
Consumer Staples Select Sector SPDR Fund XLP Consumer Staples 9 (3) 13 70 1,422 (1,352) 0 (3) 57
Health Care Select Sector SPDR Fund XLV Health Care 10 5 12 69 1,494 (1,425) (9) (13) 61
ndustrial Select Sector SPDR Fund XL Industrials 13 (2) 23 67 1,499 (1,432) 3 (104) (50)
SPDR Dow Jones ndustrial Average ETF Trust ETF Trust Units DA Index 10 (2) 6 91 1,531 (1,441) (3) (152) 47
Financial Select Sector SPDR Fund XLF Financials 10 (1) 32 364 1,943 (1,580) 4 50 134
SPDR S&P MidCap 400 ETF Trust Series 1 ETF Trust Units MDY Index 8 0 11 75 1,693 (1,618) (1) 15 (242)
SPDR S&P Retail ETF XRT Consumer Discretionary 8 (8) 12 26 1,876 (1,850) 3 (1) (691)
SPDR S&P Oil & Gas Exploration & Production ETF XOP Energy 4 (0) 11 45 2,072 (2,027) 3 24 (119)
Utilities Select Sector SPDR Fund XLU Utilities 3 6 14 58 2,588 (2,530) (6) 3 844
PowerShares QQQ Trust QQQ Info Tech 12 2 27 1,058 3,625 (2,567) 2 327 23
iShares 20+ Year Treasury Bond ETF TLT Bonds (3) 5 11 81 2,932 (2,852) (6) 6 352
Energy Select Sector SPDR Fund XLE Energy 7 (3) 24 231 3,811 (3,581) (4) 90 318
iShares US Real Estate ETF YR Financials (0) 7 19 79 4,580 (4,501) (8) (28) 754
iShares Russell 2000 ETF WM Index 9 (1) 49 834 10,897 (10,062) 7 (1,190) (4,379)
SPDR S&P 500 ETF SPY Index 11 (0) 94 13,216 32,829 (19,613) (5) 3,248 (8,025)
Top 25 28,715 89,165 (60,450) 1,599 (12,329)
Others 5,918 19,610 (13,692) (985) 17,399
TotaI ETF Ownership $34,634 $108,775 ($74,142) $614 $5,070

Appendix A: Drawbacks of our hedge fund holding analysis
Data limitations
One weakness of our analysis is that it excludes any synthetic positions that hedge
funds may create through the use of derivative contracts (options, swaps, futures).
Such financial instruments are not required to be disclosed in public filings.
We track both natural and leveraged long positions based on filings of hedge fund holdings.
However, a hedge fund could offset a long position that we are able to monitor with a
synthetic short position in options or futures on the underlying stock or an index of similar
stocks that we currently are not able to monitor because the data on such trades and
positions is not disclosed. These positions could either magnify or reduce the conclusions
of our Hedge Fund Trend Monitor.
Lack of international holdings
Hedge funds are not required to include foreign holdings in their 13-F filings.
Consequently, our analysis may not capture all the long equity positions of hedge funds.
While we do not believe this lack of data significantly affects our analysis of holdings by
sector and capitalization size, we may overestimate the density of hedge fund portfolios.
Incomplete reporting of short positions
Our data is limited to publicly disclosed short interest statistics released by the
exchanges. Only US broker-dealers are required to report short positions to these
exchanges, so we miss any shorts held in overseas accounts. We assume that hedge funds
account for 85% of all short interest in the market and that the short side of hedge fund
portfolios mirrors the overall short market in terms of sector allocation.
Timeliness
Another potential weakness of our analysis relates to the timeliness of the reported
data. For example, the equity holdings for the 778 hedge funds we studied were based on
13-F filings of positions owned as of December 31, 2013, although most of these filings
were not made public until mid-February 2014.
Importantly, we believe our analysis of December 31, 2013 hedge fund holdings based
on filings made in mid-February 2014 is probably more reflective of actual current
holdings than many market participants are inclined to believe.
Hedge fund holdings turnover is lower than most expect. Most securities (72%) that
were in hedge fund portfolios on September 30, 2013, also appeared in portfolios on
December 31, 2013. Because the overall holdings picture was surprisingly constant, we
think it is reasonable for us to believe that the most recent holdings data is not so out-of-
date as some might suggest.

Appendix B: Hedge fund data tables
Popularity: Largest number of hedge fund investors
Most popular: 50 stocks with largest number of hedge fund investors 24
Change in popularity during 4Q 2013 25
Concentration: Highest percent of market cap held by hedge funds
Highest concentration: Stocks under $1 billion market cap 26
Highest concentration: Stocks over $1 billion market cap 27
Largest increase in concentration 28
Largest decrease in concentration 29
Highest concentration by equity capitalization band 30
Highest concentration by sector 32
Short interest: Highest percent shares outstanding held short
Highest short interest: Stocks under $1 billion 34
Highest short interest: Stocks over $1 billion 35

Popularity: Largest number of hedge fund investors
Exhibit 30:

Note: Based on analysis of 778 hedge funds with $1.2 trillion of single-stock equity assets.
POPULARITY: 50 stocks with the Iargest NUMBER of hedge fund investors
POPULARITY CONCENTRATION
Number of Percent of Short Avg Days
Equity Hedge Funds Equity Cap owned TotaI Interest VoIume to
Cap Owning Stock by Hedge Funds Return as % of Liquidate
Company Ticker Sub-sector ($ miI) 31-Dec-13 30-Sep-13 31-Dec-13 Chg YTD Mkt Cap HF Position
General Motors Company GM Automobile Manufacturers $57,153 196 11 % 14 % 3 % (12)% 6 % 12
Apple nc. AAPL Computer Hardware 485,233 183 2 3 1 (2) 2 2
Google nc. Class A GOOG nternet Software & Services 336,643 167 3 3 0 7 2 4
American nternational Group, nc. AG Multi-line nsurance 71,710 164 11 11 (0) (4) 1 13
Citigroup nc. C Other Diversified Financial Services 149,996 155 3 4 1 (5) 1 4
Microsoft Corporation MSFT Systems Software 312,273 136 2 2 0 1 1 4
Hertz Global Holdings, nc. HTZ Trucking 11,539 136 31 31 (0) (10) 2 16
Time Warner Cable nc. TWC Cable & Satellite 40,416 132 11 17 5 8 2 17
JPMorgan Chase & Co. JPM Other Diversified Financial Services 218,597 128 2 2 0 0 1 3
Facebook, nc. Class A FB nternet Software & Services 132,551 128 7 7 0 23 2 2
Bank of America Corporation BAC Other Diversified Financial Services 176,883 124 2 2 0 7 1 2
American Airlines Group, nc. AAL Airlines 26,016 120 0 11 11 36 10 6
QUALCOMM ncorporated QCOM Communications Equipment 128,996 110 4 3 (1) 3 1 5
Delta Air Lines, nc. DAL Airlines 26,813 109 14 12 (2) 14 2 8
Anadarko Petroleum Corporation APC Oil & Gas Exploration & Production 41,036 107 7 9 2 3 1 13
LyondellBasell ndustries NV LYB Commodity Chemicals 46,710 105 13 8 (5) 5 1 11
Micron Technology, nc. MU Semiconductors 26,607 102 24 24 1 15 11 7
priceline.com ncorporated PCLN nternet Retail 65,827 101 13 11 (2) 10 3 9
Halliburton Company HAL Oil & Gas Equipment & Services 45,581 100 3 5 2 6 2 4
eBay nc. EBAY nternet Software & Services 70,908 99 4 4 0 (0) 2 5
Visa nc. Class A V Data Processing & Outsourced Services 113,973 99 4 4 (0) 2 2 6
Amazon.com, nc. AMZN nternet Retail 164,118 96 3 3 0 (10) 1 5
Pfizer nc. PFE Pharmaceuticals 207,005 96 1 1 0 5 1 2
Johnson & Johnson JNJ Pharmaceuticals 261,717 96 1 1 (0) 1 1 3
CBS Corporation Class B CBS Broadcasting 36,432 95 15 17 1 2 3 18
Community Health Systems, nc. CYH Health Care Facilities 4,669 92 36 35 (1) 5 9 26
Twenty-First Century Fox, nc. Class A FOXA Movies & Entertainment 47,524 92 12 11 (2) (7) 3 12
Vodafone Group Plc Sponsored ADR VOD Wireless Telecommunication Services 178,406 91 2 3 1 (6) 0 12
Comcast Corporation Class A CMCSA Cable & Satellite 114,881 91 3 3 (0) 3 1 5
Fidelity National Financial, nc. Class A FNF Property & Casualty nsurance 8,949 89 24 30 6 0 9 30
Dollar General Corporation DG General Merchandise Stores 18,338 89 30 31 1 (5) 2 28
Yahoo! nc. YHOO nternet Software & Services 38,782 88 10 9 (1) (5) 3 5
HCA Holdings, nc. HCA Health Care Facilities 22,284 87 17 20 3 4 1 25
Schlumberger NV SLB Oil & Gas Equipment & Services 118,167 87 2 1 (0) 1 1 3
Charter Communications, nc. Class A CHTR Cable & Satellite 13,470 86 37 38 1 (5) 7 37
EOG Resources, nc. EOG Oil & Gas Exploration & Production 48,306 86 4 5 1 6 1 7
MasterCard ncorporated Class A MA Data Processing & Outsourced Services 88,324 86 5 4 (0) (7) 1 8
PepsiCo, nc. PEP Soft Drinks 119,400 84 2 2 0 (6) 1 6
Gilead Sciences, nc. GLD Biotechnology 124,610 84 2 2 (0) 8 5 3
Freeport-McMoRan Copper & Gold nc. FCX Diversified Metals & Mining 35,038 84 5 5 (1) (10) 2 3
United Continental Holdings, nc. UAL Airlines 16,103 83 12 13 1 18 6 10
Merck & Co., nc. MRK Pharmaceuticals 161,992 82 1 1 0 11 1 2
General Electric Company GE ndustrial Conglomerates 260,421 82 1 1 (0) (8) 1 2
Hess Corporation HES ntegrated Oil & Gas 26,837 82 18 16 (2) (4) 2 19
ntel Corporation NTC Semiconductors 123,082 81 1 1 (0) (4) 4 1
Crown Castle nternational Corp. CC Wireless Telecommunication Services 25,062 80 18 23 5 2 2 30
EMC Corporation EMC Computer Storage & Peripherals 51,308 80 2 3 1 1 6 3
Procter & Gamble Company PG Household Products 215,286 80 1 1 0 (2) 1 3
Wells Fargo & Company WFC Diversified Banks 242,515 80 1 1 0 2 1 3
MetLife, nc. MET Life & Health nsurance 56,538 80 5 4 (1) (6) 2 7
Average $108,301 104 9 % 9 % 1 % 2 % 3 % 9
Median 68,368 94 4 4 0 1 2 6

Change in popularity during 4Q 2013
Exhibit 31:

Note: Based on analysis of 778 hedge funds with $1.2 trillion of single-stock equity assets.
20 stocks with Iargest POSITIVE changes in POPULARITY
Number of Percent of TotaI Short Avg Days
Equity Hedge Funds Equity Cap owned Return Interest VoIume to
Cap Owning Stock by Hedge Funds since as % of Liquidate
Company Ticker Sub-sector ($ miI) 31-Dec-13 Chg 31-Dec-13 Chg 30-Sep-13 Mkt Cap HF Position
Time Warner Cable nc. TWC Cable & Satellite $39,121 132 39 17 % 5 % 31 % 2 % 17
General Motors Company GM Automobile Manufacturers 57,280 196 34 14 3 (0) 6 13
Hertz Global Holdings, nc. HTZ Trucking 11,588 136 34 31 (0) 16 2 16
NorthStar Realty Finance Corp. NRF Mortgage RETs 4,668 74 34 48 22 61 18 31
Delta Air Lines, nc. DAL Airlines 26,154 109 28 12 (2) 33 2 7
Cole Real Estate nvestments, nc. COLE Retail RETs 7,140 61 27 27 13 24 1 15
Jos. A. Bank Clothiers, nc. JOSB Apparel Retail 1,512 41 27 31 23 26 10 15
Endo Health Solutions nc. ENDP Pharmaceuticals 8,695 66 24 38 11 58 17 21
Men's Wearhouse, nc. MW Apparel Retail 2,081 49 24 41 35 30 5 22
T-Mobile US, nc. TMUS Wireless Telecommunication Services 25,028 73 23 13 4 20 1 20
Citigroup nc. C Other Diversified Financial Services 145,968 155 22 4 1 2 1 4
Halliburton Company HAL Oil & Gas Equipment & Services 46,398 100 22 5 2 12 2 4
eBay nc. EBAY nternet Software & Services 70,869 99 21 4 0 (2) 2 5
Baidu, nc. Sponsored ADR Class A BDU nternet Software & Services 47,425 79 21 9 1 8 1 7
Bristol-Myers Squibb Company BMY Pharmaceuticals 88,221 69 21 2 1 19 2 4
Cimarex Energy Co. XEC Oil & Gas Exploration & Production 9,713 47 21 10 4 14 2 10
Micron Technology, nc. MU Semiconductors 26,968 102 20 24 1 44 11 7
Lorillard, nc. LO Tobacco 17,327 42 20 1 0 8 5 1
Lincoln Electric Holdings, nc. LECO ndustrial Machinery 5,953 36 20 2 0 10 1 6
Average $33,350 87 26 18 % 6 % 21 % 5 % 13
Median 24,960 77 24 13 2 18 2 11
20 stocks with Iargest NEGATIVE changes in POPULARITY
Company Ticker Sub-sector ($ miI) 31-Dec-13 Chg 31-Dec-13 Chg 30-Sep-13 Mkt Cap HF Position
Perrigo Co. Plc PRGO Pharmaceuticals $20,693 35 (51) 6 % (15)% 21 % 5 % 9
J. C. Penney Company, nc. JCP Department Stores 1,828 57 (23) 12 (17) (30) 28 1
Mid-America Apartment Communities, nc. MAA Residential RETs 5,091 15 (23) 3 (15) 11 2 4
Exxon Mobil Corporation XOM ntegrated Oil & Gas 407,273 70 (20) 0 (0) 11 1 2
Noble Corporation PLC NE Oil & Gas Drilling 7,906 49 (18) 16 1 (16) 3 12
News Corporation Class A NWSA Publishing 6,673 63 (17) 17 (3) 10 4 10
ntercontinentalExchange Group, nc. CE Specialized Finance 24,346 59 (16) 9 (11) 19 1 14
Vantiv, nc. Class A VNTV Data Processing & Outsourced Services 4,304 14 (16) 3 (2) 10 6 3
Marriott nternational, nc. Class A MAR Hotels Resorts & Cruise Lines 15,438 35 (14) 2 (3) 23 3 3
Tower Group nternational Ltd. TWGP Property & Casualty nsurance 159 21 (14) 25 1 (61) 18 9
Ciena Corporation CEN Communications Equipment 2,697 17 (14) 3 (5) (0) 17 1
Edwards Lifesciences Corporation EW Health Care Equipment 7,332 31 (13) 4 (1) (3) 6 4
Estee Lauder Companies nc. Class A EL Personal Products 16,074 29 (13) 5 (1) (2) 2 7
Analog Devices, nc. AD Semiconductors 16,117 20 (13) 3 (1) 9 2 5
Portland General Electric Company POR Electric Utilities 2,457 19 (13) 9 (5) 13 15 10
Rovi Corporation ROV Systems Software 2,366 18 (13) 12 (5) 19 3 12
Linear Technology Corporation LLTC Semiconductors 10,862 15 (13) 5 (0) 17 4 6
Webster Financial Corporation WBS Regional Banks 2,651 12 (13) 4 (3) 20 3 6
Sagent Pharmaceuticals, nc. SGNT Pharmaceuticals 703 11 (13) 4 (7) (1) 3 8
Express Scripts Holding Company ESRX Health Care Services 61,547 74 (12) 4 (2) 24 2 7
Average $30,826 33 (17) 7 % (5)% 5 % 6 % 7
Median 7,003 25 (14) 5 (3) 10 3 6

Highest concentration: Stocks under $1 billion market cap
Exhibit 32:

Note: Based on analysis of 778 hedge funds with $1.2 trillion of single-stock equity assets. Table is limited to stocks with 10 or more hedge fund investors.

50 stocks UNDER $1 biIIion with Iargest hedge fund CONCENTRATION as % of market cap
Cooper-Standard Holdings nc. CPS Auto Parts & Equipment $646 11 NM 61 % NM 16 % 1 % 354
William Lyon Homes Class A WLH Homebuilding 612 17 62 59 (3) 31 2 63
QLT nc. QLT Biotechnology 285 23 52 57 5 17 1 239
American Railcar ndustries, nc. AR Construction & Farm Machinery & Heavy Trucks 977 12 56 57 0 9 11 39
FairPoint Communications, nc. FRP ntegrated Telecommunication Services 299 19 51 54 3 18 11 117
Noranda Aluminum Holding Corporation NOR Aluminum 224 13 52 53 1 7 2 70
Cherry Hill Mortgage nvestment Corp. CHM Mortgage RETs 134 15 NM 51 NM 4 1 25
WC Communities, nc. WCC Homebuilding 492 16 50 49 (1) (3) 1 113
denix Pharmaceuticals, nc. DX Biotechnology 801 15 40 48 8 15 14 49
Repros Therapeutics nc. RPRX Pharmaceuticals 421 18 51 48 (3) 1 15 18
Genomic Health, nc. GHDX Biotechnology 900 15 46 47 1 (6) 6 80
Einstein Noah Restaurant Group, nc. BAGL Restaurants 255 13 59 46 (13) 10 0 105
Arrowhead Research Corporation ARWR Biotechnology 420 21 35 44 10 75 11 22
Xyratex Ltd XRTX Computer Storage & Peripherals 368 22 37 44 7 (0) 0 63
Addus HomeCare Corporation ADUS Health Care Services 245 11 45 44 (2) 16 4 28
Vocus, nc. VOCS nternet Software & Services 241 12 33 43 11 12 9 23
JGWPT Holdings, nc. Class A JGW Consumer Finance 195 15 NM 43 NM (11) 2 21
First Security Group, nc. FSG Regional Banks 153 12 46 43 (3) (20) 1 171
Unwired Planet, nc. UPP nternet Software & Services 151 16 32 43 11 8 1 132
NM Holdings, nc. Class A NMH Thrifts & Mortgage Finance 739 22 NM 43 NM (4) 1 145
Syneron Medical Ltd ELOS Health Care Equipment 438 16 40 40 1 (7) 0 142
Vitesse Semiconductor Corporation VTSS Semiconductors 169 10 39 39 (0) 22 0 80
Net 1 UEPS Technologies, nc. UEPS Application Software 399 18 39 38 (1) 10 0 99
Beazer Homes USA, nc. BZH Homebuilding 619 28 32 38 6 (13) 33 11
Sears Hometown & Outlet Stores, nc. SHOS Home mprovement Retail 584 14 43 38 (6) (9) 2 67
Aeropostale, nc. ARO Apparel Retail 714 29 28 37 9 (32) 31 15
Rigel Pharmaceuticals, nc. RGL Biotechnology 249 21 32 37 6 11 3 33
U.S. Concrete, nc. USCR Construction Materials 318 15 13 37 23 (0) 1 88
Vanda Pharmaceuticals nc. VNDA Biotechnology 412 16 44 37 (8) 8 13 11
58.com nc. Sponsored ADR Class A WUBA nternet Software & Services 519 17 NM 36 NM (6) 4 5
Lumos Networks Corp. LMOS Alternative Carriers 462 13 44 36 (8) (14) 2 74
Central Pacific Financial Corp. CPF Regional Banks 845 12 39 36 (3) (7) 0 165
BioScrip, nc. BOS Health Care Services 504 29 23 35 12 11 11 20
AMAG Pharmaceuticals, nc. AMAG Biotechnology 528 19 31 35 4 (16) 3 56
Depomed, nc. DEPO Pharmaceuticals 603 20 32 35 3 16 6 34
mperial Holdings, nc. FT Consumer Finance 139 10 27 35 8 (10) 1 143
XOMA Corporation XOMA Biotechnology 688 21 42 34 (8) 9 6 26
Morgans Hotel Group Co. MHGC Hotels Resorts & Cruise Lines 273 20 31 34 2 (2) 5 48
Dex Media, nc. DXM Publishing 119 10 33 34 0 (3) 30 18
Anacor Pharmaceuticals, nc. ANAC Biotechnology 684 18 26 34 7 15 8 26
Move, nc. MOVE nternet Software & Services 624 30 28 34 5 (18) 6 40
Discovery Laboratories, nc. DSCO Biotechnology 182 12 16 33 18 0 4 46
Harvest Natural Resources, nc. HNR Oil & Gas Exploration & Production 190 23 38 33 (5) 0 14 22
Nordion nc. NDZ Life Sciences Tools & Services 526 21 36 33 (3) 14 1 75
Hawaiian Telcom Holdco, nc. HCOM ntegrated Telecommunication Services 304 16 32 33 1 (7) 7 132
mmersion Corporation MMR Computer Storage & Peripherals 297 20 32 33 1 8 1 30
PennyMac Financial Services, nc. Class A PFS Thrifts & Mortgage Finance 365 10 35 32 (3) (5) 2 48
American Residential Properties, nc. ARP Residential RETs 552 18 26 32 6 8 7 33
BioCryst Pharmaceuticals, nc. BCRX Biotechnology 449 11 38 32 (6) 28 13 10
Forest Oil Corporation FST Oil & Gas Exploration & Production 432 32 32 31 (0) (14) 18 11
Average $435 17 38 % 41 % 2 % 4 % 7 % 70
Median 421 16 37 37 1 2 4 48

Highest concentration: Stocks over $1 billion market cap
Exhibit 33:


50 stocks OVER $1 biIIion with Iargest hedge fund CONCENTRATION as % of market cap
cahn Enterprises L.P. EP Auto Parts & Equipment $12,681 10 91 % 90 % (1)% 3 % 0 % 438
CVR Energy, nc. CV Oil & Gas Refining & Marketing 3,771 20 85 83 (1) (13) 2 152
Federal-Mogul Corporation FDML Auto Parts & Equipment 2,953 17 81 82 0 (14) 0 443
Spectrum Brands Holdings, nc. SPB Household Products 3,717 32 73 73 1 11 2 171
Athlon Energy, nc. ATHL Oil & Gas Exploration & Production 2,484 18 71 70 (1) 11 2 103
Loral Space & Communications nc. LORL Cable & Satellite 1,734 34 68 65 (2) (5) 1 249
Harbinger Group nc. HRG Household Products 1,721 26 66 65 (0) (4) 4 387
Houghton Mifflin Harcourt Company HMHC Education Services 2,374 14 NM 59 NM 14 1 202
Rexnord Corporation RXN ndustrial Machinery 2,641 10 59 57 (2) 5 1 209
Leap Wireless nternational, nc. LEAP Wireless Telecommunication Services 1,381 33 55 57 2 1 6 36
Liberty nteractive Corporation Ventures Series A LVNTA nternet Retail 4,334 58 51 51 0 8 0 92
Lamar Advertising Company Class A LAMR Advertising 4,182 64 53 51 (2) (3) 7 40
Macquarie nfrastructure Company LLC MC Airport Services 3,029 45 46 47 1 8 1 82
Equinix, nc. EQX nternet Software & Services 8,833 78 58 47 (10) 9 21 22
GenCorp nc. GY Aerospace & Defense 1,097 35 43 47 4 4 32 41
Realogy Holdings Corp. RLGY Real Estate Services 7,223 63 51 47 (5) (5) 3 35
Lions Gate Entertainment Corp. LGF Movies & Entertainment 4,367 39 44 46 2 1 9 41
Berry Plastics Group, nc. BERY Metal & Glass Containers 2,757 40 47 46 (1) (0) 1 76
Navistar nternational Corporation NAV Construction & Farm Machinery & Heavy Trucks 3,100 26 46 45 (1) (6) 12 30
Spirit AeroSystems Holdings, nc. Class A SPR Aerospace & Defense 4,114 48 43 44 1 (15) 1 46
Compuware Corporation CPWR Application Software 2,428 56 41 44 3 (6) 1 56
PHH Corporation PHH Specialized Finance 1,394 36 39 44 5 7 30 22
Six Flags Entertainment Corporation SX Leisure Facilities 3,503 39 47 43 (4) 3 5 51
Visteon Corporation VC Auto Parts & Equipment 3,984 66 42 43 1 2 2 39
KAR Auction Services, nc. KAR Diversified Support Services 4,107 49 29 43 14 (4) 2 56
Sprouts Farmers Markets, nc. SFM Food Retail 5,667 25 45 41 (4) (9) 3 81
Men's Wearhouse, nc. MW Apparel Retail 2,425 49 6 41 35 (14) 5 26
ViaSat, nc. VSAT Communications Equipment 2,856 16 40 40 0 (1) 4 95
Masonite nternational Corp. DOOR Building Products 1,721 19 40 40 0 (10) 4 116
Caesars Acquisition Co. Class A CACQ Casinos & Gaming 1,637 24 NM 40 NM 8 0 90
Outerwall nc. OUTR Specialty Stores 1,864 36 36 39 4 7 31 13
Scorpio Tankers nc. STNG Oil & Gas Storage & Transportation 2,302 33 40 39 (1) (20) 1 91
Diamondback Energy, nc. FANG Oil & Gas Exploration & Production 2,489 27 36 38 2 13 5 30
Meritor, nc. MTOR Construction & Farm Machinery & Heavy Trucks 1,020 34 28 38 10 11 8 23
SemGroup Corporation Class A SEMG Oil & Gas Storage & Transportation 2,769 42 39 37 (1) (5) 6 44
Nortek, nc. NTK Building Products 1,149 12 31 36 5 1 2 171
Avis Budget Group, nc. CAR Trucking 4,333 45 32 36 4 (4) 12 22
Carter's, nc. CR Apparel Accessories & Luxury Goods 3,914 38 36 36 0 (6) 5 31
Community Health Systems, nc. CYH Health Care Facilities 3,730 92 36 35 (1) 5 9 21
Sears Holdings Corporation SHLD Department Stores 5,220 32 38 35 (3) (15) 13 37
Tronox Ltd. TROX Commodity Chemicals 1,437 29 29 35 6 (4) 8 34
CommonWealth RET CWH Office RETs 2,760 37 33 35 2 19 3 19
Auxilium Pharmaceuticals, nc. AUXL Pharmaceuticals 1,028 30 35 34 (0) 29 13 15
Assured Guaranty Ltd. AGO Property & Casualty nsurance 4,293 69 32 34 2 (0) 2 29
Pandora Media, nc. P nternet Software & Services 5,167 54 42 33 (9) 36 10 6
SunCoke Energy, nc. SXC Steel 1,588 41 36 33 (3) (3) 2 43
ACADA Pharmaceuticals nc. ACAD Biotechnology 2,271 25 32 33 1 (4) 12 12
Average $3,631 40 45 % 46 % 2 % 1 % 7 % 85
Median 2,904 36 41 43 0 0 4 41

Largest increase in concentration
Exhibit 34:

50 stocks with Iargest INCREASE in hedge fund CONCENTRATION
Company Ticker Sub-sector ($ miI) 31-Dec-13 30-Sep-13 31-Dec-13 Chg 30-Sep-13 Mkt Cap HF Position
Men's Wearhouse, nc. MW Apparel Retail $2,081 49 6 % 41 % 35 % 30 % 5 % 22
U.S. Concrete, nc. USCR Construction Materials 320 15 13 37 23 13 1 89
Jos. A. Bank Clothiers, nc. JOSB Apparel Retail 1,512 41 8 31 23 26 10 15
Gentium S.p.A. Sponsored ADR GENT Biotechnology 853 20 2 22 20 110 1 28
ADTRAN, nc. ADTN Communications Equipment 1,502 16 7 25 18 (2) 5 20
Discovery Laboratories, nc. DSCO Biotechnology 195 12 16 33 18 15 4 49
Tile Shop Holdings, nc. TTS Home mprovement Retail 669 21 8 24 16 (55) 22 18
Receptos, nc. RCPT Biotechnology 978 16 6 21 15 67 2 31
Model N, nc. MODN Application Software 297 13 6 21 15 26 2 21
Responsys, nc. MKTG nternet Software & Services 1,399 29 9 23 14 63 2 21
KAR Auction Services, nc. KAR Diversified Support Services 4,030 49 29 43 14 2 2 55
E-House (China) Holdings Ltd. Sponsored ADR EJ Real Estate Services 1,562 30 5 19 13 35 1 21
Geron Corporation GERN Biotechnology 733 24 4 17 13 48 7 9
Media General nc. MEG Broadcasting 1,414 15 5 18 13 14 4 63
ARAD Pharmaceuticals, nc. ARA Biotechnology 1,597 26 5 17 13 (53) 24 3
Cole Real Estate nvestments, nc. COLE Retail RETs 7,140 61 14 27 13 24 1 15
JAKKS Pacific, nc. JAKK Leisure Products 129 14 4 17 13 32 34 9
Anaren, nc. ANEN Communications Equipment 376 15 8 21 13 10 1 43
PLX Technology, nc. PLXT Semiconductors 268 15 14 26 12 (2) 1 38
BioScrip, nc. BOS Health Care Services 560 29 23 35 12 (6) 11 22
NuPathe nc. PATH Pharmaceuticals 139 11 1 13 12 72 4 17
Channeladvisor Corporation ECOM nternet Software & Services 950 14 4 15 12 8 5 13
Allison Transmission Holdings, nc. ALSN Auto Parts & Equipment 5,508 31 9 21 12 23 1 76
nnerWorkings, nc. NWK Commercial Printing 406 11 12 23 11 (22) 7 32
Five Prime Therapeutics, nc. FPRX Biotechnology 339 10 3 14 11 33 2 21
Teekay Corporation TK Oil & Gas Storage & Transportation 3,840 29 21 31 11 29 3 66
Unwired Planet, nc. UPP nternet Software & Services 166 16 32 43 11 (14) 1 146
Foundation Medicine, nc. FM Biotechnology 898 14 2 13 11 (24) 9 10
Orthofix nternational NV OFX Health Care Equipment 425 17 12 22 10 5 3 25
Dynavax Technologies Corporation DVAX Biotechnology 473 20 21 31 10 48 13 24
Science Applications nternational Corp. SAC T Consulting & Other Services 1,792 17 1 11 10 11 4 15
Equal Energy Ltd. EQU Oil & Gas Exploration & Production 193 12 0 11 10 15 2 19
Artisan Partners Asset Management, nc. Class A APAM Asset Management & Custody Banks 1,236 15 2 12 10 20 4 13
Trulia, nc. TRLA nternet Software & Services 1,146 21 7 17 10 (36) 16 6
Chatham Lodging Trust CLDT Specialized RETs 551 28 20 30 10 17 2 52
Armstrong World ndustries, nc. AW Building Products 3,225 41 13 23 10 11 2 24
Meritor, nc. MTOR Construction & Farm Machinery & Heavy Truc 1,100 34 28 38 10 48 8 25
Darling nternational nc. DAR Agricultural Products 3,148 38 6 16 10 (6) 3 22
Audience, nc. ADNC Electronic Components 255 13 7 17 10 2 1 19
Hologic, nc. HOLX Health Care Equipment 5,869 29 8 17 10 3 5 14
Horizon Pharma, nc. HZNP Pharmaceuticals 723 21 14 23 9 206 15 19
Headwaters ncorporated HW Construction Materials 924 23 20 30 9 42 3 31
OmniAmerican Bancorp, nc. OABC Regional Banks 246 13 19 28 9 (9) 1 95
RealD nc. RLD Electronic Equipment & nstruments 499 19 9 18 9 44 10 22
Achillion Pharmaceuticals, nc. ACHN Biotechnology 335 16 20 29 9 18 18 15
Premier nc. Class A PNC Health Care Services 1,122 14 6 15 9 10 3 10
Average $1,561 24 12 % 25 % 13 % 27 % 7 % 31
Median 876 20 8 23 11 18 4 22

Largest decrease in concentration
Exhibit 35:

50 stocks with Iargest DECREASE in hedge fund CONCENTRATION
Company Ticker Sub-sector ($ miI) 31-Dec-13 30-Sep-13 31-Dec-13 Chg 30-Sep-13 Mkt Cap HF Position
Taminco Corp. TAM Specialty Chemicals $1,420 13 79 % 11 % (67)% 5 % 1 % 37
United Online, nc. UNTD nternet Software & Services 140 14 66 20 (45) 2 10 10
LinnCo. LLC LNCO Oil & Gas Exploration & Production 3,997 27 59 18 (41) 11 3 26
Office Depot, nc. ODP Specialty Stores 2,708 47 52 23 (29) 6 6 13
Constellium NV Class A CSTM Aluminum 2,760 32 39 16 (24) 37 0 34
J. C. Penney Company, nc. JCP Department Stores 1,870 57 29 12 (17) (30) 28 1
Perrigo Co. Plc PRGO Pharmaceuticals 19,966 35 21 6 (15) 21 5 8
Mid-America Apartment Communities, nc. MAA Residential RETs 5,058 15 17 3 (15) 11 2 4
Take-Two nteractive Software, nc. TTWO Home Entertainment Software 1,873 32 35 21 (14) 5 11 9
Yelp nc. Class A YELP nternet Software & Services 5,146 43 32 19 (13) 36 11 4
Einstein Noah Restaurant Group, nc. BAGL Restaurants 279 13 59 46 (13) (8) 0 115
Customers Bancorp, nc. CUB Regional Banks 476 15 21 8 (13) 22 1 19
TiVo nc. TVO Application Software 1,539 32 22 10 (12) 1 4 5
Ellie Mae, nc. ELL Application Software 809 11 24 13 (12) (9) 12 6
Cooper Tire & Rubber Company CTB Tires & Rubber 1,558 27 33 22 (12) (22) 6 9
TT Educational Services, nc. ES Education Services 727 27 37 26 (11) 0 33 10
ntercontinentalExchange Group, nc. CE Specialized Finance 24,715 59 20 9 (11) 19 1 14
Blackstone Mortgage Trust, nc. Class A BXMT Mortgage RETs 1,088 17 28 17 (10) 16 8 24
YRC Worldwide nc. YRCW Trucking 600 10 26 16 (10) 25 34 5
DHT Holdings, nc. DHT Oil & Gas Storage & Transportation 549 11 39 29 (10) 83 2 190
DigitalGlobe, nc. DG Aerospace & Defense 3,036 33 24 15 (9) 28 10 14
Children's Place Retail Stores, nc. PLCE Apparel Retail 1,185 23 17 8 (9) (8) 10 5
ParkerVision, nc. PRKR Communications Equipment 419 12 20 11 (8) 35 24 8
XOMA Corporation XOMA Biotechnology 750 21 42 34 (8) 63 6 28
NVR, nc. NVR Homebuilding 5,243 28 25 16 (8) 29 5 18
Ruby Tuesday, nc. RT Restaurants 350 17 14 5 (8) (24) 5 5
nsmed ncorporated NSM Biotechnology 650 17 24 16 (8) 6 8 13
Novavax, nc. NVAX Biotechnology 1,189 17 19 11 (8) 81 13 8
Aegerion Pharmaceuticals, nc. AEGR Biotechnology 1,840 23 23 16 (8) (27) 11 7
Core-Mark Holding Company, nc. CORE Distributors 890 15 13 5 (8) 17 1 12
Altisource Residential Corp. Class B RES Mortgage RETs 1,695 38 34 26 (8) 32 7 28
Penn National Gaming, nc. PENN Casinos & Gaming 889 39 29 21 (8) (8) 8 13
Crestwood Midstream Partners LP CMLP Oil & Gas Storage & Transportation 4,188 15 27 19 (7) 12 3 66
NuStar GP Holdings, LLC NSH Oil & Gas Storage & Transportation 1,338 10 9 2 (7) 46 0 4
BioTelemetry, nc. BEAT Health Care Services 224 20 25 18 (7) (12) 2 8
Pain Therapeutics, nc. PTE Pharmaceuticals 229 14 37 30 (7) 85 2 39
Sagent Pharmaceuticals, nc. SGNT Pharmaceuticals 641 11 11 4 (7) (1) 3 7
Era Group, nc. ERA Oil & Gas Equipment & Services 559 18 21 15 (6) 2 2 26
Coty nc. Class A COTY Personal Products 1,203 11 10 4 (6) (8) 11 3
Blue Nile, nc. NLE nternet Retail 426 12 11 5 (6) (19) 14 4
Mueller Water Products, nc. Class A MWA ndustrial Machinery 1,426 37 24 18 (6) 13 1 22
BioCryst Pharmaceuticals, nc. BCRX Biotechnology 575 11 38 32 (6) 34 13 13
Rite Aid Corporation RAD Drug Retail 5,722 53 19 13 (6) 24 4 5
Quality Distribution, nc. QLTY Trucking 378 27 26 20 (6) 52 2 24
FleetMatics Group Ltd. FLTX Systems Software 1,451 12 13 7 (6) 5 9 6
Wet Seal, nc. Class A WTSL Apparel Retail 164 15 33 28 (6) (51) 6 23
Average $2,681 25 30 % 18 % (12)% 15 % 8 % 21
Median 1,187 18 26 16 (8) 11 6 12

Highest concentration by equity capitalization band
Exhibit 36:

Equity Number of Percent of Short Avg Days
Cap Hedge Funds Equity Cap owned TotaI Interest VoIume to
($ miI) Owning Stock by Hedge Funds Return as % of Liquidate
Company Ticker Sub-sector 31-Dec-13 31-Dec-13 30-Sep-13 31-Dec-13 Chg YTD Mkt Cap HF Position
$100 to $500 MiIIion
QLT nc. QLT Biotechnology $285 23 52 % 57 % 5 % 17 % 1 % 239
Noranda Aluminum Holding Corporation NOR Aluminum 224 13 52 53 1 7 2 70
Cherry Hill Mortgage nvestment Corp. CHM Mortgage RETs 134 15 NM 51 NM 4 1 25
$500 MIIIion to $1 BiIIion
Cooper-Standard Holdings nc. CPS Auto Parts & Equipment $646 11 NM 61 % NM 16 % 1 % 354
American Railcar ndustries, nc. AR Construction & Farm Machinery & Heavy Trucks 977 12 56 57 0 9 11 39
denix Pharmaceuticals, nc. DX Biotechnology 801 15 40 48 8 15 14 49
Sears Hometown & Outlet Stores, nc. SHOS Home mprovement Retail 584 14 43 38 (6) (9) 2 67
$1 BiIIion to $5 BiIIion
CVR Energy, nc. CV Oil & Gas Refining & Marketing $3,771 20 85 % 83 % (1)% (13)% 2 % 152
Spectrum Brands Holdings, nc. SPB Household Products 3,717 32 73 73 1 11 2 171
Rexnord Corporation RXN ndustrial Machinery 2,641 10 59 57 (2) 5 1 209
Leap Wireless nternational, nc. LEAP Wireless Telecommunication Services 1,381 33 55 57 2 1 6 36
Liberty nteractive Corporation Ventures SeriesLVNTA nternet Retail 4,334 58 51 51 0 8 0 92
Equinix, nc. EQX nternet Software & Services $8,833 78 58 % 47 % (10)% 9 % 21 % 22
Sears Holdings Corporation SHLD Department Stores 5,220 32 38 35 (3) (15) 13 37
Herbalife Ltd. HLF Personal Products 7,949 49 32 32 0 (16) 20 12
W. R. Grace & Co. GRA Specialty Chemicals 7,603 68 32 32 0 (0) 3 38
TransDigm Group ncorporated TDG Aerospace & Defense 8,481 49 32 32 0 9 3 37
Norwegian Cruise Line Holdings Ltd. NCLH Hotels Resorts & Cruise Lines 7,277 38 35 31 (4) (1) 0 101
Life Technologies Corporation LFE Life Sciences Tools & Services 13,100 67 30 31 1 0 1 25
Dollar General Corporation DG General Merchandise Stores 19,318 89 30 31 1 (5) 2 29
Hertz Global Holdings, nc. HTZ Trucking 12,850 136 31 31 (0) (10) 2 18
Constellation Brands, nc. Class A STZ Distillers & Vintners 11,674 69 29 29 (0) 13 3 20
Liberty Global Plc Class C LBTYK Cable & Satellite 13,695 73 29 28 (1) (2) 1 43
DSH Network Corporation Class A DSH Cable & Satellite 12,706 72 23 21 (1) (2) 4 17
Beam nc. BEAM Distillers & Vintners 11,098 62 22 21 (0) 23 1 24
MGM Resorts nternational MGM Casinos & Gaming 11,526 60 17 20 3 11 5 9


Exhibit 36 cont'd:

10 stocks in seven EQUITY CAP BANDS with Iargest hedge fund CONCENTRATION
Equity Number of Percent of Short Avg Days
Cap Hedge Funds Equity Cap owned TotaI Interest VoIume to
($ miI) Owning Stock by Hedge Funds Return as % of Liquidate
Company Ticker Sub-sector 31-Dec-13 31-Dec-13 30-Sep-13 31-Dec-13 Chg YTD Mkt Cap HF Position
Micron Technology, nc. MU Semiconductors $22,999 102 24 % 24 % 1 % 15 % 11 % 6
HCA Holdings, nc. HCA Health Care Facilities 21,366 87 17 20 3 4 1 24
Air Products and Chemicals, nc. APD ndustrial Gases 23,640 52 13 18 5 5 1 26
Canadian Pacific Railway CP Railroads 26,515 41 18 17 (1) 2 2 40
CBS Corporation Class B CBS Broadcasting 35,748 95 15 17 1 2 3 18
Time Warner Cable nc. TWC Cable & Satellite 38,196 132 11 17 5 8 2 16
Hess Corporation HES ntegrated Oil & Gas 28,019 82 18 16 (2) (4) 2 20
Netflix, nc. NFLX nternet Retail 21,946 59 20 16 (4) 18 9 2
Valeant Pharmaceuticals nternational, nc. VRX Pharmaceuticals 39,199 58 16 15 (1) 19 1 30
Greater than $50 BiIIion
General Motors Company GM Automobile Manufacturers $56,767 196 11 % 14 % 3 % (12)% 6 % 12
American nternational Group, nc. AG Multi-line nsurance 74,740 164 11 11 (0) (4) 1 13
priceline.com ncorporated PCLN nternet Retail 59,780 101 13 11 (2) 10 3 8
Twenty-First Century Fox, nc. Class A FOXA Movies & Entertainment 52,167 92 12 11 (2) (7) 3 13
Facebook, nc. Class A FB nternet Software & Services 105,889 128 7 7 0 23 2 2
Monsanto Company MON Fertilizers & Agricultural Chemicals 61,178 73 6 6 (0) (6) 1 13
Time Warner nc. TWX Movies & Entertainment 63,077 74 7 6 (1) (6) 2 12
Walgreen Co. WAG Drug Retail 54,578 63 4 6 2 13 2 8
Mondelez nternational, nc. Class A MDLZ Packaged Foods & Meats 61,909 62 6 6 0 (3) 1 10
Lowe's Companies, nc. LOW Home mprovement Retail 51,821 64 5 5 (0) (4) 2 7

Highest concentration by sector
Exhibit 37:

!10 stocks in each SECTOR with Iargest hedge fund CONCENTRATION as % of market cap
Consumer Discretionary
Cooper-Standard Holdings nc. CPS Auto Parts & Equipment 751 11 NM 61 NM 16 1 411
Liberty nteractive Corporation Ventures SeriesLVNTA nternet Retail 4,693 58 51 51 0 8 0 99
Lamar Advertising Company Class A LAMR Advertising 4,073 64 53 51 (2) (3) 7 39
Consumer StapIes
Spectrum Brands Holdings, nc. SPB Household Products $4,094 32 73 % 73 % 1 % 11 % 2 % 189
Herbalife Ltd. HLF Personal Products 6,706 49 32 32 0 (16) 20 10
Constellation Brands, nc. Class A STZ Distillers & Vintners 13,225 69 29 29 (0) 13 3 22
Post Holdings, nc. POST Packaged Foods & Meats 1,787 32 20 27 8 11 9 29
Cott Corporation COT Soft Drinks 757 18 21 22 1 (0) 0 48
Chiquita Brands nternational, nc. CQB Packaged Foods & Meats 501 20 23 22 (0) (9) 4 22
Beam nc. BEAM Distillers & Vintners 13,761 62 22 21 (0) 23 1 30
SUPERVALU NC. SVU Food Retail 1,535 34 24 21 (3) (19) 13 11
Energy
CVR Energy, nc. CV Oil & Gas Refining & Marketing $3,270 20 85 % 83 % (1)% (13)% 2 % 131
Scorpio Tankers nc. STNG Oil & Gas Storage & Transportation 1,883 33 40 39 (1) (20) 1 75
Diamondback Energy, nc. FANG Oil & Gas Exploration & Production 2,808 27 36 38 2 13 5 34
SemGroup Corporation Class A SEMG Oil & Gas Storage & Transportation 2,623 42 39 37 (1) (5) 6 42
Harvest Natural Resources, nc. HNR Oil & Gas Exploration & Production 191 23 38 33 (5) 0 14 22
Resolute Energy Corporation REN Oil & Gas Exploration & Production 669 18 29 31 3 (3) 10 40
Teekay Corporation TK Oil & Gas Storage & Transportation 3,840 29 21 31 11 14 3 66
Enbridge Energy Management, L.L.C. EEQ Oil & Gas Storage & Transportation 1,796 14 28 30 2 (2) 1 67
FinanciaIs
Cherry Hill Mortgage nvestment Corp. CHM Mortgage RETs $139 15 NM 51 % NM 4 % 1 % 27
JGWPT Holdings, nc. Class A JGW Consumer Finance 174 15 NM 43 NM (11) 2 19
First Security Group, nc. FSG Regional Banks 123 12 46 43 (3) (20) 1 137
Central Pacific Financial Corp. CPF Regional Banks 783 12 39 36 (3) (7) 0 153
CommonWealth RET CWH Office RETs 3,241 37 33 35 2 19 3 22
mperial Holdings, nc. FT Consumer Finance 124 10 27 35 8 (10) 1 128
HeaIth Care
QLT nc. QLT Biotechnology $334 23 52 % 57 % 5 % 17 % 1 % 280
denix Pharmaceuticals, nc. DX Biotechnology 1,037 15 40 48 8 15 14 64
Syneron Medical Ltd ELOS Health Care Equipment 410 16 40 40 1 (7) 0 132
Rigel Pharmaceuticals, nc. RGL Biotechnology 277 21 32 37 6 11 3 37


Exhibit 37 cont'd:

!10 stocks in each SECTOR with Iargest hedge fund CONCENTRATION as % of market cap
IndustriaIs
Rexnord Corporation RXN ndustrial Machinery $2,876 10 59 % 57 % (2)% 5 % 1 % 228
American Railcar ndustries, nc. AR Construction & Farm Machinery & Heavy Trucks 1,067 12 56 57 0 9 11 42
Macquarie nfrastructure Company LLC MC Airport Services 3,250 45 46 47 1 8 1 88
Navistar nternational Corporation NAV Construction & Farm Machinery & Heavy Trucks 2,921 26 46 45 (1) (6) 12 28
Spirit AeroSystems Holdings, nc. Class A SPR Aerospace & Defense 3,480 48 43 44 1 (15) 1 39
KAR Auction Services, nc. KAR Diversified Support Services 4,030 49 29 43 14 (4) 2 55
Masonite nternational Corp. DOOR Building Products 1,564 19 40 40 0 (10) 4 105
Meritor, nc. MTOR Construction & Farm Machinery & Heavy Trucks 1,100 34 28 38 10 11 8 25
Nortek, nc. NTK Building Products 1,128 12 31 36 5 1 2 167
Information TechnoIogy
Equinix, nc. EQX nternet Software & Services $9,588 78 58 % 47 % (10)% 9 % 21 % 23
Compuware Corporation CPWR Application Software 2,289 56 41 44 3 (6) 1 53
Unwired Planet, nc. UPP nternet Software & Services 166 16 32 43 11 8 1 146
ViaSat, nc. VSAT Communications Equipment 2,930 16 40 40 0 (1) 4 97
Vitesse Semiconductor Corporation VTSS Semiconductors 213 10 39 39 (0) 22 0 101
Net 1 UEPS Technologies, nc. UEPS Application Software 442 18 39 38 (1) 10 0 110
Move, nc. MOVE nternet Software & Services 515 30 28 34 5 (18) 6 33
MateriaIs
Noranda Aluminum Holding Corporation NOR Aluminum $254 13 52 % 53 % 1 % 7 % 2 % 79
Berry Plastics Group, nc. BERY Metal & Glass Containers 2,712 40 47 46 (1) (0) 1 75
U.S. Concrete, nc. USCR Construction Materials 320 15 13 37 23 (0) 1 89
Tronox Ltd. TROX Commodity Chemicals 1,400 29 29 35 6 (4) 8 33
SunCoke Energy, nc. SXC Steel 1,539 41 36 33 (3) (3) 2 42
W. R. Grace & Co. GRA Specialty Chemicals 7,564 68 32 32 0 (0) 3 37
AEP ndustries nc. AEP Metal & Glass Containers 242 14 24 31 7 (19) 1 22
Wausau Paper Corp. WPP Paper Products 640 11 28 30 2 4 4 72
Headwaters ncorporated HW Construction Materials 924 23 20 30 9 30 3 31
Huntsman Corporation HUN Diversified Chemicals 5,619 56 25 28 3 (5) 4 20
TeIecommunication Services
Leap Wireless nternational, nc. LEAP Wireless Telecommunication Services $1,392 33 55 % 57 % 2 % 1 % 6 % 36
Hawaiian Telcom Holdco, nc. HCOM ntegrated Telecommunication Services 285 16 32 33 1 (7) 7 124
NTELOS Holdings Corp. NTLS Wireless Telecommunication Services 347 17 34 30 (4) (21) 9 28
tw telecom inc. Class A TWTC Alternative Carriers 4,253 24 19 19 0 (1) 3 23
Cbeyond, nc. CBEY ntegrated Telecommunication Services 213 17 11 16 5 3 2 21
Cogent Communications Group, nc. CCO Alternative Carriers 2,019 19 14 15 0 5 4 29
Level 3 Communications, nc. LVLT Alternative Carriers 8,560 33 10 13 4 16 4 18
UtiIities
NRG Yield, nc. Class A NYLD Electric Utilities $828 20 30 % 28 % (2)% (6)% 11 % 16
Dynegy nc. DYN ndependent Power Producers & Energy Traders 2,198 19 22 % 21 (1)% (1) 8 42
Calpine Corporation CPN ndependent Power Producers & Energy Traders 8,463 43 13 17 4 5 1 22
NRG Energy, nc. NRG ndependent Power Producers & Energy Traders 9,227 50 15 14 (1) (1) 4 13
Pattern Energy Group, nc. Class A PEG ndependent Power Producers & Energy Traders 949 16 5 11 5 (12) 2 9
OGE Energy Corp. OGE Electric Utilities 7,061 36 7 9 2 6 1 19
CMS Energy Corporation CMS Multi-Utilities 7,583 32 9 9 (0) 8 3 9
Portland General Electric Company POR Electric Utilities 2,457 19 14 9 (5) 5 15 10
CenterPoint Energy, nc. CNP Multi-Utilities 10,347 37 6 8 1 5 2 10
UNS Energy Corp UNS Electric Utilities 2,508 19 4 6 2 1 4 8

Highest short interest: Stocks under $1 billion
Exhibit 38:

50 stocks UNDER $1 biIIion with Iargest SHORT INTEREST as % of market cap
RadioShack Corporation RSH Computer & Electronics Retail $264 21 12 % 17 % 5 % 2 % 40 % 6
NQ Mobile, nc. Sponsored ADR Class A NQ Application Software 547 21 19 26 7 23 38 2
YRC Worldwide nc. YRCW Trucking 600 10 26 16 (10) 21 34 5
JAKKS Pacific, nc. JAKK Leisure Products 133 14 4 17 13 (11) 34 9
TT Educational Services, nc. ES Education Services 727 27 37 26 (11) (7) 33 10
N Holdings, nc. Class B NHD Wireless Telecommunication Services 541 16 8 8 1 14 33 3
Smith & Wesson Holding Corporation SWHC Leisure Products 707 20 7 6 (0) (6) 33 2
Sarepta Therapeutics, nc. SRPT Biotechnology 983 16 23 22 (1) 28 32 4
Titan Machinery nc. TTN Trading Companies & Distributors 346 10 6 5 (1) (9) 31 3
Swift Energy Company SFY Oil & Gas Exploration & Production 535 13 5 2 (3) (9) 31 1
Dendreon Corporation DNDN Biotechnology 465 15 6 5 (0) (1) 31 2
VVUS, nc. VVUS Pharmaceuticals 693 23 18 18 (0) (25) 30 8
Dex Media, nc. DXM Publishing 116 10 33 34 0 (3) 30 18
Magicjack Vocaltec Ltd. CALL Alternative Carriers 323 13 2 8 6 45 28 4
Veeva Systems, nc. Class A VEEV Health Care Technology 514 21 0 28 28 7 27 4
LeapFrog Enterprises, nc. Class A LF Leisure Products 426 18 4 4 (0) (17) 27 1
Green Plains Renewable Energy, nc. GPRE Oil & Gas Refining & Marketing 746 26 20 27 7 26 27 14
Angie's List, nc. ANG nternet Software & Services 871 13 3 4 1 (2) 26 2
Diamond Foods, nc. DMND Packaged Foods & Meats 599 19 9 17 7 3 25 10
Neonode nc. NEON Electronic Manufacturing Services 254 10 16 13 (2) 6 25 10
Accuray ncorporated ARAY Health Care Equipment 754 18 21 25 4 14 25 18
Penn Virginia Corporation PVA Oil & Gas Exploration & Production 836 23 24 26 2 36 24 9
ParkerVision, nc. PRKR Communications Equipment 419 12 20 11 (8) (1) 24 8
Corinthian Colleges, nc. COCO Education Services 124 11 8 11 4 (20) 23 9
Liquidity Services, nc. LQDT nternet Software & Services 793 17 9 11 2 8 23 7
Exact Sciences Corporation EXAS Biotechnology 869 14 15 16 1 4 22 10
Sequenom, nc. SQNM Life Sciences Tools & Services 274 13 19 13 (5) 1 22 6
Tile Shop Holdings, nc. TTS Home mprovement Retail 672 21 8 24 16 (27) 22 18
Spectrum Pharmaceuticals, nc. SPP Biotechnology 521 13 15 11 (4) (8) 21 7
A. M. Castle & Co. CAS Steel 358 16 25 24 (1) 4 21 31
Western Asset Mortgage Capital Corporation WMC Mortgage RETs 384 11 2 5 2 6 21 2
XPO Logistics, nc. XPO Air Freight & Logistics 1,248 10 12 9 (3) 4 21 10
Rockwell Medical, nc. RMT Health Care Equipment 519 11 3 3 (0) 24 21 1
Annie's, nc. BNNY Packaged Foods & Meats 629 13 4 4 (0) (14) 21 2
Arch Coal, nc. AC Coal & Consumable Fuels 868 29 3 4 1 (8) 20 1
Goodrich Petroleum Corporation GDP Oil & Gas Exploration & Production 742 23 15 19 4 (0) 20 6
Francesca's Holdings Corporation FRAN Apparel Retail 756 14 4 3 (1) (2) 20 1
Healthways, nc. HWAY Health Care Services 491 16 16 23 7 (9) 20 15
HC Group, nc. HC Property & Casualty nsurance 499 11 5 3 (2) (19) 20 2
Bon-Ton Stores, nc. BONT Department Stores 174 16 20 21 1 (38) 19 14
Fairway Group Holdings Corp. Class A FWM Food Retail 213 15 5 8 4 (59) 19 5
hhgregg, nc. HGG Computer & Electronics Retail 273 17 5 4 (2) (34) 19 3
Medifast, nc. MED Personal Products 371 11 18 18 (0) 2 19 13
Sangamo BioSciences, nc. SGMO Biotechnology 1,119 17 25 27 2 30 18 20
Achillion Pharmaceuticals, nc. ACHN Biotechnology 345 16 20 29 9 8 18 15
Nutrisystem, nc. NTR nternet Retail 434 29 22 28 5 (8) 18 20
CBZ, nc. CBZ Research & Consulting Services 421 10 6 6 1 (3) 18 11
Average $538 17 14 % 16 % 2 % (2)% 25 % 8
Median 516 16 13 16 1 (1) 24 7

Highest short interest: Stocks over $1 billion
Exhibit 39:

50 stocks OVER $1 biIIion with Iargest SHORT INTEREST as % of market cap
Myriad Genetics, nc. MYGN Biotechnology $2,294 34 16 % 22 % 5 % 50 % 48 % 8
SodaStream nternational Ltd. SODA Household Appliances 854 24 22 19 (3) (18) 40 3
Chemed Corporation CHE Health Care Services 1,356 14 5 5 1 0 38 4
Walter Energy, nc. WLT Diversified Metals & Mining 688 30 19 23 3 (34) 36 2
World Acceptance Corporation WRLD Consumer Finance 1,096 16 21 21 (0) 15 35 16
Lindsay Corporation LNN Construction & Farm Machinery & Heavy Truc 1,188 14 5 3 (1) 11 32 2
Questcor Pharmaceuticals, nc. QCOR Pharmaceuticals 4,210 29 15 17 2 28 31 5
Cliffs Natural Resources nc. CLF Steel 3,546 45 8 13 5 (12) 31 2
Outerwall nc. OUTR Specialty Stores 1,836 36 36 39 4 7 31 12
nvensense, nc. NVN Electronic Components 1,812 21 6 7 1 (1) 30 2
Arena Pharmaceuticals, nc. ARNA Biotechnology 1,515 12 2 3 1 18 29 1
Polypore nternational, nc. PPO Electrical Components & Equipment 1,495 12 8 5 (3) (14) 29 4
J. C. Penney Company, nc. JCP Department Stores 1,870 57 29 12 (17) (33) 28 1
Sturm, Ruger & Company, nc. RGR Leisure Products 1,421 19 5 5 0 0 28 3
KB Home KBH Homebuilding 1,594 31 5 9 4 4 28 2
Radian Group nc. RDN Thrifts & Mortgage Finance 2,732 41 25 27 3 12 27 7
Alpha Natural Resources, nc. ANR Coal & Consumable Fuels 1,118 36 12 17 5 (29) 27 3
PacWest Bancorp PACW Regional Banks 1,821 19 10 7 (3) (6) 26 8
Tesla Motors, nc. TSLA Automobile Manufacturers 24,302 38 4 4 1 32 26 1
Green Mountain Coffee Roasters, nc. GMCR Packaged Foods & Meats 17,276 38 10 11 1 54 26 4
AK Steel Holding Corporation AKS Steel 942 22 6 7 1 (16) 25 1
Molycorp, nc. MCP Diversified Metals & Mining 1,298 25 4 7 3 (4) 25 2
Swift Transportation Company Class A SWFT Trucking 2,163 32 15 15 (1) 10 25 8
GT Advanced Technologies nc. GTAT Semiconductor Equipment 1,551 24 4 5 0 34 24 1
Digital Realty Trust, nc. DLR Office RETs 6,857 16 1 3 2 9 24 3
ARAD Pharmaceuticals, nc. ARA Biotechnology 1,606 26 5 17 13 27 24 3
MAX Corporation MAX Movies & Entertainment 1,753 19 13 13 (1) (12) 23 13
ronwood Pharmaceuticals, nc. Class A RWD Biotechnology 1,613 15 16 15 (0) 19 23 17
Umpqua Holdings Corporation UMPQ Regional Banks 1,916 13 3 5 2 (11) 23 5
United States Steel Corporation X Steel 3,939 41 7 8 1 (8) 23 2
ResMed nc. RMD Health Care Equipment 6,480 23 3 3 (1) (2) 23 3
Cirrus Logic, nc. CRUS Semiconductors 1,133 22 6 8 2 (11) 22 2
athenahealth, nc. ATHN Health Care Technology 7,065 17 3 5 2 41 22 4
Deckers Outdoor Corporation DECK Footwear 2,907 31 9 11 2 (0) 22 3
Encore Capital Group, nc. ECPG Consumer Finance 1,299 13 8 11 2 2 22 11
Ryman Hospitality Properties, nc. RHP Specialized RETs 2,072 31 28 27 (1) (2) 22 15
Bill Barrett Corporation BBG Oil & Gas Exploration & Production 1,204 17 5 10 5 (8) 22 4
GameStop Corp. Class A GME Computer & Electronics Retail 4,124 44 9 10 0 (28) 22 3
CAC nternational nc Class A CAC T Consulting & Other Services 1,711 20 15 16 1 (0) 21 13
Synaptics ncorporated SYNA Semiconductors 2,216 20 3 3 0 20 21 1
PDL BioPharma, nc. PDL Biotechnology 1,181 21 15 14 (1) (0) 21 10
Ultra Petroleum Corp. UPL Oil & Gas Exploration & Production 3,641 20 8 4 (4) 10 21 2
j2 Global, nc. JCOM nternet Software & Services 2,283 11 3 3 (0) (2) 21 4
PG Photonics Corporation PGP Electronic Manufacturing Services 3,504 12 1 1 (0) (13) 20 1
OpenTable, nc. OPEN nternet Software & Services 1,690 26 15 9 (6) (9) 20 4
BlackBerry Limited BBRY Communications Equipment 4,723 28 7 9 2 21 20 2
nteroil Corporation OC ntegrated Oil & Gas 2,543 24 6 8 1 1 20 5
Average $3,194 27 12 % 13 % 1 % 4 % 26 % 6
Median 1,816 24 8 10 1 0 25 4

Appendix C: 100 largest hedge funds ranked by equity assets

Note: Based on analysis of 13-F filings from 778 hedge funds with $1.2 trillion of single-stock equity assets.
Number of Equity Number of Equity
Securities Assets Securities Assets
Institution Name HeId ($ BiIIions) Institution Name HeId ($ BiIIions)
Citadel Advisors LLC 1,983 $44 Partner Fund Management LP 58 $5
D. E. Shaw & Co. LP 1,973 42 Appaloosa Management LP 63 5
Renaissance Technologies LLC 1,990 41 Farallon Capital Management LLC 85 5
Adage Capital Management LP 661 37 Visium Asset Management LP 795 5
AQR Capital Management LLC 1,939 36 Marshall Wace North America LP 663 5
cahn Associates Corp. 21 31 Mason Capital Management LLC 24 4
Two Sigma nvestments LLC 1,930 26 Steadfast Capital Management LP 55 4
Millennium Management LLC 1,935 24 Horizon Asset Management LLC 339 4
Lone Pine Capital LLC 53 23 UBS O'Connor LLC 272 4
Viking Global nvestors LP 65 22 The Baupost Group LLC 24 4
Paulson & Co., nc. 74 17 Energy ncome Partners LLC 70 4
S.A.C. Capital Advisors LP 1,658 15 Gotham Asset Management LLC 952 4
OZ Management LP 271 14 Scout Capital Management LLC 23 4
Marketfield Asset Management LLC 70 14 Kensico Capital Management Corp. 33 4
Discovery Capital Management LLC 130 14 Harvest Fund Advisors LLC 57 4
Kayne Anderson Capital Advisors LP 124 13 Corvex Management LP 40 4
Glenview Capital Management LLC 60 13 Samlyn Capital LLC 87 4
Gateway nvestment Advisers LLC 845 12 Alkeon Capital Management LLC 84 4
ValueAct Capital Management LP 12 12 Longview Asset Management LLC 6 4
Highfields Capital Management LP 79 12 Cadian Capital Management LLC 73 4
Coatue Management LLC 48 10 Moore Capital Management LP 269 4
Blue Ridge Capital LLC (New York) 53 10 Westchester Capital Management LLC 82 4
nternational Value Advisers LLC 124 9 Luxor Capital Group LP 41 4
Absolute Return Capital LLC 662 9 MHR Fund Management LLC 11 4
Pershing Square Capital Management LP 9 9 Weiss Multi-Strategy Advisers LLC 870 4
Tiger Global Management LLC 67 9 Hoplite Capital Management LLC 38 4
Carlson Capital LP 250 8 JAT Capital Management LP 54 4
Apollo Capital Management LP 15 8 Brookside Capital LLC 45 4
Greenlight Capital, nc. 42 8 Scopus Asset Management LP 158 3
JANA Partners LLC 39 8 Chilton nvestment Co. LLC 162 3
Maverick Capital Ltd. 56 8 Harbinger Capital Partners LLC 9 3
PointState Capital LP 129 8 Clough Capital Partners LP 228 3
Omega Advisors, nc. 84 8 Meritage Group LP 21 3
SPO Partners & Co. 14 7 PEAK6 Advisors LLC 1,285 3
Senator nvestment Group LP 60 7 Arrowpoint Asset Management LLC 261 3
Fir Tree, nc. 72 7 Center Coast Capital Advisors LP 33 3
Gardner Russo & Gardner 76 7 Pine River Capital Management LP 315 3
Gilder, Gagnon, Howe & Co. LLC 237 7 Eton Park Capital Management LP 38 3
York Capital Management Global Advisors LLC 144 7 Ascend Capital LLC 163 3
Elliott Management Corp. 36 6 Cushing MLP Asset Management LP 177 3
Levin Capital Strategies LP 294 6 Salient Capital Advisors LLC 157 3
Eminence Capital LLC 65 6 Heights Capital Management, nc. 39 3
Trian Fund Management LP 11 6 Gates Capital Management, nc. 27 3
GMT Capital Corp. 85 6 East Side Capital Corp. 32 3
Highbridge Capital Management LLC 579 6 Criterion Capital Management LLC 73 3
Pennant Capital Management LLC 49 6 Water Street Capital, nc. 49 3
Soroban Capital Partners LLC 25 6 Valinor Management LLC 42 3
Third Point LLC 40 6 Amici Capital LLC 104 3
Balyasny Asset Management LP 350 6 ESL nvestments, nc. 6 3
Baker Bros. Advisors LP 82 5 PAR Capital Management, nc. 57 3
Equity Assets As a %
($ BiIIions) of TotaI
Largest 50 $680 56%
Largest 100 863 71
TotaI 778 $1,212 100%

Appendix D: GS Portfolio Strategy Baskets on Bloomberg
Basket Construction and Constituent Weighting
Our hedge fund baskets are equally weighted at rebalance. Stocks with higher returns will
increase their weight in the basket, while stocks with lower returns will fall. Our baskets are
automatically adjusted for dividends and corporate actions. Dividends for a company
increase that companys weight within the basket. If a company is acquired, that
constituents weight at closing in the basket will be reallocated to the remaining
constituents in proportion to their current basket weights. Our hedge fund baskets are not
designed to be sector-neutral to the S&P 500.

Permission to our GS Portfolio Strategy Baskets
To receive access to the Goldman Sachs US Portfolio Strategy <GSTH> Bloomberg page,
please follow the directions below:
1. Please go to your Bloomberg terminal and type IAM <go>.
2. Take a screen shot of the page.
3. Send the attachment and an e-mail to your Goldman Sachs salesperson requesting
access to the US Portfolio Strategy Bloomberg <GSTH> page.

Exhibit 40: Strategy baskets are listed on Bloomberg <GSTH>: Portfolio Strategy / Theme and Sector Baskets

Note: The ability to trade baskets will depend upon market conditions, including liquidity and borrow constraints at the time of trade.
Source: Bloomberg and Goldman Sachs Global Investment Research.

Permission to our GS Portfolio Strategy Baskets
To receive access to the Goldman Sachs US Portfolio Strategy <GSTH> Bloomberg page,
please follow the directions below:
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3. Send the attachment and an email to your Goldman Sachs salesperson requesting access to
the US Portfolio Strategy Bloomberg <GSTH> page.
BIoomberg
<GSTH2>
CycIicaIs
GSSBCYCL
Defensives
GSSBDEFS
GIobaI
GSSBGLBL
Domestic
GSSBDOMS
GIobaI CycIicaIs
GSSBGCYC
Domestic CycIicaI
GSSBDCYC
GIobaI Defensive
GSSBGDEF
Domestic Defensive
GSSBDDEF
Sector Baskets
<GSTH1>
Hedge Fund
GSTHHVP
GSTHVSP
GSTHHFH
GSTHHFSL
VaIuation
GSTHDVG
GSTHEPSR
GSTHSHRP
GSTHSVLU
GSTHAVLU
Thematic Baskets
BIoomberg
Macroeconomic
GSTHGARR
GSTHANT
GSTHNTL
GSTHBETA
GSTHBRC
GSTHWEUR
FundamentaI
GSTHSEAS
GSTHUSTY
GSTHQUAL
GSTHREVG
GSTHGROE
GSTHOPH
GSTHOPLO
GSTHHTAX
GSTHLTAX
GSTHSBAL
GSTHWBAL

Equity basket disclosure
The Securities Division of the firm may have been consulted as to the various components
of the baskets of securities discussed in this report prior to their launch; however, none of
this research, the conclusions expressed herein, nor the timing of this report was shared
with the Securities Division.


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