Hillswick Asset Management, LLC

Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.

Reported portfolio value by quarter (18 quarters reported)

$155M $103M

Q4 14 Q4 15 Q4 16 Q4 17 Q4 18 Q1 19

$115M in Q4 2014 → $150M now. Hover for any quarter.

Holdings

As reported for the quarter ended March 31, 2019. Activity is the change in share count since the prior quarter's filing.

Holding	% of portfolio	Activity	Shares	Value
TS Technology Select Sector SPDR	21.1%	Trimmed 0.1%	429,777	$31.8M
HC Health Care Select Sector SPDR	18.6%	Trimmed 0.1%	305,578	$28M
FS Financial Select Sector SPDR F	16.4%	Trimmed 0.1%	957,968	$24.6M
IS Industrial Select Sector SPDR	9.5%	Trimmed 0.1%	191,307	$14.4M
CS Consumer Staples Select Sector	8.0%	Trimmed 0.1%	213,120	$12M
Verizon Communications Inc	6.8%	Trimmed 0.1%	173,212	$10.2M
AT&T Inc	6.0%	Trimmed 0.1%	288,783	$9.06M
CD Consumer Discretionary Select	5.0%	Trimmed 0.1%	65,757	$7.49M
US Utilities Select Sector SPDR F	2.8%	Trimmed 0.1%	73,489	$4.28M
MS Materials Select Sector SPDR F	2.6%	Trimmed 0.1%	69,709	$3.87M
IS Invesco S&P 500 Equal Weight T	1.8%	Trimmed 0.1%	15,814	$2.69M
VV Vaneck Vectors Gold Miners ETF	0.7%	Unchanged	48,362	$1.08M
SS SPDR S&P Bank ETF	0.6%	Trimmed 0.1%	21,499	$898K

What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.

quarter ended March 31, 2019 · filed April 23, 2019

Company	Action	Shares changed	Value of change	% of portfolio
TS Technology Select Sector SPDR	Trimmed	−405	−$30K	21.1%
HC Health Care Select Sector SPDR	Trimmed	−289	−$26.5K	18.6%
FS Financial Select Sector SPDR F	Trimmed	−902	−$23.2K	16.4%
IS Industrial Select Sector SPDR	Trimmed	−180	−$13.5K	9.5%
CS Consumer Staples Select Sector	Trimmed	−201	−$11.3K	8.0%
Verizon Communications Inc	Trimmed	−164	−$9.7K	6.8%
AT&T Inc	Trimmed	−272	−$8.53K	6.0%
CD Consumer Discretionary Select	Trimmed	−62	−$7.06K	5.0%
US Utilities Select Sector SPDR F	Trimmed	−69	−$4.01K	2.8%
MS Materials Select Sector SPDR F	Trimmed	−66	−$3.66K	2.6%

Showing the 10 largest of 12 changes.

quarter ended December 31, 2018 · filed February 13, 2019

Company	Action	Shares changed	Value of change	% of portfolio
TS Technology Select Sector SPDR Fund	Trimmed	−5,095	−$316K	19.7%
HC Health Care Select Sector SPDR Fund	Trimmed	−3,630	−$314K	19.6%
FS Financial Select Sector SPDR Fund	Trimmed	−11,338	−$270K	16.9%
IS Industrial Select Sector SPDR Fund	Trimmed	−2,264	−$146K	9.1%
CS Consumer Staples Select Sector SPDR Fund	Trimmed	−2,526	−$128K	8.0%
Verizon Communications Inc	Trimmed	−2,053	−$115K	7.2%
AT&T Inc	Trimmed	−3,423	−$97.7K	6.1%
CD Consumer Discretionary Select Sector SPDR	Trimmed	−780	−$77.2K	4.8%
US Utilities Select Sector SPDR Fund	Trimmed	−869	−$46K	2.9%
MS Materials Select Sector SPDR Fund	Trimmed	−826	−$41.7K	2.6%

Showing the 10 largest of 12 changes.

quarter ended September 30, 2018 · filed November 14, 2018

Company	Action	Shares changed	Value of change	% of portfolio
TS Technology Select Sector SPDR Fund	Trimmed	−121,295	−$9.14M	21.1%
Verizon Communications Inc	Added	+132,288	+$7.06M	6.0%
AT&T Inc	Added	+207,785	+$6.98M	6.3%
CD Consumer Discretionary Select Sector SPDR	Trimmed	−43,856	−$5.14M	5.0%

quarter ended June 30, 2018 · filed August 08, 2018

Company	Action	Shares changed	Value of change	% of portfolio
IS Invesco S&P 500 Equal Weight Techology ETF	New	+16,026	+$2.54M	1.8%
PS Powershares S&P 500 Equal Weight Tech	Exited	−16,026	−$2.43M	—

quarter ended March 31, 2018 · filed May 14, 2018

Company	Action	Shares changed	Value of change	% of portfolio
PS Powershares S&P 500 Equal Weight Tech	New	+16,026	+$2.43M	1.7%
MS Materials Select Sector SPDR Fund	Added	+42,438	+$2.42M	2.8%
GS Guggenheim S&P 500 Equal Weight Technology	Exited	−16,156	−$2.31M	—
ES Energy Select Sector SPDR Fund	Exited	−19,889	−$1.44M	—
TS Technology Select Sector SPDR Fund	Trimmed	−4,331	−$283K	25.5%
FS Financial Select Sector SPDR Fund	Trimmed	−7,548	−$208K	18.7%
HC Health Care Select Sector SPDR Fund	Trimmed	−2,416	−$197K	17.7%
IS Industrial Select Sector SPDR Fund	Trimmed	−1,507	−$112K	10.1%
CS Consumer Staples Select Sector SPDR Fund	Trimmed	−1,682	−$88.5K	8.0%
CD Consumer Discretionary Select Sector SPDR	Trimmed	−857	−$86.8K	7.8%

Showing the 10 largest of 14 changes.

quarter ended December 31, 2017 · filed February 15, 2018

No position changes this quarter.

quarter ended September 30, 2017 · filed November 13, 2017

Company	Action	Shares changed	Value of change	% of portfolio
TS Technology Select Sector SPDR	Trimmed	−4,427	−$262K	24.3%
FS Financial Select Sector SPDR F	Trimmed	−7,714	−$199K	18.6%
HC Health Care Select Sector SPDR	Trimmed	−2,348	−$192K	18.7%
IS Industrial Select Sector SPDR	Trimmed	−1,541	−$109K	10.2%
CS Consumer Staples Select Sector	Trimmed	−1,719	−$92.8K	8.6%
CD Consumer Discretionary Select	Trimmed	−876	−$78.9K	7.4%
US Utilities Select Sector SPDR F	Trimmed	−592	−$31.4K	2.9%
AT&T Inc	Trimmed	−674	−$26.4K	2.5%
GS Guggenheim S&P 500 Equal Weigh	Trimmed	−133	−$18K	1.6%
Verizon Communications Inc	Trimmed	−343	−$17K	1.6%

Showing the 10 largest of 13 changes.

quarter ended June 30, 2017 · filed August 09, 2017

Company	Action	Shares changed	Value of change	% of portfolio
FS Financial Select Sector SPDR Fund	Added	+128,865	+$3.18M	18.5%

Comments