Relational Investors LLC

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

Reported portfolio value by quarter (12 quarters reported)

$6.57B —

Q1 13 Q4 13 Q3 14 Q2 15 Q4 15

$298M in Q1 2013 → — now. Hover for any quarter.

Holdings

As reported for the quarter ended December 31, 2015. Activity is the change in share count since the prior quarter's filing.

Holding	% of portfolio	Activity	Shares	Value
0 0	NaN%	New	0	—

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

quarter ended December 31, 2015 · filed February 12, 2016

Company	Action	Shares changed	Value of change	% of portfolio
BL Bunge Limited	Exited	−4,946,670	−$363M	—
Hologic, Inc.	Exited	−7,418,332	−$290M	—
Mondelez International, Inc.	Exited	−2,418,076	−$101M	—
SF Spx Flow, Inc.	Exited	−870,182	−$30M	—
P Pmc-sierra, Inc.	Exited	−3,657,795	−$24.8M	—
SS SPDR S&P 500 ETF Trust	Exited	−69,400	−$13.3M	—
SC Spx Corporation	Exited	−870,182	−$10.4M	—
SS SPDR S&P Midcap 400 ETF Trust	Exited	−31,900	−$7.94M	—
0 0	New	+0	—	—

quarter ended September 30, 2015 · filed November 13, 2015

Company	Action	Shares changed	Value of change	% of portfolio
Hologic, Inc.	Trimmed	−5,550,000	−$217M	34.5%
ET Esterline Technologies Corporation	Exited	−2,153,543	−$205M	—
P Pmc-sierra, Inc.	Trimmed	−13,649,376	−$92.4M	2.9%
Mondelez International, Inc.	Trimmed	−2,000,000	−$83.7M	12.0%
MH Magnum Hunter Resources Corporation	Exited	−20,729,080	−$38.8M	—
SF Spx Flow, Inc.	New	+870,182	+$30M	3.6%
SS SPDR S&P 500 ETF Trust	Added	+39,800	+$7.63M	1.6%
SC Spx Corporation	Trimmed	−468,258	−$5.58M	1.2%
SS SPDR S&P Midcap 400 ETF Trust	Added	+18,500	+$4.6M	0.9%

quarter ended June 30, 2015 · filed August 14, 2015

Company	Action	Shares changed	Value of change	% of portfolio
Mondelez International, Inc.	Trimmed	−8,050,000	−$331M	11.3%
The Manitowoc Company, Inc.	Exited	−6,692,469	−$144M	—
SC Spx Corporation	Trimmed	−1,207,500	−$87.4M	6.0%
Clean Harbors, Inc.	Exited	−1,475,984	−$83.8M	—
GB Guaranty Bancorp	Exited	−3,518,400	−$59.7M	—
P Pmc-sierra, Inc.	Trimmed	−5,500,348	−$47.1M	9.2%
ET Esterline Technologies Corporation	Trimmed	−325,000	−$31M	12.8%
MH Magnum Hunter Resources Corporation	Trimmed	−9,500,000	−$17.8M	2.4%
SS SPDR S&P 500 ETF Trust	Trimmed	−3,200	−$659K	0.4%
SS SPDR S&P Midcap 400 ETF Trust	Trimmed	−400	−$109K	0.2%

quarter ended March 31, 2015 · filed May 15, 2015

Company	Action	Shares changed	Value of change	% of portfolio
Clean Harbors, Inc.	Trimmed	−4,400,000	−$250M	3.5%
SC Spx Corporation	Trimmed	−1,743,581	−$148M	9.1%
The Manitowoc Company, Inc.	Trimmed	−3,500,000	−$75.5M	6.1%
SS SPDR S&P 500 ETF Trust	Trimmed	−64,400	−$13.3M	0.3%
SS SPDR S&P Midcap 400 ETF Trust	Trimmed	−19,500	−$5.41M	0.2%

quarter ended December 31, 2014 · filed February 13, 2015

Company	Action	Shares changed	Value of change	% of portfolio
HC Hewlett-packard Company	Exited	−27,022,570	−$958M	—
SC Spx Corporation	Trimmed	−1,976,419	−$170M	13.3%
Hologic, Inc.	Trimmed	−4,467,539	−$119M	12.5%
The Manitowoc Company, Inc.	Trimmed	−860,000	−$19M	8.1%
SS SPDR S&P 500 ETF Trust	Added	+62,700	+$12.9M	0.7%
SS SPDR S&P Midcap 400 ETF Trust	Added	+22,200	+$5.86M	0.3%

quarter ended September 30, 2014 · filed November 14, 2014

Company	Action	Shares changed	Value of change	% of portfolio
The Timken Company	Exited	−6,856,535	−$465M	—
IP Ingersoll-rand Public Limited Company	Exited	−7,400,599	−$463M	—
BA B/e Aerospace, Inc.	Exited	−3,650,100	−$338M	—
Hess Corporation	Exited	−3,023,428	−$299M	—
NS Nxp Semiconductors N.v.	Exited	−3,760,815	−$249M	—
Yum! Brands, Inc.	Exited	−1,149,526	−$93.3M	—
Mondelez International, Inc.	Trimmed	−2,721,059	−$93.2M	10.5%
SS SPDR S&P 500 ETF Trust	Trimmed	−270,702	−$53.3M	0.2%
BL Bunge Limited	Trimmed	−454,170	−$38.3M	10.3%
Hologic, Inc.	Trimmed	−1,300,000	−$31.6M	10.4%

Showing the 10 largest of 15 changes.

quarter ended June 30, 2014 · filed August 14, 2014

Company	Action	Shares changed	Value of change	% of portfolio
MH Magnum Hunter Resources Corporation	Added	+26,165,999	+$215M	3.8%
Clean Harbors, Inc.	Added	+2,966,392	+$191M	5.8%
The Manitowoc Company, Inc.	Added	+4,971,969	+$163M	5.8%
SS SPDR S&P Midcap 400 ETF Trust	Trimmed	−623,400	−$162M	0.2%
SS SPDR S&P 500 ETF Trust	Trimmed	−750,800	−$147M	0.9%
The Timken Company	Trimmed	−1,400,000	−$95M	7.1%
WR W. R. Grace & Co.	Exited	−909,752	−$90.2M	—
Hologic, Inc.	Trimmed	−3,464,329	−$87.8M	7.2%
First American Financial Corporation	Exited	−2,667,035	−$70.8M	—
IP Ingersoll-rand Public Limited Company	Trimmed	−561,365	−$35.1M	7.0%

Showing the 10 largest of 16 changes.

quarter ended March 31, 2014 · filed August 14, 2014

Company	Action	Shares changed	Value of change	% of portfolio
Illinois Tool Works Inc.	Exited	−4,747,244	−$399M	—
BA B/e Aerospace, Inc.	New	+3,650,100	+$317M	5.1%
NS Nxp Semiconductors N.v.	New	+3,760,815	+$221M	3.5%
SS SPDR S&P 500 ETF Trust	Trimmed	−990,000	−$185M	3.2%
Clean Harbors, Inc.	New	+2,975,100	+$163M	2.6%
IP Ingersoll-rand Public Limited Company	Added	+2,550,000	+$146M	7.3%
Yum! Brands, Inc.	New	+1,149,426	+$86.7M	1.4%
WR W. R. Grace & Co.	Trimmed	−835,327	−$82.8M	1.4%
SC Spx Corporation	Trimmed	−769,171	−$75.6M	9.9%
The Manitowoc Company, Inc.	Added	+2,111,208	+$66.4M	3.3%

Showing the 10 largest of 19 changes.

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