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Institutional Investment Manager
Baldwin Investment Management, LLC
Baldwin Investment Management, LLC (CIK: 0001346378) incorporated in Pennsylvania, located at 1001 Conshohocken State Rd, West Conshohocken, PA. Institutional holdings reported to the SEC.

Institutional Holdings (2017Q1)
Portfolio Summary: 120 holdings with a total value of $258,197,000.
#
Name
Shares
Value ($)
%
Options
Notes
51 APACHE CORP 15,428 793,000 0.31% SH
52 PRUDENTIAL FINL INC 7,242 773,000 0.30% SH
53 GILEAD SCIENCES INC 11,070 752,000 0.29% SH
54 RYANAIR HLDGS PLC 9,051 751,000 0.29% SH
55 PRAXAIR INC 6,325 750,000 0.29% SH
56 GOLDMAN SACHS GROUP INC 3,222 740,000 0.29% SH
57 INFOSYS LTD 46,026 727,000 0.28% SH
58 GENERAL ELECTRIC CO 24,150 720,000 0.28% SH
59 EOG RES INC 7,191 701,000 0.27% SH
60 COLGATE PALMOLIVE CO 9,555 699,000 0.27% SH
61 AUTODESK INC 8,050 696,000 0.27% SH
62 MICROSOFT CORP 10,450 688,000 0.27% SH
63 CARNIVAL CORP 11,625 685,000 0.27% SH
64 METLIFE INC 12,307 650,000 0.25% SH
65 RYDEX ETF TRUST 7,100 645,000 0.25% SH
66 Chubb Corporation 4,525 617,000 0.24% SH
67 C H ROBINSON WORLDWIDE INC 7,750 599,000 0.23% SH
68 VERIZON COMMUNICATIONS INC 11,568 564,000 0.22% SH
69 NORFOLK SOUTHERN CORP 5,000 560,000 0.22% SH
70 ITAU UNIBANCO HLDG SA 45,446 549,000 0.21% SH
71 NEXTERA ENERGY INC 4,224 542,000 0.21% SH
72 TAL ED GROUP 5,069 540,000 0.21% SH
73 ICICI BANK LIMITED 60,590 521,000 0.20% SH
74 CISCO SYS INC 15,100 510,000 0.20% SH
75 YUM BRANDS INC 7,985 510,000 0.20% SH
76 AT&T INC 11,867 493,000 0.19% SH
77 NXP SEMICONDUCTORS N V 4,712 490,000 0.19% SH
78 CHECK POINT SOFTWARE TECH LT 4,631 475,000 0.18% SH
79 NOBLE ENERGY INC 13,275 456,000 0.18% SH
80 PHILLIPS 66 5,700 452,000 0.18% SH
81 DOMINION ENERGY INC 5,800 450,000 0.17% SH
82 BLACKROCK INC 1,165 447,000 0.17% SH
83 SYMANTEC CORP 14,000 430,000 0.17% SH
84 HOME DEPOT INC 2,800 411,000 0.16% SH
85 NEWLINK GENETICS CORP COM 17,000 410,000 0.16% SH
86 CHEVRON CORP NEW 3,566 383,000 0.15% SH
87 MASTERCARD INCORPORATED 3,400 382,000 0.15% SH
88 INTEL CORP 10,550 381,000 0.15% SH
89 PROCTER AND GAMBLE CO 4,227 380,000 0.15% SH
90 LAS VEGAS SANDS CORP 6,433 367,000 0.14% SH
91 INTERNATIONAL BUSINESS MACHS 2,109 367,000 0.14% SH
92 PEPSICO INC 3,225 361,000 0.14% SH
93 CONOCOPHILLIPS 6,950 347,000 0.13% SH
94 ENERGEN CORP COM 6,373 347,000 0.13% SH
95 TEXTRON INC 7,200 343,000 0.13% SH
96 TEEKAY LNG PARTNERS L P 19,540 343,000 0.13% SH
97 BLACKSTONE GROUP L P 11,250 334,000 0.13% SH
98 Vodafone Group New ADR 12,520 331,000 0.13% SH
99 POWERSHARES ETF TRUST 12,625 329,000 0.13% SH
100 SELECT SECTOR SPDR TR 4,300 320,000 0.12% SH
Page 2 of 3

Portfolio data is normalized using SEC Form 13F filings, including the Original 13F-HR (0001346378-17-000002, filed 2017.05.09).

From 2023-01-03 onward, the SEC requires values to be reported in nearest dollars. Earlier filings reported values in thousands; therefore, positions shown as $0 in older filings may represent actual values between $0–$999.