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Institutional Investment Manager
GARGOYLE INVESTMENT ADVISOR L.L.C.
GARGOYLE INVESTMENT ADVISOR L.L.C. (CIK: 0001389974) incorporated in New York, located at 285 Grand Avenue, Englewood, NJ. Institutional holdings reported to the SEC.

Institutional Holdings (2014Q2)
Portfolio Summary: 142 holdings with a total value of $267,031,000.
#
Name
Shares
Value ($)
%
Options
Notes
51 DILLARDS INC 23,979 2,830,000 1.06%
52 ERIE INDEMNITY CO-CL A 37,848 2,797,000 1.05%
53 WELLCARE HEALTH PLANS INC 36,678 2,795,000 1.05%
54 NASDAQ OMX GROUP 67,852 2,794,000 1.05%
55 TESORO CORP 46,354 2,691,000 1.01%
56 UNITED THERAPEUTICS CORP DEL 29,053 2,673,000 1.00%
57 SYMANTEC CORP 113,111 2,645,000 0.99%
58 STAPLES INC 237,146 2,607,000 0.98%
59 PEABODY ENERGY CORP 166,106 2,570,000 0.96%
60 HARRIS CORP 34,862 2,559,000 0.96%
61 LEIDOS HLDGS INC 65,437 2,471,000 0.93%
62 AOL INC 61,899 2,427,000 0.91%
63 HOLLYFRONTIER CORP 51,626 2,284,000 0.86%
64 UNITED STATES STL CORP NEW 82,498 2,265,000 0.85%
65 INTERCONTINENTAL EXCHANGE IN 10,011 1,954,000 0.73%
66 Lifepoint Hospitals Inc 39,317 1,894,000 0.71%
67 MANPOWERGROUP INC 20,698 1,726,000 0.65%
68 NORTHROP GRUMMAN CORP 13,164 1,666,000 0.62%
69 GENERAL MTRS CO 40,084 1,485,000 0.56%
70 OLD REP INTL CORP 87,309 1,444,000 0.54%
71 JABIL INC COM 66,086 1,388,000 0.52%
72 AVON PRODS INC 93,964 1,343,000 0.50%
73 VERIFONE SYS INC 35,013 1,287,000 0.48%
74 VALERO ENERGY CORP NEW 24,665 1,236,000 0.46%
75 NEWMONT CORP 45,792 1,164,000 0.44%
76 AMERICAN INTL GROUP INC 20,770 1,134,000 0.42%
77 Questcor 10,642 985,000 0.37%
78 XL Group plc 24,712 826,000 0.31%
79 CLIFFS NAT RES INC 54,178 818,000 0.31%
80 PERRIGO CO PLC 5,420 790,000 0.30%
81 TIME WARNER INC 11,230 789,000 0.30%
82 OCWEN FINL CORP 21,140 784,000 0.29%
83 ALLERGAN PLC 3,450 770,000 0.29%
84 INGREDION INC 9,910 744,000 0.28%
85 QUEST DIAGNOSTICS INC 12,520 735,000 0.28%
86 OIL STS INTL INC 11,365 728,000 0.27%
87 LAS VEGAS SANDS CORP 9,370 714,000 0.27%
88 SANDERSON FARMS INC 7,014 682,000 0.26%
89 AK STL HLDG CORP 84,486 673,000 0.25%
90 TECH DATA CORP 10,749 672,000 0.25%
91 RENAISSANCERE HOLDINGS LTD 6,273 671,000 0.25%
92 DEPOMED INC 48,106 669,000 0.25%
93 GREEN PLAINS INC COM 20,263 666,000 0.25%
94 TRIANGLE PETE CORP 56,540 664,000 0.25%
95 REPLIGEN CORP COM 29,105 663,000 0.25%
96 OMNIVISION TECHS INC 30,117 662,000 0.25%
97 SUPER MICRO COMPUTER INC COM 25,971 656,000 0.25%
98 LUMEN TECHNOLOGIES INC 18,010 652,000 0.24%
99 TAKE-TWO INTERACTIVE SOFTWAR 29,113 647,000 0.24%
100 BABCOCK & WILCOX COMPANY 19,800 643,000 0.24%
Page 2 of 3

Portfolio data is normalized using SEC Form 13F filings, including the Original 13F-HR (0001085146-14-001618, filed 2014.08.11).

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.