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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 (2016Q1)
Portfolio Summary: 192 holdings with a total value of $296,653,000.
#
Name
Shares
Value ($)
%
Options
Notes
151 MOSAIC CO NEW 21,594 583,000 0.20%
152 ORTHOFIX INTL N V 13,955 579,000 0.20%
153 KELLY SVCS INC CL A 30,034 574,000 0.19%
154 AVIS BUDGET GROUP 20,900 572,000 0.19%
155 UNIVERSAL CORP VA 10,008 569,000 0.19%
156 HERTZ GLOBAL HOLDINGS INC COM 54,000 569,000 0.19%
157 WINDSTREAM HLDGS INC 73,712 566,000 0.19%
158 TRIPLE-S MGMT CORP 22,660 563,000 0.19%
159 SOHU COM INC 11,223 556,000 0.19%
160 MATSON INC COM 13,750 552,000 0.19%
161 CHEMTURA CORP 20,497 541,000 0.18%
162 REGIS CORP MINN COM 35,376 537,000 0.18%
163 FIDELITY NATIONAL FINANCIAL 15,729 533,000 0.18%
164 OMNICOM GROUP INC 6,400 533,000 0.18%
165 ENNIS INC COM 26,992 528,000 0.18%
166 WADDELL & REED FINL INC 22,418 528,000 0.18%
167 EMERGENT BIOSOLUTIONS INC 14,232 517,000 0.17%
168 LAS VEGAS SANDS CORP 9,955 514,000 0.17%
169 TELEDYNE TECHNOLOGIES INC 5,704 503,000 0.17%
170 EARTHLINK HOLDINGS ORD 88,145 500,000 0.17%
171 SOUTHWESTERN ENERGY CO 61,500 496,000 0.17%
172 VIAD CORP 16,495 481,000 0.16%
173 WESTLAKE CHEM CORP 10,261 475,000 0.16%
174 DEAN FOODS CO NEW 26,914 466,000 0.16%
175 SYNOPSYS INC 14,993 465,000 0.16%
176 MALLINCKRODT PUB LTD CO 7,528 461,000 0.16%
177 TARGA RES CORP 15,400 460,000 0.16%
178 WALKER & DUNLOP INC COM 18,836 457,000 0.15%
179 ALTISOURCE PORTFOLIO SOLNS S 17,921 433,000 0.15%
180 CAESARS ENTERTAINMENT 59,052 402,000 0.14%
181 ARRIS INTL INC 17,000 390,000 0.13%
182 LEVEL 3 COMM 7,300 386,000 0.13%
183 BIOGEN INC 1,354 352,000 0.12%
184 WEATHERFORD INTL PLC 42,000 327,000 0.11%
185 WESTROCK CO 8,135 318,000 0.11%
186 CENTURY ALUM CO 39,469 278,000 0.09%
187 MOVADO GROUP INC 9,881 272,000 0.09%
188 MULTI FINELINE ELECTRONIX IN 11,500 267,000 0.09%
189 AUTONATION INC 5,425 253,000 0.09%
190 AMERICAN EXPRESS CO 4,000 246,000 0.08%
191 GROUPON INC 59,511 237,000 0.08%
192 MICRON TECHNOLOGY INC 22,076 231,000 0.08%
Page 4 of 4

Portfolio data is normalized using SEC Form 13F filings, including the Original 13F-HR (0001172661-16-003195, filed 2016.05.09).

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.