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Institutional Investment Manager
Daiwa Securities Group Inc.
Daiwa Securities Group Inc. (CIK: 0001481045), registered under American Depositary Receipts, located at Grantokyo North Tower, 9-1, Tokyo, M0. Institutional holdings reported to the SEC.

Institutional Holdings (2016Q3)
Portfolio Summary: 968 holdings with a total value of $16,746,993,000.
#
Name
Shares
Value ($)
%
Options
Notes
901 MONMOUTH REAL ESTATE INVT CO 2,400 34,000 0.00%
902 TARO PHARMACEUTICAL INDS LTD 300 33,000 0.00%
903 GOGO INC 1,686 33,000 0.00%
904 UNIVERSAL HEALTH RLTY INCOME 500 32,000 0.00%
905 PARAMOUNT GROUP INC COM 1,883 31,000 0.00%
906 MACQUARIE INFRASTRUCTURE COR 100 31,000 0.00%
907 CARETRUST REIT INC COM 2,106 31,000 0.00%
908 DTE ENERGY CO 566 31,000 0.00%
909 ISTAR INC COM 2,800 30,000 0.00%
910 FelCor Lodging Trust Inc 4,400 28,000 0.00%
911 Grupo Aeroportuario Del Pacifi 300 28,000 0.00%
912 HERSHA HOSPITALITY TR 1,550 28,000 0.00%
913 TESLA INC PUT 200 27,000 0.00%
914 POWERSHARES ETF TR II 700 27,000 0.00%
915 SAUL CENTERS INC 400 27,000 0.00%
916 INVESTORS REAL 4,300 26,000 0.00%
917 TIER REIT INC 1,700 26,000 0.00%
918 NATIONAL STORAGE AFFILIATES 1,200 25,000 0.00%
919 CHATHAM LODGING TR COM 1,300 25,000 0.00%
920 VANECK VECTORS ETF TR 500 25,000 0.00%
921 CEMEX SAB DE CV 3,000 25,000 0.00%
922 SELECT SECTOR SPDR TR 500 24,000 0.00%
923 TIM PARTICIPACOES S A 2,000 24,000 0.00%
924 NORTHSTAR REALTY EUROPE CORPORATION 2,082 23,000 0.00%
925 BANCO SANTANDER CHILE NEW 1,100 23,000 0.00%
926 SILVER BAY RLTY TR CORP 1,300 23,000 0.00%
927 ECOPETROL S A 2,600 23,000 0.00%
928 URSTADT BIDDLE PPTYS INC CL A 1,000 22,000 0.00%
929 GETTY RLTY CORP NEW 904 22,000 0.00%
930 First Potomac Realty Trust 2,200 20,000 0.00%
931 YAHOO INC 6,000 20,000 0.00%
932 FLEXSHARES NATURAL RESOURCES ETF 700 19,000 0.00%
933 CEDAR REALTY TRUST INC COM NEW 2,500 18,000 0.00%
934 UNITED STATES NATL GAS FUND 2,200 18,000 0.00%
935 ISHARES SILVER TR 1,000 18,000 0.00%
936 ASHFORD HOSPITALITY TR INC 2,900 17,000 0.00%
937 AVIS BUDGET GROUP 500 17,000 0.00%
938 FANG HLDGS LIMITED ADR 3,700 17,000 0.00%
939 NEXPOINT RESIDENTIAL TR INC 800 16,000 0.00%
940 ISHARES TR 200 16,000 0.00%
941 ASHFORD HOSPITALITY PRIME IN 1,073 15,000 0.00%
942 GLADSTONE COMMERCIAL CORP 800 15,000 0.00%
943 ARMADA HOFFLER PPTYS INC 1,100 15,000 0.00%
944 EASTERLY GOVT PPTYS INC 800 15,000 0.00%
945 UNITED STS BRENT OIL FD LP UNIT 1,000 15,000 0.00%
946 WHITESTONE REIT 1,000 14,000 0.00%
947 ISHARES MSCI GLOBAL METALS & MINING PRODUCERS ETF 1,200 14,000 0.00%
948 INDEPENDENCE RLTY TR INC COM 1,564 14,000 0.00%
949 ENDESA AMERS SA SPON ADR 1,000 14,000 0.00%
950 NORTHSTAR RLTY FIN CORP 6,824 13,000 0.00%
Page 19 of 20

Portfolio data is normalized using SEC Form 13F filings, including the Restatement filing (0001481045-17-000001, filed 2017.01.10).

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.