# GARGOYLE INVESTMENT ADVISOR L.L.C.

> Institutional holdings reported to the SEC as of Q4 2019 on Form 13F. CIK 1389974. Source: https://holderbook.com/funds/1389974-gargoyle-investment-advisor-l-l-c/

- Reported value: $64.6M
- Positions: 85
- Weight of the ten largest: 19.7%
- Filed: 2020-02-18

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| UNITED RENTALS INC | [URI](https://holderbook.com/stocks/URI/) | $1.5M | 8,889 | 2.3% | 5 |
| CITIGROUP INC | [C](https://holderbook.com/stocks/C/) | $1.4M | 18,094 | 2.2% | 5 |
| STERICYCLE INC | [SRCL](https://holderbook.com/stocks/SRCL/) | $1.4M | 21,959 | 2.2% | 5 |
| MICRON TECHNOLOGY INC | [MU](https://holderbook.com/stocks/MU/) | $1.3M | 24,852 | 2.1% | 5 |
| DISH NETWORK CORPORATION | [DISH](https://holderbook.com/stocks/DISH/) | $1.3M | 35,859 | 2.0% | 5 |
| NUANCE COMMUNICATIONS INC | [NUAN](https://holderbook.com/stocks/NUAN/) | $1.2M | 68,858 | 1.9% | 5 |
| ESSENT GROUP LTD | [ESNT](https://holderbook.com/stocks/ESNT/) | $1.2M | 23,577 | 1.9% | 5 |
| CONAGRA BRANDS INC | [CAG](https://holderbook.com/stocks/CAG/) | $1.1M | 33,465 | 1.8% | 4 |
| DICKS SPORTING GOODS INC | [DKS](https://holderbook.com/stocks/DKS/) | $1.1M | 22,569 | 1.7% | 5 |
| STIFEL FINL CORP | [SF](https://holderbook.com/stocks/SF/) | $1.1M | 17,893 | 1.7% | 4 |
| PARAMOUNT GLOBAL | [PARA](https://holderbook.com/stocks/PARA/) | $1.1M | 25,517 | 1.7% | 1 |
| AUTONATION INC | [AN](https://holderbook.com/stocks/AN/) | $1.1M | 21,813 | 1.6% | 5 |
| ZIMMER BIOMET HOLDINGS INC | [ZBH](https://holderbook.com/stocks/ZBH/) | $1.1M | 7,084 | 1.6% | 5 |
| BAKER HUGHES COMPANY | [BKR](https://holderbook.com/stocks/BKR/) | $1.0M | 40,813 | 1.6% | 5 |
| REGAL REXNORD CORPORATION | [RRX](https://holderbook.com/stocks/RRX/) | $1.0M | 12,197 | 1.6% | 5 |
| OPEN TEXT CORP | [OTEX](https://holderbook.com/stocks/OTEX/) | $1.0M | 23,186 | 1.6% | 5 |
| PACWEST BANCORP DEL | [PACW](https://holderbook.com/stocks/PACW/) | $1.0M | 26,238 | 1.6% | 5 |
| AT&T INC | [T](https://holderbook.com/stocks/T/) | $995.0K | 25,453 | 1.5% | 5 |
| BIOGEN INC | [BIIB](https://holderbook.com/stocks/BIIB/) | $990.0K | 3,336 | 1.5% | 3 |
| EASTMAN CHEM CO | [EMN](https://holderbook.com/stocks/EMN/) | $984.0K | 12,419 | 1.5% | 5 |
| CVS HEALTH CORP | [CVS](https://holderbook.com/stocks/CVS/) | $973.0K | 13,099 | 1.5% | 5 |
| ARROW ELECTRS INC | [ARW](https://holderbook.com/stocks/ARW/) | $971.0K | 11,460 | 1.5% | 5 |
| CHECK POINT SOFTWARE TECH LT | [CHKP](https://holderbook.com/stocks/CHKP/) | $949.0K | 8,557 | 1.5% | 5 |
| DELTA AIR LINES INC | [DAL](https://holderbook.com/stocks/DAL/) | $939.0K | 16,059 | 1.5% | 4 |
| ORACLE CORP | [ORCL](https://holderbook.com/stocks/ORCL/) | $936.0K | 17,675 | 1.4% | 5 |
| TOLL BROTHERS INC | [TOL](https://holderbook.com/stocks/TOL/) | $933.0K | 23,624 | 1.4% | 5 |
| MANPOWERGROUP INC WIS | [MAN](https://holderbook.com/stocks/MAN/) | $926.0K | 9,537 | 1.4% | 4 |
| MKS INC. | [MKSI](https://holderbook.com/stocks/MKSI/) | $920.0K | 8,365 | 1.4% | 5 |
| MORGAN STANLEY | [MS](https://holderbook.com/stocks/MS/) | $918.0K | 17,962 | 1.4% | 5 |
| HUNTSMAN CORP | [HUN](https://holderbook.com/stocks/HUN/) | $900.0K | 37,263 | 1.4% | 5 |
| STEEL DYNAMICS INC | [STLD](https://holderbook.com/stocks/STLD/) | $887.0K | 26,069 | 1.4% | 5 |
| AMERIPRISE FINL INC | [AMP](https://holderbook.com/stocks/AMP/) | $881.0K | 5,290 | 1.4% | 5 |
| AIR LEASE CORP | [AL](https://holderbook.com/stocks/AL/) | $866.0K | 18,220 | 1.3% | 4 |
| LAM RESEARCH CORP | [LRCXXXXX](https://holderbook.com/stocks/LRCXXXXX/) | $845.0K | 2,890 | 1.3% | 5 |
| LEAR CORP | [LEA](https://holderbook.com/stocks/LEA/) | $834.0K | 6,078 | 1.3% | 5 |
| ALLISON TRANSMISSION HLDGS I | [ALSN](https://holderbook.com/stocks/ALSN/) | $832.0K | 17,225 | 1.3% | 5 |
| SYNEOS HEALTH INC | [SYNH](https://holderbook.com/stocks/SYNH/) | $832.0K | 13,990 | 1.3% | 5 |
| CAPITAL ONE FINL CORP | [COF](https://holderbook.com/stocks/COF/) | $825.0K | 8,019 | 1.3% | 5 |
| DENTSPLY SIRONA INC | [XRAY](https://holderbook.com/stocks/XRAY/) | $811.0K | 14,338 | 1.3% | 4 |
| AECOM | [ACM](https://holderbook.com/stocks/ACM/) | $809.0K | 18,766 | 1.3% | 4 |
| EVERFORTH INC | [EFOR](https://holderbook.com/stocks/EFOR/) | $785.0K | 11,061 | 1.2% | 4 |
| GRAHAM HLDGS CO | [GHC](https://holderbook.com/stocks/GHC/) | $771.0K | 1,207 | 1.2% | 5 |
| COTY INC | [COTY](https://holderbook.com/stocks/COTY/) | $767.0K | 68,186 | 1.2% | 5 |
| LEGG MASON INC | [LM](https://holderbook.com/stocks/LM/) | $764.0K | 21,267 | 1.2% | 5 |
| LOGMEIN INC | [LOGM](https://holderbook.com/stocks/LOGM/) | $748.0K | 8,721 | 1.2% | 5 |
| BANKUNITED INC | [BKU](https://holderbook.com/stocks/BKU/) | $722.0K | 19,742 | 1.1% | 5 |
| NCR VOYIX CORPORATION | [VYX](https://holderbook.com/stocks/VYX/) | $716.0K | 20,372 | 1.1% | 4 |
| THOR INDS INC | [THO](https://holderbook.com/stocks/THO/) | $711.0K | 9,574 | 1.1% | 5 |
| INVESCO LTD | [IVZ](https://holderbook.com/stocks/IVZ/) | $699.0K | 38,852 | 1.1% | 5 |
| PENSKE AUTOMOTIVE GRP INC | [PAG](https://holderbook.com/stocks/PAG/) | $696.0K | 13,859 | 1.1% | 5 |
| WESTERN DIGITAL CORP | [WDC](https://holderbook.com/stocks/WDC/) | $681.0K | 10,728 | 1.1% | 5 |
| JAZZ PHARMACEUTICALS PLC | [JAZZ](https://holderbook.com/stocks/JAZZ/) | $659.0K | 4,415 | 1.0% | 4 |
| PERRIGO CO PLC | [PRGO](https://holderbook.com/stocks/PRGO/) | $659.0K | 12,753 | 1.0% | 5 |
| F5 INC | [FFIV](https://holderbook.com/stocks/FFIV/) | $655.0K | 4,692 | 1.0% | 5 |
| AMERICAN NATL INS CO | [ANATXXXX](https://holderbook.com/stocks/ANATXXXX/) | $646.0K | 5,486 | 1.0% | 4 |
| BRISTOL-MYERS SQUIBB CO | [BMY](https://holderbook.com/stocks/BMY/) | $635.0K | 9,891 | 1.0% | 2 |
| BAUSCH HEALTH COS INC | [BHC](https://holderbook.com/stocks/BHC/) | $627.0K | 20,971 | 1.0% | 5 |
| FORD MTR CO | [F](https://holderbook.com/stocks/F/) | $623.0K | 66,953 | 1.0% | 4 |
| PRUDENTIAL FINL INC | [PRU](https://holderbook.com/stocks/PRU/) | $602.0K | 6,419 | 0.9% | 5 |
| THE CIGNA GROUP | [CI](https://holderbook.com/stocks/CI/) | $569.0K | 2,783 | 0.9% | 4 |
| YELP INC | [YELP](https://holderbook.com/stocks/YELP/) | $563.0K | 16,178 | 0.9% | 4 |
| PVH CORPORATION | [PVH](https://holderbook.com/stocks/PVH/) | $531.0K | 5,046 | 0.8% | 2 |
| GENERAL MTRS CO | [GM](https://holderbook.com/stocks/GM/) | $521.0K | 14,247 | 0.8% | 5 |
| MANULIFE FINL CORP | [MFC](https://holderbook.com/stocks/MFC/) | $484.0K | 23,847 | 0.7% | 2 |
| MOLSON COORS BEVERAGE CO | [TAP](https://holderbook.com/stocks/TAP/) | $472.0K | 8,761 | 0.7% | 4 |
| SENSATA TECHNOLOGIES HLDG PL | [ST](https://holderbook.com/stocks/ST/) | $467.0K | 8,668 | 0.7% | 3 |
| COMERICA INC | [CMA](https://holderbook.com/stocks/CMA/) | $461.0K | 6,432 | 0.7% | 2 |
| NORWEGIAN CRUISE LINE HLDGS | [NCLH](https://holderbook.com/stocks/NCLH/) | $458.0K | 7,843 | 0.7% | 2 |
| FLEX LTD | [FLEX](https://holderbook.com/stocks/FLEX/) | $452.0K | 35,848 | 0.7% | 5 |
| OWENS CORNING NEW | [OC](https://holderbook.com/stocks/OC/) | $448.0K | 6,878 | 0.7% | 4 |
| MOSAIC CO | [MOS](https://holderbook.com/stocks/MOS/) | $437.0K | 20,193 | 0.7% | 3 |
| SCHEIN HENRY INC | [HSIC](https://holderbook.com/stocks/HSIC/) | $428.0K | 6,421 | 0.7% | 2 |
| AMERICAN INTL GROUP INC | [AIG](https://holderbook.com/stocks/AIG/) | $410.0K | 7,981 | 0.6% | 5 |
| WESTLAKE CORPORATION | [WLK](https://holderbook.com/stocks/WLK/) | $400.0K | 5,700 | 0.6% | 5 |
| RYDER SYS INC | [R](https://holderbook.com/stocks/R/) | $396.0K | 7,283 | 0.6% | 4 |
| TD SYNNEX CORPORATION | [SNX](https://holderbook.com/stocks/SNX/) | $393.0K | 3,053 | 0.6% | 5 |
| BORGWARNER INC | [BWA](https://holderbook.com/stocks/BWA/) | $376.0K | 8,670 | 0.6% | 5 |
| IMPERIAL OIL LTD | [IMO](https://holderbook.com/stocks/IMO/) | $367.0K | 13,880 | 0.6% | 2 |
| TREEHOUSE FOODS INC | [THS](https://holderbook.com/stocks/THS/) | $361.0K | 7,452 | 0.6% | 5 |
| SNAP ON INC | [SNA](https://holderbook.com/stocks/SNA/) | $350.0K | 2,066 | 0.5% | 5 |
| INTERNATIONAL BUSINESS MACHS | [IBM](https://holderbook.com/stocks/IBM/) | $338.0K | 2,524 | 0.5% | 5 |
| REGENERON PHARMACEUTICALS | [REGN](https://holderbook.com/stocks/REGN/) | $283.0K | 754 | 0.4% | 4 |
| CIMAREX ENERGY CO | [XEC](https://holderbook.com/stocks/XEC/) | $226.0K | 4,300 | 0.3% | 2 |
| ECHOSTAR CORP | [ECHO](https://holderbook.com/stocks/ECHO/) | $217.0K | 5,017 | 0.3% | 1 |
| DEUTSCHE BK AG | [DB](https://holderbook.com/stocks/DB/) | $194.0K | 24,900 | 0.3% | 4 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q4 2019 | +10.0% | +8.5% | +1.5% | 100% |
| Q3 2019 | -1.8% | +1.3% | -3.1% | 100% |
| Q2 2019 | +0.7% | +3.7% | -3.1% | 100% |
| Q1 2019 | +12.8% | +13.0% | -0.3% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q4 2019 | $64.6M | 85 |
| Q3 2019 | $79.1M | 103 |
| Q2 2019 | $90.1M | 107 |
| Q1 2019 | $104.0M | 114 |
| Q4 2018 | $109.5M | 104 |