# Kaizen Advisory, LLC

> Institutional holdings reported to the SEC as of Q4 2018 on Form 13F. CIK 1669336. Source: https://holderbook.com/funds/1669336-kaizen-advisory-llc/

- Reported value: $144.0M
- Positions: 570
- Weight of the ten largest: 22.2%
- Filed: 2019-02-15

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 |
|---|---|---|---|---|---|
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $19.1M | 76,256 | 13.2% | 1 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $2.5M | 16,079 | 1.8% | 1 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $2.1M | 20,677 | 1.5% | 1 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $1.6M | 1,070 | 1.1% | 1 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $1.2M | 6,606 | 0.9% | 1 |
| COMCAST CORP NEW | [CMCSA](https://holderbook.com/stocks/CMCSA/) | $1.2M | 36,367 | 0.9% | 1 |
| ADOBE INC | [ADBE](https://holderbook.com/stocks/ADBE/) | $1.1M | 4,849 | 0.8% | 1 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $1.1M | 5,255 | 0.7% | 1 |
| BOOKING HOLDINGS INC | [BKNG](https://holderbook.com/stocks/BKNG/) | $1.0M | 593 | 0.7% | 1 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $1.0M | 4,980 | 0.7% | 1 |
| TEXAS INSTRS INC | [TXN](https://holderbook.com/stocks/TXN/) | $991.0K | 10,495 | 0.7% | 1 |
| FEDERATED HERMES INC | [FHI](https://holderbook.com/stocks/FHI/) | $988.0K | 37,192 | 0.7% | 1 |
| NUTRI SYS INC NEW | [NTRI](https://holderbook.com/stocks/NTRI/) | $970.0K | 22,102 | 0.7% | 1 |
| INTUIT | [INTU](https://holderbook.com/stocks/INTU/) | $961.0K | 4,880 | 0.7% | 1 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $953.0K | 7,386 | 0.7% | 1 |
| WASTE MGMT INC DEL | [WM](https://holderbook.com/stocks/WM/) | $934.0K | 10,496 | 0.6% | 1 |
| AFLAC INC | [AFL](https://holderbook.com/stocks/AFL/) | $929.0K | 20,392 | 0.6% | 1 |
| TRACTOR SUPPLY CO | [TSCO](https://holderbook.com/stocks/TSCO/) | $917.0K | 10,990 | 0.6% | 1 |
| WD 40 CO | [WDFC](https://holderbook.com/stocks/WDFC/) | $914.0K | 4,988 | 0.6% | 1 |
| VEEVA SYS INC | [VEEV](https://holderbook.com/stocks/VEEV/) | $909.0K | 10,176 | 0.6% | 1 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $884.0K | 9,057 | 0.6% | 1 |
| ENCORE WIRE CORP | [WIRE](https://holderbook.com/stocks/WIRE/) | $862.0K | 17,170 | 0.6% | 1 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $857.0K | 828 | 0.6% | 1 |
| MAXIMUS INC | [MMS](https://holderbook.com/stocks/MMS/) | $856.0K | 13,151 | 0.6% | 1 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $853.0K | 6,509 | 0.6% | 1 |
| TC PIPELINES LP | [TCP](https://holderbook.com/stocks/TCP/) | $851.0K | 26,501 | 0.6% | 1 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $847.0K | 811 | 0.6% | 1 |
| NORFOLK SOUTHN CORP | [NSC](https://holderbook.com/stocks/NSC/) | $844.0K | 5,644 | 0.6% | 1 |
| PNC FINL SVCS GROUP INC | [PNC](https://holderbook.com/stocks/PNC/) | $840.0K | 7,182 | 0.6% | 1 |
| YUM CHINA HLDGS INC | [YUMC](https://holderbook.com/stocks/YUMC/) | $831.0K | 24,793 | 0.6% | 1 |
| PAYCHEX INC | [PAYX](https://holderbook.com/stocks/PAYX/) | $829.0K | 12,721 | 0.6% | 1 |
| INTERPUBLIC GROUP COS INC | [IPG](https://holderbook.com/stocks/IPG/) | $812.0K | 39,382 | 0.6% | 1 |
| HEICO CORP NEW | [HEIA](https://holderbook.com/stocks/HEIA/) | $808.0K | 12,833 | 0.6% | 1 |
| MASIMO CORP | [MASI](https://holderbook.com/stocks/MASI/) | $806.0K | 7,504 | 0.6% | 1 |
| NVR INC | [NVR](https://holderbook.com/stocks/NVR/) | $805.0K | 330 | 0.6% | 1 |
| FASTENAL CO | [FAST](https://holderbook.com/stocks/FAST/) | $788.0K | 15,089 | 0.5% | 1 |
| HENRY JACK & ASSOC INC | [JKHY](https://holderbook.com/stocks/JKHY/) | $785.0K | 6,201 | 0.5% | 1 |
| FMC CORP | [FMC](https://holderbook.com/stocks/FMC/) | $784.0K | 10,614 | 0.5% | 1 |
| FORTIVE CORP | [FTV](https://holderbook.com/stocks/FTV/) | $779.0K | 11,504 | 0.5% | 1 |
| GENERAC HLDGS INC | [GNRC](https://holderbook.com/stocks/GNRC/) | $777.0K | 15,631 | 0.5% | 1 |
| BOOZ ALLEN HAMILTON HLDG COR | [BAH](https://holderbook.com/stocks/BAH/) | $776.0K | 17,222 | 0.5% | 1 |
| ZIMMER BIOMET HOLDINGS INC | [ZBH](https://holderbook.com/stocks/ZBH/) | $772.0K | 7,437 | 0.5% | 1 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $771.0K | 11,313 | 0.5% | 1 |
| TOTAL SYS SVCS INC | [TSS](https://holderbook.com/stocks/TSS/) | $769.0K | 9,459 | 0.5% | 1 |
| WABCO HLDGS INC | [WBC](https://holderbook.com/stocks/WBC/) | $747.0K | 6,958 | 0.5% | 1 |
| FORWARD AIR CORP | [FWRDXXXX](https://holderbook.com/stocks/FWRDXXXX/) | $743.0K | 13,546 | 0.5% | 1 |
| SCHNITZER STEEL INDS INC | [RDUS](https://holderbook.com/stocks/RDUS/) | $738.0K | 34,263 | 0.5% | 1 |
| NBT BANCORP INC | [NBTB](https://holderbook.com/stocks/NBTB/) | $733.0K | 21,190 | 0.5% | 1 |
| ATHENAHEALTH INC | [ATHN](https://holderbook.com/stocks/ATHN/) | $731.0K | 5,541 | 0.5% | 1 |
| HEXCEL CORP NEW | [HXL](https://holderbook.com/stocks/HXL/) | $727.0K | 12,685 | 0.5% | 1 |
| IDEX CORP | [IEX](https://holderbook.com/stocks/IEX/) | $710.0K | 5,628 | 0.5% | 1 |
| INTERNATIONAL PAPER CO | [IP](https://holderbook.com/stocks/IP/) | $708.0K | 17,546 | 0.5% | 1 |
| TD AMERITRADE HLDG CORP | [AMTD](https://holderbook.com/stocks/AMTD/) | $707.0K | 14,446 | 0.5% | 1 |
| DIAMONDBACK ENERGY INC | [FANG](https://holderbook.com/stocks/FANG/) | $704.0K | 7,597 | 0.5% | 1 |
| MANTECH INTL CORP | [MANT](https://holderbook.com/stocks/MANT/) | $703.0K | 13,445 | 0.5% | 1 |
| PFIZER INC | [PFE](https://holderbook.com/stocks/PFE/) | $703.0K | 16,107 | 0.5% | 1 |
| CONCHO RES INC | [CXO](https://holderbook.com/stocks/CXO/) | $700.0K | 6,803 | 0.5% | 1 |
| NMI HLDGS INC | [NMIH](https://holderbook.com/stocks/NMIH/) | $700.0K | 39,200 | 0.5% | 1 |
| MADDEN STEVEN LTD | [SHOO](https://holderbook.com/stocks/SHOO/) | $691.0K | 22,840 | 0.5% | 1 |
| FREEPORT-MCMORAN INC | [FCX](https://holderbook.com/stocks/FCX/) | $683.0K | 66,152 | 0.5% | 1 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $681.0K | 5,101 | 0.5% | 1 |
| PEOPLES UNITED FINANCIAL INC | [PBCT](https://holderbook.com/stocks/PBCT/) | $680.0K | 47,107 | 0.5% | 1 |
| HAMILTON LANE INC | [HLNE](https://holderbook.com/stocks/HLNE/) | $678.0K | 18,323 | 0.5% | 1 |
| HUNTINGTON INGALLS INDS INC | [HII](https://holderbook.com/stocks/HII/) | $676.0K | 3,552 | 0.5% | 1 |
| CATHAY GEN BANCORP | [CATY](https://holderbook.com/stocks/CATY/) | $675.0K | 20,135 | 0.5% | 1 |
| COMFORT SYS USA INC | [FIX](https://holderbook.com/stocks/FIX/) | $673.0K | 15,415 | 0.5% | 1 |
| HUNTINGTON BANCSHARES INC | [HBAN](https://holderbook.com/stocks/HBAN/) | $672.0K | 56,351 | 0.5% | 1 |
| COSTAR GROUP INC | [CSGP](https://holderbook.com/stocks/CSGP/) | $671.0K | 1,991 | 0.5% | 1 |
| VALERO ENERGY CORP | [VLO](https://holderbook.com/stocks/VLO/) | $669.0K | 8,919 | 0.5% | 1 |
| CELANESE CORP DEL | [CE](https://holderbook.com/stocks/CE/) | $665.0K | 7,395 | 0.5% | 1 |
| VERIZON COMMUNICATIONS INC | [VZ](https://holderbook.com/stocks/VZ/) | $662.0K | 11,777 | 0.5% | 1 |
| PACKAGING CORP AMER | [PKG](https://holderbook.com/stocks/PKG/) | $659.0K | 7,886 | 0.5% | 1 |
| WSFS FINL CORP | [WSFS](https://holderbook.com/stocks/WSFS/) | $655.0K | 17,278 | 0.5% | 1 |
| OPENLANE INC | [OPLN](https://holderbook.com/stocks/OPLN/) | $654.0K | 13,685 | 0.5% | 1 |
| BANCORPSOUTH BK TUPELO MISS | [BXS](https://holderbook.com/stocks/BXS/) | $648.0K | 24,766 | 0.5% | 1 |
| UNITEDHEALTH GROUP INC | [UNH](https://holderbook.com/stocks/UNH/) | $645.0K | 2,590 | 0.4% | 1 |
| TIVITY HEALTH INC | [TVTY](https://holderbook.com/stocks/TVTY/) | $644.0K | 25,962 | 0.4% | 1 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $637.0K | 6,927 | 0.4% | 1 |
| VERSUM MATLS INC | [VSM](https://holderbook.com/stocks/VSM/) | $633.0K | 22,835 | 0.4% | 1 |
| SUPERNUS PHARMACEUTICALS | [SUPN](https://holderbook.com/stocks/SUPN/) | $630.0K | 18,946 | 0.4% | 1 |
| BOK FINL CORP | [BOKF](https://holderbook.com/stocks/BOKF/) | $629.0K | 8,575 | 0.4% | 1 |
| KEYCORP | [KEY](https://holderbook.com/stocks/KEY/) | $629.0K | 42,556 | 0.4% | 1 |
| MKS INC. | [MKSI](https://holderbook.com/stocks/MKSI/) | $629.0K | 9,742 | 0.4% | 1 |
| SERVISFIRST BANCSHARES INC | [SFBS](https://holderbook.com/stocks/SFBS/) | $629.0K | 19,760 | 0.4% | 1 |
| LABORATORY CORP AMER HLDGS | [LH](https://holderbook.com/stocks/LH/) | $628.0K | 4,965 | 0.4% | 1 |
| NIC INC | [EGOV](https://holderbook.com/stocks/EGOV/) | $627.0K | 50,218 | 0.4% | 1 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $626.0K | 4,748 | 0.4% | 1 |
| ASSOCIATED BANC CORP | [ASB](https://holderbook.com/stocks/ASB/) | $623.0K | 31,474 | 0.4% | 1 |
| COMERICA INC | [CMA](https://holderbook.com/stocks/CMA/) | $623.0K | 9,063 | 0.4% | 1 |
| BANK OF AMER CORP | [BAC](https://holderbook.com/stocks/BAC/) | $620.0K | 25,157 | 0.4% | 1 |
| GREAT WESTN BANCORP INC | [GWB](https://holderbook.com/stocks/GWB/) | $617.0K | 19,733 | 0.4% | 1 |
| VAIL RESORTS INC | [MTN](https://holderbook.com/stocks/MTN/) | $611.0K | 2,898 | 0.4% | 1 |
| PINNACLE FINL PARTNERS INC | [PNFP](https://holderbook.com/stocks/PNFP/) | $608.0K | 13,179 | 0.4% | 1 |
| SHELL MIDSTREAM PARTNERS L P | [SHLX](https://holderbook.com/stocks/SHLX/) | $600.0K | 36,520 | 0.4% | 1 |
| SCHNEIDER NATIONAL INC | [SNDR](https://holderbook.com/stocks/SNDR/) | $599.0K | 32,081 | 0.4% | 1 |
| ARTISAN PARTNERS ASSET MGMT | [APAM](https://holderbook.com/stocks/APAM/) | $592.0K | 26,809 | 0.4% | 1 |
| BMC STK HLDGS INC | [BMCH](https://holderbook.com/stocks/BMCH/) | $589.0K | 38,063 | 0.4% | 1 |
| STEEL DYNAMICS INC | [STLD](https://holderbook.com/stocks/STLD/) | $589.0K | 19,633 | 0.4% | 1 |
| GREENBRIER COS INC | [GBX](https://holderbook.com/stocks/GBX/) | $586.0K | 14,809 | 0.4% | 1 |
| NEOGEN CORP | [NEOG](https://holderbook.com/stocks/NEOG/) | $583.0K | 10,222 | 0.4% | 1 |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q4 2018 | $144.0M | 570 |