# NATIONAL INVESTMENT SERVICES INC /WI

> Institutional holdings reported to the SEC as of Q3 2019 on Form 13F. CIK 939791. Source: https://holderbook.com/funds/939791-national-investment-services-inc-wi/

- Reported value: $86.0M
- Positions: 77
- Weight of the ten largest: 30.2%
- Filed: 2019-10-07

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 |
|---|---|---|---|---|---|
| NEXTERA ENERGY INC | [NEE](https://holderbook.com/stocks/NEE/) | $3.0M | 12,958 | 3.5% | 4 |
| DOLLAR TREE INC | [DLTR](https://holderbook.com/stocks/DLTR/) | $2.9M | 25,675 | 3.4% | 4 |
| LABORATORY CORP AMER HLDGS | [LH](https://holderbook.com/stocks/LH/) | $2.8M | 16,684 | 3.3% | 4 |
| LKQ CORP | [LKQ](https://holderbook.com/stocks/LKQ/) | $2.7M | 87,114 | 3.2% | 4 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $2.6M | 12,483 | 3.0% | 1 |
| XCEL ENERGY INC | [XEL](https://holderbook.com/stocks/XEL/) | $2.5M | 38,327 | 2.9% | 4 |
| GRAPHIC PACKAGING HLDG CO | [GPK](https://holderbook.com/stocks/GPK/) | $2.4M | 165,490 | 2.8% | 4 |
| HEALTHCARE TR AMER INC | [HTA](https://holderbook.com/stocks/HTA/) | $2.3M | 79,687 | 2.7% | 1 |
| ROYAL GOLD INC | [RGLD](https://holderbook.com/stocks/RGLD/) | $2.3M | 18,898 | 2.7% | 1 |
| VIRTU FINL INC | [VIRT](https://holderbook.com/stocks/VIRT/) | $2.3M | 137,810 | 2.6% | 4 |
| SCHWAB CHARLES CORP | [SCHW](https://holderbook.com/stocks/SCHW/) | $2.1M | 50,406 | 2.5% | 4 |
| AMERICAN WTR WKS CO INC NEW | [AWK](https://holderbook.com/stocks/AWK/) | $2.0M | 16,185 | 2.3% | 4 |
| ADVANCE AUTO PARTS INC | [AAP](https://holderbook.com/stocks/AAP/) | $2.0M | 12,060 | 2.3% | 3 |
| DANAHER CORP DEL | [DHR](https://holderbook.com/stocks/DHR/) | $2.0M | 13,709 | 2.3% | 4 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $1.9M | 16,529 | 2.3% | 4 |
| U HAUL HOLDING COMPANY | [UHAL](https://holderbook.com/stocks/UHAL/) | $1.8M | 4,686 | 2.1% | 4 |
| THERMO FISHER SCIENTIFIC INC | [TMO](https://holderbook.com/stocks/TMO/) | $1.7M | 5,809 | 2.0% | 4 |
| AQUA AMERICA INC | [WTR](https://holderbook.com/stocks/WTR/) | $1.7M | 37,648 | 2.0% | 3 |
| NOKIA CORP | [NOK](https://holderbook.com/stocks/NOK/) | $1.6M | 318,162 | 1.9% | 4 |
| AT&T INC | [T](https://holderbook.com/stocks/T/) | $1.5M | 40,273 | 1.8% | 4 |
| HONEYWELL INTL INC | [HONZZZZ](https://holderbook.com/stocks/HONZZZZ/) | $1.5M | 8,842 | 1.7% | 4 |
| MARATHON PETE CORP | [MPC](https://holderbook.com/stocks/MPC/) | $1.5M | 24,380 | 1.7% | 4 |
| MOLSON COORS BEVERAGE CO | [TAP](https://holderbook.com/stocks/TAP/) | $1.5M | 25,526 | 1.7% | 4 |
| CROWN CASTLE INC | [CCI](https://holderbook.com/stocks/CCI/) | $1.5M | 10,481 | 1.7% | 4 |
| BANK OF AMER CORP | [BAC](https://holderbook.com/stocks/BAC/) | $1.4M | 48,557 | 1.6% | 4 |
| KROGER CO | [KR](https://holderbook.com/stocks/KR/) | $1.3M | 51,987 | 1.6% | 4 |
| PNC FINL SVCS GROUP INC | [PNC](https://holderbook.com/stocks/PNC/) | $1.3M | 9,428 | 1.5% | 4 |
| CHEVRON CORPORATION | [CVX](https://holderbook.com/stocks/CVX/) | $1.3M | 11,113 | 1.5% | 4 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $1.2M | 8,900 | 1.3% | 4 |
| CHARLES RIV LABS INTL INC | [CRL](https://holderbook.com/stocks/CRL/) | $1.1M | 8,361 | 1.3% | 4 |
| DELTA AIR LINES INC | [DAL](https://holderbook.com/stocks/DAL/) | $1.1M | 18,245 | 1.2% | 4 |
| ONESPAN INC | [OSPN](https://holderbook.com/stocks/OSPN/) | $1.0M | 70,787 | 1.2% | 4 |
| WEYERHAEUSER CO | [WY](https://holderbook.com/stocks/WY/) | $1.0M | 36,904 | 1.2% | 4 |
| ULTA BEAUTY INC | [ULTA](https://holderbook.com/stocks/ULTA/) | $982.0K | 3,917 | 1.1% | 4 |
| GLOBAL MED REIT INC | [GMREXXXX](https://holderbook.com/stocks/GMREXXXX/) | $974.0K | 85,396 | 1.1% | 2 |
| COMMUNITY HEALTHCARE TR INC | [CHCT](https://holderbook.com/stocks/CHCT/) | $920.0K | 20,648 | 1.1% | 4 |
| SANDSTORM GOLD LTD | [SAND](https://holderbook.com/stocks/SAND/) | $894.0K | 158,490 | 1.0% | 2 |
| CARRIAGE SVCS INC | [CSV](https://holderbook.com/stocks/CSV/) | $884.0K | 43,234 | 1.0% | 2 |
| CALLAWAY GOLF CO | [CALY](https://holderbook.com/stocks/CALY/) | $876.0K | 45,117 | 1.0% | 4 |
| TECNOGLASS INC | [TGLS](https://holderbook.com/stocks/TGLS/) | $842.0K | 103,589 | 1.0% | 3 |
| MOTORCAR PTS AMER INC | [MPAA](https://holderbook.com/stocks/MPAA/) | $808.0K | 47,798 | 0.9% | 4 |
| ELECTRONIC ARTS INC | [EA](https://holderbook.com/stocks/EA/) | $768.0K | 7,847 | 0.9% | 4 |
| NOBLE ENERGY INC | [NBL](https://holderbook.com/stocks/NBL/) | $767.0K | 34,132 | 0.9% | 4 |
| NORTHWEST NAT HLDG CO | [NWN](https://holderbook.com/stocks/NWN/) | $760.0K | 10,652 | 0.9% | 2 |
| LAUDER ESTEE COS INC | [EL](https://holderbook.com/stocks/EL/) | $722.0K | 3,629 | 0.8% | 4 |
| WALGREENS BOOTS ALLIANCE INC | [WBA](https://holderbook.com/stocks/WBA/) | $717.0K | 12,972 | 0.8% | 4 |
| NOMAD FOODS LTD | [NOMD](https://holderbook.com/stocks/NOMD/) | $714.0K | 34,853 | 0.8% | 3 |
| CAVCO INDS INC DEL | [CVCO](https://holderbook.com/stocks/CVCO/) | $711.0K | 3,700 | 0.8% | 2 |
| ROCKY BRANDS INC | [RCKY](https://holderbook.com/stocks/RCKY/) | $666.0K | 20,044 | 0.8% | 2 |
| MOHAWK INDS INC | [MHK](https://holderbook.com/stocks/MHK/) | $632.0K | 5,092 | 0.7% | 4 |
| EZCORP INC | [EZPW](https://holderbook.com/stocks/EZPW/) | $631.0K | 97,690 | 0.7% | 4 |
| MISTRAS GROUP INC | [MG](https://holderbook.com/stocks/MG/) | $618.0K | 37,706 | 0.7% | 4 |
| HANOVER INS GROUP INC | [THG](https://holderbook.com/stocks/THG/) | $608.0K | 4,487 | 0.7% | 3 |
| OLLIES BARGAIN OUTLET HLDGS | [OLLI](https://holderbook.com/stocks/OLLI/) | $608.0K | 10,363 | 0.7% | 4 |
| NORTHWESTERN ENERGY GROUP IN | [NWE](https://holderbook.com/stocks/NWE/) | $571.0K | 7,614 | 0.7% | 4 |
| NIELSEN HLDGS PLC | [NLSN](https://holderbook.com/stocks/NLSN/) | $564.0K | 26,548 | 0.7% | 3 |
| MIDDLESEX WTR CO | [MSEX](https://holderbook.com/stocks/MSEX/) | $546.0K | 8,411 | 0.6% | 4 |
| HANGER INC | [HNGR](https://holderbook.com/stocks/HNGR/) | $524.0K | 25,725 | 0.6% | 1 |
| SPECTRUM BRANDS HOLDINGS INC | [SPB](https://holderbook.com/stocks/SPB/) | $518.0K | 9,817 | 0.6% | 4 |
| AMERICAN VANGUARD CORP | [AVD](https://holderbook.com/stocks/AVD/) | $511.0K | 32,531 | 0.6% | 3 |
| TURTLE BEACH CORP | [TBCH](https://holderbook.com/stocks/TBCH/) | $491.0K | 42,039 | 0.6% | 3 |
| NATIONAL BEVERAGE CORP | [FIZZ](https://holderbook.com/stocks/FIZZ/) | $478.0K | 10,772 | 0.6% | 4 |
| AIRGAIN INC | [AIRG](https://holderbook.com/stocks/AIRG/) | $475.0K | 40,406 | 0.6% | 1 |
| PCTEL INC | [PCTI](https://holderbook.com/stocks/PCTI/) | $470.0K | 55,994 | 0.5% | 1 |
| AH RLTY TR INC | [AHRT](https://holderbook.com/stocks/AHRT/) | $446.0K | 24,629 | 0.5% | 3 |
| BRANDYWINE RLTY TR | [BDN](https://holderbook.com/stocks/BDN/) | $364.0K | 24,046 | 0.4% | 4 |
| AMN HEALTHCARE SVCS INC | [AMN](https://holderbook.com/stocks/AMN/) | $338.0K | 5,880 | 0.4% | 4 |
| GOLD COM INC | [GOLD](https://holderbook.com/stocks/GOLD/) | $324.0K | 26,902 | 0.4% | 1 |
| EHEALTH INC | [EHTH](https://holderbook.com/stocks/EHTH/) | $318.0K | 4,765 | 0.4% | 4 |
| LIFECORE BIOMEDICAL INC | [LFCR](https://holderbook.com/stocks/LFCR/) | $308.0K | 28,314 | 0.4% | 4 |
| DOLLAR GENERAL | - | $295.0K | 1,856 | 0.3% | 2 |
| B & G FOODS INC | [BGS](https://holderbook.com/stocks/BGS/) | $272.0K | 14,398 | 0.3% | 4 |
| LIQUIDITY SVCS INC | [LQDT](https://holderbook.com/stocks/LQDT/) | $271.0K | 36,582 | 0.3% | 3 |
| PZENA INVESTMENT MGMT INC | [PZN](https://holderbook.com/stocks/PZN/) | $247.0K | 27,730 | 0.3% | 4 |
| PRIMO WTR CORP | [PRMWXXXX](https://holderbook.com/stocks/PRMWXXXX/) | $245.0K | 19,966 | 0.3% | 1 |
| INDEPENDENCE CONTRACT DRIL I | [ICD](https://holderbook.com/stocks/ICD/) | $233.0K | 194,082 | 0.3% | 4 |
| CHARLES & COLVARD LTD | [CTHR](https://holderbook.com/stocks/CTHR/) | $80.0K | 49,211 | 0.1% | 1 |

## 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 |
|---|---|---|---|---|
| Q3 2019 | +1.5% | +1.3% | +0.2% | 100% |
| Q2 2019 | +1.7% | +3.7% | -2.1% | 100% |
| Q1 2019 | +13.1% | +13.0% | +0.0% | 99% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q3 2019 | $86.0M | 77 |
| Q2 2019 | $86.8M | 74 |
| Q1 2019 | $91.3M | 76 |
| Q4 2018 | $86.2M | 74 |