CalPERS Votes Against Pay

CalPERS Votes Against Pay at 1,195 Firms

CalPERS Votes Against Pay at More Companies Than Ever

CalPERS votes against pay at 53% of companies during 2019 proxy season, truly setting an example with regard to stewardship around executive pay. That is up from 43% last year. I would be interested in an update of last year’s graphic (S&P 500 only, as above) on pension funds most likely to oppose CEO pay. (See The Most Overpaid CEOs: Are Fund Managers Asleep at The Wheel?)

Equilar announced, in partnership with CalPERS, the release of the CalPERS P4P Scorecard in Equilar Insight, the leading executive compensation benchmarking software solution. The release of the new scorecard is an extension of the five-year realizable pay calculation CalPERS and Equilar released earlier this year. Said Simiso Nzima, Investment Director & Head of Corporate Governance at CalPERS:

We introduced our proprietary five-year quantitative pay for performance model in March 2019. Today we introduce our CEO and Shareholder Financial Outcomes Analysis to enable us to compare the financial experiences of the CEO to those of shareholders, over a five-year period.

CalPERS, the largest US pension fund which manages more than $380 billion in assets, has already started implementing its new compensation framework. In an effort to drive more accountability and improved pay for performance alignment, CalPERS reports voting against 53% of compensation plans at portfolio companies during the 2019 proxy season. Additionally, CalPERS posted its Executive Compensation Analysis Framework on its website to provide total transparency to its portfolio companies regarding its pay for performance evaluation.

Said David Chun, CEO of Equilar:

We’re proud to be CalPERS’ trusted data provider. It’s a tremendous benefit to our clients to provide the new five-year analysis and scorecard. We’re offering additional transparency and insight on how CalPERS will evaluate pay for performance. Issuers are listening. We’re seeing interest and adoption extend to the broader investor community as well.

CalPERS P4P Scorecard

The CalPERS P4P Scorecard calculates a CEO’s realizable pay over a five-year period and compares the gain to that of shareholders over that same timeframe. The resulting score indicates how well aligned, or misaligned, pay is with performance. According to Chun:

We’re enhancing our Pay for Performance module by providing an apples-to-apples, longer-term realizable pay comparison across industries and peer groups. The addition of the scorecard now allows issuers and investors to easily identify the delta between CEO gain and shareholder gain allowing for more consistency and transparency through the engagement and voting processes.

A critical element for CalPERS is the extended evaluation timeframe. The longer term view better aligns with long-term investors and reduces the impact of market volatility. “We use a long evaluation period—five years—to encourage a long-term focus by company executives,” says Nzima.

The scorecard is one part of a two-part pay evaluation process. CalPERS uses the new quantitative analyses to identify potential pay alignment issues. A thorough qualitative analysis is conducted to better understand the composition of pay plans that yield higher misalignment scores.

The new analysis is meant to drive more accountability and curb outsized CEO pay when shareholder returns are flat or decreasing. According to Nzima:

We have no problem with company executives being paid well if investors are also paid well at the same time. What we are against is value accruing to executives while no value accrues to investors over the long term. If we find that the only value being generated over the five-year period is for executives, we will vote against both the compensation plan and compensation committee members.

CalPERS Votes Against Pay: My Take

I am delighted to see CalPERS votes against pay where not aligned with shareholder value. However, I would go further. I generally vote against pay packages where named executive officers (NEOs) were paid above median in the previous year, even where pay and shareholder returns align. I do make rare exceptions if warranted. According to Bebchuk, Lucian A. and Grinstein, Yaniv (The Growth of Executive Pay), aggregate compensation by public companies to NEOs increased from 5 percent of earnings in 1993-1995 to about 10 percent in 2001-2003.

Few firms admit to having average executives. They generally set compensation at above average for their “peer group,” chosen by aspiration. While the “Lake Woebegone effect” may be nice in fictional towns, “where all the children are above average,” it doesn’t work well for society to have all CEOs considered above average, with their collective pay spiraling out of control. We need to slow the pace of money going to the 1% if our economy is not to become third world. The rationale for peer group benchmarking is a mythological market for CEOs. For more on the subject, see CEO Pay Machine Destroying America.

Government bonds from countries like Germany, Japan, France, Sweden, Denmark, and Switzerland now have negative interest rates. There are approximately $16.5 trillion dollars of bonds outstanding that pay you back less than you put in. The US is suffering an inverted yield curve and is also approaching zero interest on Treasuries. Because of the wealth divide, there is too much money chasing too few investments and not enough being spent on productive uses like the Green New Deal.

CalPERS Votes Against Pay at Following 1,195 Companies

When we file shareholder proposals at these companies, it might be helpful to include a reminder that CalPERS and many others voted against pay as unaligned with shareholder value.

Advisory Vote on Executive Compensation (US) – 1/1/19 to 7/31/19
Total Votes = 2,241. Total “Against” Votes = 1,195
Issuer NameTicker
Agilent Technologies Inc.A
Alcoa CorpAA
American Airlines Group IncAAL
Aaron’s IncAAN
Applied Optoelectronics IncAAOI
American Assets Trust IncAAT
Axon Enterprise IncAAXN
Abbvie IncABBV
Ameris BancorpABCB
Abeona Therapeutics IncABEO
AMBAC Financial Group Inc.ABKFQ
Abbott LaboratoriesABT
Acadia Pharmaceuticals IncACAD
American Campus Communities Inc.ACC
Acer Therapeutics IncACER
Acadia Healthcare Company IncACHC
Achillion PharmaceuticalsACHN
Acacia Research Corp.ACRI
Acme United Corp.ACU
Adobe IncADBE
Agree Realty Corp.ADC
Advanced Emissions Solutions IncADES
Archer Daniels Midland Co.ADM
Alliance Data SystemADS
Autodesk Inc.ADSK
Adtran Inc.ADTN
Addus HomeCare CorporationADUS
Advaxis, Inc.ADXS
Adams Resources & Energy Inc.AE
Advanced Energy Industries Inc.AEIS
American Equity Investment Life Holding CoAEL
American Electric Power Company Inc.AEP
Aerie Pharmaceuticals IncAERI
American Financial Group IncAFG
Armstrong Flooring IncAFI
Aflac Inc.AFL
AGNC Investment CorpAGNC
Avangrid IncAGR
Armada Hoffler Properties IncAHH
Ashford Hospitality Trust IncAHT
Arlington Asset Investment CorpAI
American International Group IncAIG
Aimmune Therapeutics IncAIMT
Assurant IncAIZ
Acadia Realty TrustAKR
Akorn Inc.AKRX
AK Steel Holding Corp.AKS
Alder BioPharmaceuticals IncALDR
Alexander & Baldwin IncALEX
Align Technology, Inc.ALGN
Allegiant TravelALGT
Allstate Corp (The)ALL
Ally Financial IncALLY
Alaska Communications Systems Group IncALSK
Amalgamated Bank.AMAL
AMC Entertainment Holdings IncAMC
Advanced Micro Devices Inc.AMD
Affiliated Managers Group Inc.AMG
AMKOR Technology Inc.AMKR
American National Bankshares Inc.AMNB
Allied Motion Technologies IncAMOT
Ameriprise Financial IncAMP
American River BancsharesAMRB
American Tower Corp.AMT
American National Insurance Co.ANAT
Anika Therapeutics Inc.ANIK
A.O. Smith Corp.AOS
Applied Dna Sciences IncAPDN
Amphenol Corp.APH
Apple Hospitality REIT IncAPLE
Apellis Pharmaceuticals IncAPLS
Alpha Pro Tech Ltd.APT
Preferred Apartment Communities IncAPTS
ARC Document Solutions IncARC
Alexandria Real Estate Equities Inc.ARE
Ares Management CorpARES
Approach Resources IncAREX
Arena Pharmaceuticals IncARNA
Arconic IncARNC
Archrock IncAROC
Arotech Corp.ARTX
Arrow Electronics Inc.ARW
Arrowhead Pharmaceuticals Inc.ARWR
Associated Banc-Corp.ASB
Ashland Global Holdings IncASH
AdvanSix IncASIX
Assertio Therapeutics IncASRT
Alphatec Holdings IncATEC
Athersys IncATHX
Atlanticus Holdings CorpATLC
Aptargroup Inc.ATR
Atara Biotherapeutics IncATRA
Atricure IncATRC
Antares Pharma IncATRS
Air Transport Services Group IncATSG
Actuant Corp.ATU
Altice USA IncATUS
Activision Blizzard IncATVI
Auburn National Bancorp Inc.AUBN
AutoWeb IncAUTO
Avista Corp.AVA
American Vanguard Corp.AVD
Broadcom IncAVGO
Avid Technology, Inc.AVID
Avanos Medical IncAVNS
Avon Products, Inc.AVP
Avery Dennison Corp.AVY
Avaya Holdings Corp.AVYA
Armstrong World Industries Inc.AWI
Accelerate Diagnostics IncAXDX
Anixter International Inc.AXE
American Axle & Manufacturing Holdings IncAXL
American Express Co.AXP
Acuity Brands, Inc.AYI
Banc of California IncBANC
Basic Energy Services IncBAS
Bed, Bath & Beyond Inc.BBBY
Beasley Broadcast Group IncBBGI
Barrett Business Services Inc.BBSI
BBX Capital CorpBBX
Brunswick Corp.BC
BCB Bancorp Inc (NJ)BCBP
Boise Cascade CoBCC
Bonanza Creek Energy IncBCEI
Blucora IncBCOR
Brightcove IncBCOV
Balchem Corp.BCPC
Belden IncBDC
Bridge Bancorp, Inc.BDGE
Biodelivery Sciences InternationalBDSI
Big 5 Sporting Goods CorpBGFV
Biglari Holdings IncBH
Benchmark Electronics Inc.BHE
Berkshire Hills Bancorp Inc.BHLB
Biolase IncBIOL
Bioscrip IncBIOS
BJ`s Wholesale Club Holdings IncBJ
Black Hills CorporationBKH
Black Knight IncBKI
Bancorp of New Jersey IncBKJ
Booking Holdings IncBKNG
BankUnited IncBKU
BlackLine IncBL
Blackrock Inc.BLK
Blackbaud IncBLKB
Bluebird bio IncBLUE
Bank of Marin BancorpBMRC
Bryn Mawr Bank Corp.BMTC
Bristol-Myers Squibb Co.BMY
Benefitfocus IncBNFT
Bank of Hawaii Corp.BOH
Boston Private Capital Trust IBPFH
Buckeye Partners L.P.BPL
Blueprint Medicines CorpBPMC
Brooks Automation, Inc.BRKS
Brixmor Property Group IncBRX
BSquare CorpBSQR
Sierra BancorpBSRR
Biotime Inc.BTX
First Busey Corp.BUSE
BrightView Holdings IncBV
Babcock & Wilcox Enterprises IncBW
Borg Warner IncBWA
Broadwind Energy IncBWEN
Boston Properties, Inc.BXP
BancorpSouth BankBXS
Beazer Homes USA Inc.BZH
Citigroup IncC
Camden National Corp.CAC
Cadence BancorporationCADE
Cai International IncCAI
Caleres IncCAL
Calamp Corp.CAMP
Carbonite IncCARB
Carolina Financial CorpCARO
Cato Corp.CATO
Catalyst Biosciences IncCBIO
Christopher & Banks CorpCBKC
CBL& Associates Properties, Inc.CBL
Cambrex Corp.CBM
Commerce Bancshares, Inc.CBSH
Cabot Corp.CBT
Crown Holdings, Inc.CCK
Cabot Microelectronics CorpCCMP
CNB Financial Corp (PA)CCNE
Cogent Communications Group IncCCOI
Coeur Mining IncCDE
Condor Hospitality Trust IncCDOR
Cedar Realty Trust IncCDR
Celanese CorpCE
Career Education Corp.CECO
Century Aluminum Co.CENX
Cerner Corp.CERN
Ceva Inc.CEVA
CF Industries Holdings IncCF
C & F Financial CorpCFFI
Cullen Frost Bankers Inc.CFR
Colfax CorpCFX
Cognex Corp.CGNX
City Holding Co.CHCO
Churchill Downs, Inc.CHDN
Chemed Corp.CHE
Cheniere Energy Inc.CHEX
Chemical Financial Corp.CHFC
Chegg IncCHGG
Choice Hotels International, Inc.CHH
Chesapeake Energy Corp.CHK
Cherokee Inc.CHKE
Chemung Financial Corp.CHMG
Cigna Corp.CI
Citizens, Inc.CIA
Circor International IncCIR
CIT Group IncCIT
Civista Bancshares IncCIVB
Citizens Holding CoCIZN
C&J Energy Services IncCJ
SEACOR Holdings IncCKH
CKX Lands IncCKX
Colgate-Palmolive Co.CL
Caladrius Biosciences IncCLBS
Cloudera IncCLDR
Celldex Therapeutics Inc.CLDX
Cleveland-Cliffs IncCLF
CoreLogic IncCLGX
Clean Harbors, Inc.CLH
Mack-Cali Realty Corp.CLI
Celsion CorpCLN
Colony Capital Inc.CLNY
Continental Resources Inc (OKLA)CLR
Town Sports International Holdings IncCLUB
Comerica, Inc.CMA
Commercial Metals Co.CMC
Comcast CorpCMCSA
CME Group IncCME
Chipotle Mexican GrillCMG
Capstead Mortgage Corp.CMO
Compass Minerals International IncCMP
CNA Financial Corp.CNA
Centene Corp.CNC
Cannae Holdings IncCNNE
CNX Resources CorpCNX
Capital One Financial Corp.COF
Americold Realty TrustCOLD
CommScope Holding Company IncCOMM
Conns IncCONN
Mr. Cooper Group IncCOOP
Conoco PhillipsCOP
CoreSite Realty CorporationCOR
Coupa Software IncCOUP
Cowen IncCOWN
Canterbury Park Holding Corp.CPHC
Computer Programs & Systems IncCPSI
Camden Property TrustCPT
Carbo Ceramics Inc.CRR
Cryolife, Inc.CRY
CenterState Bank CorpCSFL
Costar Group, Inc.CSGP
Capital Senior Living Corp.CSU
Capital Southwest Corp.CSWC
Community Trust Bancorp, Inc.CTBI
Computer Task Group, Inc.CTG
Chart Industries IncCTI
CTI BioPharma CorpCTIC
CenturyLink IncCTL
Contura Energy Inc.CTRA
CareTrust REIT IncCTRE
Cognizant Technology Solutions Corp.CTSH
CatchMark Timber Trust IncCTT
Citrix Systems, Inc.CTXS
Cubic Corp.CUB
Customers Bancorp IncCUBI
Cutera IncCUTR
CVB Financial Corp.CVBF
Central Valley Community BancorpCVCY
Calavo Growers, IncCVGW
CVR Energy IncCVI
Carvana Co.CVNA
Covenant Transportation Group IncCVTI
Chevron Corp.CVX
Curtiss-Wright Corp.CW
Community West BancsharesCWBC
California Water Service GroupCWT
Concho Resources IncCXO
Columbia Property Trust IncCXP
CoreCivic IncCXW
Cypress Semiconductor Corp.CY
Cyclacel Pharmaceuticals IncCYCC
Community Health Systems, Inc.CYH
CryoPort IncCYRX
CytRx CorporationCYTR
Cytori Therapeutics, IncCYTX
Citizens & Northern CorpCZNC
Caesars Entertainment CorpCZR
Dominion Energy IncD
Dana IncDAN
Darling Ingredients IncDAR
Tableau Software IncDATA
Diebold Nixdorf IncDBD
Ducommun Inc.DCO
Dime Community Bancshares, IncDCOM
3D Systems Corp.DDD
Douglas Emmett IncDEI
Dermira IncDERM
Dean Foods Co.DF
Del Friscos Restaurant Group IncDFRG
D.R. Horton Inc.DHI
DHI Group IncDHX
Dine Brands Global IncDIN
Walt Disney CoDIS
Digital Realty Trust IncDLR
Deluxe Corp.DLX
Digimarc CorpDMRC
Denbury Resources IncDNR
Diamond Offshore Drilling, Inc.DO
Dover Corp.DOV
Diplomat Pharmacy IncDPLO
Dominos Pizza IncDPZ
Diamondrock Hospitality Co.DRKCL
Durect CorpDRRX
Drive Shack IncDS
DTE Energy Co.DTE
Duke Energy Corp.DUK
Dynavax Technologies Corp.DVAX
Diversicare Healthcare Services IncDVCR
Dover Motorsports IncDVD
Dell Technologies IncDVMT
DuPont de Nemours IncDWDP
Dawson Geophysical Co.DWSN
DXP Enterprises, Inc.DXPE
Dixie Group Inc.DXYN
Dycom Industries, Inc.DY
Ennis Inc.EBF
Eagle BancorpEBMT
Emergent Biosolutions IncEBS
Meridian Bancorp IncEBSB
Echo Global Logistics IncECHO
Ecolab, Inc.ECL
ChannelAdvisor CorpECOM
Encore Capital Group, Inc.ECPG
Electronics For Imaging, Inc.EFII
Equifax, Inc.EFX
Eagle Bancorp Inc (MD)EGBN
Eagle PharmaceuticalsEGRX
VAALCO Energy, Inc.EGY
eHealth IncEHTH
Employers Holdings IncEIG
Endurance International Group Holdings IncEIGI
Eastman Kodak Co.EKDKQ
Eloxx Pharmaceuticals IncELOX
El Paso Electric CompanyELPAQ
Emcor Group, Inc.EME
Emcore Corp.EMKR
Emmis Communications Corp.EMMS
Eastman Chemical CoEMN
Enphase Energy IncENPH
Ensign Group IncENSG
Enzo Biochem, Inc.ENZ
EPR PropertiesEPR
Epizyme IncEPZM
AXA Equitable Holdings IncEQH
Equinix, Inc.EQIX
Era Group Inc.ERA
Energy Recovery IncERII
Eversource EnergyES
Extended Stay America IncESA
Elmira Savings Bank Elmira NYESBK
Element Solutions IncESI
Esperion Therapeutics Inc.ESPR
Empire State Realty Trust IncESRT
Essex Property Trust, Inc.ESS
ESSA Bancorp IncESSA
Community Bankers Trust CorpESXB
Equitrans Midstream CorporationETRN
Everbridge IncEVBG
Evans Bancorp IncEVBN
Evolving Systems, Inc.EVOL
East West Bancorp, Inc.EWBC
Exact Sciences Corp.EXAS
Expeditors International Of Washington, Inc.EXPD
Extra Space Storage Inc.EXR
Exterran CorpEXTN
EyePoint Pharmaceuticals IncEYPT
First American Financial CorpFAF
Faro Technologies Inc.FARO
Fastenal Co.FAST
Flagstar Bancorp, Inc.FBC
Fortune Brands Home & Security IncFBHS
Fortress Biotech IncFBIO
First Business Financial Services IncFBIZ
Franklin Covey Co.FC
First Community Corp.FCCO
1st Constitution BancorpFCCY
Fuelcell Energy IncFCEL
FirstCash IncFCFS
Freeport-McMoRan IncFCXPRA
First Data Corp.FDC
Ford Motor Co.FDMTP
Forum Energy Technologies IncFET
FireEye IncFEYE
Flushing Financial Corp.FFIC
First Financial Bankshares, Inc.FFIN
F5 Networks, Inc.FFIV
First Foundation IncFFWM
First Hawaiian INCFHB
First Horizon National Corp.FHN
Fair, Isaac Corp.FICO
Financial Institutions Inc.FIISO
Fidelity National Information Services, Inc.FIS
Fifth Third BancorpFITB
Five Below IncFIVE
Five9 IncFIVN
Comfort Systems USA, Inc.FIX
Fluidigm CorporationFLDM
First Of Long Island Corp.FLIC
Flir Systems, Inc.FLIR
Fluent IncFLNT
Fluor CorporationFLR
Flowserve Corp.FLS
Fleetcor Technologies IncFLT
Farmers National Banc Corp.FMNB
FNCB Bancorp IncFNCB
Fidelity National Financial IncFNF
First Bancorp Inc (ME)FNLC
Ferro Corp.FOE
Fossil Group IncFOSL
Five Prime Therapeutics IncFPRX
First Industrial Realty Trust, Inc.FR
Francesca`s Holdings CorpFRAN
Republic First Bancorp, Inc.FRBK
First Republic BankFRC
FRP Holdings IncFRPH
Federal Realty Investment TrustFRT
Forterra IncFRTA
Franklin Street Properties Corp.FSP
Fuel Tech IncFTEK
Flotek Industries IncFTK
Frontier Communications CorpFTR
FTS International Inc.FTSI
Fortive CorpFTV
H.B. Fuller CompanyFUL
Cedar Fair L.P.FUN
First US Bancshares IncFUSB
Global Blood Therapeutics Inc.GBT
Greenbrier Cos., Inc.GBX
Gannett Co IncGCI
GCP Applied Technologies IncGCP
Godaddy IncGDDY
Green Dot Corp.GDOT
General Electric Co.GE
Geospace Technologies CorpGEOS
Griffon Corp.GFF
Greenhill & Co IncGHL
G-III Apparel Group Ltd.GIII
Gilead Sciences, Inc.GILD
Great Lakes Dredge & Dock CorporationGLDD
Greenlight Capital Re LtdGLRE
Glu Mobile IncGLUU
Corning, Inc.GLW
Gamestop CorporationGME
Global Medical REIT IncGMRE
GNC Holdings Inc.GNC
GenMark Diagnostics IncGNMK
Aevi Genomic Medicine IncGNMX
Gogo IncGOGO
Group 1 Automotive, Inc.GPI
Graphic Packaging Holding CoGPK
Global Payments, Inc.GPN
Gap, Inc.GPS
W.R. Grace & Co.GRA
Groupon IncGRPN
Goldman Sachs Group, Inc.GS
Great Southern Bancorp, Inc.GSBC
Goodyear Tire & Rubber Co.GT
G1 Therapeutics IncGTHX
Graftech International LtdGTI
GTT Communications IncGTT
Getty Realty Corp.GTY
Granite Construction Inc.GVA
Genesee & Wyoming Inc.GWR
W.W. Grainger Inc.GWW
Gyrodyne LLCGYRO
Hanmi Financial Corp.HAFC
Halliburton Co.HAL
Hallmark Financial Services, IncHALL
Halozyme Therapeutics Inc.HALO
Hasbro, Inc.HAS
Hannon Armstrong Sustainable Infrastructure capital IncHASI
Huntington Bancshares, Inc.HBAN
Harvard Bioscience Inc.HBIO
Howard Bancorp IncHBMD
Horizon Bancorp Inc (IN)HBNC
Heritage-Crystal Clean IncHCCI
HC2 Holdings IncHCHC
HCI Group IncHCI
Hackett Group Inc (The)HCKT
Hudson Technologies, Inc.HDSN
Turtle Beach CorpHEAR
H&E Equipment Services IncHEES
Hess CorporationHES
HFF inc.HF
Howard Hughes CorporationHHC
Hingham Institution For SavingsHIFS
Hecla Mining Co.HL
Harmonic, Inc.HLIT
Hilton Worldwide Holdings IncHLT
Houghton Mifflin Harcourt CoHMHC
Horace Mann Educators Corp.HMN
HMN Financial Inc.HMNF
HomeStreet IncHMST
HMS Holdings Corp.HMSY
Hemisphere Media Group IncHMTV
Harley-Davidson, Inc.HOG
Hologic, Inc.HOLX
Home Bancshares IncHOMB
At Home Group IncHOME
Honeywell International Inc.HON
Hope Bancorp IncHOPE
Hovnanian Enterprises, Inc.HOVNP
Hudson Pacific Properties IncHPP
HighPoint Resources CorpHPR
Hospitality Properties TrustHPT
Healthcare Realty Trust, Inc.HR
Harvest Oil & Gas CorpHRST
Heron Therapeutics IncHRTX
Harsco Corp.HSC
Heidrick & Struggles International, Inc.HSII
Hudson Global IncHSON
Host Hotels & Resorts IncHST
Hersha Hospitality TrustHT
Hercules Capital IncHTGC
Hilltop Holdings IncHTH
Heartland Express, Inc.HTLD
Heartland Financial USA, Inc.HTLF
Hertz Global Holdings Inc.HTZ
Hub Group, Inc.HUBG
Huntsman CorpHUN
Huron Consulting Group IncHURN
Houston Wire & Cable CompanyHWCC
Hyster-Yale Materials Handling IncHY
Independent Bank Corp.IBCP
Iberiabank CorpIBKC
Interactive Brokers Group IncIBKR
International Business Machines Corp.IBM
Installed Building Products IncIBP
Independent Bank Group IncIBTX
ICF International, IncICFI
Interdigital IncIDCC
Idex CorporationIEX
Information Services Group Inc.III
Immunogen, Inc.IMGN
Immersion CorpIMMR
Immunomedics, Inc.IMMU
Internap CorpINAP
First Internet BancorpINBK
Incyte Corp.INCY
Infinity Pharmaceuticals Inc.INFI
Infinera Corp.INFN
InfuSystem Holdings IncINFU
Inovio Pharmaceuticals IncINO
Innodata IncINOD
Inovalon Holdings IncINOV
Inseego CorpINSG
Instructure IncINST
World Fuel Services Corp.INT
Innoviva IncINVA
Invitation Homes IncINVH
Ionis Pharmaceuticals IncIONS
Innospec IncIOSP
International Paper Co.IP
Interpublic Group Of Cos., Inc.IPG
Inphi CorpIPHI
Intrepid Potash IncIPI
Irobot CorpIRBT
Investors Real Estate TrustIRET
Iron Mountain Inc.IRM
Investors Bancorp IncISBC
Image Sensing Systems, Inc.ISNS
Gartner, Inc.IT
Intra-Cellular Therapies IncITCI
Integer Holdings CorpITGR
Invacare Corp.IVC
Jack In The Box, Inc.JACK
Jagged Peak Energy IncJAG
Jakks Pacific Inc.JAKK
J.B. Hunt Transport Services, Inc.JBHT
Jabil IncJBL
j2 Global IncJCOM
J.C. Penny Inc (Holding Co.)JCP
Jefferies Financial Group IncJEF
J&J Snack Foods Corp.JJSF
Johnson & JohnsonJNJ
Juniper Networks IncJNPR
St. Joe Co.JOE
JPMorgan Chase & Co.JPM
Keurig Dr Pepper IncKDP
Key Energy Services, Inc.KEG
Kirby Corp.KEX
Keysight Technologies IncKEYS
Kforce Inc.KFRC
Kimco Realty Corp.KIM
Kindred Biosciences IncKIN
Kulicke & Soffa Industries, Inc.KLIC
Kaiser Aluminum CorpKLU
Kinder Morgan IncKMI
Kemper CorporationKMPR
Knoll IncKNL
Kinsale Capital Group IncKNSL
Knight-Swift Transportation Holdings IncKNX
Koppers Holdings IncKOP
Kopin Corp.KOPN
Kraton CorpKRA
Kilroy Realty Corp.KRC
Kite Realty Group TrustKRG
Kronos Worldwide, Inc.KRO
Kansas City SouthernKSUPR
Kratos Defense & Security Solutions IncKTOS
Kennedy-Wilson Holdings IncKW
Loews Corp.L
Lakeland Industries, Inc.LAKE
Liberty Oilfield Services IncLBRT
Libbey Inc.LBY
LendingClub CorpLC
LCI IndustriesLCII
Leaf Group LtdLEAF
Lennar Corp.LEN
Littelfuse, Inc.LFUS
Ligand Pharmaceuticals, Inc.LGND
Lennox International IncLII
Lakeland Financial Corp.LKFN
Lumber Liquidators Holdings IncLL
Live Oak Bancshares IncLOB
Laredo Petroleum Inc.LPI
LPL Financial Holdings IncLPLA
Liveperson IncLPSN
Louisiana-Pacific Corp.LPX
Lattice Semiconductor Corp.LSCC
Landstar System, Inc.LSTR
Ladenburg Thalmann Financial Services, Inc.LTS
Las Vegas Sands CorpLVS
Lifeway Foods, Inc.LWAY
Lexington Realty TrustLXP
Lexicon Pharmaceuticals IncLXRX
LSB Industries, Inc.LXU
Mastercard IncorporatedMA
Macerich Co.MAC
Main Street Capital CorporationMAIN
Masimo CorpMASI
Mattel, Inc.MAT
Maxar Technologies IncMAXR
McDonald`s CorpMCD
Contango Oil & Gas CompanyMCF
Mckesson CorporationMCK
Mercury General Corp.MCY
M.D.C. Holdings, Inc.MDC
Medicines CoMDCO
Madrigal Pharmaceuticals IncMDGL
Mondelez International Inc.MDLZ
Allscripts Healthcare Solutions IncMDRX
MDU Resources Group Inc.MDU
Metlife IncMET
Medallion Financial Corp.MFIN
Magnolia Oil & Gas CorpMGY
Mohawk Industries, Inc.MHK
Middleby Corp.MIDD
Mobile Mini, Inc.MINI
Mitek Systems IncMITK
McCormick & Co., Inc.MKCV
MKS Instruments, Inc.MKSI
Mueller Industries, Inc.MLI
Maui Land & Pineapple Co., Inc.MLP
Malvern Bancorp IncMLVF
Marsh & McLennan Cos., Inc.MMC
Marcus & Millichap IncMMI
Manning & Napier IncMN
Mannkind CorpMNKD
Medicinova IncMNOV
Monmouth Real Estate Investment Corp.MNR
Monster Beverage CorpMNST
Momenta Pharmaceuticals IncMNTA
Manitex International IncMNTX
MidWestOne Financial Group IncMOFG
Mosaic CompanyMOS
Movado Group, Inc.MOV
Marathon Petroleum CorpMPC
Morgan StanleyMPQ
Medical Properties Trust IncMPW
Monolithic Power System IncMPWR
MRC Global IncMRC
Merck & Co IncMRK
Marathon Oil CorporationMRO
Marten Transport, Ltd.MRTN
Midland States Bancorp IncMSBI
Middlesex Water Co.MSEX
Motorola Solutions IncMSI
Misonix, Inc.MSON
Match Group IncMTCH
Matador Resources CoMTDR
Molecular Templates IncMTEM
Materion CorpMTRN
MACOM Technology Solutions Holdings IncMTSI
Manitowoc Co., Inc.MTW
Microvision Inc.MVIS
MagnaChip Semiconductor CorpMX
Myers Industries Inc.MYE
Nanometrics, Inc.NANO
National Bank Holdings CorpNBHC
Neurocrine Biosciences, Inc.NBIX
Noble Energy IncNBL
Nacco Industries Inc.NC
Nicolet Bankshares Inc.NCBS
Navigant Consulting, Inc.NCI
National Cinemedia IncNCMI
Nasdaq IncNDAQ
NextEra Energy IncNEE
Newmont Goldcorp CorpNEM
Neogenomics Inc.NEO
NextEra Energy Partners LPNEP
Northfield Bancorp IncNFBK
NetFlix IncNFLX
Natural Gas Services Group, Inc.NGS
National Health Investors, Inc.NHI
Nisource Inc. (Holding Co.)NI
National Bankshares Inc.NKSH
NewLink Genetics CorpNLNK
Nautilus IncNLS
Annaly Capital Management IncNLY
ServiceNow IncNOW
Newpark Resources, Inc.NR
Northrim Bancorp, Inc.NRIM
Nustar Energy L PNS
Norfolk Southern Corp.NSC
Intellia Therapeutics IncNTLA
Nuance Communications IncNUAN
Nucor Corp.NUE
Nuvasive IncNUVA
NV5 Global IncNVEE
Nevro CorpNVRO
Northwest Bancshares IncNWBI
Northwest Pipe Co.NWPX
Nexeo Solutions IncNXEO
Nexstar Media Group IncNXST
New York Community Bancorp Inc.NYCB
Oasis Petroleum Inc.OAS
Owens CorningOC
OceanFirst Financial Corp.OCFC
Ocwen Financial Corp.OCN
Old Dominion Freight Line, Inc.ODFL
Omega Flex IncOFLX
Oge Energy Corp.OGE
Overseas Shipholding Group, Inc.OGISZ
Owens-Illinois, Inc.OI
Oil States International, Inc.OIS
Old Line Bancshares, Inc.OLBK
Olin Corp.OLN
Omnicom Group, Inc.OMC
Owens & Minor, Inc.OMI
Office Properties Income TrustOPI
Opko Health IncOPK
Old Point Financial Corp.OPOF
Ormat Technologies IncORA
Orbcomm IncORBC
Orrstown Financial Services, Inc.ORRF
Outfront Media IncOUT
Plains All American Pipeline LPPAA
Pacwest BancorpPACW
Penske Automotive Group IncPAG
Plains GP Holdings LPPAGP
Patrick Industries, Inc.PATK
Paycom Software IncPAYC
Prosperity Bancshares Inc.PB
Prudential Bancorp Inc Of PAPBIP
Puma Biotechnology IncPBYI
PG&E CorporationPCG
Potlatch Corp.PCH
Pacira BioSciences IncPCRX
Pure Cycle Corp.PCYL
PDL Biopharma IncPDLI
Pebblebrook Hotel TrustPEB
Peoples Bancorp Of North Carolina IncPEBK
Peoples Bancorp, Inc. (Marietta, OH)PEBO
Public Service Enterprise Group Inc.PEG
Pennsylvania Real Estate Investment TrustPEI
Pioneer Energy Services CorpPES
Petmed Express, Inc.PETS
Aratana Therapeutics IncPETX
Preferred Bank (Los Angeles, CA)PFBC
Peoples Financial Services CorpPFIS
Proofpoint IncPFPT
Provident Financial Services IncPFS
PennyMac Financial Services Inc.PFSI
Peapack-Gladstone Financial Corp.PGC
Paramount Group IncPGRE
PGT Innovations IncPGTI
Pico Holdings Inc.PICO
Polaris Industries Inc.PII
Pier 1 Imports Inc.PIR
PJT Partners IncPJT
Perkinelmer, Inc.PKI
Childrens Place IncPLCE
Plantronics, Inc.PLT
Plug Power IncPLUG
Protalix BioTherapeutics Inc.PLX
Plexus Corp.PLXS
Pacific Mercantile BancorpPMBC
Psychemedics Corp.PMD
Pennymac Mortgage Investment TrustPMT
PNC Financial Services GroupPNC
Pinnacle Financial Partners Inc.PNFP
PrimeEnergy Resources CorpPNRG
Polyone Corp.POL
Post Holdings IncPOST
Power Integrations Inc.POWI
Pacific Premier Bancorp, Inc.PPBI
Pilgrim`s Pride Corp.PPC
PPG Industries, Inc.PPG
Proassurance CorporationPRA
PRA Health Sciences IncPRAH
Park National Corp.PRK
Pros Holdings IncPRO
Providence Service CorpPRSC
Prudential Financial Inc.PRU
Public StoragePSA
Pure Storage IncPSTG
Pluristem Therapeutics IncPSTI
Phillips 66PSX
Cassava Sciences IncPTIE
Portola Pharmaceuticals IncPTLA
Portman Ridge Finance CorpPTMN
Penns Woods Bancorp, Inc.PWOD
Pixelworks IncPXLW
PayPal Holdings IncPYPL
Qualcomm, Inc.QCOM
QEP Resources IncQEP
Quorum Health CorpQHC
Qualys IncQLYS
Qts Realty Trust IncQTS
Q2 Holdings IncQTWO
Rite Aid Corp.RAD
FreightCar America IncRAIL
Ultragenyx Pharmaceutical Inc.RARE
Raven Industries, Inc.RAVN
RBB BancorpRBB
Ribbon Communications IncRBBN
Radius Health Inc.RDUS
Rexford Industrial Realty IncREXR
Resolute Forest Products IncRFP
Repligen Corp.RGEN
Robert Half International Inc.RHI
B. Riley Financial IncRILY
Raymond James Financial, Inc.RJF
RLJ Lodging TrustRLJ
Regional Management CorpRM
Rambus Inc.RMBS
U.S. Concrete, Inc.RMIXQ
Rockwell Medical IncRMTI
Renasant Corp.RNST
Roku IncROKU
Roper Technologies IncROP
Ross Stores, Inc.ROST
RealPage Inc.RP
Rapid7 IncRPD
Range Resources CorpRRC
R.R. Donnelley & Sons Co.RRD
Red Robin Gourmet Burgers IncRRGB
Red Rock Resorts IncRRR
Roadrunner Transportation Systems IncRRTS
Rosetta Stone IncRST
Raytheon Co.RTN
Retrophin IncRTRX
Sunrun IncRUN
Ruths Hospitality Group IncRUTH
Revance Therapeutics IncRVNC
Riviera Resources IncRVRA
Rexnord CorpRXN
Rayonier Advanced Materials IncRYAM
Sanderson Farms, Inc.SAFM
Sonic Automotive, Inc.SAH
Science Applications International Corp.SAIC
Salem Media Group IncSALM
Boston Beer Co., Inc.SAM
Sanmina CorpSANM
Sandy Spring BancorpSASR
Spirit Airlines IncSAVE
SB Financial Group IncSBFG
SilverBow Resources IncSBOW
Sabra Healthcare REIT IncSBRA
Southern Copper CorporationSCCO
Service Corp. InternationalSCI
Stepan Co.SCL
Comscore Inc.SCOR
Shoe Carnival, Inc.SCVL
Sandridge Energy IncSDOCQ
Seachange International Inc.SEAC
SeaWorld Entertainment IncSEAS
Sealed Air Corp.SEE
SEI Investments Co.SEIC
ServisFirst Bancshares IncSFBS
Safeguard Scientifics, Inc.SFE
Shutterfly IncSFLY
Simmons First National Corp.SFNC
Smart & Final Stores IncSFS
Southern First Bancshares IncSFST
Superior Group of Companies Inc..SGC
Stage Stores Inc.SGE
Seattle Genetics IncSGEN
Sangamo Therapeutics IncSGMO
Scientific Games CorporationSGMS
Surgery Partners IncSGRY
Shake Shack IncSHAK
Shore Bancshares Inc.SHBI
Sherwin-Williams Co.SHW
Selective Insurance Group Inc.SIGI
SITE Centers CorpSITC
Six Flags IncSIX
South Jersey Industries Inc.SJI
Tanger Factory Outlet Centers, Inc.SKT
Skywest Inc.SKYW
Silicon Laboratories IncSLAB
Steelcase, Inc.SLCA
Select Bancorp IncSLCT
SL Green Realty Corp.SLG
SELLAS Life Sciences Group IncSLS
Scotts Miracle-Gro CompanySMG
Synchronoss Technologies IncSNCR
Security National Financial Corp.SNFCA
Senior Housing Properties TrustSNH
Helios TechnologiesSNHY
Synopsys, Inc.SNPS
Southern National Bancorp of Virginia Inc.SONA
Spectrum Brands Holdings IncSPB
Simon Property Group, Inc.SPG
Splunk IncSPLK
Superior Energy Services, Inc.SPN
Spok Holdings IncSPOK IncSPRT
Sunpower CorpSPWRA
Spirit Realty Capital IncSRC
Stericycle Inc.SRCL
Sempra EnergySRE
ServiceSource International IncSREV
Seritage Growth PropertiesSRG
Sarepta Therapeutics IncSRPT
South State CorpSSB
Simpson Manufacturing Co., Inc.SSD
Stewardship Financial Corp.SSFN
SS&C Technologies Holdings IncSSNC
Staar Surgical Co.STAA
STAG Industrial IncSTAG
iStar IncSTAR
Steel Connect IncSTCN
State Auto Financial Corp.STFC
Stemline Therapeutics IncSTML Inc.STMP
Sterling Construction Company, Inc.STRL
Stratus Properties Inc.STRS
State Street Corp.STT
Starwood Property Trust IncSTWD
Sun Communities, Inc.SUI
Summit Materials IncSUM
Superior Industries International, Inc.SUP
Stanley Black & Decker IncSWK
Skyworks Solutions, Inc.SWKS
Stock Yards Bancorp IncSYBT
Synchrony FinancialSYF
Sykes Enterprises, Inc.SYKE
Syneos Health IncSYNH
Synalloy Corp.SYNL
Sypris Solutions, Inc.SYPR
AT&T, Inc.T
Transact Technologies Inc.TACT
Bancorp Inc. (The)TBBK
Territorial Bancorp IncTBNK
Texas Capital Bancshares, Inc.TCBI
Trico BancsharesTCBK
TCF Financial Corp.TCF
Tactile Systems Technology IncTCMD
Taubman Centers, Inc.TCO
Teradata CorpTDC
Transdigm Group IncorporatedTDG
Teladoc Health IncTDOC
Telephone And Data Systems, Inc.TDS
Tech Data Corp.TECD
Tenneco, Inc.TEN
Teradyne, Inc.TER
TerraForm Power IncTERP
Tessco Technologies, Inc.TESS
Terex Corp.TEX
TFS Financial CorporationTFSL
Triumph Group Inc.TGI
TG Therapeutics IncTGTX
Tenet Healthcare Corp.THC
First Financial Corp. – IndianaTHFF
Thermon Group Holdings IncTHR
Treehouse Foods IncTHS
Team, Inc.TISI
TiVo Solutions IncTIVO
TJX Companies, Inc.TJX
Tandy Leather Factory IncTLF
Teligent IncTLGT
Torchmark Corp.TMK
Thermo Fisher Scientific Inc.TMO
Tompkins Financial CorpTMP
TimkenSteel CorpTMST
Tandem Diabetes Care IncTNDM
Toll Brothers Inc.TOL
Townebank Portsmouth VATOWN
Tower International Inc.TOWR
Tutor Perini CorpTPC
Tribune Publishing CoTPCO
Tempur Sealy International IncTPX
Tribune Media CoTRB
Tejon Ranch Co.TRC
Trecora ResourcesTREC
Targa Resources CorpTRGP
Tabula Rasa HealthCare IncTRHC
Trimble IncTRMB
Trustmark Corp.TRMK
TrovaGene IncTROV
Trustco Bank Corp.TRST
Travelers Companies Inc.TRV
TransEnterix IncTRXC
Trade Desk IncTTD
Tetraphase Pharmaceuticals IncTTPH
Mammoth Energy Services IncTUSK
Tivity Health IncTVTY
Titan International, Inc.TWI
Twilio IncTWLO
Hostess Brands IncTWNK
Texas Instruments Inc.TXN
Texas Roadhouse IncTXRH
Textron Inc.TXT
Tyler Technologies, Inc.TYL
Monotype Imaging Holdings Inc.TYPE
Under Armour IncUAA
United Security Bancshares (CA)UBFO
United Financial Bancorp IncUBNK
United Community Banks IncUCBI
United Community Financial Corp.UCFC
Urban Edge PropertiesUE
Uranium Energy CorpUEC
Universal Electronics Inc.UEIC
Universal Forest Products Inc.UFPI
UFP Technologies Inc.UFPT
United-Guardian, Inc.UG
Universal Health Realty Income TrustUHT
United Insurance Holdings CorpUIHC
Ulta Salon Cosmetics & Fragrance IncULTA
UMB Financial Corp.UMBF
Umpqua Holdings CorpUMPQ
Unico American Corp.UNAM
Unum GroupUNM
Univar IncUNVR
United Rentals, Inc.URI
USA Truck, Inc.USAK
Universal Stainless & Alloy Products, Inc.USAP
U S BancorpUSB
United States Lime & Minerals Inc.USLM
United States Cellular CorporationUSM
U.S. Physical Therapy, Inc.USPH
United Therapeutics CorpUTHR
Unitil Corp.UTL
Universal Insurance Holdings IncUVE
Vocera Communication IncVCRA
Veracyte IncVCYT
Veeco Instruments IncVECO
Vonage Holdings CorpVG
Valhi, Inc.VHI
Valley National BancorpVLY
Vmware Inc.VMW
Vince Holding CorpVNCE
Veoneer IncVNE
Vornado Realty TrustVNO
Vera Bradley IncVRA
Vermillion IncVRML
Varonis Systems IncVRNS
Verint Systems, Inc.VRNT
Virtus Investment Partners IncVRTS
Veritiv CorpVRTV
Vertex Pharmaceuticals, Inc.VRTX
Vishay Intertechnology, Inc.VSH
Vistra Energy CorpVST
Visteon Corp.VSTNQ
Ventas IncVTR
Vuzix CorporationVUZI
Vivus IncVVUS
Vaxart IncVXRT
Westinghouse Air Brake Technologies CorpWAB
Westamerica BancorporationWABC
Wesco Aircraft Holdings IncWAIR
Washington Trust Bancorp, Inc.WASH
WABCO Holdings IncWBC
Webster Financial Corp.WBS
Wesco International, Inc.WCC
Waddell & Reed Financial, Inc.WDR
WisdomTree TrustWETF
Wells Fargo & Co.WFC
Cactus IncWHD
Westwood Holdings Group IncWHG
Whirlpool Corp.WHR
Boingo Wireless IncWIFI
Winmark CorporationWINA
Workiva IncWK
Willdan Group IncWLDN
Whiting Petroleum CorpWLL
Williams Cos IncWMB
Walmart IncWMT
W.R. Berkley Corp.WRB
Wesbanco, Inc.WSBC
WSFS Financial Corp.WSFS
Williams-Sonoma, Inc.WSM
Watsco Inc.WSOB
Whitestone REITWSR
Wintrust Financial Corp.WTFC
Aqua America Inc.WTR
Watts Water Technologies, Inc.WTS
Weightwatchers International Inc.WTW
Woodward IncWWD
Westwater Resources IncWWR
Wolverine World Wide, Inc.WWW
Weyerhaeuser Co.WY
Wynn Resorts Ltd.WYNN
Exantas Capital CorpXAN
Cimarex Energy Co.XEC
Xcel Energy, Inc.XEL
Exela Technologies IncXELA
Intersect ENT IncXENT
Acceleron Pharma IncXLRN
Extraction Oil & Gas IncXOG
Exxon Mobil Corp.XOM
Intrexon CorpXON
Xperi CorpXPER
Solitario Zinc CorpXPL
XPO Logistics IncXPO
Xerox CorpXRX
Alleghany Corp.Y
Yext IncYEXT
Zagg IncZAGG
Zimmer Biomet Holdings IncZBH
Zogenix IncZGNX
Ziopharm Oncology, Inc.ZIOP
Zix Corp.ZIXI
Zynga IncZNGA
Designer Brands Inc
IVERIC bio Inc


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