COMMUNITY BANK SYSTEM, INC.

FundStock

CIK 0000723188 · Q3 2014

13F Equity AUM

$456.9M

-0.3% QoQ

Positions

381

-5 QoQ

AUM Rank

—

Skill Alpha (FF)

-6.2%/yr^ns

No Clear Edge

Rank #7,787 · Top 94%

vs S&P -6.4%/yr (unadj.)

Quarters Tracked

~2 years

Portfolio Concentration

Top 5: 33.9%Top 10: 42.8%Top 20: 55.4%

CBU12.4%

IVV9.1%

IBM5.9%

IEFA4.6%

IEMG1.9%

IJH1.8%

USMV1.8%

IJR1.8%

XOM1.8%

JNJ1.7%

Others (371)57.2%

HHI (Herfindahl-Hirschman Index) measures portfolio concentration. Low (<1500) = diversified, Moderate (1500-2500), High (>2500) = concentrated bets.

Sector Allocation

Financial Services55.9%

Technology9.1%

Healthcare6.6%

Consumer Defensive5.9%

Industrials5.6%

Energy4.2%

Unclassified4.1%

Communication Services3.0%

Other5.8%

Portfolio weight by GICS sector based on latest 13F filing. Sectors below 2% are grouped as “Other.”

Position Sizing

Positions: 381Median: 0.03%Avg: 0.26%

0–0.5%

331(22.1%)

0.5–1%

25(17.2%)

1–3%

21(28.8%)

3–5%

1(4.6%)

5%+

3(27.4%)

Count of positions per weight bucket — (%) = combined portfolio weight

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Portfolio Overlap

Shared: 334Unique: 47vs 20 funds

4%Low

381

Fund positions

8,304

Consensus CUSIPs

Jaccard similarity of this fund’s portfolio vs the consensus of top 20 funds by AUM. Low (<15%) = contrarian, Moderate (15-40%), High (>40%) = follows the crowd.

Most Similar Funds

Top 10 benchmark funds with highest portfolio overlap (Jaccard similarity)

BlackRock Investment Management, LLC

8.3%

PARAMETRIC PORTFOLIO ASSOCIATES LLC

7.2%

BlackRock Fund Advisors

7.1%

BLACKROCK ADVISORS LLC

7.7%

BlackRock Group LTD

9.3%

TIAA CREF INVESTMENT MANAGEMENT LLC

7.3%

TEACHERS ADVISORS, LLC

7.3%

Aperio Group, LLC

12.4%

EATON VANCE MANAGEMENT

22.1%

PICTET ASSET MANAGEMENT LTD

20.8%

Jaccard similarity per fund: shared CUSIPs / (fund A + fund B − shared). Higher values indicate more similar portfolios.

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Position Changes This Quarter

New14Increased64Decreased88Exited20

New Positions

MDLZ0.1%

+11K

FBIN0.1%

+8K

VFC0.1%

+4K

SCHX0.0%

+3K

PGALUSD0.0%

+7K

EMN0.0%

+892

ACCO0.0%

+2K

NWL0.0%

+305

AQUA AMERICA INC0.0%

+150

BABA0.0%

+100

Increased

CBU12.4%

+114K(+7%)

MO0.2%

+17K(+485%)

4I10.3%

+16K(+1478%)

PFE0.6%

+14K(+17%)

AGG1.5%

+9K(+16%)

CSCO0.6%

+8K(+7%)

USB0.3%

+7K(+35%)

EFAV0.8%

+6K(+13%)

CMI0.2%

+5K(+512%)

ACWX0.1%

+5K(+136%)

Decreased

AMLPUSD0.1%

-113,273(-76%)

D0.6%

-5,530(-13%)

ABT0.5%

-5,400(-9%)

POWERSHARES DWA DEV …0.0%

-5,175(-96%)

ADP0.7%

-4,913(-12%)

IWS0.4%

-3,785(-12%)

IBM5.9%

-3,460(-2%)

MMM1.1%

-2,250(-6%)

MSFT0.7%

-2,049(-3%)

INTC1.1%

-2,011(-1%)

Exited

WTM

-100

GLAXOSMITHKLINE PLC …

-700

-90

-24

-125

-2,000

-200

-220

POWERSHARES QQQ TRUS…

-46

K6B

-260

Quarter-over-quarter changes compared to prior 13F filing. New = first appearance; Exited = no longer held.

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Holdings

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