Adirondack Research & Management’s Pan American Silver PAAS Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2018 Q4	–	Sell	-211,403	Closed	-$3.12M	–	104
2018 Q3	$3.12M	Hold	211,403	–	–	1.17%	38
2018 Q2	$3.78M	Sell	211,403 -20,900	-9%	-$360K	1.48%	28
2018 Q1	$3.75M	Sell	232,303 -10,500	-4%	-$167K	1.5%	29
2017 Q4	$3.78M	Buy	242,803 +65,100	+37%	+$1.03M	1.48%	28
2017 Q3	$3.03M	Buy	177,703 +17,003	+11%	+$293K	1.18%	39
2017 Q2	$2.7M	Buy	160,700 +41,700	+35%	+$721K	1.05%	42
2017 Q1	$2.08M	Hold	119,000	–	–	0.75%	52
2016 Q4	$1.79M	Buy	119,000 +21,000	+21%	+$338K	0.61%	57
2016 Q3	$1.73M	Hold	98,000	–	–	0.62%	57
2016 Q2	$1.61M	Buy	98,000 +10,000	+11%	+$143K	0.6%	58
2016 Q1	$957K	Buy	88,000 +54,100	+160%	+$464K	0.35%	68
2015 Q4	$220K	Sell	33,900 -117,674	-78%	-$847K	0.08%	99
2015 Q3	$962K	Sell	151,574 -51,500	-25%	-$352K	0.37%	72
2015 Q2	$1.74M	Hold	203,074	–	–	0.64%	60
2015 Q1	$1.78M	Sell	203,074 -79,500	-28%	-$817K	0.69%	57
2014 Q4	$2.6M	Sell	282,574 -81,184	-22%	-$810K	0.97%	46
2014 Q3	$3.99M	Hold	363,758	–	–	1.48%	29
2014 Q2	$5.58M	Hold	363,758	–	–	1.89%	10
2014 Q1	$4.68M	Buy	363,758 +2,000	+0.6%	+$26.8K	1.79%	14
2013 Q4	$4.23M	Buy	361,758 +116,633	+48%	+$1.24M	2.06%	5
2013 Q3	$2.59M	Buy	245,125 +131,825	+116%	+$1.6M	1.49%	26
2013 Q2	$1.32M	Buy	+113,300	New	+$1.44M	0.98%	53