Aquamarine Capital Management’s Ferrari RACE Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Shares Change %	Capital Flow	Portfolio Weight	Portfolio Position
2022 Q2	$14.7M	Hold	80,000	–	–	8.63%	5
2022 Q1	$17.6M	Hold	80,000	–	–	7.97%	5
2021 Q4	$20.7M	Hold	80,000	–	–	9.51%	5
2021 Q3	$16.8M	Hold	80,000	–	–	8.22%	5
2021 Q2	$16.5M	Hold	80,000	–	–	7.74%	6
2021 Q1	$16.7M	Hold	80,000	–	–	8.74%	6
2020 Q4	$18.4M	Hold	80,000	–	–	10.76%	5
2020 Q3	$14.7M	Hold	80,000	–	–	9.69%	5
2020 Q2	$13.6M	Sell	80,000 -120,000	-60%	-$20.5M	9.94%	5
2020 Q1	$31.2M	Hold	200,000	–	–	21.3%	1
2019 Q4	$33.2M	Hold	200,000	–	–	15.27%	1
2019 Q3	$30.9M	Hold	200,000	–	–	15.59%	1
2019 Q2	$32.5M	Hold	200,000	–	–	16.8%	1
2019 Q1	$26.8M	Hold	200,000	–	–	14.79%	3
2018 Q4	$19.9M	Hold	200,000	–	–	11.2%	4
2018 Q3	$27.5M	Hold	200,000	–	–	13.25%	3
2018 Q2	$27.2M	Hold	200,000	–	–	12.81%	2
2018 Q1	$24M	Hold	200,000	–	–	11.55%	4
2017 Q4	$21M	Hold	200,000	–	–	10.06%	5
2017 Q3	$22.1M	Hold	200,000	–	–	11.21%	5
2017 Q2	$17.2M	Hold	200,000	–	–	10.48%	5
2017 Q1	$14.9M	Hold	200,000	–	–	9.16%	5
2016 Q4	$11.6M	Hold	200,000	–	–	7.8%	6
2016 Q3	$10.4M	Hold	200,000	–	–	8.28%	5
2016 Q2	$8.14M	Hold	200,000	–	–	7.34%	5
2016 Q1	$8.31M	Buy	+200,000	New	+$8.31M	7.05%	5