Aravt Global’s Restaurant Brands International QSR Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Shares Change %	Capital Flow	Portfolio Weight	Portfolio Position
2019 Q3	–	Sell	-576,000	Closed	-$40.1M	–	16
2019 Q2	$40.1M	Hold	576,000	–	–	6.26%	7
2019 Q1	$37.5M	Sell	576,000 -130,000	-18%	-$8.46M	5.94%	8
2018 Q4	$36.9M	Sell	706,000 -608,000	-46%	-$31.8M	5.28%	8
2018 Q3	$77.9M	Sell	1,314,000 -272,000	-17%	-$16.1M	10.29%	5
2018 Q2	$95.6M	Buy	1,586,000 +320,000	+25%	+$19.3M	9.33%	5
2018 Q1	$72.1M	Buy	1,266,000 +429,000	+51%	+$24.4M	7.43%	8
2017 Q4	$51.5M	Hold	837,000	–	–	4.9%	10
2017 Q3	$53.5M	Sell	837,000 -747,000	-47%	-$47.7M	5.28%	10
2017 Q2	$99.1M	Hold	1,584,000	–	–	8.99%	8
2017 Q1	$88.3M	Hold	1,584,000	–	–	6.45%	8
2016 Q4	$75.5M	Hold	1,584,000	–	–	5.42%	9
2016 Q3	$70.6M	Sell	1,584,000 -716,000	-31%	-$31.9M	4.13%	7
2016 Q2	$95.7M	Hold	2,300,000	–	–	7.1%	2
2016 Q1	$89.3M	Sell	2,300,000 -365,000	-14%	-$14.2M	7.56%	3
2015 Q4	$99.6M	Hold	2,665,000	–	–	10.06%	5
2015 Q3	$95.7M	Hold	2,665,000	–	–	8.2%	6
2015 Q2	$102M	Hold	2,665,000	–	–	8.14%	5
2015 Q1	$102M	Buy	2,665,000 +328,600	+14%	+$12.6M	7.69%	6
2014 Q4	$91.2M	Buy	+2,336,400	New	+$91.2M	6.8%	5