Arbiter Partners Capital Management’s Pitney Bowes PBI Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Shares Change %	Capital Flow	Portfolio Weight	Portfolio Position
2018 Q3	–	Sell	-874,639	Closed	-$7.5M	–	62
2018 Q2	$7.5M	Sell	874,639 -148,787	-15%	-$1.28M	0.75%	12
2018 Q1	$11.1M	Hold	1,023,426	–	–	1.35%	8
2017 Q4	$11.4M	Buy	1,023,426 +100,000	+11%	+$1.12M	1.27%	11
2017 Q3	$12.9M	Buy	+923,426	New	+$12.9M	1.44%	9