Arlington Value Capital’s Ares Management ARES Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Shares Change %	Capital Flow	Portfolio Weight	Portfolio Position
2015 Q1	–	Sell	-48,109	Closed	-$825K	–	16
2014 Q4	$825K	Sell	48,109 -116,371	-71%	-$2M	0.15%	13
2014 Q3	$2.88M	Sell	164,480 -54,560	-25%	-$955K	0.65%	11
2014 Q2	$4.2M	Buy	+219,040	New	+$4.2M	0.92%	11