Avalon Capital Management’s iShares MSCI Brazil ETF EWZ Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Shares Change %	Capital Flow	Portfolio Weight	Portfolio Position
2014 Q3	–	Sell	-18,286	Closed	-$874K	–	78
2014 Q2	$874K	Sell	18,286 -12,885	-41%	-$616K	0.73%	53
2014 Q1	$1.4M	Buy	+31,171	New	+$1.4M	1.13%	31