Avalon Investment & Advisory’s Restaurant Brands International QSR Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2022 Q1	–	Sell	-7,926	Closed	-$481K	–	333
2021 Q4	$481K	Sell	7,926 -4,438	-36%	-$262K	0.01%	253
2021 Q3	$757K	Sell	12,364 -4,445	-26%	-$285K	0.02%	255
2021 Q2	$1.08M	Sell	16,809 -630	-4%	-$42.4K	0.02%	235
2021 Q1	$1.13M	Buy	17,439 +3,205	+23%	+$199K	0.03%	226
2020 Q4	$870K	Buy	14,234 +6,521	+85%	+$381K	0.02%	263
2020 Q3	$444K	Sell	7,713 -1,208	-14%	-$67.4K	0.01%	272
2020 Q2	$487K	Buy	+8,921	New	+$450K	0.01%	245
2020 Q1	–	Sell	-38,577	Closed	-$2.46M	–	342
2019 Q4	$2.46M	Sell	38,577 -471	-1%	-$31.5K	0.05%	197
2019 Q3	$2.78M	Sell	39,048 -492	-1%	-$36.3K	0.06%	188
2019 Q2	$2.75M	Buy	39,540 +359	+0.9%	+$24K	0.06%	194
2019 Q1	$2.55M	Buy	39,181 +9	+0%	+$553	0.06%	201
2018 Q4	$2.05M	Buy	39,172 +2,270	+6%	+$126K	0.05%	204
2018 Q3	$2.19M	Buy	36,902 +2,581	+8%	+$157K	0.06%	226
2018 Q2	$2.07M	Buy	34,321 +3,039	+10%	+$174K	0.06%	221
2018 Q1	$1.78M	Sell	31,282 -7,375	-19%	-$438K	0.06%	221
2017 Q4	$2.38M	Buy	38,657 +1,299	+3%	+$83.3K	0.07%	192
2017 Q3	$2.39M	Sell	37,358 -282	-0.7%	-$17.4K	0.08%	176
2017 Q2	$2.35M	Buy	37,640 +2,028	+6%	+$119K	0.08%	174
2017 Q1	$1.99M	Buy	+35,612	New	+$1.86M	0.07%	187
2015 Q4	–	Sell	-22,992	Closed	-$826K	–	269
2015 Q3	$826K	Buy	+22,992	New	+$911K	0.04%	165
2015 Q1	–	Sell	-11,054	Closed	-$432K	–	251
2014 Q4	$432K	Buy	+11,054	New	+$425K	0.02%	159