Avalon Investment & Advisory’s Reynolds American Inc RAI Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2017 Q1	–	Sell	-268,794	Closed	-$15.1M	–	390
2016 Q4	$15.1M	Sell	268,794 -267,810	-50%	-$14.2M	0.54%	58
2016 Q3	$25.3M	Buy	536,604 +4,303	+0.8%	+$216K	0.95%	37
2016 Q2	$28.7M	Sell	532,301 -82,985	-13%	-$4.17M	1.11%	27
2016 Q1	$31M	Buy	615,286 +11,908	+2%	+$585K	1.34%	18
2015 Q4	$27.8M	Sell	603,378 -509,149	-46%	-$23.6M	1.2%	22
2015 Q3	$49.3M	Sell	1,112,527 -266,747	-19%	-$11.1M	2.17%	3
2015 Q2	$51.5M	Buy	1,379,274 +102,724	+8%	+$3.85M	2.22%	3
2015 Q1	$44M	Sell	1,276,550 -225,618	-15%	-$7.91M	1.92%	3
2014 Q4	$48.3M	Buy	1,502,168 +24,150	+2%	+$765K	2.2%	5
2014 Q3	$43.6M	Sell	1,478,018 -16,480	-1%	-$480K	2.2%	5
2014 Q2	$45.1M	Sell	1,494,498 -17,138	-1%	-$492K	2.28%	2
2014 Q1	$40.4M	Sell	1,511,636 -10,406	-0.7%	-$262K	2.23%	2
2013 Q4	$38M	Buy	1,522,042 +12,642	+0.8%	+$319K	2.13%	5
2013 Q3	$36.8M	Sell	1,509,400 -10,032	-0.7%	-$249K	2.38%	2
2013 Q2	$36.7M	Buy	+1,519,432	New	+$36M	2.19%	3