Baldwin Investment Management’s PDC Energy, Inc. PDCE Stock Holding History

Quarter	Market Value	Status	Shares	Shares Change %	Trade Value	Portfolio Weight	Portfolio Position
2017 Q2	–	Sell	-5,000	Closed	-$312K	–	119
2017 Q1	$312K	Hold	5,000	–	–	0.12%	102
2016 Q4	$363K	Hold	5,000	–	–	0.14%	86
2016 Q3	$335K	Hold	5,000	–	–	0.14%	95
2016 Q2	$288K	Hold	5,000	–	–	0.12%	104
2016 Q1	$297K	Hold	5,000	–	–	0.13%	99
2015 Q4	$267K	Hold	5,000	–	–	0.12%	107
2015 Q3	$265K	Hold	5,000	–	–	0.12%	115
2015 Q2	$268K	Hold	5,000	–	–	0.11%	116
2015 Q1	$270K	Hold	5,000	–	–	0.11%	118
2014 Q4	$206K	Hold	5,000	–	–	0.08%	128
2014 Q3	$251K	Hold	5,000	–	–	0.1%	123
2014 Q2	$316K	Hold	5,000	–	–	0.14%	104
2014 Q1	$311K	Hold	5,000	–	–	0.14%	104
2013 Q4	$266K	Hold	5,000	–	–	0.12%	115
2013 Q3	$298K	Hold	5,000	–	–	0.14%	102
2013 Q2	$257K	Buy	+5,000	New	+$257K	0.13%	104