Banbury Partners’s SPS Commerce SPSC Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Shares Change %	Capital Flow	Portfolio Weight	Portfolio Position
2017 Q4	–	Sell	-1,023,764	Closed	-$29M	–	19
2017 Q3	$29M	Buy	1,023,764 +57,378	+6%	+$1.63M	7.1%	8
2017 Q2	$30.8M	Buy	966,386 +205,440	+27%	+$6.55M	7.31%	4
2017 Q1	$22.3M	Buy	+760,946	New	+$22.3M	6.28%	7