BBT Capital Management’s Pan American Silver PAAS Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Shares Change %	Capital Flow	Portfolio Weight	Portfolio Position
2014 Q4	–	Sell	-50,000	Closed	-$549K	–	192
2014 Q3	$549K	Sell	50,000 -200,000	-80%	-$2.2M	0.03%	172
2014 Q2	$3.84M	Sell	250,000 -100,000	-29%	-$1.54M	0.24%	96
2014 Q1	$4.5M	Buy	350,000 +50,000	+17%	+$643K	0.2%	96
2013 Q4	$3.51M	Buy	+300,000	New	+$3.51M	0.16%	131