Black River Asset Management’s Grupo Aval AVAL Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Shares Change %	Capital Flow	Portfolio Weight	Portfolio Position
2015 Q2	–	Sell	-1,117,766	Closed	-$10M	–	28
2015 Q1	$10M	Sell	1,117,766 -434,634	-28%	-$3.9M	6.66%	5
2014 Q4	$16.1M	Sell	1,552,400 -447,600	-22%	-$4.65M	11.76%	2
2014 Q3	$27.1M	Buy	+2,000,000	New	+$27.1M	30.69%	1