Carrhae Capital’s Petrobras Class A PBR.A Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Shares Change %	Capital Flow	Portfolio Weight	Portfolio Position
2015 Q4	–	Sell	-3,104,365	Closed	-$11.4M	–	10
2015 Q3	$11.4M	Sell	3,104,365 -1,541,035	-33%	-$5.67M	14.72%	4
2015 Q2	$37.9M	Buy	4,645,400 +2,685,400	+137%	+$21.9M	16.66%	2
2015 Q1	$11.9M	Buy	+1,960,000	New	+$11.9M	7.65%	3