City of London Investment Management’s Vale S A VALE.P Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Shares Change %	Capital Flow	Portfolio Weight	Portfolio Position
2016 Q1	–	Sell	-60,000	Closed	-$149K	–	137
2015 Q4	$149K	Sell	60,000 -50,000	-45%	-$124K	0.01%	121
2015 Q3	$369K	Buy	110,000 +10,000	+10%	+$33.5K	0.03%	115
2015 Q2	$505K	Sell	100,000 -50,000	-33%	-$253K	0.04%	106
2015 Q1	$725K	Sell	150,000 -11,000	-7%	-$53.2K	0.05%	89
2014 Q4	$1.17M	Sell	161,000 -20,000	-11%	-$145K	0.08%	70
2014 Q3	$1.76M	Buy	181,000 +136,000	+302%	+$1.32M	0.12%	42
2014 Q2	$535K	Sell	45,000 -15,000	-25%	-$178K	0.04%	63
2014 Q1	$744K	Hold	60,000	–	–	0.06%	54
2013 Q4	$840K	Hold	60,000	–	–	0.07%	45
2013 Q3	$858K	Hold	60,000	–	–	0.08%	38
2013 Q2	$726K	Buy	+60,000	New	+$726K	0.06%	38