Confluence Investment Management’s Rayonier Advanced Materials RYAM Stock Holding History

Quarter	Market Value	Status	Shares	Shares Change %	Trade Value	Portfolio Weight	Portfolio Position
2014 Q4	–	Sell	-529,475	Closed	-$17.4M	–	259
2014 Q3	$17.4M	Buy	529,475 +291,623	+123%	+$9.6M	0.78%	46
2014 Q2	$9.22M	Buy	+237,852	New	+$9.22M	0.42%	69