Courage Capital Management’s Arcos Dorados Holdings ARCO Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Shares Change %	Capital Flow	Portfolio Weight	Portfolio Position
2013 Q4	–	Sell	-71,376	Closed	-$823K	–	26
2013 Q3	$823K	Buy	71,376 +19,987	+39%	+$230K	0.37%	22
2013 Q2	$584K	Buy	+51,389	New	+$584K	0.22%	23