Cove Street Capital’s Approach Resources Inc. AREX Stock Holding History

Cove Street Capital’s Portfolio AREX Stock Details AREX Fund Activity

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2016 Q4	–	Sell	-719,862	Closed	-$2.43M	–	100
2016 Q3	$2.43M	Sell	719,862 -1,293,915	-64%	-$3.27M	0.26%	55
2016 Q2	$4.23M	Buy	2,013,777 +238,976	+13%	+$541K	0.47%	51
2016 Q1	$2.06M	Sell	1,774,801 -1,003,514	-36%	-$1.14M	0.27%	60
2015 Q4	$5.11M	Sell	2,778,315 -608,439	-18%	-$1.36M	0.67%	49
2015 Q3	$6.33M	Sell	3,386,754 -146,500	-4%	-$493K	0.84%	45
2015 Q2	$24.2M	Buy	3,533,254 +25,607	+0.7%	+$193K	2.92%	9
2015 Q1	$23.1M	Buy	3,507,647 +418,809	+14%	+$2.88M	3.03%	6
2014 Q4	$19.7M	Buy	3,088,838 +1,000,301	+48%	+$9.58M	2.94%	5
2014 Q3	$30.3M	Buy	2,088,537 +517,685	+33%	+$9.67M	4.72%	1
2014 Q2	$35.7M	Buy	1,570,852 +302,931	+24%	+$6.15M	5.78%	1
2014 Q1	$26.5M	Buy	1,267,921 +103,630	+9%	+$2.12M	4.98%	2
2013 Q4	$22.5M	Buy	1,164,291 +99,724	+9%	+$2.45M	4.17%	5
2013 Q3	$28M	Buy	1,064,567 +134,061	+14%	+$3.39M	5.69%	2
2013 Q2	$22.9M	Buy	+930,506	New	+$23.3M	5.02%	2

Other funds holding AREX

California Public Employees Retirement System Sacramento, California $162B AUM 25.78% 1-Year Est. Return

NGA

New Generation Advisors Manchester, Massachusetts $45.6M AUM 15.43% 1-Year Est. Return

First Manhattan New York $36.1B AUM 11.5% 1-Year Est. Return

SCM

Schneider Capital Management Berwyn, Pennsylvania $175M AUM 42.51% 1-Year Est. Return

Vanguard Group Malvern, Pennsylvania $6.9T AUM 27.45% 1-Year Est. Return

MAMNY

Marathon Asset Management (New York) New York $12M AUM 8.79% 1-Year Est. Return

BIT

BlackRock Institutional Trust San Francisco, California $675B AUM 16.07% 1-Year Est. Return

PCM

Penn Capital Management Philadelphia, Pennsylvania $1.29B AUM 53.44% 1-Year Est. Return

Lubar & Co Milwaukee, Wisconsin $119M AUM

Boston Partners Boston, Massachusetts $95.5B AUM 28.4% 1-Year Est. Return

Cove Street Capital's AREX Position: Q4 2016 in Review

Cove Street Capital sold out of Approach Resources Inc. (AREX) in Q4 2016, closing a stake of 719,862 shares — an estimated $2.43M sold.

Cove Street Capital first reported a position in AREX in Q2 2013 and held it in 14 quarters. The position peaked at $35.7M in Q2 2014. 85 funds tracked by Wall St. Rank hold AREX as of Q4 2016.

Cove Street Capital reported no remaining Approach Resources Inc. position as of Q4 2016 after selling out during the quarter.
Cove Street Capital sold 719,862 Approach Resources Inc. shares in Q4 2016, an estimated $2.43M.
Cove Street Capital first reported a position in Approach Resources Inc. in Q2 2013 and held it in 14 quarters.
Cove Street Capital's Approach Resources Inc. position peaked at $35.7M in Q2 2014.
85 funds tracked by Wall St. Rank held Approach Resources Inc. as of Q4 2016.

Based on Cove Street Capital's 13F filing for Q4 2016, filed 14 Feb 2017.