Deltec Asset Management’s Vale S A VALE.P Stock Holding History

Quarter	Market Value	Status	Shares	Shares Change %	Trade Value	Portfolio Weight	Portfolio Position
2017 Q3	–	Sell	-354,610	Closed	-$2.89M	–	186
2017 Q2	$2.89M	Buy	+354,610	New	+$2.89M	0.59%	63
2017 Q1	–	Sell	-345,910	Closed	-$2.38M	–	194
2016 Q4	$2.38M	Buy	+345,910	New	+$2.38M	0.56%	58
2015 Q4	–	Sell	-10,000	Closed	-$34K	–	199
2015 Q3	$34K	Hold	10,000	–	–	0.01%	175
2015 Q2	$51K	Hold	10,000	–	–	0.01%	139
2015 Q1	$49K	Sell	10,000 -2,500	-20%	-$12.3K	0.01%	140
2014 Q4	$91K	Sell	12,500 -19,000	-60%	-$138K	0.02%	132
2014 Q3	$306K	Sell	31,500 -21,000	-40%	-$204K	0.07%	120
2014 Q2	$625K	Sell	52,500 -8,410	-14%	-$100K	0.13%	93
2014 Q1	$758K	Sell	60,910 -67,000	-52%	-$834K	0.17%	83
2013 Q4	$1.79M	Sell	127,910 -154,500	-55%	-$2.16M	0.43%	64
2013 Q3	$4.01M	Buy	282,410 +17,500	+7%	+$249K	1.05%	33
2013 Q2	$3.22M	Buy	+264,910	New	+$3.22M	0.96%	37