Elm Ridge Management’s iShares Russell 2000 ETF IWM Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2017 Q2	–	Sell	-570,000	Closed	-$78.4M	–	38
2017 Q1	$78.4M	Sell	570,000 -165,000	-22%	-$22.5M	19.33%	1
2016 Q4	$99.1M	Sell	735,000 -39,200	-5%	-$5.01M	21.26%	1
2016 Q3	$96.2M	Buy	774,200 +23,600	+3%	+$2.87M	22.68%	1
2016 Q2	$86.3M	Sell	750,600 -449,400	-37%	-$50.7M	20.78%	1
2016 Q1	$133M	Buy	1,200,000 +530,000	+79%	+$54.9M	23.35%	1
2015 Q4	$75.5M	Sell	670,000 -527,500	-44%	-$60.8M	14.54%	1
2015 Q3	$131M	Buy	1,197,500 +302,500	+34%	+$35.9M	19.03%	1
2015 Q2	$112M	Sell	895,000 -893,900	-50%	-$112M	13.96%	1
2015 Q1	$222M	Buy	1,788,900 +777,100	+77%	+$93.7M	23.17%	1
2014 Q4	$121M	Buy	1,011,800 +204,800	+25%	+$23.4M	11.57%	2
2014 Q3	$88.2M	Buy	807,000 +147,000	+22%	+$16.8M	8.73%	2
2014 Q2	$78.4M	Buy	660,000 +330,000	+100%	+$37.5M	7.41%	2
2014 Q1	$38.4M	Buy	+330,000	New	+$38.1M	3.88%	6