Emerald Mutual Fund Advisers Trust’s Howard Bancorp, Inc. Common Stock HBMD Stock Holding History

Quarter	Market Value	Status	Shares	Shares Change %	Trade Value	Portfolio Weight	Portfolio Position
2018 Q1	–	Sell	-289,900	Closed	-$6.38M	–	266
2017 Q4	$6.38M	Sell	289,900 -122,599	-30%	-$2.7M	0.25%	133
2017 Q3	$8.62M	Hold	412,499	–	–	0.36%	101
2017 Q2	$7.94M	Hold	412,499	–	–	0.35%	106
2017 Q1	$7.71M	Buy	412,499 +150,000	+57%	+$2.81M	0.35%	104
2016 Q4	$3.96M	Hold	262,499	–	–	0.19%	143
2016 Q3	$3.47M	Hold	262,499	–	–	0.18%	145
2016 Q2	$3.41M	Hold	262,499	–	–	0.19%	142
2016 Q1	$3.16M	Hold	262,499	–	–	0.18%	142
2015 Q4	$3.48M	Hold	262,499	–	–	0.18%	139
2015 Q3	$3.73M	Hold	262,499	–	–	0.24%	122
2015 Q2	$3.67M	Buy	262,499 +85,000	+48%	+$1.19M	0.28%	108
2015 Q1	$2.33M	Hold	177,499	–	–	0.19%	119
2014 Q4	$2.02M	Hold	177,499	–	–	0.18%	122
2014 Q3	$1.84M	Hold	177,499	–	–	0.18%	128
2014 Q2	$1.71M	Hold	177,499	–	–	0.16%	128
2014 Q1	$2.01M	Sell	177,499 -177,499	-50%	-$2.01M	0.19%	121
2013 Q4	$3.3M	Buy	354,998 +177,499	+100%	+$1.65M	0.2%	120
2013 Q3	$1.54M	Hold	177,499	–	–	0.21%	115
2013 Q2	$1.4M	Buy	+177,499	New	+$1.4M	0.24%	111