Espalier Global Management’s Adtran ADTN Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Shares Change %	Capital Flow	Portfolio Weight	Portfolio Position
2016 Q1	–	Sell	-65,000	Closed	-$1.12M	–	32
2015 Q4	$1.12M	Buy	+65,000	New	+$1.12M	0.29%	35
2013 Q4	–	Sell	-150,000	Closed	-$4M	–	60
2013 Q3	$4M	Sell	150,000 -100,000	-40%	-$2.66M	0.42%	42
2013 Q2	$6.16M	Buy	+250,000	New	+$6.16M	0.43%	32