Espalier Global Management’s Arq ARQ Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Shares Change %	Capital Flow	Portfolio Weight	Portfolio Position
2013 Q4	–	Sell	-180,000	Closed	-$3.85M	–	99
2013 Q3	$3.85M	Sell	180,000 -90,000	-33%	-$1.92M	0.41%	43
2013 Q2	$5.69M	Buy	+270,000	New	+$5.69M	0.4%	34