Espalier Global 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
2016 Q2	–	Sell	-125,000	Closed	-$13.8M	–	45
2016 Q1	$13.8M	Sell	125,000 -125,000	-50%	-$12.9M	1.83%	4
2015 Q4	$28.2M	Sell	250,000 -625,000	-71%	-$72.1M	7.22%	2
2015 Q3	$95.5M	Buy	875,000 +254,200	+41%	+$30.1M	15.42%	1
2015 Q2	$77.5M	Buy	+620,800	New	+$77.6M	12.61%	3
2015 Q1	–	Sell	-263,900	Closed	-$31.6M	–	90
2014 Q4	$31.6M	Sell	263,900 -986,100	-79%	-$113M	5.25%	4
2014 Q3	$137M	Buy	+1,250,000	New	+$143M	7.28%	2
2014 Q2	–	Sell	-500,000	Closed	-$58.2M	–	120
2014 Q1	$58.2M	Buy	+500,000	New	+$57.7M	3.25%	3
2013 Q4	–	Sell	-250,000	Closed	-$26.7M	–	113
2013 Q3	$26.7M	Sell	250,000 -750,000	-75%	-$77.6M	2.83%	6
2013 Q2	$97M	Buy	+1,000,000	New	+$95.5M	6.82%	2