Espalier Global Management’s Pitney Bowes PBI Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Shares Change %	Capital Flow	Portfolio Weight	Portfolio Position
2014 Q2	–	Sell	-400,000	Closed	-$10.4M	–	90
2014 Q1	$10.4M	Buy	400,000 +50,000	+14%	+$1.3M	0.58%	21
2013 Q4	$8.16M	Sell	350,000 -175,000	-33%	-$4.08M	0.78%	26
2013 Q3	$9.55M	Buy	+525,000	New	+$9.55M	1.01%	25