Fiduciary Management Inc’s Cullen/Frost Bankers CFR Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2016 Q2	–	Sell	-671,721	Closed	-$37M	–	75
2016 Q1	$37M	Sell	671,721 -611,554	-48%	-$31.7M	0.22%	65
2015 Q4	$77M	Sell	1,283,275 -31,383	-2%	-$2.08M	0.44%	37
2015 Q3	$83.6M	Buy	1,314,658 +7,255	+0.6%	+$494K	0.46%	38
2015 Q2	$103M	Sell	1,307,403 -19,659	-1%	-$1.45M	0.53%	34
2015 Q1	$91.7M	Sell	1,327,062 -28,983	-2%	-$1.95M	0.48%	36
2014 Q4	$95.8M	Sell	1,356,045 -18,917	-1%	-$1.43M	0.48%	37
2014 Q3	$105M	Sell	1,374,962 -20,750	-1%	-$1.63M	0.57%	32
2014 Q2	$111M	Buy	1,395,712 +23,760	+2%	+$1.83M	0.58%	32
2014 Q1	$106M	Sell	1,371,952 -25,768	-2%	-$1.93M	0.57%	35
2013 Q4	$104M	Sell	1,397,720 -18,620	-1%	-$1.33M	0.55%	34
2013 Q3	$99.9M	Buy	1,416,340 +14,835	+1%	+$1.06M	0.61%	32
2013 Q2	$93.6M	Buy	+1,401,505	New	+$88.3M	0.58%	30