Forward Management’s Automatic Data Processing ADP Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2017 Q2	–	Sell	-7,852	Closed	-$804K	–	217
2017 Q1	$804K	Sell	7,852 -394	-5%	-$40.2K	0.07%	121
2016 Q4	$848K	Buy	8,246 +112	+1%	+$10.4K	0.06%	141
2016 Q3	$717K	Sell	8,134 -1,889	-19%	-$171K	0.05%	137
2016 Q2	$921K	Sell	10,023 -170	-2%	-$15K	0.08%	120
2016 Q1	$914K	Buy	10,193 +175	+2%	+$14.7K	0.07%	125
2015 Q4	$849K	Sell	10,018 -2,127	-18%	-$183K	0.07%	144
2015 Q3	$976K	Sell	12,145 -339	-3%	-$27.1K	0.08%	136
2015 Q2	$1M	Buy	12,484 +782	+7%	+$66.7K	0.06%	181
2015 Q1	$1M	Buy	11,702 +946	+9%	+$81.5K	0.06%	169
2014 Q4	$897K	Sell	10,756 -1,308	-11%	-$106K	0.05%	174
2014 Q3	$880K	Sell	12,064 -358	-3%	-$25.9K	0.05%	177
2014 Q2	$865K	Buy	12,422 +302	+2%	+$20.6K	0.05%	168
2014 Q1	$822K	Sell	12,120 -16	-0.1%	-$1.09K	0.05%	169
2013 Q4	$861K	Sell	12,136 -247	-2%	-$16.6K	0.05%	160
2013 Q3	$787K	Sell	12,383 -8,462	-41%	-$538K	0.05%	170
2013 Q2	$1.26M	Buy	+20,845	New	+$1.24M	0.1%	135