Foxhaven Asset Management’s SBA Communications SBAC Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2018 Q1	–	Sell	-421,533	Closed	-$68.9M	–	26
2017 Q4	$68.9M	Hold	421,533	–	–	4.78%	9
2017 Q3	$60.7M	Hold	421,533	–	–	4.41%	9
2017 Q2	$56.9M	Sell	421,533 -76,900	-15%	-$9.99M	3.98%	11
2017 Q1	$60M	Hold	498,433	–	–	4.15%	10
2016 Q4	$51.5M	Buy	498,433 +97,547	+24%	+$10.3M	3.89%	12
2016 Q3	$45M	Hold	400,886	–	–	4.35%	10
2016 Q2	$43.3M	Buy	400,886 +116,297	+41%	+$11.8M	4.67%	10
2016 Q1	$28.5M	Hold	284,589	–	–	3.2%	14
2015 Q4	$29.9M	Sell	284,589 -198,528	-41%	-$21.5M	3.23%	12
2015 Q3	$50.6M	Buy	483,117 +79,332	+20%	+$9.25M	6.12%	7
2015 Q2	$46.4M	Sell	403,785 -239,414	-37%	-$28.1M	5.26%	7
2015 Q1	$75.3M	Buy	643,199 +200,963	+45%	+$23.7M	9.07%	3
2014 Q4	$49M	Buy	+442,236	New	+$49.7M	9.33%	4