Gargoyle Investment Advisor’s Old Republic International ORI Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2018 Q1	–	Sell	-117,000	Closed	-$2.5M	–	189
2017 Q4	$2.5M	Hold	117,000	–	–	1%	45
2017 Q3	$2.3M	Buy	117,000 +26,800	+30%	+$519K	0.88%	56
2017 Q2	$1.76M	Buy	+90,200	New	+$1.8M	0.7%	63
2017 Q1	–	Sell	-137,615	Closed	-$2.62M	–	213
2016 Q4	$2.62M	Sell	137,615 -62,981	-31%	-$1.13M	1.02%	37
2016 Q3	$3.54M	Sell	200,596 -8,500	-4%	-$162K	1.34%	5
2016 Q2	$4.03M	Sell	209,096 -5,700	-3%	-$106K	1.51%	2
2016 Q1	$3.93M	Buy	214,796 +4,745	+2%	+$85.5K	1.32%	2
2015 Q4	$3.91M	Sell	210,051 -5,884	-3%	-$106K	1.59%	4
2015 Q3	$3.38M	Buy	215,935 +36,565	+20%	+$586K	1.39%	8
2015 Q2	$2.8M	Buy	179,370 +46,500	+35%	+$717K	1.07%	30
2015 Q1	$1.99M	Buy	+132,870	New	+$1.95M	0.75%	71
2014 Q3	–	Sell	-87,309	Closed	-$1.44M	–	150
2014 Q2	$1.44M	Buy	87,309 +33,624	+63%	+$561K	0.54%	70
2014 Q1	$880K	Buy	53,685 +22,819	+74%	+$363K	0.39%	70
2013 Q4	$533K	Buy	+30,866	New	+$507K	0.25%	89