GEM

Global Endowment Management’s Utilities Select Sector SPDR Fund XLU Stock Holding History

Quarter	Market Value	Status	Shares	Shares Change %	Trade Value	Portfolio Weight	Portfolio Position
2022 Q3	–	Sell	-10,000	Closed	-$701K	–	126
2022 Q2	$701K	Sell	10,000 -10,380	-51%	-$728K	0.06%	93
2022 Q1	$1.52M	Hold	20,380	–	–	0.11%	71
2021 Q4	$1.46M	Buy	20,380 +4,880	+31%	+$349K	0.11%	70
2021 Q3	$990K	Hold	15,500	–	–	0.07%	83
2021 Q2	$980K	Hold	15,500	–	–	0.06%	84
2021 Q1	$993K	Hold	15,500	–	–	0.06%	82
2020 Q4	$972K	Hold	15,500	–	–	0.06%	81
2020 Q3	$920K	Buy	+15,500	New	+$920K	0.07%	70
2019 Q2	–	Sell	-32,650	Closed	-$1.9M	–	223
2019 Q1	$1.9M	Hold	32,650	–	–	0.27%	54
2018 Q4	$1.73M	Sell	32,650 -37,350	-53%	-$1.98M	0.37%	29
2018 Q3	$3.69M	Sell	70,000 -28,300	-29%	-$1.49M	0.49%	42
2018 Q2	$5.11M	Hold	98,300	–	–	0.67%	40
2018 Q1	$4.97M	Buy	98,300 +41,300	+72%	+$2.09M	0.72%	20
2017 Q4	$3M	Hold	57,000	–	–	0.44%	45
2017 Q3	$3.02M	Hold	57,000	–	–	0.43%	52
2017 Q2	$2.96M	Hold	57,000	–	–	0.4%	56
2017 Q1	$2.93M	Hold	57,000	–	–	0.43%	44
2016 Q4	$2.77M	Sell	57,000 -6,000	-10%	-$291K	0.43%	46
2016 Q3	$3.09M	Sell	63,000 -17,000	-21%	-$833K	0.51%	42
2016 Q2	$4.2M	Hold	80,000	–	–	0.9%	20
2016 Q1	$3.97M	Buy	80,000 +24,600	+44%	+$1.22M	0.85%	21
2015 Q4	$2.4M	Hold	55,400	–	–	0.44%	54
2015 Q3	$2.4M	Hold	55,400	–	–	0.36%	85
2015 Q2	$2.3M	Hold	55,400	–	–	0.32%	100
2015 Q1	$2.46M	Buy	55,400 +33,000	+147%	+$1.47M	0.39%	87
2014 Q4	$1.06M	Sell	22,400 -50,000	-69%	-$2.36M	0.18%	142
2014 Q3	$3.05M	Hold	72,400	–	–	0.47%	73
2014 Q2	$3.2M	Hold	72,400	–	–	0.49%	73
2014 Q1	$3M	Hold	72,400	–	–	0.47%	79
2013 Q4	$2.75M	Sell	72,400 -6,600	-8%	-$251K	0.55%	52
2013 Q3	$2.95M	Sell	79,000 -9,066	-10%	-$339K	0.74%	31
2013 Q2	$3.31M	Buy	+88,066	New	+$3.31M	0.92%	22