Highfields Capital Management’s Marriott International MAR Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2019 Q2	–	Sell	-151,045	Closed	-$18.9M	–	7
2019 Q1	$18.9M	Sell	151,045 -600,000	-80%	-$70.6M	2.6%	12
2018 Q4	$81.5M	Sell	751,045 -370,634	-33%	-$42.6M	3.84%	12
2018 Q3	$148M	Sell	1,121,679 -814,002	-42%	-$104M	2.77%	14
2018 Q2	$245M	Hold	1,935,681	–	–	2.7%	11
2018 Q1	$263M	Sell	1,935,681 -3,065,292	-61%	-$430M	2.38%	13
2017 Q4	$679M	Sell	5,000,973 -2,667,964	-35%	-$328M	5.64%	3
2017 Q3	$846M	Sell	7,668,937 -725,827	-9%	-$74.8M	7.28%	2
2017 Q2	$842M	Sell	8,394,764 -263,031	-3%	-$26.3M	6.24%	3
2017 Q1	$815M	Sell	8,657,795 -2,265,844	-21%	-$197M	7.56%	2
2016 Q4	$903M	Hold	10,923,639	–	–	7.49%	1
2016 Q3	$735M	Buy	10,923,639 +1,712,333	+19%	+$121M	6.89%	1
2016 Q2	$612M	Buy	9,211,306 +2,351,920	+34%	+$158M	5.33%	2
2016 Q1	$488M	Buy	+6,859,386	New	+$449M	4.56%	5