Horizon Kinetics’s Restaurant Brands International QSR Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2018 Q4	$629K	Sell	12,025 -1,065	-8%	-$59.1K	0.02%	217
2018 Q3	$776K	Sell	13,090 -218	-2%	-$13.3K	0.02%	216
2018 Q2	$803K	Sell	13,308 -476	-3%	-$27.3K	0.02%	208
2018 Q1	$785K	Sell	13,784 -2,965	-18%	-$176K	0.02%	210
2017 Q4	$1.03M	Buy	16,749 +461	+3%	+$29.6K	0.03%	177
2017 Q3	$1.04M	Sell	16,288 -1,958	-11%	-$121K	0.03%	186
2017 Q2	$1.14M	Sell	18,246 -852	-4%	-$50.2K	0.04%	179
2017 Q1	$1.06M	Sell	19,098 -1,823	-9%	-$95.4K	0.03%	182
2016 Q4	$998K	Sell	20,921 -1,952	-9%	-$90K	0.03%	189
2016 Q3	$1.02M	Sell	22,873 -5,005	-18%	-$227K	0.03%	195
2016 Q2	$1.16M	Sell	27,878 -3,955	-12%	-$164K	0.03%	183
2016 Q1	$1.24M	Sell	31,833 -5,305	-14%	-$185K	0.03%	170
2015 Q4	$1.39M	Sell	37,138 -252,715	-87%	-$9.28M	0.03%	156
2015 Q3	$10.4M	Sell	289,853 -164,631	-36%	-$6.53M	0.22%	62
2015 Q2	$17.4M	Sell	454,484 -10,213	-2%	-$403K	0.25%	54
2015 Q1	$17.8M	Buy	464,697 +7,591	+2%	+$303K	0.25%	59
2014 Q4	$17.8M	Buy	+457,106	New	+$17.6M	0.25%	67