Howland Capital Management’s Gol Linhas Aéreas Inteligentes S.A. American Depositary Shares (Each representing Ten Preferred Shares) GOL Stock Holding History

Howland Capital Management’s Portfolio GOL Stock Details GOL Fund Activity

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2013 Q4	–	Sell	-15,000	Closed	-$147K	–	190
2013 Q3	$147K	Buy	+15,000	New	+$115K	0.02%	175

Other funds holding GOL

Wellington Management Group Boston, Massachusetts $535B AUM 26.23% 1-Year Est. Return

Macquarie Group Sydney, NSW 2000, Australia $16.8B AUM 27.39% 1-Year Est. Return

Grantham, Mayo, Van Otterloo & Co (GMO) Boston, Massachusetts $39.1B AUM 28.69% 1-Year Est. Return

Ashmore Group London, United Kingdom $16.3M AUM 57.83% 1-Year Est. Return

MNA

Manning & Napier Advisors Fairport, New York $7.09B AUM 17.35% 1-Year Est. Return

Artisan Partners Milwaukee, Wisconsin $62.3B AUM 26.25% 1-Year Est. Return

GTP

Global Thematic Partners New York $120M AUM 25.18% 1-Year Est. Return

RFC

Russell Frank Company Seattle, Washington $56.9B AUM 2.13% 1-Year Est. Return

State of New Jersey Common Pension Fund D Trenton, New Jersey $25.9B AUM 26.38% 1-Year Est. Return

Deutsche Bank Frankfurt Am Main Ge, Germany $303B AUM 30.15% 1-Year Est. Return

Howland Capital Management's GOL Position: Q4 2013 in Review

Howland Capital Management sold out of Gol Linhas Aéreas Inteligentes S.A. American Depositary Shares (Each representing Ten Preferred Shares) (GOL) in Q4 2013, closing a stake of 15,000 shares — an estimated $147K sold.

Howland Capital Management first reported a position in GOL in Q3 2013 and held it in 1 quarter. The position peaked at $147K in Q3 2013. 65 funds tracked by Wall St. Rank hold GOL as of Q4 2013.

Howland Capital Management reported no remaining Gol Linhas Aéreas Inteligentes S.A. American Depositary Shares (Each representing Ten Preferred Shares) position as of Q4 2013 after selling out during the quarter.
Howland Capital Management sold 15,000 Gol Linhas Aéreas Inteligentes S.A. American Depositary Shares (Each representing Ten Preferred Shares) shares in Q4 2013, an estimated $147K.
Howland Capital Management first reported a position in Gol Linhas Aéreas Inteligentes S.A. American Depositary Shares (Each representing Ten Preferred Shares) in Q3 2013 and held it in 1 quarter.
Howland Capital Management's Gol Linhas Aéreas Inteligentes S.A. American Depositary Shares (Each representing Ten Preferred Shares) position peaked at $147K in Q3 2013.
65 funds tracked by Wall St. Rank held Gol Linhas Aéreas Inteligentes S.A. American Depositary Shares (Each representing Ten Preferred Shares) as of Q4 2013.

Based on Howland Capital Management's 13F filing for Q4 2013, filed 7 Feb 2014.