Invicta Capital Management’s Research Frontiers REFR Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Shares Change %	Capital Flow	Portfolio Weight	Portfolio Position
2015 Q2	–	Sell	-267,100	Closed	-$1.63M	–	4
2015 Q1	$1.63M	Buy	+267,100	New	+$1.63M	1.3%	22