Ivory Investment Management’s State Street SPDR S&P 500 ETF Trust SPY Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2018 Q3	–	Sell	-166,466	Closed	-$45.2M	–	12
2018 Q2	$45.2M	Buy	166,466 +66,193	+66%	+$17.9M	9.11%	4
2018 Q1	$26.4M	Sell	100,273 -32,048	-24%	-$8.75M	1.59%	25
2017 Q4	$35.3M	Sell	132,321 -32,613	-20%	-$8.48M	2.02%	20
2017 Q3	$41.4M	Buy	164,934 +112,338	+214%	+$27.7M	2.09%	19
2017 Q2	$12.7M	Sell	52,596 -108,915	-67%	-$26.1M	0.48%	55
2017 Q1	$38.1M	Buy	161,511 +105,014	+186%	+$24.4M	1.36%	25
2016 Q4	$12.6M	Buy	+56,497	New	+$12.3M	0.52%	40
2016 Q3	–	Sell	-22,315	Closed	-$4.82M	–	102
2016 Q2	$4.67M	Sell	22,315 -40,347	-64%	-$8.37M	0.16%	70
2016 Q1	$12.9M	Sell	62,662 -65,836	-51%	-$12.8M	0.45%	57
2015 Q4	$26.2M	Buy	128,498 +60,863	+90%	+$12.5M	0.72%	42
2015 Q3	$13M	Buy	+67,635	New	+$13.7M	0.35%	61
2015 Q2	–	Sell	-6,007	Closed	-$1.24M	–	106
2015 Q1	$1.24M	Sell	6,007 -7,811	-57%	-$1.61M	0.03%	81
2014 Q4	$2.84M	Sell	13,818 -4,865	-26%	-$978K	0.1%	63
2014 Q3	$3.68M	Buy	18,683 +13,643	+271%	+$2.7M	0.15%	85
2014 Q2	$986K	Buy	+5,040	New	+$958K	0.05%	85