Ivory Investment Management’s Telefônica Brasil VIV Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Shares Change %	Capital Flow	Portfolio Weight	Portfolio Position
2014 Q3	–	Sell	-156,511	Closed	-$3.21M	–	100
2014 Q2	$3.21M	Buy	156,511 +13,214	+9%	+$271K	0.09%	80
2014 Q1	$3.04M	Buy	+143,297	New	+$3.04M	0.13%	104