Joho Capital’s TAL Education Group TAL Stock Holding History

Joho Capital’s Portfolio TAL Stock Details TAL Fund Activity

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2016 Q2	–	Sell	-2,532,318	Closed	-$21M	–	12
2016 Q1	$21M	Sell	2,532,318 -2,766,018	-52%	-$22.1M	5.27%	8
2015 Q4	$41M	Sell	5,298,336 -6,089,208	-53%	-$41.5M	11.49%	5
2015 Q3	$61M	Sell	11,387,544 -2,624,274	-19%	-$14.2M	17.47%	2
2015 Q2	$82.4M	Sell	14,011,818 -1,683,522	-11%	-$10.2M	19.21%	1
2015 Q1	$86.9M	Buy	15,695,340 +1,011,768	+7%	+$5.15M	19.86%	1
2014 Q4	$68.7M	Sell	14,683,572 -277,608	-2%	-$1.46M	13.19%	3
2014 Q3	$87.1M	Sell	14,961,180 -472,644	-3%	-$2.51M	14.76%	3
2014 Q2	$70.7M	Sell	15,433,824 -182,418	-1%	-$721K	10.8%	3
2014 Q1	$58.6M	Sell	15,616,242 -723,780	-4%	-$2.86M	9.36%	4
2013 Q4	$59.9M	Hold	16,340,022	–	–	4.1%	10
2013 Q3	$39.5M	Hold	16,340,022	–	–	2.96%	11
2013 Q2	$28.5M	Buy	+16,340,022	New	+$26.8M	2.45%	11

Other funds holding TAL

UBS AM Chicago, Illinois $481B AUM 26.39% 1-Year Est. Return

Morgan Stanley New York $1.66T AUM 25.57% 1-Year Est. Return

Franklin Resources San Mateo, California $408B AUM 30.18% 1-Year Est. Return

Baillie Gifford & Co Edinburgh, United Kingdom $97.9B AUM 20.73% 1-Year Est. Return

BlackRock Group London, United Kingdom $210B AUM 15.5% 1-Year Est. Return

Principal Financial Group Des Moines, Iowa $187B AUM 18.48% 1-Year Est. Return

SCMC

Serenity Capital Management (Cayman) George Town, Cayman Islands $269M AUM 16.04% 1-Year Est. Return

Goldman Sachs New York $871B AUM 31.28% 1-Year Est. Return

BFA

BlackRock Fund Advisors San Francisco, California $542B AUM 18.13% 1-Year Est. Return

AllianceBernstein Nashville, Tennessee $309B AUM 23.92% 1-Year Est. Return

Joho Capital's TAL Position: Q2 2016 in Review

Joho Capital sold out of TAL Education Group (TAL) in Q2 2016, closing a stake of 2,532,318 shares — an estimated $21M sold.

Joho Capital first reported a position in TAL in Q2 2013 and held it in 12 quarters. The position peaked at $87.1M in Q3 2014. 175 funds tracked by Wall St. Rank hold TAL as of Q2 2016.

Joho Capital reported no remaining TAL Education Group position as of Q2 2016 after selling out during the quarter.
Joho Capital sold 2,532,318 TAL Education Group shares in Q2 2016, an estimated $21M.
Joho Capital first reported a position in TAL Education Group in Q2 2013 and held it in 12 quarters.
Joho Capital's TAL Education Group position peaked at $87.1M in Q3 2014.
175 funds tracked by Wall St. Rank held TAL Education Group as of Q2 2016.

Based on Joho Capital's 13F filing for Q2 2016, filed 15 Aug 2016.