Kestrel Investment Management’s Clearwater Paper CLW Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2017 Q4	–	Sell	-101,000	Closed	-$4.97M	–	42
2017 Q3	$4.97M	Sell	101,000 -1,500	-1%	-$70.2K	1.76%	30
2017 Q2	$4.79M	Sell	102,500 -4,900	-5%	-$237K	1.77%	31
2017 Q1	$6.01M	Sell	107,400 -5,000	-4%	-$296K	2.23%	21
2016 Q4	$7.37M	Sell	112,400 -400	-0.4%	-$24.8K	2.75%	14
2016 Q3	$7.29M	Sell	112,800 -11,300	-9%	-$714K	3.08%	12
2016 Q2	$8.11M	Sell	124,100 -15,600	-11%	-$912K	3.35%	9
2016 Q1	$6.78M	Sell	139,700 -1,600	-1%	-$66.7K	2.61%	15
2015 Q4	$6.43M	Sell	141,300 -21,750	-13%	-$1.04M	2.57%	14
2015 Q3	$7.7M	Sell	163,050 -2,175	-1%	-$117K	2.68%	17
2015 Q2	$9.47M	Sell	165,225 -156,050	-49%	-$9.63M	2.92%	17
2015 Q1	$21M	Sell	321,275 -13,800	-4%	-$919K	2.87%	10
2014 Q4	$23M	Sell	335,075 -7,000	-2%	-$466K	3.06%	9
2014 Q3	$20.6M	Sell	342,075 -11,350	-3%	-$750K	2.91%	9
2014 Q2	$21.8M	Buy	+353,425	New	+$22.1M	2.72%	12