Kestrel Investment Management’s Rayonier Advanced Materials RYAM Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Shares Change %	Capital Flow	Portfolio Weight	Portfolio Position
2015 Q3	–	Sell	-265,675	Closed	-$4.32M	–	43
2015 Q2	$4.32M	Sell	265,675 -256,250	-49%	-$4.17M	1.33%	30
2015 Q1	$7.78M	Sell	521,925 -22,700	-4%	-$338K	1.06%	41
2014 Q4	$12.1M	Buy	544,625 +113,050	+26%	+$2.52M	1.62%	27
2014 Q3	$14.2M	Buy	+431,575	New	+$14.2M	2.01%	18