Lakewood Capital Management’s Union Pacific UNP Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Shares Change %	Capital Flow	Portfolio Weight	Portfolio Position
2016 Q1	–	Sell	-457,900	Closed	-$35.8M	–	42
2015 Q4	$35.8M	Sell	457,900 -200,000	-30%	-$15.6M	1.55%	19
2015 Q3	$58.2M	Buy	657,900 +281,800	+75%	+$24.9M	2.2%	17
2015 Q2	$35.9M	Buy	+376,100	New	+$35.9M	1.48%	23