Lodge Hill Capital’s Pitney Bowes PBI Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Shares Change %	Capital Flow	Portfolio Weight	Portfolio Position
2014 Q3	–	Sell	-852,100	Closed	-$23.5M	–	34
2014 Q2	$23.5M	Buy	852,100 +105,000	+14%	+$2.9M	3.05%	10
2014 Q1	$19.4M	Buy	747,100 +245,000	+49%	+$6.37M	4.23%	6
2013 Q4	$11.7M	Buy	+502,100	New	+$11.7M	4.12%	5