Manning & Napier Advisors’s Gol Linhas Aéreas Inteligentes S.A. American Depositary Shares (Each representing Ten Preferred Shares) GOL Stock Holding History

Manning & Napier Advisors’s Portfolio GOL Stock Details GOL Fund Activity

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2015 Q3	–	Sell	-2,067,677	Closed	-$9.8M	–	362
2015 Q2	$9.8M	Buy	2,067,677 +46,201	+2%	+$237K	0.04%	160
2015 Q1	$9.82M	Buy	2,021,476 +68,552	+4%	+$533K	0.05%	162
2014 Q4	$22.5M	Sell	1,952,924 -445,575	-19%	-$4.57M	0.1%	114
2014 Q3	$23.1M	Sell	2,398,499 -795,813	-25%	-$9.53M	0.1%	113
2014 Q2	$35M	Sell	3,194,312 -726,523	-19%	-$8.52M	0.14%	100
2014 Q1	$38.1M	Buy	3,920,835 +836,025	+27%	+$7.55M	0.16%	91
2013 Q4	$28.2M	Buy	3,084,810 +405,950	+15%	+$3.8M	0.13%	95
2013 Q3	$26.2M	Buy	+2,678,860	New	+$20.6M	0.12%	94

Other funds holding GOL

Whitebox Advisors Minneapolis, Minnesota $8.12B AUM 15.85% 1-Year Est. Return

Macquarie Group Sydney, NSW 2000, Australia $16.8B AUM 27.39% 1-Year Est. Return

JHIU

Janus Henderson Investors US Denver, Colorado $122B AUM 18.26% 1-Year Est. Return

EDRAMF

Edmond de Rothschild Asset Management (France) Paris, France $2.3B AUM 15.71% 1-Year Est. Return

EDRH

Edmond de Rothschild Holding Chambesy, Switzerland $6.91B AUM 19.7% 1-Year Est. Return

RFC

Russell Frank Company Seattle, Washington $56.9B AUM 2.13% 1-Year Est. Return

Carlson Capital Dallas, Texas $318M AUM 27.64% 1-Year Est. Return

BIT

BlackRock Institutional Trust San Francisco, California $675B AUM 16.07% 1-Year Est. Return

Grantham, Mayo, Van Otterloo & Co (GMO) Boston, Massachusetts $39.1B AUM 28.69% 1-Year Est. Return

VanEck Associates New York $133B AUM 72.99% 1-Year Est. Return

Manning & Napier Advisors's GOL Position: Q3 2015 in Review

Manning & Napier Advisors sold out of Gol Linhas Aéreas Inteligentes S.A. American Depositary Shares (Each representing Ten Preferred Shares) (GOL) in Q3 2015, closing a stake of 2,067,677 shares — an estimated $9.8M sold.

Manning & Napier Advisors first reported a position in GOL in Q3 2013 and held it in 8 quarters. The position peaked at $38.1M in Q1 2014. 41 funds tracked by Wall St. Rank hold GOL as of Q3 2015.

Manning & Napier Advisors reported no remaining Gol Linhas Aéreas Inteligentes S.A. American Depositary Shares (Each representing Ten Preferred Shares) position as of Q3 2015 after selling out during the quarter.
Manning & Napier Advisors sold 2,067,677 Gol Linhas Aéreas Inteligentes S.A. American Depositary Shares (Each representing Ten Preferred Shares) shares in Q3 2015, an estimated $9.8M.
Manning & Napier Advisors first reported a position in Gol Linhas Aéreas Inteligentes S.A. American Depositary Shares (Each representing Ten Preferred Shares) in Q3 2013 and held it in 8 quarters.
Manning & Napier Advisors's Gol Linhas Aéreas Inteligentes S.A. American Depositary Shares (Each representing Ten Preferred Shares) position peaked at $38.1M in Q1 2014.
41 funds tracked by Wall St. Rank held Gol Linhas Aéreas Inteligentes S.A. American Depositary Shares (Each representing Ten Preferred Shares) as of Q3 2015.

Based on Manning & Napier Advisors's 13F filing for Q3 2015, filed 22 Oct 2015.