Masters Capital Management’s iShares 20+ Year Treasury Bond ETF TLT Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2019 Q4	–	Sell	-2,000,000	Closed	-$286M	–	99
2019 Q3	$286M	Hold	2,000,000	–	–	99.51%	1
2019 Q2	$266M	Buy	+2,000,000	New	+$254M	62.78%	2
2019 Q1	–	Sell	-1,000,000	Closed	-$122M	–	83
2018 Q4	$122M	Sell	1,000,000 -1,000,000	-50%	-$116M	26.47%	2
2018 Q3	$235M	Buy	2,000,000 +60,000	+3%	+$7.2M	31.86%	2
2018 Q2	$236M	Sell	1,940,000 -3,175,000	-62%	-$380M	38.57%	2
2018 Q1	$624M	Buy	5,115,000 +4,115,000	+412%	+$497M	127.64%	1
2017 Q4	$127M	Sell	1,000,000 -2,000,000	-67%	-$251M	23.36%	9
2017 Q3	$374M	Buy	3,000,000 +1,000,000	+50%	+$126M	67.03%	2
2017 Q2	$250M	Buy	+2,000,000	New	+$247M	48.06%	3
2017 Q1	–	Sell	-1,896,000	Closed	-$226M	–	96
2016 Q4	$226M	Sell	1,896,000 -3,104,000	-62%	-$389M	32.96%	7
2016 Q3	$688M	Buy	5,000,000 +4,026,000	+413%	+$559M	129.97%	1
2016 Q2	$135M	Sell	974,000 -2,026,000	-68%	-$267M	32.11%	9
2016 Q1	$392M	Buy	3,000,000 +1,000,000	+50%	+$128M	66.06%	4
2015 Q4	$241M	Buy	2,000,000 +1,000,000	+100%	+$122M	46.44%	5
2015 Q3	$124M	Hold	1,000,000	–	–	30.22%	6
2015 Q2	$117M	Sell	1,000,000 -1,000,000	-50%	-$123M	28.02%	6
2015 Q1	$261M	Buy	2,000,000 +180,000	+10%	+$23.5M	53.38%	3
2014 Q4	$229M	Buy	+1,820,000	New	+$221M	59.95%	4