Merchants' Gate Capital’s Cleveland-Cliffs CLF Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Shares Change %	Capital Flow	Portfolio Weight	Portfolio Position
2014 Q4	–	Sell	-1,300,000	Closed	-$13.5M	–	4
2014 Q3	$13.5M	Buy	+1,300,000	New	+$13.5M	1.06%	19
2014 Q2	–	Sell	-800,000	Closed	-$16.4M	–	24
2014 Q1	$16.4M	Buy	+800,000	New	+$16.4M	1.12%	17