Nine Chapters Capital Management’s IPG Photonics IPGP Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Shares Change %	Capital Flow	Portfolio Weight	Portfolio Position
2015 Q4	–	Sell	-9,500	Closed	-$722K	–	274
2015 Q3	$722K	Buy	9,500 +2,100	+28%	+$160K	0.06%	441
2015 Q2	$630K	Buy	+7,400	New	+$630K	0.05%	499