Nine Chapters Capital Management’s Penske Automotive Group PAG Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Shares Change %	Capital Flow	Portfolio Weight	Portfolio Position
2015 Q4	–	Sell	-21,400	Closed	-$1.04M	–	396
2015 Q3	$1.04M	Buy	+21,400	New	+$1.04M	0.09%	329
2014 Q4	–	Sell	-53,000	Closed	-$2.15M	–	1103
2014 Q3	$2.15M	Buy	53,000 +32,600	+160%	+$1.32M	0.19%	138
2014 Q2	$1.01M	Buy	+20,400	New	+$1.01M	0.08%	335