Ruffer LLP’s Topgolf Callaway Brands MODG Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Shares Change %	Capital Flow	Portfolio Weight	Portfolio Position
2017 Q3	–	Sell	-43,600	Closed	-$557K	–	72
2017 Q2	$557K	Sell	43,600 -40,000	-48%	-$511K	0.03%	63
2017 Q1	$951K	Hold	83,600	–	–	0.06%	51
2016 Q4	$920K	Sell	83,600 -20,000	-19%	-$220K	0.05%	60
2016 Q3	$1.2M	Sell	103,600 -40,400	-28%	-$469K	0.07%	51
2016 Q2	$1.47M	Hold	144,000	–	–	0.07%	49
2016 Q1	$1.31M	Hold	144,000	–	–	0.05%	61
2015 Q4	$1.36M	Sell	144,000 -144,277	-50%	-$1.36M	0.06%	62
2015 Q3	$2.41M	Hold	288,277	–	–	0.1%	48
2015 Q2	$2.58M	Hold	288,277	–	–	0.11%	47
2015 Q1	$2.75M	Hold	288,277	–	–	0.12%	44
2014 Q4	$2.22M	Hold	288,277	–	–	0.07%	51
2014 Q3	$2.09M	Hold	288,277	–	–	0.07%	50
2014 Q2	$2.49M	Buy	288,277 +88,277	+44%	+$762K	0.08%	46
2014 Q1	$2.04M	Hold	200,000	–	–	0.06%	51
2013 Q4	$1.68M	Hold	200,000	–	–	0.06%	52
2013 Q3	$1.41M	Hold	200,000	–	–	0.07%	52
2013 Q2	$1.32M	Buy	+200,000	New	+$1.32M	0.07%	53