Sandler Capital Management’s State Street SPDR S&P Biotech ETF XBI Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2019 Q2	–	Sell	-87,000	Closed	-$7.88M	–	227
2019 Q1	$7.88M	Buy	+87,000	New	+$7.4M	1.15%	70
2018 Q1	–	Sell	-65,000	Closed	-$5.52M	–	187
2017 Q4	$5.52M	Buy	+65,000	New	+$5.45M	1.2%	50
2017 Q3	–	Sell	-48,800	Closed	-$3.77M	–	184
2017 Q2	$3.77M	Sell	48,800 -111,200	-70%	-$7.89M	0.59%	88
2017 Q1	$11.1M	Buy	+160,000	New	+$10.7M	1.16%	34
2016 Q4	–	Sell	-134,800	Closed	-$8.94M	–	204
2016 Q3	$8.94M	Sell	134,800 -70,200	-34%	-$4.34M	1.51%	38
2016 Q2	$11.1M	Buy	+205,000	New	+$11.2M	1.86%	26
2015 Q1	–	Sell	-130,800	Closed	-$8.13M	–	289
2014 Q4	$8.13M	Sell	130,800 -45,351	-26%	-$2.59M	0.65%	82
2014 Q3	$9.16M	Sell	176,151 -221,049	-56%	-$11.3M	0.69%	95
2014 Q2	$20.4M	Buy	+397,200	New	+$17.9M	1.27%	31