Shah Capital Management’s Gol Linhas Aéreas Inteligentes S.A. American Depositary Shares (Each representing Ten Preferred Shares) GOL Stock Holding History

Shah Capital Management’s Portfolio GOL Stock Details GOL Fund Activity

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2017 Q1	–	Sell	-1,275,000	Closed	-$3.47M	–	18
2016 Q4	$3.47M	Buy	1,275,000 +25,000	+2%	+$92K	1.86%	15
2016 Q3	$4.74M	Hold	1,250,000	–	–	2.63%	13
2016 Q2	$2.65M	Hold	1,250,000	–	–	1.86%	15
2016 Q1	$1.88M	Buy	+1,250,000	New	+$1.43M	1.58%	12

Other funds holding GOL

Credit Agricole Montrouge Cedex, France $38.1B AUM

CCM

Contrarian Capital Management Greenwich, Connecticut $357M AUM 18.27% 1-Year Est. Return

Macquarie Group Sydney, NSW 2000, Australia $16.8B AUM 27.39% 1-Year Est. Return

Wellington Management Group Boston, Massachusetts $535B AUM 26.23% 1-Year Est. Return

Renaissance Technologies New York $63.9B AUM 45.56% 1-Year Est. Return

RCMNY

Rubric Capital Management (New York) New York $9.44B AUM 68.42% 1-Year Est. Return

Ashmore Group London, United Kingdom $16.3M AUM 57.83% 1-Year Est. Return

Millennium Management New York $240B AUM 35.51% 1-Year Est. Return

Dimensional Fund Advisors Austin, Texas $481B AUM 30.42% 1-Year Est. Return

Connor, Clark & Lunn Investment Management (CC&L) Vancouver, British Columbia, Canada $43.4B AUM 51.29% 1-Year Est. Return

Shah Capital Management's GOL Position: Q1 2017 in Review

Shah Capital Management sold out of Gol Linhas Aéreas Inteligentes S.A. American Depositary Shares (Each representing Ten Preferred Shares) (GOL) in Q1 2017, closing a stake of 1,275,000 shares — an estimated $3.47M sold.

Shah Capital Management first reported a position in GOL in Q1 2016 and held it in 4 quarters. The position peaked at $4.74M in Q3 2016. 40 funds tracked by Wall St. Rank hold GOL as of Q1 2017.

Shah Capital Management reported no remaining Gol Linhas Aéreas Inteligentes S.A. American Depositary Shares (Each representing Ten Preferred Shares) position as of Q1 2017 after selling out during the quarter.
Shah Capital Management sold 1,275,000 Gol Linhas Aéreas Inteligentes S.A. American Depositary Shares (Each representing Ten Preferred Shares) shares in Q1 2017, an estimated $3.47M.
Shah Capital Management first reported a position in Gol Linhas Aéreas Inteligentes S.A. American Depositary Shares (Each representing Ten Preferred Shares) in Q1 2016 and held it in 4 quarters.
Shah Capital Management's Gol Linhas Aéreas Inteligentes S.A. American Depositary Shares (Each representing Ten Preferred Shares) position peaked at $4.74M in Q3 2016.
40 funds tracked by Wall St. Rank held Gol Linhas Aéreas Inteligentes S.A. American Depositary Shares (Each representing Ten Preferred Shares) as of Q1 2017.

Based on Shah Capital Management's 13F filing for Q1 2017, filed 20 Apr 2017.