Systematic Financial Management’s Gerdau GGB Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Shares Change %	Capital Flow	Portfolio Weight	Portfolio Position
2014 Q3	–	Sell	-2,292,212	Closed	-$10.7M	–	694
2014 Q2	$10.7M	Sell	2,292,212 -27,380,614	-92%	-$128M	0.07%	270
2014 Q1	$151M	Buy	29,672,826 +10,034,319	+51%	+$51M	1.04%	13
2013 Q4	$122M	Buy	19,638,507 +6,984,980	+55%	+$43.5M	0.9%	27
2013 Q3	$74.9M	Buy	+12,653,527	New	+$74.9M	0.59%	61