Three Bays Capital’s iShares Russell 2000 ETF IWM Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2017 Q4	–	Sell	-1,500,000	Closed	-$222M	–	27
2017 Q3	$222M	Buy	1,500,000 +500,000	+50%	+$70.4M	16.53%	1
2017 Q2	$141M	Sell	1,000,000 -100,000	-9%	-$13.8M	11.22%	2
2017 Q1	$151M	Buy	+1,100,000	New	+$150M	12.39%	2
2016 Q2	–	Sell	-1,550,000	Closed	-$171M	–	26
2016 Q1	$171M	Sell	1,550,000 -1,400,000	-47%	-$145M	11.1%	2
2015 Q4	$332M	Sell	2,950,000 -2,535,000	-46%	-$292M	14.93%	1
2015 Q3	$599M	Buy	5,485,000 +1,965,000	+56%	+$233M	29.99%	1
2015 Q2	$439M	Buy	3,520,000 +920,000	+35%	+$115M	18.23%	1
2015 Q1	$323M	Buy	+2,600,000	New	+$313M	13.6%	2