Valinor Management’s IPG Photonics IPGP Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Shares Change %	Capital Flow	Portfolio Weight	Portfolio Position
2014 Q2	–	Sell	-202,110	Closed	-$14.4M	–	48
2014 Q1	$14.4M	Hold	202,110	–	–	0.44%	38
2013 Q4	$15.7M	Hold	202,110	–	–	0.52%	37
2013 Q3	$11.4M	Hold	202,110	–	–	0.42%	37
2013 Q2	$12.3M	Buy	+202,110	New	+$12.3M	0.51%	38