White Elm Capital’s SAP SAP Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Shares Change %	Capital Flow	Portfolio Weight	Portfolio Position
2014 Q1	–	Sell	-581,967	Closed	-$50.7M	–	30
2013 Q4	$50.7M	Buy	581,967 +156,500	+37%	+$13.6M	4.59%	10
2013 Q3	$31.5M	Hold	425,467	–	–	3.04%	14
2013 Q2	$31M	Buy	+425,467	New	+$31M	3.85%	11