Talara Capital Management, LLC Activity Q4 2012-Q3 2018

Q3 2018

			Value		Shares		↓ Weighting
EQC	New	EQUITY COMWLTH	$12,889,000	–	409,189	–	6.68%	–

Q2 2018

			Value		Shares		↓ Weighting
EPD	New	ENTERPRISE PRODS PARTNERS L	$24,489,000	–	885,035	–	13.61%	–
QEP	New	QEP RES INC	$22,005,000	–	1,794,858	–	12.23%	–
PAGP	New	PLAINS GP HLDGS L Pltd partnr int a	$20,324,000	–	850,030	–	11.29%	–
TDG	New	TRANSDIGM GROUP INC	$15,886,000	–	46,028	–	8.83%	–
HAL	New	HALLIBURTON CO	$15,832,000	–	351,351	–	8.80%	–
AXTA	New	AXALTA COATING SYS LTD	$14,157,000	–	467,073	–	7.87%	–
APD	New	AIR PRODS & CHEMS INC	$13,233,000	–	84,975	–	7.35%	–
WCN	New	WASTE CONNECTIONS INC	$11,318,000	–	150,348	–	6.29%	–
ECL	New	ECOLAB INC	$11,280,000	–	80,382	–	6.27%	–
EQT	New	EQT CORP	$8,882,000	–	160,965	–	4.94%	–
PX	New	PRAXAIR INC	$7,243,000	–	45,799	–	4.02%	–
SLB	New	SCHLUMBERGER LTD	$3,792,000	–	56,573	–	2.11%	–
NEM	New	NEWMONT MINING CORP	$3,278,000	–	86,935	–	1.82%	–
NFX	New	NEWFIELD EXPL CO	$3,248,000	–	107,385	–	1.80%	–
GOLD	New	BARRICK GOLD CORP	$2,506,000	–	190,835	–	1.39%	–
WMB	New	WILLIAMS COS INC DEL	$2,479,000	–	91,447	–	1.38%	–

Q4 2017

			Value		Shares		↓ Weighting
GOLD	Exit	BARRICK GOLD CORP	$0	–	-325,113	–	-2.72%	–
NEM	Exit	NEWMONT MINING CORP	$0	–	-148,141	–	-2.89%	–
WCN	Exit	WASTE CONNECTIONS INC	$0	–	-91,109	–	-3.31%	–
UNP	Exit	UNION PAC CORP	$0	–	-57,406	–	-3.46%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-96,050	–	-3.48%	–
PX	Exit	PRAXAIR INC	$0	–	-48,612	–	-3.53%	–
MON	Exit	MONSANTO CO NEW	$0	–	-68,111	–	-4.24%	–
EOG	Exit	EOG RES INC	$0	–	-94,137	–	-4.73%	–
AXTA	Exit	AXALTA COATING SYS LTD	$0	–	-353,493	–	-5.31%	–
RRC	Exit	RANGE RES CORP	$0	–	-560,411	–	-5.70%	–
EQT	Exit	EQT CORP	$0	–	-182,401	–	-6.18%	–
HAL	Exit	HALLIBURTON CO	$0	–	-282,277	–	-6.75%	–
APD	Exit	AIR PRODS & CHEMS INC	$0	–	-88,702	–	-6.97%	–
TDG	Exit	TRANSDIGM GROUP INC	$0	–	-60,865	–	-8.09%	–
PAGP	Exit	PLAINS GP HLDGS L Pltd partnr int a	$0	–	-816,530	–	-9.28%	–
QEP	Exit	QEP RES INC	$0	–	-2,500,000	–	-11.13%	–
EPD	Exit	ENTERPRISE PRODS PARTNERS L	$0	–	-901,891	–	-12.22%	–

Q3 2017

			Value		Shares		↓ Weighting
EPD	Sell	ENTERPRISE PRODS PARTNERS L	$23,512,000	-30.1%	901,891	-27.4%	12.22%	+3.6%
QEP	Buy	QEP RES INC	$21,425,000	+26.1%	2,500,000	+48.6%	11.13%	+86.7%
PAGP	Sell	PLAINS GP HLDGS L Pltd partnr int a	$17,858,000	-44.9%	816,530	-34.1%	9.28%	-18.4%
TDG	Sell	TRANSDIGM GROUP INC	$15,560,000	-35.2%	60,865	-31.8%	8.09%	-4.0%
APD	Sell	AIR PRODS & CHEMS INC	$13,414,000	-26.8%	88,702	-30.7%	6.97%	+8.4%
HAL	Sell	HALLIBURTON CO	$12,993,000	-39.4%	282,277	-43.8%	6.75%	-10.3%
EQT	Sell	EQT CORP	$11,900,000	-50.0%	182,401	-55.1%	6.18%	-25.9%
RRC	Sell	RANGE RES CORP	$10,967,000	-34.4%	560,411	-22.4%	5.70%	-2.9%
AXTA	Sell	AXALTA COATING SYS LTD	$10,223,000	-37.6%	353,493	-30.9%	5.31%	-7.6%
EOG	Sell	EOG RES INC	$9,107,000	-49.0%	94,137	-52.2%	4.73%	-24.4%
MON	Sell	MONSANTO CO NEW	$8,161,000	-26.5%	68,111	-27.4%	4.24%	+8.9%
PX	New	PRAXAIR INC	$6,793,000	–	48,612	–	3.53%	–
SLB	Sell	SCHLUMBERGER LTD	$6,700,000	-36.6%	96,050	-40.1%	3.48%	-6.0%
UNP	Sell	UNION PAC CORP	$6,657,000	-22.6%	57,406	-27.3%	3.46%	+14.6%
WCN	Sell	WASTE CONNECTIONS INC	$6,374,000	-44.6%	91,109	-49.0%	3.31%	-17.9%
NEM	Sell	NEWMONT MINING CORP	$5,557,000	-15.9%	148,141	-27.4%	2.89%	+24.6%
GOLD	Sell	BARRICK GOLD CORP	$5,231,000	-26.5%	325,113	-27.3%	2.72%	+8.9%
RSPP	Exit	RSP PERMIAN INC	$0	–	-247,597	–	-2.80%	–

Q2 2017

			Value		Shares		↓ Weighting
EPD	New	ENTERPRISE PRODS PARTNERS L	$33,620,000	–	1,241,490	–	11.80%	–
PAGP	New	PLAINS GP HLDGS L Pltd partnr int a	$32,405,000	–	1,238,707	–	11.37%	–
TDG	New	TRANSDIGM GROUP INC	$23,997,000	–	89,253	–	8.42%	–
EQT	New	EQT CORP	$23,796,000	–	406,136	–	8.35%	–
HAL	New	HALLIBURTON CO	$21,452,000	–	502,262	–	7.53%	–
APD	New	AIR PRODS & CHEMS INC	$18,320,000	–	128,057	–	6.43%	–
EOG	New	EOG RES INC	$17,841,000	–	197,090	–	6.26%	–
QEP	New	QEP RES INC	$16,992,000	–	1,682,331	–	5.96%	–
RRC	New	RANGE RES CORP	$16,725,000	–	721,845	–	5.87%	–
AXTA	New	AXALTA COATING SYS LTD	$16,393,000	–	511,654	–	5.75%	–
WCN	New	WASTE CONNECTIONS INC	$11,503,000	–	178,567	–	4.04%	–
MON	New	MONSANTO CO NEW	$11,099,000	–	93,773	–	3.89%	–
SLB	New	SCHLUMBERGER LTD	$10,562,000	–	160,419	–	3.71%	–
UNP	New	UNION PAC CORP	$8,605,000	–	79,013	–	3.02%	–
RSPP	New	RSP PERMIAN INC	$7,990,000	–	247,597	–	2.80%	–
GOLD	New	BARRICK GOLD CORP	$7,118,000	–	447,400	–	2.50%	–
NEM	New	NEWMONT MINING CORP	$6,606,000	–	203,940	–	2.32%	–

Q4 2016

			Value		Shares		↓ Weighting
NFX	Exit	NEWFIELD EXPL CO	$0	–	-101,736	–	-1.67%	–
NSC	Exit	NORFOLK SOUTHERN CORP	$0	–	-60,992	–	-2.23%	–
UNP	Exit	UNION PAC CORP	$0	–	-89,663	–	-3.30%	–
MON	Exit	MONSANTO CO NEW	$0	–	-89,203	–	-3.44%	–
RIO	Exit	RIO TINTO PLCsponsored adr	$0	–	-274,720	–	-3.46%	–
PAGP	Exit	PLAINS GP HLDGS L P	$0	–	-736,147	–	-3.59%	–
TDG	Exit	TRANSDIGM GROUP INC	$0	–	-44,320	–	-4.83%	–
EOG	Exit	EOG RES INC	$0	–	-134,630	–	-4.91%	–
APD	Exit	AIR PRODS & CHEMS INC	$0	–	-86,846	–	-4.92%	–
RRC	Exit	RANGE RES CORP	$0	–	-341,683	–	-4.99%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-78,350	–	-5.48%	–
AXTA	Exit	AXALTA COATING SYS LTD	$0	–	-536,094	–	-5.71%	–
SYRG	Exit	SYNERGY RES CORP	$0	–	-2,323,315	–	-6.07%	–
	Exit	B/E AEROSPACE INC	$0	–	-335,268	–	-6.53%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-231,259	–	-6.86%	–
EQT	Exit	EQT CORP	$0	–	-277,471	–	-7.60%	–
HAL	Exit	HALLIBURTON CO	$0	–	-475,302	–	-8.04%	–
RSPP	Exit	RSP PERMIAN INC	$0	–	-553,658	–	-8.10%	–
EPD	Exit	ENTERPRISE PRODS PARTNERS L	$0	–	-793,230	–	-8.26%	–

Q3 2016

			Value		Shares		↓ Weighting
EPD	Buy	ENTERPRISE PRODS PARTNERS L	$21,917,000	+38.9%	793,230	+47.1%	8.26%	+18.2%
RSPP	Sell	RSP PERMIAN INC	$21,471,000	-1.3%	553,658	-11.2%	8.10%	-16.0%
HAL	Buy	HALLIBURTON CO	$21,332,000	+13.1%	475,302	+14.1%	8.04%	-3.8%
EQT	Buy	EQT CORP	$20,150,000	+71.8%	277,471	+83.2%	7.60%	+46.1%
SLB	Buy	SCHLUMBERGER LTD	$18,186,000	+5.1%	231,259	+5.7%	6.86%	-10.6%
	Sell	B/E AEROSPACE INC	$17,320,000	+1.5%	335,268	-9.3%	6.53%	-13.7%
SYRG	Buy	SYNERGY RES CORP	$16,101,000	+21.7%	2,323,315	+17.0%	6.07%	+3.5%
AXTA	Sell	AXALTA COATING SYS LTD	$15,155,000	+2.5%	536,094	-3.8%	5.71%	-12.8%
PXD	Sell	PIONEER NAT RES CO	$14,546,000	-6.2%	78,350	-23.6%	5.48%	-20.2%
RRC	New	RANGE RES CORP	$13,240,000	–	341,683	–	4.99%	–
APD	Sell	AIR PRODS & CHEMS INC	$13,056,000	+1.6%	86,846	-4.0%	4.92%	-13.6%
EOG	New	EOG RES INC	$13,020,000	–	134,630	–	4.91%	–
TDG	Buy	TRANSDIGM GROUP INC	$12,814,000	+15.9%	44,320	+5.7%	4.83%	-1.4%
PAGP	New	PLAINS GP HLDGS L P	$9,526,000	–	736,147	–	3.59%	–
RIO	Buy	RIO TINTO PLCsponsored adr	$9,176,000	+61.5%	274,720	+51.4%	3.46%	+37.4%
MON	Buy	MONSANTO CO NEW	$9,117,000	+4.4%	89,203	+5.6%	3.44%	-11.2%
UNP	Sell	UNION PAC CORP	$8,745,000	-34.0%	89,663	-41.0%	3.30%	-43.9%
NSC	Sell	NORFOLK SOUTHERN CORP	$5,920,000	-18.6%	60,992	-28.6%	2.23%	-30.8%
NFX	Buy	NEWFIELD EXPL CO	$4,421,000	-1.1%	101,736	+0.6%	1.67%	-15.9%
MRD	Exit	MEMORIAL RESOURCE DEV CORP	$0	–	-1,022,083	–	-7.20%	–

Q2 2016

			Value		Shares		↓ Weighting
RSPP	New	RSP PERMIAN INC	$21,751,000	–	623,408	–	9.64%	–
HAL	New	HALLIBURTON CO	$18,865,000	–	416,542	–	8.36%	–
SLB	New	SCHLUMBERGER LTD	$17,307,000	–	218,859	–	7.67%	–
	New	B/E AEROSPACE INC	$17,069,000	–	369,618	–	7.57%	–
MRD	New	MEMORIAL RESOURCE DEV CORP	$16,231,000	–	1,022,083	–	7.20%	–
EPD	New	ENTERPRISE PRODS PARTNERS L	$15,774,000	–	539,100	–	6.99%	–
PXD	New	PIONEER NAT RES CO	$15,507,000	–	102,550	–	6.88%	–
AXTA	New	AXALTA COATING SYS LTD	$14,787,000	–	557,354	–	6.56%	–
UNP	New	UNION PAC CORP	$13,254,000	–	151,913	–	5.88%	–
SYRG	New	SYNERGY RES CORP	$13,230,000	–	1,986,532	–	5.86%	–
APD	New	AIR PRODS & CHEMS INC	$12,853,000	–	90,486	–	5.70%	–
EQT	New	EQT CORP	$11,728,000	–	151,471	–	5.20%	–
TDG	New	TRANSDIGM GROUP INC	$11,054,000	–	41,920	–	4.90%	–
MON	New	MONSANTO CO NEW	$8,731,000	–	84,433	–	3.87%	–
NSC	New	NORFOLK SOUTHERN CORP	$7,275,000	–	85,462	–	3.22%	–
RIO	New	RIO TINTO PLCsponsored adr	$5,681,000	–	181,500	–	2.52%	–
NFX	New	NEWFIELD EXPL CO	$4,468,000	–	101,126	–	1.98%	–

Q4 2015

			Value		Shares		↓ Weighting
MRD	Exit	MEMORIAL RESOURCE DEV CORP	$0	–	-94,240	–	-1.03%	–
OASPQ	Exit	OASIS PETE INC NEW	$0	–	-287,573	–	-1.55%	–
HUN	Exit	HUNTSMAN CORP	$0	–	-475,557	–	-2.86%	–
PX	Exit	PRAXAIR INC	$0	–	-57,488	–	-3.63%	–
NSC	Exit	NORFOLK SOUTHERN CORP	$0	–	-79,878	–	-3.78%	–
APC	Exit	ANADARKO PETE CORP	$0	–	-115,363	–	-4.32%	–
DXPE	Exit	DXP ENTERPRISES INC NEW	$0	–	-277,152	–	-4.69%	–
EOG	Exit	EOG RES INC	$0	–	-114,145	–	-5.15%	–
AXTA	Exit	AXALTA COATING SYS LTD	$0	–	-339,978	–	-5.34%	–
TDG	Exit	TRANSDIGM GROUP INC	$0	–	-40,921	–	-5.39%	–
SYRG	Exit	SYNERGY RES CORP	$0	–	-897,647	–	-5.45%	–
RICE	Exit	RICE ENERGY INC	$0	–	-545,036	–	-5.46%	–
HAL	Exit	HALLIBURTON CO	$0	–	-249,830	–	-5.47%	–
APD	Exit	AIR PRODS & CHEMS INC	$0	–	-76,396	–	-6.04%	–
REI	Exit	RING ENERGY INC	$0	–	-1,040,217	–	-6.36%	–
UNP	Exit	UNION PAC CORP	$0	–	-139,401	–	-7.64%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-113,617	–	-8.57%	–
RSPP	Exit	RSP PERMIAN INC	$0	–	-684,996	–	-8.60%	–
RRC	Exit	RANGE RES CORP	$0	–	-435,875	–	-8.68%	–

Q3 2015

			Value		Shares		↓ Weighting
RRC	Buy	RANGE RES CORP	$14,000,000	-15.1%	435,875	+30.6%	8.68%	-22.6%
RSPP	Buy	RSP PERMIAN INC	$13,871,000	+29.1%	684,996	+79.2%	8.60%	+17.6%
PXD	Buy	PIONEER NAT RES CO	$13,820,000	+49.5%	113,617	+70.5%	8.57%	+36.2%
UNP	Buy	UNION PAC CORP	$12,324,000	+31.1%	139,401	+41.4%	7.64%	+19.4%
REI	Buy	RING ENERGY INC	$10,267,000	+2.9%	1,040,217	+16.7%	6.36%	-6.3%
APD	Buy	AIR PRODS & CHEMS INC	$9,747,000	+31.6%	76,396	+41.1%	6.04%	+19.9%
HAL	Buy	HALLIBURTON CO	$8,831,000	+40.4%	249,830	+71.1%	5.47%	+27.9%
RICE	Buy	RICE ENERGY INC	$8,807,000	+98.1%	545,036	+155.4%	5.46%	+80.4%
SYRG	Buy	SYNERGY RES CORP	$8,797,000	+32.6%	897,647	+54.6%	5.45%	+20.7%
TDG	Buy	TRANSDIGM GROUP INC	$8,692,000	+19.9%	40,921	+26.8%	5.39%	+9.2%
AXTA	Buy	AXALTA COATING SYS LTD	$8,615,000	+2126.1%	339,978	+2805.8%	5.34%	+1930.4%
EOG	Buy	EOG RES INC	$8,310,000	+54.0%	114,145	+85.2%	5.15%	+40.3%
DXPE	Buy	DXP ENTERPRISES INC NEW	$7,561,000	-36.1%	277,152	+8.9%	4.69%	-41.8%
APC	Buy	ANADARKO PETE CORP	$6,967,000	+36.8%	115,363	+76.8%	4.32%	+24.6%
NSC	Buy	NORFOLK SOUTHERN CORP	$6,103,000	+8.7%	79,878	+24.2%	3.78%	-1.0%
PX	Buy	PRAXAIR INC	$5,856,000	+18.5%	57,488	+39.1%	3.63%	+7.9%
HUN	Buy	HUNTSMAN CORP	$4,608,000	-47.5%	475,557	+19.6%	2.86%	-52.2%
OASPQ	New	OASIS PETE INC NEW	$2,496,000	–	287,573	–	1.55%	–
MRD	New	MEMORIAL RESOURCE DEV CORP	$1,657,000	–	94,240	–	1.03%	–
EQT	Exit	EQT CORP	$0	–	-59,533	–	-3.30%	–
NVGS	Exit	NAVIGATOR HOLDINGS LTD	$0	–	-313,069	–	-4.04%	–
WCN	Exit	WASTE CONNECTIONS INC	$0	–	-132,555	–	-4.25%	–

Q2 2015

			Value		Shares		↓ Weighting
RRC	New	RANGE RES CORP	$16,484,000	–	333,823	–	11.22%	–
DXPE	New	DXP ENTERPRISES INC NEW	$11,831,000	–	254,432	–	8.05%	–
RSPP	New	RSP PERMIAN INC	$10,742,000	–	382,156	–	7.31%	–
REI	New	RING ENERGY INC	$9,977,000	–	891,557	–	6.79%	–
UNP	New	UNION PAC CORP	$9,403,000	–	98,592	–	6.40%	–
PXD	New	PIONEER NAT RES CO	$9,242,000	–	66,635	–	6.29%	–
HUN	New	HUNTSMAN CORP	$8,773,000	–	397,517	–	5.97%	–
APD	New	AIR PRODS & CHEMS INC	$7,407,000	–	54,130	–	5.04%	–
TDG	New	TRANSDIGM GROUP INC	$7,251,000	–	32,272	–	4.94%	–
SYRG	New	SYNERGY RES CORP	$6,635,000	–	580,481	–	4.52%	–
HAL	New	HALLIBURTON CO	$6,290,000	–	146,030	–	4.28%	–
WCN	New	WASTE CONNECTIONS INC	$6,246,000	–	132,555	–	4.25%	–
NVGS	New	NAVIGATOR HOLDINGS LTD	$5,930,000	–	313,069	–	4.04%	–
NSC	New	NORFOLK SOUTHERN CORP	$5,617,000	–	64,302	–	3.82%	–
EOG	New	EOG RES INC	$5,395,000	–	61,617	–	3.67%	–
APC	New	ANADARKO PETE CORP	$5,094,000	–	65,258	–	3.47%	–
PX	New	PRAXAIR INC	$4,941,000	–	41,330	–	3.36%	–
EQT	New	EQT CORP	$4,842,000	–	59,533	–	3.30%	–
RICE	New	RICE ENERGY INC	$4,446,000	–	213,431	–	3.03%	–
AXTA	New	AXALTA COATING SYS LTD	$387,000	–	11,700	–	0.26%	–

Q4 2014

			Value		Shares		↓ Weighting
SGY	Exit	STONE ENERGY CORP	$0	–	-31,514	–	-0.88%	–
LYB	Exit	LYONDELLBASELL INDUSTRIES N	$0	–	-10,900	–	-1.06%	–
GDPMQ	Exit	GOODRICH PETE CORP	$0	–	-137,491	–	-1.82%	–
FCX	Exit	FREEPORT-MCMORAN INCcl b	$0	–	-89,063	–	-2.60%	–
NVGS	Exit	NAVIGATOR HOLDINGS LTD	$0	–	-120,054	–	-2.99%	–
LPG	Exit	DORIAN LPG LTD	$0	–	-201,540	–	-3.21%	–
HUN	Exit	HUNTSMAN CORP	$0	–	-138,589	–	-3.22%	–
TDG	Exit	TRANSDIGM GROUP INC	$0	–	-20,848	–	-3.44%	–
DXPE	Exit	DXP ENTERPRISES INC NEW	$0	–	-56,335	–	-3.71%	–
PXD	Exit	PIONEER NAT RES CO	$0	–	-21,677	–	-3.82%	–
GM	Exit	GENERAL MTRS CO	$0	–	-141,824	–	-4.05%	–
TRS	Exit	TRIMAS CORP	$0	–	-197,958	–	-4.30%	–
DHR	Exit	DANAHER CORP DEL	$0	–	-66,403	–	-4.51%	–
MRC	Exit	MRC GLOBAL INC	$0	–	-226,282	–	-4.72%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-218,135	–	-5.00%	–
RLGY	Exit	REALOGY HLDGS CORP	$0	–	-153,241	–	-5.10%	–
PCP	Exit	PRECISION CASTPARTS CORP	$0	–	-26,389	–	-5.59%	–
RSPP	Exit	RSP PERMIAN INC	$0	–	-250,205	–	-5.72%	–
HOG	Exit	HARLEY DAVIDSON INC	$0	–	-134,550	–	-7.00%	–
EOX	Exit	EMERALD OIL INC	$0	–	-1,534,157	–	-8.43%	–
EQT	Exit	EQT CORP	$0	–	-110,516	–	-9.04%	–
RRC	Exit	RANGE RES CORP	$0	–	-161,769	–	-9.81%	–

Q3 2014

			Value		Shares		↓ Weighting
RRC	Buy	RANGE RES CORP	$10,970,000	+56.5%	161,769	+100.7%	9.81%	+47.0%
EQT	Buy	EQT CORP	$10,117,000	-4.8%	110,516	+11.2%	9.04%	-10.6%
EOX	Sell	EMERALD OIL INC	$9,435,000	-31.5%	1,534,157	-14.8%	8.43%	-35.7%
HOG	Buy	HARLEY DAVIDSON INC	$7,831,000	+40.1%	134,550	+68.2%	7.00%	+31.6%
RSPP	New	RSP PERMIAN INC	$6,395,000	–	250,205	–	5.72%	–
PCP	New	PRECISION CASTPARTS CORP	$6,251,000	–	26,389	–	5.59%	–
RLGY	Sell	REALOGY HLDGS CORP	$5,701,000	-43.3%	153,241	-42.6%	5.10%	-46.8%
GE	Sell	GENERAL ELECTRIC CO	$5,589,000	-24.1%	218,135	-22.1%	5.00%	-28.7%
MRC	Buy	MRC GLOBAL INC	$5,277,000	-1.8%	226,282	+19.1%	4.72%	-7.8%
DHR	Buy	DANAHER CORP DEL	$5,045,000	+80.8%	66,403	+87.3%	4.51%	+69.7%
TRS	Buy	TRIMAS CORP	$4,816,000	+40.4%	197,958	+120.1%	4.30%	+31.8%
GM	Sell	GENERAL MTRS CO	$4,530,000	-41.3%	141,824	-33.3%	4.05%	-44.9%
PXD	Buy	PIONEER NAT RES CO	$4,270,000	+10.3%	21,677	+28.7%	3.82%	+3.6%
DXPE	Buy	DXP ENTERPRISES INC NEW	$4,151,000	+2.5%	56,335	+5.1%	3.71%	-3.8%
TDG	Buy	TRANSDIGM GROUP INC	$3,843,000	+15.8%	20,848	+5.1%	3.44%	+8.7%
HUN	New	HUNTSMAN CORP	$3,602,000	–	138,589	–	3.22%	–
LPG	Sell	DORIAN LPG LTD	$3,591,000	-30.6%	201,540	-10.4%	3.21%	-34.8%
NVGS	Buy	NAVIGATOR HOLDINGS LTD	$3,341,000	-0.5%	120,054	+5.0%	2.99%	-6.6%
FCX	New	FREEPORT-MCMORAN INCcl b	$2,908,000	–	89,063	–	2.60%	–
GDPMQ	New	GOODRICH PETE CORP	$2,038,000	–	137,491	–	1.82%	–
LYB	New	LYONDELLBASELL INDUSTRIES N	$1,184,000	–	10,900	–	1.06%	–
SGY	New	STONE ENERGY CORP	$988,000	–	31,514	–	0.88%	–
	Exit	STONE ENERGY CORPnote 1.750% 3/0	$0	–	-30,000	–	-1.34%	–
DRC	Exit	DRESSER-RAND GROUP INC	$0	–	-40,000	–	-2.43%	–
UTIW	Exit	UTI WORLDWIDE INCord	$0	–	-290,400	–	-2.86%	–
SIR	Exit	SELECT INCOME REIT	$0	–	-154,100	–	-4.35%	–

Q2 2014

			Value		Shares		↓ Weighting
EOX	New	EMERALD OIL INC	$13,770,000	–	1,800,000	–	13.11%	–
EQT	New	EQT CORP	$10,623,000	–	99,370	–	10.12%	–
RLGY	New	REALOGY HLDGS CORP	$10,062,000	–	266,815	–	9.58%	–
GM	New	GENERAL MTRS CO	$7,715,000	–	212,530	–	7.35%	–
GE	New	GENERAL ELECTRIC CO	$7,361,000	–	280,100	–	7.01%	–
RRC	New	RANGE RES CORP	$7,008,000	–	80,600	–	6.67%	–
HOG	New	HARLEY DAVIDSON INC	$5,588,000	–	80,000	–	5.32%	–
MRC	New	MRC GLOBAL INC	$5,375,000	–	190,000	–	5.12%	–
LPG	New	DORIAN LPG LTD	$5,173,000	–	225,000	–	4.93%	–
SIR	New	SELECT INCOME REIT	$4,568,000	–	154,100	–	4.35%	–
DXPE	New	DXP ENTERPRISES INC NEW	$4,051,000	–	53,625	–	3.86%	–
PXD	New	PIONEER NAT RES CO	$3,871,000	–	16,845	–	3.69%	–
TRS	New	TRIMAS CORP	$3,430,000	–	89,949	–	3.27%	–
NVGS	New	NAVIGATOR HOLDINGS LTD	$3,358,000	–	114,295	–	3.20%	–
TDG	New	TRANSDIGM GROUP INC	$3,319,000	–	19,845	–	3.16%	–
UTIW	New	UTI WORLDWIDE INCord	$3,003,000	–	290,400	–	2.86%	–
DHR	New	DANAHER CORP DEL	$2,791,000	–	35,445	–	2.66%	–
DRC	New	DRESSER-RAND GROUP INC	$2,549,000	–	40,000	–	2.43%	–
	New	STONE ENERGY CORPnote 1.750% 3/0	$1,404,000	–	30,000	–	1.34%	–

Q4 2013

			Value		Shares		↓ Weighting
PG	Exit	PROCTER & GAMBLE CO	$0	–	-21,000	–	-1.59%	–
GDPMQ	Exit	GOODRICH PETE CORP	$0	–	-70,000	–	-1.70%	–
XLU	Exit	SELECT SECTOR SPDR TRsbi int-utils	$0	–	-60,000	–	-2.24%	–
RRC	Exit	RANGE RES CORP	$0	–	-35,000	–	-2.66%	–
DHR	Exit	DANAHER CORP DEL	$0	–	-38,600	–	-2.68%	–
APC	Exit	ANADARKO PETE CORP	$0	–	-36,820	–	-3.42%	–
AMT	Exit	AMERICAN TOWER CORP NEW	$0	–	-50,000	–	-3.71%	–
TDG	Exit	TRANSDIGM GROUP INC	$0	–	-26,900	–	-3.73%	–
ATMI	Exit	ATMI INC	$0	–	-150,313	–	-3.99%	–
CASLQ	Exit	CASTLE A M & CO	$0	–	-249,000	–	-4.01%	–
SLB	Exit	SCHLUMBERGER LTD	$0	–	-50,000	–	-4.42%	–
PCP	Exit	PRECISION CASTPARTS CORP	$0	–	-21,000	–	-4.77%	–
EQT	Exit	EQT CORP	$0	–	-62,300	–	-5.53%	–
GE	Exit	GENERAL ELECTRIC CO	$0	–	-240,200	–	-5.74%	–
JONE	Exit	JONES ENERGY INC	$0	–	-349,985	–	-5.74%	–
GM	Exit	GENERAL MTRS CO	$0	–	-160,000	–	-5.76%	–
WLL	Exit	WHITING PETE CORP NEW	$0	–	-100,000	–	-5.99%	–
HOG	Exit	HARLEY DAVIDSON INC	$0	–	-95,000	–	-6.11%	–
MRC	Exit	MRC GLOBAL INC	$0	–	-283,941	–	-7.61%	–
ASH	Exit	ASHLAND INC NEW	$0	–	-94,873	–	-8.78%	–
EOX	Exit	EMERALD OIL INC	$0	–	-1,364,912	–	-9.82%	–

Q3 2013

			Value		Shares		↓ Weighting
EOX	Buy	EMERALD OIL INC	$9,814,000	+45.2%	1,364,912	+38.5%	9.82%	+39.2%
ASH	Sell	ASHLAND INC NEW	$8,774,000	+5.2%	94,873	-5.0%	8.78%	+0.9%
MRC	Buy	MRC GLOBAL INC	$7,610,000	+48.6%	283,941	+53.1%	7.61%	+42.4%
HOG	Sell	HARLEY DAVIDSON INC	$6,103,000	+1.2%	95,000	-13.6%	6.11%	-3.0%
WLL	New	WHITING PETE CORP NEW	$5,985,000	–	100,000	–	5.99%	–
GM	Sell	GENERAL MTRS CO	$5,755,000	-9.7%	160,000	-16.3%	5.76%	-13.4%
JONE	New	JONES ENERGY INC	$5,743,000	–	349,985	–	5.74%	–
GE	Buy	GENERAL ELECTRIC CO	$5,738,000	+3.9%	240,200	+0.8%	5.74%	-0.4%
EQT	Sell	EQT CORP	$5,527,000	+7.1%	62,300	-4.2%	5.53%	+2.7%
PCP	Buy	PRECISION CASTPARTS CORP	$4,772,000	+20.7%	21,000	+20.0%	4.77%	+15.6%
SLB	Sell	SCHLUMBERGER LTD	$4,418,000	-7.7%	50,000	-25.1%	4.42%	-11.5%
CASLQ	Sell	CASTLE A M & CO	$4,009,000	-9.2%	249,000	-11.1%	4.01%	-12.9%
ATMI	Sell	ATMI INC	$3,986,000	-53.2%	150,313	-58.2%	3.99%	-55.1%
TDG	Sell	TRANSDIGM GROUP INC	$3,731,000	-32.0%	26,900	-23.1%	3.73%	-34.8%
AMT	New	AMERICAN TOWER CORP NEW	$3,707,000	–	50,000	–	3.71%	–
APC	Sell	ANADARKO PETE CORP	$3,424,000	+3.2%	36,820	-4.7%	3.42%	-1.1%
DHR	Sell	DANAHER CORP DEL	$2,676,000	+5.7%	38,600	-3.5%	2.68%	+1.3%
RRC	New	RANGE RES CORP	$2,656,000	–	35,000	–	2.66%	–
XLU	New	SELECT SECTOR SPDR TRsbi int-utils	$2,242,000	–	60,000	–	2.24%	–
GDPMQ	New	GOODRICH PETE CORP	$1,700,000	–	70,000	–	1.70%	–
PG	Buy	PROCTER & GAMBLE CO	$1,587,000	+37.4%	21,000	+40.0%	1.59%	+31.8%
NRG	Exit	NRG ENERGY INC	$0	–	-27,471	–	-0.76%	–
EDZ	Exit	DIREXION SHS ETF TRdly emkt 3x new	$0	–	-100,000	–	-2.44%	–
ADSK	Exit	AUTODESK INC	$0	–	-75,000	–	-2.66%	–
CWST	Exit	CASELLA WASTE SYS INCcl a	$0	–	-600,003	–	-2.70%	–
EXXIQ	Exit	ENERGY XXI (BERMUDA) LTD	$0	–	-140,000	–	-3.24%	–
DXPE	Exit	DXP ENTERPRISES INC NEW	$0	–	-51,003	–	-3.54%	–
3106PS	Exit	DELPHI AUTOMOTIVE PLC	$0	–	-72,000	–	-3.81%	–

Q2 2013

			Value		Shares		↓ Weighting
ATMI	New	ATMI INC	$8,514,000	–	360,000	–	8.89%	–
ASH	New	ASHLAND INC NEW	$8,339,000	–	99,873	–	8.70%	–
EOX	New	EMERALD OIL INC	$6,758,000	–	985,180	–	7.05%	–
GM	New	GENERAL MTRS CO	$6,370,000	–	191,241	–	6.65%	–
HOG	New	HARLEY DAVIDSON INC	$6,030,000	–	110,000	–	6.29%	–
GE	New	GENERAL ELECTRIC CO	$5,524,000	–	238,200	–	5.76%	–
TDG	New	TRANSDIGM GROUP INC	$5,487,000	–	35,000	–	5.73%	–
EQT	New	EQT CORP	$5,159,000	–	65,000	–	5.38%	–
MRC	New	MRC GLOBAL INC	$5,122,000	–	185,441	–	5.35%	–
SLB	New	SCHLUMBERGER LTD	$4,785,000	–	66,775	–	4.99%	–
CASLQ	New	CASTLE A M & CO	$4,413,000	–	280,025	–	4.61%	–
PCP	New	PRECISION CASTPARTS CORP	$3,955,000	–	17,500	–	4.13%	–
3106PS	New	DELPHI AUTOMOTIVE PLC	$3,650,000	–	72,000	–	3.81%	–
DXPE	New	DXP ENTERPRISES INC NEW	$3,397,000	–	51,003	–	3.54%	–
APC	New	ANADARKO PETE CORP	$3,319,000	–	38,620	–	3.46%	–
EXXIQ	New	ENERGY XXI (BERMUDA) LTD	$3,105,000	–	140,000	–	3.24%	–
CWST	New	CASELLA WASTE SYS INCcl a	$2,586,000	–	600,003	–	2.70%	–
ADSK	New	AUTODESK INC	$2,546,000	–	75,000	–	2.66%	–
DHR	New	DANAHER CORP DEL	$2,532,000	–	40,000	–	2.64%	–
EDZ	New	DIREXION SHS ETF TRdly emkt 3x new	$2,339,000	–	100,000	–	2.44%	–
PG	New	PROCTER & GAMBLE CO	$1,155,000	–	15,000	–	1.20%	–
NRG	New	NRG ENERGY INC	$733,000	–	27,471	–	0.76%	–

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