Napier Park Global Capital (US) LP Activity Q4 2013-Q2 2022

Q2 2022

			Value		Shares		↓ Weighting
HYG	New	ISHARES TRput	$21,548,000	–	8,600,000	–	61.63%	–
LQD	New	ISHARES TRiboxx inv cp etf	$10,689,000	–	97,150	–	30.57%	–
	New	ALGOMA STL GROUP INC	$2,064,000	–	229,648	–	5.90%	–
FCX	New	FREEPORT-MCMORAN INCcl b	$665,000	–	22,731	–	1.90%	–

Q4 2021

			Value		Shares		↓ Weighting
FCX	Exit	FREEPORT-MCMORAN INCcl b	$0	–	-25,000	–	-3.64%	–
QRTEA	Exit	QURATE RETAIL INC	$0	–	-125,000	–	-5.70%	–
QQQ	Exit	INVESCO QQQ TRput	$0	–	-300,000	–	-6.46%	–
HYG	Exit	ISHARES TRput	$0	–	-11,811,500	–	-9.74%	–
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-13,500	–	-25.92%	–
	Exit	LIBERTY MEDIA CORP DELdeb 4.000%11/1	$0	–	-14,029,000	–	-48.55%	–

Q3 2021

			Value		Shares		↓ Weighting
SPY	New	SPDR S&P 500 ETF TRtr unit	$5,793,000	–	13,500	–	25.92%	–
HYG	Buy	ISHARES TRput	$2,178,000	+1137.5%	11,811,500	+490.6%	9.74%	+1087.0%
QQQ	New	INVESCO QQQ TRput	$1,443,000	–	300,000	–	6.46%	–
FCX	Sell	FREEPORT-MCMORAN INCcl b	$813,000	-68.7%	25,000	-64.3%	3.64%	-70.0%
LYB	Exit	LYONDELLBASELL INDUSTRIES N	$0	–	-30,000	–	-14.39%	–
VIAC	Exit	VIACOMCBS INCcl b	$0	–	-70,000	–	-14.76%	–

Q2 2021

			Value		Shares		↓ Weighting
	New	LIBERTY MEDIA CORP DELdeb 4.000%11/1	$10,776,000	–	14,029,000	–	50.28%	–
VIAC	New	VIACOMCBS INCcl b	$3,163,000	–	70,000	–	14.76%	–
LYB	New	LYONDELLBASELL INDUSTRIES N	$3,085,000	–	30,000	–	14.39%	–
FCX	New	FREEPORT-MCMORAN INCcl b	$2,597,000	–	70,000	–	12.12%	–
QRTEA	New	QURATE RETAIL INC	$1,636,000	–	125,000	–	7.63%	–
HYG	New	ISHARES TRput	$176,000	–	2,000,000	–	0.82%	–

Q4 2020

			Value		Shares		↓ Weighting
AMPY	Exit	AMPLIFY ENERGY CORP NEW	$0	–	-103,976	–	-0.12%	–
WLL	Exit	WHITING PETE CORP NEW	$0	–	-31,555	–	-0.72%	–
AVYA	Exit	AVAYA HLDGS CORP	$0	–	-37,342	–	-0.75%	–
UNH	Exit	UNITEDHEALTH GROUP INCput	$0	–	-200,000	–	-1.01%	–
HYG	Exit	ISHARES TRcall	$0	–	-1,000,000	–	-1.08%	–
CAR	Exit	AVIS BUDGET GROUPput	$0	–	-170,000	–	-1.64%	–
HYG	Exit	ISHARES TRiboxx hi yd etf	$0	–	-302,000	–	-33.65%	–
BILL	Exit	BILL COM HLDGS INC	$0	–	-458,082	–	-61.02%	–

Q3 2020

			Value		Shares		↓ Weighting
BILL	Sell	BILL COM HLDGS INC	$45,950,000	-81.5%	458,082	-83.4%	61.02%	-38.6%
HYG	New	ISHARES TRiboxx hi yd etf	$25,337,000	–	302,000	–	33.65%	–
CAR	New	AVIS BUDGET GROUPput	$1,239,000	–	170,000	–	1.64%	–
HYG	New	ISHARES TRcall	$812,000	–	1,000,000	–	1.08%	–
UNH	New	UNITEDHEALTH GROUP INCput	$761,000	–	200,000	–	1.01%	–
WLL	New	WHITING PETE CORP NEW	$544,000	–	31,555	–	0.72%	–
HYG	Exit	ISHARES TRput	$0	–	-800,000	–	-0.38%	–

Q2 2020

			Value		Shares		↓ Weighting
BILL	New	BILL COM HLDGS INC	$248,807,000	–	2,758,082	–	99.39%	–
HYG	New	ISHARES TRput	$944,000	–	800,000	–	0.38%	–
AVYA	New	AVAYA HLDGS CORP	$461,000	–	37,342	–	0.18%	–
AMPY	New	AMPLIFY ENERGY CORP NEW	$129,000	–	103,976	–	0.05%	–

Q4 2019

			Value		Shares		↓ Weighting
BIIB	Exit	BIOGEN INCcall	$0	–	-40,000	–	-0.04%	–
ARLP	Exit	ALLIANCE RES PARTNER L Pput	$0	–	-70,000	–	-0.09%	–
BWA	Exit	BORGWARNER INCput	$0	–	-39,900	–	-0.13%	–
SWK	Exit	STANLEY BLACK & DECKER INCput	$0	–	-50,000	–	-0.13%	–
ADNT	Exit	ADIENT PLCput	$0	–	-190,000	–	-0.19%	–
CEIX	Exit	CONSOL ENERGY INC NEWput	$0	–	-100,000	–	-0.26%	–
PCG	Exit	PG&E CORPput	$0	–	-100,000	–	-0.32%	–
AVYA	Exit	AVAYA HLDGS CORP	$0	–	-37,249	–	-0.54%	–
GLD	Exit	SPDR GOLD TRUSTput	$0	–	-500,000	–	-1.16%	–
CDAY	Exit	CERIDIAN HCM HLDG INC	$0	–	-43,296	–	-3.01%	–
NRG	Exit	NRG ENERGY INC	$0	–	-80,000	–	-4.46%	–
LQD	Exit	ISHARES TRiboxx inv cp etf	$0	–	-500,000	–	-89.67%	–

Q3 2019

			Value		Shares		↓ Weighting
LQD	Sell	ISHARES TRiboxx inv cp etf	$63,740,000	-6.8%	500,000	-9.1%	89.67%	+5.6%
NRG	New	NRG ENERGY INC	$3,167,000	–	80,000	–	4.46%	–
CDAY	New	CERIDIAN HCM HLDG INC	$2,138,000	–	43,296	–	3.01%	–
GLD	Buy	SPDR GOLD TRUSTput	$824,000	+635.7%	500,000	+66.7%	1.16%	+733.8%
AVYA	New	AVAYA HLDGS CORP	$381,000	–	37,249	–	0.54%	–
PCG	New	PG&E CORPput	$227,000	–	100,000	–	0.32%	–
ADNT	Buy	ADIENT PLCput	$138,000	-3.5%	190,000	+35.7%	0.19%	+9.6%
BWA	Sell	BORGWARNER INCput	$91,000	-9.9%	39,900	-43.6%	0.13%	+2.4%
CNC	Exit	CENTENE CORP DELcall	$0	–	-200,000	–	-0.04%	–
F	Exit	FORD MTR CO DELput	$0	–	-135,000	–	-0.12%	–
TRCO	Exit	TRIBUNE MEDIA COcall	$0	–	-473,873	–	-0.12%	–
HYG	Exit	ISHARES TRput	$0	–	-3,600,000	–	-0.45%	–
TMUS	Exit	T MOBILE US INCcall	$0	–	-200,000	–	-0.49%	–
PFE	Exit	PFIZER INC	$0	–	-28,000	–	-1.50%	–
J	Exit	JACOBS ENGR GROUP INC	$0	–	-19,600	–	-2.05%	–
EXC	Exit	EXELON CORP	$0	–	-50,000	–	-2.98%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-59,000	–	-3.10%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-9,000	–	-3.28%	–

Q2 2019

			Value		Shares		↓ Weighting
LQD	New	ISHARES TRiboxx inv cp etf	$68,402,000	–	550,000	–	84.90%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$2,643,000	–	9,000	–	3.28%	–
CMCSA	New	COMCAST CORP NEWcl a	$2,494,000	–	59,000	–	3.10%	–
EXC	New	EXELON CORP	$2,399,000	–	50,000	–	2.98%	–
J	New	JACOBS ENGR GROUP INC	$1,654,000	–	19,600	–	2.05%	–
PFE	New	PFIZER INC	$1,212,000	–	28,000	–	1.50%	–
TMUS	New	T MOBILE US INCcall	$392,000	–	200,000	–	0.49%	–
HYG	New	ISHARES TRput	$366,000	–	3,600,000	–	0.45%	–
SWK	New	STANLEY BLACK & DECKER INCput	$176,000	–	50,000	–	0.22%	–
CEIX	New	CONSOL ENERGY INC NEWput	$144,000	–	100,000	–	0.18%	–
ADNT	New	ADIENT PLCput	$143,000	–	140,000	–	0.18%	–
GLD	New	SPDR GOLD TRUSTput	$112,000	–	300,000	–	0.14%	–
BWA	New	BORGWARNER INCput	$101,000	–	70,700	–	0.12%	–
F	New	FORD MTR CO DELput	$94,000	–	135,000	–	0.12%	–
TRCO	New	TRIBUNE MEDIA COcall	$94,000	–	473,873	–	0.12%	–
BIIB	New	BIOGEN INCcall	$58,000	–	40,000	–	0.07%	–
ARLP	New	ALLIANCE RES PARTNER L Pput	$46,000	–	70,000	–	0.06%	–
CNC	New	CENTENE CORP DELcall	$35,000	–	200,000	–	0.04%	–

Q4 2018

			Value		Shares		↓ Weighting
EEM	Exit	ISHARES TRput	$0	–	-600,000	–	-0.12%	–
HYG	Exit	ISHARES TRput	$0	–	-1,200,000	–	-0.14%	–
DVA	Exit	DAVITA INCcall	$0	–	-200,000	–	-0.15%	–
TRCO	Exit	TRIBUNE MEDIA COcall	$0	–	-473,873	–	-0.15%	–
FXB	Exit	INVESCO CURNCYSHS BRIT PND Sput	$0	–	-300,000	–	-0.29%	–
GLD	Exit	SPDR GOLD TRUSTput	$0	–	-100,000	–	-0.39%	–
ICD	Exit	INDEPENDENCE CONTRACT DRIL I	$0	–	-174,217	–	-0.56%	–
DG	Exit	DOLLAR GEN CORP NEW	$0	–	-7,910	–	-0.56%	–
GPN	Exit	GLOBAL PMTS INC	$0	–	-10,000	–	-0.83%	–
DHR	Exit	DANAHER CORP DEL	$0	–	-15,000	–	-1.06%	–
APH	Exit	AMPHENOL CORP NEWcl a	$0	–	-20,000	–	-1.22%	–
HPQ	Exit	HP INC	$0	–	-75,000	–	-1.26%	–
CCI	Exit	CROWN CASTLE INTL CORP NEW	$0	–	-20,000	–	-1.45%	–
CME	Exit	CME GROUP INC	$0	–	-15,000	–	-1.66%	–
FIS	Exit	FIDELITY NATL INFORMATION SV	$0	–	-25,000	–	-1.77%	–
DIS	Exit	DISNEY WALT CO	$0	–	-25,000	–	-1.90%	–
BKLN	Exit	INVESCO EXCHNG TRADED FD TRsr ln etf	$0	–	-200,000	–	-3.01%	–
USO	Exit	UNITED STATES OIL FUND LPunits	$0	–	-300,000	–	-3.03%	–
BE	Exit	BLOOM ENERGY CORP	$0	–	-262,953	–	-5.82%	–
LQD	Exit	ISHARES TRiboxx inv cp etf	$0	–	-1,000,000	–	-74.65%	–

Q3 2018

			Value		Shares		↓ Weighting
LQD	Buy	ISHARES TRiboxx inv cp etf	$114,931,000	+903.1%	1,000,000	+900.0%	74.65%	+24.2%
BE	New	BLOOM ENERGY CORP	$8,961,000	–	262,953	–	5.82%	–
USO	New	UNITED STATES OIL FUND LPunits	$4,658,000	–	300,000	–	3.03%	–
BKLN	New	INVESCO EXCHNG TRADED FD TRsr ln etf	$4,636,000	–	200,000	–	3.01%	–
DIS	New	DISNEY WALT CO	$2,921,000	–	25,000	–	1.90%	–
FIS	New	FIDELITY NATL INFORMATION SV	$2,728,000	–	25,000	–	1.77%	–
CME	New	CME GROUP INC	$2,553,000	–	15,000	–	1.66%	–
CCI	New	CROWN CASTLE INTL CORP NEW	$2,226,000	–	20,000	–	1.45%	–
HPQ	New	HP INC	$1,933,000	–	75,000	–	1.26%	–
APH	New	AMPHENOL CORP NEWcl a	$1,880,000	–	20,000	–	1.22%	–
DHR	New	DANAHER CORP DEL	$1,631,000	–	15,000	–	1.06%	–
GPN	New	GLOBAL PMTS INC	$1,275,000	–	10,000	–	0.83%	–
DG	New	DOLLAR GEN CORP NEW	$863,000	–	7,910	–	0.56%	–
GLD	Sell	SPDR GOLD TRUSTput	$600,000	+29.9%	100,000	-33.3%	0.39%	-83.9%
FXB	New	INVESCO CURNCYSHS BRIT PND Sput	$443,000	–	300,000	–	0.29%	–
DVA	New	DAVITA INCcall	$230,000	–	200,000	–	0.15%	–
HYG	Sell	ISHARES TRput	$209,000	-59.9%	1,200,000	-66.7%	0.14%	-95.0%
EEM	New	ISHARES TRput	$178,000	–	600,000	–	0.12%	–
GE	Exit	GENERAL ELECTRIC COcall	$0	–	-300,000	–	-0.03%	–
TLT	Exit	ISHARES TRput	$0	–	-300,000	–	-0.07%	–
MRK	Exit	MERCK & CO INCcall	$0	–	-80,000	–	-0.47%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-30,000	–	-13.11%	–
TMO	Exit	THERMO FISHER SCIENTIFIC INC	$0	–	-15,000	–	-16.29%	–

Q2 2018

			Value		Shares		↓ Weighting
LQD	New	ISHARES TRiboxx inv cp etf	$11,458,000	–	100,000	–	60.11%	–
TMO	New	THERMO FISHER SCIENTIFIC INC	$3,106,000	–	15,000	–	16.29%	–
PYPL	New	PAYPAL HLDGS INC	$2,500,000	–	30,000	–	13.11%	–
ICD	New	INDEPENDENCE CONTRACT DRIL I	$717,000	–	174,217	–	3.76%	–
HYG	New	ISHARES TRput	$521,000	–	3,600,000	–	2.73%	–
GLD	New	SPDR GOLD TRUSTput	$462,000	–	150,000	–	2.42%	–
TRCO	New	TRIBUNE MEDIA COcall	$190,000	–	473,873	–	1.00%	–
MRK	New	MERCK & CO INCcall	$90,000	–	80,000	–	0.47%	–
TLT	New	ISHARES TRput	$13,000	–	300,000	–	0.07%	–
GE	New	GENERAL ELECTRIC COcall	$6,000	–	300,000	–	0.03%	–

Q4 2017

			Value		Shares		↓ Weighting
SGH	Exit	SMART GLOBAL HLDGS INCcall	$0	–	-100,275	–	0.00%	–
TRCO	Exit	TRIBUNE MEDIA COcall	$0	–	-473,873	–	-0.13%	–
EEM	Exit	ISHARES TRcall	$0	–	-525,000	–	-0.42%	–
DXJ	Exit	WISDOMTREE TRcall	$0	–	-150,000	–	-1.16%	–
VZ	Exit	VERIZON COMMUNICATIONS INCcall	$0	–	-100,000	–	-1.23%	–
HYG	Exit	ISHARES TRput	$0	–	-2,400,000	–	-1.63%	–
KR	Exit	KROGER CO	$0	–	-12,500	–	-1.70%	–
RIO	Exit	RIO TINTO PLCput	$0	–	-500,000	–	-2.14%	–
ICD	Exit	INDEPENDENCE CONTRACT DRIL I	$0	–	-130,000	–	-3.36%	–
EWY	Exit	ISHARES INCput	$0	–	-900,000	–	-3.58%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Nput	$0	–	-80,000	–	-4.40%	–
SM	Exit	SM ENERGY CO	$0	–	-40,000	–	-4.84%	–
CVE	Exit	CENOVUS ENERGY INC	$0	–	-90,000	–	-6.14%	–
IWM	Exit	ISHARES TRcall	$0	–	-200,000	–	-6.86%	–
AMLP	Exit	ALPS ETF TRalerian mlp	$0	–	-170,000	–	-12.99%	–
KR	Exit	KROGER COput	$0	–	-300,000	–	-14.27%	–
SGH	Exit	SMART GLOBAL HLDGS INC	$0	–	-80,003	–	-14.58%	–
HYG	Exit	ISHARES TRiboxx hi yd etf	$0	–	-34,000	–	-20.55%	–

Q3 2017

			Value		Shares		↓ Weighting
AMLP	Sell	ALPS ETF TRalerian mlp	$1,908,000	-11.3%	170,000	-5.6%	12.99%	-18.4%
IWM	Sell	ISHARES TRcall	$1,008,000	+34.9%	200,000	-61.5%	6.86%	+24.2%
CVE	New	CENOVUS ENERGY INC	$902,000	–	90,000	–	6.14%	–
SM	New	SM ENERGY CO	$710,000	–	40,000	–	4.84%	–
CHTR	New	CHARTER COMMUNICATIONS INC Nput	$646,000	–	80,000	–	4.40%	–
EWY	Buy	ISHARES INCput	$526,000	+12.4%	900,000	+157.1%	3.58%	+3.4%
RIO	New	RIO TINTO PLCput	$315,000	–	500,000	–	2.14%	–
KR	New	KROGER CO	$250,000	–	12,500	–	1.70%	–
HYG	Sell	ISHARES TRput	$240,000	-81.5%	2,400,000	-11.1%	1.63%	-83.0%
VZ	New	VERIZON COMMUNICATIONS INCcall	$180,000	–	100,000	–	1.23%	–
DXJ	New	WISDOMTREE TRcall	$170,000	–	150,000	–	1.16%	–
EEM	New	ISHARES TRcall	$62,000	–	525,000	–	0.42%	–
RAD	Exit	RITE AID CORPcall	$0	–	-300,000	–	-0.06%	–
XOP	Exit	SPDR SERIES TRUSTcall	$0	–	-100,000	–	-0.16%	–
USO	Exit	UNITED STATES OIL FUND LPcall	$0	–	-230,000	–	-0.41%	–
X	Exit	UNITED STATES STL CORP NEWcall	$0	–	-150,000	–	-0.73%	–
TLT	Exit	ISHARES TRput	$0	–	-350,000	–	-1.16%	–
KBE	Exit	SPDR SERIES TRUSTput	$0	–	-200,000	–	-1.44%	–
HYG	Exit	ISHARES TRcall	$0	–	-2,500,000	–	-2.50%	–
ARCH	Exit	ARCH COAL INCcl a	$0	–	-12,016	–	-6.04%	–
SLCA	Exit	U S SILICA HLDGS INC	$0	–	-27,000	–	-7.10%	–

Q2 2017

			Value		Shares		↓ Weighting
HYG	New	ISHARES TRiboxx hi yd etf	$3,006,000	–	34,000	–	22.25%	–
AMLP	New	ALPS ETF TRalerian mlp	$2,152,000	–	180,000	–	15.93%	–
HYG	New	ISHARES TRput	$1,299,000	–	2,700,000	–	9.61%	–
SGH	New	SMART GLOBAL HLDGS INC	$1,295,000	–	80,003	–	9.58%	–
KR	New	KROGER COput	$1,272,000	–	300,000	–	9.41%	–
SLCA	New	U S SILICA HLDGS INC	$959,000	–	27,000	–	7.10%	–
ARCH	New	ARCH COAL INCcl a	$816,000	–	12,016	–	6.04%	–
IWM	New	ISHARES TRcall	$747,000	–	520,000	–	5.53%	–
ICD	New	INDEPENDENCE CONTRACT DRIL I	$506,000	–	130,000	–	3.74%	–
EWY	New	ISHARESput	$468,000	–	350,000	–	3.46%	–
HYG	New	ISHARES TRcall	$338,000	–	2,500,000	–	2.50%	–
KBE	New	SPDR SERIES TRUSTput	$195,000	–	200,000	–	1.44%	–
TLT	New	ISHARES TRput	$157,000	–	350,000	–	1.16%	–
TRCO	New	TRIBUNE MEDIA COcall	$119,000	–	473,873	–	0.88%	–
X	New	UNITED STATES STL CORP NEWcall	$99,000	–	150,000	–	0.73%	–
USO	New	UNITED STATES OIL FUND LPcall	$55,000	–	230,000	–	0.41%	–
XOP	New	SPDR SERIES TRUSTcall	$21,000	–	100,000	–	0.16%	–
RAD	New	RITE AID CORPcall	$8,000	–	300,000	–	0.06%	–
SGH	New	SMART GLOBAL HLDGS INCcall	$0	–	100,275	–	0.00%	–

Q4 2016

			Value		Shares		↓ Weighting
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-100,000	–	-0.78%	–
XOP	Exit	SPDR SERIES TRUSTs&p oilgas exp	$0	–	-25,000	–	-2.09%	–
XLE	Exit	SELECT SECTOR SPDR TRsbi int-energy	$0	–	-22,000	–	-3.38%	–
OIH	Exit	VANECK VECTORS ETF TRoil svcs etf	$0	–	-216,000	–	-13.76%	–
HYG	Exit	ISHARES TRiboxx hi yd etf	$0	–	-128,000	–	-24.30%	–
HQY	Exit	HEALTHEQUITY INC	$0	–	-676,468	–	-55.70%	–

Q3 2016

			Value		Shares		↓ Weighting
HYG	New	ISHARES TRiboxx hi yd etf	$11,169,000	–	128,000	–	24.30%	–
OIH	New	VANECK VECTORS ETF TRoil svcs etf	$6,325,000	–	216,000	–	13.76%	–
XLE	New	SELECT SECTOR SPDR TRsbi int-energy	$1,553,000	–	22,000	–	3.38%	–
XOP	New	SPDR SERIES TRUSTs&p oilgas exp	$961,000	–	25,000	–	2.09%	–
SPY	Sell	SPDR S&P 500 ETF TRput	$359,000	-63.0%	100,000	-67.7%	0.78%	-76.4%
SPY	Exit	SPDR S&P 500 ETF TRtr unit	$0	–	-37,000	–	-26.48%	–

Q2 2016

			Value		Shares		↓ Weighting
HQY	New	HEALTHEQUITY INC	$20,554,000	–	676,468	–	70.21%	–
SPY	New	SPDR S&P 500 ETF TRtr unit	$7,751,000	–	37,000	–	26.48%	–
SPY	New	SPDR S&P 500 ETF TRput	$970,000	–	310,000	–	3.31%	–

Q4 2015

			Value		Shares		↓ Weighting
SUNEQ	Exit	SUNEDISON INCcall	$0	–	-150,000	–	-0.01%	–
UPIP	Exit	UNWIRED PLANET INC NEW	$0	–	-200,881	–	-0.09%	–
FLOW	Exit	SPX FLOW INC	$0	–	-9,530	–	-0.20%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-100,000	–	-0.32%	–
AYA	Exit	AMAYA INC	$0	–	-33,855	–	-0.37%	–
SYNA	Exit	SYNAPTICS INC	$0	–	-8,000	–	-0.40%	–
XUE	Exit	XUEDA ED GROUPsponsored adr	$0	–	-134,900	–	-0.42%	–
SEMG	Exit	SEMGROUP CORPcl a	$0	–	-18,789	–	-0.49%	–
CAM	Exit	CAMERON INTERNATIONAL CORP	$0	–	-15,000	–	-0.55%	–
CKEC	Exit	CARMIKE CINEMAS INC	$0	–	-49,161	–	-0.59%	–
QCOM	Exit	QUALCOMM INC	$0	–	-18,507	–	-0.60%	–
AAPC	Exit	ATLANTIC ALLIANCE PARTNER CO	$0	–	-100,000	–	-0.61%	–
AMAT	Exit	APPLIED MATLS INC	$0	–	-71,475	–	-0.63%	–
AER	Exit	AERCAP HOLDINGS NV	$0	–	-29,720	–	-0.68%	–
VOYA	Exit	VOYA FINL INC	$0	–	-30,389	–	-0.71%	–
GOOG	Exit	GOOGLE INCcl c	$0	–	-2,000	–	-0.73%	–
ISBC	Exit	INVESTORS BANCORP INC NEW	$0	–	-104,480	–	-0.77%	–
EACQU	Exit	EASTERLY ACQUISITION CORPunit 99/99/9999	$0	–	-150,000	–	-0.90%	–
NCR	Exit	NCR CORP NEW	$0	–	-75,000	–	-1.02%	–
CI	Exit	CIGNA CORPORATION	$0	–	-13,315	–	-1.08%	–
LORL	Exit	LORAL SPACE & COMMUNICATNS I	$0	–	-38,840	–	-1.10%	–
MU	Exit	MICRON TECHNOLOGY INC	$0	–	-124,372	–	-1.12%	–
IVTY	Exit	INVUITY INC	$0	–	-146,343	–	-1.23%	–
LMCK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-61,409	–	-1.27%	–
TSQ	Exit	TOWNSQUARE MEDIA INCcl a	$0	–	-237,870	–	-1.39%	–
RLD	Exit	REALD INC	$0	–	-282,979	–	-1.63%	–
SHOR	Exit	SHORETEL INC	$0	–	-385,289	–	-1.72%	–
ODP	Exit	OFFICE DEPOT INC	$0	–	-500,000	–	-1.92%	–
HCCI	Exit	HERITAGE CRYSTAL CLEAN INC	$0	–	-337,466	–	-2.08%	–
NXST	Exit	NEXSTAR BROADCASTING GROUP Icl a	$0	–	-80,030	–	-2.27%	–
MEG	Exit	MEDIA GEN INC NEW	$0	–	-295,750	–	-2.48%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-101,780	–	-2.50%	–
BLVDU	Exit	BOULEVARD ACQUISITIONunit 99/99/9999	$0	–	-450,000	–	-2.69%	–
HNT	Exit	HEALTH NET INC	$0	–	-75,000	–	-2.71%	–
ALTR	Exit	ALTERA CORP	$0	–	-100,000	–	-3.00%	–
PACEU	Exit	PACE HLDGS CORPunit 99/99/9999	$0	–	-500,000	–	-3.07%	–
YHOO	Exit	YAHOO INC	$0	–	-178,184	–	-3.09%	–
AGN	Exit	ALLERGAN PLC	$0	–	-22,475	–	-3.66%	–
LGF	Exit	LIONS GATE ENTMNT CORP	$0	–	-188,598	–	-4.16%	–
TWC	Exit	TIME WARNER CABLE INC	$0	–	-149,517	–	-16.07%	–
HQY	Exit	HEALTHEQUITY INC	$0	–	-1,676,468	–	-29.69%	–

Q3 2015

			Value		Shares		↓ Weighting
HQY	Sell	HEALTHEQUITY INC	$49,540,000	-45.3%	1,676,468	-40.7%	29.69%	-7.0%
TWC	Buy	TIME WARNER CABLE INC	$26,819,000	+112.2%	149,517	+110.8%	16.07%	+261.0%
LGF	Sell	LIONS GATE ENTMNT CORP	$6,940,000	-34.6%	188,598	-34.1%	4.16%	+11.3%
AGN	Sell	ALLERGAN PLC	$6,109,000	-26.7%	22,475	-18.2%	3.66%	+24.7%
YHOO	New	YAHOO INC	$5,151,000	–	178,184	–	3.09%	–
PACEU	New	PACE HLDGS CORPunit 99/99/9999	$5,125,000	–	500,000	–	3.07%	–
ALTR	New	ALTERA CORP	$5,008,000	–	100,000	–	3.00%	–
HNT	New	HEALTH NET INC	$4,517,000	–	75,000	–	2.71%	–
BLVDU	New	BOULEVARD ACQUISITIONunit 99/99/9999	$4,491,000	–	450,000	–	2.69%	–
LBTYK	Sell	LIBERTY GLOBAL PLC	$4,175,000	-74.1%	101,780	-68.0%	2.50%	-55.9%
MEG	Buy	MEDIA GEN INC NEW	$4,138,000	+520.4%	295,750	+632.1%	2.48%	+955.3%
NXST	Buy	NEXSTAR BROADCASTING GROUP Icl a	$3,789,000	+155.0%	80,030	+201.7%	2.27%	+334.2%
HCCI	Buy	HERITAGE CRYSTAL CLEAN INC	$3,466,000	-30.0%	337,466	+0.2%	2.08%	+19.1%
ODP	New	OFFICE DEPOT INC	$3,210,000	–	500,000	–	1.92%	–
SHOR	Sell	SHORETEL INC	$2,878,000	-18.4%	385,289	-25.9%	1.72%	+38.9%
RLD	Sell	REALD INC	$2,719,000	-23.0%	282,979	-1.2%	1.63%	+31.0%
TSQ	Buy	TOWNSQUARE MEDIA INCcl a	$2,324,000	-27.0%	237,870	+1.5%	1.39%	+24.2%
LMCK	Buy	LIBERTY MEDIA CORP DELAWARE	$2,116,000	+27.0%	61,409	+32.3%	1.27%	+116.0%
IVTY	New	INVUITY INC	$2,052,000	–	146,343	–	1.23%	–
MU	Sell	MICRON TECHNOLOGY INC	$1,863,000	-25.3%	124,372	-6.0%	1.12%	+27.1%
LORL	Sell	LORAL SPACE & COMMUNICATNS I	$1,829,000	-43.0%	38,840	-23.6%	1.10%	-3.0%
CI	Sell	CIGNA CORPORATION	$1,798,000	-18.6%	13,315	-2.3%	1.08%	+38.6%
NCR	New	NCR CORP NEW	$1,706,000	–	75,000	–	1.02%	–
EACQU	New	EASTERLY ACQUISITION CORPunit 99/99/9999	$1,508,000	–	150,000	–	0.90%	–
GOOG	New	GOOGLE INCcl c	$1,217,000	–	2,000	–	0.73%	–
VOYA	Sell	VOYA FINL INC	$1,178,000	-71.0%	30,389	-65.2%	0.71%	-50.7%
AER	Sell	AERCAP HOLDINGS NV	$1,136,000	-71.7%	29,720	-66.1%	0.68%	-51.9%
CKEC	New	CARMIKE CINEMAS INC	$988,000	–	49,161	–	0.59%	–
CAM	New	CAMERON INTERNATIONAL CORP	$920,000	–	15,000	–	0.55%	–
XUE	New	XUEDA ED GROUPsponsored adr	$696,000	–	134,900	–	0.42%	–
SYNA	New	SYNAPTICS INC	$660,000	–	8,000	–	0.40%	–
AYA	New	AMAYA INC	$618,000	–	33,855	–	0.37%	–
SPY	Buy	SPDR S&P 500 ETF TRput	$528,000	-6.9%	100,000	+42.9%	0.32%	+58.0%
FLOW	New	SPX FLOW INC	$328,000	–	9,530	–	0.20%	–
UPIP	Sell	UNWIRED PLANET INC NEW	$146,000	-79.4%	200,881	-82.4%	0.09%	-65.2%
SUNEQ	New	SUNEDISON INCcall	$15,000	–	150,000	–	0.01%	–
VXX	Exit	BARCLAYS BK PLCcall	$0	–	-100,000	–	-0.04%	–
INTC	Exit	INTEL CORP	$0	–	-8,646	–	-0.09%	–
BMRN	Exit	BIOMARIN PHARMACEUTICAL INC	$0	–	-5,000	–	-0.24%	–
SPXC	Exit	SPX CORP	$0	–	-9,530	–	-0.24%	–
HSP	Exit	HOSPIRA INC	$0	–	-9,344	–	-0.29%	–
NOK	Exit	NOKIA CORPsponsored adr	$0	–	-157,245	–	-0.38%	–
EQC	Exit	EQUITY COMWLTH	$0	–	-48,230	–	-0.44%	–
MYL	Exit	MYLAN N V	$0	–	-19,000	–	-0.45%	–
RKUS	Exit	RUCKUS WIRELESS INC	$0	–	-126,749	–	-0.46%	–
DISH	Exit	DISH NETWORK CORPcl a	$0	–	-24,744	–	-0.59%	–
LVNTA	Exit	LIBERTY INTERACTIVE CORP	$0	–	-59,287	–	-0.82%	–
LBRDA	Exit	LIBERTY BROADBAND CORP	$0	–	-46,519	–	-0.84%	–
TMUS	Exit	T MOBILE US INC	$0	–	-67,230	–	-0.92%	–
CBS	Exit	CBS CORP NEWcl b	$0	–	-49,057	–	-0.96%	–
ISSI	Exit	INTEGRATED SILICON SOLUTION	$0	–	-125,000	–	-0.98%	–
WEN	Exit	WENDYS CO	$0	–	-273,900	–	-1.09%	–
STRZA	Exit	STARZ	$0	–	-85,329	–	-1.34%	–
NSAM	Exit	NORTHSTAR ASSET MGMT GROUP I	$0	–	-223,719	–	-1.46%	–
SUNEQ	Exit	SUNEDISON INC	$0	–	-191,224	–	-2.02%	–
LMCA	Exit	LIBERTY MEDIA CORP DELAWAREcl a	$0	–	-163,554	–	-2.08%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Dcl a new	$0	–	-36,270	–	-2.19%	–
VRX	Exit	VALEANT PHARMACEUTICALS INTL	$0	–	-30,080	–	-2.35%	–
BHI	Exit	BAKER HUGHES INC	$0	–	-110,201	–	-2.40%	–
A309PS	Exit	DIRECTV	$0	–	-416,744	–	-13.62%	–

Q2 2015

			Value		Shares		↓ Weighting
HQY	New	HEALTHEQUITY INC	$90,588,000	–	2,826,468	–	31.91%	–
A309PS	New	DIRECTV	$38,670,000	–	416,744	–	13.62%	–
LBTYK	New	LIBERTY GLOBAL PLC	$16,113,000	–	318,241	–	5.68%	–
TWC	New	TIME WARNER CABLE INC	$12,638,000	–	70,933	–	4.45%	–
LGF	New	LIONS GATE ENTMNT CORP	$10,604,000	–	286,198	–	3.74%	–
AGN	New	ALLERGAN PLC	$8,338,000	–	27,475	–	2.94%	–
BHI	New	BAKER HUGHES INC	$6,799,000	–	110,201	–	2.40%	–
VRX	New	VALEANT PHARMACEUTICALS INTL	$6,682,000	–	30,080	–	2.35%	–
CHTR	New	CHARTER COMMUNICATIONS INC Dcl a new	$6,211,000	–	36,270	–	2.19%	–
LMCA	New	LIBERTY MEDIA CORP DELAWAREcl a	$5,894,000	–	163,554	–	2.08%	–
SUNEQ	New	SUNEDISON INC	$5,720,000	–	191,224	–	2.02%	–
HCCI	New	HERITAGE CRYSTAL CLEAN INC	$4,951,000	–	336,833	–	1.74%	–
NSAM	New	NORTHSTAR ASSET MGMT GROUP I	$4,137,000	–	223,719	–	1.46%	–
VOYA	New	VOYA FINL INC	$4,061,000	–	87,389	–	1.43%	–
AER	New	AERCAP HOLDINGS NV	$4,017,000	–	87,720	–	1.42%	–
STRZA	New	STARZ	$3,816,000	–	85,329	–	1.34%	–
RLD	New	REALD INC	$3,531,000	–	286,379	–	1.24%	–
SHOR	New	SHORETEL INC	$3,526,000	–	520,070	–	1.24%	–
LORL	New	LORAL SPACE & COMMUNICATNS I	$3,209,000	–	50,840	–	1.13%	–
TSQ	New	TOWNSQUARE MEDIA INCcl a	$3,184,000	–	234,443	–	1.12%	–
WEN	New	WENDYS CO	$3,090,000	–	273,900	–	1.09%	–
ISSI	New	INTEGRATED SILICON SOLUTION	$2,768,000	–	125,000	–	0.98%	–
CBS	New	CBS CORP NEWcl b	$2,723,000	–	49,057	–	0.96%	–
TMUS	New	T MOBILE US INC	$2,607,000	–	67,230	–	0.92%	–
MU	New	MICRON TECHNOLOGY INC	$2,494,000	–	132,372	–	0.88%	–
LBRDA	New	LIBERTY BROADBAND CORP	$2,371,000	–	46,519	–	0.84%	–
LVNTA	New	LIBERTY INTERACTIVE CORP	$2,328,000	–	59,287	–	0.82%	–
CI	New	CIGNA CORPORATION	$2,208,000	–	13,628	–	0.78%	–
DISH	New	DISH NETWORK CORPcl a	$1,675,000	–	24,744	–	0.59%	–
LMCK	New	LIBERTY MEDIA CORP DELAWARE	$1,666,000	–	46,409	–	0.59%	–
SEMG	New	SEMGROUP CORPcl a	$1,493,000	–	18,789	–	0.53%	–
NXST	New	NEXSTAR BROADCASTING GROUP Icl a	$1,486,000	–	26,530	–	0.52%	–
AMAT	New	APPLIED MATLS INC	$1,374,000	–	71,475	–	0.48%	–
RKUS	New	RUCKUS WIRELESS INC	$1,311,000	–	126,749	–	0.46%	–
MYL	New	MYLAN N V	$1,289,000	–	19,000	–	0.45%	–
ISBC	New	INVESTORS BANCORP INC NEW	$1,285,000	–	104,480	–	0.45%	–
EQC	New	EQUITY COMWLTH	$1,238,000	–	48,230	–	0.44%	–
QCOM	New	QUALCOMM INC	$1,159,000	–	18,507	–	0.41%	–
NOK	New	NOKIA CORPsponsored adr	$1,077,000	–	157,245	–	0.38%	–
AAPC	New	ATLANTIC ALLIANCE PARTNER CO	$1,018,000	–	100,000	–	0.36%	–
HSP	New	HOSPIRA INC	$829,000	–	9,344	–	0.29%	–
UPIP	New	UNWIRED PLANET INC NEW	$710,000	–	1,144,481	–	0.25%	–
SPXC	New	SPX CORP	$690,000	–	9,530	–	0.24%	–
BMRN	New	BIOMARIN PHARMACEUTICAL INC	$684,000	–	5,000	–	0.24%	–
MEG	New	MEDIA GEN INC NEW	$667,000	–	40,400	–	0.24%	–
SPY	New	SPDR S&P 500 ETF TRput	$567,000	–	70,000	–	0.20%	–
INTC	New	INTEL CORP	$263,000	–	8,646	–	0.09%	–
VXX	New	BARCLAYS BK PLCcall	$101,000	–	100,000	–	0.04%	–

Q4 2014

			Value		Shares		↓ Weighting
TWX	Exit	TIME WARNER INCcall	$0	–	-40,000	–	-0.01%	–
YHOO	Exit	YAHOO INCcall	$0	–	-80,000	–	-0.01%	–
CVC	Exit	CABLEVISION SYS CORPput	$0	–	-57,300	–	-0.02%	–
MLNK	Exit	MODUSLINK GLOBAL SOLUTIONS I	$0	–	-49,245	–	-0.06%	–
QQQ	Exit	POWERSHARES QQQ TRUSTput	$0	–	-100,000	–	-0.08%	–
MVNR	Exit	MAVENIR SYS INC	$0	–	-39,661	–	-0.17%	–
INTC	Exit	INTEL CORP	$0	–	-14,707	–	-0.17%	–
LMCK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-11,819	–	-0.19%	–
TPUB	Exit	TRIBUNE PUBG CO	$0	–	-28,083	–	-0.19%	–
THRX	Exit	THERAVANCE INC	$0	–	-35,654	–	-0.21%	–
LTRPA	Exit	LIBERTY TRIPADVISOR HLDGS IN	$0	–	-20,392	–	-0.23%	–
MTZ	Exit	MASTEC INC	$0	–	-24,622	–	-0.26%	–
TWX	Exit	TIME WARNER INC	$0	–	-10,615	–	-0.27%	–
SLXP	Exit	SALIX PHARMACEUTICALS INC	$0	–	-5,220	–	-0.28%	–
VRX	Exit	VALEANT PHARMACEUTICALS INTLcall	$0	–	-50,000	–	-0.29%	–
SPY	Exit	SPDR S&P 500 ETF TRput	$0	–	-470,000	–	-0.32%	–
VRX	Exit	VALEANT PHARMACEUTICALS INTL	$0	–	-9,849	–	-0.44%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-14,773	–	-0.44%	–
SEMG	Exit	SEMGROUP CORPcl a	$0	–	-18,789	–	-0.53%	–
T107PS	Exit	WRIGHT MED GROUP INC	$0	–	-71,110	–	-0.73%	–
PAH	Exit	PLATFORM SPECIALTY PRODS COR	$0	–	-86,573	–	-0.74%	–
QRTEA	Exit	LIBERTY INTERACTIVE CORP	$0	–	-77,177	–	-0.75%	–
LVNTA	Exit	LIBERTY INTERACTIVE CORP	$0	–	-60,444	–	-0.78%	–
UPIP	Exit	UNWIRED PLANET INC NEW	$0	–	-1,234,607	–	-0.78%	–
WEN	Exit	WENDYS CO	$0	–	-295,469	–	-0.83%	–
ROIC	Exit	RETAIL OPPORTUNITY INVTS COR	$0	–	-171,611	–	-0.86%	–
NSAM	Exit	NORTHSTAR ASSET MGMT GROUP I	$0	–	-162,508	–	-1.02%	–
TSQ	Exit	TOWNSQUARE MEDIA INCcl a	$0	–	-250,685	–	-1.02%	–
AER	Exit	AERCAP HOLDINGS NV	$0	–	-80,464	–	-1.12%	–
VOYA	Exit	VOYA FINL INC	$0	–	-90,104	–	-1.20%	–
LYV	Exit	LIVE NATION ENTERTAINMENT IN	$0	–	-173,440	–	-1.41%	–
WMB	Exit	WILLIAMS COS INC DEL	$0	–	-81,537	–	-1.53%	–
CBS	Exit	CBS CORP NEWcl b	$0	–	-86,352	–	-1.57%	–
KTWO	Exit	K2M GROUP HLDGS INC	$0	–	-335,400	–	-1.64%	–
CHS	Exit	CHICOS FAS INC	$0	–	-328,202	–	-1.64%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-120,337	–	-1.67%	–
EQC	Exit	EQUITY COMWLTH	$0	–	-198,970	–	-1.74%	–
ODP	Exit	OFFICE DEPOT INC	$0	–	-1,125,624	–	-1.96%	–
YHOO	Exit	YAHOO INC	$0	–	-153,330	–	-2.12%	–
STRZA	Exit	STARZ	$0	–	-192,087	–	-2.16%	–
HES	Exit	HESS CORP	$0	–	-71,194	–	-2.28%	–
MU	Exit	MICRON TECHNOLOGY INC	$0	–	-198,672	–	-2.31%	–
AGN	Exit	ALLERGAN INC	$0	–	-38,534	–	-2.33%	–
T104PS	Exit	AMERICAN RLTY CAP PPTYS INC	$0	–	-644,470	–	-2.64%	–
LMCA	Exit	LIBERTY MEDIA CORP DELAWAREcl a	$0	–	-177,920	–	-2.85%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Dcl a new	$0	–	-58,134	–	-2.98%	–
A309PS	Exit	DIRECTV	$0	–	-103,839	–	-3.05%	–
F113PS	Exit	COVIDIEN PLC	$0	–	-108,490	–	-3.18%	–
TWC	Exit	TIME WARNER CABLE INC	$0	–	-70,891	–	-3.45%	–
B108PS	Exit	ACTAVIS PLC	$0	–	-43,813	–	-3.59%	–
LGF	Exit	LIONS GATE ENTMNT CORP	$0	–	-407,298	–	-4.56%	–
SHPG	Exit	SHIRE PLCsponsored adr	$0	–	-52,087	–	-4.58%	–
ALLY	Exit	ALLY FINL INC	$0	–	-733,874	–	-5.76%	–
HQY	Exit	HEALTHEQUITY INC	$0	–	-4,031,468	–	-25.04%	–

Q3 2014

			Value		Shares		↓ Weighting
HQY	New	HEALTHEQUITY INC	$73,816,000	–	4,031,468	–	25.04%	–
ALLY	Sell	ALLY FINL INC	$16,982,000	-14.9%	733,874	-12.1%	5.76%	-30.8%
SHPG	Buy	SHIRE PLCsponsored adr	$13,493,000	+461.7%	52,087	+410.7%	4.58%	+356.8%
LGF	Buy	LIONS GATE ENTMNT CORP	$13,428,000	+21.2%	407,298	+5.1%	4.56%	-1.4%
B108PS	Buy	ACTAVIS PLC	$10,572,000	+79.0%	43,813	+65.4%	3.59%	+45.5%
TWC	Buy	TIME WARNER CABLE INC	$10,171,000	+36.2%	70,891	+39.8%	3.45%	+10.8%
F113PS	New	COVIDIEN PLC	$9,385,000	–	108,490	–	3.18%	–
A309PS	New	DIRECTV	$8,984,000	–	103,839	–	3.05%	–
CHTR	Sell	CHARTER COMMUNICATIONS INC Dcl a new	$8,799,000	-8.1%	58,134	-3.8%	2.98%	-25.2%
LMCA	Buy	LIBERTY MEDIA CORP DELAWAREcl a	$8,394,000	+26.3%	177,920	+265.8%	2.85%	+2.7%
T104PS	Sell	AMERICAN RLTY CAP PPTYS INC	$7,772,000	-15.4%	644,470	-12.1%	2.64%	-31.2%
AGN	Sell	ALLERGAN INC	$6,866,000	-22.2%	38,534	-26.1%	2.33%	-36.7%
MU	Sell	MICRON TECHNOLOGY INC	$6,807,000	-37.4%	198,672	-39.8%	2.31%	-49.1%
HES	Buy	HESS CORP	$6,715,000	+67.1%	71,194	+75.2%	2.28%	+35.9%
YHOO	Sell	YAHOO INC	$6,248,000	-3.2%	153,330	-16.5%	2.12%	-21.3%
ODP	Sell	OFFICE DEPOT INC	$5,785,000	-23.5%	1,125,624	-15.4%	1.96%	-37.8%
EQC	New	EQUITY COMWLTH	$5,115,000	–	198,970	–	1.74%	–
LBTYK	Buy	LIBERTY GLOBAL PLC	$4,936,000	+30.8%	120,337	+34.9%	1.67%	+6.4%
CHS	Sell	CHICOS FAS INC	$4,848,000	-14.0%	328,202	-1.2%	1.64%	-30.0%
KTWO	Sell	K2M GROUP HLDGS INC	$4,840,000	-27.7%	335,400	-25.5%	1.64%	-41.2%
CBS	Sell	CBS CORP NEWcl b	$4,620,000	-47.2%	86,352	-38.6%	1.57%	-57.0%
WMB	Sell	WILLIAMS COS INC DEL	$4,513,000	-6.3%	81,537	-1.5%	1.53%	-23.8%
LYV	New	LIVE NATION ENTERTAINMENT IN	$4,166,000	–	173,440	–	1.41%	–
VOYA	Sell	VOYA FINL INC	$3,523,000	-4.0%	90,104	-10.8%	1.20%	-21.9%
AER	New	AERCAP HOLDINGS NV	$3,291,000	–	80,464	–	1.12%	–
TSQ	New	TOWNSQUARE MEDIA INCcl a	$3,013,000	–	250,685	–	1.02%	–
NSAM	New	NORTHSTAR ASSET MGMT GROUP I	$2,994,000	–	162,508	–	1.02%	–
ROIC	Sell	RETAIL OPPORTUNITY INVTS COR	$2,523,000	-54.7%	171,611	-51.6%	0.86%	-63.2%
WEN	New	WENDYS CO	$2,440,000	–	295,469	–	0.83%	–
UPIP	Sell	UNWIRED PLANET INC NEW	$2,297,000	-17.5%	1,234,607	-1.1%	0.78%	-32.9%
LVNTA	Buy	LIBERTY INTERACTIVE CORP	$2,294,000	-36.9%	60,444	+22.6%	0.78%	-48.7%
QRTEA	Sell	LIBERTY INTERACTIVE CORP	$2,202,000	-4.0%	77,177	-1.2%	0.75%	-21.9%
PAH	Sell	PLATFORM SPECIALTY PRODS COR	$2,166,000	-41.9%	86,573	-34.9%	0.74%	-52.7%
T107PS	Sell	WRIGHT MED GROUP INC	$2,154,000	-31.4%	71,110	-28.9%	0.73%	-44.2%
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$1,313,000	–	14,773	–	0.44%	–
VRX	Sell	VALEANT PHARMACEUTICALS INTL	$1,292,000	-28.4%	9,849	-31.2%	0.44%	-41.8%
SPY	New	SPDR S&P 500 ETF TRput	$952,000	–	470,000	–	0.32%	–
VRX	New	VALEANT PHARMACEUTICALS INTLcall	$852,000	–	50,000	–	0.29%	–
SLXP	New	SALIX PHARMACEUTICALS INC	$816,000	–	5,220	–	0.28%	–
TWX	New	TIME WARNER INC	$798,000	–	10,615	–	0.27%	–
MTZ	New	MASTEC INC	$754,000	–	24,622	–	0.26%	–
LTRPA	New	LIBERTY TRIPADVISOR HLDGS IN	$690,000	–	20,392	–	0.23%	–
THRX	Sell	THERAVANCE INC	$609,000	-59.1%	35,654	-28.7%	0.21%	-66.7%
TPUB	New	TRIBUNE PUBG CO	$566,000	–	28,083	–	0.19%	–
LMCK	New	LIBERTY MEDIA CORP DELAWARE	$556,000	–	11,819	–	0.19%	–
INTC	Sell	INTEL CORP	$512,000	-28.9%	14,707	-36.9%	0.17%	-42.0%
MVNR	New	MAVENIR SYS INC	$498,000	–	39,661	–	0.17%	–
QQQ	New	POWERSHARES QQQ TRUSTput	$241,000	–	100,000	–	0.08%	–
MLNK	New	MODUSLINK GLOBAL SOLUTIONS I	$176,000	–	49,245	–	0.06%	–
YHOO	New	YAHOO INCcall	$38,000	–	80,000	–	0.01%	–
TWX	New	TIME WARNER INCcall	$26,000	–	40,000	–	0.01%	–
RDEN	Exit	ELIZABETH ARDEN INCcall	$0	–	-31,800	–	-0.00%	–
ISBC	Exit	INVESTORS BANCORP INC NEW	$0	–	-10,000	–	-0.05%	–
APC	Exit	ANADARKO PETE CORPcall	$0	–	-30,000	–	-0.06%	–
RSHCQ	Exit	RADIOSHACK CORPput	$0	–	-200,000	–	-0.12%	–
GOOGL	Exit	GOOGLE INCcl a	$0	–	-897	–	-0.22%	–
GOOG	Exit	GOOGLE INCcl c	$0	–	-1,297	–	-0.31%	–
SBGI	Exit	SINCLAIR BROADCAST GROUP INCcall	$0	–	-140,000	–	-0.33%	–
AAL	Exit	AMERICAN AIRLS GROUP INC	$0	–	-31,190	–	-0.56%	–
GTIV	Exit	GENTIVA HEALTH SERVICES INC	$0	–	-100,000	–	-0.63%	–
CPN	Exit	CALPINE CORP	$0	–	-75,000	–	-0.74%	–
WPP	Exit	WAUSAU PAPER CORP	$0	–	-176,090	–	-0.80%	–
	Exit	DENDREON CORPnote 2.875% 1/1	$0	–	-3,750,000	–	-1.08%	–
OPEN	Exit	OPENTABLE INC	$0	–	-30,000	–	-1.30%	–
DRI	Exit	DARDEN RESTAURANTS INC	$0	–	-68,973	–	-1.33%	–
2100PS	Exit	GENCORP INC	$0	–	-177,544	–	-1.41%	–
APC	Exit	ANADARKO PETE CORP	$0	–	-34,187	–	-1.56%	–
CPWR	Exit	COMPUWARE CORP	$0	–	-375,489	–	-1.56%	–
3101SC	Exit	COMMONWEALTH REIT	$0	–	-212,021	–	-2.33%	–
WAG	Exit	WALGREEN CO	$0	–	-85,050	–	-2.63%	–
MW	Exit	MENS WEARHOUSE INC	$0	–	-125,000	–	-2.91%	–
VC	Exit	VISTEON CORP	$0	–	-77,782	–	-3.15%	–
LAMR	Exit	LAMAR ADVERTISING COcl a	$0	–	-163,817	–	-3.62%	–

Q2 2014

			Value		Shares		↓ Weighting
ALLY	New	ALLY FINL INC	$19,962,000	–	834,926	–	8.33%	–
LGF	New	LIONS GATE ENTMNT CORP	$11,076,000	–	387,543	–	4.62%	–
MU	New	MICRON TECHNOLOGY INC	$10,880,000	–	330,219	–	4.54%	–
CHTR	New	CHARTER COMMUNICATIONS INC Dcl a new	$9,570,000	–	60,425	–	3.99%	–
T104PS	New	AMERICAN RLTY CAP PPTYS INC	$9,189,000	–	733,353	–	3.83%	–
AGN	New	ALLERGAN INC	$8,820,000	–	52,125	–	3.68%	–
CBS	New	CBS CORP NEWcl b	$8,743,000	–	140,683	–	3.65%	–
LAMR	New	LAMAR ADVERTISING COcl a	$8,683,000	–	163,817	–	3.62%	–
ODP	New	OFFICE DEPOT INC	$7,567,000	–	1,329,884	–	3.16%	–
VC	New	VISTEON CORP	$7,546,000	–	77,782	–	3.15%	–
TWC	New	TIME WARNER CABLE INC	$7,468,000	–	50,697	–	3.12%	–
MW	New	MENS WEARHOUSE INC	$6,975,000	–	125,000	–	2.91%	–
KTWO	New	K2M GROUP HLDGS INC	$6,696,000	–	450,000	–	2.79%	–
LMCA	New	LIBERTY MEDIA CORP DELAWAREcl a	$6,647,000	–	48,633	–	2.77%	–
YHOO	New	YAHOO INC	$6,452,000	–	183,681	–	2.69%	–
WAG	New	WALGREEN CO	$6,305,000	–	85,050	–	2.63%	–
B108PS	New	ACTAVIS PLC	$5,907,000	–	26,485	–	2.46%	–
STRZA	New	STARZ	$5,722,000	–	192,087	–	2.39%	–
CHS	New	CHICOS FAS INC	$5,635,000	–	332,260	–	2.35%	–
3101SC	New	COMMONWEALTH REIT	$5,580,000	–	212,021	–	2.33%	–
ROIC	New	RETAIL OPPORTUNITY INVTS COR	$5,573,000	–	354,242	–	2.32%	–
WMB	New	WILLIAMS COS INC DEL	$4,819,000	–	82,790	–	2.01%	–
HES	New	HESS CORP	$4,019,000	–	40,640	–	1.68%	–
LBTYK	New	LIBERTY GLOBAL PLC	$3,773,000	–	89,182	–	1.57%	–
CPWR	New	COMPUWARE CORP	$3,751,000	–	375,489	–	1.56%	–
APC	New	ANADARKO PETE CORP	$3,743,000	–	34,187	–	1.56%	–
PAH	New	PLATFORM SPECIALTY PRODS COR	$3,725,000	–	132,900	–	1.55%	–
VOYA	New	VOYA FINL INC	$3,670,000	–	101,005	–	1.53%	–
LVNTA	New	LIBERTY INTERACTIVE CORP	$3,638,000	–	49,306	–	1.52%	–
2100PS	New	GENCORP INC	$3,391,000	–	177,544	–	1.41%	–
DRI	New	DARDEN RESTAURANTS INC	$3,191,000	–	68,973	–	1.33%	–
T107PS	New	WRIGHT MED GROUP INC	$3,140,000	–	100,000	–	1.31%	–
OPEN	New	OPENTABLE INC	$3,108,000	–	30,000	–	1.30%	–
UPIP	New	UNWIRED PLANET INC NEW	$2,783,000	–	1,248,001	–	1.16%	–
	New	DENDREON CORPnote 2.875% 1/1	$2,592,000	–	3,750,000	–	1.08%	–
SHPG	New	SHIRE PLCsponsored adr	$2,402,000	–	10,200	–	1.00%	–
QRTEA	New	LIBERTY INTERACTIVE CORP	$2,294,000	–	78,135	–	0.96%	–
WPP	New	WAUSAU PAPER CORP	$1,905,000	–	176,090	–	0.80%	–
VRX	New	VALEANT PHARMACEUTICALS INTL	$1,805,000	–	14,315	–	0.75%	–
CPN	New	CALPINE CORP	$1,785,000	–	75,000	–	0.74%	–
GTIV	New	GENTIVA HEALTH SERVICES INC	$1,506,000	–	100,000	–	0.63%	–
THRX	New	THERAVANCE INC	$1,489,000	–	50,000	–	0.62%	–
SEMG	New	SEMGROUP CORPcl a	$1,482,000	–	18,789	–	0.62%	–
AAL	New	AMERICAN AIRLS GROUP INC	$1,340,000	–	31,190	–	0.56%	–
SBGI	New	SINCLAIR BROADCAST GROUP INCcall	$798,000	–	140,000	–	0.33%	–
GOOG	New	GOOGLE INCcl c	$744,000	–	1,297	–	0.31%	–
INTC	New	INTEL CORP	$720,000	–	23,300	–	0.30%	–
GOOGL	New	GOOGLE INCcl a	$523,000	–	897	–	0.22%	–
RSHCQ	New	RADIOSHACK CORPput	$294,000	–	200,000	–	0.12%	–
APC	New	ANADARKO PETE CORPcall	$145,000	–	30,000	–	0.06%	–
ISBC	New	INVESTORS BANCORP INC NEW	$110,000	–	10,000	–	0.05%	–
CVC	New	CABLEVISION SYS CORPput	$66,000	–	57,300	–	0.03%	–
RDEN	New	ELIZABETH ARDEN INCcall	$8,000	–	31,800	–	0.00%	–

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