Darsana Capital Partners LP Activity Q4 2014-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
FB	Buy	META PLATFORMS INCcl a	$315,220,500	+9.8%	1,050,000	+5.0%	15.46%	-16.5%
HLT	Buy	HILTON WORLDWIDE HLDGS INC	$300,360,000	+17.9%	2,000,000	+14.3%	14.73%	-10.4%
CMCSA	Sell	COMCAST CORP NEWcl a	$244,978,500	-15.8%	5,525,000	-21.1%	12.01%	-36.0%
STZ	Buy	CONSTELLATION BRANDS INCcl a	$219,913,750	+297.1%	875,000	+288.9%	10.78%	+201.8%
BAC	New	BANK AMERICA CORP	$177,970,000	–	6,500,000	–	8.73%	–
	New	BATH & BODY WORKS INC	$76,050,000	–	2,250,000	–	3.73%	–
GTN	Buy	GRAY TELEVISION INC	$27,683,052	+283.6%	4,000,441	+336.8%	1.36%	+191.2%
DASH	Exit	DOORDASH INCcl a	$0	–	-575,000	–	-2.84%	–

Q2 2023

			Value		Shares		↓ Weighting
CMCSA	New	COMCAST CORP NEWcl a	$290,850,000	–	7,000,000	–	18.76%	–
FB	New	META PLATFORMS INCcl a	$286,980,000	–	1,000,000	–	18.51%	–
HLT	New	HILTON WORLDWIDE HLDGS INC	$254,712,500	–	1,750,000	–	16.43%	–
KKR	New	KKR & CO INC	$224,000,000	–	4,000,000	–	14.45%	–
NYT	New	NEW YORK TIMES COcl a	$196,900,000	–	5,000,000	–	12.70%	–
GWRE	New	GUIDEWIRE SOFTWARE INC	$190,200,000	–	2,500,000	–	12.27%	–
STZ	New	CONSTELLATION BRANDS INCcl a	$55,379,250	–	225,000	–	3.57%	–
DASH	New	DOORDASH INCcl a	$43,941,500	–	575,000	–	2.84%	–
GTN	New	GRAY TELEVISION INC	$7,217,000	–	915,863	–	0.47%	–

Q4 2022

			Value		Shares		↓ Weighting
GTN	Exit	GRAY TELEVISION INC	$0	–	-4,589,563	–	-3.38%	–
PTON	Exit	PELOTON INTERACTIVE INC	$0	–	-10,000,000	–	-3.56%	–
BIGC	Exit	BIGCOMMERCE HLDGS INC	$0	–	-5,503,085	–	-4.18%	–
WMG	Exit	WARNER MUSIC GROUP CORP	$0	–	-4,500,000	–	-5.36%	–
HLT	Exit	HILTON WORLDWIDE HLDGS INC	$0	–	-1,000,000	–	-6.19%	–
DASH	Exit	DOORDASH INCcl a	$0	–	-2,500,000	–	-6.35%	–
GWRE	Exit	GUIDEWIRE SOFTWARE INC	$0	–	-2,500,000	–	-7.91%	–
FIVE	Exit	FIVE BELOW INC	$0	–	-1,425,000	–	-10.07%	–
RACE	Exit	FERRARI N V	$0	–	-1,250,000	–	-11.88%	–
RH	Exit	RH	$0	–	-950,000	–	-12.00%	–
NYT	Exit	NEW YORK TIMES COcl a	$0	–	-8,500,000	–	-12.55%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-11,000,000	–	-16.57%	–

Q3 2022

			Value		Shares		↓ Weighting
CMCSA	Buy	COMCAST CORP NEWcl a	$322,630,000	+49.5%	11,000,000	+100.0%	16.57%	+42.5%
BIGC	Sell	BIGCOMMERCE HLDGS INC	$81,446,000	-28.2%	5,503,085	-21.4%	4.18%	-31.5%
PTON	Buy	PELOTON INTERACTIVE INC	$69,300,000	+0.7%	10,000,000	+33.3%	3.56%	-4.0%
GTN	Buy	GRAY TELEVISION INC	$65,723,000	-6.0%	4,589,563	+10.8%	3.38%	-10.4%

Q2 2022

			Value		Shares		↓ Weighting
NYT	New	NEW YORK TIMES COcl a	$237,150,000	–	8,500,000	–	12.77%	–
RACE	New	FERRARI N V	$229,350,000	–	1,250,000	–	12.35%	–
CMCSA	New	COMCAST CORP NEWcl a	$215,820,000	–	5,500,000	–	11.62%	–
RH	New	RH	$201,647,000	–	950,000	–	10.86%	–
GWRE	New	GUIDEWIRE SOFTWARE INC	$177,475,000	–	2,500,000	–	9.56%	–
FIVE	New	FIVE BELOW INC	$161,638,000	–	1,425,000	–	8.70%	–
DASH	New	DOORDASH INCcl a	$160,425,000	–	2,500,000	–	8.64%	–
BIGC	New	BIGCOMMERCE HLDGS INC	$113,400,000	–	7,000,000	–	6.11%	–
HLT	New	HILTON WORLDWIDE HLDGS INC	$111,440,000	–	1,000,000	–	6.00%	–
WMG	New	WARNER MUSIC GROUP CORP	$109,620,000	–	4,500,000	–	5.90%	–
GTN	New	GRAY TELEVISION INC	$69,939,000	–	4,140,863	–	3.77%	–
PTON	New	PELOTON INTERACTIVE INC	$68,850,000	–	7,500,000	–	3.71%	–

Q4 2021

			Value		Shares		↓ Weighting
GTN	Exit	GRAY TELEVISION INC	$0	–	-980,792	–	-0.74%	–
NVCR	Exit	NOVOCURE LTD	$0	–	-700,000	–	-2.68%	–
AMZN	Exit	AMAZON COM INC	$0	–	-30,000	–	-3.25%	–
BIGC	Exit	BIGCOMMERCE HLDGS INC	$0	–	-2,250,000	–	-3.75%	–
NARI	Exit	INARI MED INC	$0	–	-1,426,584	–	-3.81%	–
PTON	Exit	PELOTON INTERACTIVE INC	$0	–	-1,800,000	–	-5.16%	–
WMG	Exit	WARNER MUSIC GROUP CORP	$0	–	-4,206,049	–	-5.92%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-3,500,000	–	-6.45%	–
HLT	Exit	HILTON WORLDWIDE HLDGS INC	$0	–	-1,500,000	–	-6.53%	–
RH	Exit	RH	$0	–	-400,000	–	-8.79%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-800,000	–	-8.94%	–
GWRE	Exit	GUIDEWIRE SOFTWARE INC	$0	–	-2,500,000	–	-9.79%	–
SHOP	Exit	SHOPIFY INCcl a	$0	–	-225,000	–	-10.05%	–
RACE	Exit	FERRARI N V	$0	–	-1,500,000	–	-10.34%	–
NYT	Exit	NEW YORK TIMES COcl a	$0	–	-8,500,000	–	-13.80%	–

Q3 2021

			Value		Shares		↓ Weighting
NYT	Sell	NEW YORK TIMES COcl a	$418,795,000	+2.0%	8,500,000	-9.8%	13.80%	+18.2%
RACE	Buy	FERRARI N V	$313,680,000	+21.8%	1,500,000	+20.0%	10.34%	+41.1%
SHOP	Buy	SHOPIFY INCcl a	$305,051,000	+39.2%	225,000	+50.0%	10.05%	+61.3%
FB	Sell	FACEBOOK INCcl a	$271,512,000	-8.1%	800,000	-5.9%	8.94%	+6.4%
RH	New	RH	$266,764,000	–	400,000	–	8.79%	–
NARI	Sell	INARI MED INC	$115,696,000	-15.9%	1,426,584	-3.3%	3.81%	-2.6%
BIGC	New	BIGCOMMERCE HLDGS INC	$113,940,000	–	2,250,000	–	3.75%	–
GTN	Sell	GRAY TELEVISION INC	$22,382,000	-36.1%	980,792	-34.5%	0.74%	-26.0%
YMM	Exit	FULL TRUCK ALLIANCE CO LTDsponsored ads	$0	–	-1,500,000	–	-0.87%	–
DIDI	Exit	DIDI GLOBAL INCsponsored ads	$0	–	-4,250,000	–	-1.71%	–
FB	Exit	FACEBOOK INCcall	$0	–	-500,000	–	-4.94%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-1,000,000	–	-7.70%	–
DASH	Exit	DOORDASH INCcl a	$0	–	-1,850,000	–	-9.38%	–

Q2 2021

			Value		Shares		↓ Weighting
NYT	New	NEW YORK TIMES COcl a	$410,401,000	–	9,423,665	–	11.67%	–
DASH	New	DOORDASH INCcl a	$329,911,000	–	1,850,000	–	9.38%	–
FB	New	FACEBOOK INCcl a	$295,554,000	–	850,000	–	8.40%	–
GWRE	New	GUIDEWIRE SOFTWARE INC	$281,800,000	–	2,500,000	–	8.01%	–
MSFT	New	MICROSOFT CORP	$270,900,000	–	1,000,000	–	7.70%	–
RACE	New	FERRARI N V	$257,563,000	–	1,250,000	–	7.32%	–
PTON	New	PELOTON INTERACTIVE INC	$223,236,000	–	1,800,000	–	6.35%	–
SHOP	New	SHOPIFY INCcl a	$219,147,000	–	150,000	–	6.23%	–
CMCSA	New	COMCAST CORP NEWcl a	$199,570,000	–	3,500,000	–	5.68%	–
HLT	New	HILTON WORLDWIDE HLDGS INC	$180,930,000	–	1,500,000	–	5.15%	–
FB	New	FACEBOOK INCcall	$173,855,000	–	500,000	–	4.94%	–
NVCR	New	NOVOCURE LTD	$155,274,000	–	700,000	–	4.42%	–
WMG	New	WARNER MUSIC GROUP CORP	$151,586,000	–	4,206,049	–	4.31%	–
NARI	New	INARI MED INC	$137,588,000	–	1,475,000	–	3.91%	–
AMZN	New	AMAZON COM INC	$103,205,000	–	30,000	–	2.94%	–
DIDI	New	DIDI GLOBAL INCsponsored ads	$60,095,000	–	4,250,000	–	1.71%	–
GTN	New	GRAY TELEVISION INC	$35,035,000	–	1,497,237	–	1.00%	–
YMM	New	FULL TRUCK ALLIANCE CO LTDsponsored ads	$30,570,000	–	1,500,000	–	0.87%	–

Q4 2020

			Value		Shares		↓ Weighting
GTN	Exit	GRAY TELEVISION INC	$0	–	-4,192,070	–	-2.94%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-50,000	–	-3.74%	–
GWRE	Exit	GUIDEWIRE SOFTWARE INC	$0	–	-1,250,000	–	-6.63%	–
NFLX	Exit	NETFLIX INC	$0	–	-270,000	–	-6.87%	–
WMG	Exit	WARNER MUSIC GROUP CORP	$0	–	-4,864,270	–	-7.11%	–
NVCR	Exit	NOVOCURE LTD	$0	–	-1,325,000	–	-7.50%	–
BKNG	Exit	BOOKING HOLDINGS INC	$0	–	-90,000	–	-7.83%	–
PTON	Exit	PELOTON INTERACTIVE INC	$0	–	-1,700,000	–	-8.58%	–
HLT	Exit	HILTON WORLDWIDE HLDGS INC	$0	–	-2,000,000	–	-8.68%	–
UBER	Exit	UBER TECHNOLOGIES INC	$0	–	-5,000,000	–	-9.28%	–
RACE	Exit	FERRARI N V	$0	–	-1,200,000	–	-11.24%	–
NYT	Exit	NEW YORK TIMES COcl a	$0	–	-9,000,000	–	-19.59%	–

Q3 2020

			Value		Shares		↓ Weighting
RACE	Buy	FERRARI N V	$220,908,000	+29.2%	1,200,000	+20.0%	11.24%	+10.9%
HLT	Buy	HILTON WORLDWIDE HLDGS INC	$170,640,000	+132.3%	2,000,000	+100.0%	8.68%	+99.4%
PTON	Sell	PELOTON INTERACTIVE INC	$168,708,000	+16.8%	1,700,000	-32.0%	8.58%	+0.3%
BKNG	New	BOOKING HOLDINGS INC	$153,961,000	–	90,000	–	7.83%	–
NVCR	Sell	NOVOCURE LTD	$147,486,000	+46.3%	1,325,000	-22.1%	7.50%	+25.6%
WMG	Buy	WARNER MUSIC GROUP CORP	$139,799,000	+35.4%	4,864,270	+39.0%	7.11%	+16.2%
NFLX	Sell	NETFLIX INC	$135,008,000	-4.3%	270,000	-12.9%	6.87%	-17.9%
GWRE	Buy	GUIDEWIRE SOFTWARE INC	$130,338,000	+24.3%	1,250,000	+32.1%	6.63%	+6.7%
GTN	Sell	GRAY TELEVISION INC	$57,725,000	-24.3%	4,192,070	-23.3%	2.94%	-35.0%
SPR	Exit	SPIRIT AEROSYSTEMS HLDGS INC	$0	–	-7,000,000	–	-9.93%	–

Q2 2020

			Value		Shares		↓ Weighting
NYT	New	NEW YORK TIMES COcl a	$378,270,000	–	9,000,000	–	22.42%	–
RACE	New	FERRARI N V	$171,010,000	–	1,000,000	–	10.14%	–
SPR	New	SPIRIT AEROSYSTEMS HLDGS INC	$167,580,000	–	7,000,000	–	9.93%	–
UBER	New	UBER TECHNOLOGIES INC	$155,400,000	–	5,000,000	–	9.21%	–
PTON	New	PELOTON INTERACTIVE INC	$144,425,000	–	2,500,000	–	8.56%	–
NFLX	New	NETFLIX INC	$141,062,000	–	310,000	–	8.36%	–
GWRE	New	GUIDEWIRE SOFTWARE INC	$104,853,000	–	945,896	–	6.22%	–
WMG	New	WARNER MUSIC GROUP CORP	$103,250,000	–	3,500,000	–	6.12%	–
NVCR	New	NOVOCURE LTD	$100,810,000	–	1,700,000	–	5.98%	–
GTN	New	GRAY TELEVISION INC	$76,239,000	–	5,465,164	–	4.52%	–
HLT	New	HILTON WORLDWIDE HLDGS INC	$73,450,000	–	1,000,000	–	4.35%	–
GOOG	New	ALPHABET INCcap stk cl c	$70,681,000	–	50,000	–	4.19%	–

Q4 2019

			Value		Shares		↓ Weighting
AABA	Exit	ALTABA INC	$0	–	-1,850,000	–	-1.34%	–
LKNCY	Exit	LUCKIN COFFEE INCsponsored ads	$0	–	-2,500,000	–	-1.76%	–
NVCR	Exit	NOVOCURE LTD	$0	–	-1,000,000	–	-2.77%	–
UBER	Exit	UBER TECHNOLOGIES INC	$0	–	-2,542,949	–	-2.87%	–
BA	Exit	BOEING CO	$0	–	-300,000	–	-4.23%	–
GTN	Exit	GRAY TELEVISION INC	$0	–	-9,000,000	–	-5.44%	–
NFLX	Exit	NETFLIX INC	$0	–	-750,000	–	-7.44%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-1,200,000	–	-7.92%	–
RACE	Exit	FERRARI N V	$0	–	-1,600,000	–	-9.14%	–
ADSK	Exit	AUTODESK INC	$0	–	-1,675,000	–	-9.17%	–
BAC	Exit	BANK AMER CORP	$0	–	-8,500,000	–	-9.19%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-210,000	–	-9.49%	–
NYT	Exit	NEW YORK TIMES COcl a	$0	–	-10,500,000	–	-11.09%	–
SPR	Exit	SPIRIT AEROSYSTEMS HLDGS INC	$0	–	-5,950,540	–	-18.14%	–

Q3 2019

			Value		Shares		↓ Weighting
SPR	Sell	SPIRIT AEROSYSTEMS HLDGS INC	$489,372,000	-10.9%	5,950,540	-11.8%	18.14%	+1.7%
NYT	Buy	NEW YORK TIMES COcl a	$299,040,000	+20.8%	10,500,000	+38.3%	11.09%	+37.9%
BAC	Sell	BANK AMER CORP	$247,945,000	-28.8%	8,500,000	-29.2%	9.19%	-18.6%
RACE	Sell	FERRARI N V	$246,544,000	-23.6%	1,600,000	-20.0%	9.14%	-12.8%
FB	Buy	FACEBOOK INCcl a	$213,696,000	+10.7%	1,200,000	+20.0%	7.92%	+26.4%
NFLX	Buy	NETFLIX INC	$200,715,000	+118.6%	750,000	+200.0%	7.44%	+149.6%
BA	Sell	BOEING CO	$114,141,000	+1.6%	300,000	-2.8%	4.23%	+16.0%
NVCR	Sell	NOVOCURE LTD	$74,780,000	-21.2%	1,000,000	-33.3%	2.77%	-10.0%
BKNG	Exit	BOOKING HLDGS INC	$0	–	-95,000	–	-5.78%	–

Q2 2019

			Value		Shares		↓ Weighting
SPR	New	SPIRIT AEROSYSTEMS HLDGS INC	$549,248,000	–	6,750,000	–	17.83%	–
BAC	New	BANK AMER CORP	$348,000,000	–	12,000,000	–	11.30%	–
RACE	New	FERRARI N V	$322,840,000	–	2,000,000	–	10.48%	–
ADSK	New	AUTODESK INC	$272,858,000	–	1,675,000	–	8.86%	–
NYT	New	NEW YORK TIMES COcl a	$247,588,000	–	7,590,053	–	8.04%	–
GOOG	New	ALPHABET INCcap stk cl c	$226,991,000	–	210,000	–	7.37%	–
FB	New	FACEBOOK INCcl a	$193,000,000	–	1,000,000	–	6.27%	–
BKNG	New	BOOKING HLDGS INC	$178,097,000	–	95,000	–	5.78%	–
GTN	New	GRAY TELEVISION INC	$147,510,000	–	9,000,000	–	4.79%	–
AABA	New	ALTABA INC	$128,335,000	–	1,850,000	–	4.17%	–
UBER	New	UBER TECHNOLOGIES INC	$117,942,000	–	2,542,949	–	3.83%	–
BA	New	BOEING CO	$112,297,000	–	308,500	–	3.65%	–
NVCR	New	NOVOCURE LTD	$94,845,000	–	1,500,000	–	3.08%	–
NFLX	New	NETFLIX INC	$91,830,000	–	250,000	–	2.98%	–
LKNCY	New	LUCKIN COFFEE INCsponsored ads	$48,725,000	–	2,500,000	–	1.58%	–

Q4 2018

			Value		Shares		↓ Weighting
FB	Exit	FACEBOOK INCcl a	$0	–	-250,000	–	-1.29%	–
NVCR	Exit	NOVOCURE LTD	$0	–	-824,911	–	-1.36%	–
NFLX	Exit	NETFLIX INC	$0	–	-175,000	–	-2.05%	–
DLTR	Exit	DOLLAR TREE INC	$0	–	-1,000,000	–	-2.56%	–
BA	Exit	BOEING CO	$0	–	-270,000	–	-3.15%	–
AABA	Exit	ALTABA INC	$0	–	-1,850,000	–	-3.95%	–
GTN	Exit	GRAY TELEVISION INC	$0	–	-8,000,000	–	-4.39%	–
TMUS	Exit	T MOBILE US INC	$0	–	-2,200,000	–	-4.84%	–
BIDU	Exit	BAIDU INCspon adr rep a	$0	–	-700,000	–	-5.02%	–
BAC	Exit	BANK AMER CORP	$0	–	-6,500,000	–	-6.00%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-200,000	–	-7.48%	–
BKNG	Exit	BOOKING HLDGS INC	$0	–	-140,000	–	-8.71%	–
RACE	Exit	FERRARI N V	$0	–	-2,431,542	–	-10.44%	–
ADSK	Exit	AUTODESK INC	$0	–	-2,175,000	–	-10.64%	–
NYT	Exit	NEW YORK TIMES COcl a	$0	–	-15,000,000	–	-10.89%	–
SPR	Exit	SPIRIT AEROSYSTEMS HLDGS INC	$0	–	-6,000,000	–	-17.24%	–

Q3 2018

			Value		Shares		↓ Weighting
RACE	Buy	FERRARI N V	$332,902,000	+97.3%	2,431,542	+94.5%	10.44%	+97.7%
BKNG	Buy	BOOKING HLDGS INC	$277,760,000	+52.2%	140,000	+55.6%	8.71%	+52.6%
GOOG	Sell	ALPHABET INCcap stk cl c	$238,694,000	-14.4%	200,000	-20.0%	7.48%	-14.2%
TMUS	Buy	T MOBILE US INC	$154,396,000	+39.7%	2,200,000	+18.9%	4.84%	+40.0%
BA	New	BOEING CO	$100,413,000	–	270,000	–	3.15%	–
DLTR	Sell	DOLLAR TREE INC	$81,550,000	-52.0%	1,000,000	-50.0%	2.56%	-51.9%
NFLX	Sell	NETFLIX INC	$65,473,000	-16.4%	175,000	-12.5%	2.05%	-16.2%
NVCR	New	NOVOCURE LTD	$43,225,000	–	824,911	–	1.36%	–
FB	Sell	FACEBOOK INCcl a	$41,115,000	-80.8%	250,000	-77.3%	1.29%	-80.7%
TDG	Exit	TRANSDIGM GROUP INC	$0	–	-550,000	–	-5.94%	–

Q2 2018

			Value		Shares		↓ Weighting
SPR	New	SPIRIT AEROSYSTEMS HLDGS INC	$515,460,000	–	6,000,000	–	16.12%	–
NYT	New	NEW YORK TIMES COcl a	$388,500,000	–	15,000,000	–	12.15%	–
ADSK	New	AUTODESK INC	$285,121,000	–	2,175,000	–	8.92%	–
GOOG	New	ALPHABET INCcap stk cl c	$278,913,000	–	250,000	–	8.72%	–
FB	New	FACEBOOK INCcl a	$213,752,000	–	1,100,000	–	6.69%	–
TDG	New	TRANSDIGM GROUP INC	$189,827,000	–	550,000	–	5.94%	–
BAC	New	BANK AMER CORP	$183,235,000	–	6,500,000	–	5.73%	–
BKNG	New	BOOKING HLDGS INC	$182,438,000	–	90,000	–	5.71%	–
BIDU	New	BAIDU INCspon adr rep a	$170,100,000	–	700,000	–	5.32%	–
DLTR	New	DOLLAR TREE INC	$170,000,000	–	2,000,000	–	5.32%	–
RACE	New	FERRARI N V	$168,763,000	–	1,250,000	–	5.28%	–
AABA	New	ALTABA INC	$135,439,000	–	1,850,000	–	4.24%	–
GTN	New	GRAY TELEVISION INC	$126,400,000	–	8,000,000	–	3.95%	–
TMUS	New	T MOBILE US INC	$110,543,000	–	1,850,100	–	3.46%	–
NFLX	New	NETFLIX INC	$78,286,000	–	200,000	–	2.45%	–

Q4 2017

			Value		Shares		↓ Weighting
MSCI	Exit	MSCI INC	$0	–	-190,000	–	-0.94%	–
IPOAU	Exit	SOCIAL CAP HEDOSOPHIA HLDGSunit 99/99/9999	$0	–	-3,500,000	–	-1.56%	–
BAC	Exit	BANK AMER CORPcall	$0	–	-2,000,000	–	-2.14%	–
GTN	Exit	GRAY TELEVISION INC	$0	–	-3,300,000	–	-2.18%	–
BABA	Exit	ALIBABA GROUP HLDG LTDsponsored ads	$0	–	-500,000	–	-3.64%	–
PCLN	Exit	PRICELINE GRP INC	$0	–	-60,000	–	-4.63%	–
TDG	Exit	TRANSDIGM GROUP INC	$0	–	-450,000	–	-4.85%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-725,000	–	-5.22%	–
RACE	Exit	FERRARI N V	$0	–	-1,175,000	–	-5.47%	–
AABA	Exit	ALTABA INC	$0	–	-2,000,000	–	-5.58%	–
NFLX	Exit	NETFLIX INC	$0	–	-800,000	–	-6.12%	–
NYT	Exit	NEW YORK TIMES COcl a	$0	–	-8,000,000	–	-6.61%	–
CRI	Exit	CARTER INC	$0	–	-1,600,000	–	-6.66%	–
ADSK	Exit	AUTODESK INC	$0	–	-1,675,000	–	-7.93%	–
BAC	Exit	BANK AMER CORP	$0	–	-8,000,000	–	-8.55%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-245,000	–	-9.91%	–
SPR	Exit	SPIRIT AEROSYSTEMS HLDGS INC	$0	–	-5,500,000	–	-18.02%	–

Q3 2017

			Value		Shares		↓ Weighting
SPR	Sell	SPIRIT AEROSYSTEMS HLDGS INC	$427,460,000	+13.5%	5,500,000	-15.4%	18.02%	+9.9%
GOOG	New	ALPHABET INCcap stk cl c	$234,982,000	–	245,000	–	9.91%	–
BAC	Buy	BANK AMER CORP	$202,720,000	+11.4%	8,000,000	+6.7%	8.55%	+7.9%
ADSK	Buy	AUTODESK INC	$188,036,000	+55.4%	1,675,000	+39.6%	7.93%	+50.5%
NYT	Buy	NEW YORK TIMES COcl a	$156,800,000	+188.6%	8,000,000	+160.6%	6.61%	+179.5%
NFLX	New	NETFLIX INC	$145,080,000	–	800,000	–	6.12%	–
RACE	New	FERRARI N V	$129,814,000	–	1,175,000	–	5.47%	–
TDG	Buy	TRANSDIGM GROUP INC	$115,043,000	+60.9%	450,000	+69.2%	4.85%	+55.8%
PCLN	Sell	PRICELINE GRP INC	$109,849,000	-10.6%	60,000	-8.7%	4.63%	-13.4%
BABA	New	ALIBABA GROUP HLDG LTDsponsored ads	$86,355,000	–	500,000	–	3.64%	–
GTN	Buy	GRAY TELEVISION INC	$51,810,000	+98.0%	3,300,000	+72.8%	2.18%	+91.7%
IPOAU	New	SOCIAL CAP HEDOSOPHIA HLDGSunit 99/99/9999	$36,925,000	–	3,500,000	–	1.56%	–
MSCI	Sell	MSCI INC	$22,211,000	-86.9%	190,000	-88.5%	0.94%	-87.3%
PCLN	Exit	PRICELINE GRP INCcall	$0	–	-10,000	–	-0.81%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-3,500,000	–	-4.75%	–
GOOG	Exit	ALPHABET INCcall	$0	–	-700,000	–	-27.69%	–

Q2 2017

			Value		Shares		↓ Weighting
GOOG	New	ALPHABET INCcall	$636,112,000	–	700,000	–	27.69%	–
SPR	New	SPIRIT AEROSYSTEMS HLDGS INC	$376,610,000	–	6,500,000	–	16.39%	–
BAC	New	BANK AMER CORP	$181,950,000	–	7,500,000	–	7.92%	–
MSCI	New	MSCI INC	$169,934,000	–	1,650,000	–	7.40%	–
CRI	New	CARTER INC	$142,320,000	–	1,600,000	–	6.19%	–
PCLN	New	PRICELINE GRP INC	$122,893,000	–	65,700	–	5.35%	–
ADSK	New	AUTODESK INC	$120,984,000	–	1,200,000	–	5.27%	–
FB	New	FACEBOOK INCcl a	$109,461,000	–	725,000	–	4.76%	–
LBTYK	New	LIBERTY GLOBAL PLC	$109,130,000	–	3,500,000	–	4.75%	–
AABA	New	ALTABA INC	$108,960,000	–	2,000,000	–	4.74%	–
TDG	New	TRANSDIGM GROUP INC	$71,519,000	–	266,000	–	3.11%	–
NYT	New	NEW YORK TIMES COcl a	$54,329,000	–	3,069,408	–	2.36%	–
BAC	New	BANK AMER CORPcall	$48,520,000	–	2,000,000	–	2.11%	–
GTN	New	GRAY TELEVISION INC	$26,167,000	–	1,910,000	–	1.14%	–
PCLN	New	PRICELINE GRP INCcall	$18,705,000	–	10,000	–	0.81%	–

Q4 2016

			Value		Shares		↓ Weighting
DAL	Exit	DELTA AIR LINES INC DELcall	$0	–	-500,000	–	-0.98%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-800,000	–	-1.57%	–
FB	Exit	FACEBOOK INCcall	$0	–	-250,000	–	-1.60%	–
FOXA	Exit	TWENTY FIRST CENTY FOX INCcall	$0	–	-1,500,000	–	-1.81%	–
PCLN	Exit	PRICELINE GRP INCcall	$0	–	-30,000	–	-2.20%	–
CMG	Exit	CHIPOTLE MEXICAN GRILL INC	$0	–	-150,000	–	-3.17%	–
BAC	Exit	BANK AMER CORP	$0	–	-4,250,000	–	-3.32%	–
FB	Exit	FACEBOOK INCcl a	$0	–	-650,000	–	-4.16%	–
BIDU	Exit	BAIDU INCspon adr rep a	$0	–	-519,000	–	-4.72%	–
SBAC	Exit	SBA COMMUNICATIONS CORP	$0	–	-850,000	–	-4.76%	–
T	Exit	AT&T INCput	$0	–	-2,500,000	–	-5.07%	–
CRI	Exit	CARTER INC	$0	–	-1,200,000	–	-5.20%	–
ADBE	Exit	ADOBE SYS INC	$0	–	-1,000,000	–	-5.42%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-3,750,000	–	-6.19%	–
DLTR	Exit	DOLLAR TREE INC	$0	–	-1,750,000	–	-6.90%	–
MSCI	Exit	MSCI INC	$0	–	-2,100,000	–	-8.80%	–
PCLN	Exit	PRICELINE GRP INC	$0	–	-120,000	–	-8.82%	–
A104PS	Exit	HILTON WORLDWIDE HLDGS INC	$0	–	-8,000,000	–	-9.16%	–
SPR	Exit	SPIRIT AEROSYSTEMS HLDGS INC	$0	–	-7,250,000	–	-16.13%	–

Q3 2016

			Value		Shares		↓ Weighting
SPR	Buy	SPIRIT AEROSYSTEMS HLDGS INC	$322,915,000	+43.0%	7,250,000	+38.1%	16.13%	+37.4%
PCLN	Buy	PRICELINE GRP INC	$176,579,000	+28.6%	120,000	+9.1%	8.82%	+23.5%
MSCI	Buy	MSCI INC	$176,274,000	+14.3%	2,100,000	+5.0%	8.80%	+9.8%
DLTR	Buy	DOLLAR TREE INC	$138,128,000	+8.6%	1,750,000	+29.6%	6.90%	+4.3%
LBTYK	Sell	LIBERTY GLOBAL PLC	$123,900,000	-8.0%	3,750,000	-20.2%	6.19%	-11.6%
ADBE	Sell	ADOBE SYS INC	$108,540,000	-24.5%	1,000,000	-33.3%	5.42%	-27.4%
CRI	Sell	CARTER INC	$104,052,000	-24.8%	1,200,000	-7.7%	5.20%	-27.8%
BIDU	Sell	BAIDU INCspon adr rep a	$94,494,000	-42.8%	519,000	-48.1%	4.72%	-45.0%
FB	Buy	FACEBOOK INCcl a	$83,376,000	+143.2%	650,000	+116.7%	4.16%	+133.7%
BAC	New	BANK AMER CORP	$66,513,000	–	4,250,000	–	3.32%	–
CMG	New	CHIPOTLE MEXICAN GRILL INC	$63,525,000	–	150,000	–	3.17%	–
PCLN	New	PRICELINE GRP INCcall	$44,145,000	–	30,000	–	2.20%	–
FOXA	Sell	TWENTY FIRST CENTY FOX INCcall	$36,330,000	-46.3%	1,500,000	-40.0%	1.81%	-48.4%
FB	New	FACEBOOK INCcall	$32,068,000	–	250,000	–	1.60%	–
DAL	Buy	DELTA AIR LINES INC DEL	$31,488,000	+245.7%	800,000	+220.0%	1.57%	+231.9%
DAL	Sell	DELTA AIR LINES INC DELcall	$19,680,000	-82.0%	500,000	-83.3%	0.98%	-82.7%
LILAK	Exit	LIBERTY GLOBAL PLC	$0	–	-530,266	–	-0.90%	–
CCI	Exit	CROWN CASTLE INTL CORP NEW	$0	–	-250,000	–	-1.32%	–
FOXA	Exit	TWENTY FIRST CENTY FOX INCcl a	$0	–	-2,000,000	–	-2.81%	–

Q2 2016

			Value		Shares		↓ Weighting
SPR	New	SPIRIT AEROSYSTEMS HLDGS INC	$225,750,000	–	5,250,000	–	11.74%	–
A104PS	New	HILTON WORLDWIDE HLDGS INC	$180,240,000	–	8,000,000	–	9.37%	–
BIDU	New	BAIDU INCspon adr rep a	$165,150,000	–	1,000,000	–	8.59%	–
MSCI	New	MSCI INC	$154,240,000	–	2,000,000	–	8.02%	–
ADBE	New	ADOBE SYS INC	$143,685,000	–	1,500,000	–	7.47%	–
CRI	New	CARTER INC	$138,411,000	–	1,300,000	–	7.20%	–
PCLN	New	PRICELINE GRP INC	$137,325,000	–	110,000	–	7.14%	–
LBTYK	New	LIBERTY GLOBAL PLC	$134,655,000	–	4,700,000	–	7.00%	–
DLTR	New	DOLLAR TREE INC	$127,224,000	–	1,350,000	–	6.61%	–
DAL	New	DELTA AIR LINES INC DELcall	$109,290,000	–	3,000,000	–	5.68%	–
T	New	AT&T INCput	$108,025,000	–	2,500,000	–	5.62%	–
SBAC	New	SBA COMMUNICATIONS CORP	$91,749,000	–	850,000	–	4.77%	–
FOXA	New	TWENTY FIRST CENTY FOX INCcall	$67,625,000	–	2,500,000	–	3.52%	–
FOXA	New	TWENTY FIRST CENTY FOX INCcl a	$54,100,000	–	2,000,000	–	2.81%	–
FB	New	FACEBOOK INCcl a	$34,284,000	–	300,000	–	1.78%	–
CCI	New	CROWN CASTLE INTL CORP NEW	$25,358,000	–	250,000	–	1.32%	–
LILAK	New	LIBERTY GLOBAL PLC	$17,228,000	–	530,266	–	0.90%	–
DAL	New	DELTA AIR LINES INC DEL	$9,108,000	–	250,000	–	0.47%	–

Q4 2015

			Value		Shares		↓ Weighting
LILAK	Exit	LIBERTY GLOBAL PLC	$0	–	-164,999	–	-0.34%	–
SPR	Exit	SPIRIT AEROSYSTEMS HLDGS INCcall	$0	–	-750,000	–	-2.18%	–
XPO	Exit	XPO LOGISTICS INC	$0	–	-1,812,222	–	-2.60%	–
JD	Exit	JD COM INCspon adr cl a	$0	–	-1,750,000	–	-2.75%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Dcl a new	$0	–	-300,000	–	-3.18%	–
CCI	Exit	CROWN CASTLE INTL CORP NEW	$0	–	-750,000	–	-3.56%	–
LBTYA	Exit	LIBERTY GLOBAL PLCcall	$0	–	-1,500,000	–	-3.88%	–
MSCI	Exit	MSCI INC	$0	–	-1,600,000	–	-5.73%	–
SBAC	Exit	SBA COMMUNICATIONS CORP	$0	–	-925,000	–	-5.83%	–
PCLN	Exit	PRICELINE GRP INC	$0	–	-93,750	–	-6.98%	–
DAL	Exit	DELTA AIR LINES INC DEL	$0	–	-2,750,000	–	-7.43%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-3,550,000	–	-8.77%	–
BIDU	Exit	BAIDU INCspon adr rep a	$0	–	-1,075,000	–	-8.90%	–
DLTR	Exit	DOLLAR TREE INC	$0	–	-2,312,500	–	-9.28%	–
SPR	Exit	SPIRIT AEROSYSTEMS HLDGS INC	$0	–	-4,800,000	–	-13.97%	–
FOXA	Exit	TWENTY FIRST CENTY FOX INCcl a	$0	–	-9,000,000	–	-14.62%	–

Q3 2015

			Value		Shares		↓ Weighting
FOXA	Buy	TWENTY FIRST CENTY FOX INCcl a	$242,820,000	+10.5%	9,000,000	+33.3%	14.62%	+31.1%
SPR	Buy	SPIRIT AEROSYSTEMS HLDGS INC	$232,032,000	+2.1%	4,800,000	+16.4%	13.97%	+21.1%
DLTR	Buy	DOLLAR TREE INC	$154,151,000	+8.4%	2,312,500	+28.5%	9.28%	+28.6%
BIDU	Buy	BAIDU INCspon adr rep a	$147,716,000	+41.3%	1,075,000	+104.8%	8.90%	+67.7%
LBTYK	Buy	LIBERTY GLOBAL PLC	$145,621,000	-12.8%	3,550,000	+7.6%	8.77%	+3.4%
DAL	Buy	DELTA AIR LINES INC DEL	$123,393,000	+20.1%	2,750,000	+10.0%	7.43%	+42.5%
PCLN	Sell	PRICELINE GRP INC	$115,956,000	+2.0%	93,750	-5.1%	6.98%	+21.0%
SBAC	Buy	SBA COMMUNICATIONS CORP	$96,885,000	+5.3%	925,000	+15.6%	5.83%	+25.0%
MSCI	Buy	MSCI INC	$95,136,000	+120.8%	1,600,000	+128.6%	5.73%	+162.0%
JD	Buy	JD COM INCspon adr cl a	$45,605,000	+9.4%	1,750,000	+43.2%	2.75%	+29.8%
XPO	Buy	XPO LOGISTICS INC	$43,185,000	-22.3%	1,812,222	+47.3%	2.60%	-7.8%
SPR	New	SPIRIT AEROSYSTEMS HLDGS INCcall	$36,255,000	–	750,000	–	2.18%	–
LILAK	New	LIBERTY GLOBAL PLC	$5,650,000	–	164,999	–	0.34%	–
ASHR	Exit	DBX ETF TRdbxtr har cs 300	$0	–	-100,000	–	-0.23%	–
MMYT	Exit	MAKEMYTRIP LIMITED MAURITIUS	$0	–	-815,162	–	-0.81%	–
T	Exit	AT&T INCput	$0	–	-1,000,000	–	-1.80%	–
DAL	Exit	DELTA AIR LINES INC DELcall	$0	–	-1,000,000	–	-2.08%	–
MSG	Exit	MADISON SQUARE GARDEN COcl a	$0	–	-832,092	–	-3.53%	–
INTC	Exit	INTEL CORPput	$0	–	-3,250,000	–	-5.02%	–
CMCSA	Exit	COMCAST CORP NEWcl a	$0	–	-1,644,375	–	-5.02%	–
ASHR	Exit	DBX ETF TRput	$0	–	-2,250,000	–	-5.26%	–

Q2 2015

			Value		Shares		↓ Weighting
SPR	New	SPIRIT AEROSYSTEMS HLDGS INC	$227,329,000	–	4,125,000	–	11.54%	–
FOXA	New	TWENTY FIRST CENTY FOX INCcl a	$219,679,000	–	6,750,000	–	11.15%	–
LBTYK	New	LIBERTY GLOBAL PLC	$167,079,000	–	3,300,000	–	8.48%	–
DLTR	New	DOLLAR TREE INC	$142,182,000	–	1,800,000	–	7.22%	–
PCLN	New	PRICELINE GRP INC	$113,698,000	–	98,750	–	5.77%	–
BIDU	New	BAIDU INCspon adr rep a	$104,517,000	–	525,000	–	5.30%	–
ASHR	New	DBX ETF TRput	$103,523,000	–	2,250,000	–	5.26%	–
DAL	New	DELTA AIR LINES INC DEL	$102,700,000	–	2,500,000	–	5.21%	–
CMCSA	New	COMCAST CORP NEWcl a	$98,893,000	–	1,644,375	–	5.02%	–
INTC	New	INTEL CORPput	$98,849,000	–	3,250,000	–	5.02%	–
SBAC	New	SBA COMMUNICATIONS CORP	$91,976,000	–	800,000	–	4.67%	–
LBTYA	New	LIBERTY GLOBAL PLCcall	$81,105,000	–	1,500,000	–	4.12%	–
MSG	New	MADISON SQUARE GARDEN COcl a	$69,471,000	–	832,092	–	3.53%	–
CCI	New	CROWN CASTLE INTL CORP NEW	$60,225,000	–	750,000	–	3.06%	–
XPO	New	XPO LOGISTICS INC	$55,576,000	–	1,230,111	–	2.82%	–
CHTR	New	CHARTER COMMUNICATIONS INC Dcl a new	$51,375,000	–	300,000	–	2.61%	–
MSCI	New	MSCI INC	$43,085,000	–	700,000	–	2.19%	–
JD	New	JD COM INCspon adr cl a	$41,670,000	–	1,222,000	–	2.12%	–
DAL	New	DELTA AIR LINES INC DELcall	$41,080,000	–	1,000,000	–	2.08%	–
T	New	AT&T INCput	$35,520,000	–	1,000,000	–	1.80%	–
MMYT	New	MAKEMYTRIP LIMITED MAURITIUS	$16,042,000	–	815,162	–	0.81%	–
ASHR	New	DBX ETF TRdbxtr har cs 300	$4,601,000	–	100,000	–	0.23%	–

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