Quaker Capital Investments, LLC Activity Q4 2014-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
UBER	Sell	UBER TECHNOLOGIES INC	$46,230,344	+1.5%	1,005,226	-4.7%	17.84%	+10.0%
LILAK	Buy	LIBERTY LATIN AMERICA LTD	$28,740,238	-0.8%	3,522,088	+4.8%	11.09%	+7.5%
SATS	Sell	ECHOSTAR CORPcl a	$16,301,016	-55.6%	973,195	-54.1%	6.29%	-51.9%
HTZZ	Sell	HERTZ GLOBAL HLDGS INC	$14,875,873	-44.7%	1,214,357	-15.9%	5.74%	-40.1%
DISH	New	DISH NETWORK CORPORATIONcl a	$14,407,794	–	2,458,668	–	5.56%	–
WRK	Buy	WESTROCK CO	$8,917,852	+23.2%	249,102	+0.0%	3.44%	+33.5%
KGC	Sell	KINROSS GOLD CORP	$7,819,561	-48.1%	1,714,816	-45.7%	3.02%	-43.8%
	Buy	IHS HOLDING LIMITED	$4,527,646	+17.8%	815,792	+107.6%	1.75%	+27.6%
FYBR	Exit	FRONTIER COMMUNICATIONS PARE	$0	–	-9,775	–	-0.08%	–
AEM	Exit	AGNICO EAGLE MINES LTD	$0	–	-7,104	–	-0.13%	–
FSTR	Exit	FOSTER L B CO	$0	–	-25,000	–	-0.13%	–
BIDU	Exit	BAIDU INCadr	$0	–	-4,000	–	-0.20%	–

Q2 2023

			Value		Shares		↓ Weighting
EQT	New	EQT CORP	$68,224,346	–	1,658,749	–	24.31%	–
UBER	New	UBER TECHNOLOGIES INC	$45,554,106	–	1,055,226	–	16.23%	–
SATS	New	ECHOSTAR CORPcl a	$36,742,662	–	2,118,954	–	13.09%	–
LILAK	New	LIBERTY LATIN AMERICA LTD	$28,972,458	–	3,361,074	–	10.32%	–
HTZZ	New	HERTZ GLOBAL HLDGS INC	$26,900,726	–	1,443,172	–	9.58%	–
LBRDK	New	LIBERTY BROADBAND CORP	$21,102,416	–	263,418	–	7.52%	–
KGC	New	KINROSS GOLD CORP	$15,074,230	–	3,160,216	–	5.37%	–
GOOG	New	ALPHABET INCcap stk cl c	$13,407,105	–	110,830	–	4.78%	–
WRK	New	WESTROCK CO	$7,238,488	–	249,002	–	2.58%	–
LILA	New	LIBERTY LATIN AMERICA LTD	$7,035,525	–	804,060	–	2.51%	–
	New	IHS HOLDING LIMITED	$3,843,990	–	393,046	–	1.37%	–
	New	WARNER BROS DISCOVERY INC	$2,064,410	–	164,626	–	0.74%	–
C	New	CITIGROUP INC	$1,816,278	–	39,450	–	0.65%	–
BIDU	New	BAIDU INCadr	$547,640	–	4,000	–	0.20%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$517,810	–	100	–	0.18%	–
ET	New	ENERGY TRANSFER L P	$508,000	–	40,000	–	0.18%	–
FSTR	New	FOSTER L B CO	$357,000	–	25,000	–	0.13%	–
AEM	New	AGNICO EAGLE MINES LTD	$355,058	–	7,104	–	0.13%	–
FYBR	New	FRONTIER COMMUNICATIONS PARE	$222,577	–	9,775	–	0.08%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$194,370	–	570	–	0.07%	–

Q4 2022

			Value		Shares		↓ Weighting
BRKB	Exit	Berkshire Bcl b new	$0	–	-570	–	-0.06%	–
FSTR	Exit	Foster LB	$0	–	-25,000	–	-0.10%	–
	Exit	Berkshire 1/100 A	$0	–	-100	–	-0.17%	–
ET	Exit	Energy Transfer	$0	–	-40,000	–	-0.18%	–
CNX	Exit	CNX Resources	$0	–	-34,900	–	-0.23%	–
C	Exit	Citigroup	$0	–	-48,880	–	-0.85%	–
LILA	Exit	Liberty Latin Ame	$0	–	-804,060	–	-2.09%	–
GOOG	Exit	Alphabet CL C	$0	–	-67,620	–	-2.72%	–
WRK	Exit	Westrock	$0	–	-249,002	–	-3.22%	–
AUY	Exit	Yamana Gold	$0	–	-2,496,602	–	-4.74%	–
KGC	Exit	Kinross Gold	$0	–	-3,160,216	–	-4.98%	–
HTZZ	Exit	Hertz	$0	–	-770,833	–	-5.26%	–
LILAK	Exit	Liberty Lain Am C	$0	–	-2,430,332	–	-6.26%	–
FYBR	Exit	Frontier Comms	$0	–	-641,340	–	-6.30%	–
	Exit	Warner Bros Discovery	$0	–	-2,041,270	–	-9.84%	–
SATS	Exit	Echostarcl a	$0	–	-1,554,283	–	-10.73%	–
UBER	Exit	Uber	$0	–	-1,062,428	–	-11.80%	–
EQT	Exit	EQT	$0	–	-1,782,999	–	-30.45%	–

Q3 2022

			Value		Shares		↓ Weighting
EQT	Sell	EQT	$72,657,000	+9.2%	1,782,999	-7.9%	30.45%	+6.8%
	Sell	Warner Bros Discovery	$23,475,000	-23.9%	2,041,270	-11.2%	9.84%	-25.6%
FYBR	Buy	Frontier Comms	$15,027,000	+0.7%	641,340	+1.2%	6.30%	-1.5%
LILAK	Buy	Liberty Lain Am C	$14,947,000	-18.7%	2,430,332	+2.9%	6.26%	-20.5%
HTZZ	New	Hertz	$12,549,000	–	770,833	–	5.26%	–
AUY	Sell	Yamana Gold	$11,310,000	-3.0%	2,496,602	-0.4%	4.74%	-5.1%
GOOG	Buy	Alphabet CL C	$6,502,000	-12.1%	67,620	+1900.0%	2.72%	-14.0%
CNX	Sell	CNX Resources	$542,000	-34.0%	34,900	-30.1%	0.23%	-35.5%

Q2 2022

			Value		Shares		↓ Weighting
EQT	New	EQT	$66,561,000	–	1,934,899	–	28.52%	–
	New	Warner Bros Discover	$30,864,000	–	2,299,874	–	13.22%	–
SATS	New	Echostarcl a	$29,998,000	–	1,554,283	–	12.85%	–
UBER	New	Uber	$21,737,000	–	1,062,428	–	9.31%	–
LILAK	New	Liberty Latin Am C	$18,392,000	–	2,361,002	–	7.88%	–
FYBR	New	Frontier Comms	$14,916,000	–	633,624	–	6.39%	–
AUY	New	Yamana Gold	$11,656,000	–	2,506,602	–	4.99%	–
KGC	New	Kinross Gold	$11,314,000	–	3,160,216	–	4.85%	–
WRK	New	Westrock	$9,920,000	–	249,002	–	4.25%	–
GOOG	New	Alphabet CL C	$7,396,000	–	3,381	–	3.17%	–
LILA	New	Liberty Latin Ame	$6,272,000	–	804,060	–	2.69%	–
C	New	Citigroup	$2,248,000	–	48,880	–	0.96%	–
CNX	New	CNX Resources	$821,000	–	49,900	–	0.35%	–
	New	Berkshire 1/100 A	$409,000	–	100	–	0.18%	–
ET	New	Energy Transfer	$399,000	–	40,000	–	0.17%	–
FSTR	New	Foster LB	$322,000	–	25,000	–	0.14%	–
BRKB	New	Berkshire Bcl b new	$156,000	–	570	–	0.07%	–

Q4 2021

			Value		Shares		↓ Weighting
ET	Exit	ENERGY TRANSFER L P	$0	–	-40,000	–	-0.16%	–
FSTR	Exit	FOSTER L B CO	$0	–	-25,000	–	-0.17%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-100	–	-0.18%	–
SND	Exit	SMART SAND INC	$0	–	-254,539	–	-0.27%	–
SPR	Exit	SPIRIT AEROSYSTEMS HLDGS INC	$0	–	-21,050	–	-0.40%	–
GPOR	Exit	GULFPORT ENERGY CORP	$0	–	-19,000	–	-0.67%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-2,381	–	-2.72%	–
WMB	Exit	WILLIAMS COS INC	$0	–	-254,860	–	-2.84%	–
UAL	Exit	UNITED AIRLS HLDGS INC	$0	–	-170,300	–	-3.47%	–
CNX	Exit	CNX RES CORP	$0	–	-733,469	–	-3.97%	–
FYBR	Exit	FRONTIER COMMUNICATIONS PARE	$0	–	-344,265	–	-4.11%	–
AUY	Exit	YAMANA GOLD INC	$0	–	-2,526,602	–	-4.29%	–
LILA	Exit	LIBERTY LATIN AMERICA LTD	$0	–	-804,060	–	-4.51%	–
WRK	Exit	WESTROCK CO	$0	–	-221,980	–	-4.74%	–
UBER	Exit	UBER TECHNOLOGIES INC	$0	–	-264,900	–	-5.09%	–
C	Exit	CITIGROUP INC	$0	–	-171,705	–	-5.17%	–
KGC	Exit	KINROSS GOLD CORP	$0	–	-3,160,216	–	-7.26%	–
LILAK	Exit	LIBERTY LATIN AMERICA LTD	$0	–	-1,487,492	–	-8.37%	–
DISCA	Exit	DISCOVERY INC	$0	–	-913,912	–	-9.95%	–
SATS	Exit	ECHOSTAR CORPcl a	$0	–	-1,440,511	–	-15.76%	–
EQT	Exit	EQT CORP	$0	–	-1,814,099	–	-15.92%	–

Q3 2021

			Value		Shares		↓ Weighting
EQT	Buy	EQT CORP	$37,116,000	+8.6%	1,814,099	+18.2%	15.92%	+17.4%
SATS	Buy	ECHOSTAR CORPcl a	$36,747,000	+14.6%	1,440,511	+9.1%	15.76%	+23.8%
DISCA	Buy	DISCOVERY INC	$23,195,000	-17.3%	913,912	+0.0%	9.95%	-10.6%
C	Sell	CITIGROUP INC	$12,050,000	-32.7%	171,705	-32.2%	5.17%	-27.3%
AUY	Buy	YAMANA GOLD INC	$10,005,000	+4.1%	2,526,602	+11.0%	4.29%	+12.6%
FYBR	New	FRONTIER COMMUNICATIONS PARE	$9,595,000	–	344,265	–	4.11%	–
CNX	Sell	CNX RES CORP	$9,256,000	-7.8%	733,469	-0.2%	3.97%	-0.4%
GOOG	Sell	ALPHABET INCcap stk cl c	$6,346,000	-3.4%	2,381	-9.2%	2.72%	+4.4%
GPOR	New	GULFPORT ENERGY CORP	$1,562,000	–	19,000	–	0.67%	–
SND	Sell	SMART SAND INC	$624,000	-27.2%	254,539	-1.0%	0.27%	-21.2%
BAC	Exit	BK OF AMERICA CORP	$0	–	-47,875	–	-0.78%	–
KMI	Exit	KINDER MORGAN INC DEL	$0	–	-862,385	–	-6.24%	–

Q2 2021

			Value		Shares		↓ Weighting
EQT	New	EQT CORP	$34,162,000	–	1,534,700	–	13.55%	–
SATS	New	ECHOSTAR CORPcl a	$32,070,000	–	1,320,278	–	12.72%	–
DISCA	New	DISCOVERY INC	$28,036,000	–	913,816	–	11.12%	–
LILAK	New	LIBERTY LATIN AMERICA LTD	$20,974,000	–	1,487,492	–	8.32%	–
KGC	New	KINROSS GOLD CORP	$20,067,000	–	3,160,216	–	7.96%	–
C	New	CITIGROUP INC	$17,918,000	–	253,255	–	7.11%	–
KMI	New	KINDER MORGAN INC DEL	$15,721,000	–	862,385	–	6.24%	–
UBER	New	UBER TECHNOLOGIES INC	$13,277,000	–	264,900	–	5.27%	–
WRK	New	WESTROCK CO	$11,814,000	–	221,980	–	4.69%	–
LILA	New	LIBERTY LATIN AMERICA LTD	$11,144,000	–	804,060	–	4.42%	–
CNX	New	CNX RES CORP	$10,040,000	–	734,969	–	3.98%	–
AUY	New	YAMANA GOLD INC	$9,607,000	–	2,276,602	–	3.81%	–
UAL	New	UNITED AIRLS HLDGS INC	$8,905,000	–	170,300	–	3.53%	–
WMB	New	WILLIAMS COS INC	$6,767,000	–	254,860	–	2.68%	–
GOOG	New	ALPHABET INCcap stk cl c	$6,569,000	–	2,621	–	2.61%	–
BAC	New	BK OF AMERICA CORP	$1,974,000	–	47,875	–	0.78%	–
SPR	New	SPIRIT AEROSYSTEMS HLDGS INC	$993,000	–	21,050	–	0.39%	–
SND	New	SMART SAND INC	$857,000	–	257,217	–	0.34%	–
FSTR	New	FOSTER L B CO	$466,000	–	25,000	–	0.18%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$419,000	–	100	–	0.17%	–
ET	New	ENERGY TRANSFER L P	$307,000	–	40,000	–	0.12%	–

Q4 2020

			Value		Shares		↓ Weighting
AAL	Exit	AMERICAN AIRLS GROUP INC	$0	–	-10,000	–	-0.06%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-3,746	–	-0.10%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-100	–	-0.15%	–
FSTR	Exit	FOSTER L B CO	$0	–	-25,000	–	-0.16%	–
SND	Exit	SMART SAND INC	$0	–	-257,217	–	-0.16%	–
REED	Exit	REEDS INC	$0	–	-366,263	–	-0.16%	–
SPR	Exit	SPIRIT AEROSYSTEMS HLDGS INC	$0	–	-21,050	–	-0.18%	–
LLNW	Exit	LIMELIGHT NETWORKS INC	$0	–	-150,000	–	-0.40%	–
GOOGL	Exit	ALPHABET CL Acap stk cl a	$0	–	-500	–	-1.00%	–
BAC	Exit	BK OF AMERICA CORP	$0	–	-147,875	–	-1.65%	–
GLW	Exit	CORNING INC	$0	–	-128,600	–	-1.93%	–
SAVE	Exit	SPIRIT AIRLS INC	$0	–	-309,200	–	-2.31%	–
TSE	Exit	TRINSEO S A	$0	–	-197,400	–	-2.35%	–
VIACA	Exit	VIACOMCBS INCcl a	$0	–	-200,968	–	-2.61%	–
UAL	Exit	UNITED AIRLS HLDGS INC	$0	–	-170,300	–	-2.75%	–
WMB	Exit	WILLIAMS COS INC	$0	–	-308,660	–	-2.82%	–
LILA	Exit	LIBERTY LATIN AMERICA LTD	$0	–	-804,060	–	-3.08%	–
CNX	Exit	CNX RESOURCES	$0	–	-743,557	–	-3.26%	–
LILAK	Exit	LIBERTY LATIN AMERICA LTD	$0	–	-935,980	–	-3.54%	–
WRK	Exit	WESTROCK CO	$0	–	-221,980	–	-3.58%	–
GOOG	Exit	ALPHABET CL Ccap stk cl c	$0	–	-7,621	–	-5.20%	–
UBER	Exit	UBER TECHNOLOGIES INC	$0	–	-326,600	–	-5.53%	–
KMI	Exit	KINDER MORGAN INC DEL	$0	–	-968,715	–	-5.54%	–
C	Exit	CITIGROUP INC	$0	–	-278,255	–	-5.57%	–
RRC	Exit	RANGE RES CORP	$0	–	-1,869,192	–	-5.74%	–
EQT	Exit	EQT CORP	$0	–	-1,538,164	–	-9.23%	–
SATS	Exit	ECHOSTAR CORPcl a	$0	–	-831,083	–	-9.60%	–
DISCA	Exit	DISCOVERY INC	$0	–	-1,017,637	–	-10.28%	–
KGC	Exit	KINROSS GOLD CORP	$0	–	-2,704,840	–	-11.07%	–

Q3 2020

			Value		Shares		↓ Weighting
DISCA	Buy	DISCOVERY INC	$22,154,000	+12.9%	1,017,637	+9.4%	10.28%	+15.6%
SATS	Buy	ECHOSTAR CORPcl a	$20,686,000	+18.4%	831,083	+33.1%	9.60%	+21.3%
RRC	Sell	RANGE RES CORP	$12,374,000	-3.7%	1,869,192	-18.1%	5.74%	-1.4%
UBER	Buy	UBER TECHNOLOGIES INC	$11,914,000	+18.6%	326,600	+1.1%	5.53%	+21.5%
GOOG	New	ALPHABET CL Ccap stk cl c	$11,200,000	–	7,621	–	5.20%	–
LILAK	Buy	LIBERTY LATIN AMERICA LTD	$7,619,000	+47.5%	935,980	+71.1%	3.54%	+51.0%
CNX	Buy	CNX RESOURCES	$7,019,000	+10.4%	743,557	+1.2%	3.26%	+13.1%
UAL	Sell	UNITED AIRLS HLDGS INC	$5,918,000	-16.7%	170,300	-17.0%	2.75%	-14.7%
TSE	Sell	TRINSEO S A	$5,061,000	-7.7%	197,400	-20.2%	2.35%	-5.5%
SAVE	Sell	SPIRIT AIRLS INC	$4,978,000	-40.1%	309,200	-33.7%	2.31%	-38.7%
GLW	Sell	CORNING INC	$4,168,000	+14.4%	128,600	-8.5%	1.93%	+17.1%
GOOGL	Sell	ALPHABET CL Acap stk cl a	$2,148,000	-83.2%	500	-93.8%	1.00%	-82.8%
LLNW	Sell	LIMELIGHT NETWORKS INC	$864,000	-88.8%	150,000	-85.7%	0.40%	-88.5%
SPR	Sell	SPIRIT AEROSYSTEMS HLDGS INC	$398,000	-94.6%	21,050	-93.2%	0.18%	-94.5%
SND	Sell	SMART SAND INC	$337,000	+7.3%	257,217	-13.9%	0.16%	+9.9%
CNXM	Exit	CNX MIDSTREAM PARTNERS LP	$0	–	-10,000	–	-0.03%	–
WTTR	Exit	SELECT ENERGY SVCS INC	$0	–	-20,000	–	-0.04%	–

Q2 2020

			Value		Shares		↓ Weighting
DISCA	New	DISCOVERY INC	$19,624,000	–	930,028	–	8.90%	–
KGC	New	KINROSS GOLD CORP	$19,529,000	–	2,704,840	–	8.85%	–
EQT	New	EQT CORP	$18,304,000	–	1,538,164	–	8.30%	–
SATS	New	ECHOSTAR CORPcl a	$17,464,000	–	624,609	–	7.92%	–
KMI	New	KINDER MORGAN INC DEL	$14,695,000	–	968,715	–	6.66%	–
C	New	CITIGROUP INC	$14,219,000	–	278,255	–	6.45%	–
RRC	New	RANGE RES CORP	$12,850,000	–	2,282,500	–	5.82%	–
GOOGL	New	ALPHABET INCcap stk cl a	$12,784,000	–	8,121	–	5.80%	–
UBER	New	UBER TECHNOLOGIES INC	$10,042,000	–	323,100	–	4.55%	–
SAVE	New	SPIRIT AIRLS INC	$8,307,000	–	466,676	–	3.77%	–
LILA	New	LIBERTY LATIN AMERICA LTD	$7,815,000	–	804,060	–	3.54%	–
LLNW	New	LIMELIGHT NETWORKS INC	$7,720,000	–	1,048,951	–	3.50%	–
SPR	New	SPIRIT AEROSYSTEMS HLDGS INC	$7,421,000	–	309,983	–	3.36%	–
UAL	New	UNITED AIRLS HLDGS INC	$7,105,000	–	205,300	–	3.22%	–
CNX	New	CNX RESOURCES CORPORATION	$6,356,000	–	734,757	–	2.88%	–
WRK	New	WESTROCK CO	$6,273,000	–	221,980	–	2.84%	–
WMB	New	WILLIAMS COS INC	$5,871,000	–	308,660	–	2.66%	–
TSE	New	TRINSEO S A	$5,482,000	–	247,400	–	2.48%	–
LILAK	New	LIBERTY LATIN AMERICA LTD	$5,165,000	–	547,095	–	2.34%	–
VIACA	New	VIACOMCBS INCcl a	$4,687,000	–	200,968	–	2.12%	–
GLW	New	CORNING INC	$3,642,000	–	140,600	–	1.65%	–
BAC	New	BK OF AMERICA CORP	$3,512,000	–	147,875	–	1.59%	–
REED	New	REEDS INC	$351,000	–	366,263	–	0.16%	–
SND	New	SMART SAND INC	$314,000	–	298,571	–	0.14%	–
FSTR	New	FOSTER L B CO	$296,000	–	25,000	–	0.13%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$267,000	–	100	–	0.12%	–
VZ	New	VERIZON COMMUNICATIONS INC	$207,000	–	3,746	–	0.09%	–
AAL	New	AMERICAN AIRLS GROUP INC	$131,000	–	10,000	–	0.06%	–
WTTR	New	SELECT ENERGY SVCS INC	$98,000	–	20,000	–	0.04%	–
CNXM	New	CNX MIDSTREAM PARTNERS LP	$67,000	–	10,000	–	0.03%	–

Q4 2019

			Value		Shares		↓ Weighting
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-3,746	–	-0.10%	–
BAC	Exit	BANK AMER CORP	$0	–	-10,350	–	-0.13%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-100	–	-0.14%	–
REED	Exit	REEDS INC	$0	–	-378,939	–	-0.22%	–
FSTR	Exit	FOSTER L B CO	$0	–	-25,000	–	-0.24%	–
DOW	Exit	DOW INC	$0	–	-18,676	–	-0.39%	–
WTTR	Exit	SELECT ENERGY SVCS INC	$0	–	-107,812	–	-0.41%	–
CNXM	Exit	CNX MIDSTREAM PARTNERS LP	$0	–	-68,168	–	-0.42%	–
SND	Exit	SMART SAND INC	$0	–	-479,581	–	-0.60%	–
FDX	Exit	FEDEX CORP	$0	–	-10,000	–	-0.64%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-500	–	-0.65%	–
DISH	Exit	DISH NETWORK CORPcl a	$0	–	-58,394	–	-0.87%	–
EQT	Exit	EQT CORP	$0	–	-424,047	–	-1.98%	–
LLNW	Exit	LIMELIGHT NETWORKS INC	$0	–	-2,674,949	–	-3.57%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-7,621	–	-4.08%	–
CNX	Exit	CNX RESOURCES CORPORATION	$0	–	-1,473,463	–	-4.69%	–
KGC	Exit	KINROSS GOLD CORP	$0	–	-2,613,525	–	-5.28%	–
AAL	Exit	AMERICAN AIRLS GROUP INC	$0	–	-479,962	–	-5.68%	–
TMUS	Exit	T MOBILE US INC	$0	–	-170,610	–	-5.90%	–
RRC	Exit	RANGE RES CORP	$0	–	-3,992,500	–	-6.69%	–
GLW	Exit	CORNING INC	$0	–	-545,249	–	-6.82%	–
C	Exit	CITIGROUP INC	$0	–	-278,255	–	-8.44%	–
SAVE	Exit	SPIRIT AIRLS INC	$0	–	-564,725	–	-9.00%	–
SATS	Exit	ECHOSTAR CORPcl a	$0	–	-618,109	–	-10.75%	–
KMI	Exit	KINDER MORGAN INC DEL	$0	–	-1,188,715	–	-10.75%	–
TSE	Exit	TRINSEO S A	$0	–	-614,364	–	-11.58%	–

Q3 2019

			Value		Shares		↓ Weighting
TSE	Sell	TRINSEO S A	$26,387,000	-1.0%	614,364	-2.4%	11.58%	+7.0%
SATS	Sell	ECHOSTAR CORPcl a	$24,489,000	-11.3%	618,109	-0.7%	10.75%	-4.1%
SAVE	Buy	SPIRIT AIRLS INC	$20,500,000	-8.0%	564,725	+20.9%	9.00%	-0.6%
GLW	Sell	CORNING INC	$15,551,000	-17.9%	545,249	-4.4%	6.82%	-11.3%
RRC	Buy	RANGE RES CORP	$15,251,000	-34.3%	3,992,500	+20.1%	6.69%	-29.0%
TMUS	Sell	T MOBILE US INC	$13,439,000	-36.2%	170,610	-39.9%	5.90%	-31.0%
AAL	New	AMERICAN AIRLS GROUP INC	$12,945,000	–	479,962	–	5.68%	–
EQT	Buy	EQT CORP	$4,512,000	-31.0%	424,047	+2.6%	1.98%	-25.4%
DISH	Sell	DISH NETWORK CORPcl a	$1,989,000	-32.2%	58,394	-23.5%	0.87%	-26.8%
SND	Sell	SMART SAND INC	$1,357,000	+9.4%	479,581	-5.6%	0.60%	+18.1%
DOW	Sell	DOW INC	$890,000	-63.9%	18,676	-62.6%	0.39%	-60.9%
REED	Sell	REEDS INC	$493,000	-66.6%	378,939	-2.9%	0.22%	-63.9%
BAC	Buy	BANK AMER CORP	$302,000	+4.1%	10,350	+3.5%	0.13%	+12.7%
VZ	Sell	VERIZON COMMUNICATIONS INC	$226,000	-11.0%	3,746	-15.7%	0.10%	-3.9%
CTVA	Exit	Corteva	$0	–	-49,975	–	-0.60%	–
DD	Exit	DuPont de Nemours Inc	$0	–	-49,975	–	-1.52%	–

Q2 2019

			Value		Shares		↓ Weighting
SATS	New	ECHOSTAR CORPcl a	$27,599,000	–	622,714	–	11.21%	–
TSE	New	Trinseo	$26,647,000	–	629,364	–	10.82%	–
KMI	New	Kinder Morgan	$24,820,000	–	1,188,715	–	10.08%	–
RRC	New	Range Resources	$23,205,000	–	3,324,528	–	9.42%	–
SAVE	New	SPIRIT AIRLS INC	$22,292,000	–	467,041	–	9.05%	–
TMUS	New	T MOBILE US INC	$21,052,000	–	283,946	–	8.55%	–
C	New	CITIGROUP INC	$19,486,000	–	278,255	–	7.91%	–
GLW	New	CORNING INC	$18,949,000	–	570,249	–	7.70%	–
CNX	New	CNX Resources	$10,771,000	–	1,473,463	–	4.37%	–
KGC	New	KINROSS GOLD CORP	$10,140,000	–	2,613,525	–	4.12%	–
GOOG	New	Alphabet CL Ccap stk cl c	$8,238,000	–	7,621	–	3.35%	–
LLNW	New	Limelight Networks	$7,222,000	–	2,674,949	–	2.93%	–
EQT	New	EQT	$6,535,000	–	413,335	–	2.65%	–
DD	New	DuPont de Nemours Inc	$3,752,000	–	49,975	–	1.52%	–
DISH	New	Dish Networkcl a	$2,934,000	–	76,375	–	1.19%	–
DOW	New	DOW INC	$2,464,000	–	49,975	–	1.00%	–
FDX	New	Federal Express	$1,642,000	–	10,000	–	0.67%	–
CTVA	New	Corteva	$1,478,000	–	49,975	–	0.60%	–
REED	New	REEDS INC	$1,476,000	–	390,449	–	0.60%	–
WTTR	New	Select Energy	$1,252,000	–	107,812	–	0.51%	–
SND	New	Smart Sand	$1,240,000	–	508,183	–	0.50%	–
CNXM	New	CNX Midstream	$958,000	–	68,168	–	0.39%	–
FSTR	New	FOSTER L B CO	$684,000	–	25,000	–	0.28%	–
GOOGL	New	Alphabet Cl Acap stk cl a	$541,000	–	500	–	0.22%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$318,000	–	100	–	0.13%	–
BAC	New	BANK AMER CORP	$290,000	–	10,000	–	0.12%	–
VZ	New	Verizon	$254,000	–	4,446	–	0.10%	–

Q4 2018

			Value		Shares		↓ Weighting
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-100	–	-0.10%	–
T	Exit	AT&T INC	$0	–	-13,198	–	-0.14%	–
FSTR	Exit	FOSTER L B CO	$0	–	-25,000	–	-0.17%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-501	–	-0.19%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-500	–	-0.20%	–
DWDP	Exit	DOWDUPONT INC	$0	–	-11,450	–	-0.24%	–
WTTR	Exit	SELECT ENERGY SVCS INC	$0	–	-82,812	–	-0.32%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-23,446	–	-0.40%	–
CNXM	Exit	CNX MIDSTREAM PARTNERS LP	$0	–	-78,168	–	-0.49%	–
SND	Exit	SMART SAND INC	$0	–	-508,183	–	-0.68%	–
REED	Exit	REEDS INC	$0	–	-691,540	–	-0.73%	–
DISH	Exit	DISH NETWORK CORPcl a	$0	–	-101,375	–	-1.17%	–
KGC	Exit	KINROSS GOLD CORP	$0	–	-2,453,525	–	-2.14%	–
LLNW	Exit	LIMELIGHT NETWORKS INC	$0	–	-2,474,949	–	-4.01%	–
SATS	Exit	ECHOSTAR CORPcl a	$0	–	-400,211	–	-6.00%	–
C	Exit	CITIGROUP INC	$0	–	-278,255	–	-6.45%	–
KMI	Exit	KINDER MORGAN INC DEL	$0	–	-1,172,385	–	-6.72%	–
SAVE	Exit	SPIRIT AIRLS INC	$0	–	-467,041	–	-7.09%	–
GLW	Exit	CORNING INC	$0	–	-639,060	–	-7.29%	–
RRC	Exit	RANGE RES CORP	$0	–	-1,764,012	–	-9.68%	–
CNX	Exit	CNX RESOURCES CORPORATION	$0	–	-2,095,441	–	-9.69%	–
TMUS	Exit	T MOBILE US INC	$0	–	-702,661	–	-15.93%	–
TSE	Exit	TRINSEO S A	$0	–	-798,730	–	-20.20%	–

Q3 2018

			Value		Shares		↓ Weighting
CNX	Sell	CNX RESOURCES CORPORATION	$29,985,761,000	+70261.0%	2,095,441	-12.6%	9.69%	-32.6%
RRC	Buy	RANGE RES CORP	$29,970,564,000	+102676.2%	1,764,012	+1.2%	9.68%	-1.6%
GLW	Sell	CORNING INC	$22,558,818,000	+127221.5%	639,060	-0.8%	7.29%	+21.9%
KMI	Buy	KINDER MORGAN INC DEL	$20,786,386,000	+100244.6%	1,172,385	+0.0%	6.72%	-3.9%
SATS	Buy	ECHOSTAR CORPcl a	$18,557,784,000	+113570.1%	400,211	+8.8%	6.00%	+8.8%
KGC	Buy	KINROSS GOLD CORP	$6,624,518,000	+78083.9%	2,453,525	+8.9%	2.14%	-25.1%
VZ	Sell	VERIZON COMMUNICATIONS INC	$1,251,782,000	+64625.0%	23,446	-39.0%	0.40%	-38.1%
DWDP	Sell	DOWDUPONT INC	$736,350,000	+79938.0%	11,450	-17.9%	0.24%	-23.2%
BRKA	Buy	BERKSHIRE HATHAWAY INC DELcl a	$320,000,000	+113375.2%	100	+9900.0%	0.10%	+8.4%

Q2 2018

			Value		Shares		↓ Weighting
TSE	New	TRINSEO S A	$56,670,000	–	798,730	–	19.12%	–
CNX	New	CNX RESOURCES CORPORATION	$42,617,000	–	2,396,889	–	14.38%	–
TMUS	New	T MOBILE US INC	$41,984,000	–	702,661	–	14.17%	–
RRC	New	RANGE RES CORP	$29,161,000	–	1,743,012	–	9.84%	–
KMI	New	KINDER MORGAN INC DEL	$20,715,000	–	1,172,300	–	6.99%	–
C	New	CITIGROUP INC	$18,621,000	–	278,255	–	6.28%	–
GLW	New	CORNING INC	$17,718,000	–	644,060	–	5.98%	–
SAVE	New	SPIRIT AIRLS INC	$16,977,000	–	467,041	–	5.73%	–
SATS	New	ECHOSTAR CORPcl a	$16,326,000	–	367,711	–	5.51%	–
LLNW	New	LIMELIGHT NETWORKS INC	$11,063,000	–	2,474,949	–	3.73%	–
KGC	New	KINROSS GOLD CORP	$8,473,000	–	2,253,525	–	2.86%	–
DISH	New	DISH NETWORK CORPcl a	$3,407,000	–	101,375	–	1.15%	–
SND	New	SMART SAND INC	$2,698,000	–	508,183	–	0.91%	–
REED	New	REEDS INC	$1,971,000	–	691,540	–	0.66%	–
VZ	New	VERIZON COMMUNICATIONS INC	$1,934,000	–	38,446	–	0.65%	–
CNXM	New	CNX MIDSTREAM PARTNERS LP	$1,516,000	–	78,168	–	0.51%	–
WTTR	New	SELECT ENERGY SVCS INC	$1,203,000	–	82,812	–	0.41%	–
DWDP	New	DOWDUPONT INC	$920,000	–	13,950	–	0.31%	–
FSTR	New	FOSTER L B CO	$574,000	–	25,000	–	0.19%	–
GOOGL	New	ALPHABET INCcap stk cl a	$565,000	–	500	–	0.19%	–
GOOG	New	ALPHABET INCcap stk cl c	$559,000	–	501	–	0.19%	–
T	New	AT&T INC	$424,000	–	13,198	–	0.14%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$282,000	–	1	–	0.10%	–

Q4 2017

			Value		Shares		↓ Weighting
REED	Exit	REEDS INC	$0	–	-108,400	–	-0.08%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-1	–	-0.09%	–
CNNX	Exit	CONE MIDSTREAM PARTNERS LP	$0	–	-23,500	–	-0.12%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-501	–	-0.15%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-500	–	-0.16%	–
FSTR	Exit	FOSTER L B CO	$0	–	-25,000	–	-0.18%	–
TWTR	Exit	TWITTER INC	$0	–	-50,000	–	-0.25%	–
TWX	Exit	TIME WARNER INC	$0	–	-9,186	–	-0.30%	–
BBOX	Exit	BLACK BOX CORP DEL	$0	–	-474,069	–	-0.49%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-25,631	–	-0.78%	–
SND	Exit	SMART SAND INC	$0	–	-386,228	–	-0.84%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-65,946	–	-1.05%	–
AAPL	Exit	APPLE INC	$0	–	-23,160	–	-1.14%	–
DISH	Exit	DISH NETWORK CORPcl a	$0	–	-101,375	–	-1.76%	–
KGC	Exit	KINROSS GOLD CORP	$0	–	-2,142,525	–	-2.91%	–
LLNW	Exit	LIMELIGHT NETWORKS INC	$0	–	-3,489,127	–	-4.44%	–
SATS	Exit	ECHOSTAR CORPcl a	$0	–	-327,411	–	-6.01%	–
KMI	Exit	KINDER MORGAN INC DEL	$0	–	-1,003,600	–	-6.17%	–
DWDP	Exit	DOWDUPONT INC	$0	–	-327,731	–	-7.28%	–
GLW	Exit	CORNING INC	$0	–	-811,700	–	-7.79%	–
C	Exit	CITIGROUP INC	$0	–	-443,255	–	-10.34%	–
TMUS	Exit	T MOBILE US INC	$0	–	-702,661	–	-13.90%	–
CNX	Exit	CONSOL ENERGY INC	$0	–	-2,701,387	–	-14.68%	–
TSE	Exit	TRINSEO S A	$0	–	-886,020	–	-19.07%	–

Q3 2017

			Value		Shares		↓ Weighting
C	Sell	CITIGROUP INC	$32,242,000	+4.1%	443,255	-4.3%	10.34%	+3.9%
DWDP	New	DOWDUPONT INC	$22,689,000	–	327,731	–	7.28%	–
KMI	Buy	KINDER MORGAN INC DEL	$19,249,000	+0.4%	1,003,600	+0.2%	6.17%	+0.2%
AAPL	Sell	APPLE INC	$3,569,000	+4.3%	23,160	-2.5%	1.14%	+4.2%
SND	New	SMART SAND INC	$2,619,000	–	386,228	–	0.84%	–
JPM	Sell	JPMORGAN CHASE & CO	$2,448,000	-32.4%	25,631	-35.3%	0.78%	-32.5%
BBOX	Sell	BLACK BOX CORP DEL	$1,541,000	-84.0%	474,069	-57.9%	0.49%	-84.0%
TWTR	Sell	TWITTER INC	$782,000	-76.7%	50,000	-73.4%	0.25%	-76.8%
CNNX	New	CONE MIDSTREAM PARTNERS LP	$372,000	–	23,500	–	0.12%	–
DOW	Exit	DOW CHEM CO	$0	–	-347,731	–	-7.05%	–

Q2 2017

			Value		Shares		↓ Weighting
TSE	New	TRINSEO S A	$60,870,000	–	886,020	–	19.56%	–
TMUS	New	T MOBILE US INC	$42,595,000	–	702,661	–	13.68%	–
CNX	New	CONSOL ENERGY INC	$40,359,000	–	2,701,387	–	12.97%	–
C	New	CITIGROUP INC	$30,982,000	–	463,255	–	9.95%	–
GLW	New	CORNING INC	$24,392,000	–	811,700	–	7.84%	–
DOW	New	DOW CHEM CO	$21,935,000	–	347,731	–	7.05%	–
SATS	New	ECHOSTAR CORPcl a	$19,874,000	–	327,411	–	6.38%	–
KMI	New	KINDER MORGAN INC DEL	$19,181,000	–	1,001,100	–	6.16%	–
LLNW	New	LIMELIGHT NETWORKS INC	$10,084,000	–	3,489,127	–	3.24%	–
BBOX	New	BLACK BOX CORP DEL	$9,639,000	–	1,127,347	–	3.10%	–
KGC	New	KINROSS GOLD CORP	$8,720,000	–	2,142,525	–	2.80%	–
DISH	New	DISH NETWORK CORPcl a	$6,362,000	–	101,375	–	2.04%	–
JPM	New	JPMORGAN CHASE & CO	$3,621,000	–	39,616	–	1.16%	–
AAPL	New	APPLE INC	$3,422,000	–	23,760	–	1.10%	–
TWTR	New	TWITTER INC	$3,363,000	–	188,200	–	1.08%	–
VZ	New	VERIZON COMMUNICATIONS INC	$2,945,000	–	65,946	–	0.95%	–
TWX	New	TIME WARNER INC	$922,000	–	9,186	–	0.30%	–
FSTR	New	FOSTER L B CO	$536,000	–	25,000	–	0.17%	–
GOOGL	New	ALPHABET INCcap stk cl a	$465,000	–	500	–	0.15%	–
GOOG	New	ALPHABET INCcap stk cl c	$455,000	–	501	–	0.15%	–
REED	New	REEDS INC	$266,000	–	108,400	–	0.08%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$255,000	–	1	–	0.08%	–

Q4 2016

			Value		Shares		↓ Weighting
DIS	Exit	DISNEY WALT CO	$0	–	-2,150	–	-0.07%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-1	–	-0.08%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-4,700	–	-0.11%	–
FSTR	Exit	FOSTER L B CO	$0	–	-25,000	–	-0.11%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-501	–	-0.14%	–
GOOGL	Exit	ALPHABET INCcap stk cl a	$0	–	-500	–	-0.14%	–
REED	Exit	REEDS INC	$0	–	-108,400	–	-0.14%	–
PNC	Exit	PNC FINL SVCS GROUP INC	$0	–	-6,750	–	-0.22%	–
TWX	Exit	TIME WARNER INC	$0	–	-9,186	–	-0.26%	–
WSFS	Exit	WSFS FINL CORP	$0	–	-25,500	–	-0.33%	–
AAPL	Exit	APPLE INC	$0	–	-23,760	–	-0.95%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-40,916	–	-0.97%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-64,946	–	-1.20%	–
KGC	Exit	KINROSS GOLD CORP	$0	–	-1,247,525	–	-1.87%	–
STRA	Exit	STRAYER ED INC	$0	–	-113,258	–	-1.88%	–
LLNW	Exit	LIMELIGHT NETWORKS INC	$0	–	-3,489,127	–	-2.32%	–
DISH	Exit	DISH NETWORK CORPcl a	$0	–	-144,135	–	-2.81%	–
CHMT	Exit	CHEMTURA CORP	$0	–	-373,840	–	-4.36%	–
SATS	Exit	ECHOSTAR CORPcl a	$0	–	-325,411	–	-5.07%	–
GLW	Exit	CORNING INC	$0	–	-809,200	–	-6.80%	–
DOW	Exit	DOW CHEM CO	$0	–	-372,750	–	-6.86%	–
C	Exit	CITIGROUP INC	$0	–	-451,255	–	-7.57%	–
KMI	Exit	KINDER MORGAN INC DEL	$0	–	-958,600	–	-7.88%	–
TMUS	Exit	T MOBILE US INC	$0	–	-701,161	–	-11.64%	–
TSE	Exit	TRINSEO S A	$0	–	-886,020	–	-17.81%	–
CNX	Exit	CONSOL ENERGY INC	$0	–	-2,701,387	–	-18.43%	–

Q3 2016

			Value		Shares		↓ Weighting
C	Buy	CITIGROUP INC	$21,313,000	+12.7%	451,255	+1.1%	7.57%	-2.9%
SATS	Buy	ECHOSTAR CORPcl a	$14,263,000	+52.0%	325,411	+37.7%	5.07%	+31.0%
CHMT	Sell	CHEMTURA CORP	$12,266,000	-5.5%	373,840	-24.1%	4.36%	-18.6%
LLNW	Buy	LIMELIGHT NETWORKS INC	$6,525,000	+79.4%	3,489,127	+42.9%	2.32%	+54.5%
KGC	Buy	KINROSS GOLD CORP	$5,252,000	-12.5%	1,247,525	+1.6%	1.87%	-24.6%
VZ	Sell	VERIZON COMMUNICATIONS INC	$3,376,000	-9.0%	64,946	-2.3%	1.20%	-21.6%
JPM	Sell	JPMORGAN CHASE & CO	$2,725,000	-13.7%	40,916	-19.5%	0.97%	-25.7%
UFS	Exit	DOMTAR CORP	$0	–	-13,000	–	-0.19%	–

Q2 2016

			Value		Shares		↓ Weighting
CNX	New	CONSOL ENERGY INC	$43,465,000	–	2,701,387	–	17.92%	–
TSE	New	TRINSEO S A	$38,037,000	–	886,020	–	15.68%	–
TMUS	New	T MOBILE US INC	$30,339,000	–	701,161	–	12.51%	–
C	New	CITIGROUP INC	$18,917,000	–	446,255	–	7.80%	–
DOW	New	DOW CHEM CO	$18,529,000	–	372,750	–	7.64%	–
KMI	New	KINDER MORGAN INC DEL	$17,945,000	–	958,600	–	7.40%	–
GLW	New	CORNING INC	$16,572,000	–	809,200	–	6.83%	–
CHMT	New	CHEMTURA CORP	$12,986,000	–	492,248	–	5.36%	–
SATS	New	ECHOSTAR CORPcl a	$9,384,000	–	236,368	–	3.87%	–
DISH	New	DISH NETWORK CORPcl a	$7,553,000	–	144,135	–	3.11%	–
KGC	New	KINROSS GOLD CORP	$6,003,000	–	1,227,525	–	2.48%	–
STRA	New	STRAYER ED INC	$5,564,000	–	113,258	–	2.29%	–
VZ	New	VERIZON COMMUNICATIONS INC	$3,710,000	–	66,446	–	1.53%	–
LLNW	New	LIMELIGHT NETWORKS INC	$3,637,000	–	2,441,063	–	1.50%	–
JPM	New	JPMORGAN CHASE & CO	$3,157,000	–	50,801	–	1.30%	–
AAPL	New	APPLE INC	$2,271,000	–	23,760	–	0.94%	–
WSFS	New	WSFS FINL CORP	$821,000	–	25,500	–	0.34%	–
TWX	New	TIME WARNER INC	$676,000	–	9,186	–	0.28%	–
PNC	New	PNC FINL SVCS GROUP INC	$549,000	–	6,750	–	0.23%	–
UFS	New	DOMTAR CORP	$455,000	–	13,000	–	0.19%	–
GOOGL	New	ALPHABET INCcap stk cl a	$352,000	–	500	–	0.14%	–
GOOG	New	ALPHABET INCcap stk cl c	$347,000	–	501	–	0.14%	–
AXP	New	AMERICAN EXPRESS CO	$286,000	–	4,700	–	0.12%	–
FSTR	New	FOSTER L B CO	$272,000	–	25,000	–	0.11%	–
REED	New	REEDS INC	$268,000	–	108,400	–	0.11%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$213,000	–	1	–	0.09%	–
DIS	New	DISNEY WALT CO	$210,000	–	2,150	–	0.09%	–

Q4 2015

			Value		Shares		↓ Weighting
PSUNQ	Exit	PACIFIC SUNWEAR CALIF INC	$0	–	-31,624	–	-0.01%	–
MMAC	Exit	MMA CAP MGMT LLC	$0	–	-10,000	–	-0.08%	–
AU	Exit	ANGLOGOLD ASHANTI LTDsponsored adr	$0	–	-17,300	–	-0.08%	–
EBAY	Exit	EBAY INC	$0	–	-11,950	–	-0.17%	–
GOOG	Exit	GOOGLE INCcl c	$0	–	-501	–	-0.18%	–
FSTR	Exit	FOSTER L B CO	$0	–	-25,000	–	-0.18%	–
GOOGL	Exit	GOOGLE INCcl a	$0	–	-500	–	-0.19%	–
AXP	Exit	AMERICAN EXPRESS CO	$0	–	-4,700	–	-0.21%	–
EWBC	Exit	EAST WEST BANCORP INC	$0	–	-10,000	–	-0.23%	–
REED	Exit	REEDS INC	$0	–	-109,000	–	-0.30%	–
UFS	Exit	DOMTAR CORP	$0	–	-15,000	–	-0.32%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-18,250	–	-0.34%	–
PNC	Exit	PNC FINL SVCS GROUP INC	$0	–	-6,750	–	-0.36%	–
TWX	Exit	TIME WARNER INC	$0	–	-9,186	–	-0.37%	–
DIS	Exit	DISNEY WALT CO	$0	–	-6,200	–	-0.38%	–
CSCO	Exit	CISCO SYS INC	$0	–	-29,600	–	-0.46%	–
AIG	Exit	AMERICAN INTL GROUP INC	$0	–	-15,210	–	-0.51%	–
LLNW	Exit	LIMELIGHT NETWORKS INC	$0	–	-452,785	–	-0.51%	–
WSFS	Exit	WSFS FINL CORP	$0	–	-34,000	–	-0.58%	–
IAG	Exit	IAMGOLD CORP	$0	–	-1,097,540	–	-1.06%	–
KGC	Exit	KINROSS GOLD CORP	$0	–	-1,227,525	–	-1.25%	–
AAPL	Exit	APPLE INC	$0	–	-23,760	–	-1.55%	–
FOXA	Exit	TWENTY FIRST CENTY FOX INCcl a	$0	–	-100,000	–	-1.60%	–
KMT	Exit	KENNAMETAL INC	$0	–	-122,642	–	-1.81%	–
C	Exit	CITIGROUP INC	$0	–	-165,705	–	-4.88%	–
DISH	Exit	DISH NETWORK CORPcl a	$0	–	-144,135	–	-4.99%	–
JPM	Exit	JPMORGAN CHASE & CO	$0	–	-172,206	–	-6.22%	–
GLW	Exit	CORNING INC	$0	–	-831,200	–	-8.44%	–
DOW	Exit	DOW CHEM CO	$0	–	-372,750	–	-9.37%	–
VZ	Exit	VERIZON COMMUNICATIONS INC	$0	–	-376,438	–	-9.71%	–
CHMT	Exit	CHEMTURA CORP	$0	–	-679,139	–	-11.52%	–
TSE	Exit	TRINSEO S A	$0	–	-883,520	–	-13.23%	–
TMUS	Exit	T MOBILE US INC	$0	–	-801,161	–	-18.91%	–

Q3 2015

			Value		Shares		↓ Weighting
TMUS	Buy	T MOBILE US INC	$31,894,000	+3.4%	801,161	+0.7%	18.91%	-2.9%
TSE	Buy	TRINSEO S A	$22,309,000	+8.0%	883,520	+14.8%	13.23%	+1.4%
CHMT	Sell	CHEMTURA CORP	$19,437,000	+1.0%	679,139	-0.1%	11.52%	-5.1%
VZ	Buy	VERIZON COMMUNICATIONS INC	$16,379,000	+5.7%	376,438	+13.2%	9.71%	-0.8%
DOW	New	DOW CHEM CO	$15,805,000	–	372,750	–	9.37%	–
GLW	Buy	CORNING INC	$14,230,000	+398.4%	831,200	+474.4%	8.44%	+368.0%
C	Buy	CITIGROUP INC	$8,221,000	-10.2%	165,705	+0.0%	4.88%	-15.6%
KMT	New	KENNAMETAL INC	$3,053,000	–	122,642	–	1.81%	–
FOXA	New	TWENTY FIRST CENTY FOX INCcl a	$2,698,000	–	100,000	–	1.60%	–
AAPL	Sell	APPLE INC	$2,621,000	-14.0%	23,760	-2.2%	1.55%	-19.2%
KGC	Buy	KINROSS GOLD CORP	$2,111,000	-19.3%	1,227,525	+8.9%	1.25%	-24.2%
IAG	Sell	IAMGOLD CORP	$1,789,000	-20.7%	1,097,540	-2.7%	1.06%	-25.5%
WSFS	Buy	WSFS FINL CORP	$980,000	+32.8%	34,000	+25.9%	0.58%	+24.7%
AIG	Sell	AMERICAN INTL GROUP INC	$864,000	-8.1%	15,210	-0.1%	0.51%	-13.8%
CSCO	Sell	CISCO SYS INC	$777,000	-5.0%	29,600	-0.7%	0.46%	-10.8%
DIS	Sell	DISNEY WALT CO	$634,000	-22.9%	6,200	-13.9%	0.38%	-27.6%
TWX	Sell	TIME WARNER INC	$631,000	-22.6%	9,186	-1.4%	0.37%	-27.4%
PNC	Sell	PNC FINL SVCS GROUP INC	$602,000	-9.5%	6,750	-2.9%	0.36%	-15.0%
PYPL	New	PAYPAL HLDGS INC	$566,000	–	18,250	–	0.34%	–
REED	Sell	REEDS INC	$498,000	-27.3%	109,000	-0.9%	0.30%	-31.9%
EWBC	Sell	EAST WEST BANCORP INC	$384,000	-17.6%	10,000	-3.8%	0.23%	-22.4%
AXP	Sell	AMERICAN EXPRESS CO	$348,000	-21.4%	4,700	-17.5%	0.21%	-26.4%
GOOG	Buy	GOOGLE INCcl c	$305,000	+17.3%	501	+0.2%	0.18%	+10.4%
EBAY	Sell	EBAY INC	$292,000	-81.1%	11,950	-53.4%	0.17%	-82.3%
PSUNQ	Sell	PACIFIC SUNWEAR CALIF INC	$10,000	-73.7%	31,624	-5.9%	0.01%	-75.0%
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-870	–	-0.08%	–
ESRX	Exit	EXPRESS SCRIPTS HLDG CO	$0	–	-2,288	–	-0.13%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-1	–	-0.13%	–
BP	Exit	BP PLCsponsored adr	$0	–	-15,000	–	-0.38%	–
LE	Exit	LANDS END INC NEW	$0	–	-224,281	–	-3.52%	–
A309PS	Exit	DIRECTV	$0	–	-129,741	–	-7.60%	–

Q2 2015

			Value		Shares		↓ Weighting
TMUS	New	T MOBILE US INC	$30,833,000	–	795,271	–	19.47%	–
TSE	New	TRINSEO S A	$20,658,000	–	769,657	–	13.04%	–
CHMT	New	CHEMTURA CORP	$19,240,000	–	679,639	–	12.15%	–
VZ	New	VERIZON COMMUNICATIONS INC	$15,500,000	–	332,538	–	9.79%	–
A309PS	New	DIRECTV	$12,038,000	–	129,741	–	7.60%	–
JPM	New	JPMORGAN CHASE & CO	$11,668,000	–	172,206	–	7.37%	–
DISH	New	DISH NETWORK CORPcl a	$9,759,000	–	144,135	–	6.16%	–
C	New	CITIGROUP INC	$9,150,000	–	165,645	–	5.78%	–
LE	New	LANDS END INC NEW	$5,569,000	–	224,281	–	3.52%	–
AAPL	New	APPLE INC	$3,047,000	–	24,300	–	1.92%	–
GLW	New	CORNING INC	$2,855,000	–	144,700	–	1.80%	–
KGC	New	KINROSS GOLD CORP	$2,616,000	–	1,127,525	–	1.65%	–
IAG	New	IAMGOLD CORP	$2,255,000	–	1,127,540	–	1.42%	–
LLNW	New	LIMELIGHT NETWORKS INC	$1,783,000	–	452,785	–	1.13%	–
EBAY	New	EBAY INC	$1,545,000	–	25,650	–	0.98%	–
AIG	New	AMERICAN INTL GROUP INC	$940,000	–	15,220	–	0.59%	–
FSTR	New	FOSTER L B CO	$865,000	–	25,000	–	0.55%	–
DIS	New	DISNEY WALT CO	$822,000	–	7,200	–	0.52%	–
CSCO	New	CISCO SYS INC	$818,000	–	29,800	–	0.52%	–
TWX	New	TIME WARNER INC	$815,000	–	9,319	–	0.52%	–
WSFS	New	WSFS FINL CORP	$738,000	–	27,000	–	0.47%	–
REED	New	REEDS INC	$685,000	–	110,000	–	0.43%	–
PNC	New	PNC FINL SVCS GROUP INC	$665,000	–	6,950	–	0.42%	–
UFS	New	DOMTAR CORP	$621,000	–	15,000	–	0.39%	–
BP	New	BP PLCsponsored adr	$599,000	–	15,000	–	0.38%	–
EWBC	New	EAST WEST BANCORP INC	$466,000	–	10,400	–	0.29%	–
AXP	New	AMERICAN EXPRESS CO	$443,000	–	5,700	–	0.28%	–
GOOGL	New	GOOGLE INCcl a	$270,000	–	500	–	0.17%	–
GOOG	New	GOOGLE INCcl c	$260,000	–	500	–	0.16%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$205,000	–	1	–	0.13%	–
ESRX	New	EXPRESS SCRIPTS HLDG CO	$203,000	–	2,288	–	0.13%	–
AU	New	ANGLOGOLD ASHANTI LTDsponsored adr	$155,000	–	17,300	–	0.10%	–
MMAC	New	MMA CAP MGMT LLC	$124,000	–	10,000	–	0.08%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$118,000	–	870	–	0.08%	–
PSUNQ	New	PACIFIC SUNWEAR CALIF INC	$38,000	–	33,624	–	0.02%	–

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