NAYA CAPITAL MANAGEMENT UK LTD Activity Q4 2015-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
V	Buy	VISA INC	$331,310,084	+3.0%	1,440,416	+6.3%	23.90%	-16.8%
	Buy	CANADIAN PACIFIC KANSAS CITY	$230,931,286	-1.0%	3,103,498	+7.5%	16.66%	-20.0%
AMAT	Buy	APPLIED MATLS INC	$227,100,366	+11.2%	1,640,306	+16.1%	16.38%	-10.2%
MSFT	Buy	MICROSOFT CORPcall	$209,342,250	+89.1%	663,000	+104.0%	15.10%	+52.8%
BAH	Buy	BOOZ ALLEN HAMILTON HLDG CORcl a	$173,108,594	+49.4%	1,584,228	+52.5%	12.49%	+20.6%
IYR	New	ISHARES TRput	$136,354,300	–	1,745,000	–	9.84%	–
IYR	New	ISHARES TRcall	$57,432,900	–	735,000	–	4.14%	–
	Exit	BLUE WHALE ACQUISITION CORP	$0	–	-2,000,000	–	-1.81%	–
ALV	Exit	AUTOLIV INCput	$0	–	-433,800	–	-3.30%	–
	Exit	ELLIOTT OPPORTUNITY II CORP	$0	–	-5,000,000	–	-4.63%	–

Q2 2023

			Value		Shares		↓ Weighting
V	New	VISA INC	$321,692,308	–	1,354,608	–	28.73%	–
	New	CANADIAN PACIFIC KANSAS CITY	$233,192,279	–	2,887,115	–	20.83%	–
AMAT	New	APPLIED MATLS INC	$204,223,168	–	1,412,918	–	18.24%	–
BAH	New	BOOZ ALLEN HAMILTON HLDG CORcl a	$115,897,381	–	1,038,507	–	10.35%	–
MSFT	New	MICROSOFT CORPcall	$110,675,500	–	325,000	–	9.88%	–
	New	ELLIOTT OPPORTUNITY II CORP	$51,800,000	–	5,000,000	–	4.63%	–
ALV	New	AUTOLIV INCput	$36,890,352	–	433,800	–	3.30%	–
	New	PROPERTYGURU GROUP LTD	$24,961,414	–	5,621,940	–	2.23%	–
	New	BLUE WHALE ACQUISITION CORP	$20,310,000	–	2,000,000	–	1.81%	–

Q4 2022

			Value		Shares		↓ Weighting
LMACW	Exit	LIBERTY MEDIA ACQUISITION CO*w exp 99/99/999	$0	–	-347,683	–	0.00%	–
	Exit	ELLIOTT OPPORTUNITY II CORP*w exp 03/02/202	$0	–	-1,250,000	–	-0.02%	–
LMACA	Exit	LIBERTY MEDIA ACQUISITION CO	$0	–	-1,738,415	–	-1.90%	–
	Exit	BLUE WHALE ACQUISITION CORP	$0	–	-2,000,000	–	-2.14%	–
MSDA	Exit	MSD ACQUISITION CORP	$0	–	-2,500,000	–	-2.73%	–
	Exit	PROPERTYGURU GROUP LTD	$0	–	-5,621,940	–	-2.78%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-2,439,954	–	-4.44%	–
	Exit	ELLIOTT OPPORTUNITY II CORP	$0	–	-5,000,000	–	-5.42%	–
FWONK	Exit	LIBERTY MEDIA CORP DEL	$0	–	-1,587,005	–	-10.23%	–
FERG	Exit	FERGUSON PLC NEW	$0	–	-1,056,256	–	-11.98%	–
IQV	Exit	IQVIA HLDGS INC	$0	–	-774,958	–	-15.47%	–
CP	Exit	CANADIAN PAC RY LTD	$0	–	-2,435,545	–	-17.91%	–
V	Exit	VISA INC	$0	–	-1,275,829	–	-24.98%	–

Q3 2022

			Value		Shares		↓ Weighting
V	Buy	VISA INC	$226,651,000	+1.9%	1,275,829	+13.0%	24.98%	+47.8%
CP	New	CANADIAN PAC RY LTD	$162,500,000	–	2,435,545	–	17.91%	–
IQV	Sell	IQVIA HLDGS INC	$140,376,000	-25.8%	774,958	-11.1%	15.47%	+7.6%
FERG	Buy	FERGUSON PLC NEW	$108,720,000	+0.4%	1,056,256	+8.0%	11.98%	+45.7%
FWONK	Sell	LIBERTY MEDIA CORP DEL	$92,840,000	-47.3%	1,587,005	-42.8%	10.23%	-23.6%
LBTYK	Sell	LIBERTY GLOBAL PLC	$40,259,000	-73.4%	2,439,954	-64.3%	4.44%	-61.4%
	Exit	BLUE WHALE ACQUISITION CORP*w exp 07/30/202	$0	–	-500,000	–	-0.01%	–
MSDAW	Exit	MSD ACQUISITION CORP*w exp 03/25/202	$0	–	-500,000	–	-0.01%	–
BOACWS	Exit	BLUESCAPE OPPORTUNITIES ACQU*w exp 10/28/202	$0	–	-4,689,322	–	-0.08%	–
EDR	Exit	ENDEAVOR GROUP HLDGS INC	$0	–	-2,651,768	–	-4.14%	–
LBTYA	Exit	LIBERTY GLOBAL PLC	$0	–	-3,151,849	–	-5.04%	–
BOAC	Exit	BLUESCAPE OPPORTUNITIES ACQU	$0	–	-9,112,500	–	-6.86%	–
ASH	Exit	ASHLAND GLOBAL HLDGS INC	$0	–	-1,175,301	–	-9.20%	–

Q2 2022

			Value		Shares		↓ Weighting
V	New	VISA INC	$222,359,000	–	1,129,358	–	16.90%	–
IQV	New	IQVIA HLDGS INC	$189,198,000	–	871,921	–	14.38%	–
FWONK	New	LIBERTY MEDIA CORP DEL	$176,192,000	–	2,775,984	–	13.39%	–
LBTYK	New	LIBERTY GLOBAL PLC	$151,182,000	–	6,843,892	–	11.49%	–
ASH	New	ASHLAND GLOBAL HLDGS INC	$121,115,000	–	1,175,301	–	9.20%	–
FERG	New	FERGUSON PLC NEW	$108,260,000	–	977,866	–	8.23%	–
BOAC	New	BLUESCAPE OPPORTUNITIES ACQU	$90,305,000	–	9,112,500	–	6.86%	–
LBTYA	New	LIBERTY GLOBAL PLC	$66,346,000	–	3,151,849	–	5.04%	–
EDR	New	ENDEAVOR GROUP HLDGS INC	$54,520,000	–	2,651,768	–	4.14%	–
	New	ELLIOTT OPPORTUNITY II CORP	$48,600,000	–	5,000,000	–	3.69%	–
	New	PROPERTYGURU GROUP LTD	$25,299,000	–	5,621,940	–	1.92%	–
MSDA	New	MSD ACQUISITION CORP	$24,500,000	–	2,500,000	–	1.86%	–
	New	BLUE WHALE ACQUISITION CORP	$19,340,000	–	2,000,000	–	1.47%	–
LMACA	New	LIBERTY MEDIA ACQUISITION CO	$17,106,000	–	1,738,415	–	1.30%	–
BOACWS	New	BLUESCAPE OPPORTUNITIES ACQU*w exp 10/28/202	$984,000	–	4,689,322	–	0.08%	–
	New	ELLIOTT OPPORTUNITY II CORP*w exp 03/02/202	$326,000	–	1,250,000	–	0.02%	–
LMACW	New	LIBERTY MEDIA ACQUISITION CO*w exp 99/99/999	$167,000	–	347,683	–	0.01%	–
MSDAW	New	MSD ACQUISITION CORP*w exp 03/25/202	$170,000	–	500,000	–	0.01%	–
	New	BLUE WHALE ACQUISITION CORP*w exp 07/30/202	$143,000	–	500,000	–	0.01%	–

Q4 2021

			Value		Shares		↓ Weighting
LMACW	Exit	LIBERTY MEDIA ACQUISITION CO*w exp 01/22/202	$0	–	-347,683	–	-0.03%	–
MSDAW	Exit	MSD ACQUISITION CORP*w exp 03/25/202	$0	–	-500,000	–	-0.03%	–
	Exit	ELLIOTT OPPORTUNITY II CORP*w exp 03/02/202	$0	–	-1,250,000	–	-0.07%	–
BOACWS	Exit	BLUESCAPE OPPORTUNITIES ACQU*w exp 10/28/202	$0	–	-4,846,203	–	-0.24%	–
PSFE	Exit	PAYSAFE LIMITEDord	$0	–	-1,885,447	–	-0.72%	–
LMACA	Exit	LIBERTY MEDIA ACQUISITION CO	$0	–	-1,738,415	–	-0.86%	–
	Exit	BLUE WHALE ACQUISITION CORPunit 07/30/2026	$0	–	-2,000,000	–	-0.98%	–
CPNG	Exit	COUPANG INCcl a	$0	–	-771,080	–	-1.05%	–
MSDA	Exit	MSD ACQUISITION CORP	$0	–	-2,500,000	–	-1.20%	–
	Exit	CUE HEALTH INC	$0	–	-2,430,992	–	-1.40%	–
BTNB	Exit	BRIDGETOWN 2 HOLDINGS LTDcl a	$0	–	-3,621,940	–	-1.76%	–
	Exit	ELLIOTT OPPORTUNITY II CORP	$0	–	-5,000,000	–	-2.38%	–
V	Exit	VISA INC	$0	–	-347,255	–	-3.79%	–
BOAC	Exit	BLUESCAPE OPPORTUNITIES ACQU	$0	–	-9,692,410	–	-4.65%	–
LBTYA	Exit	LIBERTY GLOBAL PLC	$0	–	-3,526,877	–	-5.14%	–
EDR	Exit	ENDEAVOR GROUP HLDGS INC	$0	–	-4,013,979	–	-5.63%	–
VMW	Exit	VMWARE INCput	$0	–	-990,400	–	-7.21%	–
ASH	Exit	ASHLAND GLOBAL HLDGS INC	$0	–	-2,468,135	–	-10.76%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-8,613,024	–	-12.42%	–
FWONK	Exit	LIBERTY MEDIA CORP DEL	$0	–	-6,842,112	–	-17.22%	–
DELL	Exit	DELL TECHNOLOGIES INCcl c	$0	–	-4,413,489	–	-22.47%	–

Q3 2021

			Value		Shares		↓ Weighting
DELL	Sell	DELL TECHNOLOGIES INCcl c	$459,179,000	+1.6%	4,413,489	-2.7%	22.47%	+13.9%
FWONK	Sell	LIBERTY MEDIA CORP DEL	$351,753,000	-1.0%	6,842,112	-7.1%	17.22%	+11.1%
LBTYK	Buy	LIBERTY GLOBAL PLC	$253,740,000	+12.1%	8,613,024	+2.9%	12.42%	+25.7%
ASH	Buy	ASHLAND GLOBAL HLDGS INC	$219,960,000	+14.2%	2,468,135	+12.2%	10.76%	+28.1%
EDR	Buy	ENDEAVOR GROUP HLDGS INC	$115,081,000	+143.9%	4,013,979	+135.8%	5.63%	+173.5%
LBTYA	Buy	LIBERTY GLOBAL PLC	$105,101,000	+11.9%	3,526,877	+2.0%	5.14%	+25.6%
V	New	VISA INC	$77,351,000	–	347,255	–	3.79%	–
	New	ELLIOTT OPPORTUNITY II CORP	$48,700,000	–	5,000,000	–	2.38%	–
BTNB	New	BRIDGETOWN 2 HOLDINGS LTDcl a	$35,893,000	–	3,621,940	–	1.76%	–
	New	CUE HEALTH INC	$28,710,000	–	2,430,992	–	1.40%	–
CPNG	Buy	COUPANG INCcl a	$21,475,000	+351.3%	771,080	+577.6%	1.05%	+405.3%
	New	BLUE WHALE ACQUISITION CORPunit 07/30/2026	$20,020,000	–	2,000,000	–	0.98%	–
PSFE	Sell	PAYSAFE LIMITEDord	$14,612,000	-85.9%	1,885,447	-77.9%	0.72%	-84.1%
	New	ELLIOTT OPPORTUNITY II CORP*w exp 03/02/202	$1,375,000	–	1,250,000	–	0.07%	–
FE	Exit	FIRSTENERGY CORP	$0	–	-871,476	–	-1.42%	–
EOCWU	Exit	ELLIOTT OPPORTUNITY II CORPunit 99/99/9999	$0	–	-5,000,000	–	-2.18%	–
LQD	Exit	ISHARES TRput	$0	–	-3,200,000	–	-18.76%	–

Q2 2021

			Value		Shares		↓ Weighting
DELL	New	DELL TECHNOLOGIES INCcl c	$452,137,000	–	4,536,335	–	19.73%	–
LQD	New	ISHARES TRput	$429,952,000	–	3,200,000	–	18.76%	–
FWONK	New	LIBERTY MEDIA CORP DEL	$355,223,000	–	7,368,237	–	15.50%	–
LBTYK	New	LIBERTY GLOBAL PLC	$226,396,000	–	8,372,616	–	9.88%	–
ASH	New	ASHLAND GLOBAL HLDGS INC	$192,562,000	–	2,200,711	–	8.40%	–
VMW	New	VMWARE INCput	$158,434,000	–	990,400	–	6.91%	–
PSFE	New	PAYSAFE LIMITEDord	$103,295,000	–	8,529,749	–	4.51%	–
BOAC	New	BLUESCAPE OPPORTUNITIES ACQU	$95,083,000	–	9,692,410	–	4.15%	–
LBTYA	New	LIBERTY GLOBAL PLC	$93,898,000	–	3,457,209	–	4.10%	–
EOCWU	New	ELLIOTT OPPORTUNITY II CORPunit 99/99/9999	$50,050,000	–	5,000,000	–	2.18%	–
EDR	New	ENDEAVOR GROUP HLDGS INC	$47,180,000	–	1,702,618	–	2.06%	–
FE	New	FIRSTENERGY CORP	$32,428,000	–	871,476	–	1.42%	–
MSDA	New	MSD ACQUISITION CORP	$24,625,000	–	2,500,000	–	1.08%	–
LMACA	New	LIBERTY MEDIA ACQUISITION CO	$17,697,000	–	1,738,415	–	0.77%	–
BOACWS	New	BLUESCAPE OPPORTUNITIES ACQU*w exp 10/28/202	$6,542,000	–	4,846,203	–	0.28%	–
CPNG	New	COUPANG INCcl a	$4,759,000	–	113,800	–	0.21%	–
LMACW	New	LIBERTY MEDIA ACQUISITION CO*w exp 01/22/202	$775,000	–	347,683	–	0.03%	–
MSDAW	New	MSD ACQUISITION CORP*w exp 03/25/202	$650,000	–	500,000	–	0.03%	–

Q4 2020

			Value		Shares		↓ Weighting
LBTYA	Exit	LIBERTY GLOBAL PLC	$0	–	-3,327,840	–	-4.75%	–
FCN	Exit	FTI CONSULTING INC	$0	–	-838,057	–	-6.03%	–
DELL	Exit	DELL TECHNOLOGIES INCcl c	$0	–	-2,081,233	–	-9.56%	–
LBTYK	Exit	LIBERTY GLOBAL PLC	$0	–	-8,086,474	–	-11.27%	–
ASH	Exit	ASHLAND GLOBAL HLDGS INC	$0	–	-2,547,121	–	-12.26%	–
ANTM	Exit	ANTHEM INC	$0	–	-789,722	–	-14.40%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-156,470	–	-15.61%	–
FWONK	Exit	LIBERTY MEDIA CORP DEL	$0	–	-10,606,329	–	-26.12%	–

Q3 2020

			Value		Shares		↓ Weighting
FWONK	Buy	LIBERTY MEDIA CORP DEL	$384,692,000	+20.9%	10,606,329	+5.7%	26.12%	-5.3%
GOOG	Sell	ALPHABET INCcap stk cl c	$229,948,000	-13.9%	156,470	-17.2%	15.61%	-32.6%
ANTM	Sell	ANTHEM INC	$212,111,000	-0.2%	789,722	-2.2%	14.40%	-21.8%
ASH	Sell	ASHLAND GLOBAL HLDGS INC	$180,642,000	+0.3%	2,547,121	-2.3%	12.26%	-21.4%
LBTYK	Buy	LIBERTY GLOBAL PLC	$166,056,000	+43.7%	8,086,474	+50.5%	11.27%	+12.5%
DELL	New	DELL TECHNOLOGIES INCcl c	$140,879,000	–	2,081,233	–	9.56%	–
FCN	New	FTI CONSULTING INC	$88,809,000	–	838,057	–	6.03%	–
LBTYA	Buy	LIBERTY GLOBAL PLC	$69,918,000	+16.0%	3,327,840	+20.6%	4.75%	-9.2%

Q2 2020

			Value		Shares		↓ Weighting
FWONK	New	LIBERTY MEDIA CORP DEL	$318,092,000	–	10,031,277	–	27.57%	–
GOOG	New	ALPHABET INCcap stk cl c	$267,140,000	–	188,977	–	23.16%	–
ANTM	New	ANTHEM INC	$212,446,000	–	807,839	–	18.42%	–
ASH	New	ASHLAND GLOBAL HLDGS INC	$180,067,000	–	2,605,889	–	15.61%	–
LBTYK	New	LIBERTY GLOBAL PLC	$115,557,000	–	5,372,243	–	10.02%	–
LBTYA	New	LIBERTY GLOBAL PLC	$60,299,000	–	2,758,430	–	5.23%	–

Q4 2019

			Value		Shares		↓ Weighting
OIH	Exit	VANECK VECTORS ETF TRoil svcs etf	$0	–	-1,295,405	–	-1.17%	–
UNVR	Exit	UNIVAR SOLUTIONS INC	$0	–	-1,961,634	–	-3.14%	–
BC	Exit	BRUNSWICK CORP	$0	–	-1,556,693	–	-6.24%	–
SPOT	Exit	SPOTIFY TECHNOLOGY S A	$0	–	-827,709	–	-7.26%	–
HUM	Exit	HUMANA INC	$0	–	-402,770	–	-7.93%	–
FOXA	Exit	FOX CORP	$0	–	-3,632,531	–	-8.82%	–
IWM	Exit	ISHARES TRput	$0	–	-800,000	–	-9.32%	–
ANTM	Exit	ANTHEM INC	$0	–	-622,827	–	-11.51%	–
ASH	Exit	ASHLAND GLOBAL HLDGS INC	$0	–	-2,066,515	–	-12.26%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-150,011	–	-14.08%	–
FWONK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-5,710,685	–	-18.28%	–

Q3 2019

			Value		Shares		↓ Weighting
FWONK	Buy	LIBERTY MEDIA CORP DELAWARE	$237,507,000	+26.5%	5,710,685	+13.8%	18.28%	+24.5%
GOOG	Sell	ALPHABET INCcap stk cl c	$182,863,000	+12.5%	150,011	-0.2%	14.08%	+10.7%
ASH	Buy	ASHLAND GLOBAL HLDGS INC	$159,225,000	+9.7%	2,066,515	+13.9%	12.26%	+7.9%
ANTM	Buy	ANTHEM INC	$149,541,000	-12.1%	622,827	+3.4%	11.51%	-13.5%
IWM	New	ISHARES TRput	$121,072,000	–	800,000	–	9.32%	–
FOXA	Buy	FOX CORP	$114,552,000	-4.0%	3,632,531	+11.6%	8.82%	-5.5%
HUM	Buy	HUMANA INC	$102,976,000	+13.8%	402,770	+18.1%	7.93%	+12.0%
SPOT	Sell	SPOTIFY TECHNOLOGY S A	$94,359,000	-33.2%	827,709	-14.3%	7.26%	-34.2%
BC	Sell	BRUNSWICK CORP	$81,135,000	+1.9%	1,556,693	-10.3%	6.24%	+0.3%
UNVR	New	UNIVAR SOLUTIONS INC	$40,724,000	–	1,961,634	–	3.14%	–
OIH	Buy	VANECK VECTORS ETF TRoil svcs etf	$15,221,000	-0.4%	1,295,405	+25.7%	1.17%	-1.9%
REZI	Exit	RESIDEO TECHNOLOGIES INC	$0	–	-1,483,840	–	-2.54%	–
ASH	Exit	ASHLAND GLOBAL HLDGS INCcall	$0	–	-438,700	–	-2.74%	–
CNC	Exit	CENTENE CORP DEL	$0	–	-825,000	–	-3.38%	–
SPOT	Exit	SPOTIFY TECHNOLOGY S Acall	$0	–	-385,000	–	-4.40%	–

Q2 2019

			Value		Shares		↓ Weighting
FWONK	New	LIBERTY MEDIA CORP DELAWARE	$187,700,000	–	5,017,381	–	14.68%	–
ANTM	New	ANTHEM INC	$170,030,000	–	602,496	–	13.30%	–
GOOG	New	ALPHABET INCcap stk cl c	$162,508,000	–	150,344	–	12.71%	–
ASH	New	ASHLAND GLOBAL HLDGS INC	$145,145,000	–	1,814,988	–	11.35%	–
SPOT	New	SPOTIFY TECHNOLOGY S A	$141,177,000	–	965,509	–	11.04%	–
FOXA	New	FOX CORP	$119,276,000	–	3,255,354	–	9.33%	–
HUM	New	HUMANA INC	$90,479,000	–	341,044	–	7.08%	–
BC	New	BRUNSWICK CORP	$79,608,000	–	1,734,767	–	6.23%	–
SPOT	New	SPOTIFY TECHNOLOGY S Acall	$56,295,000	–	385,000	–	4.40%	–
CNC	New	CENTENE CORP DEL	$43,263,000	–	825,000	–	3.38%	–
ASH	New	ASHLAND GLOBAL HLDGS INCcall	$35,083,000	–	438,700	–	2.74%	–
REZI	New	RESIDEO TECHNOLOGIES INC	$32,526,000	–	1,483,840	–	2.54%	–
OIH	New	VANECK VECTORS ETF TRoil svcs etf	$15,278,000	–	1,030,891	–	1.20%	–

Q4 2018

			Value		Shares		↓ Weighting
PDCO	Exit	PATTERSON COMPANIES INC	$0	–	-628,647	–	-2.14%	–
BC	Exit	BRUNSWICK CORP	$0	–	-456,215	–	-4.26%	–
SPOT	Exit	SPOTIFY TECHNOLOGY S A	$0	–	-309,800	–	-7.80%	–
ASH	Exit	ASHLAND GLOBAL HLDGS INC	$0	–	-673,814	–	-7.87%	–
EA	Exit	ELECTRONIC ARTS INC	$0	–	-509,187	–	-8.54%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-67,070	–	-11.14%	–
HUM	Exit	HUMANA INC	$0	–	-242,120	–	-11.41%	–
FWONK	Exit	LIBERTY MEDIA CORP DELAWARE	$0	–	-2,758,962	–	-14.29%	–
ANTM	Exit	ANTHEM INC	$0	–	-389,566	–	-14.86%	–
FOXA	Exit	TWENTY FIRST CENTY FOX INCcl a	$0	–	-2,741,071	–	-17.68%	–

Q3 2018

			Value		Shares		↓ Weighting
FOXA	Sell	TWENTY FIRST CENTY FOX INCcl a	$126,994,000	-54.6%	2,741,071	-51.3%	17.68%	-36.2%
ANTM	Buy	ANTHEM INC	$106,761,000	+18.6%	389,566	+3.0%	14.86%	+66.5%
FWONK	Buy	LIBERTY MEDIA CORP DELAWARE	$102,606,000	+14.9%	2,758,962	+14.8%	14.29%	+61.4%
HUM	Buy	HUMANA INC	$81,962,000	+16.5%	242,120	+2.5%	11.41%	+63.6%
GOOG	Sell	ALPHABET INCcap stk cl c	$80,046,000	+1.5%	67,070	-5.1%	11.14%	+42.6%
EA	New	ELECTRONIC ARTS INC	$61,352,000	–	509,187	–	8.54%	–
ASH	Buy	ASHLAND GLOBAL HLDGS INC	$56,506,000	+9.8%	673,814	+2.3%	7.87%	+54.1%
SPOT	Sell	SPOTIFY TECHNOLOGY S A	$56,021,000	+5.7%	309,800	-1.7%	7.80%	+48.4%
BC	Buy	BRUNSWICK CORP	$30,576,000	+42.8%	456,215	+37.4%	4.26%	+100.5%
PDCO	New	PATTERSON COMPANIES INC	$15,370,000	–	628,647	–	2.14%	–
K	Exit	KELLOGG COput	$0	–	-160,000	–	-1.11%	–
T	Exit	AT&T INCcall	$0	–	-665,000	–	-2.12%	–
T	Exit	AT&T INC	$0	–	-1,233,510	–	-3.93%	–
LBRDK	Exit	LIBERTY BROADBAND CORP	$0	–	-623,566	–	-4.68%	–
AET	Exit	AETNA INC NEW	$0	–	-335,780	–	-6.11%	–
HYG	Exit	ISHARES TRput	$0	–	-1,100,000	–	-9.28%	–

Q2 2018

			Value		Shares		↓ Weighting
FOXA	New	TWENTY FIRST CENTY FOX INCcl a	$279,589,000	–	5,626,671	–	27.72%	–
HYG	New	ISHARES TRput	$93,588,000	–	1,100,000	–	9.28%	–
ANTM	New	ANTHEM INC	$90,039,000	–	378,266	–	8.93%	–
FWONK	New	LIBERTY MEDIA CORP DELAWARE	$89,265,000	–	2,404,112	–	8.85%	–
GOOG	New	ALPHABET INCcap stk cl c	$78,843,000	–	70,670	–	7.82%	–
HUM	New	HUMANA INC	$70,336,000	–	236,320	–	6.97%	–
AET	New	AETNA INC NEW	$61,616,000	–	335,780	–	6.11%	–
SPOT	New	SPOTIFY TECHNOLOGY S A	$52,996,000	–	315,000	–	5.26%	–
ASH	New	ASHLAND GLOBAL HLDGS INC	$51,483,000	–	658,514	–	5.10%	–
LBRDK	New	LIBERTY BROADBAND CORP	$47,216,000	–	623,566	–	4.68%	–
T	New	AT&T INC	$39,608,000	–	1,233,510	–	3.93%	–
BC	New	BRUNSWICK CORP	$21,415,000	–	332,115	–	2.12%	–
T	New	AT&T INCcall	$21,353,000	–	665,000	–	2.12%	–
K	New	KELLOGG COput	$11,179,000	–	160,000	–	1.11%	–

Q4 2017

			Value		Shares		↓ Weighting
ELY	Exit	CALLAWAY GOLF CO	$0	–	-135,900	–	-0.36%	–
SEAS	Exit	SEAWORLD ENTMT INC	$0	–	-847,015	–	-2.03%	–
MOH	Exit	MOLINA HEALTHCARE INC	$0	–	-277,831	–	-3.53%	–
EFX	Exit	EQUIFAX INC	$0	–	-205,700	–	-4.03%	–
ASH	Exit	ASHLAND GLOBAL HLDGS INC	$0	–	-757,414	–	-9.14%	–
GOOG	Exit	ALPHABET INCcap stk cl c	$0	–	-59,000	–	-10.45%	–
ANTM	Exit	ANTHEM INC	$0	–	-384,566	–	-13.48%	–
LBRDK	Exit	LIBERTY BROADBAND CORP	$0	–	-804,340	–	-14.15%	–
AABA	Exit	ALTABA INC	$0	–	-3,501,364	–	-42.82%	–

Q3 2017

			Value		Shares		↓ Weighting
AABA	Sell	ALTABA INC	$231,930,000	+21.4%	3,501,364	-0.1%	42.82%	+24.6%
LBRDK	Sell	LIBERTY BROADBAND CORP	$76,654,000	-18.2%	804,340	-25.5%	14.15%	-16.0%
ANTM	Sell	ANTHEM INC	$73,021,000	+0.4%	384,566	-0.5%	13.48%	+3.0%
GOOG	New	ALPHABET INCcap stk cl c	$56,587,000	–	59,000	–	10.45%	–
ASH	Buy	ASHLAND GLOBAL HLDGS INC	$49,527,000	+23.4%	757,414	+24.4%	9.14%	+26.6%
EFX	New	EQUIFAX INC	$21,802,000	–	205,700	–	4.03%	–
MOH	Sell	MOLINA HEALTHCARE INC	$19,104,000	-23.9%	277,831	-23.5%	3.53%	-22.0%
SEAS	New	SEAWORLD ENTMT INC	$11,003,000	–	847,015	–	2.03%	–
ELY	Sell	CALLAWAY GOLF CO	$1,961,000	-94.9%	135,900	-95.5%	0.36%	-94.8%
CPN	Exit	CALPINE CORPcall	$0	–	-509,100	–	-1.24%	–
S	Exit	SPRINT CORPcall	$0	–	-2,423,100	–	-3.58%	–
ATUS	Exit	ALTICE USA INCcl a	$0	–	-804,100	–	-4.67%	–
CPN	Exit	CALPINE CORP	$0	–	-3,072,248	–	-7.48%	–

Q2 2017

			Value		Shares		↓ Weighting
AABA	New	ALTABA INC	$191,027,000	–	3,506,364	–	34.38%	–
LBRDK	New	LIBERTY BROADBAND CORP	$93,665,000	–	1,079,714	–	16.86%	–
ANTM	New	ANTHEM INC	$72,706,000	–	386,466	–	13.09%	–
CPN	New	CALPINE CORP	$41,568,000	–	3,072,248	–	7.48%	–
ASH	New	ASHLAND GLOBAL HLDGS INC	$40,127,000	–	608,814	–	7.22%	–
ELY	New	CALLAWAY GOLF CO	$38,652,000	–	3,024,441	–	6.96%	–
ATUS	New	ALTICE USA INCcl a	$25,972,000	–	804,100	–	4.67%	–
MOH	New	MOLINA HEALTHCARE INC	$25,119,000	–	363,093	–	4.52%	–
S	New	SPRINT CORPcall	$19,894,000	–	2,423,100	–	3.58%	–
CPN	New	CALPINE CORPcall	$6,888,000	–	509,100	–	1.24%	–

Q4 2016

			Value		Shares		↓ Weighting
TWTR	Exit	TWITTER INC	$0	–	-776,000	–	-1.99%	–
ELY	Exit	CALLAWAY GOLF CO	$0	–	-1,851,375	–	-2.39%	–
BABA	Exit	ALIBABA GROUP HLDG LTDput	$0	–	-243,000	–	-2.86%	–
BEAV	Exit	B/E AEROSPACE INCcall	$0	–	-500,100	–	-2.88%	–
POT	Exit	POTASH CORP SASK INCcall	$0	–	-2,000,000	–	-3.64%	–
SIX	Exit	SIX FLAGS ENTMT CORP NEW	$0	–	-699,517	–	-4.18%	–
LILAK	Exit	LIBERTY GLOBAL PLC	$0	–	-1,427,366	–	-4.46%	–
DEPO	Exit	DEPOMED INC	$0	–	-1,983,068	–	-5.52%	–
K	Exit	KELLOGG CO	$0	–	-712,100	–	-6.14%	–
WLTW	Exit	WILLIS TOWERS WATSON PUB LTD	$0	–	-455,297	–	-6.73%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-1,579,159	–	-7.20%	–
BEAV	Exit	B/E AEROSPACE INC	$0	–	-1,463,249	–	-8.42%	–
LGF	Exit	LIONS GATE ENTMNT CORP	$0	–	-3,827,143	–	-8.52%	–
CHTR	Exit	CHARTER COMMUNICATIONS INC Ncl a	$0	–	-285,241	–	-8.58%	–
HYG	Exit	ISHARES TRput	$0	–	-1,000,000	–	-9.72%	–
YHOO	Exit	YAHOO INC	$0	–	-3,494,500	–	-16.77%	–

Q3 2016

			Value		Shares		↓ Weighting
YHOO	Sell	YAHOO INC	$150,613,000	+2.0%	3,494,500	-11.1%	16.77%	+10.8%
HYG	New	ISHARES TRput	$87,260,000	–	1,000,000	–	9.72%	–
CHTR	Buy	CHARTER COMMUNICATIONS INC Ncl a	$77,007,000	+19.8%	285,241	+1.4%	8.58%	+30.1%
LGF	Sell	LIONS GATE ENTMNT CORP	$76,505,000	-10.3%	3,827,143	-9.3%	8.52%	-2.6%
BEAV	Sell	B/E AEROSPACE INC	$75,591,000	-14.8%	1,463,249	-23.8%	8.42%	-7.4%
PYPL	Sell	PAYPAL HLDGS INC	$64,698,000	+8.6%	1,579,159	-3.2%	7.20%	+18.0%
WLTW	Sell	WILLIS TOWERS WATSON PUB LTD	$60,450,000	-30.1%	455,297	-34.5%	6.73%	-24.0%
K	Buy	KELLOGG CO	$55,166,000	+105.2%	712,100	+116.2%	6.14%	+122.9%
DEPO	Buy	DEPOMED INC	$49,557,000	+62.0%	1,983,068	+27.2%	5.52%	+76.0%
LILAK	Buy	LIBERTY GLOBAL PLC	$40,038,000	+39.3%	1,427,366	+61.4%	4.46%	+51.4%
SIX	New	SIX FLAGS ENTMT CORP NEW	$37,501,000	–	699,517	–	4.18%	–
POT	New	POTASH CORP SASK INCcall	$32,640,000	–	2,000,000	–	3.64%	–
BABA	New	ALIBABA GROUP HLDG LTDput	$25,707,000	–	243,000	–	2.86%	–
ELY	Buy	CALLAWAY GOLF CO	$21,494,000	+42.3%	1,851,375	+25.2%	2.39%	+54.7%
TWTR	New	TWITTER INC	$17,887,000	–	776,000	–	1.99%	–
DIS	Exit	DISNEY WALT COput	$0	–	-100,000	–	-1.00%	–
YHOO	Exit	YAHOO INCcall	$0	–	-1,000,000	–	-3.85%	–
SHPG	Exit	SHIRE PLCsponsored adr	$0	–	-376,631	–	-7.11%	–
SHPG	Exit	SHIRE PLCput	$0	–	-1,100,000	–	-20.75%	–

Q2 2016

			Value		Shares		↓ Weighting
SHPG	New	SHIRE PLCput	$202,488,000	–	1,100,000	–	20.75%	–
YHOO	New	YAHOO INC	$147,723,000	–	3,933,000	–	15.14%	–
BEAV	New	B/E AEROSPACE INC	$88,681,000	–	1,920,549	–	9.09%	–
WLTW	New	WILLIS TOWERS WATSON PUB LTD	$86,472,000	–	695,613	–	8.86%	–
LGF	New	LIONS GATE ENTMNT CORP	$85,337,000	–	4,218,357	–	8.75%	–
SHPG	New	SHIRE PLCsponsored adr	$69,330,000	–	376,631	–	7.11%	–
CHTR	New	CHARTER COMMUNICATIONS INC Ncl a	$64,303,000	–	281,241	–	6.59%	–
PYPL	New	PAYPAL HLDGS INC	$59,576,000	–	1,631,761	–	6.11%	–
YHOO	New	YAHOO INCcall	$37,560,000	–	1,000,000	–	3.85%	–
DEPO	New	DEPOMED INC	$30,599,000	–	1,559,591	–	3.14%	–
LILAK	New	LIBERTY GLOBAL PLC	$28,741,000	–	884,620	–	2.95%	–
K	New	KELLOGG CO	$26,887,000	–	329,300	–	2.76%	–
BEAV	New	B/E AEROSPACE INCcall	$23,092,000	–	500,100	–	2.37%	–
ELY	New	CALLAWAY GOLF CO	$15,102,000	–	1,479,114	–	1.55%	–
DIS	New	DISNEY WALT COput	$9,782,000	–	100,000	–	1.00%	–

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