Rings Capital Management Activity Q4 2018-Q1 2022

Q1 2022

			Value		Shares		↓ Weighting
	New	MOODYS CORP	$79,966	–	237,000	–	38.42%	–
FB	Exit	META PLATFORMS INCcl a	$0	–	-16,000	–	-2.21%	–
MCO	Exit	MOODYS CORP	$0	–	-237,000	–	-38.00%	–

Q4 2021

			Value		Shares		↓ Weighting
HRB	Sell	BLOCK H & R INC	$1,249	-67.3%	53,000	-65.4%	0.51%	-70.3%

Q3 2021

			Value		Shares		↓ Weighting
KMX	Exit	CARMAX INC	$0	–	-13,000	–	-0.75%	–
FDX	Exit	FEDEX CORP	$0	–	-7,750	–	-1.04%	–

Q2 2021

			Value		Shares		↓ Weighting
SPGI	New	S&P GLOBAL INC	$96,792	–	235,820	–	43.42%	–
MCO	New	MOODYS CORP	$85,882	–	237,000	–	38.53%	–
MSFT	New	MICROSOFT CORP	$22,485	–	83,000	–	10.09%	–
FB	New	FACEBOOK INC	$5,563	–	16,000	–	2.50%	–
BK	New	BANK NEW YORK MELLON CORP	$4,611	–	90,000	–	2.07%	–
HRB	New	BLOCK H & R INC	$3,592	–	153,000	–	1.61%	–
FDX	New	FEDEX CORP	$2,312	–	7,750	–	1.04%	–
KMX	New	CARMAX INC	$1,679	–	13,000	–	0.75%	–

Q4 2020

			Value		Shares		↓ Weighting
KMX	Exit	CARMAX INC	$0	–	-13,000	–	-0.64%	–
HRB	Exit	BLOCK H & R INC	$0	–	-80,000	–	-0.70%	–
FDX	Exit	FEDEX CORP	$0	–	-7,750	–	-1.04%	–
BK	Exit	BANK NEW YORK MELLON CORP	$0	–	-110,500	–	-2.04%	–
FB	Exit	FACEBOOK INC	$0	–	-16,000	–	-2.25%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-83,000	–	-9.36%	–
MCO	Exit	MOODYS CORP	$0	–	-237,000	–	-36.84%	–
SPGI	Exit	S&P GLOBAL INC	$0	–	-243,700	–	-47.13%	–

Q3 2020

			Value		Shares		↓ Weighting
HRB	New	BLOCK H & R INC	$1,303	–	80,000	–	0.70%	–

Q2 2020

			Value		Shares		↓ Weighting
SPGI	New	S&P GLOBAL INC	$80,294	–	243,700	–	46.56%	–
MCO	New	MOODYS CORP	$65,111	–	237,000	–	37.76%	–
MSFT	New	MICROSOFT CORP	$16,891	–	83,000	–	9.80%	–
BK	New	BANK NEW YORK MELLON CORP	$4,271	–	110,500	–	2.48%	–
FB	New	FACEBOOK INC	$3,633	–	16,000	–	2.11%	–
KMX	New	CARMAX INC	$1,164	–	13,000	–	0.68%	–
FDX	New	FEDEX CORP	$1,087	–	7,750	–	0.63%	–

Q4 2019

			Value		Shares		↓ Weighting
FB	Exit	FACEBOOKcl a	$0	–	-15,800	–	-2.12%	–
WFC	Exit	WELLS FARGO CO NEW	$0	–	-197,000	–	-7.50%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-83,000	–	-8.71%	–
MCO	Exit	MOODYS CORP	$0	–	-237,000	–	-36.63%	–
SPGI	Exit	S&P GLOBAL INC	$0	–	-243,700	–	-45.05%	–

Q3 2019

			Value		Shares		↓ Weighting
WFC	Sell	WELLS FARGO CO NEW	$9,937	+5.7%	197,000	-0.9%	7.50%	+3.5%
BK	Exit	BANK NEW YORK MELLON CORP	$0	–	-100,850	–	-3.43%	–

Q2 2019

			Value		Shares		↓ Weighting
SPGI	New	S&P GLOBAL INC	$55,512	–	243,700	–	42.76%	–
MCO	New	MOODYS CORP	$46,288	–	237,000	–	35.66%	–
MSFT	New	MICROSOFT CORP	$11,119	–	83,000	–	8.56%	–
WFC	New	WELLS FARGO CO NEW	$9,402	–	198,700	–	7.24%	–
BK	New	BANK NEW YORK MELLON CORP	$4,453	–	100,850	–	3.43%	–
FB	New	FACEBOOK INCcl a	$3,049	–	15,800	–	2.35%	–

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