Madison Avenue Partners, LP Portfolio Holdings by Sector

Madison Avenue Partners, LP

Industry	Value	Buys	Sells	New Positions	Closed Positions	Options
Education & Training Services \| Consumer Defensive GHC 1 stocks	$289,416 26.48% of portfolio	1	-	-	-	0 Calls 0 Puts
Biotechnology \| Healthcare TBPH GLPG KROS 3 stocks	$257,767 23.58% of portfolio	2	-	-	-	0 Calls 0 Puts
Insurance—Property & Casualty \| Financial Services MKL 1 stocks	$161,146 14.74% of portfolio	-	-	-	-	0 Calls 0 Puts
Medical Devices \| Healthcare GMED 1 stocks	$145,933 13.35% of portfolio	1	-	-	-	0 Calls 0 Puts
Tobacco \| Consumer Defensive BTI 1 stocks	$64,957 5.94% of portfolio	1	-	1	-	0 Calls 0 Puts
Publishing \| Communication Services WLY 1 stocks	$47,375 4.33% of portfolio	-	1	-	-	0 Calls 0 Puts
Advertising Agencies \| Communication Services STGW 1 stocks	$45,120 4.13% of portfolio	-	-	-	-	0 Calls 0 Puts
Entertainment \| Communication Services NWSA 1 stocks	$44,631 4.08% of portfolio	1	-	1	-	0 Calls 0 Puts
REIT—Residential \| Real Estate AIV 1 stocks	$28,685 2.62% of portfolio	1	-	-	-	0 Calls 0 Puts

REIT—Office \| Real Estate FSP 1 stocks	$4,128 0.38% of portfolio	-	-	-	-	0 Calls 0 Puts
Credit Services \| Financial Services NNI 1 stocks	$3,953 0.36% of portfolio	-	1	-	-	0 Calls 0 Puts

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