BPV Resources, LLC

Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.

Reported portfolio value by quarter (9 quarters reported)

$135M —

Q2 13 Q4 13 Q2 14 Q4 14 Q2 15

$135M in Q2 2013 → $8.8M now. Hover for any quarter.

Holdings

As reported for the quarter ended June 30, 2015. Activity is the change in share count since the prior quarter's filing.

Holding	% of portfolio	Activity	Shares	Value
SS SPDR S&P 500 ETF Tr Tr Unit	55.8%	Added 57%	23,850	$4.91M
IM Ishares Msci Sz Cap ETF	9.1%	Added 11%	24,416	$800K
IM Ishares Msci Japan ETF	8.9%	Trimmed 4.7%	60,830	$779K
IT Ishares Tr Msci Utd Kngdm	7.6%	New	36,772	$671K
IM Ishares Msci France ETF	5.6%	Added 1.3%	19,148	$493K
IM Ishares Msci Germany ETF	5.3%	Trimmed 6.9%	16,839	$469K
IM Ishares Msci Cda ETF	2.6%	New	8,518	$227K
IM Ishares Msci Taiwan ETF	2.6%	Trimmed 51%	14,323	$226K
IM Ishares Msci Hong Kg ETF	2.5%	Trimmed 73%	9,884	$223K

What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.

quarter ended June 30, 2015 · filed August 14, 2015

Company	Action	Shares changed	Value of change	% of portfolio
SS SPDR S&P 500 ETF Tr Tr Unit	Added	+8,705	+$1.79M	55.8%
IT Ishares Tr Msci Utd Kngdm	New	+36,772	+$671K	7.6%
IM Ishares Msci Hong Kg ETF	Trimmed	−26,524	−$598K	2.5%
IT Ishares Tr Msci India ETF	Exited	−11,482	−$367K	—
IT Ishares Tr Msci Indonia ETF	Exited	−12,734	−$353K	—
IT Ishares Tr China Lg-cap ETF	Exited	−7,717	−$343K	—
IM Ishares Msci Taiwan ETF	Trimmed	−15,159	−$239K	2.6%
IM Ishares Msci Cda ETF	New	+8,518	+$227K	2.6%
IM Ishares Msci Singap ETF	Exited	−13,651	−$175K	—
IM Ishares Msci Sz Cap ETF	Added	+2,456	+$80.5K	9.1%

Showing the 10 largest of 13 changes.

quarter ended March 31, 2015 · filed May 11, 2015

Company	Action	Shares changed	Value of change	% of portfolio
SS SPDR S&P 500 ETF Tr Tr Unit	New	+15,145	+$3.13M	38.2%
IM Ishares Msci Japan ETF	New	+63,832	+$800K	9.8%
IM Ishares Msci Hong Kg ETF	New	+36,408	+$798K	9.7%
IM Ishares Msci Sz Cap ETF	New	+21,960	+$729K	8.9%
IM Ishares Msci Germany ETF	New	+18,091	+$540K	6.6%
IM Ishares Msci France ETF	New	+18,905	+$491K	6.0%
IM Ishares Msci Taiwan ETF	New	+29,482	+$464K	5.7%
IT Ishares Tr Msci India ETF	New	+11,482	+$367K	4.5%
IT Ishares Tr Msci Indonia ETF	New	+12,734	+$353K	4.3%
IT Ishares Tr China Lg-cap ETF	New	+7,717	+$343K	4.2%

Showing the 10 largest of 12 changes.

quarter ended December 31, 2014 · filed February 17, 2015

Company	Action	Shares changed	Value of change	% of portfolio
IT Ishares Tr Msci Eafe Index	Exited	−235,500	−$15.1M	—
IT Ishares Tr Msci Emerg Mkt	Exited	−165,000	−$6.86M	—
0 0	New	+0	—	—

quarter ended September 30, 2014 · filed October 14, 2014

Company	Action	Shares changed	Value of change	% of portfolio
IT Ishares Tr Msci Emerg Mkt	Trimmed	−188,000	−$7.81M	31.2%
IT Ishares Tr Msci Eafe Index	Trimmed	−21,500	−$1.38M	68.8%

quarter ended June 30, 2014 · filed August 06, 2014

Company	Action	Shares changed	Value of change	% of portfolio
IT Ishares Tr Msci Emerg Mkt	Trimmed	−33,500	−$1.45M	46.5%
IT Ishares Tr Msci Eafe Index	Trimmed	−17,500	−$1.2M	53.5%

quarter ended March 31, 2014 · filed April 22, 2014

Company	Action	Shares changed	Value of change	% of portfolio
IT Ishares Tr Msci Emerg Mkt	Added	+279,500	+$11.5M	46.2%
IT Ishares Tr Msci Eafe Index	Trimmed	−28,500	−$1.91M	53.8%

quarter ended December 31, 2013 · filed January 24, 2014

Company	Action	Shares changed	Value of change	% of portfolio
IT Ishares Tr Msci Eafe Index	Trimmed	−99,000	−$6.66M	82.0%
IT Ishares Tr Msci Emerg Mkt	Added	+2,000	+$83.6K	18.0%

quarter ended September 30, 2013 · filed November 13, 2013

Company	Action	Shares changed	Value of change	% of portfolio
PQ Powershares Qqq Trust Unit Ser	Exited	−900,000	−$64.1M	—
IT Ishares Tr Msci Eafe Index	Trimmed	−327,000	−$20.1M	85.2%
IT Ishares Tr Msci Emerg Mkt	Exited	−300,000	−$11.6M	—
IS Ishares Silver Trust Ishares	Exited	−400,000	−$7.58M	—
IT Ishares Tr Msci Emerg Mkt	Trimmed	−149,500	−$6.1M	14.8%

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