Newfoundland Capital Management Buys Cresud SACIF y A, Arcos Dorados Holdings Inc, Transportadora de Gas del Sur SA, Sells Atento S.A, Enel Americas SA, Grupo Supervielle SA

• New Purchases: PAM, DESP, IRS, TX, LOMA, FBR, CIB, BG, CAAP, BBD,
• Added Positions: CRESY, ARCO, EDN, TGS, NEXA, PAAS, IRCP, SQM, ESTR,
• Reduced Positions: ENIA, SUPV, PBR, AZUL,
• Sold Out: ATTO, ELP, CX, CZZ,

For the details of Newfoundland Capital Management's stock buys and sells, go to http://www.gurufocus.com/StockBuy.php?GuruName=Newfoundland+Capital+Management

1. Cresud SACIF y A (CRESY) - 3,972,525 shares, 24.6% of the total portfolio. Shares added by 63.48%
2. Empresa Distribuidora y Comercializadora Norte SA (EDN) - 950,524 shares, 16.8% of the total portfolio. Shares added by 13.94%
3. iShares Inc MSCI Mexico (EWW) - 965,000 shares, 15.28% of the total portfolio.
4. iShares Inc MSCI Brazil (EWZ) - 723,000 shares, 9.97% of the total portfolio.
5. iShares Inc MSCI Mexico (EWW) - 433,500 shares, 6.86% of the total portfolio.

Newfoundland Capital Management initiated holding in Pampa Energia SA. The purchase prices were between $59 and $71.65, with an estimated average price of $65.18. The stock is now traded at around $49.30. The impact to a portfolio due to this purchase was 1.13%. The holding were 61,680 shares as of 2018-03-31.

Newfoundland Capital Management initiated holding in Despegar.com Corp. The purchase prices were between $26.49 and $33.5, with an estimated average price of $29.83. The stock is now traded at around $23.03. The impact to a portfolio due to this purchase was 0.8%. The holding were 83,600 shares as of 2018-03-31.

Newfoundland Capital Management initiated holding in IRSA Inversiones y Representaciones SA. The purchase prices were between $23 and $32.17, with an estimated average price of $27.36. The stock is now traded at around $18.57. The impact to a portfolio due to this purchase was 0.78%. The holding were 107,705 shares as of 2018-03-31.

Newfoundland Capital Management initiated holding in Ternium SA. The purchase prices were between $31.41 and $36.69, with an estimated average price of $33.86. The stock is now traded at around $37.14. The impact to a portfolio due to this purchase was 0.62%. The holding were 61,878 shares as of 2018-03-31.

Newfoundland Capital Management initiated holding in Loma Negra Cia Industria Argentina SA. The purchase prices were between $20.75 and $25.02, with an estimated average price of $22.7. The stock is now traded at around $13.52. The impact to a portfolio due to this purchase was 0.48%. The holding were 73,315 shares as of 2018-03-31.

Newfoundland Capital Management initiated holding in Fibria Celulose SA. The purchase prices were between $14.54 and $21.95, with an estimated average price of $17.82. The stock is now traded at around $19.11. The impact to a portfolio due to this purchase was 0.33%. The holding were 55,172 shares as of 2018-03-31.

Newfoundland Capital Management added to a holding in Cresud SACIF y A by 63.48%. The purchase prices were between $18.42 and $22.49, with an estimated average price of $20.91. The stock is now traded at around $17.35. The impact to a portfolio due to this purchase was 9.55%. The holding were 3,972,525 shares as of 2018-03-31.

Newfoundland Capital Management added to a holding in Arcos Dorados Holdings Inc by 880.63%. The purchase prices were between $8.75 and $10.25, with an estimated average price of $9.64. The stock is now traded at around $7.28. The impact to a portfolio due to this purchase was 2.6%. The holding were 1,026,311 shares as of 2018-03-31.

Newfoundland Capital Management added to a holding in Transportadora de Gas del Sur SA by 561.40%. The purchase prices were between $19.05 and $23.6, with an estimated average price of $21.62. The stock is now traded at around $17.09. The impact to a portfolio due to this purchase was 1.21%. The holding were 227,752 shares as of 2018-03-31.

Newfoundland Capital Management added to a holding in Nexa Resources SA by 291.34%. The purchase prices were between $17.11 and $21.06, with an estimated average price of $19.65. The stock is now traded at around $15.75. The impact to a portfolio due to this purchase was 0.89%. The holding were 223,440 shares as of 2018-03-31.

Newfoundland Capital Management added to a holding in Pan American Silver Corp by 1400.00%. The purchase prices were between $15.03 and $17.35, with an estimated average price of $15.92. The stock is now traded at around $17.91. The impact to a portfolio due to this purchase was 0.69%. The holding were 150,000 shares as of 2018-03-31.

Newfoundland Capital Management added to a holding in IRSA Propiedades Comerciales SA by 31.35%. The purchase prices were between $44 and $57.5, with an estimated average price of $49.99. The stock is now traded at around $35.99. The impact to a portfolio due to this purchase was 0.66%. The holding were 203,632 shares as of 2018-03-31.

Newfoundland Capital Management sold out a holding in Atento S.A. The sale prices were between $7.8 and $10.35, with an estimated average price of $9.54.

Newfoundland Capital Management sold out a holding in Energy Company of Parana. The sale prices were between $7.03 and $8.33, with an estimated average price of $7.68.

Newfoundland Capital Management sold out a holding in Cemex SAB de CV. The sale prices were between $6.52 and $8.45, with an estimated average price of $7.5.

Newfoundland Capital Management sold out a holding in Cosan Ltd. The sale prices were between $10.09 and $11.76, with an estimated average price of $10.95.

Newfoundland Capital Management reduced to a holding in Enel Americas SA by 29.96%. The sale prices were between $10.98 and $11.99, with an estimated average price of $11.43. The stock is now traded at around $9.40. The impact to a portfolio due to this sale was -1.83%. Newfoundland Capital Management still held 1,465,927 shares as of 2018-03-31.

Newfoundland Capital Management reduced to a holding in Grupo Supervielle SA by 35.05%. The sale prices were between $28.26 and $33.01, with an estimated average price of $30.65. The stock is now traded at around $19.19. The impact to a portfolio due to this sale was -0.88%. Newfoundland Capital Management still held 213,766 shares as of 2018-03-31.

Newfoundland Capital Management reduced to a holding in Petroleo Brasileiro SA Petrobras by 44.65%. The sale prices were between $10.7 and $14.71, with an estimated average price of $13.16. The stock is now traded at around $9.89. The impact to a portfolio due to this sale was -0.35%. Newfoundland Capital Management still held 160,900 shares as of 2018-03-31.