This fund disposed its stakes in Ishares Tr Russell (IWM), Powershares Qqq Trust (QQQ), Triad Guaranty Inc, Kraft Foods Group (KRFT) and American Leisure Hldgs (AMLH). These securities constituted 0.46%, 0.45%, 0.44%, 0.17% and 0.08% of the manager’s portfolio, respectively. We can only speculate about the reasons for this selling but we believe it has to do with either value, momentum or a better place for Welch Group Llc’s capital.