EXIT FULL POSITION IN WYNDHAM WORLDWIDE AT $84.91 (WYN-US)

Wyndham Worldwide owns Wyndham Hotels and Resorts, Ramada, Days Inn, Super 8, Howard Johnson and others. The Company operates through three segments: Lodging, which franchises hotels and provides hotel management services; Vacation exchange and rentals, which provides vacation exchange services and products to owners of intervals of vacation ownership interests and markets vacation rental properties, and Vacation ownership.

JUSTIFICATION WYN was purchased in August 2015 at $80.24. We were patient with the stock and suffered through declines to $60 per share. At this point, we believe that the valuation range on this stock has shifted lower. We are satisfied with the profit and will look to upgrade to a better quality investment at a lower valuation.