Telemark Asset Management

Telemark Asset Management as of Dec. 31, 2011

Portfolio Holdings for Telemark Asset Management

Telemark Asset Management holds 28 positions in its portfolio as reported in the December 2011 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
SPDR Gold Trust (GLD) 8.5 $15M 100k 151.99
Golar Lng (GLNG) 7.4 $13M 300k 44.45
Clean Harbors (CLH) 7.1 $13M 200k 63.73
Apple (AAPL) 6.8 $12M 30k 405.00
Verizon Communications (VZ) 6.7 $12M 300k 40.12
Goldcorp 6.7 $12M 270k 44.25
Amazon (AMZN) 4.8 $8.7M 50k 173.10
Market Vectors Gold Miners ETF 4.3 $7.7M 150k 51.43
Franco-Nevada Corporation (FNV) 3.8 $6.8M 180k 38.00
Kansas City Southern 3.8 $6.8M 100k 68.01
Royal Gold (RGLD) 3.8 $6.7M 100k 67.43
Amerigon Incorporated 3.6 $6.4M 450k 14.26
Newmont Mining Corporation (NEM) 3.3 $6.0M 100k 60.01
Cepheid 3.3 $5.8M 170k 34.41
Waste Connections 3.1 $5.6M 170k 33.14
Barrick Gold Corp (GOLD) 3.0 $5.4M 120k 45.25
HMS Holdings 2.7 $4.8M 150k 31.98
J.B. Hunt Transport Services (JBHT) 2.5 $4.5M 100k 45.07
Old Dominion Freight Line (ODFL) 2.3 $4.1M 100k 40.53
Credit Acceptance (CACC) 2.1 $3.7M 45k 82.29
Eldorado Gold Corp 1.9 $3.4M 250k 13.71
Simpson Manufacturing (SSD) 1.9 $3.4M 100k 33.66
Landstar System (LSTR) 1.9 $3.4M 70k 47.91
Douglas Dynamics (PLOW) 1.6 $2.9M 200k 14.62
FTI Consulting (FCN) 1.2 $2.1M 50k 42.42
Assisted Living Concepts 0.9 $1.7M 115k 14.89
Garmin (GRMN) 0.7 $1.2M 30k 39.80
TASER International 0.6 $1.0M 200k 5.12