Philadelphia Financial Management of San Francisco’s Agree Realty ADC Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Shares Change %	Capital Flow	Portfolio Weight	Portfolio Position
2016 Q4	–	Sell	-196,127	Closed	-$9.7M	–	31
2016 Q3	$9.7M	Buy	196,127 +4,794	+3%	+$237K	2.14%	26
2016 Q2	$9.23M	Buy	+191,333	New	+$9.23M	2.12%	27