Philadelphia Financial Management of San Francisco’s Banco Macro BMA Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Shares Change %	Capital Flow	Portfolio Weight	Portfolio Position
2018 Q1	–	Sell	-131,643	Closed	-$15.3M	–	43
2017 Q4	$15.3M	Buy	+131,643	New	+$15.3M	2.25%	23