Philadelphia Financial Management of San Francisco’s Houlihan Lokey HLI Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Shares Change %	Capital Flow	Portfolio Weight	Portfolio Position
2017 Q3	–	Sell	-86,140	Closed	-$3.01M	–	36
2017 Q2	$3.01M	Buy	+86,140	New	+$3.01M	0.54%	36
2016 Q1	–	Sell	-432,158	Closed	-$11.3M	–	47
2015 Q4	$11.3M	Sell	432,158 -112,262	-21%	-$2.94M	2.36%	19
2015 Q3	$11.9M	Buy	+544,420	New	+$11.9M	2.53%	19