Philadelphia Financial Management of San Francisco’s Horace Mann Educators HMN Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Shares Change %	Capital Flow	Portfolio Weight	Portfolio Position
2016 Q2	–	Sell	-297,960	Closed	-$9.44M	–	43
2016 Q1	$9.44M	Buy	297,960 +66,215	+29%	+$2.1M	2.08%	20
2015 Q4	$7.69M	Sell	231,745 -152,001	-40%	-$5.04M	1.6%	25
2015 Q3	$12.7M	Buy	+383,746	New	+$12.7M	2.72%	18