Philadelphia Financial Management of San Francisco’s Nasdaq NDAQ Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Shares Change %	Capital Flow	Portfolio Weight	Portfolio Position
2014 Q3	–	Sell	-961,350	Closed	-$12.4M	–	47
2014 Q2	$12.4M	Buy	961,350 +466,350	+94%	+$6M	3.25%	17
2014 Q1	$6.1M	Buy	+495,000	New	+$6.1M	1.4%	24
2013 Q4	–	Sell	-393,006	Closed	-$4.21M	–	39
2013 Q3	$4.21M	Buy	+393,006	New	+$4.21M	1.17%	29