Philadelphia Financial Management of San Francisco’s NMI Holdings NMIH Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Shares Change %	Capital Flow	Portfolio Weight	Portfolio Position
2017 Q4	–	Sell	-1,058,724	Closed	-$13.1M	–	42
2017 Q3	$13.1M	Buy	1,058,724 +114,584	+12%	+$1.42M	2.31%	22
2017 Q2	$10.8M	Buy	944,140 +289,140	+44%	+$3.31M	1.94%	27
2017 Q1	$7.47M	Buy	+655,000	New	+$7.47M	1.69%	28