White Mountains Advisors’s State Street SPDR S&P 500 ETF Trust SPY Stock Holding History

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2020 Q4	–	Sell	-190,803	Closed	-$63.9M	–	2
2020 Q3	$63.9M	Sell	190,803 -1,012,815	-84%	-$336M	75.43%	1
2020 Q2	$371M	Sell	1,203,618 -131,900	-10%	-$38.6M	83.89%	1
2020 Q1	$344M	Sell	1,335,518 -54,000	-4%	-$16.5M	85.26%	1
2019 Q4	$447M	Sell	1,389,518 -84,500	-6%	-$26M	85.74%	1
2019 Q3	$437M	Hold	1,474,018	–	–	86.44%	1
2019 Q2	$432M	Sell	1,474,018 -480,000	-25%	-$138M	86.44%	1
2019 Q1	$552M	Sell	1,954,018 -180,900	-8%	-$49.1M	85.41%	1
2018 Q4	$534M	Buy	2,134,918 +146,000	+7%	+$39.4M	86.47%	1
2018 Q3	$578M	Buy	1,988,918 +262,500	+15%	+$74.7M	85.63%	1
2018 Q2	$468M	Sell	1,726,418 -134,700	-7%	-$36.4M	83.79%	1
2018 Q1	$490M	Sell	1,861,118 -117,127	-6%	-$32M	82.7%	1
2017 Q4	$528M	Buy	1,978,245 +174,010	+10%	+$45.3M	76.27%	1
2017 Q3	$453M	Sell	1,804,235 -514,050	-22%	-$127M	78.19%	1
2017 Q2	$561M	Buy	2,318,285 +1,145,906	+98%	+$275M	80.61%	1
2017 Q1	$276M	Buy	1,172,379 +193,275	+20%	+$44.9M	83.59%	1
2016 Q4	$219M	Buy	979,104 +692,097	+241%	+$151M	80.96%	1
2016 Q3	$62.1M	Buy	287,007 +265,307	+1,223%	+$57.3M	68.61%	1
2016 Q2	$4.55M	Sell	21,700 -541,200	-96%	-$112M	6.93%	5
2016 Q1	$116M	Buy	562,900 +44,100	+9%	+$8.61M	35.98%	1
2015 Q4	$106M	Hold	518,800	–	–	31.62%	2
2015 Q3	$99.4M	Hold	518,800	–	–	31.55%	2
2015 Q2	$107M	Buy	+518,800	New	+$109M	31.41%	2
2014 Q4	$24.6M	Buy	+119,565	New	+$24M	12.89%	3