PHILADELPHIA FINANCIAL MANAGEMENT OF SAN FRANCISCO, LLC Information

450 SANSOME STREET, SUITE 1500, SAN FRANCISCO, California, 94111, (415) 352-4460

Report Date: 03/31/2016

Position Statistics

Total Positions 61
New Positions 23
Increased Positions 33
Decreased Positions 27
Positions with Activity 60
Sold Out Positions 19
Total Mkt Value (in $ millions) 476

Institutional Holdings information is filed by major institutions on form 13-F with the Securities and Exchange Commission.

Sector Weighting

Basic Materials
Capital Goods
Conglomerates
Consumer Cyclical 2.93%
Consumer/Non-Cyclical
Energy
Financial 50.07%
Healthcare
Services 17.94%
Technology 1.67%
Transportation
Utilities

61 Positions as of 03/31/2016

Company Class Value of Shares ($1,000s) ▼ Change in Value ($1,000s) Change (%) Shares Held
NET 1 UEPS TECHNOLOGIES INC COM NEW 28,919 2,291 8.60 2,900,628
INVESTMENT TECHNOLOGY GRP NEW COM 28,447 -8,035 (22.03) 1,711,624
META FINL GROUP INC COM 28,103 -2,849 (9.21) 522,938
KCG HLDGS INC CL A 23,852 5,100 27.20 1,713,498
ASSURED GUARANTY LTD COM 23,542 -5,085 (17.76) 922,143
AVIS BUDGET GROUP COM 21,582 21,582 New 620,000
LEGACY TEX FINL GROUP INC COM 18,598 18,598 New 661,615
LGI HOMES INC COM 17,871 10,762 151.39 586,886
PENNYMAC FINL SVCS INC CL A 16,321 3,127 23.70 1,184,398
TRIPLEPOINT VENTURE GROWTH BDC COM 15,448 -237 (1.51) 1,451,865
STORE CAP CORP COM 14,394 14,394 New 532,310
OM ASSET MGMT PLC SHS 14,131 3,257 29.96 972,526
LKQ CORP COM 13,948 13,948 New 415,000
GRAND CANYON ED INC COM 13,000 -1,651 (11.27) 318,245
AERCAP HOLDINGS NV SHS 11,957 11,957 New 311,879
QTS RLTY TR INC COM CL A 11,343 11,343 New 205,000
XL GROUP PLC SHS 10,153 -1,977 (16.3) 305,075
HORACE MANN EDUCATORS CORP NEW COM 10,014 2,225 28.57 297,960
ARGO GROUP INTL HLDGS LTD COM 9,810 7,531 330.57 189,923
E TRADE FINANCIAL CORP COM NEW 9,758 9,758 New 372,579