Philadelphia Financial Management of San Francisco, LLC Activity Q4 2005-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
VLU	New	SPDR SER TRput	$28,914,580	–	200,000	–	7.36%	–
AGO	Buy	ASSURED GUARANTY LTD	$26,955,790	+62.2%	445,403	+49.6%	6.86%	+51.0%
	Buy	FIRSTCASH HOLDINGS INC	$19,296,449	+277.8%	192,234	+251.2%	4.91%	+251.7%
GEO	Buy	GEO GROUP INC NEW	$18,897,362	+336.2%	2,310,191	+281.8%	4.81%	+306.1%
CXW	Sell	CORECIVIC INC	$18,488,295	+15.7%	1,643,404	-3.2%	4.71%	+7.7%
SLM	Buy	SLM CORP	$18,297,271	+46.3%	1,343,412	+75.3%	4.66%	+36.2%
	New	APOLLO GLOBAL MGMT INC	$16,570,953	–	184,614	–	4.22%	–
AER	Sell	AERCAP HOLDINGS NV	$15,404,787	-4.0%	245,808	-2.7%	3.92%	-10.7%
PFSI	Sell	PENNYMAC FINL SVCS INC NEW	$14,830,421	-37.8%	222,679	-34.3%	3.78%	-42.1%
MUFG	New	MITSUBISHI UFJ FINL GROUP INsponsored ads	$14,785,369	–	1,741,504	–	3.76%	–
NYCB	New	NEW YORK CMNTY BANCORP INC	$14,307,338	–	1,261,670	–	3.64%	–
IXP	New	ISHARES TRput	$13,662,000	–	200,000	–	3.48%	–
COOP	Buy	MR COOPER GROUP INC	$13,433,491	+10.8%	250,812	+4.7%	3.42%	+3.1%
RE	Buy	EVEREST GROUP LTD	$13,397,217	+26.4%	36,046	+16.2%	3.41%	+17.6%
ACGL	New	ARCH CAP GROUP LTDord	$13,144,817	–	164,908	–	3.35%	–
UBS	New	UBS GROUP AG	$12,546,111	–	508,970	–	3.19%	–
RNR	Buy	RENAISSANCERE HLDGS LTD	$12,253,821	+64.6%	61,913	+55.2%	3.12%	+53.2%
CAR	Buy	AVIS BUDGET GROUP	$11,455,238	+154.4%	63,750	+223.8%	2.92%	+136.8%
NXE	New	NEXGEN ENERGY LTD	$10,266,812	–	1,719,734	–	2.61%	–
AIG	Sell	AMERICAN INTL GROUP INC	$10,067,842	-30.1%	166,136	-33.6%	2.56%	-34.9%
UNM	New	UNUM GROUP	$9,530,858	–	193,756	–	2.43%	–
ALL	Sell	ALLSTATE CORP	$9,082,477	-45.0%	81,523	-46.1%	2.31%	-48.7%
FFWM	New	FIRST FNDTN INC	$8,738,024	–	1,437,175	–	2.22%	–
XOM	New	EXXON MOBIL CORP	$8,202,146	–	69,758	–	2.09%	–
CCJ	Sell	CAMECO CORP	$7,909,805	-6.0%	199,541	-25.7%	2.01%	-12.5%
CB	New	CHUBB LIMITED	$7,416,829	–	35,627	–	1.89%	–
LAD	New	LITHIA MTRS INC	$7,243,854	–	24,528	–	1.84%	–
UEC	Sell	URANIUM ENERGY CORP	$6,314,327	+3.3%	1,226,083	-31.8%	1.61%	-3.8%
CUBI	New	CUSTOMERS BANCORP INC	$6,249,850	–	181,418	–	1.59%	–
NAVI	New	NAVIENT CORPORATIONcall	$5,079,900	–	295,000	–	1.29%	–
	Exit	VESTA REAL ESTATE CORPORATIOads	$0	–	-24,723	–	-0.22%	–
	Exit	NAVIENT CORPORATIONcall	$0	–	-115,000	–	-0.58%	–
IBKR	Exit	INTERACTIVE BROKERS GROUP IN	$0	–	-30,525	–	-0.69%	–
	Exit	SLM CORPcall	$0	–	-190,100	–	-0.85%	–
	Exit	FTAI INFRASTRUCTURE INC	$0	–	-934,029	–	-0.94%	–
	Exit	FIDELIS INSURANCE HOLDINGS L	$0	–	-370,500	–	-1.38%	–
MHO	Exit	M/I HOMES INC	$0	–	-58,561	–	-1.40%	–
PNFP	Exit	PINNACLE FINL PARTNERS INC	$0	–	-105,837	–	-1.64%	–
SPGI	Exit	S&P GLOBAL INC	$0	–	-16,118	–	-1.77%	–
HCI	Exit	HCI GROUP INC	$0	–	-104,748	–	-1.77%	–
BKI	Exit	BLACK KNIGHT INC	$0	–	-123,201	–	-2.01%	–
CBOE	Exit	CBOE GLOBAL MKTS INC	$0	–	-55,674	–	-2.10%	–
OMF	Exit	ONEMAIN HLDGS INC	$0	–	-203,452	–	-2.43%	–
MSFT	Exit	MICROSOFT CORP	$0	–	-30,089	–	-2.80%	–
EWBC	Exit	EAST WEST BANCORP INC	$0	–	-221,726	–	-3.20%	–
DLR	Exit	DIGITAL RLTY TR INC	$0	–	-105,618	–	-3.29%	–
AFG	Exit	AMERICAN FINL GROUP INC OHIO	$0	–	-107,685	–	-3.50%	–
PGR	Exit	PROGRESSIVE CORP	$0	–	-98,068	–	-3.55%	–
NAVI	Exit	NAVIENT CORPORATION	$0	–	-724,782	–	-3.68%	–
	Exit	ROBINHOOD MKTS INC	$0	–	-1,419,640	–	-3.88%	–
BX	Exit	BLACKSTONE INC	$0	–	-168,407	–	-4.28%	–
	Exit	META PLATFORMS INCput	$0	–	-80,000	–	-6.28%	–

Q2 2023

			Value		Shares		↓ Weighting
PFSI	New	PENNYMAC FINL SVCS INC NEW	$23,846,480	–	339,162	–	6.52%	–
	New	META PLATFORMS INCput	$22,958,400	–	80,000	–	6.28%	–
AGO	New	ASSURED GUARANTY LTD	$16,618,412	–	297,821	–	4.55%	–
ALL	New	ALLSTATE CORP	$16,500,260	–	151,323	–	4.51%	–
AER	New	AERCAP HOLDINGS NV	$16,047,947	–	252,644	–	4.39%	–
CXW	New	CORECIVIC INC	$15,978,651	–	1,698,050	–	4.37%	–
BX	New	BLACKSTONE INC	$15,656,799	–	168,407	–	4.28%	–
AIG	New	AMERICAN INTL GROUP INC	$14,401,284	–	250,283	–	3.94%	–
	New	ROBINHOOD MKTS INC	$14,168,007	–	1,419,640	–	3.88%	–
NAVI	New	NAVIENT CORPORATION	$13,466,450	–	724,782	–	3.68%	–
PGR	New	PROGRESSIVE CORP	$12,981,261	–	98,068	–	3.55%	–
AFG	New	AMERICAN FINL GROUP INC OHIO	$12,787,594	–	107,685	–	3.50%	–
SLM	New	SLM CORP	$12,504,580	–	766,212	–	3.42%	–
COOP	New	MR COOPER GROUP INC	$12,129,495	–	239,524	–	3.32%	–
DLR	New	DIGITAL RLTY TR INC	$12,026,722	–	105,618	–	3.29%	–
EWBC	New	EAST WEST BANCORP INC	$11,704,916	–	221,726	–	3.20%	–
RE	New	EVEREST RE GROUP LTD	$10,602,104	–	31,013	–	2.90%	–
MSFT	New	MICROSOFT CORP	$10,246,508	–	30,089	–	2.80%	–
OMF	New	ONEMAIN HLDGS INC	$8,888,818	–	203,452	–	2.43%	–
CCJ	New	CAMECO CORP	$8,416,084	–	268,627	–	2.30%	–
CBOE	New	CBOE GLOBAL MKTS INC	$7,683,569	–	55,674	–	2.10%	–
RNR	New	RENAISSANCERE HLDGS LTD	$7,442,708	–	39,903	–	2.04%	–
BKI	New	BLACK KNIGHT INC	$7,358,796	–	123,201	–	2.01%	–
HCI	New	HCI GROUP INC	$6,471,331	–	104,748	–	1.77%	–
SPGI	New	S&P GLOBAL INC	$6,461,545	–	16,118	–	1.77%	–
UEC	New	URANIUM ENERGY CORP	$6,113,173	–	1,797,992	–	1.67%	–
PNFP	New	PINNACLE FINL PARTNERS INC	$5,995,666	–	105,837	–	1.64%	–
	New	FIRSTCASH HOLDINGS INC	$5,108,044	–	54,731	–	1.40%	–
MHO	New	M/I HOMES INC	$5,105,934	–	58,561	–	1.40%	–
	New	FIDELIS INSURANCE HOLDINGS L	$5,057,325	–	370,500	–	1.38%	–
CAR	New	AVIS BUDGET GROUP	$4,502,284	–	19,689	–	1.23%	–
GEO	New	GEO GROUP INC NEW	$4,332,201	–	605,056	–	1.18%	–
	New	FTAI INFRASTRUCTURE INC	$3,446,567	–	934,029	–	0.94%	–
	New	SLM CORPcall	$3,102,432	–	190,100	–	0.85%	–
IBKR	New	INTERACTIVE BROKERS GROUP IN	$2,535,712	–	30,525	–	0.69%	–
	New	NAVIENT CORPORATIONcall	$2,136,700	–	115,000	–	0.58%	–
	New	VESTA REAL ESTATE CORPORATIOads	$796,575	–	24,723	–	0.22%	–

Q4 2022

			Value		Shares		↓ Weighting
RBB	Exit	RBB BANCORP	$0	–	-91,710	–	-0.66%	–
BSMX	Exit	BANCO SANTANDER MEXICO SAsponsored ads b	$0	–	-790,645	–	-1.40%	–
	Exit	THIRD COAST BANCSHARES INC	$0	–	-263,583	–	-1.57%	–
FIBK	Exit	FIRST INTST BANCSYSTEM INC	$0	–	-119,089	–	-1.67%	–
	Exit	NU HLDGS LTD	$0	–	-1,315,361	–	-2.01%	–
ARGO	Exit	ARGO GROUP INTL HLDGS LTD	$0	–	-312,894	–	-2.10%	–
MTB	Exit	M & T BK CORP	$0	–	-36,642	–	-2.25%	–
TWTR	Exit	TWITTER INC	$0	–	-147,538	–	-2.25%	–
ARCC	Exit	ARES CAPITAL CORP	$0	–	-394,913	–	-2.32%	–
	Exit	FTAI INFRASTRUCTURE INC	$0	–	-2,805,595	–	-2.34%	–
AJG	Exit	GALLAGHER ARTHUR J & CO	$0	–	-42,312	–	-2.52%	–
EQH	Exit	EQUITABLE HLDGS INC	$0	–	-284,515	–	-2.61%	–
AFCG	Exit	AFC GAMMA INC	$0	–	-494,131	–	-2.63%	–
	Exit	PROFRAC HLDG CORP	$0	–	-584,603	–	-3.09%	–
BKI	Exit	BLACK KNIGHT INC	$0	–	-142,807	–	-3.22%	–
EPD	Exit	ENTERPRISE PRODS PARTNERS L	$0	–	-407,645	–	-3.37%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-37,229	–	-3.80%	–
UNM	Exit	UNUM GROUP	$0	–	-285,729	–	-3.86%	–
NTB	Exit	BANK OF NT BUTTERFIELD&SON L	$0	–	-363,925	–	-4.11%	–
AFG	Exit	AMERICAN FINL GROUP INC OHIO	$0	–	-100,469	–	-4.30%	–
	Exit	COREBRIDGE FINL INC	$0	–	-637,941	–	-4.37%	–
AMRK	Exit	A-MARK PRECIOUS METALS INC	$0	–	-458,524	–	-4.53%	–
PGR	Exit	PROGRESSIVE CORP	$0	–	-115,181	–	-4.66%	–
ALL	Exit	ALLSTATE CORP	$0	–	-108,245	–	-4.69%	–
PFBC	Exit	PREFERRED BK LOS ANGELES CA	$0	–	-212,065	–	-4.81%	–
EWBC	Exit	EAST WEST BANCORP INC	$0	–	-212,875	–	-4.97%	–
CMA	Exit	COMERICA INC	$0	–	-213,037	–	-5.27%	–
ING	Exit	ING GROEP N.V.sponsored adr	$0	–	-1,844,129	–	-5.45%	–
AGO	Exit	ASSURED GUARANTY LTD	$0	–	-545,196	–	-9.19%	–

Q3 2022

			Value		Shares		↓ Weighting
AGO	Buy	ASSURED GUARANTY LTD	$26,415,000	+38.2%	545,196	+59.2%	9.19%	+63.7%
ING	New	ING GROEP N.V.sponsored adr	$15,675,000	–	1,844,129	–	5.45%	–
CMA	New	COMERICA INC	$15,147,000	–	213,037	–	5.27%	–
EWBC	Buy	EAST WEST BANCORP INC	$14,292,000	+59.2%	212,875	+53.7%	4.97%	+88.5%
PFBC	Buy	PREFERRED BK LOS ANGELES CA	$13,833,000	+20.6%	212,065	+25.8%	4.81%	+42.8%
ALL	Buy	ALLSTATE CORP	$13,480,000	+85.6%	108,245	+88.9%	4.69%	+119.8%
PGR	Buy	PROGRESSIVE CORP	$13,385,000	+66.5%	115,181	+66.6%	4.66%	+97.2%
AMRK	Sell	A-MARK PRECIOUS METALS INC	$13,017,000	-46.1%	458,524	-38.8%	4.53%	-36.2%
	New	COREBRIDGE FINL INC	$12,561,000	–	637,941	–	4.37%	–
AFG	Sell	AMERICAN FINL GROUP INC OHIO	$12,351,000	-35.2%	100,469	-26.9%	4.30%	-23.3%
NTB	Buy	BANK OF NT BUTTERFIELD&SON L	$11,813,000	+16.4%	363,925	+11.8%	4.11%	+37.8%
UNM	New	UNUM GROUP	$11,086,000	–	285,729	–	3.86%	–
GS	Sell	GOLDMAN SACHS GROUP INC	$10,910,000	-37.1%	37,229	-36.3%	3.80%	-25.5%
EPD	New	ENTERPRISE PRODS PARTNERS L	$9,694,000	–	407,645	–	3.37%	–
BKI	New	BLACK KNIGHT INC	$9,244,000	–	142,807	–	3.22%	–
	Sell	PROFRAC HLDG CORP	$8,892,000	-44.6%	584,603	-33.3%	3.09%	-34.4%
AFCG	Sell	AFC GAMMA INC	$7,560,000	-20.5%	494,131	-20.4%	2.63%	-5.9%
EQH	Sell	EQUITABLE HLDGS INC	$7,497,000	-50.1%	284,515	-50.6%	2.61%	-40.9%
AJG	New	GALLAGHER ARTHUR J & CO	$7,245,000	–	42,312	–	2.52%	–
	New	FTAI INFRASTRUCTURE INC	$6,733,000	–	2,805,595	–	2.34%	–
ARCC	New	ARES CAPITAL CORP	$6,666,000	–	394,913	–	2.32%	–
TWTR	New	TWITTER INC	$6,468,000	–	147,538	–	2.25%	–
MTB	New	M & T BK CORP	$6,461,000	–	36,642	–	2.25%	–
ARGO	Buy	ARGO GROUP INTL HLDGS LTD	$6,026,000	-9.2%	312,894	+73.8%	2.10%	+7.5%
	New	NU HLDGS LTD	$5,788,000	–	1,315,361	–	2.01%	–
FIBK	Sell	FIRST INTST BANCSYSTEM INC	$4,805,000	-42.8%	119,089	-46.0%	1.67%	-32.3%
	Buy	THIRD COAST BANCSHARES INC	$4,510,000	-9.0%	263,583	+16.5%	1.57%	+7.8%
BSMX	Buy	BANCO SANTANDER MEXICO SAsponsored ads b	$4,032,000	+60.3%	790,645	+58.6%	1.40%	+89.7%
RBB	Buy	RBB BANCORP	$1,906,000	+28.8%	91,710	+28.1%	0.66%	+52.4%
PWPPW	Exit	PERELLA WEINBERG PARTNERS*w exp 12/31/202	$0	–	-122,552	–	-0.02%	–
BYFC	Exit	BROADWAY FINL CORP DEL	$0	–	-2,846,815	–	-0.89%	–
	Exit	BRIDGE INVT GROUP HLDGS INC	$0	–	-254,971	–	-1.09%	–
ONEW	Exit	ONEWATER MARINE INC	$0	–	-131,565	–	-1.28%	–
CAR	Exit	AVIS BUDGET GROUP	$0	–	-36,184	–	-1.56%	–
SQ	Exit	BLOCK INCcl a	$0	–	-91,100	–	-1.64%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-19,079	–	-1.77%	–
HQY	Exit	HEALTHEQUITY INC	$0	–	-99,358	–	-1.79%	–
SAH	Exit	SONIC AUTOMOTIVE INCcl a	$0	–	-167,647	–	-1.80%	–
TMHC	Exit	TAYLOR MORRISON HOME CORP	$0	–	-273,763	–	-1.88%	–
MKL	Exit	MARKEL CORP	$0	–	-6,366	–	-2.42%	–
COWN	Exit	COWEN INCcl a new	$0	–	-350,817	–	-2.44%	–
AB	Exit	ALLIANCEBERNSTEIN HLDG L Punit ltd partn	$0	–	-202,718	–	-2.48%	–
FRC	Exit	FIRST REP BK SAN FRANCISCO C	$0	–	-67,322	–	-2.85%	–
BSAC	Exit	BANCO SANTANDER CHILE NEW	$0	–	-696,944	–	-3.34%	–
SII	Exit	SPROTT INC	$0	–	-384,876	–	-3.93%	–
SBNY	Exit	SIGNATURE BK NEW YORK N Y	$0	–	-77,894	–	-4.10%	–
CIB	Exit	BANCOLOMBIA S Aspon adr pref	$0	–	-479,944	–	-4.35%	–
FIS	Exit	FIDELITY NATL INFORMATION SV	$0	–	-167,927	–	-4.52%	–

Q2 2022

			Value		Shares		↓ Weighting
AMRK	New	A-MARK PRECIOUS METALS INC	$24,165,000	–	749,303	–	7.10%	–
AGO	New	ASSURED GUARANTY LTD	$19,109,000	–	342,509	–	5.61%	–
AFG	New	AMERICAN FINL GROUP INC OHIO	$19,068,000	–	137,371	–	5.60%	–
GS	New	GOLDMAN SACHS GROUP INC	$17,347,000	–	58,403	–	5.10%	–
	New	PROFRAC HLDG CORP	$16,051,000	–	876,650	–	4.72%	–
FIS	New	FIDELITY NATL INFORMATION SV	$15,394,000	–	167,927	–	4.52%	–
EQH	New	EQUITABLE HLDGS INC	$15,013,000	–	575,885	–	4.41%	–
CIB	New	BANCOLOMBIA S Aspon adr pref	$14,797,000	–	479,944	–	4.35%	–
SBNY	New	SIGNATURE BK NEW YORK N Y	$13,959,000	–	77,894	–	4.10%	–
SII	New	SPROTT INC	$13,370,000	–	384,876	–	3.93%	–
PFBC	New	PREFERRED BK LOS ANGELES CA	$11,470,000	–	168,628	–	3.37%	–
BSAC	New	BANCO SANTANDER CHILE NEW	$11,353,000	–	696,944	–	3.34%	–
NTB	New	BANK OF NT BUTTERFIELD&SON L	$10,151,000	–	325,445	–	2.98%	–
FRC	New	FIRST REP BK SAN FRANCISCO C	$9,708,000	–	67,322	–	2.85%	–
AFCG	New	AFC GAMMA INC	$9,515,000	–	620,692	–	2.80%	–
EWBC	New	EAST WEST BANCORP INC	$8,977,000	–	138,533	–	2.64%	–
AB	New	ALLIANCEBERNSTEIN HLDG L Punit ltd partn	$8,429,000	–	202,718	–	2.48%	–
FIBK	New	FIRST INTST BANCSYSTEM INC	$8,405,000	–	220,549	–	2.47%	–
COWN	New	COWEN INCcl a new	$8,311,000	–	350,817	–	2.44%	–
MKL	New	MARKEL CORP	$8,233,000	–	6,366	–	2.42%	–
PGR	New	PROGRESSIVE CORP	$8,039,000	–	69,139	–	2.36%	–
ALL	New	ALLSTATE CORP	$7,261,000	–	57,297	–	2.13%	–
ARGO	New	ARGO GROUP INTL HLDGS LTD	$6,637,000	–	180,052	–	1.95%	–
TMHC	New	TAYLOR MORRISON HOME CORP	$6,395,000	–	273,763	–	1.88%	–
SAH	New	SONIC AUTOMOTIVE INCcl a	$6,141,000	–	167,647	–	1.80%	–
HQY	New	HEALTHEQUITY INC	$6,100,000	–	99,358	–	1.79%	–
MA	New	MASTERCARD INCORPORATEDcl a	$6,019,000	–	19,079	–	1.77%	–
SQ	New	BLOCK INCcl a	$5,599,000	–	91,100	–	1.64%	–
CAR	New	AVIS BUDGET GROUP	$5,322,000	–	36,184	–	1.56%	–
	New	THIRD COAST BANCSHARES INC	$4,955,000	–	226,239	–	1.46%	–
ONEW	New	ONEWATER MARINE INC	$4,348,000	–	131,565	–	1.28%	–
	New	BRIDGE INVT GROUP HLDGS INC	$3,707,000	–	254,971	–	1.09%	–
BYFC	New	BROADWAY FINL CORP DEL	$3,018,000	–	2,846,815	–	0.89%	–
BSMX	New	BANCO SANTANDER MEXICO SAsponsored ads b	$2,515,000	–	498,487	–	0.74%	–
RBB	New	RBB BANCORP	$1,480,000	–	71,581	–	0.44%	–
PWPPW	New	PERELLA WEINBERG PARTNERS*w exp 12/31/202	$86,000	–	122,552	–	0.02%	–

Q4 2021

			Value		Shares		↓ Weighting
KPLT	Exit	KATAPULT HOLDINGS INC	$0	–	-46,534	–	-0.08%	–
PWPPW	Exit	PERELLA WEINBERG PARTNERS*w exp 12/31/202	$0	–	-122,552	–	-0.12%	–
IFS	Exit	INTERCORP FINL SVCS INC	$0	–	-32,138	–	-0.23%	–
GRIN	Exit	GRINDROD SHIPPING HOLDINGS L	$0	–	-70,781	–	-0.35%	–
	Exit	DOMA HOLDINGS INC	$0	–	-362,157	–	-0.85%	–
FTAI	Exit	FORTRESS TRANS INFRST INVS L	$0	–	-144,430	–	-1.17%	–
SLM	Exit	SLM CORP	$0	–	-208,786	–	-1.17%	–
BILL	Exit	BILL COM HLDGS INC	$0	–	-14,654	–	-1.24%	–
WMPN	Exit	WILLIAM PENN BANCORPORATION	$0	–	-321,673	–	-1.25%	–
WLTW	Exit	WILLIS TOWERS WATSON PLC LTD	$0	–	-19,200	–	-1.42%	–
BYFC	Exit	BROADWAY FINL CORP DEL	$0	–	-1,866,296	–	-1.97%	–
PRA	Exit	PROASSURANCE CORP	$0	–	-266,634	–	-2.02%	–
AFG	Exit	AMERICAN FINL GROUP INC OHIO	$0	–	-53,685	–	-2.15%	–
LNC	Exit	LINCOLN NATL CORP IND	$0	–	-99,816	–	-2.18%	–
PWP	Exit	PERELLA WEINBERG PARTNERS	$0	–	-526,122	–	-2.22%	–
VRTS	Exit	VIRTUS INVT PARTNERS INC	$0	–	-23,202	–	-2.29%	–
CAI	Exit	CAI INTERNATIONAL INC	$0	–	-129,999	–	-2.31%	–
NTB	Exit	BANK OF NT BUTTERFIELD&SON L	$0	–	-210,101	–	-2.37%	–
ARGO	Exit	ARGO GROUP INTL HLDGS LTD	$0	–	-155,816	–	-2.59%	–
BRP	Exit	BRP GROUP INC	$0	–	-309,163	–	-3.27%	–
BAP	Exit	CREDICORP LTD	$0	–	-94,702	–	-3.34%	–
BYRN	Exit	BYRNA TECHNOLOGIES INC	$0	–	-487,623	–	-3.39%	–
	Exit	BRIDGE INVT GROUP HLDGS INC	$0	–	-629,505	–	-3.54%	–
COWN	Exit	COWEN INCcl a new	$0	–	-358,023	–	-3.91%	–
AFCG	Exit	AFC GAMMA INC	$0	–	-589,296	–	-4.04%	–
AJG	Exit	GALLAGHER ARTHUR J & CO	$0	–	-100,341	–	-4.74%	–
GCMG	Exit	GCM GROSVENOR INC	$0	–	-1,371,091	–	-5.02%	–
EQH	Exit	EQUITABLE HLDGS INC	$0	–	-635,235	–	-5.99%	–
GM	Exit	GENERAL MTRS CO	$0	–	-364,312	–	-6.11%	–
FNF	Exit	FIDELITY NATIONAL FINANCIAL	$0	–	-447,418	–	-6.45%	–
RCII	Exit	RENT A CTR INC NEW	$0	–	-361,591	–	-6.46%	–
GT	Exit	GOODYEAR TIRE & RUBR CO	$0	–	-1,287,290	–	-7.25%	–
AMRK	Exit	A-MARK PRECIOUS METALS INC	$0	–	-444,878	–	-8.49%	–

Q3 2021

			Value		Shares		↓ Weighting
AMRK	Buy	A-MARK PRECIOUS METALS INC	$26,702,000	+29.6%	444,878	+0.4%	8.49%	+38.0%
GT	New	GOODYEAR TIRE & RUBR CO	$22,785,000	–	1,287,290	–	7.25%	–
RCII	Buy	RENT A CTR INC NEW	$20,325,000	+20.3%	361,591	+13.6%	6.46%	+28.1%
FNF	Buy	FIDELITY NATIONAL FINANCIAL	$20,286,000	+16.5%	447,418	+11.7%	6.45%	+24.0%
GM	New	GENERAL MTRS CO	$19,203,000	–	364,312	–	6.11%	–
EQH	Buy	EQUITABLE HLDGS INC	$18,828,000	+33.9%	635,235	+37.5%	5.99%	+42.5%
GCMG	New	GCM GROSVENOR INC	$15,795,000	–	1,371,091	–	5.02%	–
AJG	Buy	GALLAGHER ARTHUR J & CO	$14,916,000	+88.7%	100,341	+77.9%	4.74%	+101.0%
AFCG	Sell	AFC GAMMA INC	$12,717,000	+4.0%	589,296	-0.5%	4.04%	+10.7%
COWN	Buy	COWEN INCcl a new	$12,284,000	-5.6%	358,023	+13.0%	3.91%	+0.5%
	New	BRIDGE INVT GROUP HLDGS INC	$11,123,000	–	629,505	–	3.54%	–
BYRN	New	BYRNA TECHNOLOGIES INC	$10,659,000	–	487,623	–	3.39%	–
BAP	Buy	CREDICORP LTD	$10,506,000	+146.2%	94,702	+168.7%	3.34%	+162.1%
BRP	Buy	BRP GROUP INC	$10,292,000	+164.0%	309,163	+111.3%	3.27%	+181.0%
ARGO	Buy	ARGO GROUP INTL HLDGS LTD	$8,137,000	+21.6%	155,816	+20.7%	2.59%	+29.5%
NTB	Sell	BANK OF NT BUTTERFIELD&SON L	$7,461,000	-1.3%	210,101	-1.4%	2.37%	+5.1%
VRTS	Sell	VIRTUS INVT PARTNERS INC	$7,200,000	+0.8%	23,202	-9.8%	2.29%	+7.3%
PWP	Buy	PERELLA WEINBERG PARTNERS	$6,971,000	+47.4%	526,122	+43.1%	2.22%	+56.9%
LNC	New	LINCOLN NATL CORP IND	$6,862,000	–	99,816	–	2.18%	–
AFG	Buy	AMERICAN FINL GROUP INC OHIO	$6,755,000	+27.0%	53,685	+25.9%	2.15%	+35.2%
PRA	New	PROASSURANCE CORP	$6,341,000	–	266,634	–	2.02%	–
BYFC	Sell	BROADWAY FINL CORP DEL	$6,196,000	+1.7%	1,866,296	-17.6%	1.97%	+8.3%
WLTW	New	WILLIS TOWERS WATSON PLC LTD	$4,463,000	–	19,200	–	1.42%	–
BILL	Sell	BILL COM HLDGS INC	$3,912,000	-19.3%	14,654	-44.6%	1.24%	-14.1%
SLM	Sell	SLM CORP	$3,675,000	-70.8%	208,786	-65.3%	1.17%	-69.0%
FTAI	Sell	FORTRESS TRANS INFRST INVS L	$3,666,000	-26.9%	144,430	-3.4%	1.17%	-22.2%
	New	DOMA HOLDINGS INC	$2,680,000	–	362,157	–	0.85%	–
GRIN	New	GRINDROD SHIPPING HOLDINGS L	$1,091,000	–	70,781	–	0.35%	–
IFS	New	INTERCORP FINL SVCS INC	$718,000	–	32,138	–	0.23%	–
KPLT	New	KATAPULT HOLDINGS INC	$253,000	–	46,534	–	0.08%	–
RIDE	Exit	LORDSTOWN MOTORS CORP	$0	–	-361,264	–	-1.19%	–
MKL	Exit	MARKEL CORP	$0	–	-3,975	–	-1.41%	–
IMXI	Exit	INTERNATIONAL MNY EXPRESS IN	$0	–	-336,541	–	-1.49%	–
WTRE	Exit	WATFORD HLDGS LTD	$0	–	-142,930	–	-1.49%	–
PFBC	Exit	PREFERRED BK LOS ANGELES CA	$0	–	-84,233	–	-1.59%	–
BPOP	Exit	POPULAR INC	$0	–	-82,813	–	-1.86%	–
WLFC	Exit	WILLIS LEASE FIN CORP	$0	–	-145,888	–	-1.87%	–
CB	Exit	CHUBB LIMITED	$0	–	-40,419	–	-1.92%	–
RDFN	Exit	REDFIN CORP	$0	–	-111,522	–	-2.11%	–
EVR	Exit	EVERCORE INCclass a	$0	–	-50,979	–	-2.14%	–
NCR	Exit	NCR CORP NEW	$0	–	-170,922	–	-2.33%	–
RC	Exit	READY CAPITAL CORP	$0	–	-496,662	–	-2.36%	–
PAYO	Exit	PAYONEER GLOBAL INC	$0	–	-761,189	–	-2.36%	–
DFH	Exit	DREAM FINDERS HOMES INC	$0	–	-354,486	–	-2.59%	–
HCI	Exit	HCI GROUP INC	$0	–	-100,451	–	-2.98%	–
OMF	Exit	ONEMAIN HLDGS INC	$0	–	-196,879	–	-3.52%	–
MMC	Exit	MARSH & MCLENNAN COS INC	$0	–	-87,637	–	-3.68%	–
CARG	Exit	CARGURUS INC	$0	–	-528,325	–	-4.14%	–
SC	Exit	SANTANDER CONSUMER USA HLDGS	$0	–	-428,500	–	-4.65%	–

Q2 2021

			Value		Shares		↓ Weighting
AMRK	New	A-MARK PRECIOUS METALS INC	$20,602,000	–	443,062	–	6.16%	–
FNF	New	FIDELITY NATIONAL FINANCIAL	$17,416,000	–	400,732	–	5.20%	–
RCII	New	RENT A CTR INC NEW	$16,891,000	–	318,273	–	5.05%	–
SC	New	SANTANDER CONSUMER USA HLDGS	$15,563,000	–	428,500	–	4.65%	–
EQH	New	EQUITABLE HLDGS INC	$14,065,000	–	461,904	–	4.20%	–
CARG	New	CARGURUS INC	$13,858,000	–	528,325	–	4.14%	–
COWN	New	COWEN INCcl a new	$13,006,000	–	316,842	–	3.89%	–
SLM	New	SLM CORP	$12,606,000	–	601,990	–	3.77%	–
MMC	New	MARSH & MCLENNAN COS INC	$12,329,000	–	87,637	–	3.68%	–
AFCG	New	AFC GAMMA INC	$12,225,000	–	591,990	–	3.65%	–
OMF	New	ONEMAIN HLDGS INC	$11,795,000	–	196,879	–	3.52%	–
HCI	New	HCI GROUP INC	$9,988,000	–	100,451	–	2.98%	–
DFH	New	DREAM FINDERS HOMES INC	$8,660,000	–	354,486	–	2.59%	–
AJG	New	GALLAGHER ARTHUR J & CO	$7,903,000	–	56,417	–	2.36%	–
PAYO	New	PAYONEER GLOBAL INC	$7,894,000	–	761,189	–	2.36%	–
RC	New	READY CAPITAL CORP	$7,882,000	–	496,662	–	2.36%	–
NCR	New	NCR CORP NEW	$7,796,000	–	170,922	–	2.33%	–
NTB	New	BANK OF NT BUTTERFIELD&SON L	$7,556,000	–	213,151	–	2.26%	–
CAI	New	CAI INTERNATIONAL INC	$7,280,000	–	129,999	–	2.18%	–
EVR	New	EVERCORE INCclass a	$7,176,000	–	50,979	–	2.14%	–
VRTS	New	VIRTUS INVT PARTNERS INC	$7,145,000	–	25,722	–	2.14%	–
RDFN	New	REDFIN CORP	$7,072,000	–	111,522	–	2.11%	–
ARGO	New	ARGO GROUP INTL HLDGS LTD	$6,691,000	–	129,086	–	2.00%	–
CB	New	CHUBB LIMITED	$6,424,000	–	40,419	–	1.92%	–
WLFC	New	WILLIS LEASE FIN CORP	$6,253,000	–	145,888	–	1.87%	–
BPOP	New	POPULAR INC	$6,215,000	–	82,813	–	1.86%	–
BYFC	New	BROADWAY FINL CORP DEL	$6,090,000	–	2,264,125	–	1.82%	–
PFBC	New	PREFERRED BK LOS ANGELES CA	$5,329,000	–	84,233	–	1.59%	–
AFG	New	AMERICAN FINL GROUP INC OHIO	$5,320,000	–	42,657	–	1.59%	–
FTAI	New	FORTRESS TRANS INFRST INVS L	$5,017,000	–	149,537	–	1.50%	–
WTRE	New	WATFORD HLDGS LTD	$5,001,000	–	142,930	–	1.49%	–
IMXI	New	INTERNATIONAL MNY EXPRESS IN	$4,998,000	–	336,541	–	1.49%	–
BILL	New	BILL COM HLDGS INC	$4,847,000	–	26,459	–	1.45%	–
PWP	New	PERELLA WEINBERG PARTNERS	$4,728,000	–	367,658	–	1.41%	–
MKL	New	MARKEL CORP	$4,717,000	–	3,975	–	1.41%	–
BAP	New	CREDICORP LTD	$4,268,000	–	35,241	–	1.28%	–
RIDE	New	LORDSTOWN MOTORS CORP	$3,996,000	–	361,264	–	1.19%	–
BRP	New	BRP GROUP INC	$3,899,000	–	146,317	–	1.16%	–
WMPN	New	WILLIAM PENN BANCORPORATION	$3,828,000	–	321,673	–	1.14%	–
PWPPW	New	PERELLA WEINBERG PARTNERS*w exp 12/31/202	$341,000	–	122,552	–	0.10%	–

Q4 2020

			Value		Shares		↓ Weighting
SYF	Exit	SYNCHRONY FINANCIAL	$0	–	-17,660	–	-0.17%	–
IMH	Exit	IMPAC MTG HLDGS INC	$0	–	-407,532	–	-0.19%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-3,123	–	-0.23%	–
EVR	Exit	EVERCORE INCclass a	$0	–	-10,108	–	-0.24%	–
BSIG	Exit	BRIGHTSPHERE INVT GROUP INC	$0	–	-53,785	–	-0.26%	–
STEP	Exit	STEPSTONE GROUP INC	$0	–	-28,619	–	-0.28%	–
DFIN	Exit	DONNELLEY FINL SOLUTIONS INC	$0	–	-63,523	–	-0.31%	–
TW	Exit	TRADEWEB MKTS INCcl a	$0	–	-15,989	–	-0.34%	–
ACIW	Exit	ACI WORLDWIDE INC	$0	–	-42,654	–	-0.41%	–
WLFC	Exit	WILLIS LEASE FINANCE CORP	$0	–	-62,929	–	-0.43%	–
GS	Exit	GOLDMAN SACHS GROUP INC	$0	–	-7,482	–	-0.56%	–
INSU	Exit	INSURANCE ACQUISITION CORPcl a	$0	–	-181,970	–	-0.80%	–
ALTG	Exit	ALTA EQUIPMENT GROUP INC	$0	–	-293,865	–	-0.85%	–
HIG	Exit	HARTFORD FINL SVCS GROUP INC	$0	–	-66,941	–	-0.91%	–
HOV	Exit	HOVNANIAN ENTERPRISES INCcl a new	$0	–	-78,949	–	-0.95%	–
HRI	Exit	HERC HLDGS INC	$0	–	-82,496	–	-1.21%	–
AXS	Exit	AXIS CAP HLDGS LTD	$0	–	-108,061	–	-1.76%	–
PAR	Exit	PAR TECHNOLOGY CORP	$0	–	-118,868	–	-1.78%	–
ACGL	Exit	ARCH CAP GROUP LTDord	$0	–	-175,722	–	-1.90%	–
IPOB	Exit	SOCIAL CAP HDOSPHIA HLDG CO	$0	–	-300,744	–	-2.11%	–
ALEX	Exit	ALEXANDER & BALDWIN INC NEW	$0	–	-543,030	–	-2.25%	–
ALLY	Exit	ALLY FINL INC	$0	–	-242,946	–	-2.25%	–
ARGO	Exit	ARGO GROUP INTL HLDGS LTD	$0	–	-184,825	–	-2.36%	–
LPRO	Exit	OPEN LENDING CORP	$0	–	-258,807	–	-2.44%	–
TRV	Exit	TRAVELERS COMPANIES INC	$0	–	-61,076	–	-2.44%	–
ESNT	Exit	ESSENT GROUP LTD	$0	–	-187,918	–	-2.57%	–
WTRE	Exit	WATFORD HLDGS LTD	$0	–	-303,416	–	-2.58%	–
PJT	Exit	PJT PARTNERS INC	$0	–	-115,730	–	-2.60%	–
FOCS	Exit	FOCUS FINL PARTNERS INC	$0	–	-216,015	–	-2.62%	–
BPOP	Exit	POPULAR INC	$0	–	-198,808	–	-2.67%	–
RNR	Exit	RENAISSANCERE HLDGS LTD	$0	–	-42,554	–	-2.67%	–
LYFT	Exit	LYFT INC	$0	–	-262,328	–	-2.67%	–
FIBK	Exit	FIRST INTST BANCSYSTEM INC	$0	–	-244,515	–	-2.88%	–
FTAI	Exit	FORTRESS TRANS INFRST INVS L	$0	–	-488,683	–	-3.10%	–
EVTC	Exit	EVERTEC INC	$0	–	-252,752	–	-3.25%	–
SBNY	Exit	SIGNATURE BK NEW YORK N Y	$0	–	-106,842	–	-3.28%	–
CG	Exit	CARLYLE GROUP INC	$0	–	-365,817	–	-3.34%	–
FBC	Exit	FLAGSTAR BANCORP INC	$0	–	-309,388	–	-3.39%	–
PNFP	Exit	PINNACLE FINL PARTNERS INC	$0	–	-274,291	–	-3.61%	–
RLGY	Exit	REALOGY HLDGS CORP	$0	–	-1,057,099	–	-3.69%	–
KAR	Exit	KAR AUCTION SVCS INC	$0	–	-785,881	–	-4.19%	–
ACC	Exit	AMERICAN CAMPUS CMNTYS INC	$0	–	-360,870	–	-4.66%	–
PFSI	Exit	PENNYMAC FINL SVCS INC NEW	$0	–	-260,603	–	-5.60%	–
COWN	Exit	COWEN INCcl a new	$0	–	-1,053,862	–	-6.34%	–
OMF	Exit	ONEMAIN HLDGS INC	$0	–	-591,228	–	-6.84%	–

Q3 2020

			Value		Shares		↓ Weighting
OMF	Buy	ONEMAIN HLDGS INC	$18,476,000	+48.7%	591,228	+16.8%	6.84%	+18.9%
COWN	Sell	COWEN INCcl a new	$17,146,000	-5.3%	1,053,862	-5.6%	6.34%	-24.2%
PFSI	Sell	PENNYMAC FINL SVCS INC NEW	$15,146,000	-45.2%	260,603	-60.6%	5.60%	-56.2%
ACC	New	AMERICAN CAMPUS CMNTYS INC	$12,602,000	–	360,870	–	4.66%	–
KAR	Buy	KAR AUCTION SVCS INC	$11,317,000	+136.1%	785,881	+125.6%	4.19%	+88.9%
RLGY	Sell	REALOGY HLDGS CORP	$9,979,000	+7.0%	1,057,099	-16.0%	3.69%	-14.4%
PNFP	New	PINNACLE FINL PARTNERS INC	$9,762,000	–	274,291	–	3.61%	–
FBC	Buy	FLAGSTAR BANCORP INC	$9,167,000	+13.7%	309,388	+12.9%	3.39%	-9.0%
CG	Buy	CARLYLE GROUP INC	$9,025,000	+20.3%	365,817	+36.1%	3.34%	-3.7%
SBNY	Sell	SIGNATURE BK NEW YORK N Y	$8,867,000	-23.6%	106,842	-1.6%	3.28%	-38.9%
EVTC	Sell	EVERTEC INC	$8,773,000	+6.1%	252,752	-14.1%	3.25%	-15.1%
FTAI	Sell	FORTRESS TRANS INFRST INVS L	$8,371,000	-20.8%	488,683	-39.9%	3.10%	-36.6%
FIBK	New	FIRST INTST BANCSYSTEM INC	$7,788,000	–	244,515	–	2.88%	–
LYFT	New	LYFT INC	$7,227,000	–	262,328	–	2.67%	–
RNR	Sell	RENAISSANCERE HLDGS LTD	$7,223,000	-11.8%	42,554	-11.2%	2.67%	-29.5%
BPOP	New	POPULAR INC	$7,211,000	–	198,808	–	2.67%	–
FOCS	Buy	FOCUS FINL PARTNERS INC	$7,083,000	+75.4%	216,015	+76.8%	2.62%	+40.3%
PJT	Buy	PJT PARTNERS INC	$7,014,000	+18.2%	115,730	+0.1%	2.60%	-5.4%
WTRE	Buy	WATFORD HLDGS LTD	$6,960,000	+83.6%	303,416	+33.6%	2.58%	+46.9%
ESNT	New	ESSENT GROUP LTD	$6,955,000	–	187,918	–	2.57%	–
TRV	New	TRAVELERS COMPANIES INC	$6,608,000	–	61,076	–	2.44%	–
LPRO	Sell	OPEN LENDING CORP	$6,600,000	+18.5%	258,807	-29.8%	2.44%	-5.2%
ARGO	New	ARGO GROUP INTL HLDGS LTD	$6,364,000	–	184,825	–	2.36%	–
ALLY	New	ALLY FINL INC	$6,091,000	–	242,946	–	2.25%	–
ALEX	New	ALEXANDER & BALDWIN INC NEW	$6,087,000	–	543,030	–	2.25%	–
IPOB	New	SOCIAL CAP HDOSPHIA HLDG CO	$5,711,000	–	300,744	–	2.11%	–
ACGL	New	ARCH CAP GROUP LTDord	$5,140,000	–	175,722	–	1.90%	–
PAR	New	PAR TECHNOLOGY CORP	$4,815,000	–	118,868	–	1.78%	–
AXS	Sell	AXIS CAP HLDGS LTD	$4,759,000	-17.3%	108,061	-23.9%	1.76%	-33.9%
HRI	New	HERC HLDGS INC	$3,268,000	–	82,496	–	1.21%	–
HOV	New	HOVNANIAN ENTERPRISES INCcl a new	$2,567,000	–	78,949	–	0.95%	–
HIG	New	HARTFORD FINL SVCS GROUP INC	$2,467,000	–	66,941	–	0.91%	–
ALTG	Sell	ALTA EQUIPMENT GROUP INC	$2,301,000	-22.5%	293,865	-23.1%	0.85%	-38.0%
INSU	New	INSURANCE ACQUISITION CORPcl a	$2,149,000	–	181,970	–	0.80%	–
GS	New	GOLDMAN SACHS GROUP INC	$1,504,000	–	7,482	–	0.56%	–
WLFC	New	WILLIS LEASE FINANCE CORP	$1,161,000	–	62,929	–	0.43%	–
ACIW	New	ACI WORLDWIDE INC	$1,115,000	–	42,654	–	0.41%	–
TW	Buy	TRADEWEB MKTS INCcl a	$927,000	+3.2%	15,989	+3.5%	0.34%	-17.3%
DFIN	Sell	DONNELLEY FINL SOLUTIONS INC	$849,000	+52.7%	63,523	-4.1%	0.31%	+22.2%
STEP	New	STEPSTONE GROUP INC	$762,000	–	28,619	–	0.28%	–
BSIG	New	BRIGHTSPHERE INVT GROUP INC	$694,000	–	53,785	–	0.26%	–
EVR	New	EVERCORE INCclass a	$662,000	–	10,108	–	0.24%	–
PYPL	New	PAYPAL HLDGS INC	$615,000	–	3,123	–	0.23%	–
SYF	New	SYNCHRONY FINANCIAL	$462,000	–	17,660	–	0.17%	–
AMTI	Exit	APPLIED MOLECULAR TRANS INC	$0	–	-10,970	–	-0.13%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-13,033	–	-0.20%	–
ENV	Exit	ENVESTNET INC	$0	–	-7,117	–	-0.24%	–
BGCP	Exit	BGC PARTNERS INCcl a	$0	–	-214,137	–	-0.27%	–
FIS	Exit	FIDELITY NATL INFORMATION SV	$0	–	-6,825	–	-0.42%	–
ONEW	Exit	ONEWATER MARINE INC	$0	–	-39,938	–	-0.45%	–
GSHD	Exit	GOOSEHEAD INS INC	$0	–	-31,115	–	-1.08%	–
EQH	Exit	EQUITABLE HLDGS INC	$0	–	-156,742	–	-1.40%	–
SAH	Exit	SONIC AUTOMOTIVE INCcl a	$0	–	-128,628	–	-1.90%	–
AB	Exit	ALLIANCEBERNSTEIN HLDG L Punit ltd partn	$0	–	-220,521	–	-2.78%	–
WRB	Exit	BERKLEY W R CORP	$0	–	-117,306	–	-3.11%	–
VIRT	Exit	VIRTU FINL INCcl a	$0	–	-311,295	–	-3.40%	–
LAD	Exit	LITHIA MTRS INCcl a	$0	–	-54,720	–	-3.83%	–
CINF	Exit	CINCINNATI FINL CORP	$0	–	-129,770	–	-3.84%	–
BR	Exit	BROADRIDGE FINL SOLUTIONS IN	$0	–	-76,908	–	-4.49%	–

Q2 2020

			Value		Shares		↓ Weighting
PFSI	New	PENNYMAC FINL SVCS INC NEW	$27,648,000	–	661,587	–	12.79%	–
COWN	New	COWEN INCcl a new	$18,101,000	–	1,116,646	–	8.37%	–
OMF	New	ONEMAIN HLDGS INC	$12,425,000	–	506,297	–	5.75%	–
SBNY	New	SIGNATURE BK NEW YORK N Y	$11,603,000	–	108,525	–	5.37%	–
FTAI	New	FORTRESS TRANS INFRST INVS L	$10,566,000	–	813,421	–	4.89%	–
BR	New	BROADRIDGE FINL SOLUTIONS IN	$9,705,000	–	76,908	–	4.49%	–
RLGY	New	REALOGY HLDGS CORP	$9,322,000	–	1,258,002	–	4.31%	–
CINF	New	CINCINNATI FINL CORP	$8,309,000	–	129,770	–	3.84%	–
LAD	New	LITHIA MTRS INCcl a	$8,281,000	–	54,720	–	3.83%	–
EVTC	New	EVERTEC INC	$8,267,000	–	294,211	–	3.82%	–
RNR	New	RENAISSANCERE HOLDINGS LTD	$8,193,000	–	47,901	–	3.79%	–
FBC	New	FLAGSTAR BANCORP INC	$8,062,000	–	273,942	–	3.73%	–
CG	New	CARLYLE GROUP INC	$7,500,000	–	268,831	–	3.47%	–
VIRT	New	VIRTU FINL INCcl a	$7,347,000	–	311,295	–	3.40%	–
WRB	New	BERKLEY W R CORP	$6,720,000	–	117,306	–	3.11%	–
AB	New	ALLIANCEBERNSTEIN HLDG L Punit ltd partn	$6,007,000	–	220,521	–	2.78%	–
PJT	New	PJT PARTNERS INC	$5,933,000	–	115,559	–	2.74%	–
AXS	New	AXIS CAPITAL HOLDINGS LTD	$5,758,000	–	141,956	–	2.66%	–
LPRO	New	OPEN LENDING CORP	$5,569,000	–	368,809	–	2.58%	–
KAR	New	KAR AUCTION SVCS INC	$4,793,000	–	348,339	–	2.22%	–
SAH	New	SONIC AUTOMOTIVE INCcl a	$4,105,000	–	128,628	–	1.90%	–
FOCS	New	FOCUS FINL PARTNERS INC	$4,038,000	–	122,165	–	1.87%	–
WTRE	New	WATFORD HOLDINGS LTD	$3,791,000	–	227,136	–	1.75%	–
EQH	New	EQUITABLE HLDGS INC	$3,024,000	–	156,742	–	1.40%	–
ALTG	New	ALTA EQUIPMENT GROUP INC	$2,969,000	–	382,122	–	1.37%	–
GSHD	New	GOOSEHEAD INS INC	$2,339,000	–	31,115	–	1.08%	–
ONEW	New	ONEWATER MARINE INC	$970,000	–	39,938	–	0.45%	–
FIS	New	FIDELITY NATL INFORMATION SV	$915,000	–	6,825	–	0.42%	–
TW	New	TRADEWEB MKTS INCcl a	$898,000	–	15,448	–	0.42%	–
IMH	New	IMPAC MTG HLDGS INC	$689,000	–	407,532	–	0.32%	–
BGCP	New	BGC PARTNERS INCcl a	$587,000	–	214,137	–	0.27%	–
DFIN	New	DONNELLEY FINL SOLUTIONS INC	$556,000	–	66,229	–	0.26%	–
ENV	New	ENVESTNET INC	$523,000	–	7,117	–	0.24%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$429,000	–	13,033	–	0.20%	–
AMTI	New	APPLIED MOLECULAR TRANS INC	$276,000	–	10,970	–	0.13%	–

Q4 2019

			Value		Shares		↓ Weighting
IMH	Exit	IMPAC MTG HLDGS INC	$0	–	-202,876	–	-0.35%	–
RJF	Exit	RAYMOND JAMES FINANCIAL INC	$0	–	-22,998	–	-0.42%	–
GLRE	Exit	GREENLIGHT CAPITAL RE LTDclass a	$0	–	-237,189	–	-0.55%	–
CG	Exit	CARLYLE GROUP L P	$0	–	-439,385	–	-0.73%	–
FTAI	Exit	FORTRESS TRANS INFRST INVS L	$0	–	-270,855	–	-0.91%	–
CNO	Exit	CNO FINL GROUP INC	$0	–	-283,180	–	-0.99%	–
GDOT	Exit	GREEN DOT CORPcl a	$0	–	-227,524	–	-1.27%	–
TCF	Exit	TCF FINANCIAL CORPORATION NE	$0	–	-157,542	–	-1.33%	–
WETF	Exit	WISDOMTREE INVTS INC	$0	–	-1,155,854	–	-1.34%	–
WLTW	Exit	WILLIS TOWERS WATSON PUB LTD	$0	–	-31,714	–	-1.36%	–
AIG	Exit	AMERICAN INTL GROUP INC	$0	–	-110,214	–	-1.36%	–
AMK	Exit	ASSETMARK FINL HLDGS INC	$0	–	-238,582	–	-1.38%	–
AB	Exit	ALLIANCEBERNSTEIN HOLDING LPunit ltd partn	$0	–	-243,835	–	-1.59%	–
PJT	Exit	PJT PARTNERS INC	$0	–	-178,127	–	-1.61%	–
FBP	Exit	FIRST BANCORP P R	$0	–	-854,381	–	-1.89%	–
SQ	Exit	SQUARE INCcl a	$0	–	-143,245	–	-1.97%	–
APAM	Exit	ARTISAN PARTNERS ASSET MGMTcl a	$0	–	-320,464	–	-2.01%	–
ALLY	Exit	ALLY FINL INC	$0	–	-275,805	–	-2.03%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-173,364	–	-2.04%	–
CUB	Exit	CUBIC CORP	$0	–	-131,101	–	-2.05%	–
UIHC	Exit	UNITED INS HLDGS CORP	$0	–	-681,202	–	-2.11%	–
SAH	Exit	SONIC AUTOMOTIVE INCcl a	$0	–	-310,487	–	-2.16%	–
MCY	Exit	MERCURY GENL CORP NEW	$0	–	-190,023	–	-2.36%	–
SBNY	Exit	SIGNATURE BK NEW YORK N Y	$0	–	-89,324	–	-2.36%	–
RCII	Exit	RENT A CTR INC NEW	$0	–	-420,306	–	-2.40%	–
EQH	Exit	AXA EQUITABLE HLDGS INC	$0	–	-490,541	–	-2.41%	–
V	Exit	VISA INC	$0	–	-66,196	–	-2.53%	–
FOCS	Exit	FOCUS FINL PARTNERS INC	$0	–	-494,960	–	-2.61%	–
FBC	Exit	FLAGSTAR BANCORP INC	$0	–	-317,800	–	-2.63%	–
ABCB	Exit	AMERIS BANCORP	$0	–	-309,455	–	-2.76%	–
NGHC	Exit	NATIONAL GEN HLDGS CORP	$0	–	-546,865	–	-2.79%	–
AXS	Exit	AXIS CAPITAL HOLDINGS LTD	$0	–	-189,287	–	-2.80%	–
TW	Exit	TRADEWEB MKTS INCcl a	$0	–	-354,785	–	-2.91%	–
HMST	Exit	HOMESTREET INC	$0	–	-483,311	–	-2.93%	–
SCHW	Exit	THE CHARLES SCHWAB CORPORATI	$0	–	-320,168	–	-2.97%	–
EVR	Exit	EVERCORE INCclass a	$0	–	-168,451	–	-2.99%	–
MKL	Exit	MARKEL CORP	$0	–	-11,966	–	-3.14%	–
RDFN	Exit	REDFIN CORP	$0	–	-1,005,249	–	-3.76%	–
BGCP	Exit	BGC PARTNERS INCcl a	$0	–	-3,562,223	–	-4.35%	–
Y	Exit	ALLEGHANY CORP DEL	$0	–	-26,495	–	-4.69%	–
COWN	Exit	COWEN INCcl a new	$0	–	-1,441,957	–	-4.92%	–
AGO	Exit	ASSURED GUARANTY LTD	$0	–	-504,591	–	-4.98%	–
OMF	Exit	ONEMAIN HLDGS INC	$0	–	-645,010	–	-5.25%	–

Q3 2019

			Value		Shares		↓ Weighting
OMF	Sell	ONEMAIN HLDGS INC	$23,659,000	-40.8%	645,010	-45.5%	5.25%	-25.3%
AGO	Sell	ASSURED GUARANTY LTD	$22,434,000	-15.8%	504,591	-20.3%	4.98%	+6.3%
COWN	Sell	COWEN INCcl a new	$22,192,000	-10.7%	1,441,957	-0.2%	4.92%	+12.8%
Y	Buy	ALLEGHANY CORP DEL	$21,137,000	+24.2%	26,495	+6.0%	4.69%	+56.9%
BGCP	Buy	BGC PARTNERS INCcl a	$19,592,000	+77.3%	3,562,223	+68.6%	4.35%	+124.0%
RDFN	Buy	REDFIN CORP	$16,928,000	+83.2%	1,005,249	+95.6%	3.76%	+131.4%
MKL	New	MARKEL CORP	$14,143,000	–	11,966	–	3.14%	–
EVR	Buy	EVERCORE INCclass a	$13,493,000	+42.3%	168,451	+57.3%	2.99%	+79.8%
SCHW	New	THE CHARLES SCHWAB CORPORATI	$13,393,000	–	320,168	–	2.97%	–
HMST	Buy	HOMESTREET INC	$13,204,000	+30.4%	483,311	+41.5%	2.93%	+64.7%
TW	Buy	TRADEWEB MKTS INCcl a	$13,120,000	+108.1%	354,785	+146.5%	2.91%	+162.9%
AXS	Sell	AXIS CAPITAL HOLDINGS LTD	$12,629,000	+0.2%	189,287	-10.4%	2.80%	+26.5%
NGHC	Sell	NATIONAL GEN HLDGS CORP	$12,589,000	-21.1%	546,865	-21.4%	2.79%	-0.4%
ABCB	New	AMERIS BANCORP	$12,452,000	–	309,455	–	2.76%	–
FBC	New	FLAGSTAR BANCORP INC	$11,870,000	–	317,800	–	2.63%	–
FOCS	Buy	FOCUS FINL PARTNERS INC	$11,780,000	+91.4%	494,960	+119.6%	2.61%	+141.7%
V	Buy	VISA INC	$11,386,000	+79.3%	66,196	+80.9%	2.53%	+126.5%
EQH	Sell	AXA EQUITABLE HLDGS INC	$10,870,000	-1.8%	490,541	-7.4%	2.41%	+24.0%
RCII	Sell	RENT A CTR INC NEW	$10,840,000	-29.9%	420,306	-27.6%	2.40%	-11.5%
SBNY	New	SIGNATURE BK NEW YORK N Y	$10,649,000	–	89,324	–	2.36%	–
MCY	Sell	MERCURY GENL CORP NEW	$10,618,000	-19.3%	190,023	-9.7%	2.36%	+1.9%
SAH	Sell	SONIC AUTOMOTIVE INCcl a	$9,752,000	-46.3%	310,487	-60.1%	2.16%	-32.1%
UIHC	Sell	UNITED INS HLDGS CORP	$9,530,000	-20.3%	681,202	-18.7%	2.11%	+0.7%
CUB	Sell	CUBIC CORP	$9,233,000	-52.0%	131,101	-56.0%	2.05%	-39.4%
BAM	New	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$9,204,000	–	173,364	–	2.04%	–
ALLY	New	ALLY FINL INC	$9,146,000	–	275,805	–	2.03%	–
APAM	New	ARTISAN PARTNERS ASSET MGMTcl a	$9,050,000	–	320,464	–	2.01%	–
SQ	New	SQUARE INCcl a	$8,874,000	–	143,245	–	1.97%	–
FBP	Buy	FIRST BANCORP P R	$8,527,000	+15403.6%	854,381	+16987.6%	1.89%	+18820.0%
PJT	Sell	PJT PARTNERS INC	$7,250,000	-5.3%	178,127	-5.7%	1.61%	+19.6%
AB	Buy	ALLIANCEBERNSTEIN HOLDING LPunit ltd partn	$7,157,000	+92.2%	243,835	+94.6%	1.59%	+142.8%
AMK	New	ASSETMARK FINL HLDGS INC	$6,215,000	–	238,582	–	1.38%	–
AIG	New	AMERICAN INTL GROUP INC	$6,139,000	–	110,214	–	1.36%	–
WLTW	New	WILLIS TOWERS WATSON PUB LTD	$6,120,000	–	31,714	–	1.36%	–
WETF	New	WISDOMTREE INVTS INC	$6,039,000	–	1,155,854	–	1.34%	–
TCF	New	TCF FINANCIAL CORPORATION NE	$5,998,000	–	157,542	–	1.33%	–
GDOT	New	GREEN DOT CORPcl a	$5,745,000	–	227,524	–	1.27%	–
CNO	New	CNO FINL GROUP INC	$4,483,000	–	283,180	–	0.99%	–
FTAI	New	FORTRESS TRANS INFRST INVS L	$4,103,000	–	270,855	–	0.91%	–
CG	Sell	CARLYLE GROUP L P	$3,273,000	-73.3%	439,385	-19.0%	0.73%	-66.3%
GLRE	New	GREENLIGHT CAPITAL RE LTDclass a	$2,490,000	–	237,189	–	0.55%	–
RJF	Sell	RAYMOND JAMES FINANCIAL INC	$1,896,000	-85.5%	22,998	-85.1%	0.42%	-81.7%
IMH	New	IMPAC MTG HLDGS INC	$1,597,000	–	202,876	–	0.35%	–
KMPR	Exit	KEMPER CORP DEL	$0	–	-69,678	–	-1.06%	–
SEIC	Exit	SEI INVESTMENTS CO	$0	–	-114,824	–	-1.13%	–
EV	Exit	EATON VANCE CORP	$0	–	-149,451	–	-1.13%	–
HRI	Exit	HERC HLDGS INC	$0	–	-157,807	–	-1.27%	–
MC	Exit	MOELIS & COcl a	$0	–	-215,864	–	-1.32%	–
WLH	Exit	LYON WILLIAM HOMEScl a new	$0	–	-422,607	–	-1.35%	–
FIS	Exit	FIDELITY NATL INFORMATION SV	$0	–	-63,666	–	-1.37%	–
CXW	Exit	CORECIVIC INC	$0	–	-390,622	–	-1.42%	–
CHFC	Exit	CHEMICAL FINL CORP	$0	–	-200,813	–	-1.45%	–
ARCC	Exit	ARES CAP CORP	$0	–	-522,034	–	-1.64%	–
SC	Exit	SANTANDER CONSUMER USA HDG I	$0	–	-396,945	–	-1.67%	–
CARS	Exit	CARS COM INC	$0	–	-518,219	–	-1.79%	–
PNFP	Exit	PINNACLE FINL PARTNERS INC	$0	–	-231,372	–	-2.34%	–
MTG	Exit	MGIC INVT CORP WIS	$0	–	-1,082,480	–	-2.50%	–
TCF	Exit	TCF FINL CORP	$0	–	-734,639	–	-2.68%	–
HTH	Exit	HILLTOP HOLDINGS INC	$0	–	-768,956	–	-2.87%	–
FSK	Exit	FS KKR CAPITAL CORP	$0	–	-2,757,500	–	-2.89%	–
SF	Exit	STIFEL FINL CORP	$0	–	-298,137	–	-3.09%	–
LYFT	Exit	LYFT INC	$0	–	-913,497	–	-10.54%	–

Q2 2019

			Value		Shares		↓ Weighting
LYFT	New	LYFT INC	$60,026,000	–	913,497	–	10.54%	–
OMF	New	ONEMAIN HLDGS INC	$39,981,000	–	1,182,516	–	7.02%	–
AGO	New	ASSURED GUARANTY LTD	$26,647,000	–	633,240	–	4.68%	–
COWN	New	COWEN INCcl a new	$24,848,000	–	1,445,494	–	4.36%	–
CUB	New	CUBIC CORP	$19,232,000	–	298,269	–	3.38%	–
SAH	New	SONIC AUTOMOTIVE INCcl a	$18,149,000	–	777,275	–	3.19%	–
SF	New	STIFEL FINL CORP	$17,608,000	–	298,137	–	3.09%	–
Y	New	ALLEGHANY CORP DEL	$17,018,000	–	24,986	–	2.99%	–
FSK	New	FS KKR CAPITAL CORP	$16,435,000	–	2,757,500	–	2.89%	–
HTH	New	HILLTOP HOLDINGS INC	$16,356,000	–	768,956	–	2.87%	–
NGHC	New	NATIONAL GEN HLDGS CORP	$15,961,000	–	695,775	–	2.80%	–
RCII	New	RENT A CTR INC NEW	$15,470,000	–	580,909	–	2.72%	–
TCF	New	TCF FINL CORP	$15,273,000	–	734,639	–	2.68%	–
MTG	New	MGIC INVT CORP WIS	$14,224,000	–	1,082,480	–	2.50%	–
PNFP	New	PINNACLE FINL PARTNERS INC	$13,299,000	–	231,372	–	2.34%	–
MCY	New	MERCURY GENL CORP NEW	$13,156,000	–	210,497	–	2.31%	–
RJF	New	RAYMOND JAMES FINANCIAL INC	$13,088,000	–	154,799	–	2.30%	–
AXS	New	AXIS CAPITAL HOLDINGS LTD	$12,608,000	–	211,364	–	2.21%	–
CG	New	CARLYLE GROUP L P	$12,271,000	–	542,703	–	2.16%	–
UIHC	New	UNITED INS HLDGS CORP	$11,955,000	–	838,386	–	2.10%	–
EQH	New	AXA EQUITABLE HLDGS INC	$11,073,000	–	529,800	–	1.94%	–
BGCP	New	BGC PARTNERS INCcl a	$11,049,000	–	2,112,604	–	1.94%	–
CARS	New	CARS COM INC	$10,219,000	–	518,219	–	1.79%	–
HMST	New	HOMESTREET INC	$10,127,000	–	341,662	–	1.78%	–
SC	New	SANTANDER CONSUMER USA HDG I	$9,511,000	–	396,945	–	1.67%	–
EVR	New	EVERCORE INCclass a	$9,483,000	–	107,066	–	1.66%	–
ARCC	New	ARES CAP CORP	$9,365,000	–	522,034	–	1.64%	–
RDFN	New	REDFIN CORP	$9,242,000	–	514,007	–	1.62%	–
CHFC	New	CHEMICAL FINL CORP	$8,255,000	–	200,813	–	1.45%	–
CXW	New	CORECIVIC INC	$8,109,000	–	390,622	–	1.42%	–
FIS	New	FIDELITY NATL INFORMATION SV	$7,811,000	–	63,666	–	1.37%	–
WLH	New	LYON WILLIAM HOMEScl a new	$7,704,000	–	422,607	–	1.35%	–
PJT	New	PJT PARTNERS INC	$7,655,000	–	188,917	–	1.34%	–
MC	New	MOELIS & COcl a	$7,544,000	–	215,864	–	1.32%	–
HRI	New	HERC HLDGS INC	$7,232,000	–	157,807	–	1.27%	–
EV	New	EATON VANCE CORP	$6,446,000	–	149,451	–	1.13%	–
SEIC	New	SEI INVESTMENTS CO	$6,442,000	–	114,824	–	1.13%	–
V	New	VISA INC	$6,351,000	–	36,596	–	1.12%	–
TW	New	TRADEWEB MKTS INCcl a	$6,306,000	–	143,931	–	1.11%	–
FOCS	New	FOCUS FINL PARTNERS INC	$6,156,000	–	225,407	–	1.08%	–
KMPR	New	KEMPER CORP DEL	$6,013,000	–	69,678	–	1.06%	–
AB	New	ALLIANCEBERNSTEIN HOLDING LPunit ltd partn	$3,724,000	–	125,306	–	0.65%	–
FBP	New	FIRST BANCORP P R	$55,000	–	5,000	–	0.01%	–

Q4 2018

			Value		Shares		↓ Weighting
PGR	Exit	PROGRESSIVE CORP OHIO	$0	–	-104,705	–	-1.27%	–
CASH	Exit	META FINL GROUP INC	$0	–	-90,199	–	-1.27%	–
	Exit	CORPORATE CAP TR INC	$0	–	-561,619	–	-1.46%	–
HIIQ	Exit	HEALTH INS INNOVATIONS INC	$0	–	-143,682	–	-1.51%	–
JRVR	Exit	JAMES RIV GROUP LTD	$0	–	-208,258	–	-1.52%	–
EIG	Exit	EMPLOYERS HOLDINGS INC	$0	–	-197,969	–	-1.53%	–
CCS	Exit	CENTUTRY CMNTYS INC	$0	–	-364,654	–	-1.63%	–
AINV	Exit	APOLLO INVT CORP	$0	–	-1,763,049	–	-1.64%	–
CARS	Exit	CARS COM INC	$0	–	-349,459	–	-1.65%	–
RWT	Exit	REDWOOD TR INC	$0	–	-657,541	–	-1.82%	–
BLK	Exit	BLACKROCK INC	$0	–	-23,829	–	-1.92%	–
AXS	Exit	AXIS CAPITAL HOLDINGS LTD	$0	–	-218,498	–	-2.15%	–
CAI	Exit	CAI INTERNATIONAL INC	$0	–	-560,873	–	-2.19%	–
CG	Exit	CARLYLE GROUP L P	$0	–	-577,937	–	-2.22%	–
STL	Exit	STERLING BANCORP DEL	$0	–	-657,366	–	-2.47%	–
VRTS	Exit	VIRTUS INVT PARTNERS INC	$0	–	-129,429	–	-2.51%	–
UIHC	Exit	UNITED INS HLDGS CORP	$0	–	-660,216	–	-2.52%	–
CME	Exit	CME GROUP INC	$0	–	-87,228	–	-2.53%	–
AIZ	Exit	ASSURANT INC	$0	–	-141,395	–	-2.60%	–
ARCC	Exit	ARES CAP CORP	$0	–	-978,912	–	-2.87%	–
SC	Exit	SANTANDER CONSUMER USA HDG I	$0	–	-901,478	–	-3.08%	–
TRTN	Exit	TRITON INTL LTDcl a	$0	–	-580,958	–	-3.30%	–
ETFC	Exit	E TRADE FINANCIAL CORP	$0	–	-378,790	–	-3.39%	–
BPOP	Exit	POPULAR INC	$0	–	-413,244	–	-3.62%	–
BGCP	Exit	BGC PARTNERS INCcl a	$0	–	-1,808,287	–	-3.65%	–
OMF	Exit	ONEMAIN HLDGS INC	$0	–	-643,280	–	-3.69%	–
MTG	Exit	MGIC INVT CORP WIS	$0	–	-1,712,563	–	-3.89%	–
BSIG	Exit	BRIGHTSPHERE INVESTMNT GRP P	$0	–	-1,887,545	–	-4.00%	–
EQH	Exit	AXA EQUITABLE HLDGS INC	$0	–	-1,097,312	–	-4.02%	–
VOYA	Exit	VOYA FINL INC	$0	–	-476,458	–	-4.04%	–
CURO	Exit	CURO GROUP HLDGS CORP	$0	–	-824,128	–	-4.25%	–
AIG	Exit	AMERICAN INTL GROUP INC	$0	–	-488,072	–	-4.44%	–
ITG	Exit	INVESTMENT TECHNOLOGY GRP NE	$0	–	-1,271,717	–	-4.70%	–
COWN	Exit	COWEN INCcl a new	$0	–	-1,875,660	–	-5.22%	–
AGO	Exit	ASSURED GUARANTY LTD	$0	–	-752,916	–	-5.43%	–

Q3 2018

			Value		Shares		↓ Weighting
AGO	Sell	ASSURED GUARANTY LTD	$31,796,000	-14.0%	752,916	-27.2%	5.43%	-9.5%
COWN	Buy	COWEN INCcl a new	$30,573,000	+123.5%	1,875,660	+89.9%	5.22%	+135.3%
ITG	Sell	INVESTMENT TECHNOLOGY GRP NE	$27,545,000	-6.4%	1,271,717	-9.6%	4.70%	-1.5%
AIG	Buy	AMERICAN INTL GROUP INC	$25,985,000	+7.3%	488,072	+6.9%	4.44%	+13.0%
CURO	Sell	CURO GROUP HLDGS CORP	$24,913,000	-0.0%	824,128	-17.5%	4.25%	+5.2%
VOYA	Buy	VOYA FINL INC	$23,666,000	+37.5%	476,458	+30.1%	4.04%	+44.8%
EQH	Buy	AXA EQUITABLE HLDGS INC	$23,537,000	+31.0%	1,097,312	+25.9%	4.02%	+37.9%
BSIG	Buy	BRIGHTSPHERE INVESTMNT GRP P	$23,406,000	-10.1%	1,887,545	+3.3%	4.00%	-5.4%
MTG	New	MGIC INVT CORP WIS	$22,794,000	–	1,712,563	–	3.89%	–
OMF	Buy	ONEMAIN HLDGS INC	$21,621,000	+51.2%	643,280	+49.8%	3.69%	+59.1%
BGCP	Buy	BGC PARTNERS INCcl a	$21,374,000	+40.2%	1,808,287	+34.3%	3.65%	+47.6%
BPOP	Sell	POPULAR INC	$21,179,000	+3.1%	413,244	-9.0%	3.62%	+8.6%
ETFC	Buy	E TRADE FINANCIAL CORP	$19,845,000	+88.3%	378,790	+119.8%	3.39%	+98.2%
TRTN	Sell	TRITON INTL LTDcl a	$19,328,000	-9.2%	580,958	-16.4%	3.30%	-4.5%
SC	Sell	SANTANDER CONSUMER USA HDG I	$18,066,000	-17.0%	901,478	-20.9%	3.08%	-12.6%
ARCC	Buy	ARES CAP CORP	$16,827,000	+5.7%	978,912	+1.1%	2.87%	+11.2%
AIZ	New	ASSURANT INC	$15,264,000	–	141,395	–	2.60%	–
CME	Buy	CME GROUP INC	$14,847,000	+117.4%	87,228	+109.4%	2.53%	+128.9%
UIHC	Buy	UNITED INS HLDGS CORP	$14,776,000	+18.5%	660,216	+3.7%	2.52%	+24.7%
VRTS	Buy	VIRTUS INVT PARTNERS INC	$14,723,000	-4.0%	129,429	+7.9%	2.51%	+1.0%
STL	New	STERLING BANCORP DEL	$14,462,000	–	657,366	–	2.47%	–
CG	Sell	CARLYLE GROUP L P	$13,032,000	+4.7%	577,937	-1.1%	2.22%	+10.2%
CAI	New	CAI INTERNATIONAL INC	$12,827,000	–	560,873	–	2.19%	–
AXS	Buy	AXIS CAPITAL HOLDINGS LTD	$12,610,000	+19.6%	218,498	+15.2%	2.15%	+25.8%
BLK	Buy	BLACKROCK INC	$11,231,000	+60.6%	23,829	+70.1%	1.92%	+69.0%
RWT	New	REDWOOD TR INC	$10,678,000	–	657,541	–	1.82%	–
CARS	New	CARS COM INC	$9,649,000	–	349,459	–	1.65%	–
AINV	New	APOLLO INVT CORP	$9,591,000	–	1,763,049	–	1.64%	–
CCS	Sell	CENTUTRY CMNTYS INC	$9,572,000	-45.4%	364,654	-34.4%	1.63%	-42.6%
EIG	Sell	EMPLOYERS HOLDINGS INC	$8,968,000	-41.4%	197,969	-48.0%	1.53%	-38.3%
JRVR	Sell	JAMES RIV GROUP LTD	$8,876,000	-30.4%	208,258	-35.9%	1.52%	-26.8%
HIIQ	New	HEALTH INS INNOVATIONS INC	$8,858,000	–	143,682	–	1.51%	–
	New	CORPORATE CAP TR INC	$8,570,000	–	561,619	–	1.46%	–
CASH	Sell	META FINL GROUP INC	$7,455,000	-49.7%	90,199	-40.7%	1.27%	-47.1%
PGR	Sell	PROGRESSIVE CORP OHIO	$7,438,000	-28.6%	104,705	-40.5%	1.27%	-24.8%
PFMT	Exit	PERFORMANT FINL CORP	$0	–	-2,099,957	–	-0.73%	–
AB	Exit	ALLIANCEBERNSTEIN HOLDING LPunit ltd partn	$0	–	-243,830	–	-1.13%	–
IIPR	Exit	INNOVATIVE INDL PPTYS INC	$0	–	-198,217	–	-1.18%	–
LGIH	Exit	LGI HOMES INC	$0	–	-128,224	–	-1.20%	–
TCAP	Exit	TRIANGLE CAP CORP	$0	–	-673,091	–	-1.26%	–
BX	Exit	BLACKSTONE GROUP L P	$0	–	-285,784	–	-1.49%	–
WETF	Exit	WISDOMTREE INVTS INC	$0	–	-1,103,359	–	-1.62%	–
RNR	Exit	RENAISSANCERE HOLDINGS LTD	$0	–	-87,984	–	-1.72%	–
ENV	Exit	ENVESTNET INC	$0	–	-193,482	–	-1.72%	–
PAG	Exit	PENSKE AUTOMOTIVE GRP INC	$0	–	-297,384	–	-2.26%	–
TRI	Exit	THOMSON REUTERS CORP	$0	–	-356,463	–	-2.33%	–
GSKY	Exit	GREENSKY INCcl a	$0	–	-864,225	–	-2.96%	–
GPI	Exit	GROUP 1 AUTOMOTIVE INC	$0	–	-384,304	–	-3.93%	–
CXW	Exit	CORECIVIC INC	$0	–	-1,091,763	–	-4.23%	–

Q2 2018

			Value		Shares		↓ Weighting
AGO	New	ASSURED GUARANTY LTD	$36,978,000	–	1,034,933	–	6.00%	–
ITG	New	INVESTMENT TECHNOLOGY GRP NE	$29,432,000	–	1,406,868	–	4.77%	–
CXW	New	CORECIVIC INC	$26,082,000	–	1,091,763	–	4.23%	–
BSIG	New	BRIGHTSPHERE INVESTMNT GRP P	$26,045,000	–	1,826,427	–	4.22%	–
CURO	New	CURO GROUP HLDGS CORP	$24,921,000	–	998,841	–	4.04%	–
GPI	New	GROUP 1 AUTOMOTIVE INC	$24,211,000	–	384,304	–	3.93%	–
AIG	New	AMERICAN INTL GROUP INC	$24,209,000	–	456,593	–	3.93%	–
SC	New	SANTANDER CONSUMER USA HDG I	$21,759,000	–	1,139,805	–	3.53%	–
TRTN	New	TRITON INTL LTDcl a	$21,295,000	–	694,564	–	3.45%	–
BPOP	New	POPULAR INC	$20,537,000	–	454,248	–	3.33%	–
GSKY	New	GREENSKY INCcl a	$18,278,000	–	864,225	–	2.96%	–
EQH	New	AXA EQUITABLE HLDGS INC	$17,970,000	–	871,913	–	2.91%	–
CCS	New	CENTURY CMNTYS INC	$17,543,000	–	556,046	–	2.84%	–
VOYA	New	VOYA FINL INC	$17,208,000	–	366,128	–	2.79%	–
ARCC	New	ARES CAP CORP	$15,923,000	–	967,983	–	2.58%	–
VRTS	New	VIRTUS INVT PARTNERS INC	$15,344,000	–	119,918	–	2.49%	–
EIG	New	EMPLOYERS HOLDINGS INC	$15,301,000	–	380,625	–	2.48%	–
BGCP	New	BGC PARTNERS INCcl a	$15,246,000	–	1,346,833	–	2.47%	–
CASH	New	META FINL GROUP INC	$14,818,000	–	152,132	–	2.40%	–
TRI	New	THOMSON REUTERS CORP	$14,373,000	–	356,463	–	2.33%	–
OMF	New	ONEMAIN HLDGS INC	$14,300,000	–	429,562	–	2.32%	–
PAG	New	PENSKE AUTOMOTIVE GRP INC	$13,932,000	–	297,384	–	2.26%	–
COWN	New	COWEN INCcl a new	$13,678,000	–	987,617	–	2.22%	–
JRVR	New	JAMES RIV GROUP LTD	$12,759,000	–	324,739	–	2.07%	–
UIHC	New	UNITED INS HLDGS CORP	$12,469,000	–	636,806	–	2.02%	–
CG	New	CARLYLE GROUP L P	$12,447,000	–	584,372	–	2.02%	–
ENV	New	ENVESTNET INC	$10,632,000	–	193,482	–	1.72%	–
RNR	New	RENAISSANCERE HOLDINGS LTD	$10,586,000	–	87,984	–	1.72%	–
AXS	New	AXIS CAPITAL HOLDINGS LTD	$10,547,000	–	189,622	–	1.71%	–
ETFC	New	E TRADE FINANCIAL CORP	$10,541,000	–	172,359	–	1.71%	–
PGR	New	PROGRESSIVE CORP OHIO	$10,417,000	–	176,113	–	1.69%	–
WETF	New	WISDOMTREE INVTS INC	$10,018,000	–	1,103,359	–	1.62%	–
BX	New	BLACKSTONE GROUP L P	$9,194,000	–	285,784	–	1.49%	–
TCAP	New	TRIANGLE CAP CORP	$7,741,000	–	673,091	–	1.26%	–
LGIH	New	LGI HOMES INC	$7,402,000	–	128,224	–	1.20%	–
IIPR	New	INNOVATIVE INDL PPTYS INC	$7,259,000	–	198,217	–	1.18%	–
BLK	New	BLACKROCK INC	$6,991,000	–	14,009	–	1.13%	–
AB	New	ALLIANCEBERNSTEIN HOLDING LPunit ltd partn	$6,961,000	–	243,830	–	1.13%	–
CME	New	CME GROUP INC	$6,828,000	–	41,657	–	1.11%	–
PFMT	New	PERFORMANT FINL CORP	$4,515,000	–	2,099,957	–	0.73%	–

Q4 2017

			Value		Shares		↓ Weighting
GPI	Exit	GROUP 1 AUTOMOTIVE INC	$0	–	-83,347	–	-1.06%	–
EZPW	Exit	EZCORP INCcl a non vtg	$0	–	-677,587	–	-1.13%	–
PFMT	Exit	PERFORMANT FINL CORP	$0	–	-3,711,081	–	-1.19%	–
AB	Exit	ALLIANCEBERNSTEIN HOLDING LPunit ltd partn	$0	–	-285,524	–	-1.22%	–
CME	Exit	CME GROUP INC	$0	–	-58,464	–	-1.40%	–
PAG	Exit	PENSKE AUTOMOTIVE GRP INC	$0	–	-208,640	–	-1.74%	–
VR	Exit	VALIDUS HOLDINGS LTD	$0	–	-215,685	–	-1.87%	–
WLTW	Exit	WILLIS TOWERS WATSON PUB LTD	$0	–	-76,987	–	-2.09%	–
NTB	Exit	BANK OF NT BUTTERFIELD&SON L	$0	–	-343,021	–	-2.21%	–
NMIH	Exit	NMI HLDGS INCcl a	$0	–	-1,058,724	–	-2.31%	–
CG	Exit	CARLYLE GROUP L P	$0	–	-591,265	–	-2.45%	–
OMF	Exit	ONEMAIN HLDGS INC	$0	–	-509,167	–	-2.52%	–
SLM	Exit	SLM CORP	$0	–	-1,279,802	–	-2.58%	–
ITG	Exit	INVESTMENT TECHNOLOGY GRP NE	$0	–	-710,109	–	-2.76%	–
CCS	Exit	CENTURY CMNTYS INC	$0	–	-657,509	–	-2.86%	–
NSM	Exit	NATIONSTAR MTG HLDGS INC	$0	–	-921,005	–	-3.01%	–
PFSI	Exit	PENNYMAC FINL SVCS INCcl a	$0	–	-1,012,272	–	-3.17%	–
CNA	Exit	CNA FINL CORP	$0	–	-394,195	–	-3.48%	–
EIG	Exit	EMPLOYERS HOLDINGS INC	$0	–	-446,454	–	-3.57%	–
BPOP	Exit	POPULAR INC	$0	–	-586,698	–	-3.71%	–
UIHC	Exit	UNITED INS HLDGS CORP	$0	–	-1,453,904	–	-4.17%	–
GEO	Exit	GEO GROUP INC NEW	$0	–	-973,259	–	-4.60%	–
JRVR	Exit	JAMES RIV GROUP LTD	$0	–	-645,175	–	-4.70%	–
DBD	Exit	DIEBOLD NXDF INC	$0	–	-1,175,300	–	-4.72%	–
TRTN	Exit	TRITON INTL LTDcl a	$0	–	-820,609	–	-4.80%	–
CXW	Exit	CORECIVIC INC	$0	–	-1,022,347	–	-4.81%	–
FPH	Exit	FIVE POINT HOLDINGS LLC	$0	–	-2,027,300	–	-4.86%	–
AGO	Exit	ASSURED GUARANTY LTD	$0	–	-765,002	–	-5.08%	–
VRTS	Exit	VIRTUS INVT PARTNERS INC	$0	–	-253,247	–	-5.17%	–
SC	Exit	SANTANDER CONSUMER USA HDG I	$0	–	-1,956,867	–	-5.29%	–
	Exit	OM ASSET MGMT PLC	$0	–	-2,085,955	–	-5.47%	–

Q3 2017

			Value		Shares		↓ Weighting
	Buy	OM ASSET MGMT PLC	$31,122,000	+32.3%	2,085,955	+31.8%	5.47%	+29.6%
SC	Sell	SANTANDER CONSUMER USA HDG I	$30,077,000	+13.0%	1,956,867	-6.2%	5.29%	+10.7%
VRTS	Sell	VIRTUS INVT PARTNERS INC	$29,389,000	-5.9%	253,247	-10.0%	5.17%	-7.9%
AGO	Buy	ASSURED GUARANTY LTD	$28,879,000	+25.2%	765,002	+38.4%	5.08%	+22.6%
FPH	Buy	FIVE POINT HOLDINGS LLC	$27,652,000	+17.0%	2,027,300	+26.6%	4.86%	+14.6%
CXW	Buy	CORECIVIC INC	$27,368,000	+19.3%	1,022,347	+22.9%	4.81%	+16.8%
TRTN	Buy	TRITON INTL LTDcl a	$27,310,000	+25.3%	820,609	+25.9%	4.80%	+22.7%
DBD	New	DIEBOLD NXDF INC	$26,856,000	–	1,175,300	–	4.72%	–
JRVR	Buy	JAMES RIV GROUP LTD	$26,762,000	+43.5%	645,175	+37.4%	4.70%	+40.5%
GEO	Buy	GEO GROUP INC NEW	$26,181,000	+13.6%	973,259	+24.9%	4.60%	+11.3%
UIHC	Buy	UNITED INS HLDGS CORP	$23,699,000	+65.6%	1,453,904	+59.8%	4.17%	+62.1%
BPOP	New	POPULAR INC	$21,086,000	–	586,698	–	3.71%	–
EIG	Buy	EMPLOYERS HOLDINGS INC	$20,291,000	+63.3%	446,454	+51.9%	3.57%	+59.9%
CNA	Buy	CNA FINL CORP	$19,808,000	+29.4%	394,195	+25.5%	3.48%	+26.7%
PFSI	Buy	PENNYMAC FINL SVCS INCcl a	$18,018,000	+102.5%	1,012,272	+90.0%	3.17%	+98.2%
NSM	New	NATIONSTAR MTG HLDGS INC	$17,103,000	–	921,005	–	3.01%	–
CCS	Sell	CENTURY CMNTYS INC	$16,240,000	-4.6%	657,509	-4.3%	2.86%	-6.6%
ITG	Sell	INVESTMENT TECHNOLOGY GRP NE	$15,722,000	-27.1%	710,109	-30.1%	2.76%	-28.6%
SLM	Sell	SLM CORP	$14,679,000	-37.4%	1,279,802	-37.3%	2.58%	-38.7%
OMF	New	ONEMAIN HLDGS INC	$14,353,000	–	509,167	–	2.52%	–
CG	Buy	CARLYLE GROUP L P	$13,954,000	+85.3%	591,265	+55.0%	2.45%	+81.4%
NMIH	Buy	NMI HLDGS INCcl a	$13,128,000	+21.4%	1,058,724	+12.1%	2.31%	+18.9%
NTB	Sell	BANK OF NT BUTTERFIELD&SON L	$12,568,000	-10.9%	343,021	-17.1%	2.21%	-12.8%
WLTW	New	WILLIS TOWERS WATSON PUB LTD	$11,874,000	–	76,987	–	2.09%	–
VR	Sell	VALIDUS HOLDINGS LTD	$10,614,000	-30.4%	215,685	-26.5%	1.87%	-31.9%
PAG	New	PENSKE AUTOMOTIVE GRP INC	$9,925,000	–	208,640	–	1.74%	–
CME	New	CME GROUP INC	$7,932,000	–	58,464	–	1.40%	–
AB	New	ALLIANCEBERNSTEIN HOLDING LPunit ltd partn	$6,938,000	–	285,524	–	1.22%	–
EZPW	New	EZCORP INCcl a non vtg	$6,437,000	–	677,587	–	1.13%	–
GPI	New	GROUP 1 AUTOMOTIVE INC	$6,039,000	–	83,347	–	1.06%	–
ISTR	Exit	INVESTAR HLDG CORP	$0	–	-50,000	–	-0.21%	–
ATH	Exit	ATHENE HLDG LTDcl a	$0	–	-45,840	–	-0.41%	–
HLI	Exit	HOULIHAN LOKEY INCcl a	$0	–	-86,140	–	-0.54%	–
CASH	Exit	META FINL GROUP INC	$0	–	-42,835	–	-0.68%	–
EPAY	Exit	BOTTOMLINE TECH DEL INC	$0	–	-281,721	–	-1.30%	–
C	Exit	CITIGROUP INC	$0	–	-119,303	–	-1.43%	–
MKTX	Exit	MARKETAXESS HLDGS INC	$0	–	-47,614	–	-1.72%	–
CB	Exit	CHUBB LIMITED	$0	–	-66,057	–	-1.72%	–
OPB	Exit	OPUS BK IRVINE CALIF	$0	–	-462,352	–	-2.01%	–
COF	Exit	CAPITAL ONE FINL CORP	$0	–	-148,420	–	-2.20%	–
LPLA	Exit	LPL FINL HLDGS INC	$0	–	-292,709	–	-2.23%	–
VNTV	Exit	VANTIV INCcl a	$0	–	-207,455	–	-2.36%	–
NAVI	Exit	NAVIENT CORPORATION	$0	–	-805,609	–	-2.41%	–
WETF	Exit	WISDOMTREE INVTS INC	$0	–	-1,398,188	–	-2.55%	–
ETFC	Exit	E TRADE FINANCIAL CORP	$0	–	-431,745	–	-2.95%	–
ENV	Exit	ENVESTNET INC	$0	–	-445,050	–	-3.16%	–
LNC	Exit	LINCOLN NATL CORP IND	$0	–	-275,800	–	-3.35%	–

Q2 2017

			Value		Shares		↓ Weighting
VRTS	New	VIRTUS INVT PARTNERS INC	$31,236,000	–	281,528	–	5.61%	–
SC	New	SANTANDER CONSUMER USA HDG I	$26,615,000	–	2,085,847	–	4.78%	–
FPH	New	FIVE POINT HOLDINGS LLC	$23,628,000	–	1,600,832	–	4.24%	–
	New	OM ASSET MGMT PLC	$23,520,000	–	1,582,755	–	4.22%	–
SLM	New	SLM CORP	$23,464,000	–	2,040,352	–	4.21%	–
AGO	New	ASSURED GUARANTY LTD	$23,070,000	–	552,699	–	4.14%	–
GEO	New	GEO GROUP INC NEW	$23,042,000	–	779,222	–	4.14%	–
CXW	New	CORECIVIC INC	$22,941,000	–	831,781	–	4.12%	–
TRTN	New	TRITON INTL LTDcl a	$21,793,000	–	651,704	–	3.91%	–
ITG	New	INVESTMENT TECHNOLOGY GRP NE	$21,565,000	–	1,015,296	–	3.87%	–
JRVR	New	JAMES RIV GROUP LTD	$18,649,000	–	469,401	–	3.35%	–
LNC	New	LINCOLN NATL CORP IND	$18,639,000	–	275,800	–	3.35%	–
ENV	New	ENVESTNET INC	$17,624,000	–	445,050	–	3.16%	–
CCS	New	CENTURY CMNTYS INC	$17,030,000	–	686,694	–	3.06%	–
ETFC	New	E TRADE FINANCIAL CORP	$16,419,000	–	431,745	–	2.95%	–
CNA	New	CNA FINL CORP	$15,308,000	–	314,002	–	2.75%	–
VR	New	VALIDUS HOLDINGS LTD	$15,260,000	–	293,633	–	2.74%	–
UIHC	New	UNITED INS HLDGS CORP	$14,315,000	–	910,023	–	2.57%	–
WETF	New	WISDOMTREE INVTS INC	$14,220,000	–	1,398,188	–	2.55%	–
NTB	New	BANK OF NT BUTTERFIELD&SON L	$14,108,000	–	413,720	–	2.53%	–
NAVI	New	NAVIENT CORPORATION	$13,413,000	–	805,609	–	2.41%	–
VNTV	New	VANTIV INCcl a	$13,140,000	–	207,455	–	2.36%	–
EIG	New	EMPLOYERS HOLDINGS INC	$12,429,000	–	293,823	–	2.23%	–
LPLA	New	LPL FINL HLDGS INC	$12,428,000	–	292,709	–	2.23%	–
COF	New	CAPITAL ONE FINL CORP	$12,262,000	–	148,420	–	2.20%	–
OPB	New	OPUS BK IRVINE CALIF	$11,189,000	–	462,352	–	2.01%	–
NMIH	New	NMI HLDGS INCcl a	$10,810,000	–	944,140	–	1.94%	–
CB	New	CHUBB LIMITED	$9,603,000	–	66,057	–	1.72%	–
MKTX	New	MARKETAXESS HLDGS INC	$9,575,000	–	47,614	–	1.72%	–
PFSI	New	PENNYMAC FINL SVCS INCcl a	$8,899,000	–	532,850	–	1.60%	–
C	New	CITIGROUP INC	$7,979,000	–	119,303	–	1.43%	–
PFMT	New	PERFORMANT FINL CORP	$7,756,000	–	3,711,081	–	1.39%	–
CG	New	CARLYLE GROUP L P	$7,532,000	–	381,373	–	1.35%	–
EPAY	New	BOTTOMLINE TECH DEL INC	$7,237,000	–	281,721	–	1.30%	–
CASH	New	META FINL GROUP INC	$3,812,000	–	42,835	–	0.68%	–
HLI	New	HOULIHAN LOKEY INCcl a	$3,006,000	–	86,140	–	0.54%	–
ATH	New	ATHENE HLDG LTDcl a	$2,274,000	–	45,840	–	0.41%	–
ISTR	New	INVESTAR HLDG CORP	$1,145,000	–	50,000	–	0.21%	–

Q4 2016

			Value		Shares		↓ Weighting
ZFC	Exit	ZAIS FINL CORP	$0	–	-61,795	–	-0.20%	–
CNA	Exit	CNA FINL CORP	$0	–	-131,949	–	-1.00%	–
BRO	Exit	BROWN & BROWN INC	$0	–	-171,041	–	-1.43%	–
SUPV	Exit	GRUPO SUPERVIELLE S Asponsored adr	$0	–	-499,227	–	-1.63%	–
CSAL	Exit	COMMUNICATIONS SALES&LEAS IN	$0	–	-245,772	–	-1.71%	–
IMH	Exit	IMPAC MTG HLDGS INC	$0	–	-650,000	–	-1.90%	–
RNR	Exit	RENAISSANCERE HOLDINGS LTD	$0	–	-78,756	–	-2.09%	–
ADC	Exit	AGREE REALTY CORP	$0	–	-196,127	–	-2.14%	–
EIG	Exit	EMPLOYERS HOLDINGS INC	$0	–	-350,217	–	-2.31%	–
AEL	Exit	AMERICAN EQTY INVT LIFE HLD	$0	–	-589,312	–	-2.31%	–
PFMT	Exit	PERFORMANT FINL CORP	$0	–	-3,585,381	–	-2.34%	–
CB	Exit	CHUBB LIMITED	$0	–	-88,393	–	-2.46%	–
WLTW	Exit	WILLIS TOWERS WATSON PUB LTD	$0	–	-88,702	–	-2.60%	–
CONE	Exit	CYRUSONE INC	$0	–	-256,202	–	-2.69%	–
NTB	Exit	BANK OF NT BUTTERFIELD&SON L	$0	–	-492,950	–	-2.70%	–
BATS	Exit	BATS GLOBAL MKTS INC	$0	–	-408,527	–	-2.72%	–
MC	Exit	MOELIS & COcl a	$0	–	-505,162	–	-3.00%	–
MBI	Exit	MBIA INC	$0	–	-1,813,048	–	-3.12%	–
	Exit	OM ASSET MGMT PLC	$0	–	-1,041,715	–	-3.20%	–
CASH	Exit	META FINL GROUP INC	$0	–	-241,650	–	-3.24%	–
GEO	Exit	GEO GROUP INC NEW	$0	–	-623,024	–	-3.27%	–
SC	Exit	SANTANDER CONSUMER USA HDG I	$0	–	-1,250,381	–	-3.36%	–
IRM	Exit	IRON MTN INC NEW	$0	–	-412,987	–	-3.42%	–
TOL	Exit	TOLL BROTHERS INC	$0	–	-530,150	–	-3.50%	–
AMG	Exit	AFFILIATED MANAGERS GROUP	$0	–	-112,327	–	-3.59%	–
MS	Exit	MORGAN STANLEY	$0	–	-516,507	–	-3.66%	–
ACHC	Exit	ACADIA HEALTHCARE COMPANY IN	$0	–	-343,735	–	-3.76%	–
PFSI	Exit	PENNYMAC FINL SVCS INCcl a	$0	–	-1,026,827	–	-3.86%	–
OMF	Exit	ONEMAIN HLDGS INC	$0	–	-633,896	–	-4.34%	–
ITG	Exit	INVESTMENT TECHNOLOGY GRP NE	$0	–	-1,251,701	–	-4.74%	–
SLM	Exit	SLM CORP	$0	–	-3,174,133	–	-5.24%	–
AGO	Exit	ASSURED GUARANTY LTD	$0	–	-1,015,874	–	-6.23%	–
BAC	Exit	BANK AMER CORP	$0	–	-1,801,862	–	-6.23%	–

Q3 2016

			Value		Shares		↓ Weighting
BAC	New	BANK AMER CORP	$28,199,000	–	1,801,862	–	6.23%	–
AGO	Sell	ASSURED GUARANTY LTD	$28,191,000	-2.0%	1,015,874	-10.5%	6.23%	-5.7%
SLM	Buy	SLM CORP	$23,711,000	+32.7%	3,174,133	+9.8%	5.24%	+27.7%
ITG	Sell	INVESTMENT TECHNOLOGY GRP NE	$21,454,000	-29.7%	1,251,701	-31.4%	4.74%	-32.3%
OMF	New	ONEMAIN HLDGS INC	$19,619,000	–	633,896	–	4.34%	–
PFSI	Sell	PENNYMAC FINL SVCS INCcl a	$17,466,000	+8.5%	1,026,827	-20.4%	3.86%	+4.4%
ACHC	Buy	ACADIA HEALTHCARE COMPANY IN	$17,032,000	+3.5%	343,735	+15.7%	3.76%	-0.4%
MS	New	MORGAN STANLEY	$16,559,000	–	516,507	–	3.66%	–
AMG	Buy	AFFILIATED MANAGERS GROUP	$16,254,000	+31.8%	112,327	+28.2%	3.59%	+26.8%
TOL	New	TOLL BROTHERS INC	$15,830,000	–	530,150	–	3.50%	–
IRM	Buy	IRON MTN INC NEW	$15,499,000	+44.8%	412,987	+53.6%	3.42%	+39.3%
SC	New	SANTANDER CONSUMER USA HDG I	$15,205,000	–	1,250,381	–	3.36%	–
GEO	New	GEO GROUP INC NEW	$14,816,000	–	623,024	–	3.27%	–
CASH	Sell	META FINL GROUP INC	$14,646,000	-18.3%	241,650	-31.3%	3.24%	-21.4%
	Buy	OM ASSET MGMT PLC	$14,490,000	+22.9%	1,041,715	+17.9%	3.20%	+18.2%
MBI	Buy	MBIA INC	$14,124,000	+18.6%	1,813,048	+4.0%	3.12%	+14.2%
MC	Buy	MOELIS & COcl a	$13,584,000	+24.2%	505,162	+3.9%	3.00%	+19.5%
BATS	Sell	BATS GLOBAL MKTS INC	$12,309,000	-10.3%	408,527	-23.5%	2.72%	-13.7%
NTB	New	BANK OF NT BUTTERFIELD&SON L	$12,205,000	–	492,950	–	2.70%	–
CONE	Buy	CYRUSONE INC	$12,188,000	+10.6%	256,202	+29.4%	2.69%	+6.5%
WLTW	Sell	WILLIS TOWERS WATSON PUB LTD	$11,777,000	-9.1%	88,702	-14.9%	2.60%	-12.5%
CB	Buy	CHUBB LIMITED	$11,107,000	+15.5%	88,393	+20.2%	2.46%	+11.2%
PFMT	Sell	PERFORMANT FINL CORP	$10,577,000	+78.2%	3,585,381	-2.1%	2.34%	+71.5%
EIG	New	EMPLOYERS HOLDINGS INC	$10,447,000	–	350,217	–	2.31%	–
AEL	Sell	AMERICAN EQTY INVT LIFE HLD	$10,449,000	-25.5%	589,312	-40.1%	2.31%	-28.3%
ADC	Buy	AGREE REALTY CORP	$9,697,000	+5.1%	196,127	+2.5%	2.14%	+1.1%
RNR	Sell	RENAISSANCERE HOLDINGS LTD	$9,463,000	-14.1%	78,756	-16.0%	2.09%	-17.3%
IMH	New	IMPAC MTG HLDGS INC	$8,574,000	–	650,000	–	1.90%	–
CSAL	Sell	COMMUNICATIONS SALES&LEAS IN	$7,720,000	+0.8%	245,772	-7.2%	1.71%	-3.0%
SUPV	Sell	GRUPO SUPERVIELLE S Asponsored adr	$7,394,000	-53.4%	499,227	-59.8%	1.63%	-55.2%
BRO	New	BROWN & BROWN INC	$6,450,000	–	171,041	–	1.43%	–
CNA	New	CNA FINL CORP	$4,540,000	–	131,949	–	1.00%	–
ZFC	Buy	ZAIS FINL CORP	$892,000	+20.9%	61,795	+14.9%	0.20%	+16.6%
GCAP	Exit	GAIN CAP HLDGS INC	$0	–	-19,525	–	-0.03%	–
LGIH	Exit	LGI HOMES INC	$0	–	-227,145	–	-1.67%	–
TPVG	Exit	TRIPLEPOINT VENTURE GROWTH B	$0	–	-839,564	–	-2.04%	–
AER	Exit	AERCAP HOLDINGS NV	$0	–	-270,918	–	-2.09%	–
QTS	Exit	QTS RLTY TR INC	$0	–	-184,990	–	-2.38%	–
NSA	Exit	NATIONAL STORAGE AFFILIATES	$0	–	-521,000	–	-2.49%	–
DLR	Exit	DIGITAL RLTY TR INC	$0	–	-106,046	–	-2.65%	–
IVZ	Exit	INVESCO LTD	$0	–	-453,713	–	-2.66%	–
HMST	Exit	HOMESTREET INC	$0	–	-604,542	–	-2.76%	–
SQ	Exit	SQUARE INCcl a	$0	–	-1,680,669	–	-3.49%	–
CAR	Exit	AVIS BUDGET GROUP	$0	–	-489,161	–	-3.62%	–
UEPS	Exit	NET 1 UEPS TECHNOLOGIES INC	$0	–	-2,569,273	–	-5.89%	–

Q2 2016

			Value		Shares		↓ Weighting
ITG	New	INVESTMENT TECHNOLOGY GRP NE	$30,518,000	–	1,825,215	–	7.01%	–
AGO	New	ASSURED GUARANTY LTD	$28,781,000	–	1,134,435	–	6.61%	–
UEPS	New	NET 1 UEPS TECHNOLOGIES INC	$25,667,000	–	2,569,273	–	5.89%	–
CASH	New	META FINL GROUP INC	$17,936,000	–	351,965	–	4.12%	–
SLM	New	SLM CORP	$17,869,000	–	2,891,400	–	4.10%	–
ACHC	New	ACADIA HEALTHCARE COMPANY IN	$16,459,000	–	297,100	–	3.78%	–
PFSI	New	PENNYMAC FINL SVCS INCcl a	$16,103,000	–	1,289,290	–	3.70%	–
SUPV	New	GRUPO SUPERVIELLE S Asponsored adr	$15,874,000	–	1,241,130	–	3.64%	–
CAR	New	AVIS BUDGET GROUP	$15,766,000	–	489,161	–	3.62%	–
SQ	New	SQUARE INCcl a	$15,210,000	–	1,680,669	–	3.49%	–
AEL	New	AMERICAN EQTY INVT LIFE HLD	$14,024,000	–	984,134	–	3.22%	–
BATS	New	BATS GLOBAL MKTS INC	$13,718,000	–	533,997	–	3.15%	–
WLTW	New	WILLIS TOWERS WATSON PUB LTD	$12,955,000	–	104,215	–	2.98%	–
AMG	New	AFFILIATED MANAGERS GROUP	$12,333,000	–	87,608	–	2.83%	–
HMST	New	HOMESTREET INC	$12,042,000	–	604,542	–	2.76%	–
MBI	New	MBIA INC	$11,905,000	–	1,743,030	–	2.73%	–
	New	OM ASSET MGMT PLC	$11,794,000	–	883,457	–	2.71%	–
IVZ	New	INVESCO LTD	$11,588,000	–	453,713	–	2.66%	–
DLR	New	DIGITAL RLTY TR INC	$11,558,000	–	106,046	–	2.65%	–
CONE	New	CYRUSONE INC	$11,017,000	–	197,927	–	2.53%	–
RNR	New	RENAISSANCERE HOLDINGS LTD	$11,011,000	–	93,756	–	2.53%	–
MC	New	MOELIS & COcl a	$10,941,000	–	486,272	–	2.51%	–
NSA	New	NATIONAL STORAGE AFFILIATES	$10,847,000	–	521,000	–	2.49%	–
IRM	New	IRON MTN INC NEW	$10,706,000	–	268,791	–	2.46%	–
QTS	New	QTS RLTY TR INC	$10,356,000	–	184,990	–	2.38%	–
CB	New	CHUBB LIMITED	$9,614,000	–	73,554	–	2.21%	–
ADC	New	AGREE REALTY CORP	$9,230,000	–	191,333	–	2.12%	–
AER	New	AERCAP HOLDINGS NV	$9,100,000	–	270,918	–	2.09%	–
TPVG	New	TRIPLEPOINT VENTURE GROWTH B	$8,891,000	–	839,564	–	2.04%	–
CSAL	New	COMMUNICATIONS SALES&LEAS IN	$7,657,000	–	264,965	–	1.76%	–
LGIH	New	LGI HOMES INC	$7,255,000	–	227,145	–	1.67%	–
PFMT	New	PERFORMANT FINL CORP	$5,934,000	–	3,663,137	–	1.36%	–
ZFC	New	ZAIS FINL CORP	$738,000	–	53,795	–	0.17%	–
GCAP	New	GAIN CAP HLDGS INC	$123,000	–	19,525	–	0.03%	–

Q4 2015

			Value		Shares		↓ Weighting
FBRC	Exit	FBR & CO	$0	–	-42,320	–	-0.18%	–
PFMT	Exit	PERFORMANT FINL CORP	$0	–	-602,442	–	-0.31%	–
NWHM	Exit	NEW HOME CO INC	$0	–	-125,840	–	-0.35%	–
VIRT	Exit	VIRTU FINL INCcl a	$0	–	-197,307	–	-0.96%	–
TAL	Exit	TAL INTL GROUP INC	$0	–	-379,823	–	-1.11%	–
ITUB	Exit	ITAU UNIBANCO HLDG SAspon adr rep pfd	$0	–	-845,225	–	-1.19%	–
RNR	Exit	RENAISSANCERE HOLDINGS LTD	$0	–	-55,445	–	-1.26%	–
EVTC	Exit	EVERTEC INC	$0	–	-335,000	–	-1.29%	–
PGR	Exit	PROGRESSIVE CORP OHIO	$0	–	-204,871	–	-1.34%	–
FLY	Exit	FLY LEASING LTDsponsored adr	$0	–	-546,931	–	-1.54%	–
AXS	Exit	AXIS CAPITAL HOLDINGS LTD	$0	–	-138,786	–	-1.59%	–
JRVR	Exit	JAMES RIV GROUP LTD	$0	–	-280,104	–	-1.61%	–
MBI	Exit	MBIA INC	$0	–	-1,263,473	–	-1.64%	–
TGH	Exit	TEXTAINER GROUP HOLDINGS LTD	$0	–	-476,366	–	-1.68%	–
VOYA	Exit	VOYA FINL INC	$0	–	-205,463	–	-1.70%	–
XL	Exit	XL GROUP PLC	$0	–	-222,740	–	-1.73%	–
AJG	Exit	GALLAGHER ARTHUR J & CO	$0	–	-215,723	–	-1.90%	–
PRI	Exit	PRIMERICA INC	$0	–	-198,658	–	-1.91%	–
ACE	Exit	ACE LTD	$0	–	-89,258	–	-1.97%	–
HIG	Exit	HARTFORD FINL SVCS GROUP INC	$0	–	-228,150	–	-2.23%	–
HLI	Exit	HOULIHAN LOKEY INCcl a	$0	–	-544,420	–	-2.53%	–
HMN	Exit	HORACE MANN EDUCATORS CORP N	$0	–	-383,746	–	-2.72%	–
	Exit	OM ASSET MGMT PLC	$0	–	-837,403	–	-2.76%	–
AER	Exit	AERCAP HOLDINGS NV	$0	–	-348,080	–	-2.84%	–
KCG	Exit	KCG HLDGS INCcl a	$0	–	-1,241,192	–	-2.90%	–
TPVG	Exit	TRIPLEPOINT VENTR GROWTH B	$0	–	-1,352,654	–	-2.93%	–
PYPL	Exit	PAYPAL HLDGS INC	$0	–	-449,829	–	-2.98%	–
PFSI	Exit	PENNYMAC FINL SVCS INCcl a	$0	–	-904,565	–	-3.09%	–
SYA	Exit	SYMETRA FINL CORP	$0	–	-477,680	–	-3.22%	–
IVZ	Exit	INVESCO LTD	$0	–	-498,730	–	-3.32%	–
LOPE	Exit	GRAND CANYON ED INC	$0	–	-420,039	–	-3.40%	–
ALL	Exit	ALLSTATE CORP	$0	–	-290,818	–	-3.61%	–
CASH	Exit	META FINL GROUP INC	$0	–	-406,516	–	-3.62%	–
AGNC	Exit	AMERICAN CAPITAL AGENCY CORP	$0	–	-1,009,567	–	-4.03%	–
LEAF	Exit	SPRINGLEAF HLDGS INC	$0	–	-481,373	–	-4.49%	–
SC	Exit	SANTANDER CONSUMER USA HDG I	$0	–	-1,098,434	–	-4.79%	–
AGO	Exit	ASSURED GUARANTY LTD	$0	–	-1,017,746	–	-5.43%	–
ITG	Exit	INVESTMENT TECHNOLOGY GRP NE	$0	–	-1,944,488	–	-5.54%	–
UEPS	Exit	NET 1 UEPS TECHNOLOGIES INC	$0	–	-2,325,990	–	-8.31%	–

Q3 2015

			Value		Shares		↓ Weighting
UEPS	Buy	NET 1 UEPS TECHNOLOGIES INC	$38,937,000	-8.1%	2,325,990	+0.3%	8.31%	-15.9%
ITG	Buy	INVESTMENT TECHNOLOGY GRP NE	$25,939,000	+11.7%	1,944,488	+107.7%	5.54%	+2.3%
AGO	Sell	ASSURED GUARANTY LTD	$25,444,000	-8.6%	1,017,746	-12.3%	5.43%	-16.3%
SC	Buy	SANTANDER CONSUMER USA HDG I	$22,430,000	+33.6%	1,098,434	+67.3%	4.79%	+22.3%
LEAF	Buy	SPRINGLEAF HLDGS INC	$21,046,000	+56.9%	481,373	+64.7%	4.49%	+43.6%
AGNC	New	AMERICAN CAPITAL AGENCY CORP	$18,879,000	–	1,009,567	–	4.03%	–
ALL	Buy	ALLSTATE CORP	$16,937,000	+7.8%	290,818	+20.0%	3.61%	-1.4%
LOPE	Buy	GRAND CANYON ED INC	$15,957,000	+39.5%	420,039	+55.6%	3.40%	+27.7%
IVZ	Buy	INVESCO LTD	$15,575,000	+6.3%	498,730	+27.6%	3.32%	-2.7%
SYA	New	SYMETRA FINL CORP	$15,114,000	–	477,680	–	3.22%	–
PFSI	Buy	PENNYMAC FINL SVCS INCcl a	$14,473,000	+19.7%	904,565	+35.6%	3.09%	+9.5%
PYPL	New	PAYPAL HLDGS INC	$13,963,000	–	449,829	–	2.98%	–
TPVG	Buy	TRIPLEPOINT VENTR GROWTH B	$13,716,000	-18.8%	1,352,654	+8.0%	2.93%	-25.7%
KCG	Sell	KCG HLDGS INCcl a	$13,616,000	-29.7%	1,241,192	-20.9%	2.90%	-35.6%
AER	Buy	AERCAP HOLDINGS NV	$13,311,000	+28.2%	348,080	+53.5%	2.84%	+17.3%
	Buy	OM ASSET MGMT PLC	$12,913,000	+16.1%	837,403	+34.0%	2.76%	+6.3%
HMN	New	HORACE MANN EDUCATORS CORP N	$12,748,000	–	383,746	–	2.72%	–
HLI	New	HOULIHAN LOKEY INCcl a	$11,868,000	–	544,420	–	2.53%	–
HIG	Sell	HARTFORD FINL SVCS GROUP INC	$10,445,000	-13.8%	228,150	-21.7%	2.23%	-21.1%
ACE	New	ACE LTD	$9,229,000	–	89,258	–	1.97%	–
PRI	New	PRIMERICA INC	$8,954,000	–	198,658	–	1.91%	–
AJG	Buy	GALLAGHER ARTHUR J & CO	$8,905,000	+20.8%	215,723	+38.4%	1.90%	+10.5%
XL	Sell	XL GROUP PLC	$8,090,000	-21.4%	222,740	-19.5%	1.73%	-28.1%
VOYA	Buy	VOYA FINL INC	$7,966,000	+4.5%	205,463	+25.3%	1.70%	-4.3%
TGH	New	TEXTAINER GROUP HOLDINGS LTD	$7,855,000	–	476,366	–	1.68%	–
MBI	New	MBIA INC	$7,682,000	–	1,263,473	–	1.64%	–
JRVR	Sell	JAMES RIV GROUP LTD	$7,532,000	-19.9%	280,104	-23.0%	1.61%	-26.7%
AXS	New	AXIS CAPITAL HOLDINGS LTD	$7,456,000	–	138,786	–	1.59%	–
FLY	Sell	FLY LEASING LTDsponsored adr	$7,219,000	-48.9%	546,931	-39.3%	1.54%	-53.3%
PGR	Sell	PROGRESSIVE CORP OHIO	$6,277,000	-37.7%	204,871	-43.4%	1.34%	-43.0%
EVTC	New	EVERTEC INC	$6,053,000	–	335,000	–	1.29%	–
RNR	Sell	RENAISSANCERE HOLDINGS LTD	$5,895,000	-0.2%	55,445	-4.7%	1.26%	-8.6%
ITUB	New	ITAU UNIBANCO HLDG SAspon adr rep pfd	$5,595,000	–	845,225	–	1.19%	–
TAL	New	TAL INTL GROUP INC	$5,192,000	–	379,823	–	1.11%	–
VIRT	New	VIRTU FINL INCcl a	$4,522,000	–	197,307	–	0.96%	–
NWHM	New	NEW HOME CO INC	$1,630,000	–	125,840	–	0.35%	–
PFMT	Buy	PERFORMANT FINL CORP	$1,458,000	-18.5%	602,442	+9.2%	0.31%	-25.4%
FBRC	New	FBR & CO	$864,000	–	42,320	–	0.18%	–
BRG	Exit	BLUEROCK RESIDENT GR REIT IN	$0	–	-103,000	–	-0.30%	–
CB	Exit	CHUBB CORP	$0	–	-47,700	–	-1.06%	–
WD	Exit	WALKER & DUNLOP INC	$0	–	-233,110	–	-1.45%	–
ENV	Exit	ENVESTNET INC	$0	–	-180,400	–	-1.70%	–
FNGN	Exit	FINANCIAL ENGINES INC	$0	–	-173,816	–	-1.72%	–
NNI	Exit	NELNET INCcl a	$0	–	-217,271	–	-2.19%	–
TTEC	Exit	TELETECH HOLDINGS INC	$0	–	-357,110	–	-2.25%	–
ECPG	Exit	ENCORE CAP GROUP INC	$0	–	-268,649	–	-2.68%	–
AMP	Exit	AMERIPRISE FINL INC	$0	–	-95,238	–	-2.77%	–
C	Exit	CITIGROUP INC	$0	–	-243,633	–	-3.14%	–
APAM	Exit	ARTISAN PARTNERS ASSET MGMTcl a	$0	–	-319,612	–	-3.46%	–

Q2 2015

			Value		Shares		↓ Weighting
UEPS	New	NET 1 UEPS TECHNOLOGIES INC	$42,384,000	–	2,318,618	–	9.88%	–
AGO	New	ASSURED GUARANTY LTD	$27,826,000	–	1,159,891	–	6.49%	–
ITG	New	INVESTMENT TECHNOLOGY GRP NE	$23,222,000	–	936,375	–	5.41%	–
KCG	New	KCG HLDGS INCcl a	$19,357,000	–	1,569,936	–	4.51%	–
CASH	New	META FINL GROUP INC	$17,448,000	–	406,516	–	4.07%	–
TPVG	New	TRIPLEPOINT VENTR GRW BDC CO	$16,890,000	–	1,252,944	–	3.94%	–
SC	New	SANTANDER CONSUMER USA HDG I	$16,787,000	–	656,511	–	3.91%	–
ALL	New	ALLSTATE CORP	$15,716,000	–	242,264	–	3.66%	–
APAM	New	ARTISAN PARTNERS ASSET MGMTcl a	$14,849,000	–	319,612	–	3.46%	–
IVZ	New	INVESCO LTD	$14,655,000	–	390,914	–	3.42%	–
FLY	New	FLY LEASING LTDsponsored adr	$14,136,000	–	900,387	–	3.30%	–
C	New	CITIGROUP INC	$13,458,000	–	243,633	–	3.14%	–
LEAF	New	SPRINGLEAF HLDGS INC	$13,414,000	–	292,184	–	3.13%	–
HIG	New	HARTFORD FINL SVCS GROUP INC	$12,115,000	–	291,429	–	2.82%	–
PFSI	New	PENNYMAC FINL SVCS INCcl a	$12,091,000	–	667,251	–	2.82%	–
AMP	New	AMERIPRISE FINL INC	$11,898,000	–	95,238	–	2.77%	–
ECPG	New	ENCORE CAP GROUP INC	$11,482,000	–	268,649	–	2.68%	–
LOPE	New	GRAND CANYON ED INC	$11,442,000	–	269,865	–	2.67%	–
	New	OM ASSET MGMT PLC	$11,119,000	–	625,000	–	2.59%	–
AER	New	AERCAP HOLDINGS NV	$10,384,000	–	226,764	–	2.42%	–
XL	New	XL GROUP PLC	$10,293,000	–	276,691	–	2.40%	–
PGR	New	PROGRESSIVE CORP OHIO	$10,079,000	–	362,161	–	2.35%	–
TTEC	New	TELETECH HOLDINGS INC	$9,671,000	–	357,110	–	2.25%	–
NNI	New	NELNET INCcl a	$9,410,000	–	217,271	–	2.19%	–
JRVR	New	JAMES RIV GROUP LTD	$9,406,000	–	363,580	–	2.19%	–
VOYA	New	VOYA FINL INC	$7,623,000	–	164,037	–	1.78%	–
FNGN	New	FINANCIAL ENGINES INC	$7,384,000	–	173,816	–	1.72%	–
AJG	New	GALLAGHER ARTHUR J & CO	$7,372,000	–	155,854	–	1.72%	–
ENV	New	ENVESTNET INC	$7,294,000	–	180,400	–	1.70%	–
WD	New	WALKER & DUNLOP INC	$6,233,000	–	233,110	–	1.45%	–
RNR	New	RENAISSANCERE HOLDINGS LTD	$5,904,000	–	58,158	–	1.38%	–
CB	New	CHUBB CORP	$4,538,000	–	47,700	–	1.06%	–
PFMT	New	PERFORMANT FINL CORP	$1,788,000	–	551,842	–	0.42%	–
BRG	New	BLUEROCK RESIDENT GR REIT IN	$1,304,000	–	103,000	–	0.30%	–

Q4 2014

			Value		Shares		↓ Weighting
BNCL	Exit	BENEFICIAL MUTUAL BANCORP IN	$0	–	-83,230	–	-0.20%	–
APOL	Exit	APOLLO ED GROUP INCcl a	$0	–	-177,000	–	-0.82%	–
GM	Exit	GENERAL MTRS CO	$0	–	-150,000	–	-0.89%	–
PFSI	Exit	PENNYMAC FINL SVCS INCcl a	$0	–	-367,877	–	-1.00%	–
CME	Exit	CME GROUP INC	$0	–	-81,745	–	-1.21%	–
MET	Exit	METLIFE INC	$0	–	-122,000	–	-1.21%	–
VOYA	Exit	VOYA FINL INC	$0	–	-171,172	–	-1.24%	–
LAZ	Exit	LAZARD LTD	$0	–	-133,702	–	-1.25%	–
UHS	Exit	UNIVERSAL HLTH SVCS INCcl b	$0	–	-73,462	–	-1.42%	–
M504SC	Exit	NEWCASTLE INVT CORP NEW	$0	–	-611,599	–	-1.44%	–
SBRA	Exit	SABRA HEALTH CARE REIT INC	$0	–	-325,000	–	-1.46%	–
HAFC	Exit	HANMI FINL CORP	$0	–	-451,592	–	-1.68%	–
PRE	Exit	PARTNERRE LTD	$0	–	-87,800	–	-1.78%	–
AXS	Exit	AXIS CAPITAL HOLDINGS LTD	$0	–	-204,727	–	-1.79%	–
CNO	Exit	CNO FINL GROUP INC	$0	–	-573,167	–	-1.80%	–
WETF	Exit	WISDOMTREE INVTS INC	$0	–	-860,001	–	-1.81%	–
AGM	Exit	FEDERAL AGRIC MTG CORPcl c	$0	–	-377,812	–	-2.25%	–
HCA	Exit	HCA HOLDINGS INC	$0	–	-178,079	–	-2.32%	–
KCG	Exit	KCG HLDGS INCcl a	$0	–	-1,254,365	–	-2.35%	–
MDLY	Exit	MEDLEY MGMT INC	$0	–	-763,919	–	-2.38%	–
HTS	Exit	HATTERAS FINL CORP	$0	–	-729,887	–	-2.42%	–
TPVG	Exit	TRIPLEPOINT VENTR GRW BDC CO	$0	–	-979,768	–	-2.65%	–
GNW	Exit	GENWORTH FINL INC	$0	–	-1,097,371	–	-2.66%	–
MRKT	Exit	MARKIT LTD	$0	–	-671,717	–	-2.90%	–
LPNT	Exit	LIFEPOINT HOSPITALS INC	$0	–	-228,024	–	-2.92%	–
BKU	Exit	BANKUNITED INC	$0	–	-517,585	–	-2.92%	–
AER	Exit	AERCAP HOLDINGS NV	$0	–	-387,653	–	-2.93%	–
BPOP	Exit	POPULAR INC	$0	–	-548,837	–	-2.99%	–
SYF	Exit	SYNCHRONY FINL	$0	–	-658,199	–	-2.99%	–
ZION	Exit	ZIONS BANCORPORATION	$0	–	-558,411	–	-3.00%	–
DBD	Exit	DIEBOLD INC	$0	–	-470,468	–	-3.07%	–
NBHC	Exit	NATIONAL BK HLDGS CORPcl a	$0	–	-904,801	–	-3.20%	–
DOC	Exit	PHYSICIANS RLTY TR	$0	–	-1,311,371	–	-3.33%	–
TRUE	Exit	TRUECAR INC	$0	–	-1,050,634	–	-3.49%	–
CASH	Exit	META FINL GROUP INC	$0	–	-581,510	–	-3.79%	–
AGO	Exit	ASSURED GUARANTY LTD	$0	–	-953,892	–	-3.91%	–
GDOT	Exit	GREEN DOT CORPcl a	$0	–	-1,058,957	–	-4.14%	–
UEPS	Exit	NET 1 UEPS TECHNOLOGIES INC	$0	–	-1,944,241	–	-4.33%	–
NNI	Exit	NELNET INCcl a	$0	–	-713,389	–	-5.69%	–
ITG	Exit	INVESTMENT TECHNOLOGY GRP NE	$0	–	-2,174,169	–	-6.34%	–

Q3 2014

			Value		Shares		↓ Weighting
ITG	Buy	INVESTMENT TECHNOLOGY GRP NE	$34,265,000	+61.2%	2,174,169	+72.7%	6.34%	+13.4%
NNI	Sell	NELNET INCcl a	$30,740,000	+3.3%	713,389	-0.7%	5.69%	-27.3%
UEPS	Buy	NET 1 UEPS TECHNOLOGIES INC	$23,428,000	+15.4%	1,944,241	+9.0%	4.33%	-18.8%
GDOT	New	GREEN DOT CORPcl a	$22,386,000	–	1,058,957	–	4.14%	–
AGO	Sell	ASSURED GUARANTY LTD	$21,138,000	-17.2%	953,892	-8.5%	3.91%	-41.8%
CASH	Buy	META FINL GROUP INC	$20,504,000	-5.2%	581,510	+7.5%	3.79%	-33.3%
TRUE	Sell	TRUECAR INC	$18,859,000	+20.9%	1,050,634	-0.5%	3.49%	-15.0%
DOC	Buy	PHYSICIANS RLTY TR	$17,992,000	+19.7%	1,311,371	+25.6%	3.33%	-15.8%
NBHC	Sell	NATIONAL BK HLDGS CORPcl a	$17,300,000	-8.4%	904,801	-4.5%	3.20%	-35.5%
DBD	New	DIEBOLD INC	$16,617,000	–	470,468	–	3.07%	–
ZION	New	ZIONS BANCORPORATION	$16,227,000	–	558,411	–	3.00%	–
SYF	New	SYNCHRONY FINL	$16,159,000	–	658,199	–	2.99%	–
BPOP	Buy	POPULAR INC	$16,155,000	+1.2%	548,837	+17.5%	2.99%	-28.8%
AER	Sell	AERCAP HOLDINGS NV	$15,855,000	-25.0%	387,653	-16.0%	2.93%	-47.2%
BKU	New	BANKUNITED INC	$15,781,000	–	517,585	–	2.92%	–
LPNT	Sell	LIFEPOINT HOSPITALS INC	$15,777,000	+8.6%	228,024	-2.5%	2.92%	-23.6%
MRKT	New	MARKIT LTD	$15,685,000	–	671,717	–	2.90%	–
GNW	New	GENWORTH FINL INC	$14,376,000	–	1,097,371	–	2.66%	–
HTS	New	HATTERAS FINL CORP	$13,109,000	–	729,887	–	2.42%	–
MDLY	New	MEDLEY MGMT INC	$12,887,000	–	763,919	–	2.38%	–
KCG	Sell	KCG HLDGS INCcl a	$12,707,000	-38.8%	1,254,365	-28.2%	2.35%	-56.9%
HCA	New	HCA HOLDINGS INC	$12,558,000	–	178,079	–	2.32%	–
AGM	Buy	FEDERAL AGRIC MTG CORPcl c	$12,143,000	+30.0%	377,812	+25.7%	2.25%	-8.5%
WETF	New	WISDOMTREE INVTS INC	$9,787,000	–	860,001	–	1.81%	–
CNO	New	CNO FINL GROUP INC	$9,721,000	–	573,167	–	1.80%	–
AXS	New	AXIS CAPITAL HOLDINGS LTD	$9,690,000	–	204,727	–	1.79%	–
PRE	New	PARTNERRE LTD	$9,648,000	–	87,800	–	1.78%	–
HAFC	New	HANMI FINL CORP	$9,108,000	–	451,592	–	1.68%	–
SBRA	New	SABRA HEALTH CARE REIT INC	$7,904,000	–	325,000	–	1.46%	–
M504SC	New	NEWCASTLE INVT CORP NEW	$7,755,000	–	611,599	–	1.44%	–
UHS	Sell	UNIVERSAL HLTH SVCS INCcl b	$7,677,000	-4.5%	73,462	-12.5%	1.42%	-32.8%
LAZ	Sell	LAZARD LTD	$6,779,000	-50.4%	133,702	-49.5%	1.25%	-65.1%
VOYA	New	VOYA FINL INC	$6,693,000	–	171,172	–	1.24%	–
MET	New	METLIFE INC	$6,554,000	–	122,000	–	1.21%	–
CME	New	CME GROUP INC	$6,536,000	–	81,745	–	1.21%	–
PFSI	New	PENNYMAC FINL SVCS INCcl a	$5,389,000	–	367,877	–	1.00%	–
GM	New	GENERAL MTRS CO	$4,791,000	–	150,000	–	0.89%	–
APOL	New	APOLLO ED GROUP INCcl a	$4,452,000	–	177,000	–	0.82%	–
BNCL	New	BENEFICIAL MUTUAL BANCORP IN	$1,064,000	–	83,230	–	0.20%	–
LGIH	Exit	LGI HOMES INC	$0	–	-350,270	–	-1.68%	–
NCT	Exit	NEWCASTLE INVT CORP	$0	–	-1,570,547	–	-1.98%	–
MC	Exit	MOELIS & COcl a	$0	–	-247,055	–	-2.18%	–
KBH	Exit	KB HOME	$0	–	-462,176	–	-2.27%	–
NEWM	Exit	NEW MEDIA INVT GROUP INC	$0	–	-645,358	–	-2.40%	–
ARCC	Exit	ARES CAP CORP	$0	–	-649,461	–	-3.05%	–
NDAQ	Exit	NASDAQ OMX GRUP INC	$0	–	-320,450	–	-3.26%	–
ESC	Exit	EMERITUS CORP	$0	–	-399,678	–	-3.33%	–
MS	Exit	MORGAN STANLEY	$0	–	-501,278	–	-4.26%	–

Q2 2014

			Value		Shares		↓ Weighting
NNI	New	NELNET INCcl a	$29,760,000	–	718,312	–	7.83%	–
AGO	New	ASSURED GUARANTY LTD	$25,539,000	–	1,042,399	–	6.72%	–
CASH	New	META FINL GROUP INC	$21,634,000	–	540,862	–	5.69%	–
ITG	New	INVESTMENT TECHNOLOGY GRP NE	$21,252,000	–	1,258,978	–	5.59%	–
AER	New	AERCAP HOLDINGS NV	$21,128,000	–	461,312	–	5.56%	–
KCG	New	KCG HLDGS INCcl a	$20,764,000	–	1,747,784	–	5.46%	–
UEPS	New	NET 1 UEPS TECHNOLOGIES INC	$20,303,000	–	1,784,107	–	5.34%	–
NBHC	New	NATIONAL BK HLDGS CORPcl a	$18,885,000	–	947,086	–	4.97%	–
MS	New	MORGAN STANLEY	$16,206,000	–	501,278	–	4.26%	–
TPVG	New	TRIPLEPOINT VENTR GRW BDC CO	$16,049,000	–	979,768	–	4.22%	–
BPOP	New	POPULAR INC	$15,966,000	–	467,109	–	4.20%	–
TRUE	New	TRUECAR INC	$15,602,000	–	1,055,638	–	4.10%	–
DOC	New	PHYSICIANS RLTY TR	$15,029,000	–	1,044,400	–	3.95%	–
LPNT	New	LIFEPOINT HOSPITALS INC	$14,528,000	–	233,946	–	3.82%	–
LAZ	New	LAZARD LTD	$13,660,000	–	264,941	–	3.59%	–
ESC	New	EMERITUS CORP	$12,650,000	–	399,678	–	3.33%	–
NDAQ	New	NASDAQ OMX GRUP INC	$12,376,000	–	320,450	–	3.26%	–
ARCC	New	ARES CAP CORP	$11,599,000	–	649,461	–	3.05%	–
AGM	New	FEDERAL AGRIC MTG CORPcl c	$9,339,000	–	300,491	–	2.46%	–
NEWM	New	NEW MEDIA INVT GROUP INC	$9,106,000	–	645,358	–	2.40%	–
KBH	New	KB HOME	$8,633,000	–	462,176	–	2.27%	–
MC	New	MOELIS & COcl a	$8,304,000	–	247,055	–	2.18%	–
UHS	New	UNIVERSAL HLTH SVCS INCcl b	$8,035,000	–	83,909	–	2.11%	–
NCT	New	NEWCASTLE INVT CORP	$7,523,000	–	1,570,547	–	1.98%	–
LGIH	New	LGI HOMES INC	$6,392,000	–	350,270	–	1.68%	–

Q4 2013

			Value		Shares		↓ Weighting
ONE	Exit	HIGHER ONE HLDGS INC	$0	–	-85,515	–	-0.18%	–
MCBI	Exit	METROCORP BANCSHARES INC	$0	–	-70,307	–	-0.27%	–
ETFC	Exit	E TRADE FINANCIAL CORP	$0	–	-166,172	–	-0.76%	–
CATM	Exit	CARDTRONICS INC	$0	–	-77,135	–	-0.80%	–
RATE	Exit	BANKRATE INC DEL	$0	–	-140,495	–	-0.81%	–
DRII	Exit	DIAMOND RESORTS INTL INC	$0	–	-177,390	–	-0.93%	–
ATAX	Exit	AMERICA FIRST TAX EX IVS L Pben unit ctf	$0	–	-602,003	–	-1.15%	–
ACHC	Exit	ACADIA HEALTHCARE COMPANY IN	$0	–	-104,380	–	-1.15%	–
NDAQ	Exit	NASDAQ OMX GROUP INC	$0	–	-131,002	–	-1.17%	–
SEIC	Exit	SEI INVESTMENTS CO	$0	–	-140,000	–	-1.21%	–
GFIG	Exit	GFI GROUP INC	$0	–	-1,267,192	–	-1.40%	–
OCN	Exit	OCWEN FINL CORP	$0	–	-97,630	–	-1.52%	–
AON	Exit	AON PLC	$0	–	-74,750	–	-1.56%	–
AMTD	Exit	TD AMERITRADE HLDG CORP	$0	–	-259,065	–	-1.89%	–
LAZ	Exit	LAZARD LTD	$0	–	-198,038	–	-1.99%	–
GPN	Exit	GLOBAL PMTS INC	$0	–	-141,488	–	-2.02%	–
BXMT	Exit	BLACKSTONE MTG TR INC	$0	–	-311,164	–	-2.19%	–
WU	Exit	WESTERN UN CO	$0	–	-448,831	–	-2.34%	–
GHL	Exit	GREENHILL & CO INC	$0	–	-175,570	–	-2.44%	–
HNGR	Exit	HANGER INC	$0	–	-311,283	–	-2.93%	–
TSS	Exit	TOTAL SYS SVCS INC	$0	–	-374,178	–	-3.07%	–
DST	Exit	DST SYS INC DEL	$0	–	-147,434	–	-3.10%	–
MS	Exit	MORGAN STANLEY	$0	–	-423,886	–	-3.19%	–
AER	Exit	AERCAP HOLDINGS NV	$0	–	-590,016	–	-3.20%	–
MET	Exit	METLIFE INC	$0	–	-251,401	–	-3.29%	–
CSU	Exit	CAPITAL SR LIVING CORP	$0	–	-584,485	–	-3.45%	–
AGM	Exit	FEDERAL AGRIC MTG CORPcl c	$0	–	-374,016	–	-3.48%	–
STWD	Exit	STARWOOD PPTY TR INC	$0	–	-528,474	–	-3.53%	–
PRAA	Exit	PORTFOLIO RECOVERY ASSOCS IN	$0	–	-228,611	–	-3.82%	–
PHH	Exit	PHH CORP	$0	–	-594,144	–	-3.93%	–
ARCC	Exit	ARES CAP CORP	$0	–	-842,228	–	-4.06%	–
CASH	Exit	META FINL GROUP INC	$0	–	-383,519	–	-4.06%	–
BEN	Exit	FRANKLIN RES INC	$0	–	-303,351	–	-4.28%	–
TCRD	Exit	THL CR INC	$0	–	-1,030,196	–	-4.48%	–
NBHC	Exit	NATIONAL BK HLDGS CORPcl a	$0	–	-917,880	–	-5.26%	–
NNI	Exit	NELNET INCcl a	$0	–	-648,638	–	-6.96%	–
AGO	Exit	ASSURED GUARANTY LTD	$0	–	-1,557,313	–	-8.14%	–

Q3 2013

			Value		Shares		↓ Weighting
AGO	Buy	ASSURED GUARANTY LTD	$29,200,000	+10.0%	1,557,313	+29.4%	8.14%	+10.5%
NNI	Sell	NELNET INCcl a	$24,940,000	-13.3%	648,638	-18.6%	6.96%	-12.9%
NBHC	Sell	NATIONAL BK HLDGS CORPcl a	$18,853,000	-11.0%	917,880	-14.7%	5.26%	-10.7%
TCRD	Sell	THL CR INC	$16,079,000	-15.5%	1,030,196	-17.8%	4.48%	-15.2%
BEN	New	FRANKLIN RES INC	$15,334,000	–	303,351	–	4.28%	–
CASH	Sell	META FINL GROUP INC	$14,574,000	+13.6%	383,519	-21.4%	4.06%	+14.1%
ARCC	Sell	ARES CAP CORP	$14,562,000	-16.1%	842,228	-16.5%	4.06%	-15.7%
PHH	Sell	PHH CORP	$14,105,000	-29.3%	594,144	-39.3%	3.93%	-29.0%
PRAA	New	PORTFOLIO RECOVERY ASSOCS IN	$13,701,000	–	228,611	–	3.82%	–
STWD	Sell	STARWOOD PPTY TR INC	$12,668,000	-5.9%	528,474	-2.9%	3.53%	-5.5%
AGM	Buy	FEDERAL AGRIC MTG CORPcl c	$12,485,000	+20.5%	374,016	+4.3%	3.48%	+21.1%
CSU	New	CAPITAL SR LIVING CORP	$12,362,000	–	584,485	–	3.45%	–
MET	Buy	METLIFE INC	$11,803,000	+20.6%	251,401	+17.6%	3.29%	+21.2%
AER	Sell	AERCAP HOLDINGS NV	$11,482,000	-3.1%	590,016	-13.0%	3.20%	-2.6%
MS	Sell	MORGAN STANLEY	$11,424,000	+2.4%	423,886	-7.2%	3.19%	+2.8%
DST	Sell	DST SYS INC DEL	$11,118,000	-15.6%	147,434	-26.9%	3.10%	-15.2%
TSS	Sell	TOTAL SYS SVCS INC	$11,008,000	-23.0%	374,178	-36.0%	3.07%	-22.7%
HNGR	New	HANGER INC	$10,509,000	–	311,283	–	2.93%	–
GHL	New	GREENHILL & CO INC	$8,757,000	–	175,570	–	2.44%	–
WU	New	WESTERN UN CO	$8,375,000	–	448,831	–	2.34%	–
BXMT	Sell	BLACKSTONE MTG TR INC	$7,838,000	-38.1%	311,164	-39.3%	2.19%	-37.8%
GPN	New	GLOBAL PMTS INC	$7,227,000	–	141,488	–	2.02%	–
LAZ	New	LAZARD LTD	$7,133,000	–	198,038	–	1.99%	–
AMTD	New	TD AMERITRADE HLDG CORP	$6,782,000	–	259,065	–	1.89%	–
AON	New	AON PLC	$5,582,000	–	74,750	–	1.56%	–
OCN	New	OCWEN FINL CORP	$5,445,000	–	97,630	–	1.52%	–
GFIG	New	GFI GROUP INC	$5,005,000	–	1,267,192	–	1.40%	–
SEIC	New	SEI INVESTMENTS CO	$4,327,000	–	140,000	–	1.21%	–
NDAQ	New	NASDAQ OMX GROUP INC	$4,206,000	–	131,002	–	1.17%	–
ACHC	Sell	ACADIA HEALTHCARE COMPANY IN	$4,116,000	-25.4%	104,380	-37.4%	1.15%	-25.1%
ATAX	Sell	AMERICA FIRST TAX EX IVS L Pben unit ctf	$4,110,000	-10.8%	602,003	-11.7%	1.15%	-10.5%
DRII	New	DIAMOND RESORTS INTL INC	$3,337,000	–	177,390	–	0.93%	–
RATE	New	BANKRATE INC DEL	$2,890,000	–	140,495	–	0.81%	–
CATM	New	CARDTRONICS INC	$2,862,000	–	77,135	–	0.80%	–
ETFC	Sell	E TRADE FINANCIAL CORP	$2,742,000	-63.5%	166,172	-72.0%	0.76%	-63.4%
MCBI	Sell	METROCORP BANCSHARES INC	$966,000	-78.1%	70,307	-84.4%	0.27%	-78.0%
ONE	New	HIGHER ONE HLDGS INC	$656,000	–	85,515	–	0.18%	–
SWS	Exit	SWS GROUP INC	$0	–	-69,543	–	-0.10%	–
AFSI	Exit	AMTRUST FINANCIAL SERVICES I	$0	–	-24,307	–	-0.24%	–
FRF	Exit	FORTEGRA FINL CORP	$0	–	-462,869	–	-0.88%	–
ITG	Exit	INVESTMENT TECHNOLOGY GRP NE	$0	–	-376,669	–	-1.46%	–
IBKR	Exit	INTERACTIVE BROKERS GROUP IN	$0	–	-331,576	–	-1.47%	–
AMBC	Exit	AMBAC FINL GROUP INC	$0	–	-303,568	–	-2.01%	–
CS	Exit	CREDIT SUISSE GROUPsponsored adr	$0	–	-428,090	–	-3.14%	–
NCT	Exit	NEWCASTLE INVT CORP	$0	–	-2,183,133	–	-3.17%	–
TWGP	Exit	TOWER GROUP INTL LTD	$0	–	-597,468	–	-3.40%	–
WLH	Exit	LYON WILLIAM HOMEScl a new	$0	–	-514,573	–	-3.60%	–
GNW	Exit	GENWORTH FINL INC	$0	–	-2,234,141	–	-7.08%	–

Q2 2013

			Value		Shares		↓ Weighting
NNI	New	NELNET INCcl a	$28,758,000	–	796,846	–	7.98%	–
AGO	New	ASSURED GUARANTY LTD	$26,546,000	–	1,203,342	–	7.37%	–
GNW	New	GENWORTH FINL INC	$25,492,000	–	2,234,141	–	7.08%	–
NBHC	New	NATIONAL BK HLDGS CORPcl a	$21,194,000	–	1,075,814	–	5.88%	–
PHH	New	PHH CORP	$19,964,000	–	979,610	–	5.54%	–
TCRD	New	THL CR INC	$19,033,000	–	1,252,963	–	5.28%	–
ARCC	New	ARES CAP CORP	$17,352,000	–	1,008,819	–	4.82%	–
TSS	New	TOTAL SYS SVCS INC	$14,303,000	–	584,254	–	3.97%	–
STWD	New	STARWOOD PPTY TR INC	$13,464,000	–	544,002	–	3.74%	–
DST	New	DST SYS INC DEL	$13,170,000	–	201,587	–	3.66%	–
WLH	New	LYON WILLIAM HOMEScl a new	$12,972,000	–	514,573	–	3.60%	–
CASH	New	META FINL GROUP INC	$12,828,000	–	488,129	–	3.56%	–
BXMT	New	BLACKSTONE MTG TR INC	$12,661,000	–	512,605	–	3.52%	–
TWGP	New	TOWER GROUP INTL LTD	$12,254,000	–	597,468	–	3.40%	–
AER	New	AERCAP HOLDINGS NV	$11,844,000	–	678,375	–	3.29%	–
NCT	New	NEWCASTLE INVT CORP	$11,418,000	–	2,183,133	–	3.17%	–
CS	New	CREDIT SUISSE GROUPsponsored adr	$11,327,000	–	428,090	–	3.14%	–
MS	New	MORGAN STANLEY	$11,160,000	–	456,807	–	3.10%	–
AGM	New	FEDERAL AGRIC MTG CORPcl c	$10,358,000	–	358,644	–	2.88%	–
MET	New	METLIFE INC	$9,783,000	–	213,798	–	2.72%	–
ETFC	New	E TRADE FINANCIAL CORP	$7,522,000	–	594,133	–	2.09%	–
AMBC	New	AMBAC FINL GROUP INC	$7,234,000	–	303,568	–	2.01%	–
ACHC	New	ACADIA HEALTHCARE COMPANY IN	$5,516,000	–	166,786	–	1.53%	–
IBKR	New	INTERACTIVE BROKERS GROUP IN	$5,295,000	–	331,576	–	1.47%	–
ITG	New	INVESTMENT TECHNOLOGY GRP NE	$5,266,000	–	376,669	–	1.46%	–
ATAX	New	AMERICA FIRST TAX EX IVS L Pben unit ctf	$4,610,000	–	681,997	–	1.28%	–
MCBI	New	METROCORP BANCSHARES INC	$4,407,000	–	451,494	–	1.22%	–
FRF	New	FORTEGRA FINL CORP	$3,180,000	–	462,869	–	0.88%	–
AFSI	New	AMTRUST FINANCIAL SERVICES I	$868,000	–	24,307	–	0.24%	–
SWS	New	SWS GROUP INC	$379,000	–	69,543	–	0.10%	–

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