Instuitional Investor - Philadelphia Financial Management Of San Francisco, Llc

13F Holdings

Filing Period:

No.	Security	Ticker	Shares	Value	% Port
1.	Sector Spdr TrustPUT	XLB	3,400,000	$127,840,000	22.61%
2.	Geo Group Inc	GEO	3,503,170	$37,939,331	6.71%
3.	Assured Guaranty Ltd	AGO	455,722	$34,101,677	6.03%
4.	Nexgen Energy Ltd.	NXE	3,021,757	$21,152,299	3.74%
5.	Slm Corp	SLM	1,104,243	$21,113,126	3.73%