Dark
Light
System
Security
DONEGAL GROUP INC
DONEGAL GROUP INC. Institutional holdings reported to the SEC.

Institutional Holders (2016Q4)
Portfolio Summary: 84 Institutional holders with a total value of $135,079,849.
#
Manager Name
Shares
Value ($)
%
Options
Notes
1 DIMENSIONAL FUND ADVISORS LP 1,580,912 27,634,000 20.46%
2 BlackRock Institutional Trust Company, N.A. 505,987 8,845,000 6.55%
3 PHILADELPHIA TRUST CO 484,113 8,462,000 6.26%
4 KENNEDY CAPITAL MANAGEMENT LLC 414,547 7,246,000 5.36%
5 VANGUARD GROUP INC 395,584 6,915,000 5.12%
6 HEARTLAND ADVISORS INC 384,719 6,725,000 4.98%
7 WELLS FARGO & COMPANY/MN 372,691 6,515,000 4.82%
8 RENAISSANCE TECHNOLOGIES LLC 333,000 5,821,000 4.31%
9 BlackRock Fund Advisors 283,234 4,951,000 3.67%
10 DEPRINCE RACE & ZOLLO INC 267,214 4,671,000 3.46%
11 LOGAN CAPITAL MANAGEMENT INC 223,703 3,910,000 2.89%
12 STATE STREET CORP 175,180 3,062,000 2.27%
13 OLD REPUBLIC INTERNATIONAL CORP 170,000 2,972,000 2.20%
14 CWA ASSET MANAGEMENT GROUP, LLC 143,421 2,507,000 1.86%
15 TCW GROUP INC 139,575 2,440,000 1.81%
16 NORTHERN TRUST CORP 115,727 2,022,000 1.50%
17 BRIDGEWAY CAPITAL MANAGEMENT, LLC 112,600 1,968,000 1.46%
18 Nationwide Fund Advisors 98,624 1,724,000 1.28%
19 MORGAN STANLEY 98,407 1,719,000 1.27%
20 Bank of New York Mellon Corp 93,940 1,642,000 1.22%
21 Municipal Employees' Retirement System of Michigan 87,520 1,530,000 1.13%
22 Janney Montgomery Scott LLC 67,627 1,182,000 0.88%
23 MILLENNIUM MANAGEMENT LLC 67,313 1,177,000 0.87%
24 GEODE CAPITAL MANAGEMENT, LLC 61,680 1,078,000 0.80%
25 MARTINGALE ASSET MANAGEMENT L P 59,417 1,039,000 0.77%
26 BANK OF AMERICA CORP /DE/ 52,725 922,000 0.68%
27 Ativo Capital Management LLC 50,013 874,000 0.65%
28 First Eagle Investment Management, LLC 49,463 865,000 0.64%
29 ROYAL BANK OF CANADA 42,139 736,000 0.54%
30 DEUTSCHE BANK AG\ 40,568 708,000 0.52%
31 MENTA CAPITAL LLC 40,401 706,000 0.52%
32 Spark Investment Management LLC 40,400 706,000 0.52%
33 LSV ASSET MANAGEMENT 38,300 669,000 0.50%
34 TIAA CREF INVESTMENT MANAGEMENT LLC 37,069 648,000 0.48%
35 CHARLES SCHWAB INVESTMENT MANAGEMENT INC 36,981 647,000 0.48%
36 BlackRock Investment Management, LLC 36,627 640,000 0.47%
37 JPMORGAN CHASE & CO 36,605 640,000 0.47%
38 WEDBUSH SECURITIES INC 33,862 592,000 0.44%
39 Allianz Asset Management GmbH 33,478 585,000 0.43%
40 Minerva Advisors LLC 28,162 491,000 0.36%
41 BB&T SECURITIES, LLC 27,659 483,000 0.36%
42 GOLDMAN SACHS GROUP INC 26,007 455,000 0.34%
43 Pacific Ridge Capital Partners, LLC 24,646 431,000 0.32%
44 FormulaFolio Investments, LLC 22,432 392,000 0.29%
45 Raymond James Financial Services Advisors, Inc. 21,229 371,000 0.27%
46 ALLIANCEBERNSTEIN L.P. 18,854 330,000 0.24%
47 STRS OHIO 18,700 326,000 0.24%
48 CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 17,153 300,000 0.22%
49 Ancora Advisors LLC 16,965 296,000 0.22%
50 BESSEMER GROUP INC 15,600 273,000 0.20%
Page 1 of 2

From 2023-01-03 onward, the SEC requires values to be reported in nearest dollars. Earlier filings reported values in thousands; therefore, positions shown as $0 in older filings may represent actual values between $0–$999.