Philadelphia Financial Management of San Francisco, LLC
CIK 1351407 · View on SEC EDGAR ↗
- Portfolio value
- $495.8M
- Positions
- 45
- As of
- June 30, 2026
#3,786 of 9,443 by 13F value · top 40.1%
Portfolio value QoQ: +43.5% 13F does not disclose cash
- Top 10 holdings weight
- 50.32%
- Top 25 holdings weight
- 78.47%
- Positions above 1%
- 39
- Effective number of positions
- 19.6
Based on 13F long-equity holdings only (cash, bonds, shorts not disclosed)
Turnover Q2 2026: 61.09% Est. buys $396,105,369 · sells $256,962,222
Median holding: 1.0 quarters Tracked Q4 2024–Q2 2026 · 24.6% still held
- New positions
- 32
- Increased
- 7
- Decreased
- 5
- Closed
- 30
Put-notional exposure: 26.4% puts 13F reports option positions at underlying notional value — may include hedges, not necessarily bearish bets
On this page
- Performance vs S&P How this manager's 13F portfolio performed against the S&P 500.
- Sector breakdown How the portfolio splits across market sectors.
- Portfolio Every stock this institution reports holding, from its latest 13F.
- High-conviction bets The holdings this manager is most concentrated in.
- Biggest new bets Brand-new positions opened in the latest quarter.
- Top moves The biggest position increases and decreases this quarter.
- Exited positions Positions the manager fully sold out of last quarter.
Performance vs S&P 500
Annualized: +10.1% · S&P 500: +18.0%
Approximates a buy-and-hold portfolio built from quarterly SEC 13F snapshots. Excludes cash, short positions, options/derivatives, and non-13(f) securities — reflects the disclosed long-equity book only, not total fund AUM. SEC filing lag is up to 45 days; this is not a real-time-copyable timing.
Priceable coverage: 98.2% · Options excluded: 36.4%
Sector breakdown
Financials
19.6%
Financial Services
18.2%
Industrials
17.3%
Consumer products
7.0%
Materials
5.2%
Technology
1.8%
Energy
1.0%
Real Estate
0.8%
Other/Unmapped
29.2%
Full portfolio 45 positions
| Type | Streak | 8Q trend | |||||
|---|---|---|---|---|---|---|---|
| IWM | $75,112,500 | 15.15% | 250,000 | Put option | |||
| SPY SPY | $56,007,750 | 11.30% | 75,000 | Put option | Up ×1 | ||
| USAU U.S. Gold Corp. - Common Stock | $17,561,220 | 3.54% | 1,145,546 | $2,830,080 | Up ×1 | ||
| WLFC Willis Lease Finance Corporation - Common Stock | $16,648,176 | 3.36% | 72,763 | Up ×1 | |||
| HIG The Hartford Insurance Group, Inc. Common Stock | $15,730,124 | 3.17% | 118,700 | ||||
| CXW CoreCivic, Inc. Common Stock | $14,559,159 | 2.94% | 479,235 | ||||
| FTAI FTAI Aviation Ltd. - Common Stock | $14,451,442 | 2.91% | 53,419 | Up ×1 | |||
| GEO Geo Group Inc (The) REIT | $14,305,155 | 2.89% | 484,100 | ||||
| AIG American International Group, Inc. New Common Stock | $13,150,744 | 2.65% | 176,449 | $734,494 | Up ×1 | ||
| LEGH Legacy Housing Corporation - Common Stock | $11,937,745 | 2.41% | 454,425 | $3,455,965 | Up ×2 | ||
| AJG Arthur J. Gallagher & Co. Common Stock | $11,363,715 | 2.29% | 49,500 | $4,216,575 | Up ×1 | ||
| LGIH LGI Homes, Inc. - Common Stock | $11,155,144 | 2.25% | 175,175 | ||||
| AXS Axis Capital Holdings Limited Common Stock | $10,697,156 | 2.16% | 99,564 | $-4,311,524 | Down ×1 | ||
| CB Chubb Limited Common Stock | $10,324,422 | 2.08% | 30,300 | Up ×1 | |||
| EQH Equitable Holdings, Inc. Common Stock | $9,918,196 | 2.00% | 226,030 | ||||
| WNC Wabash National Corporation Common Stock | $9,812,434 | 1.98% | 726,847 | Up ×1 | |||
| ATLC Atlanticus Holdings Corporation - Common Stock | $9,161,293 | 1.85% | 89,597 | Up ×1 | |||
| GATX GATX Corporation Common Stock | $8,948,095 | 1.80% | 50,500 | $272,625 | Down ×2 | ||
| CUBI Customers Bancorp, Inc Common Stock | $8,870,511 | 1.79% | 112,143 | $256,730 | Down ×4 | ||
| FICO Fair Isaac Corporation Common Stock | $8,769,685 | 1.77% | 7,340 | Up ×1 | |||
| ASPI ASP Isotopes Inc. - Common Stock | $8,353,504 | 1.68% | 1,343,007 | $5,487,837 | Up ×1 | ||
| MIAX Miami International Holdings, Inc. Common Stock | $8,313,249 | 1.68% | 223,715 | Up ×1 | |||
| FCFS FirstCash Holdings, Inc. - Common Stock | $8,025,472 | 1.62% | 37,100 | Up ×1 | |||
| HG Hamilton Insurance Group, Ltd. Class B Common Shares | $7,957,165 | 1.60% | 234,448 | $1,296,394 | Up ×1 | ||
| STT State Street Corporation Common Stock | $7,894,880 | 1.59% | 46,550 | Up ×1 | |||
| ARES Ares Management Corporation Class A Common Stock | $7,847,355 | 1.58% | 70,500 | ||||
| Unknown issuer (CUSIP: 70450C101) | $7,381,684 | 1.49% | 515,121 | Up ×1 | |||
| EVR Evercore Inc. Class A Common Stock | $7,235,455 | 1.46% | 21,191 | Up ×1 | |||
| FIGR Figure Technology Solutions, Inc. - Class A Common Stock | $7,183,069 | 1.45% | 233,900 | ||||
| MCY Mercury General Corporation Common Stock | $6,738,384 | 1.36% | 63,200 | Up ×1 | |||
| THG Hanover Insurance Group Inc | $6,646,285 | 1.34% | 31,040 | ||||
| SKY Champion Homes, Inc. Common Stock | $6,265,508 | 1.26% | 71,102 | ||||
| TFIN TFIN | $6,240,708 | 1.26% | 81,781 | $-353,333 | Down ×1 | ||
| JCAP Jefferson Capital, Inc. - Common Stock | $6,169,128 | 1.24% | 316,853 | Up ×1 | |||
| MS Morgan Stanley Common Stock | $5,936,736 | 1.20% | 28,400 | Up ×1 | |||
| ENVA Enova International, Inc. Common Stock | $5,862,979 | 1.18% | 24,355 | ||||
| BCS Barclays PLC Common Stock | $5,560,020 | 1.12% | 207,000 | ||||
| BULL Webull Corporation - Class A Ordinary Shares | $5,545,260 | 1.12% | 850,500 | Up ×1 | |||
| CVCO Cavco Industries, Inc. - Common Stock | $5,412,688 | 1.09% | 8,810 | $-2,263,308 | Down ×1 | ||
| CCJ Cameco Corporation Common Stock | $4,614,258 | 0.93% | 45,300 | Up ×1 | |||
| FRMI Fermi Inc. - Common Stock | $3,893,000 | 0.79% | 425,000 | ||||
| ACVA ACV Auctions Inc. Class A Common Stock | $3,680,561 | 0.74% | 511,900 | ||||
| SKBL Skyline Builders Group Holding Limited - Class A Ordinary Shares | $3,205,214 | 0.65% | 1,037,286 | $1,165,499 | Up ×3 | ||
| DOMH Dominari Holdings Inc. - Common Stock | $1,124,695 | 0.23% | 358,183 | Up ×1 | |||
| NFE New Fortress Energy Inc. - Class A Common Stock | $217,860 | 0.04% | 600,000 | $-136,140 | |||
| No matches | |||||||
Conviction holdings
Positions increased for 3+ consecutive quarters.
Share counts are as reported in 13F filings (not split-adjusted)
| Security | Value | % of portfolio | Streak |
|---|---|---|---|
| SKBL | $3,205,214 | 0.65% | up ×3 |
Biggest new bets
New positions opened this quarter, largest first.
| Security | Value | Shares | % of portfolio |
|---|---|---|---|
| IWM | $75,112,500 | 250,000 | 15.15% |
| SPY | $56,007,750 | 75,000 | 11.30% |
| WLFC | $16,648,176 | 72,763 | 3.36% |
| HIG | $15,730,124 | 118,700 | 3.17% |
| CXW | $14,559,159 | 479,235 | 2.94% |
| FTAI | $14,451,442 | 53,419 | 2.91% |
| GEO | $14,305,155 | 484,100 | 2.89% |
| LGIH | $11,155,144 | 175,175 | 2.25% |
| CB | $10,324,422 | 30,300 | 2.08% |
| EQH | $9,918,196 | 226,030 | 2.00% |
| WNC | $9,812,434 | 726,847 | 1.98% |
| ATLC | $9,161,293 | 89,597 | 1.85% |
| FICO | $8,769,685 | 7,340 | 1.77% |
| MIAX | $8,313,249 | 223,715 | 1.68% |
| FCFS | $8,025,472 | 37,100 | 1.62% |
Top movers (QoQ)
| Security | Action | Shares Δ | Value Δ |
|---|---|---|---|
| ASPI | Bought more | +695K | +$5.5M |
| AXS | Trimmed | -48K | -$4.3M |
| AJG | Bought more | +16K | +$4.2M |
| LEGH | Bought more | +39K | +$3.5M |
| USAU | Bought more | +176K | +$2.8M |
| CVCO | Trimmed | -7K | -$2.3M |
| HG | Bought more | +11K | +$1.3M |
| SKBL | Bought more | +377K | +$1.2M |
| AIG | Bought more | +11K | +$734K |
| TFIN | Trimmed | -29K | -$353K |
Exited positions
Includes corporate events (mergers, delistings) — not all exits are sells
Closed positions reflect 13F reporting changes; for index managers these are often mechanical (delisting, M&A, index rebalancing), not active decisions.
| Security | Quarter | Shares before | Value before | Price since exit |
|---|---|---|---|---|
| IWM | March 31, 2025 | 700,000 | $154,672,000 | No longer tracked |
| CRCL | March 31, 2026 | 1,335,000 | $105,865,500 | -3.6% |
| COIN | March 31, 2026 | 400,000 | $90,456,000 | 7.3% |
| EQH | Sept. 30, 2025 | 1,250,000 | $70,125,000 | -3.0% |
| IWM | Dec. 31, 2025 | 200,000 | $48,392,000 | No longer tracked |
| MSTR | March 31, 2026 | 300,000 | $45,585,000 | -3.5% |
| BMNR | March 31, 2026 | 1,500,000 | $40,725,000 | 14.0% |
| GS | Dec. 31, 2025 | 50,000 | $39,817,500 | 16.5% |
| CRWV | March 31, 2026 | 550,000 | $39,385,500 | 16.3% |
| PLTR | Dec. 31, 2025 | 200,000 | $36,484,000 | -2.7% |
| IBIT | March 31, 2026 | 700,000 | $34,755,000 | |
| GS | June 30, 2026 | 39,500 | $33,416,605 | 1.3% |
| KIE | March 31, 2025 | 570,000 | $32,216,400 | No longer tracked |
| AJG | March 31, 2025 | 96,216 | $27,310,912 | -24.7% |
| RNR | Sept. 30, 2025 | 111,454 | $27,072,177 | 27.2% |
| SLDE | Dec. 31, 2025 | 1,674,429 | $26,430,862 | 18.0% |
| EG | Dec. 31, 2025 | 75,000 | $26,267,250 | 8.8% |
| NAVI | Sept. 30, 2025 | 1,699,514 | $23,963,147 | -29.4% |
| MCB | Sept. 30, 2025 | 311,781 | $21,824,670 | 23.6% |
| TLN | Dec. 31, 2025 | 50,000 | $21,269,000 | -15.8% |
| GM | March 31, 2026 | 254,590 | $20,703,259 | 17.7% |
| TSLA | June 30, 2025 | 75,000 | $19,437,000 | 9.8% |
| PGR | Dec. 31, 2025 | 77,239 | $19,074,171 | -3.4% |
| UEC | March 31, 2025 | 2,813,583 | $18,822,870 | No longer tracked |
| PFSI | June 30, 2025 | 186,804 | $18,700,948 | -23.7% |
| TOST | Sept. 30, 2025 | 420,000 | $18,601,800 | -2.4% |
| CACC | June 30, 2025 | 35,791 | $18,480,683 | 18.6% |
| HUT | March 31, 2026 | 400,000 | $18,376,000 | 88.2% |
| SIGI | Dec. 31, 2025 | 223,959 | $18,156,356 | 9.1% |
| APO | March 31, 2025 | 108,350 | $17,895,086 | -3.9% |
| GLNG | June 30, 2025 | 458,586 | $17,421,682 | 29.3% |
| XZO | March 31, 2026 | 710,000 | $17,217,500 | 10.3% |
| APLD | March 31, 2026 | 700,000 | $17,164,000 | 22.6% |
| DB | March 31, 2026 | 436,262 | $16,822,263 | 26.6% |
| KMX | June 30, 2025 | 210,082 | $16,369,589 | -8.4% |
| AHL | Sept. 30, 2025 | 512,073 | $16,114,937 | No longer tracked |
| BLSH | March 31, 2026 | 425,000 | $16,094,750 | -15.3% |
| ASPI | Dec. 31, 2025 | 1,661,494 | $15,983,572 | -23.6% |
| ABX | June 30, 2025 | 2,069,221 | $15,498,465 | 80.7% |
| SLM | Sept. 30, 2025 | 468,012 | $15,346,113 | -5.0% |
| GPI | Dec. 31, 2025 | 35,000 | $15,312,850 | -32.0% |
| XYZ | Sept. 30, 2025 | 224,699 | $15,263,803 | 10.8% |
| TH | June 30, 2026 | 1,616,642 | $15,002,438 | -12.9% |
| LAZ | March 31, 2025 | 291,226 | $14,992,314 | 0.5% |
| HCI | June 30, 2026 | 96,023 | $14,846,116 | 4.3% |
| GEO | Sept. 30, 2025 | 608,775 | $14,580,161 | 55.9% |
| ACVA | June 30, 2025 | 1,023,871 | $14,426,342 | -53.2% |
| ALL | Dec. 31, 2025 | 65,631 | $14,087,694 | 23.2% |
| BOW | Dec. 31, 2025 | 519,833 | $14,056,284 | 17.4% |
| HIG | March 31, 2026 | 99,471 | $13,707,104 | 1.9% |
| BWIN | March 31, 2026 | 556,299 | $13,367,865 | 43.9% |
| TREE | March 31, 2026 | 251,459 | $13,349,958 | -28.0% |
| MP | March 31, 2026 | 260,000 | $13,135,200 | 19.1% |
| SKY | March 31, 2026 | 155,425 | $13,133,412 | 22.1% |
| CXW | Dec. 31, 2025 | 634,996 | $12,922,169 | 75.7% |
| BFH | June 30, 2026 | 172,156 | $12,892,763 | -3.5% |
| FNF | Dec. 31, 2025 | 208,824 | $12,631,764 | -12.8% |
| AFG | March 31, 2026 | 91,610 | $12,521,255 | 12.4% |
| AUB | March 31, 2025 | 316,909 | $12,004,513 | 32.6% |
| XYZ | March 31, 2026 | 183,743 | $11,959,832 | 33.1% |
| AXS | Dec. 31, 2025 | 124,588 | $11,935,530 | -7.6% |
| JEF | Dec. 31, 2025 | 181,444 | $11,870,066 | -15.4% |
| AMTB | June 30, 2025 | 563,973 | $11,640,403 | 57.2% |
| SHOP | Sept. 30, 2025 | 100,000 | $11,535,000 | -1.9% |
| UPBD | March 31, 2025 | 390,738 | $11,397,827 | -21.5% |
| EUFN | June 30, 2025 | 400,000 | $11,396,000 | |
| IREN | March 31, 2026 | 300,000 | $11,331,000 | 31.8% |
| EZPW | March 31, 2025 | 910,765 | $11,129,548 | 99.5% |
| AON | June 30, 2025 | 27,289 | $10,890,767 | -1.0% |
| FIHL | Sept. 30, 2025 | 639,293 | $10,599,478 | No longer tracked |
| C | June 30, 2025 | 147,010 | $10,436,240 | 54.8% |
| LNC | June 30, 2026 | 285,000 | $10,117,500 | 20.8% |
| KKR | March 31, 2026 | 78,563 | $10,015,211 | 17.4% |
| PNFP | June 30, 2026 | 115,664 | $9,963,297 | 1.4% |
| TPG | March 31, 2026 | 155,699 | $9,939,824 | 30.2% |
| UEC | Sept. 30, 2025 | 1,460,036 | $9,928,245 | No longer tracked |
| UNH | June 30, 2025 | 18,910 | $9,904,112 | 24.2% |
| FUTU | March 31, 2026 | 60,000 | $9,852,600 | -14.5% |
| AGO | Sept. 30, 2025 | 112,306 | $9,781,853 | -12.5% |
| BPOP | Dec. 31, 2025 | 76,564 | $9,724,394 | 36.1% |
| GLXY | Dec. 31, 2025 | 285,000 | $9,635,850 | 11.9% |
| EZPW | June 30, 2026 | 371,657 | $9,432,655 | -15.1% |
| OPLN | June 30, 2026 | 321,800 | $9,380,470 | -17.1% |
| IPX | Sept. 30, 2025 | 297,053 | $9,357,170 | -55.0% |
| SF | June 30, 2025 | 98,988 | $9,330,609 | 17.7% |
| CARS | March 31, 2026 | 751,671 | $9,170,386 | 50.2% |
| TOST | March 31, 2026 | 257,848 | $9,156,182 | 34.4% |
| AON | June 30, 2026 | 28,000 | $9,037,840 | 6.5% |
| AER | June 30, 2026 | 64,253 | $8,814,227 | 0.7% |
| BOH | June 30, 2026 | 117,700 | $8,739,225 | -4.0% |
| EWBC | June 30, 2026 | 81,600 | $8,711,616 | 1.5% |
| OZK | March 31, 2026 | 189,226 | $8,708,181 | 8.2% |
| CCB | March 31, 2025 | 102,351 | $8,690,623 | -48.7% |
| PHM | Sept. 30, 2025 | 82,191 | $8,667,863 | -3.1% |
| MHO | Dec. 31, 2025 | 58,618 | $8,466,784 | 18.8% |
| SF | June 30, 2026 | 113,348 | $8,378,684 | 16.7% |
| ARES | March 31, 2025 | 46,183 | $8,175,776 | -2.8% |
| MCHB | June 30, 2026 | 545,321 | $8,043,485 | 3.6% |
| ENVA | March 31, 2026 | 50,311 | $7,908,889 | 77.8% |
| HOOD | March 31, 2025 | 210,685 | $7,850,123 | 155.4% |
| ARR | March 31, 2026 | 434,709 | $7,690,002 | -2.0% |
| MA | June 30, 2026 | 15,200 | $7,594,832 | 12.0% |
| AX | June 30, 2026 | 88,200 | $7,504,938 | -0.3% |
| SOC | June 30, 2026 | 453,722 | $7,495,487 | 74.4% |
| VLY | March 31, 2025 | 820,358 | $7,432,443 | 59.8% |
| EWBC | June 30, 2025 | 81,579 | $7,322,531 | 29.7% |
| MBI | March 31, 2025 | 1,120,511 | $7,238,501 | -1.5% |
| CME | March 31, 2025 | 30,974 | $7,193,092 | 2.9% |
| CACC | June 30, 2026 | 16,538 | $7,003,181 | -5.1% |
| COF | March 31, 2026 | 27,643 | $6,699,557 | 19.3% |
| ONEW | March 31, 2026 | 614,605 | $6,650,026 | 20.7% |
| SOC | June 30, 2025 | 261,212 | $6,626,948 | -75.6% |
| HCI | Sept. 30, 2025 | 43,242 | $6,581,432 | -4.8% |
| BUSE | June 30, 2025 | 302,289 | $6,529,442 | 32.8% |
| PLMR | Dec. 31, 2025 | 55,885 | $6,524,574 | -4.3% |
| BPOP | June 30, 2026 | 48,500 | $6,507,245 | 3.2% |
| EQBK | March 31, 2025 | 151,869 | $6,442,283 | 27.4% |
| BCS | Dec. 31, 2025 | 310,571 | $6,419,503 | 5.7% |
| PGR | June 30, 2025 | 22,617 | $6,400,837 | -17.5% |
| IGIC | Sept. 30, 2025 | 264,240 | $6,347,045 | 13.4% |
| THG | Sept. 30, 2025 | 36,766 | $6,245,440 | 23.3% |
| NNI | March 31, 2026 | 46,910 | $6,237,154 | -1.3% |
| HCI | March 31, 2025 | 53,352 | $6,217,109 | 22.5% |
| BKV | June 30, 2026 | 214,880 | $6,128,378 | -5.7% |
| RNST | June 30, 2025 | 180,039 | $6,108,723 | 16.8% |
| PFSI | June 30, 2026 | 69,366 | $6,062,588 | -12.7% |
| COLB | March 31, 2026 | 215,468 | $6,022,331 | 13.0% |
| GLNG | June 30, 2026 | 109,400 | $5,919,634 | 6.9% |
| JPM | Sept. 30, 2025 | 19,672 | $5,703,110 | 12.7% |
| HOOD | June 30, 2026 | 78,883 | $5,466,592 | 6.0% |
| FIGR | Dec. 31, 2025 | 150,000 | $5,455,500 | -5.1% |
| FRMI | March 31, 2026 | 677,866 | $5,422,928 | 2.7% |
| EVER | Dec. 31, 2025 | 236,077 | $5,399,081 | -8.6% |
| TMHC | Sept. 30, 2025 | 86,600 | $5,318,972 | No longer tracked |
| NXE | March 31, 2025 | 801,382 | $5,289,121 | 138.5% |
| JXN | June 30, 2026 | 50,000 | $5,286,000 | 28.5% |
| LGIH | June 30, 2025 | 77,068 | $5,122,710 | 10.8% |
| ENVA | March 31, 2025 | 53,199 | $5,100,720 | 150.1% |
| SLDE | June 30, 2026 | 280,000 | $5,040,000 | 18.6% |
| ETHM | Dec. 31, 2025 | 472,389 | $4,917,569 | No longer tracked |
| MAX | June 30, 2026 | 480,000 | $4,464,000 | 3.3% |
| AII | Dec. 31, 2025 | 191,273 | $4,267,301 | 23.4% |
| GOLD | Sept. 30, 2025 | 188,962 | $4,191,177 | 80.4% |
| SUNS | March 31, 2026 | 440,628 | $4,155,122 | 1.0% |
| COOP | June 30, 2025 | 33,832 | $4,046,307 | No longer tracked |
| CORZ | Sept. 30, 2025 | 231,400 | $3,949,998 | 6.3% |
| NP | March 31, 2026 | 125,000 | $3,645,000 | 37.6% |
| FIP | Sept. 30, 2025 | 575,417 | $3,550,323 | -11.5% |
| SOFI | Sept. 30, 2025 | 150,000 | $2,731,500 | -29.4% |
| PAR | March 31, 2026 | 69,100 | $2,506,948 | 42.4% |
| SII | Dec. 31, 2025 | 26,921 | $2,239,558 | 32.3% |
| CYTK | Dec. 31, 2025 | 39,523 | $2,172,184 | 21.9% |
| HIPO | Sept. 30, 2025 | 76,618 | $2,139,941 | -9.6% |
| ALM | June 30, 2026 | 145,000 | $2,099,600 | 11.4% |
| GOLD | March 31, 2025 | 70,938 | $1,943,701 | 84.0% |
| MBI | Dec. 31, 2025 | 211,534 | $1,575,928 | -31.5% |
| LDI | June 30, 2025 | 1,234,576 | $1,469,145 | -31.3% |
| AZ | June 30, 2026 | 53,047 | $353,823 | 24.7% |
| LDI | June 30, 2026 | 243,001 | $345,061 | -30.2% |
| TNGX | March 31, 2026 | 33,291 | $294,958 | 14.9% |
| NODK | June 30, 2026 | 14,758 | $190,231 | -2.3% |