DF
Delphi Financial Group, Inc. SEC 13F Filing (Q2 2026) — Holdings & Portfolio
Delphi Financial Group, Inc.CIK: 0000859139
Momentum followerQuality / disciplined sizingSector-focused
Total reported value
$202.3M
Reporting period: 2026-06-30 · Number of holdings: 26
DELPHI FINANCIAL GROUP, INC. disclosed 26 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $202.3M and a quarterly turnover rate of 53.4%.
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Personality snowflake
- Concentration
- 37.19
- Portfolio Stability
- 53.37
- Momentum
- 100
- Sector conviction
- 72.44
- Diversification
- 52
- Sizing Uniformity
- 87.86
Delphi Financial Group, Inc.'s disclosed holdings carry a Herfindahl concentration index of 0.093 — mathematically equivalent to about 11 equally-sized positions, well below its 26 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 1.21), with a handful of outsized bets alongside many smaller positions.
Recent activity leans toward adding more aggressively to already-large existing positions than to newly initiated ones (a 3.4 percentage-point tilt) — a pattern consistent with a momentum-following approach.
Sector classification currently covers about 51% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govAdd ASHR
+68.2% $17.1M
Trim JAAA
-66.3% -$21.6M
Sold out FXI
Add VTI
+66.4% $12.2M
New buy EQT
Sold out KRMN
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | ASHR | Xtrackers Harvest Csi 300 Ch | ETF-Other | 17.99% | +9.30% | +68.20% | |
| 2 | ET | Energy Transfer LP | Stock-Energy | 13.44% | +1.06% | — | |
| 3 | VTI | Vanguard Total Stock Mkt ETF | ETF-Other | 12.60% | +6.61% | +66.43% | |
| 4 | EFC | Ellington Financial Inc | Stock-Other | 9.47% | +1.94% | — | |
| 5 | TSM | Taiwan Semiconductor-sp Adr | Stock-Tech | 7.45% | +0.16% | -34.00% | |
| 6 | JAAA | Janus Henderson Aaa Clo ETF | ETF-Other | 5.43% | -9.27% | -66.34% | |
| 7 | RITM | Rithm Capital CORP | Stock-Real Estate | 5.02% | +0.40% | — | |
| 8 | WMT | Walmart Inc | Stock-Consumer Staples | 3.88% | — | — | |
| 9 | EQT | Eqt CORP | Stock-Energy | 3.09% | +3.09% | NEW | |
| 10 | LNG | Cheniere Energy Inc | Stock-Energy | 2.98% | -0.25% | — | |
| 11 | AMZN | Amazon.com Inc | Stock-Consumer Disc | 2.83% | +0.57% | — | |
| 12 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 2.64% | +0.69% | -0.33% | |
| 13 | HUT | Hut 8 CORP | Stock-Financials | 2.45% | +1.54% | — | |
| 14 | CIFR | Cipher Digital Inc | Stock-Tech | 1.71% | +0.89% | — | |
| 15 | EXE | Expand Energy CORP | Stock-Energy | 1.65% | -0.17% | — | |
| 16 | WULF | Terawulf Inc | Stock-Financials | 1.60% | +0.75% | — | |
| 17 | TSLX | Sixth Street Specialty Lendi | Stock-Other | 0.99% | +0.03% | — | |
| 18 | BXMT 5.5 03-15-27Bond | Blackstone Mortgage Tr | Bond | 0.98% | +0.09% | — | |
| 19 | IEF | Ishares 7-10 Year Treasury B | ETF-Gov Bonds | 0.81% | +0.30% | +46.22% | |
| 20 | ACRE | Ares Commercial Real Estate | Stock-Other | 0.74% | +0.01% | — | |
| 21 | ARCC | Ares Capital CORP | Stock-Financials | 0.71% | +0.08% | — | |
| 22 | OXLC | Oxford Lane Capital CORP | Stock-Other | 0.63% | -0.01% | — | |
| 23 | PDD | Pdd Holdings Inc | Stock-Consumer Disc | 0.29% | +0.29% | NEW | |
| 24 | LADR | Ladder Capital Corp-reit | Stock-Other | 0.22% | +0.02% | — | |
| 25 | GSBD | Goldman Sachs Bdc Inc | Stock-Other | 0.22% | +0.03% | — | |
| 26 | CCC | Ccc Intelligent Solutions Ho | Stock-Tech | 0.20% | -0.01% | — |
Portfolio Performance
Performance for Q3 2026
+0.2%
Performance Last 4 Quarters
+9.1%
- Stdev
- +8.6%
- Beta
- +0.52
- Alpha
- +4%
- Max Drawdown
- -7.1%
- Annualized Perf
- +14.9%
- Batting Avg vs S&P
- +44.4%
- Sortino
- +4.32
- Stutzer
- +0.51
- Treynor
- +0.28
- Sterling
- +1.09
- Calmar
- +2.11
- Information Ratio
- -0.68
- Tracking Error
- +8.3%
- Stdev Down
- +3.3%
- Winning Months %
- +66.7%
- Losing Months %
- +33.3%
- Best 12 Months
- +31.6%
- Worst 12 Months
- +4.1%
- Efficiency Ratio
- +0.7
- Sharpe
- +1.67
- Stdev Sectors
- +11.9%
- Skewness
- +0.51
- Kurtosis
- -0.01
- Upside Potential
- +5.85
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 26 | $202.3M | 53 | ||
| 2026 Q1 | 32 | $221.6M | 32 | ||
| 2025 Q4 | 28 | $200.3M | 25 | ||
| 2025 Q3 | 23 | $177.8M | 54 | ||
| 2025 Q2 | 22 | $141.8M | 0 | ||
| 2025 Q1 | 22 | $165.8M | 100 | ||
| 2024 Q4 | 24 | $189.0M | 0 | ||
| 2024 Q3 | 21 | $177.1M | 0 | ||
| 2024 Q2 | 23 | $177.7M | 0 | ||
| 2024 Q1 | 23 | $154.7M | 0 | ||
| 2023 Q4 | 20 | $170.6M | 0 | ||
| 2023 Q3 | 20 | $206.8M | 0 | ||
| 2023 Q2 | 28 | $197.0M | 0 | ||
| 2023 Q1 | 34 | $202.8M | 0 | ||
| 2022 Q4 | 29 | $198.7M | 0 | ||
| 2022 Q3 | 29 | $167.2M | 0 | ||
| 2022 Q2 | 30 | $213.3M | 0 | ||
| 2022 Q1 | 28 | $285.8M | 0 | ||
| 2021 Q4 | 27 | $327.5M | 0 | ||
| 2021 Q3 | 30 | $339.7M | 0 | ||
| 2021 Q2 | 32 | $364.5M | 100 | ||
| 2021 Q1 | 32 | $330.9M | 21 | ||
| 2020 Q4 | 32 | $284.2M | 64 | ||
| 2020 Q3 | 25 | $170.8M | 11 | ||
| 2020 Q2 | 25 | $175.6M | 79 | ||
| 2020 Q1 | 24 | $206.4M | 84 | ||
| 2019 Q4 | 23 | $340.2M | 19 | ||
| 2019 Q3 | 21 | $293.6M | 14 | ||
| 2019 Q2 | 22 | $269.0M | 14 | ||
| 2019 Q1 | 22 | $264.2M | 32 | ||
| 2018 Q4 | 21 | $201.7M | 55 | ||
| 2018 Q3 | 15 | $257.8M | 17 | ||
| 2018 Q2 | 16 | $265.9M | 31 | ||
| 2018 Q1 | 16 | $220.3M | 23 | ||
| 2017 Q4 | 17 | $204.3M | 100 | ||
| 2017 Q3 | 24 | $218.4M | 55 | ||
| 2017 Q2 | 23 | $277.8M | 61 | ||
| 2017 Q1 | 20 | $300.0M | 13 | ||
| 2016 Q4 | 21 | $308.8M | 22 | ||
| 2016 Q3 | 22 | $309.1M | 35 | ||
| 2016 Q2 | 23 | $387.9M | 20 | ||
| 2016 Q1 | 21 | $335.2M | 25 | ||
| 2015 Q4 | 19 | $356.5M | 10 | ||
| 2015 Q3 | 19 | $379.4M | 49 | ||
| 2015 Q2 | 19 | $428.4M | 31 | ||
| 2015 Q1 | 18 | $435.1M | 30 | ||
| 2014 Q4 | 18 | $379.4M | 16 | ||
| 2014 Q3 | 16 | $396.4M | 50 | ||
| 2014 Q2 | 16 | $272.2M | 34 | ||
| 2014 Q1 | 15 | $252.2M | 66 | ||
| 2013 Q4 | 16 | $186.7M | 100 | ||
| 2013 Q3 | 13 | $189.1M | 16 | ||
| 2013 Q2 | 13 | $199.8M | — |
Holding changes this quarter
Delphi Financial Group, Inc.'s most significant position changes for 2026-06-30: Sold out: Ishares China Large-cap ETF (FXI); New buy: Eqt CORP (EQT); Sold out: Karman Holdings Inc (KRMN); Sold out: Microsoft CORP (MSFT); Sold out: United Parcel Service-cl B (UPS).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | ASHR | Xtrackers Harvest Csi 300 Ch | +9.3% | +68.20% | Add |
| 2 | VTI | Vanguard Total Stock Mkt ETF | +6.6% | +66.43% | Add |
| 3 | EQT | Eqt CORP | +3.1% | NEW | New buy |
| 4 | EFC | Ellington Financial Inc | +1.9% | — | Unchanged |
| 5 | HUT | Hut 8 CORP | +1.5% | — | Unchanged |
| 6 | ET | Energy Transfer LP | +1.1% | — | Unchanged |
| 7 | CIFR | Cipher Digital Inc | +0.9% | — | Unchanged |
| 8 | WULF | Terawulf Inc | +0.8% | — | Unchanged |
| 9 | GOOGL | Alphabet Inc-cl A | +0.7% | -0.33% | Trim |
| 10 | AMZN | Amazon.com Inc | +0.6% | — | Unchanged |
| 11 | RITM | Rithm Capital CORP | +0.4% | — | Unchanged |
| 12 | IEF | Ishares 7-10 Year Treasury B | +0.3% | +46.22% | Add |
| 13 | PDD | Pdd Holdings Inc | +0.3% | NEW | New buy |
| 14 | TSM | Taiwan Semiconductor-sp Adr | +0.2% | -34.00% | Trim |
| 15 | BXMT 5.5 03-15-27Bond | Blackstone Mortgage Tr | +0.1% | — | Unchanged |
| 16 | ARCC | Ares Capital CORP | +0.1% | — | Unchanged |
| 17 | TSLX | Sixth Street Specialty Lendi | 0% | — | Unchanged |
| 18 | GSBD | Goldman Sachs Bdc Inc | 0% | — | Unchanged |
| 19 | LADR | Ladder Capital Corp-reit | 0% | — | Unchanged |
| 20 | ACRE | Ares Commercial Real Estate | 0% | — | Unchanged |
| 21 | WMT | Walmart Inc | — | — | Unchanged |
| 22 | OXLC | Oxford Lane Capital CORP | 0% | — | Unchanged |
| 23 | CCC | Ccc Intelligent Solutions Ho | 0% | — | Unchanged |
| 24 | EXE | Expand Energy CORP | -0.2% | — | Unchanged |
| 25 | LNG | Cheniere Energy Inc | -0.3% | — | Unchanged |
| 26 | AVAV | Aerovironment Inc | -1% | EXIT | Sold out |
| 27 | EARN | Ellington Credit Co | -1.2% | EXIT | Sold out |
| 28 | CZR | Caesars Entertainment Inc | -1.4% | EXIT | Sold out |
| 29 | KTOS | Kratos Defense & Security | -1.4% | EXIT | Sold out |
| 30 | UPS | United Parcel Service-cl B | -1.6% | EXIT | Sold out |
| 31 | MSFT | Microsoft CORP | -1.8% | EXIT | Sold out |
| 32 | KRMN | Karman Holdings Inc | -2% | EXIT | Sold out |
| 33 | FXI | Ishares China Large-cap ETF | -7.7% | EXIT | Sold out |
| 34 | JAAA | Janus Henderson Aaa Clo ETF | -9.3% | -66.34% | Trim |
Filing History
FAQ
What is Delphi Financial Group, Inc. and what type of investor is it?
Delphi Financial Group, Inc. is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $202.3M, spread across 26 disclosed positions.
What are Delphi Financial Group, Inc.'s largest equity positions?
Based on the latest 13F filing, Delphi Financial Group, Inc.'s top holdings by market value are:
1. Xtrackers Harvest Csi 300 Ch (ASHR) — $36.4M (18.0%)
2. Energy Transfer LP (ET) — $27.2M (13.4%)
3. Vanguard Total Stock Mkt ETF (VTI) — $25.5M (12.6%)
4. Ellington Financial Inc (EFC) — $19.2M (9.5%)
5. Taiwan Semiconductor-sp Adr (TSM) — $15.1M (7.5%)
What changes did Delphi Financial Group, Inc. make in its most recent portfolio filing?
In the latest reported quarter, Delphi Financial Group, Inc. made 16 notable position adjustments: 2 new positions were initiated, 3 existing holdings were added to, 3 positions were partially reduced, and 8 were completely exited. The largest of these moves: Sold out: Ishares China Large-cap ETF (FXI); New buy: Eqt CORP (EQT); Sold out: Karman Holdings Inc (KRMN); Sold out: Microsoft CORP (MSFT); Sold out: United Parcel Service-cl B (UPS)
What sectors does Delphi Financial Group, Inc. focus on?
Delphi Financial Group, Inc. is concentrated in the following sectors based on its current disclosed equity portfolio:
• Energy: 41.6%
• Information Technology: 18.4%
• Real Estate: 11.8%
• Financials: 9.3%
• Consumer Staples: 7.6%
• Consumer Discretionary: 6.1%
Investment Profile
Delphi Financial Group, Inc. returned an annualized 14.9% over the trailing 36 months — outperforming the S&P 500 by 4.0 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.52 (less volatile than the market) and a 44% quarterly batting average against the index.
Its portfolio is moderately concentrated and moderately active, with 41.6% of the portfolio concentrated in Energy.
Its turnover score has risen from 0 to 53 over the past 4 quarters — a shift toward more active trading.
It has added to its EFC position over the past two quarters (+$9.4M, now $19.2M), while trimming JAAA over the same stretch (-$31.8M, still holding $11.0M).
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