PF
Philadelphia Financial Management of San Francisco, LLC: 13F Stock Holdings & Portfolio (Q2 2026)
Philadelphia Financial Management of San Francisco, LLCCIK: 0001351407
High-turnover traderDiversified strategySector-focused
Total reported value
$495.8M
Reporting period: 2026-06-30 · Number of holdings: 45
Philadelphia Financial Management of San Francisco, LLC disclosed 45 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $495.8M and a quarterly turnover rate of 155.2%.
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Personality snowflake
- Concentration
- 20.37
- Portfolio Stability
- 100
- Momentum
- 0
- Sector conviction
- 100
- Diversification
- 90
- Sizing Uniformity
- 88.51
Philadelphia Financial Management of San Francisco, LLC's disclosed holdings carry a Herfindahl concentration index of 0.051 — mathematically equivalent to about 20 equally-sized positions, well below its 45 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 1.15), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 35% 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.govNew buy IWM
New buy SPY
Sold out GS
Sold out TH
Sold out HCI
Sold out BFH
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 | IWM | Ishares Russell 2000 ETF | ETF-Small Cap | 15.15% | +15.15% | NEW | |
| 2 | SPY | Ss Spdr S&p 500 ETF Trust-us | ETF-Large Cap & Growth | 11.30% | +11.30% | NEW | |
| 3 | USAU | US Gold CORP | Stock-Other | 3.54% | -0.72% | +18.12% | |
| 4 | WLFC | Willis Lease Finance CORP | Stock-Other | 3.36% | +3.36% | NEW | |
| 5 | HIG | Hartford Insurance Group Inc | Stock-Financials | 3.17% | +3.17% | NEW | |
| 6 | CXW | Corecivic Inc | Stock-Other | 2.94% | +2.94% | NEW | |
| 7 | FTAI | FTAI Aviation Ltd. | Stock-Industrials | 2.91% | +2.91% | NEW | |
| 8 | GEO | Geo Group Inc/the | Stock-Other | 2.89% | +2.89% | NEW | |
| 9 | AIG | American International Group | Stock-Financials | 2.65% | -0.94% | +6.94% | |
| 10 | LEGH | Legacy Housing CORP | Stock-Other | 2.41% | -0.04% | +9.46% | |
| 11 | AJG | Arthur J Gallagher & Co | Stock-Financials | 2.29% | +0.22% | +50.00% | |
| 12 | LGIH | Lgi Homes Inc | Stock-Other | 2.25% | +2.25% | NEW | |
| 13 | AXS | AXIS Capital Holdings Limited | Stock-Financials | 2.16% | -2.18% | -32.73% | |
| 14 | CB | Chubb Limited | Stock-Financials | 2.08% | +2.08% | NEW | |
| 15 | EQH | Equitable Holdings Inc | Stock-Financials | 2.00% | +2.00% | NEW | |
| 16 | WNC | Wabash National CORP | Stock-Other | 1.98% | +1.98% | NEW | |
| 17 | ATLC | Atlanticus Holdings CORP | Stock-Other | 1.85% | +1.85% | NEW | |
| 18 | GATX | Gatx CORP | Stock-Industrials | 1.80% | -0.71% | -0.61% | |
| 19 | CUBI | Customers Bancorp Inc | Stock-Other | 1.79% | -0.70% | -9.63% | |
| 20 | FICO | Fair Isaac CORP | Stock-Tech | 1.77% | +1.77% | NEW | |
| 21 | ASPI | Asp Isotopes Inc | Stock-Other | 1.68% | +0.85% | +107.15% | |
| 22 | MIAX | Miami International Holdings | Stock-Other | 1.68% | +1.68% | NEW | |
| 23 | FCFS | Firstcash Holdings Inc | Stock-Financials | 1.62% | +1.62% | NEW | |
| 24 | ✓ | Hamilton Insurance Group LTD | Stock-Other | 1.60% | -0.33% | +5.00% | |
| 25 | STT | State Street CORP | Stock-Financials | 1.59% | +1.59% | NEW | |
| 26 | ARES | Ares Management CORP - A | Stock-Financials | 1.58% | +1.58% | NEW | |
| 27 | PAYP | Paypay CORP | Stock-Other | 1.49% | +1.49% | NEW | |
| 28 | EVR | Evercore Inc - A | Stock-Financials | 1.46% | +1.46% | NEW | |
| 29 | FIGR | Figure Technology Solut-cl A | Stock-Other | 1.45% | +1.45% | NEW | |
| 30 | MCY | Mercury General CORP | Stock-Other | 1.36% | +1.36% | NEW | |
| 31 | THG | Hanover Insurance Group Inc/ | Stock-Financials | 1.34% | +1.34% | NEW | |
| 32 | SKY | Champion Homes Inc | Stock-Consumer Disc | 1.26% | +1.26% | NEW | |
| 33 | TFIN | Triumph Financial Inc | Stock-Other | 1.26% | -0.65% | -26.01% | |
| 34 | JCAP | Jefferson Capital Inc | Stock-Other | 1.24% | +1.24% | NEW | |
| 35 | MS | Morgan Stanley | Stock-Financials | 1.20% | +1.20% | NEW | |
| 36 | ENVA | Enova International Inc | Stock-Financials | 1.18% | +1.18% | NEW | |
| 37 | BCS | Barclays Plc-spons Adr | Stock-Financials | 1.12% | +1.12% | NEW | |
| 38 | ✓ | Stock-Other | 1.12% | +1.12% | NEW | ||
| 39 | CVCO | Cavco Industries Inc | Stock-Consumer Disc | 1.09% | -1.13% | -44.42% | |
| 40 | CCJ | Cameco CORP | Stock-Energy | 0.93% | +0.93% | NEW | |
| 41 | FRMI | Fermi Inc | Stock-Other | 0.79% | +0.79% | NEW | |
| 42 | ACVA | Acv Auctions Inc-a | Stock-Other | 0.74% | +0.74% | NEW | |
| 43 | ✓ | Skyline Bldrs Group Hldg LTD | Stock-Other | 0.65% | +0.06% | +57.14% | |
| 44 | DOMH | Dominari Holdings Inc | Stock-Other | 0.23% | +0.23% | NEW | |
| 45 | NFE | New Fortress Energy Inc | Stock-Other | 0.04% | -0.06% | — |
Portfolio Performance
Performance for Q3 2026
+6.1%
Performance Last 4 Quarters
+14.1%
- Stdev
- +17.3%
- Beta
- +0.96
- Alpha
- +2.3%
- Max Drawdown
- -13.1%
- Annualized Perf
- +22.2%
- Batting Avg vs S&P
- +47.2%
- Sortino
- +3.21
- Stutzer
- +0.39
- Treynor
- +0.22
- Sterling
- +1.12
- Calmar
- +1.69
- Information Ratio
- +0.13
- Tracking Error
- +12%
- Stdev Down
- +6.7%
- Winning Months %
- +55.6%
- Losing Months %
- +44.4%
- Best 12 Months
- +44.5%
- Worst 12 Months
- -5.4%
- Efficiency Ratio
- +0.59
- Sharpe
- +1.25
- Stdev Sectors
- +26.4%
- Skewness
- +0.92
- Kurtosis
- +0.84
- Upside Potential
- +5.06
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 45 | $495.8M | 100 | ||
| 2026 Q1 | 43 | $345.5M | 100 | ||
| 2025 Q4 | 58 | $931.8M | 100 | ||
| 2025 Q3 | 60 | $892.4M | 100 | ||
| 2025 Q2 | 58 | $850.8M | 0 | ||
| 2025 Q1 | 45 | $510.5M | 100 | ||
| 2024 Q4 | 38 | $706.5M | 0 | ||
| 2024 Q3 | 48 | $630.1M | 0 | ||
| 2024 Q2 | 40 | $570.5M | 0 | ||
| 2024 Q1 | 43 | $585.4M | 0 | ||
| 2023 Q4 | 35 | $565.3M | 0 | ||
| 2023 Q3 | 30 | $392.7M | 0 | ||
| 2023 Q2 | 37 | $365.6M | 0 | ||
| 2023 Q1 | 25 | $269.0M | 0 | ||
| 2022 Q4 | 29 | $312.9M | 0 | ||
| 2022 Q3 | 29 | $287.5M | 0 | ||
| 2022 Q2 | 36 | $340.4M | 0 | ||
| 2022 Q1 | 36 | $310.9M | 0 | ||
| 2021 Q4 | 34 | $289.3M | 0 | ||
| 2021 Q3 | 33 | $314.4M | 0 | ||
| 2021 Q2 | 40 | $334.7M | 100 | ||
| 2021 Q1 | 44 | $330.3M | 100 | ||
| 2020 Q4 | 61 | $385.8M | 100 | ||
| 2020 Q3 | 45 | $270.3M | 89 | ||
| 2020 Q2 | 35 | $216.2M | 100 | ||
| 2020 Q1 | 41 | $390.0M | 100 | ||
| 2019 Q4 | 34 | $485.8M | 81 | ||
| 2019 Q3 | 43 | $450.8M | 100 | ||
| 2019 Q2 | 43 | $569.5M | 96 | ||
| 2019 Q1 | 42 | $594.0M | 100 | ||
| 2018 Q4 | 41 | $535.2M | 99 | ||
| 2018 Q3 | 35 | $585.9M | 67 | ||
| 2018 Q2 | 40 | $616.7M | 66 | ||
| 2018 Q1 | 41 | $579.2M | 86 | ||
| 2017 Q4 | 39 | $677.6M | 71 | ||
| 2017 Q3 | 31 | $568.8M | 73 | ||
| 2017 Q2 | 38 | $556.9M | 100 | ||
| 2017 Q1 | 32 | $441.4M | 90 | ||
| 2016 Q4 | 29 | $442.7M | 100 | ||
| 2016 Q3 | 33 | $452.5M | 79 | ||
| 2016 Q2 | 34 | $435.5M | 100 | ||
| 2016 Q1 | 42 | $454.6M | 97 | ||
| 2015 Q4 | 39 | $480.8M | 70 | ||
| 2015 Q3 | 39 | $468.7M | 67 | ||
| 2015 Q2 | 34 | $429.0M | 77 | ||
| 2015 Q1 | 30 | $406.9M | 81 | ||
| 2014 Q4 | 41 | $571.0M | 84 | ||
| 2014 Q3 | 40 | $540.5M | 88 | ||
| 2014 Q2 | 25 | $380.3M | 78 | ||
| 2014 Q1 | 28 | $436.9M | 84 | ||
| 2013 Q4 | 34 | $401.3M | 100 | ||
| 2013 Q3 | 37 | $358.6M | 75 | ||
| 2013 Q2 | 30 | $360.2M | 0 |
Holding changes this quarter
Philadelphia Financial Management of San Francisco, LLC's most significant position changes for 2026-06-30: New buy: Ishares Russell 2000 ETF (IWM); New buy: Ss Spdr S&p 500 ETF Trust-us (SPY); Sold out: Goldman Sachs Group Inc (GS); New buy: Willis Lease Finance CORP (WLFC); New buy: Hartford Insurance Group Inc (HIG).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | IWM | Ishares Russell 2000 ETF | +15.2% | NEW | New buy |
| 2 | SPY | Ss Spdr S&p 500 ETF Trust-us | +11.3% | NEW | New buy |
| 3 | WLFC | Willis Lease Finance CORP | +3.4% | NEW | New buy |
| 4 | HIG | Hartford Insurance Group Inc | +3.2% | NEW | New buy |
| 5 | CXW | Corecivic Inc | +2.9% | NEW | New buy |
| 6 | FTAI | FTAI Aviation Ltd. | +2.9% | NEW | New buy |
| 7 | GEO | Geo Group Inc/the | +2.9% | NEW | New buy |
| 8 | LGIH | Lgi Homes Inc | +2.3% | NEW | New buy |
| 9 | CB | Chubb Limited | +2.1% | NEW | New buy |
| 10 | EQH | Equitable Holdings Inc | +2% | NEW | New buy |
| 11 | WNC | Wabash National CORP | +2% | NEW | New buy |
| 12 | ATLC | Atlanticus Holdings CORP | +1.9% | NEW | New buy |
| 13 | FICO | Fair Isaac CORP | +1.8% | NEW | New buy |
| 14 | MIAX | Miami International Holdings | +1.7% | NEW | New buy |
| 15 | FCFS | Firstcash Holdings Inc | +1.6% | NEW | New buy |
| 16 | STT | State Street CORP | +1.6% | NEW | New buy |
| 17 | ARES | Ares Management CORP - A | +1.6% | NEW | New buy |
| 18 | PAYP | Paypay CORP | +1.5% | NEW | New buy |
| 19 | EVR | Evercore Inc - A | +1.5% | NEW | New buy |
| 20 | FIGR | Figure Technology Solut-cl A | +1.5% | NEW | New buy |
| 21 | MCY | Mercury General CORP | +1.4% | NEW | New buy |
| 22 | THG | Hanover Insurance Group Inc/ | +1.3% | NEW | New buy |
| 23 | SKY | Champion Homes Inc | +1.3% | NEW | New buy |
| 24 | JCAP | Jefferson Capital Inc | +1.2% | NEW | New buy |
| 25 | MS | Morgan Stanley | +1.2% | NEW | New buy |
| 26 | ENVA | Enova International Inc | +1.2% | NEW | New buy |
| 27 | BCS | Barclays Plc-spons Adr | +1.1% | NEW | New buy |
| 28 | ✓ | +1.1% | NEW | New buy | |
| 29 | CCJ | Cameco CORP | +0.9% | NEW | New buy |
| 30 | ASPI | Asp Isotopes Inc | +0.9% | +107.15% | Add |
| 31 | FRMI | Fermi Inc | +0.8% | NEW | New buy |
| 32 | ACVA | Acv Auctions Inc-a | +0.7% | NEW | New buy |
| 33 | DOMH | Dominari Holdings Inc | +0.2% | NEW | New buy |
| 34 | AJG | Arthur J Gallagher & Co | +0.2% | +50.00% | Add |
| 35 | ✓ | Skyline Bldrs Group Hldg LTD | +0.1% | +57.14% | Add |
| 36 | LEGH | Legacy Housing CORP | 0% | +9.46% | Add |
| 37 | NODK | Ni Holdings Inc | -0.1% | EXIT | Sold out |
| 38 | NFE | New Fortress Energy Inc | -0.1% | — | Unchanged |
| 39 | AZ | A2z Cust2mate Solutions CORP | -0.1% | EXIT | Sold out |
| 40 | LDI | Loandepot Inc -class A | -0.1% | EXIT | Sold out |
| 41 | ✓ | Hamilton Insurance Group LTD | -0.3% | +5.00% | Add |
| 42 | ALM | Almonty Industries Inc | -0.6% | EXIT | Sold out |
| 43 | TFIN | Triumph Financial Inc | -0.7% | -26.01% | Trim |
| 44 | CUBI | Customers Bancorp Inc | -0.7% | -9.63% | Trim |
| 45 | GATX | Gatx CORP | -0.7% | -0.61% | Trim |
| 46 | USAU | US Gold CORP | -0.7% | +18.12% | Add |
| 47 | AIG | American International Group | -0.9% | +6.94% | Add |
| 48 | CVCO | Cavco Industries Inc | -1.1% | -44.42% | Trim |
| 49 | MAX | Mediaalpha Inc-class A | -1.3% | EXIT | Sold out |
| 50 | SLDE | Slide Insurance Holdings Inc | -1.5% | EXIT | Sold out |
1–50 of 75
Filing History
FAQ
What is Philadelphia Financial Management of San Francisco, LLC and what type of investor is it?
Philadelphia Financial Management of San Francisco, LLC 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 $495.8M, spread across 45 disclosed positions.
What are Philadelphia Financial Management of San Francisco, LLC's largest equity positions?
Based on the latest 13F filing, Philadelphia Financial Management of San Francisco, LLC's top holdings by market value are:
1. Ishares Russell 2000 ETF (IWM) — $75.1M (15.2%)
2. Ss Spdr S&p 500 ETF Trust-us (SPY) — $56.0M (11.3%)
3. US Gold CORP (USAU) — $17.6M (3.5%)
4. Willis Lease Finance CORP (WLFC) — $16.6M (3.4%)
5. Hartford Insurance Group Inc (HIG) — $15.7M (3.2%)
What changes did Philadelphia Financial Management of San Francisco, LLC make in its most recent portfolio filing?
In the latest reported quarter, Philadelphia Financial Management of San Francisco, LLC made 74 notable position adjustments: 32 new positions were initiated, 7 existing holdings were added to, 5 positions were partially reduced, and 30 were completely exited. The largest of these moves: New buy: Ishares Russell 2000 ETF (IWM); New buy: Ss Spdr S&p 500 ETF Trust-us (SPY); Sold out: Goldman Sachs Group Inc (GS); New buy: Willis Lease Finance CORP (WLFC); New buy: Hartford Insurance Group Inc (HIG)
What sectors does Philadelphia Financial Management of San Francisco, LLC focus on?
Philadelphia Financial Management of San Francisco, LLC is concentrated in the following sectors based on its current disclosed equity portfolio:
• Financials: 72.3%
• Industrials: 13.4%
• Consumer Discretionary: 6.7%
• Information Technology: 5.0%
• Energy: 2.6%
* This report is exclusively curated by the AlphaSMO team. AlphaSMO is the web's most authoritative 13F / Inside Trader database, delivering precise insider trading and institutional holdings insights.
Investment Profile
Philadelphia Financial Management of San Francisco, LLC returned an annualized 22.2% over the trailing 36 months — outperforming the S&P 500 by 2.3 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.96 (roughly in line with the market) and a 47% quarterly batting average against the index.
Its portfolio is broadly diversified and fast-trading, with 72.3% of the portfolio concentrated in Financials.
Its turnover score has risen from 0 to 100 over the past 4 quarters — a shift toward more active trading.
It has added to its LEGH position for two straight quarters, increasing it by $9.3M to reach $11.9M.
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