CIK: 0001351407
Total reported value
$345.5M
Reporting period: 2026-03-31 · Number of holdings: 43
Philadelphia Financial Management of San Francisco, LLC disclosed 43 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $345.5M and a quarterly turnover rate of 159.1%.
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Philadelphia Financial Management of San Francisco, LLC's disclosed holdings carry a Herfindahl concentration index of 0.034 — mathematically equivalent to about 29 equally-sized positions, close to its 43 actual disclosed holdings. Value is spread relatively evenly across the portfolio rather than concentrated in a handful of names.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.69), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
Recent activity leans toward initiating meaningfully larger new positions than it adds to existing ones (a 2.1 percentage-point tilt) — a pattern consistent with a more contrarian, new-idea-driven approach.
Sector classification currently covers about 55% 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.
Add USAU
-19.8% -$8.7M
Add TH
-51.1% -$11.5M
Add HCI
-40.0% -$15.8M
Trim AIG
-63.3% -$26.1M
Add G42706104
-54.9% -$7.2M
Add MCHB
-58.7% -$11.3M
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | GS | Goldman Sachs Group INC | Stock-Financials | 9.67% | +9.67% | NEW | |
| 2 | AXS | AXIS Capital Holdings Limited | Stock-Financials | 4.34% | +4.34% | NEW | |
| 3 | TH | Target Hospitality CORP | Stock-Other | 4.34% | +1.50% | -51.08% | |
| 4 | HCI | Hci Group INC | Stock-Other | 4.30% | +1.01% | -39.99% | |
| 5 | USAU | US Gold CORP | Stock-Other | 4.26% | +1.74% | -19.83% | |
| 6 | BFH | Bread Financial Holdings INC | Stock-Financials | 3.73% | — | -10.31% | |
| 7 | AIG | American International Group | Stock-Financials | 3.59% | -0.54% | -63.31% | |
| 8 | LNC | Lincoln National CORP | Stock-Financials | 2.93% | +2.93% | NEW | |
| 9 | PNFP | Pinnacle Financial Partners | Stock-Financials | 2.88% | +2.88% | NEW | |
| 10 | EZPW | Ezcorp Inc-cl A | Stock-Other | 2.73% | — | -48.35% | |
| 11 | OPLN | Openlane INC | Stock-Other | 2.72% | +2.72% | NEW | |
| 12 | AON | Aon plc | Stock-Financials | 2.62% | +2.62% | NEW | |
| 13 | AER | AerCap Holdings N.V. | Stock-Industrials | 2.55% | +2.55% | NEW | |
| 14 | BOH | Bank Of Hawaii CORP | Stock-Other | 2.53% | +2.53% | NEW | |
| 15 | EWBC | East West Bancorp INC | Stock-Financials | 2.52% | +2.52% | NEW | |
| 16 | GATX | Gatx CORP | Stock-Industrials | 2.51% | — | -26.19% | |
| 17 | CUBI | Customers Bancorp INC | Stock-Other | 2.49% | — | -23.46% | |
| 18 | LEGH | Legacy Housing CORP | Stock-Other | 2.45% | — | +209.30% | |
| 19 | SF | Stifel Financial CORP | Stock-Financials | 2.43% | +2.43% | NEW | |
| 20 | MCHB | Mechanics Bancorp-a | Stock-Other | 2.33% | +0.26% | -58.67% | |
| 21 | CVCO | Cavco Industries INC | Stock-Consumer Disc | 2.22% | +2.22% | NEW | |
| 22 | MA | Mastercard INC - A | Stock-Financials | 2.20% | +2.20% | NEW | |
| 23 | AX | Axos Financial INC | Stock-Financials | 2.17% | +2.17% | NEW | |
| 24 | SOC | Sable Offshore CORP | Stock-Other | 2.17% | — | +38.30% | |
| 25 | AJG | Arthur J Gallagher & Co | Stock-Financials | 2.07% | +2.07% | NEW | |
| 26 | CACC | Credit Acceptance CORP | Stock-Other | 2.03% | +2.03% | NEW | |
| 27 | ✓ | Hamilton Insurance Group LTD | Stock-Other | 1.93% | +0.45% | -54.92% | |
| 28 | TFIN | Triumph Financial INC | Stock-Other | 1.91% | — | — | |
| 29 | BPOP | Popular INC | Stock-Financials | 1.88% | — | — | |
| 30 | BKV | Bkv Corporation | Stock-Other | 1.77% | — | — | |
| 31 | PFSI | Pennymac Financial Services | Stock-Other | 1.75% | — | +58.42% | |
| 32 | GLNG | Golar LNG Limited | Stock-Energy | 1.71% | — | — | |
| 33 | HOOD | Robinhood Markets INC - A | Stock-Financials | 1.58% | — | -0.01% | |
| 34 | JXN | Jackson Financial Inc-a | Stock-Financials | 1.53% | — | — | |
| 35 | SLDE | Slide Insurance Holdings INC | Stock-Other | 1.46% | — | — | |
| 36 | MAX | Mediaalpha Inc-class A | Stock-Other | 1.29% | — | — | |
| 37 | ASPI | Asp Isotopes INC | Stock-Other | 0.83% | — | — | |
| 38 | ALM | Almonty Industries INC | Stock-Other | 0.61% | — | — | |
| 39 | ✓ | Skyline Bldrs Group Hldg LTD | Stock-Other | 0.59% | — | +8.44% | |
| 40 | NFE | New Fortress Energy INC | Stock-Other | 0.10% | — | +185.76% | |
| 41 | AZ | A2z Cust2mate Solutions CORP | Stock-Other | 0.10% | — | -91.52% | |
| 42 | LDI | Loandepot INC -class A | Stock-Other | 0.10% | — | — | |
| 43 | NODK | Ni Holdings INC | Stock-Other | 0.06% | — | -90.64% |
Performance for Q3 2026
+13.8%
Performance Last 4 Quarters
+20.1%
Based on 67% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 43 | $345.5M | 100 | |
| 2025-12-31 | 58 | $931.8M | 100 | |
| 2025-09-30 | 60 | $892.4M | 100 | |
| 2025-06-30 | 58 | $850.8M | 0 | |
| 2025-03-31 | 45 | $510.5M | 100 | |
| 2024-12-31 | 38 | $706.5M | 0 | |
| 2024-09-30 | 48 | $630.1M | 0 | |
| 2024-06-30 | 40 | $570.5M | 0 | |
| 2024-03-31 | 43 | $585.4M | 0 | |
| 2023-12-31 | 35 | $565.3M | 0 | |
| 2023-09-30 | 30 | $392.7M | 0 | |
| 2023-06-30 | 37 | $365.6M | 0 | |
| 2023-03-31 | 25 | $269.0M | 0 | |
| 2022-12-31 | 29 | $312.9M | 0 | |
| 2022-09-30 | 29 | $287.5M | 0 | |
| 2022-06-30 | 36 | $340.4M | 0 | |
| 2022-03-31 | 36 | $310.9M | 0 | |
| 2021-12-31 | 34 | $289.3M | 0 | |
| 2021-09-30 | 33 | $314.4M | 0 | |
| 2021-06-30 | 40 | $334.7M | 100 | |
| 2021-03-31 | 44 | $330.3M | 100 | |
| 2020-12-31 | 61 | $385.8M | 100 | |
| 2020-09-30 | 45 | $270.3M | 89 | |
| 2020-06-30 | 35 | $216.2M | 100 | |
| 2020-03-31 | 41 | $390.0M | 100 | |
| 2019-12-31 | 34 | $485.8M | 81 | |
| 2019-09-30 | 43 | $450.8M | 100 | |
| 2019-06-30 | 43 | $569.5M | 96 | |
| 2019-03-31 | 42 | $594.0M | 100 | |
| 2018-12-31 | 41 | $535.2M | 99 | |
| 2018-09-30 | 35 | $585.9M | 67 | |
| 2018-06-30 | 40 | $616.7M | 66 | |
| 2018-03-31 | 41 | $579.2M | 86 | |
| 2017-12-31 | 39 | $677.6M | 71 | |
| 2017-09-30 | 31 | $568.8M | 73 | |
| 2017-06-30 | 38 | $556.9M | 100 | |
| 2017-03-31 | 32 | $441.4M | 90 | |
| 2016-12-31 | 29 | $442.7M | 100 | |
| 2016-09-30 | 33 | $452.5M | 79 | |
| 2016-06-30 | 34 | $435.5M | 100 | |
| 2016-03-31 | 42 | $454.6M | 97 | |
| 2015-12-31 | 39 | $480.8M | 70 | |
| 2015-09-30 | 39 | $468.7M | 67 | |
| 2015-06-30 | 34 | $429.0M | 77 | |
| 2015-03-31 | 30 | $406.9M | 81 | |
| 2014-12-31 | 41 | $571.0M | 84 | |
| 2014-09-30 | 40 | $540.5M | 88 | |
| 2014-06-30 | 25 | $380.3M | 78 | |
| 2014-03-31 | 28 | $436.9M | 84 | |
| 2013-12-31 | 34 | $401.3M | 100 | |
| 2013-09-30 | 37 | $358.6M | 75 | |
| 2013-06-30 | 30 | $360.2M | 0 |
Philadelphia Financial Management of San Francisco, LLC's most significant position changes for 2026-03-31: Sold out: Circle Internet Group INC (CRCL); Sold out: Coinbase Global INC -class A (COIN); Sold out: Strategy INC (MSTR); Sold out: Bitmine Immersion Technologi (BMNR); Sold out: Coreweave Inc-cl A (CRWV).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | USAU | US Gold CORP | +1.7% | -19.83% | Trim |
| 2 | TH | Target Hospitality CORP | +1.5% | -51.08% | Trim |
| 3 | HCI | Hci Group INC | +1% | -39.99% | Trim |
| 4 | ✓ | Hamilton Insurance Group LTD | +0.5% | -54.92% | Trim |
| 5 | MCHB | Mechanics Bancorp-a | +0.3% | -58.67% | Trim |
| 6 | AIG | American International Group | -0.5% | -63.31% | Trim |
| 7 | CRCL | Circle Internet Group INC | — | EXIT | Sold out |
| 8 | COIN | Coinbase Global INC -class A | — | EXIT | Sold out |
| 9 | MSTR | Strategy INC | — | EXIT | Sold out |
| 10 | BMNR | Bitmine Immersion Technologi | — | EXIT | Sold out |
| 11 | CRWV | Coreweave Inc-cl A | — | EXIT | Sold out |
| 12 | IBIT | Ishares Bitcoin Trust ETF | — | EXIT | Sold out |
| 13 | GS | Goldman Sachs Group INC | — | NEW | New buy |
| 14 | GM | General Motors Co | — | EXIT | Sold out |
| 15 | PNW | Pinnacle Financial Partners, Inc. | — | EXIT | Sold out |
| 16 | HUT | Hut 8 CORP | — | EXIT | Sold out |
| 17 | XZO | Exzeo Group INC | — | EXIT | Sold out |
| 18 | APLD | Applied Digital CORP | — | EXIT | Sold out |
| 19 | DB | Deutsche Bank Aktiengesellschaft | — | EXIT | Sold out |
| 20 | ✓ | — | EXIT | Sold out | |
| 21 | AXS | AXIS Capital Holdings Limited | — | NEW | New buy |
| 22 | HIG | Hartford Insurance Group INC | — | EXIT | Sold out |
| 23 | BWIN | Baldwin Insurance Group Inc/ | — | EXIT | Sold out |
| 24 | TREE | Lendingtree INC | — | EXIT | Sold out |
| 25 | MP | Mp Materials CORP | — | EXIT | Sold out |
| 26 | SKY | Champion Homes INC | — | EXIT | Sold out |
| 27 | AFG | American Financial Group INC | — | EXIT | Sold out |
| 28 | XYZ | Block INC | — | EXIT | Sold out |
| 29 | IREN | Iren LTD F | — | EXIT | Sold out |
| 30 | LNC | Lincoln National CORP | — | NEW | New buy |
| 31 | KKR | Kkr & Co INC | — | EXIT | Sold out |
| 32 | PNFP | Pinnacle Financial Partners | — | NEW | New buy |
| 33 | TPG | Tpg INC | — | EXIT | Sold out |
| 34 | FUTU | Futu Holdings Ltd-adr | — | EXIT | Sold out |
| 35 | OPLN | Openlane INC | — | NEW | New buy |
| 36 | CARS | Cars.com INC | — | EXIT | Sold out |
| 37 | TOST | Toast Inc-class A | — | EXIT | Sold out |
| 38 | AON | Aon plc | — | NEW | New buy |
| 39 | AER | AerCap Holdings N.V. | — | NEW | New buy |
| 40 | BOH | Bank Of Hawaii CORP | — | NEW | New buy |
| 41 | EWBC | East West Bancorp INC | — | NEW | New buy |
| 42 | OZK | Bank Ozk | — | EXIT | Sold out |
| 43 | SF | Stifel Financial CORP | — | NEW | New buy |
| 44 | ENVA | Enova International INC | — | EXIT | Sold out |
| 45 | ARR | Armour Residential Reit INC | — | EXIT | Sold out |
| 46 | CVCO | Cavco Industries INC | — | NEW | New buy |
| 47 | MA | Mastercard INC - A | — | NEW | New buy |
| 48 | AX | Axos Financial INC | — | NEW | New buy |
| 49 | AJG | Arthur J Gallagher & Co | — | NEW | New buy |
| 50 | CACC | Credit Acceptance CORP | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-14 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-17 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-14 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-15 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-14 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-14 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-14 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-14 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-14 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-14 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-14 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-15 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-14 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-14 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-15 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-16 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-14 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-15 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-16 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-17 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-16 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-16 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-14 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-15 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-14 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-14 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-14 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-15 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-14 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-14 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-14 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-15 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-14 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-14 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-14 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-15 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-14 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-14 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-15 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-16 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-16 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-16 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-14 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-15 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-17 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-14 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-13 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-14 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-14 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-14 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-14 | 13F-HR | View on EDGAR |
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