Philadelphia Financial Management of San Francisco, LLC
13F Reported Value
ⓘ$345.5M
incl. option notional
Equity Holdings
ⓘ$312.1M
Option Notional
ⓘ$33.4M
$33.4M puts / $0 calls
Holdings
43
Latest Filing
2026-03-31
Filing Quarter
Q1 2026
Portfolio Overview
Philadelphia Financial Management of San Francisco, LLC disclosed 43 positions worth $345.5M in its Form 13F-HR for Q1 2026 — $312.1M in common stock plus $33.4M of put/call option positions (reported at underlying notional value, not premium at risk), led by $GS (GOLDMAN SACHS GROUP INC) puts, followed by $AXS and $TH. During the quarter the fund opened 24 new positions and exited 39 — including a new stake in $GS and a full exit from $CRCL. The portfolio is most concentrated in Financials (63.5% of disclosed assets). All figures are sourced directly from Philadelphia Financial Management of San Francisco, LLC’s Form 13F-HR filing with the SEC under CIK 1351407.
AI Fund Analysis
DiversifyingSector Allocation
AUM History
Top Equity Holdings by Value
Option Positions
13F rules report options at the value of the underlying shares (notional) — not the premium paid or capital at risk. Shown separately from the equity sleeve above.
Quarterly Activity — Q1 2026
Click any card to unlockTop Holdings
- —
Quality
$33.4M39,500 sh - —
Quality
$15.0M148,000 sh - 29.5#2,401
Quality
$15.0M1,616,642 sh - 76.8
Quality
$14.8M96,023 sh - —
Quality
$14.7M969,792 sh - —
Quality
$12.9M172,156 sh - 59.5
Quality
$12.4M165,000 sh - 50.8
Quality
$10.1M285,000 sh - $10.0M115,664 sh
- 65.7
Quality
$9.4M371,657 sh
| Company | Quality | Value | Shares |
|---|---|---|---|
 GOLDMAN SACHS GROUP INC$GSPUT | — | $33.4M | 39,500 |
 AXIS CAPITAL HOLDINGS LTD$AXS | — | $15.0M | 148,000 |
 Target Hospitality Corp.$TH | 29.5#2,401 | $15.0M | 1,616,642 |
 HCI Group, Inc.$HCI | 76.8 | $14.8M | 96,023 |
 U.S. GOLD CORP.$USAU | — | $14.7M | 969,792 |
 BREAD FINANCIAL HOLDINGS, INC.$BFH | — | $12.9M | 172,156 |
 AMERICAN INTERNATIONAL GROUP, INC.$AIG | 59.5 | $12.4M | 165,000 |
 LINCOLN NATIONAL CORP$LNC | 50.8 | $10.1M | 285,000 |
 Pinnacle Financial Partners, Inc.$PNFP | — | $10.0M | 115,664 |
 EZCORP INC$EZPW | 65.7 | $9.4M | 371,657 |
Unlock AI quality scores for every holding
32-signal composite ranking on each of Philadelphia Financial Management of San Francisco, LLC's 43 positions.
Showing top 10 of 43 holdings.
Sector Allocation
Financials
$198.2M
Consumer Discretionary
$42.5M
Industrials
$37.7M
Materials
$19.7M
Energy
$14.0M
Full Holdings — Philadelphia Financial Management of San Francisco, LLC (Q1 2026)
All 43 disclosed positions from the latest Form 13F-HR, with quarter-over-quarter share changes and 13F Pro quality scores. Sourced from SEC EDGAR.
| # | Ticker | Company | Value | Weight | QoQ | Quality |
|---|---|---|---|---|---|---|
| 1 | $GSPUT | GOLDMAN SACHS GROUP INC | $33.4M | — | NEW | — |
| 2 | $AXS | AXIS CAPITAL HOLDINGS LTD | $15.0M | 4.8% | NEW | — |
| 3 | $TH | Target Hospitality Corp. | $15.0M | 4.8% | -51% | 29.5 |
| 4 | $HCI | HCI Group, Inc. | $14.8M | 4.8% | -40% | 76.8 |
| 5 | $USAU | U.S. GOLD CORP. | $14.7M | 4.7% | -20% | — |
| 6 | $BFH | BREAD FINANCIAL HOLDINGS, INC. | $12.9M | 4.1% | -10% | — |
| 7 | $AIG | AMERICAN INTERNATIONAL GROUP, INC. | $12.4M | 4.0% | -25% | 59.5 |
| 8 | $LNC | LINCOLN NATIONAL CORP | $10.1M | 3.2% | NEW | 50.8 |
| 9 | $PNFP | Pinnacle Financial Partners, Inc. | $10.0M | 3.2% | -44% | — |
| 10 | $EZPW | EZCORP INC | $9.4M | 3.0% | -48% | 65.7 |
| 11 |  $OPLN | OPENLANE, Inc. | $9.4M | 3.0% | NEW | 63.9 |
| 12 |  $AON | Aon plc | $9.0M | 2.9% | NEW | — |
| 13 |  $AER | AerCap Holdings N.V. | $8.8M | 2.8% | NEW | — |
| 14 |  $BOH | BANK OF HAWAII CORP | $8.7M | 2.8% | NEW | 34.7 |
| 15 |  $EWBC | EAST WEST BANCORP INC | $8.7M | 2.8% | NEW | — |
| 16 |  $GATX | GATX CORP | $8.7M | 2.8% | -26% | 71 |
| 17 |  $CUBB | Customers Bancorp, Inc. | $8.6M | 2.8% | -23% | — |
| 18 |  $LEGH | Legacy Housing Corp | $8.5M | 2.7% | +209% | 52.8 |
| 19 |  $SF | STIFEL FINANCIAL CORP | $8.4M | 2.7% | NEW | 69.6 |
| 20 |  $MCHB | Mechanics Bancorp | $8.0M | 2.6% | -59% | 30 |
| 21 |  $CVCO | CAVCO INDUSTRIES, INC. | $7.7M | 2.5% | NEW | 65.1 |
| 22 |  $MA | Mastercard Inc | $7.6M | 2.4% | NEW | 81.7 |
| 23 |  $AX | Axos Financial, Inc. | $7.5M | 2.4% | NEW | 34.3 |
| 24 |  $SOC | Sable Offshore Corp. | $7.5M | 2.4% | +38% | — |
| 25 |  $AJG | Arthur J. Gallagher & Co. | $7.1M | 2.3% | NEW | 72.1 |
| 26 |  $CACC | CREDIT ACCEPTANCE CORP | $7.0M | 2.2% | NEW | 70.6 |
| 27 |  $HG | Hamilton Insurance Group, Ltd. | $6.7M | 2.1% | -55% | — |
| 28 |  $TFIN | Triumph Financial, Inc. | $6.6M | 2.1% | NEW | — |
| 29 |  $BPOP | POPULAR, INC. | $6.5M | 2.1% | NEW | — |
| 30 |  $BKV | BKV Corp | $6.1M | 2.0% | NEW | 71.5 |
| 31 |  $PFSI | PennyMac Financial Services, Inc. | $6.1M | 1.9% | +58% | 54.2 |
| 32 |  $GLNG | GOLAR LNG LTD | $5.9M | 1.9% | NEW | — |
| 33 |  $HOOD | Robinhood Markets, Inc. | $5.5M | 1.8% | -0% | 75.8 |
| 34 |  $JXN | Jackson Financial Inc. | $5.3M | 1.7% | NEW | 67.5 |
| 35 |  $SLDE | Slide Insurance Holdings, Inc. | $5.0M | 1.6% | NEW | 51.3 |
| 36 |  $MAX | MediaAlpha, Inc. | $4.5M | 1.4% | NEW | 56.1 |
| 37 |  $ASPI | ASP Isotopes Inc. | $2.9M | 0.9% | NEW | 25.6 |
| 38 |  $ALM | Almonty Industries Inc. | $2.1M | 0.7% | NEW | — |
| 39 |  $KAZR | Skyline Builders Group Holding Ltd | $2.0M | 0.7% | +8% | — |
| 40 |  $NFE | New Fortress Energy Inc. | $354,000 | 0.1% | +186% | 17.3 |
| 41 |  $AZ | A2Z CUST2MATE SOLUTIONS CORP. | $353,823 | 0.1% | -92% | — |
| 42 |  $LDI | loanDepot, Inc. | $345,061 | 0.1% | NEW | — |
| 43 |  $NODK | NI Holdings, Inc. | $190,231 | 0.1% | -91% | 47.3 |
New Positions (24)
$GSPUT GOLDMAN SACHS GROUP INC$33.4M$AXS AXIS CAPITAL HOLDINGS LTD$15.0M$LNC LINCOLN NATIONAL CORP$10.1M$OPLN OPENLANE, Inc.$9.4M$AON Aon plc$9.0M$AER AerCap Holdings N.V.$8.8M$BOH BANK OF HAWAII CORP$8.7M$EWBC EAST WEST BANCORP INC$8.7M$SF STIFEL FINANCIAL CORP$8.4M$CVCO CAVCO INDUSTRIES, INC.$7.7M$MA Mastercard Inc$7.6M$AX Axos Financial, Inc.$7.5M$AJG Arthur J. Gallagher & Co.$7.1M$CACC CREDIT ACCEPTANCE CORP$7.0M$TFIN Triumph Financial, Inc.$6.6MExited Positions (39)
$CRCLPUT Circle Internet Group, Inc.
$COINPUT Coinbase Global, Inc.
$MSTRPUT Strategy Inc
$CRWVPUT CoreWeave, Inc.
$IBITCALL iShares Bitcoin Trust ETF
$GM General Motors Co$AIGCALL AMERICAN INTERNATIONAL GROUP, INC.
$HUTPUT Hut 8 Corp.
$XZO Exzeo Group, Inc.
$APLDPUT Applied Digital Corp.
$DB DEUTSCHE BANK AKTIENGESELLSCHAFT
$HIG HARTFORD INSURANCE GROUP, INC.
$BWIN Baldwin Insurance Group, Inc.
$TREE LendingTree, Inc.Browse Top Institutional Investors
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