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Philadelphia Financial Management of San Francisco, LLC

Institutional InvestorSimilar funds →SEC EDGAR: CIK 1351407
Institutional-grade research for retail investors

Sector Allocation

  • Financials50.9%$185.5M
  • Industrials26.5%$96.6M
  • Materials8.4%$30.5M
  • Consumer Discretionary6.8%$24.7M
  • Real Estate5.1%$18.5M
  • Technology2.4%$8.8M
  • Energy0.1%$217,860

AUM History

13fpro.ai/research/fund/philadelphia-financial-management-of-san-francisco-llc-1351407

Conviction and streaks

Diversifying · top 10 = 38.6%

From the fund's last 12 quarters of 13F filings: positions held longest at size, and names it added to or trimmed several quarters running.

USAU$USAUConviction hold4.8% weight · held 6 quartersGATX$GATXConviction hold2.5% weight · held 5 quartersCUBB$CUBBConviction hold2.4% weight · held 5 quartersHG$HGConviction hold2.2% weight · held 7 quartersKAZR$KAZRConviction hold0.9% weight · held 4 quartersHIG$HIGAccumulating+196% shares · 3 quarters runningKAZR$KAZRAccumulating+1501% shares · 3 quarters runningLEGH$LEGHAccumulating+239% shares · 2 quarters runningCXW$CXWTrimming-58% shares · 4 quarters runningCUBB$CUBBTrimming-58% shares · 4 quarters runningGATX$GATXTrimming-27% shares · 2 quarters runningSKY$SKYTrimming-63% shares · 2 quarters runningENVA$ENVATrimming-54% shares · 2 quarters running

Largest positions — Q2 2026

Top 20 stock positions. Options are left out: 13F reports them at the underlying's value.

13fpro.ai/research/fund/philadelphia-financial-management-of-san-francisco-llc-1351407

Philadelphia Financial Management of San Francisco, LLC 13F holdings — Q2 2026

$495.8M portfolio (+43.5% QoQ) · 45 holdings · Q2 2026 13F · top 10 are 39% of the stock portfolio

Includes $131.1M of put/call options ($131.1M puts, $0 calls), which 13F rules report at the value of the underlying shares, not the premium at risk. Stocks alone: $364.7M. Weights use the stock portfolio.

All holdings — Philadelphia Financial Management of San Francisco, LLC (Q2 2026)

45 disclosed positions from the Form 13F-HR on SEC EDGAR, with quarter-over-quarter share changes. Largest by value first; the ten above are not repeated.

Company
— PUTISHARES TR - RUSSELL 2000 ETF$75.1MNew
SPY$SPYPUTSPDR S&P 500 ETF TRUST$56.0MNew
AXS$AXSAXIS CAPITAL HOLDINGS LTD$10.7M-33%
CB$CBChubb Ltd$10.3MNew
EQH$EQHEquitable Holdings, Inc.$9.9MNew
WNC$WNCWABASH NATIONAL Corp$9.8MNew
ATLC$ATLCAtlanticus Holdings Corp$9.2MNew
GATX$GATXGATX CORP$8.9M-0.6%
CUBB$CUBBCustomers Bancorp, Inc.$8.9M-10%
FICO$FICOFAIR ISAAC CORP$8.8MNew
ASPI$ASPIASP Isotopes Inc.$8.4M+107%
MIAX$MIAXMIAMI INTERNATIONAL HOLDINGS, INC.$8.3MNew
FCFS$FCFSFirstCash Holdings, Inc.$8.0MNew
HG$HGHamilton Insurance Group, Ltd.$8.0M+5%
STT$STTSTATE STREET CORP$7.9MNew

What changed in Q2 2026

Against the previous quarter's 13F: 32 new, 7 added to, 5 trimmed, 30 sold out. Share-count changes; largest moves by dollar size first.

New positions (32)

  • PUTISHARES TR - RUSSELL 2000 ETF$75.1M

    first bought this quarter

  • SPY$SPYPUTSPDR S&P 500 ETF TRUST$56.0M

    first bought this quarter

  • WLFC$WLFCWILLIS LEASE FINANCE CORP$16.6M

    first bought this quarter

  • HIG$HIGHARTFORD INSURANCE GROUP, INC.$15.7M

    first bought this quarter

  • CXW$CXWCoreCivic, Inc.$14.6M

    first bought this quarter

  • FTAI$FTAIFTAI Aviation Ltd.$14.5M

    first bought this quarter

+26 more in the Excel export

Added to (7)

  • ASPI$ASPIASP Isotopes Inc.+107%

    now $8.4M · held 2 qtrs, 2 adds in a row

  • AJG$AJGArthur J. Gallagher & Co.+50%

    now $11.4M · held 2 qtrs, 2 adds in a row

  • USAU$USAUU.S. GOLD CORP.+18%

    now $17.6M · held 6 qtrs

  • KAZR$KAZRSkyline Builders Group Holding Ltd+57%

    now $3.2M · held 4 qtrs, 4 adds in a row

  • LEGH$LEGHLegacy Housing Corp+9%

    now $11.9M · held 3 qtrs, 3 adds in a row

  • AIG$AIGAMERICAN INTERNATIONAL GROUP, INC.+7%

    now $13.2M · held 3 qtrs

+1 more in the Excel export

Trimmed (5)

  • AXS$AXSAXIS CAPITAL HOLDINGS LTD-33%

    now $10.7M · held 2 qtrs

  • CVCO$CVCOCAVCO INDUSTRIES, INC.-44%

    now $5.4M · held 2 qtrs

  • TFIN$TFINTriumph Financial, Inc.-26%

    now $6.2M · held 2 qtrs

  • CUBB$CUBBCustomers Bancorp, Inc.-10%

    now $8.9M · held 5 qtrs, 4 trims in a row

  • GATX$GATXGATX CORP-0.6%

    now $8.9M · held 5 qtrs

Sold out (30)

  • GS$GSPUTGOLDMAN SACHS GROUP INCwas $33.4M
  • TH$THTarget Hospitality Corp.was $15.0M

    held 5 qtrs

  • HCI$HCIHCI Group, Inc.was $14.8M

    held 2 qtrs

  • BFH$BFHBREAD FINANCIAL HOLDINGS, INC.was $12.9M

    held 2 qtrs

  • LNC$LNCLINCOLN NATIONAL CORPwas $10.1M

    held 1 qtr

  • PNFP$PNFPPinnacle Financial Partners, Inc.was $10.0M

    held 1 qtr

+24 more in the Excel export

Firm AUM (Form ADV): $730.0M as of 2025-12-31 · SEC IAPD

Share

Holdings by quarter

Every 13F Philadelphia Financial Management of San Francisco, LLC has filed, 41 earlier quarters. Pick one to see what it held then.

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Is it too late to follow Philadelphia Financial Management of San Francisco?

Q2 2026 13F filed with the SEC on Aug 14, 2026. Prices are closing prices as of Oct 26, 2026.

Average quality of Philadelphia Financial Management of San Francisco's top 20 holdings: 56/100 (our AI quality score, weighted by position size; 15 of the 20 are scored)

Top 10 since filing

-14.1%

Value-weighted move of the 10 largest stock positions

Turnover

66%

Last quarter; 228% over the last 4

Top 10 weight

39%

Share of the stock portfolio in its 10 largest positions

Held 4+ quarters

13%

Share of portfolio value in positions held a year or more

Highest-quality names it owns(among its 100 largest positions)

The 8 highest-scoring companies in this portfolio are a Pro feature.

How these are measured
  • Moves since the quarter-end and since the filing date use our own daily closing prices, from the close on (or just before) each date to the latest close.
  • Turnover is the lesser of shares bought or sold in a quarter, valued at the quarter-end prices in the 13F, divided by the average of the two quarters' stock portfolio values.
  • Quarters held and add/trim streaks count back only through quarters whose filed holdings add up to the filing's own cover-page total (back to Q1 2024 for this fund). A change counts as an add or a trim when the split-adjusted share count moves by more than 1%.
  • Estimate, not the fund's reported cost. For each quarter in the current holding period in which the fund's share count rose (split-adjusted), we take that quarter's average daily close and weight it by the shares added; sales do not change an average cost. Quarters where the stock's price history and the 13F's own implied price disagree by more than 2x are left out.
  • Put and call option rows report the value of the underlying shares, not a position the fund paid for, so they are left out of all of the above.

Portfolio Overview

Philadelphia Financial Management of San Francisco, LLC disclosed 45 positions worth $495.8M in its Form 13F-HR for Q2 2026 — $364.7M in common stock plus $131.1M of put/call option positions (reported at underlying notional value, not premium at risk), led by $USAU (U.S. GOLD CORP.) at 4.8% of the equity portfolio, followed by $WLFC and $HIG. During the quarter the fund opened 32 new positions and exited 30 and a full exit from $GS. The portfolio is most concentrated in Financials (50.9% 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.

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AI-Powered Hedge Fund Analysis: Philadelphia Financial Management of San Francisco, LLC

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