Philadelphia Financial Management of San Francisco, LLC
Long book
$312.1M
Q1 2026
Positions
42
Top-10 weight
40%
concentration
Last quarter
+18.9%
SPY +14.8%
Turnover
74%
of book per quarter
Strategy in plain words
auto-generated from filingsPhiladelphia Financial Management of San Francisco, LLC is a diversified fundamental manager, specialised in financials (61% of the long book), running a $312.1M US long book across 42 positions.
The portfolio is moderately concentrated (top 10 ≈ 40% of the book). Turnover is high — positions rotate quickly, so individual names matter less than the process. Current anchor positions: AXIS CAPITAL HOLDINGS LTD, TARGET HOSPITALITY CORP, HCI GROUP INC, US GOLD CORP, BREAD FINANCIAL HOLDINGS INC.
Over the last 9 quarters its long book ran on average 1.1pp per quarter behind the S&P 500, beating the index in 3 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
-1.1%
Q2 2024
+10.0%
Q3 2024
+1.9%
Q4 2024
-6.6%
Q1 2025
+6.2%
Q2 2025
+10.5%
Q3 2025
-0.1%
Q4 2025
-9.4%
Q1 2026
+18.9%
Sector allocation
Financials 61%
Services media 11%
Other 6%
Consumer discretionary 6%
Industrials 5%
Materials 5%
Energy 4%
Utilities 0%
Long book by quarter
What does Philadelphia Financial own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| AXS AXIS CAPITAL HOLDINGS LTD | Financials | 148.0K | $15.0M | 4.8% | New |
| TH TARGET HOSPITALITY CORP | Services media | 1.6M | $15.0M | 4.8% | -51.1% |
| HCI HCI GROUP INC | Financials | 96.0K | $14.8M | 4.8% | -40.0% |
| USAU US GOLD CORP | Materials | 969.8K | $14.7M | 4.7% | -19.8% |
| BFH BREAD FINANCIAL HOLDINGS INC | Financials | 172.2K | $12.9M | 4.1% | -10.3% |
| AIG AMERICAN INTERNATIONAL GROUP | Financials | 165.0K | $12.4M | 4.0% | -24.8% |
| LNC LINCOLN NATIONAL CORP | Financials | 285.0K | $10.1M | 3.2% | New |
| PNFP PINNACLE FINANCIAL PARTNERS | Financials | 115.7K | $10.0M | 3.2% | New |
| EZPW EZCORP INC-CL A | Consumer discretionary | 371.7K | $9.4M | 3.0% | -48.3% |
| OPLN OPENLANE INC | Consumer discretionary | 321.8K | $9.4M | 3.0% | New |
| AON AON PLC-CLASS A | Financials | 28.0K | $9.0M | 2.9% | New |
| AER AERCAP HOLDINGS NV | Services media | 64.3K | $8.8M | 2.8% | New |
| BOH BANK OF HAWAII CORP | Financials | 117.7K | $8.7M | 2.8% | New |
| EWBC EAST WEST BANCORP INC | Financials | 81.6K | $8.7M | 2.8% | New |
| GATX GATX CORP | Industrials | 50.8K | $8.7M | 2.8% | -26.2% |
| CUBI CUSTOMERS BANCORP INC | Financials | 124.1K | $8.6M | 2.8% | -23.5% |
| LEGH LEGACY HOUSING CORP | Other | 415.2K | $8.5M | 2.7% | +209.3% |
| SF STIFEL FINANCIAL CORP | Financials | 113.3K | $8.4M | 2.7% | New |
| MCHB MECHANICS BANCORP-A | Financials | 545.3K | $8.0M | 2.6% | -58.7% |
| CVCO CAVCO INDUSTRIES INC | Other | 15.8K | $7.7M | 2.5% | New |
| MA MASTERCARD INC - A | Services media | 15.2K | $7.6M | 2.4% | New |
| AX AXOS FINANCIAL INC | Financials | 88.2K | $7.5M | 2.4% | New |
| SOC SABLE OFFSHORE CORP | Energy | 453.7K | $7.5M | 2.4% | +38.3% |
| AJG ARTHUR J GALLAGHER & CO | Financials | 33.0K | $7.1M | 2.3% | New |
| CACC CREDIT ACCEPTANCE CORP | Financials | 16.5K | $7.0M | 2.2% | New |
| HG HAMILTON INSURANCE GROU-CL B | Financials | 223.3K | $6.7M | 2.1% | -54.9% |
| TFIN TRIUMPH FINANCIAL INC | Financials | 110.5K | $6.6M | 2.1% | New |
| BPOP POPULAR INC | Financials | 48.5K | $6.5M | 2.1% | New |
| BKV BKV CORPORATION | Energy | 214.9K | $6.1M | 2.0% | New |
| PFSI PENNYMAC FINANCIAL SERVICES | Financials | 69.4K | $6.1M | 1.9% | +58.4% |
| GLNG GOLAR LNG LTD | Industrials | 109.4K | $5.9M | 1.9% | New |
| HOOD ROBINHOOD MARKETS INC - A | Financials | 78.9K | $5.5M | 1.8% | 0.0% |
| JXN JACKSON FINANCIAL INC-A | Financials | 50.0K | $5.3M | 1.7% | New |
| SLDE SLIDE INSURANCE HOLDINGS INC | Financials | 280.0K | $5.0M | 1.6% | New |
| MAX MEDIAALPHA INC-CLASS A | Services media | 480.0K | $4.5M | 1.4% | New |
| ASPI ASP ISOTOPES INC | Other | 648.3K | $2.9M | 0.9% | New |
| ALM ALMONTY INDUSTRIES INC | Materials | 145.0K | $2.1M | 0.7% | New |
| KAZR SKYLINE BUILDERS GROUP HOL-A | Industrials | 660.1K | $2.0M | 0.7% | +8.4% |
| NFE NEW FORTRESS ENERGY INC | Utilities | 600.0K | $354K | 0.1% | +185.8% |
| AZ A2Z CUST2MATE SOLUTIONS CORP | Industrials | 53.0K | $354K | 0.1% | -91.5% |
| LDI LOANDEPOT INC -CLASS A | Financials | 243.0K | $345K | 0.1% | New |
| NODK NI HOLDINGS INC | Financials | 14.8K | $190K | 0.1% | -90.6% |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 14, 2026 | 43 | $345.5M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 17, 2026 | 58 | $931.8M | canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 14, 2025 | 60 | $892.4M | canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Aug 14, 2025 | 58 | $850.8M | canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 15, 2025 | 45 | $510.5M | canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 14, 2025 | 38 | $706.5M | canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 14, 2024 | 48 | $630.1M | canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 14, 2024 | 40 | $570.5M | canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 14, 2024 | 43 | $585.4M | canonical | SEC ↗ |