Philadelphia Financial Management of San Francisco, LLC — 13F Holdings & Portfolio
CIK 1351407 · latest 13F-HR filed 2026-08-14
Philadelphia Financial Management of San Francisco, LLC manages $495.8M in 13F-reported U.S. long-equity assets across 45 reported positions as of its 2026-06-30 13F-HR filing. Its largest disclosed positions are IWM (15.15%), SPY (11.30%), USAU (3.54%). Quarter over quarter (versus its 2026-03-31 filing) the fund opened 30 new positions and exited 29; 7 existing positions rose in reported value and 4 fell.
AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.
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AUM
$495.8M
Long-equity book
Holdings
45
Distinct positions
Period
2026-06-30
Filed 2026-08-14
Q/Q Activity
+30 / −29 / ↑7 / ↓4
vs 2026-03-31
Portfolio charts
Latest quarter's book, what changed, and how the portfolio has evolved across filings.
Portfolio map
Q2 26USAU4.8% · +18%WLFC4.6% · newHIG4.3% · newCXW4.0% · newFTAI4.0% · newGEO3.9% · newAIG3.6% · +7%LEGH3.3% · +10%AJG3.1% · +50%LGIH3.1% · newAXS2.9% · -33%CB2.8% · newEQH2.7% · newWNC2.7% · newATLC2.5% · newGATX2.5% · -1%CUBI2.4% · -10%FICO2.4% · newASPI2.3% · +107%MIAX2.3% · newFCFS2.2% · newHG2.2% · +5%STT2.2% · newARES2.2% · newPAYP2.0% · newEVR2.0% · newFIGR2.0% · newMCY1.8% · newTHG1.8% · newSKY1.7% · newTFIN1.7% · -26%JCAP1.7% · newMS1.6% · newENVA1.6% · newBCS1.5% · newBULL1.5% · newCVCO1.5% · -44%CCJ1.3% · newFRMI1.1% · newACVA1.0% · newKAZR0.9% · newDOMH0.3% · newNFE0.1% · 0%
Box size = position value; colour = change in share count vs the prior quarter (green added, red trimmed, blue new). Rows split across managers or share classes are combined. Click a box for the stock.
Sector mix
% of 13F valueSectors from each company's SIC code; funds and ETFs grouped separately.
Biggest buys and sells
Q1 26 → Q2 26Estimated from the change in shares held × the quarter-end price, so price moves alone don't count as buying. New and exited positions are included.
13F assets and positions
4 quartersTotal reported 13F value (bars) and number of positions (line) each quarter. Value changes include market moves.
Top positions over time
reported valueThe eight largest current positions, valued at each quarter end.
Concentration
top 10 = 38.6%Cumulative share of the portfolio held in the largest N positions.
Firm Profile & Key People
As of the firm’s regulatory filing dated Mar 23, 2026.
Assets Under Management
$730.0M
Discretionary
$730.0M
Employees
9
Accounts
3
Address
450 SANSOME ST
SUITE 1500
SAN FRANCISCO, CA 94111
SUITE 1500
SAN FRANCISCO, CA 94111
Phone
(415) 352-4460
| Name | Title / Status | Ownership | Type |
|---|---|---|---|
| BOWERS, JEFFREY, STEPHEN Control | CHIEF FINANCIAL OFFICER AND CHIEF COMPLIANCE OFFICER since Feb 2024 | Less than 5% | Individual |
| HYMOWITZ 1999 TRUST Control | PARTNER since Jan 2021 | 75% or more | Domestic Entity |
| HYMOWITZ, JORDAN, NEIL Control | MANAGING PRINCIPAL since Mar 2004 | Less than 5% | Individual |
| HYMOWITZ, JORDAN, NEIL Control Indirect owner via HYMOWITZ 1999 TRUST | TRUSTEE since Jan 2021 | General partner, trustee or manager | Individual |
| HYMOWITZ, SARAH, ALLIS GILMOR Control Indirect owner via HYMOWITZ 1999 TRUST | TRUSTEE since Jan 2021 | General partner, trustee or manager | Individual |
Ownership & leadership changes · 6 filings with changes since Mar 30, 2012
From the firm’s regulatory filings, newest first. Dates are filing dates: a filing that no longer lists someone does not say when they left.
Mar 1, 2024 filing
- No longer listedMOORE, GERARD, FRANCIS · CHIEF FINANCIAL OFFICER AND CHIEF COMPLIANCE OFFICER · Less than 5% · control person · listed since May 2007
- AddedBOWERS, JEFFREY, STEPHEN · CHIEF FINANCIAL OFFICER AND CHIEF COMPLIANCE OFFICER · Less than 5% · control person
Mar 25, 2022 filing
- No longer listedBOATHOUSE ROW MANAGEMENT OF SAN FRANCISCO, LLC · GENERAL PARTNER · General partner, trustee or manager · indirect via PHILADELPHIA FINANCIAL MANAGEMENT OF SAN FRANCISCO, LP · control person · listed since Jan 2014
- No longer listedHYMOWITZ, JORDAN, NEIL · PARTNER · 75% or more · indirect via PHILADELPHIA FINANCIAL MANAGEMENT OF SAN FRANCISCO, LP · listed since Dec 2013
- No longer listedHYMOWITZ, JORDAN, NEIL · SOLE MEMBER · 75% or more · indirect via BOATHOUSE ROW MANAGEMENT OF SAN FRANCISCO, LLC · control person · listed since Jan 2014
- No longer listedPHILADELPHIA FINANCIAL MANAGEMENT OF SAN FRANCISCO, LP · MEMBER OF PHILADELPHIA FINANCIAL MANAGEMENT OF SAN FRANCISCO, LLC · 75% or more · control person · listed since Dec 2013
- AddedHYMOWITZ 1999 TRUST · PARTNER · 75% or more · control person
- AddedHYMOWITZ, JORDAN, NEIL · TRUSTEE · General partner, trustee or manager · indirect via HYMOWITZ 1999 TRUST · control person
- AddedHYMOWITZ, SARAH, ALLIS GILMOR · TRUSTEE · General partner, trustee or manager · indirect via HYMOWITZ 1999 TRUST · control person
Mar 25, 2021 filing
- No longer listedCLARKE, RACHAEL · PARTNER · General partner, trustee or manager · indirect via PHILADELPHIA FINANCIAL MANAGEMENT OF SAN FRANCISCO, LP · listed since Dec 2013
- No longer listedHUGHES, JUSTIN, JAMES · PRINCIPAL · Less than 5% · control person · listed since Mar 2004
- No longer listedHUGHES, JUSTIN, JAMES · PARTNER · 25–50% · indirect via PHILADELPHIA FINANCIAL MANAGEMENT OF SAN FRANCISCO, LP · listed since Dec 2013
- ChangedHYMOWITZ, JORDAN, NEIL · indirect via PHILADELPHIA FINANCIAL MANAGEMENT OF SAN FRANCISCO, LP: ownership 50–75% → 75% or more
Jul 7, 2020 filing
- No longer listedCLARKE, RACHAEL · CHIEF COMPLIANCE OFFICER AND PRINCIPAL · Less than 5% · control person · listed since Jun 2004
- ChangedMOORE, GERARD, FRANCIS · title CHIEF FINANCIAL OFFICER → CHIEF FINANCIAL OFFICER AND CHIEF COMPLIANCE OFFICER
Mar 31, 2015 filing
- AddedBOATHOUSE ROW MANAGEMENT OF SAN FRANCISCO, LLC · GENERAL PARTNER · General partner, trustee or manager · indirect via PHILADELPHIA FINANCIAL MANAGEMENT OF SAN FRANCISCO, LP · control person
- AddedHYMOWITZ, JORDAN, NEIL · SOLE MEMBER · 75% or more · indirect via BOATHOUSE ROW MANAGEMENT OF SAN FRANCISCO, LLC · control person
- ChangedCLARKE, RACHAEL · title CHIEF COMPLIANCE OFFICER → CHIEF COMPLIANCE OFFICER AND PRINCIPAL; now a control person
- ChangedCLARKE, RACHAEL · indirect via PHILADELPHIA FINANCIAL MANAGEMENT OF SAN FRANCISCO, LP: no longer a control person
- ChangedHUGHES, JUSTIN, JAMES · title MEMBER → PRINCIPAL; now a control person
- ChangedHUGHES, JUSTIN, JAMES · indirect via PHILADELPHIA FINANCIAL MANAGEMENT OF SAN FRANCISCO, LP: no longer a control person
- ChangedHYMOWITZ, JORDAN, NEIL · title MANAGING MEMBER → MANAGING PRINCIPAL; now a control person
- ChangedHYMOWITZ, JORDAN, NEIL · indirect via PHILADELPHIA FINANCIAL MANAGEMENT OF SAN FRANCISCO, LP: title MANAGING PARTNER → PARTNER; no longer a control person
- ChangedMOORE, GERARD, FRANCIS · now a control person
Mar 31, 2014 filing
- AddedCLARKE, RACHAEL · PARTNER · General partner, trustee or manager · indirect via PHILADELPHIA FINANCIAL MANAGEMENT OF SAN FRANCISCO, LP · control person
- AddedHUGHES, JUSTIN, JAMES · PARTNER · 25–50% · indirect via PHILADELPHIA FINANCIAL MANAGEMENT OF SAN FRANCISCO, LP · control person
- AddedHYMOWITZ, JORDAN, NEIL · MANAGING PARTNER · 50–75% · indirect via PHILADELPHIA FINANCIAL MANAGEMENT OF SAN FRANCISCO, LP · control person
- AddedPHILADELPHIA FINANCIAL MANAGEMENT OF SAN FRANCISCO, LP · MEMBER OF PHILADELPHIA FINANCIAL MANAGEMENT OF SAN FRANCISCO, LLC · 75% or more · control person
- ChangedCLARKE, RACHAEL · ownership 5–10% → Less than 5%; no longer a control person
- ChangedHUGHES, JUSTIN, JAMES · ownership 25–50% → Less than 5%; no longer a control person
- ChangedHYMOWITZ, JORDAN, NEIL · ownership 50–75% → Less than 5%; no longer a control person
Mar 30, 2012 filing (earliest on record)
- ListedCLARKE, RACHAEL · CHIEF COMPLIANCE OFFICER · 5–10% · control person
- ListedHUGHES, JUSTIN, JAMES · MEMBER · 25–50% · control person
- ListedHYMOWITZ, JORDAN, NEIL · MANAGING MEMBER · 50–75% · control person
- ListedMOORE, GERARD, FRANCIS · CHIEF FINANCIAL OFFICER · Less than 5%
Quarter-over-quarter changes
Changes in reported position value vs the prior 13F, so price moves count too, not just shares bought or sold.
Top Adds (vs prior quarter)
- ASP ISOTOPES INC$5.5M +191.5%
- GALLAGHER ARTHUR J & CO$4.2M +59.0%
- LEGACY HOUSING CORP$3.5M +40.7%
- U S GOLD CORP$2.8M +19.2%
- HAMILTON INSURANCE GROUP LTD$1.3M +19.5%
Top Trims
- AXIS CAP HLDGS LTD-$4.3M -28.7%
- CAVCO INDS INC DEL-$2.3M -29.5%
- TRIUMPH FINANCIAL INC-$353.3K -5.4%
- NEW FORTRESS ENERGY INC-$136.1K -38.5%
New Positions
- WILLIS LEASE FIN CORP$16.6M
- HARTFORD INSURANCE GROUP INC$15.7M
- CORECIVIC INC$14.6M
- FTAI AVIATION LTD$14.5M
- GEO GROUP INC$14.3M
Exited Positions
- TARGET HOSPITALITY CORP$15.0M
- HCI GROUP INC$14.8M
- BREAD FINANCIAL HOLDINGS INC$12.9M
- LINCOLN NATL CORP IND$10.1M
- PINNACLE FINL PARTNERS INC$10.0M
Philadelphia Financial Management of San Francisco, LLC Holdings (2026-06-30)
Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).
| # | Issuer | Symbol | CUSIP | Value | Weight | Shares | Type |
|---|---|---|---|---|---|---|---|
| 1 | ISHARES TR Put | IWM | 464287655 | $75.1M | 15.15% | 250,000 | SH |
| 2 | STATE STR SPDR S&P 500 ETF T Put | SPY | 78462F103 | $56.0M | 11.30% | 75,000 | SH |
| 3 | U S GOLD CORP | USAU | 90291C201 | $17.6M | 3.54% | 1,145,546 | SH |
| 4 | WILLIS LEASE FIN CORP | WLFC | 970646105 | $16.6M | 3.36% | 72,763 | SH |
| 5 | HARTFORD INSURANCE GROUP INC | HIG | 416515104 | $15.7M | 3.17% | 118,700 | SH |
| 6 | CORECIVIC INC | CXW | 21871N101 | $14.6M | 2.94% | 479,235 | SH |
| 7 | FTAI AVIATION LTD | FTAI | G3730V105 | $14.5M | 2.91% | 53,419 | SH |
| 8 | GEO GROUP INC | GEO | 36162J106 | $14.3M | 2.89% | 484,100 | SH |
| 9 | AMERICAN INTL GROUP INC | AIG | 026874784 | $13.2M | 2.65% | 176,449 | SH |
| 10 | LEGACY HOUSING CORP | LEGH | 52472M101 | $11.9M | 2.41% | 454,425 | SH |
| 11 | GALLAGHER ARTHUR J & CO | AJG | 363576109 | $11.4M | 2.29% | 49,500 | SH |
| 12 | LGI HOMES INC | LGIH | 50187T106 | $11.2M | 2.25% | 175,175 | SH |
| 13 | AXIS CAP HLDGS LTD | AXS | G0692U109 | $10.7M | 2.16% | 99,564 | SH |
| 14 | CHUBB LIMITED | CB | H1467J104 | $10.3M | 2.08% | 30,300 | SH |
| 15 | EQUITABLE HLDGS INC | EQH | 29452E101 | $9.9M | 2.00% | 226,030 | SH |
| 16 | WABASH NATL CORP | WNC | 929566107 | $9.8M | 1.98% | 726,847 | SH |
| 17 | ATLANTICUS HOLDINGS CORP | ATLC | 04914Y102 | $9.2M | 1.85% | 89,597 | SH |
| 18 | GATX CORP | GATX | 361448103 | $8.9M | 1.80% | 50,500 | SH |
| 19 | CUSTOMERS BANCORP INC | CUBI | 23204G100 | $8.9M | 1.79% | 112,143 | SH |
| 20 | FAIR ISAAC CORP | FICO | 303250104 | $8.8M | 1.77% | 7,340 | SH |
| 21 | ASP ISOTOPES INC | ASPI | 00218A105 | $8.4M | 1.68% | 1,343,007 | SH |
| 22 | MIAMI INTL HLDGS INC | MIAX | 59356Q108 | $8.3M | 1.68% | 223,715 | SH |
| 23 | FIRSTCASH HOLDINGS INC | FCFS | 33768G107 | $8.0M | 1.62% | 37,100 | SH |
| 24 | HAMILTON INSURANCE GROUP LTD | HG | G42706104 | $8.0M | 1.60% | 234,448 | SH |
| 25 | STATE STR CORP | STT | 857477103 | $7.9M | 1.59% | 46,550 | SH |
| 26 | ARES MANAGEMENT CORPORATION | ARES | 03990B101 | $7.8M | 1.58% | 70,500 | SH |
| 27 | PAYPAY CORP | PAYP | 70450C101 | $7.4M | 1.49% | 515,121 | SH |
| 28 | EVERCORE INC | EVR | 29977A105 | $7.2M | 1.46% | 21,191 | SH |
| 29 | FIGURE TECHNOLOGY SOLUTIO | FIGR | 349381103 | $7.2M | 1.45% | 233,900 | SH |
| 30 | MERCURY GENL CORP NEW | MCY | 589400100 | $6.7M | 1.36% | 63,200 | SH |
| 31 | HANOVER INS GROUP INC | THG | 410867105 | $6.6M | 1.34% | 31,040 | SH |
| 32 | CHAMPION HOMES INC | SKY | 830830105 | $6.3M | 1.26% | 71,102 | SH |
| 33 | TRIUMPH FINANCIAL INC | TFIN | 89679E300 | $6.2M | 1.26% | 81,781 | SH |
| 34 | JEFFERSON CAPITAL INC | JCAP | 47248R103 | $6.2M | 1.24% | 316,853 | SH |
| 35 | MORGAN STANLEY | MS | 617446448 | $5.9M | 1.20% | 28,400 | SH |
| 36 | ENOVA INTL INC | ENVA | 29357K103 | $5.9M | 1.18% | 24,355 | SH |
| 37 | BARCLAYS PLC | BCS | 06738E204 | $5.6M | 1.12% | 207,000 | SH |
| 38 | WEBULL CORP | BULL | G9572D103 | $5.5M | 1.12% | 850,500 | SH |
| 39 | CAVCO INDS INC DEL | CVCO | 149568107 | $5.4M | 1.09% | 8,810 | SH |
| 40 | CAMECO CORP | CCJ | 13321L108 | $4.6M | 0.93% | 45,300 | SH |
| 41 | FERMI INC | FRMI | 314911108 | $3.9M | 0.79% | 425,000 | SH |
| 42 | ACV AUCTIONS INC | ACVA | 00091G104 | $3.7M | 0.74% | 511,900 | SH |
| 43 | SKYLINE BLDRS GROUP HLDG LTD | KAZR | G8193D104 | $3.2M | 0.65% | 1,037,286 | SH |
| 44 | DOMINARI HOLDINGS INC | DOMH | 008875304 | $1.1M | 0.23% | 358,183 | SH |
| 45 | NEW FORTRESS ENERGY INC | NFE | 644393100 | $217.9K | 0.04% | 600,000 | SH |
Filing History
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 2026-06-30 | 2026-08-14 | $495.8M | 45 | 0001214659-26-010380 |
| 2026-03-31 | 2026-05-14 | $345.5M | 43 | 0001214659-26-006198 |
| 2025-12-31 | 2026-02-17 | $931.8M | 58 | 0001214659-26-001977 |
| 2025-09-30 | 2025-11-14 | $892.4M | 60 | 0001214659-25-016632 |
Filer Information
Address
450 SANSOME STREETSUITE 1500
SAN FRANCISCO, CA 94111
Phone
(415) 352-4460
Filing Manager
Philadelphia Financial Management of San Francisco, LLC
SAN FRANCISCO, CA
Signatory
Jeff Bowers
CFO