Philadelphia Financial Management of San Francisco, LLC — 13F Holdings & Portfolio
CIK 1351407 · latest 13F-HR filed 2026-05-14
Philadelphia Financial Management of San Francisco, LLC manages $345.5M in 13F-reported U.S. long-equity assets across 43 reported positions as of its 2026-03-31 13F-HR filing. Its largest disclosed positions are GS (9.67%), AXS (4.34%), TH (4.34%). Quarter over quarter (versus its 2025-12-31 filing) the fund opened 24 new positions, exited 28, added to 5, and trimmed 13.
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.
$345.5M
Long-equity book
43
Distinct positions
2026-03-31
Filed 2026-05-14
+24 / −28 / ↑5 / ↓13
vs 2025-12-31
| Name | Title / Status | Ownership | Type |
|---|
Top Adds (vs prior quarter)
- LEGACY HOUSING CORP$5.9M +223.7%
- SABLE OFFSHORE CORP$4.5M +153.3%
- PENNYMAC FINL SVCS INC NEW$289.7K +5.0%
- SKYLINE BLDRS GROUP HLDG LTD$250.0K +14.0%
- NEW FORTRESS ENERGY INC$114.6K +47.9%
Top Trims
- HCI GROUP INC-$15.8M -51.6%
- TARGET HOSPITALITY CORP-$11.5M -43.3%
- MECHANICS BANCORP-$11.3M -58.3%
- U S GOLD CORP-$8.7M -37.3%
- HAMILTON INSURANCE GROUP LTD-$7.2M -51.8%
New Positions
- AXIS CAP HLDGS LTD$15.0M
- LINCOLN NATL CORP IND$10.1M
- PINNACLE FINL PARTNERS INC$10.0M
- OPENLANE INC$9.4M
- AON PLC$9.0M
Exited Positions
- GENERAL MTRS CO$20.7M
- PINNACLE FINL PARTNERS INC$19.7M
- EXZEO GROUP INC$17.2M
- DEUTSCHE BANK A G$16.8M
- HARTFORD INSURANCE GROUP INC$13.7M
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 | GOLDMAN SACHS GROUP INC Put | GS | 38141G104 | $33.4M | 9.67% | 39,500 | SH |
| 2 | AXIS CAP HLDGS LTD | AXS | G0692U109 | $15.0M | 4.34% | 148,000 | SH |
| 3 | TARGET HOSPITALITY CORP | TH | 87615L107 | $15.0M | 4.34% | 1,616,642 | SH |
| 4 | HCI GROUP INC | HCI | 40416E103 | $14.8M | 4.30% | 96,023 | SH |
| 5 | U S GOLD CORP | USAU | 90291C201 | $14.7M | 4.26% | 969,792 | SH |
| 6 | BREAD FINANCIAL HOLDINGS INC | BFH | 018581108 | $12.9M | 3.73% | 172,156 | SH |
| 7 | AMERICAN INTL GROUP INC | AIG | 026874784 | $12.4M | 3.59% | 165,000 | SH |
| 8 | LINCOLN NATL CORP IND | LNC | 534187109 | $10.1M | 2.93% | 285,000 | SH |
| 9 | PINNACLE FINL PARTNERS INC | PNFP | 72348N109 | $10.0M | 2.88% | 115,664 | SH |
| 10 | EZCORP INC | EZPW | 302301106 | $9.4M | 2.73% | 371,657 | SH |
| 11 | OPENLANE INC | OPLN | 48238T109 | $9.4M | 2.72% | 321,800 | SH |
| 12 | AON PLC | AON | G0403H108 | $9.0M | 2.62% | 28,000 | SH |
| 13 | AERCAP HOLDINGS NV | AER | N00985106 | $8.8M | 2.55% | 64,253 | SH |
| 14 | BANK HAWAII CORP | BOH | 062540109 | $8.7M | 2.53% | 117,700 | SH |
| 15 | EAST WEST BANCORP INC | EWBC | 27579R104 | $8.7M | 2.52% | 81,600 | SH |
| 16 | GATX CORP | GATX | 361448103 | $8.7M | 2.51% | 50,811 | SH |
| 17 | CUSTOMERS BANCORP INC | CUBI | 23204G100 | $8.6M | 2.49% | 124,100 | SH |
| 18 | LEGACY HOUSING CORP | LEGH | 52472M101 | $8.5M | 2.45% | 415,163 | SH |
| 19 | STIFEL FINL CORP | SF | 860630102 | $8.4M | 2.43% | 113,348 | SH |
| 20 | MECHANICS BANCORP | MCHB | 43785V102 | $8.0M | 2.33% | 545,321 | SH |
| 21 | CAVCO INDS INC DEL | CVCO | 149568107 | $7.7M | 2.22% | 15,850 | SH |
| 22 | MASTERCARD INCORPORATED | MA | 57636Q104 | $7.6M | 2.20% | 15,200 | SH |
| 23 | AXOS FINANCIAL INC | AX | 05465C100 | $7.5M | 2.17% | 88,200 | SH |
| 24 | SABLE OFFSHORE CORP | SOC | 78574H104 | $7.5M | 2.17% | 453,722 | SH |
| 25 | GALLAGHER ARTHUR J & CO | AJG | 363576109 | $7.1M | 2.07% | 33,000 | SH |
| 26 | CREDIT ACCEP CORP MICH | CACC | 225310101 | $7.0M | 2.03% | 16,538 | SH |
| 27 | HAMILTON INSURANCE GROUP LTD | HG | G42706104 | $6.7M | 1.93% | 223,291 | SH |
| 28 | TRIUMPH FINANCIAL INC | TFIN | 89679E300 | $6.6M | 1.91% | 110,527 | SH |
| 29 | POPULAR INC | BPOP | 733174700 | $6.5M | 1.88% | 48,500 | SH |
| 30 | BKV CORP | BKV | 05603J108 | $6.1M | 1.77% | 214,880 | SH |
| 31 | PENNYMAC FINL SVCS INC NEW | PFSI | 70932M107 | $6.1M | 1.75% | 69,366 | SH |
| 32 | GOLAR LNG LTD | GLNG | G9456A100 | $5.9M | 1.71% | 109,400 | SH |
| 33 | ROBINHOOD MKTS INC | HOOD | 770700102 | $5.5M | 1.58% | 78,883 | SH |
| 34 | JACKSON FINANCIAL INC | JXN | 46817M107 | $5.3M | 1.53% | 50,000 | SH |
| 35 | SLIDE INS HLDGS INC | SLDE | 831349105 | $5.0M | 1.46% | 280,000 | SH |
| 36 | MEDIAALPHA INC | MAX | 58450V104 | $4.5M | 1.29% | 480,000 | SH |
| 37 | ASP ISOTOPES INC | ASPI | 00218A105 | $2.9M | 0.83% | 648,341 | SH |
| 38 | ALMONTY INDS INC | ALM | 020398707 | $2.1M | 0.61% | 145,000 | SH |
| 39 | SKYLINE BLDRS GROUP HLDG LTD | SKBL | G8193D104 | $2.0M | 0.59% | 660,102 | SH |
| 40 | NEW FORTRESS ENERGY INC | NFE | 644393100 | $354.0K | 0.10% | 600,000 | SH |
| 41 | A2Z CUST2MATE SOLUTIONS CORP | AZ | 002205102 | $353.8K | 0.10% | 53,047 | SH |
| 42 | LOANDEPOT INC | LDI | 53946R106 | $345.1K | 0.10% | 243,001 | SH |
| 43 | NI HLDGS INC | NODK | 65342T106 | $190.2K | 0.06% | 14,758 | SH |
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 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 |