# Philadelphia Financial Management of San Francisco, LLC

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1351407. Source: https://holderbook.com/funds/1351407-philadelphia-financial-management-of-san-francisco-llc/

- Reported value: $495.8M
- Positions: 45
- Weight of the ten largest: 50.3%
- Filed: 2026-08-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| ISHARES TR | [IWM](https://holderbook.com/stocks/IWM/) | $75.1M | 0 | 15.2% | 1 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $56.0M | 0 | 11.3% | 1 |
| U S GOLD CORP | [USAU](https://holderbook.com/stocks/USAU/) | $17.6M | 1,145,546 | 3.5% | 6 |
| WILLIS LEASE FIN CORP | [WLFC](https://holderbook.com/stocks/WLFC/) | $16.6M | 72,763 | 3.4% | 1 |
| HARTFORD INSURANCE GROUP INC | [HIG](https://holderbook.com/stocks/HIG/) | $15.7M | 118,700 | 3.2% | 1 |
| CORECIVIC INC | [CXW](https://holderbook.com/stocks/CXW/) | $14.6M | 479,235 | 2.9% | 1 |
| FTAI AVIATION LTD | [FTAI](https://holderbook.com/stocks/FTAI/) | $14.5M | 53,419 | 2.9% | 1 |
| GEO GROUP INC | [GEO](https://holderbook.com/stocks/GEO/) | $14.3M | 484,100 | 2.9% | 1 |
| AMERICAN INTL GROUP INC | [AIG](https://holderbook.com/stocks/AIG/) | $13.2M | 176,449 | 2.7% | 3 |
| LEGACY HOUSING CORP | [LEGH](https://holderbook.com/stocks/LEGH/) | $11.9M | 454,425 | 2.4% | 3 |
| GALLAGHER ARTHUR J & CO | [AJG](https://holderbook.com/stocks/AJG/) | $11.4M | 49,500 | 2.3% | 2 |
| LGI HOMES INC | [LGIH](https://holderbook.com/stocks/LGIH/) | $11.2M | 175,175 | 2.2% | 1 |
| AXIS CAP HLDGS LTD | [AXS](https://holderbook.com/stocks/AXS/) | $10.7M | 99,564 | 2.2% | 2 |
| CHUBB LIMITED | [CB](https://holderbook.com/stocks/CB/) | $10.3M | 30,300 | 2.1% | 1 |
| EQUITABLE HLDGS INC | [EQH](https://holderbook.com/stocks/EQH/) | $9.9M | 226,030 | 2.0% | 1 |
| WABASH NATL CORP | [WNC](https://holderbook.com/stocks/WNC/) | $9.8M | 726,847 | 2.0% | 1 |
| ATLANTICUS HOLDINGS CORP | [ATLC](https://holderbook.com/stocks/ATLC/) | $9.2M | 89,597 | 1.8% | 1 |
| GATX CORP | [GATX](https://holderbook.com/stocks/GATX/) | $8.9M | 50,500 | 1.8% | 5 |
| CUSTOMERS BANCORP INC | [CUBI](https://holderbook.com/stocks/CUBI/) | $8.9M | 112,143 | 1.8% | 5 |
| FAIR ISAAC CORP | [FICO](https://holderbook.com/stocks/FICO/) | $8.8M | 7,340 | 1.8% | 1 |
| ASP ISOTOPES INC | [ASPI](https://holderbook.com/stocks/ASPI/) | $8.4M | 1,343,007 | 1.7% | 2 |
| MIAMI INTL HLDGS INC | [MIAX](https://holderbook.com/stocks/MIAX/) | $8.3M | 223,715 | 1.7% | 1 |
| FIRSTCASH HOLDINGS INC | [FCFS](https://holderbook.com/stocks/FCFS/) | $8.0M | 37,100 | 1.6% | 1 |
| HAMILTON INSURANCE GROUP LTD | [HG](https://holderbook.com/stocks/HG/) | $8.0M | 234,448 | 1.6% | 7 |
| STATE STR CORP | [STT](https://holderbook.com/stocks/STT/) | $7.9M | 46,550 | 1.6% | 1 |
| ARES MANAGEMENT CORPORATION | [ARES](https://holderbook.com/stocks/ARES/) | $7.8M | 70,500 | 1.6% | 1 |
| PAYPAY CORP | [PAYP](https://holderbook.com/stocks/PAYP/) | $7.4M | 515,121 | 1.5% | 1 |
| EVERCORE INC | [EVR](https://holderbook.com/stocks/EVR/) | $7.2M | 21,191 | 1.5% | 1 |
| FIGURE TECHNOLOGY SOLUTIO | [FIGR](https://holderbook.com/stocks/FIGR/) | $7.2M | 233,900 | 1.4% | 1 |
| MERCURY GENL CORP NEW | [MCY](https://holderbook.com/stocks/MCY/) | $6.7M | 63,200 | 1.4% | 1 |
| HANOVER INS GROUP INC | [THG](https://holderbook.com/stocks/THG/) | $6.6M | 31,040 | 1.3% | 1 |
| CHAMPION HOMES INC | [SKY](https://holderbook.com/stocks/SKY/) | $6.3M | 71,102 | 1.3% | 1 |
| TRIUMPH FINANCIAL INC | [TFIN](https://holderbook.com/stocks/TFIN/) | $6.2M | 81,781 | 1.3% | 2 |
| JEFFERSON CAPITAL INC | [JCAP](https://holderbook.com/stocks/JCAP/) | $6.2M | 316,853 | 1.2% | 1 |
| MORGAN STANLEY | [MS](https://holderbook.com/stocks/MS/) | $5.9M | 28,400 | 1.2% | 1 |
| ENOVA INTL INC | [ENVA](https://holderbook.com/stocks/ENVA/) | $5.9M | 24,355 | 1.2% | 1 |
| BARCLAYS PLC | [BCS](https://holderbook.com/stocks/BCS/) | $5.6M | 207,000 | 1.1% | 1 |
| WEBULL CORP | [BULL](https://holderbook.com/stocks/BULL/) | $5.5M | 850,500 | 1.1% | 1 |
| CAVCO INDS INC DEL | [CVCO](https://holderbook.com/stocks/CVCO/) | $5.4M | 8,810 | 1.1% | 2 |
| CAMECO CORP | [CCJ](https://holderbook.com/stocks/CCJ/) | $4.6M | 45,300 | 0.9% | 1 |
| FERMI INC | [FRMI](https://holderbook.com/stocks/FRMI/) | $3.9M | 425,000 | 0.8% | 1 |
| ACV AUCTIONS INC | [ACVA](https://holderbook.com/stocks/ACVA/) | $3.7M | 511,900 | 0.7% | 1 |
| SKYLINE BLDRS GROUP HLDG LTD | [KAZR](https://holderbook.com/stocks/KAZR/) | $3.2M | 1,037,286 | 0.6% | 4 |
| DOMINARI HOLDINGS INC | [DOMH](https://holderbook.com/stocks/DOMH/) | $1.1M | 358,183 | 0.2% | 1 |
| NEW FORTRESS ENERGY INC | [NFE](https://holderbook.com/stocks/NFE/) | $217.9K | 600,000 | 0.0% | 7 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +17.1% | +14.8% | +2.3% | 100% |
| Q1 2026 | -10.4% | -4.6% | -5.8% | 94% |
| Q4 2025 | -0.3% | +2.4% | -2.7% | 90% |
| Q3 2025 | +10.5% | +7.8% | +2.7% | 81% |
| Q2 2025 | +6.1% | +10.5% | -4.4% | 94% |
| Q1 2025 | -6.9% | -4.6% | -2.3% | 100% |
| Q4 2024 | +1.4% | +2.1% | -0.7% | 100% |
| Q3 2024 | +10.0% | +5.4% | +4.6% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $495.8M | 45 |
| Q1 2026 | $345.5M | 43 |
| Q4 2025 | $931.8M | 56 |
| Q3 2025 | $892.4M | 55 |
| Q2 2025 | $850.8M | 51 |
| Q1 2025 | $510.5M | 44 |
| Q4 2024 | $706.5M | 38 |
| Q3 2024 | $630.1M | 48 |
| Q2 2024 | $570.5M | 40 |
| Q1 2024 | $585.4M | 43 |
| Q4 2023 | $565.3M | 35 |
| Q3 2023 | $392.7M | 30 |