# EMG Holdings, L.P.

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1478394. Source: https://holderbook.com/funds/1478394-emg-holdings-l-p/

- Reported value: $125.2M
- Positions: 21
- Weight of the ten largest: 83.4%
- 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 |
|---|---|---|---|---|---|
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $18.7M | 0 | 14.9% | 4 |
| INVESCO EXCH TRADED FD TR II | [BKLN](https://holderbook.com/stocks/BKLN/) | $17.2M | 0 | 13.7% | 2 |
| ELLINGTON FINANCIAL INC | [EFC](https://holderbook.com/stocks/EFC/) | $15.3M | 1,122,952 | 12.2% | 20 |
| AMERICAN HOMES 4 RENT | [AMH](https://holderbook.com/stocks/AMH/) | $9.1M | 270,000 | 7.2% | 1 |
| HOME DEPOT INC | [HD](https://holderbook.com/stocks/HD/) | $8.8M | 0 | 7.0% | 1 |
| PENNYMAC FINL SVCS INC NEW | [PFSI](https://holderbook.com/stocks/PFSI/) | $8.7M | 0 | 7.0% | 4 |
| ISHARES TR | [TLT](https://holderbook.com/stocks/TLT/) | $8.6M | 0 | 6.9% | 1 |
| INVITATION HOMES INC | [INVH](https://holderbook.com/stocks/INVH/) | $8.5M | 280,000 | 6.8% | 1 |
| PENNYMAC MTG INVT TR | [PMT](https://holderbook.com/stocks/PMT/) | $6.5M | 572,080 | 5.2% | 1 |
| CENTURY COMMUNITIES INC | [CCS](https://holderbook.com/stocks/CCS/) | $3.2M | 44,061 | 2.5% | 3 |
| ROCKET COS INC | [RKT](https://holderbook.com/stocks/RKT/) | $3.1M | 0 | 2.5% | 1 |
| MFA FINL INC | [MFA](https://holderbook.com/stocks/MFA/) | $3.1M | 317,127 | 2.5% | 17 |
| OWENS CORNING NEW | [OC](https://holderbook.com/stocks/OC/) | $2.4M | 15,000 | 1.9% | 1 |
| CAMDEN PPTY TR | [CPT](https://holderbook.com/stocks/CPT/) | $2.3M | 20,176 | 1.8% | 3 |
| M/I HOMES INC | [MHO](https://holderbook.com/stocks/MHO/) | $2.1M | 13,343 | 1.7% | 5 |
| FIRST AMERN FINL CORP | [FAF](https://holderbook.com/stocks/FAF/) | $2.1M | 30,000 | 1.6% | 1 |
| MID-AMER APT CMNTYS INC | [MAA](https://holderbook.com/stocks/MAA/) | $2.1M | 14,800 | 1.6% | 3 |
| RADIAN GROUP INC | [RDN](https://holderbook.com/stocks/RDN/) | $1.9M | 50,000 | 1.5% | 1 |
| OPORTUN FINL CORP | [OPRT](https://holderbook.com/stocks/OPRT/) | $794.1K | 139,072 | 0.6% | 15 |
| ELLINGTON CREDIT COMPANY | [EARN](https://holderbook.com/stocks/EARN/) | $659.0K | 149,086 | 0.5% | 20 |
| BEELINE HOLDINGS INC | [BLNE](https://holderbook.com/stocks/BLNE/) | $238.9K | 195,781 | 0.2% | 6 |

## 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 | +15.3% | +14.8% | +0.4% | 86% |
| Q1 2026 | -9.2% | -4.6% | -4.6% | 98% |
| Q4 2025 | +4.4% | +2.4% | +2.0% | 85% |
| Q3 2025 | +15.2% | +7.8% | +7.4% | 73% |
| Q2 2025 | +3.3% | +10.5% | -7.1% | 99% |
| Q1 2025 | +4.1% | -4.6% | +8.6% | 97% |
| Q4 2024 | -7.9% | +2.1% | -10.0% | 96% |
| Q3 2024 | +13.5% | +5.4% | +8.1% | 83% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $125.2M | 21 |
| Q1 2026 | $396.6M | 24 |
| Q4 2025 | $135.2M | 27 |
| Q3 2025 | $266.1M | 24 |
| Q2 2025 | $136.5M | 20 |
| Q1 2025 | $207.8M | 26 |
| Q4 2024 | $168.3M | 25 |
| Q3 2024 | $190.7M | 30 |
| Q2 2024 | $203.5M | 34 |
| Q1 2024 | $537.5M | 34 |
| Q4 2023 | $610.0M | 60 |
| Q3 2023 | $459.5M | 55 |