1y return+25.9%S&P 500 +20.9%
3y return+34.3%S&P 500 +68.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since September 30, 2021: $132 against $174 in the S&P 500.2
EMG Holdings, L.P.S&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| EFCEllington Financial Inc | $15.3M | 25.5% | +16.9% |
| AMHAmerican Homes 4 Rent | $9.1M | 15.1% | New |
| INVHInvitation Homes Inc | $8.5M | 14.1% | New |
| PMTPennymac Mtg Invt Tr | $6.5M | 10.8% | New |
| CCSCentury Communities Inc | $3.2M | 5.3% | −21.7% |
| MFAMfa Finl Inc | $3.1M | 5.1% | −50.3% |
| OCOwens Corning New | $2.4M | 4.0% | New |
| CPTCamden Ppty Tr | $2.3M | 3.8% | −63.4% |
| MHOM/i Homes Inc | $2.1M | 3.6% | −72.0% |
| FAFFirst Amern Finl Corp | $2.1M | 3.4% | New |
| MAAMid-amer Apt Cmntys Inc | $2.1M | 3.4% | −57.5% |
| RDNRadian Group Inc | $1.9M | 3.1% | New |
| OPRTOportun Finl Corp | $794K | 1.3% | |
| EARNEllington Credit Company | $659K | 1.1% | |
| BLNEBeeline Holdings Inc | $239K | 0.4% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| MHOM/i Homes Inc | June 30, 2025 | +43.4% | $2.1M |
| CCSCentury Communities Inc | December 31, 2025 | +20.7% | $3.2M |
| CPTCamden Ppty Tr | December 31, 2025 | +4.0% | $2.3M |
| OPRTOportun Finl Corp | December 31, 2022 | +3.6% | $794K |
| MAAMid-amer Apt Cmntys Inc | December 31, 2025 | +0.0% | $2.1M |
| MFAMfa Finl Inc | June 30, 2022 | −9.9% | $3.1M |
| EFCEllington Financial Inc | September 30, 2021 | −25.6% | $15.3M |
| BLNEBeeline Holdings Inc | March 31, 2025 | −33.7% | $239K |
| EARNEllington Credit Company | September 30, 2021 | −60.4% | $659K |
Sold off last quarter
- PFSIPennymac Finl Svcs Inc New was $5.7M
- DXDynex Cap Inc was $4.4M
- KBHKb Home was $4.0M
- FBINFortune Brands Innovations I was $3.9M
- Essent Group LtdCUSIP G3198U102 was $3.5M
- RITMRithm Capital Corp was $2.8M
- FNDFloor & Decor Hldgs Inc was $2.0M
- COMPCompass Inc was $1.9M
- NVRNvr Inc was $1.8M
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +15.3% | +14.8% |
| March 31, 2026 | −9.2% | −4.6% |
| December 31, 2025 | +4.4% | +2.4% |
| September 30, 2025 | +15.2% | +7.8% |
| June 30, 2025 | +3.3% | +10.5% |
| March 31, 2025 | +4.1% | −4.6% |
| December 31, 2024 | −7.9% | +2.1% |
| September 30, 2024 | +13.5% | +5.4% |
| June 30, 2024 | −6.3% | +4.0% |
| March 31, 2024 | −4.7% | +10.0% |
| December 31, 2023 | +8.9% | +11.2% |
| September 30, 2023 | −2.4% | −3.6% |
| June 30, 2023 | +13.0% | +8.3% |
| March 31, 2023 | +2.1% | +7.0% |
| December 31, 2022 | +10.0% | +7.1% |
| September 30, 2022 | −10.7% | −5.3% |
| June 30, 2022 | −13.9% | −16.5% |
| March 31, 2022 | +1.1% | −4.9% |
| December 31, 2021 | −0.6% | +10.7% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: EMG Holdings, L.P. Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1478394&type=13F-HR&dateb=&owner=include&count=40CIK 1478394
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1478394/000147839426000005/Filed August 14, 2026 · accession 0001478394-26-000005