1y return+17.8%S&P 500 +20.9%
3y return+75.2%S&P 500 +68.5%
5y return+61.5%S&P 500 +74.5%
10y return+344.4%S&P 500 +256.5%
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 June 30, 2016: $444 against $357 in the S&P 500.2
Philadelphia Financial Management of San Francisco, LLCS&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 |
|---|---|---|---|
| USAUU S Gold Corp | $17.6M | 4.8% | +18.1% |
| WLFCWillis Lease Fin Corp | $16.6M | 4.6% | New |
| HIGHartford Insurance Group Inc | $15.7M | 4.3% | New |
| CXWCorecivic Inc | $14.6M | 4.0% | New |
| Ftai Aviation LtdCUSIP G3730V105 | $14.5M | 4.0% | New |
| GEOGeo Group Inc | $14.3M | 3.9% | New |
| AIGAmerican Intl Group Inc | $13.2M | 3.6% | +6.9% |
| LEGHLegacy Housing Corp | $11.9M | 3.3% | +9.5% |
| AJGGallagher Arthur J & Co | $11.4M | 3.1% | +50.0% |
| LGIHLgi Homes Inc | $11.2M | 3.1% | New |
| Axis Cap Hldgs LtdCUSIP G0692U109 | $10.7M | 2.9% | −32.7% |
| Chubb LimitedCUSIP H1467J104 | $10.3M | 2.8% | New |
| EQHEquitable Hldgs Inc | $9.9M | 2.7% | New |
| WNCWabash Natl Corp | $9.8M | 2.7% | New |
| ATLCAtlanticus Holdings Corp | $9.2M | 2.5% | New |
| GATXGatx Corp | $8.9M | 2.5% | |
| CUBICustomers Bancorp Inc | $8.9M | 2.4% | −9.6% |
| FICOFair Isaac Corp | $8.8M | 2.4% | New |
| ASPIAsp Isotopes Inc | $8.4M | 2.3% | +107.1% |
| MIAXMiami Intl Hldgs Inc | $8.3M | 2.3% | New |
| FCFSFirstcash Holdings Inc | $8.0M | 2.2% | New |
| Hamilton Insurance Group LtdCUSIP G42706104 | $8.0M | 2.2% | +5.0% |
| STTState Str Corp | $7.9M | 2.2% | New |
| ARESAres Management Corporation | $7.8M | 2.2% | New |
| PAYPPaypay Corp | $7.4M | 2.0% | New |
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 |
|---|---|---|---|
| Hamilton Insurance Group LtdCUSIP G42706104 | December 31, 2024 | +78.3% | $8.0M |
| USAUU S Gold Corp | March 31, 2025 | +68.6% | $17.6M |
| ASPIAsp Isotopes Inc | March 31, 2026 | +40.7% | $8.4M |
| CUBICustomers Bancorp Inc | June 30, 2025 | +34.7% | $8.9M |
| LEGHLegacy Housing Corp | December 31, 2025 | +34.6% | $11.9M |
| TFINTriumph Financial Inc | March 31, 2026 | +27.9% | $6.2M |
| CVCOCavco Inds Inc Del | March 31, 2026 | +26.9% | $5.4M |
| GATXGatx Corp | June 30, 2025 | +15.4% | $8.9M |
| AJGGallagher Arthur J & Co | March 31, 2026 | +6.0% | $11.4M |
| Axis Cap Hldgs LtdCUSIP G0692U109 | March 31, 2026 | +5.9% | $10.7M |
Sold off last quarter
- THTarget Hospitality Corp was $15.0M
- HCIHci Group Inc was $14.8M
- BFHBread Financial Holdings Inc was $12.9M
- LNCLincoln Natl Corp Ind was $10.1M
- PNFPPinnacle Finl Partners Inc was $10.0M
- EZPWEzcorp Inc was $9.4M
- OPLNOpenlane Inc was $9.4M
- Aon PLCCUSIP G0403H108 was $9.0M
- Aercap Holdings NvCUSIP N00985106 was $8.8M
- BOHBank Hawaii Corp was $8.7M
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +19.5% | +14.8% |
| March 31, 2026 | −10.4% | −4.6% |
| December 31, 2025 | −0.3% | +2.4% |
| September 30, 2025 | +10.5% | +7.8% |
| June 30, 2025 | +6.1% | +10.5% |
| March 31, 2025 | −6.9% | −4.6% |
| December 31, 2024 | +1.4% | +2.1% |
| September 30, 2024 | +10.0% | +5.4% |
| June 30, 2024 | −1.5% | +4.0% |
| March 31, 2024 | +14.6% | +10.0% |
| December 31, 2023 | +15.8% | +11.2% |
| September 30, 2023 | +3.2% | −3.6% |
| June 30, 2023 | +6.7% | +8.3% |
| March 31, 2023 | −0.7% | +7.0% |
| December 31, 2022 | +12.1% | +7.1% |
| September 30, 2022 | −6.5% | −5.3% |
| June 30, 2022 | −17.7% | −16.5% |
| March 31, 2022 | −5.5% | −4.9% |
| December 31, 2021 | +4.6% | +10.7% |
| September 30, 2021 | +2.1% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Philadelphia Financial Management of San Francisco, LLC Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1351407&type=13F-HR&dateb=&owner=include&count=40CIK 1351407
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/1351407/000121465926010380/Filed August 14, 2026 · accession 0001214659-26-010380