Philadelphia Financial Management of San Francisco, LLC
Philadelphia Financial Management of San Francisco, LLC is a hedge fund investment adviser founded in 2004 and headquartered in San Francisco, California. The firm manages hedge fund portfolios primarily invested in public equities, with a primary focus on the financial services sector. As of 2025, they manage more than $850 million in assets and employ fewer than 10 professionals. Their client base consists largely of institutional investors and other sophisticated capital allocators.
Investment Strategy
Philadelphia Financial Management of San Francisco, LLC primarily employs a fundamental, research-driven investment approach with a strong sector specialization in financial services. The firm invests across multiple market capitalizations but tends to be overweight in financial equities including banks, insurers, and related service providers. Their strategy blends long/short equity positions, aiming to generate alpha through deep sector expertise and active portfolio rotation, often allocating a significant proportion to small- and mid-cap companies in the financial sector.
Latest 13F Filing Activity
Philadelphia Financial Management of San Francisco, LLC filed their most recent 13F report on Jun 30, 2025 disclosing 41 equity positions and 14 options positions with a total 13F market value of $851M. The fund increased holdings in Navient Corporation, Aspen Insurance Holdings LTD, Customers Bancorp Inc. among other positions. Philadelphia Financial Management of San Francisco, LLC reduced exposure to Equitable HLDGS Inc., Pennymac Finl SVCS Inc. New, Credit Accep Corp. Mich among others.
Top Holdings
Equity Positions (41)
| Ticker | Security | Weight | Market Value | Shares | Avg Cost | Price | Change (QoQ) |
|---|---|---|---|---|---|---|---|
N NAVI | NAVIENT CORPORATION | 2.82% | $24.0M | 1,699,514 | $14.10 | $14.10 | +$24.0M |
M MCB | METROPOLITAN BK HLDG CORP | 2.57% | $21.8M | 311,781 | $59.89 | $70.00 | +$9.2M |
H HMST | HOMESTREET INC | 2.37% | $20.2M | 1,545,583 | $13.43 | $13.07 | -$1.2M |
A ASPI | ASP ISOTOPES INC | 2.31% | $19.7M | 2,670,211 | $4.11 | $7.36 | +$3.2M |
A ALL | ALLSTATE CORP | 2.22% | $18.9M | 93,909 | $195.57 | $201.31 | +$8.3M |
Options Positions (10)
| Ticker | Security | Action | Type | Notional Value | Contracts | Underlying Price | Premium Paid | Change (Contracts) | Change (Value) |
|---|---|---|---|---|---|---|---|---|---|
I IWM | ISHARES TR | Bought | Put | $97.1M | 4,500 | $215.79 | $215.79 | +4,500 | +$97.1M |
A ALL | ALLSTATE CORP | New | Call | $42.4M | 2,106 | $201.31 | $201.31 | +2,106 | +$42.4M |
E EQH | EQUITABLE HLDGS INC | New | Put | $42.1M | 7,500 | $56.10 | $56.10 | +7,500 | +$42.1M |
C COIN | COINBASE GLOBAL INC | New | Put | $35.0M | 1,000 | $350.49 | $350.49 | +1,000 | +$35.0M |
G GS | GOLDMAN SACHS GROUP INC | New | Put | $28.3M | 400 | $707.75 | $707.75 | +400 | +$28.3M |