Philadelphia Financial

Philadelphia Financial Management of San Francisco, LLC is an investment adviser registered with the SEC since March 2004. The firm specializes in providing discretionary investment advisory services to private investment funds structured as limited partnerships or non-U.S. companies. The firm's primary owner is Jordan Hymowitz. They manage assets primarily in U.S. and Canadian publicly traded securities within the financial services sector, with a focus on maximizing total returns. The firm has full discretion to invest and trade the funds' assets, with no contractual limitations on the types of instruments traded. As of December 31, 2024, the firm managed approximately $748,291,211 in regulatory assets under management on a discretionary basis. The fee structure includes a management fee of 0.375% per quarter and an incentive fee based on the increase in value of the funds' shares. The firm does not participate in wrap fee programs and does not accept compensation for the sale of securities. The firm's investment strategy involves long positions in undervalued companies and shorting those with deteriorating fundamentals. They may also engage in short-term trading, use leverage, and invest in diverse instruments. The firm has a Code of Ethics in place and does not have any relationships or arrangements with financial service companies that pose material conflicts of interest.