Philadelphia Financial has revealed some key changes to its portfolio and structure between March 2022 and April 2023 as disclosed in its Form ADV filing.
Philadelphia Financial Management of San Francisco, LLC invests predominantly in U.S. and Canadian publicly traded securities within the financial services sector. As part of its diverse investment strategies, it also engages in short selling, short-term trading, and dealing in options, derivatives, and other financial instruments. The firm is guided by the principal owner Jordan Hymowitz.
Notably, the firm has maintained a consistent employee strength of 8 over the period. The total number of accounts managed by the firm dropped slightly from 4 to 3. Despite this reduction, the firm's total assets under management (AUM) increased from $598.8 million to $718.7 million, marking a growth of 20.01%.
Boathouse Row I, L.P. (Private Master Fund 1):
- Gross Asset Value increased from $267.01M to $381.47M.
- The number of Beneficial Owners increased from 65 to 82.
- The percentage of ownership by related persons decreased from 44% to 36%.
- A new custodian, National Financial Services LLC, was added in 2023.
Boathouse Row II, L.P. (Private Master Fund 2):
- Gross Asset Value increased from $175.3M to $240.94M.
- The number of Beneficial Owners increased from 77 to 83.
- The percentage of ownership by related persons decreased slightly from 35% to 34%.
Philadelphia Financial has recently removed two funds from its portfolio: OC 532 Offshore Fund Ltd., which had a gross asset value of $100.48 million, and Boathouse Row Offshore Ltd., managing assets estimated worth $56.02 million.
Lastly, the firm has introduced a new private fund to its portfolio, the Boathouse Row Offshore Minyan, Ltd. This fund, based in the Cayman Islands, was added on March 31, 2023. The current gross asset value is $96.24 million.