EMG Holdings, L.P.
OLD GREENWICH, CT
$60m in 15 US stocks at the end of 30 June 2026. The top 10 are 90.6% of the money. It changed about 60.3% of the portfolio this quarter.
Value
$60m
Stocks
15
Top 10 share
90.6%
Turnover
60.3%
What changed this quarter
New
Bought for the first time this quarter.
- American Homes 4 RentAMH15.1% of the fund
- Invitation HomesINVH14.1% of the fund
- PennyMac Mortgage Investment TrustPMT10.8% of the fund
- Owens CorningOC4.0% of the fund
- First American FinancialFAF3.4% of the fund
- Radian GroupRDN3.1% of the fund
Added
Bought more of a stock they already held.
- Ellington FinancialEFC25.5% of the fund+17%
Cut
Sold some of their stake.
- Century CommunitiesCCS5.3% of the fund-22%
- MFA FinancialMFA5.1% of the fund-50%
- Camden Property TrustCPT3.8% of the fund-63%
- M/I HomesMHO3.6% of the fund-72%
- MID America Apartment CommunitiesMAA3.4% of the fund-57%
Sold out
Sold their entire stake.
- PennyMac Financial ServicesPFSI-100%
- Dynex CapitalDX-100%
- KB HomeKBH-100%
- Fortune Brands InnovationsFBIN-100%
- Essent GroupESNT-100%
- Rithm CapitalRITM-100%
- Floor & Decor HoldingsFND-100%
- CompassCOMP-100%
- NVRNVR-100%
Holdings
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| Ellington FinancialEFC | 25.5% | $15m | 1,122,952 | +17% |
| American Homes 4 RentAMH | 15.1% | $9m | 270,000 | New |
| Invitation HomesINVH | 14.1% | $8m | 280,000 | New |
| PennyMac Mortgage Investment TrustPMT | 10.8% | $6m | 572,080 | New |
| Century CommunitiesCCS | 5.3% | $3m | 44,061 | -22% |
| MFA FinancialMFA | 5.1% | $3m | 317,127 | -50% |
| Owens CorningOC | 4.0% | $2m | 15,000 | New |
| Camden Property TrustCPT | 3.8% | $2m | 20,176 | -63% |
| M/I HomesMHO | 3.6% | $2m | 13,343 | -72% |
| First American FinancialFAF | 3.4% | $2m | 30,000 | New |
| MID America Apartment CommunitiesMAA | 3.4% | $2m | 14,800 | -57% |
| Radian GroupRDN | 3.1% | $2m | 50,000 | New |
| Oportun FinancialOPRT | 1.3% | $794,101 | 139,072 | Held |
| Ellington CreditEARN | 1.1% | $658,960 | 149,086 | Held |
| Beeline HoldingsBLNE | 0.4% | $238,853 | 195,781 | Held |
Options (6)
- State STR Spdr S&P 500 ETF TSPY
- Type
- Put
- Value
- $19m
- Contracts
- 25,000
- Invesco Exch Traded FD TR IIBKLN
- Type
- Put
- Value
- $17m
- Contracts
- 844,400
- Home DepotHD
- Type
- Call
- Value
- $9m
- Contracts
- 25,000
- PennyMac Financial ServicesPFSI
- Type
- Call
- Value
- $9m
- Contracts
- 100,000
- Ishares TRTLT
- Type
- Put
- Value
- $9m
- Contracts
- 100,000
- Rocket CompaniesRKT
- Type
- Call
- Value
- $3m
- Contracts
- 200,000
| Company | Type | Value | Contracts |
|---|---|---|---|
| State STR Spdr S&P 500 ETF TSPY | Put | $19m | 25,000 |
| Invesco Exch Traded FD TR IIBKLN | Put | $17m | 844,400 |
| Home DepotHD | Call | $9m | 25,000 |
| PennyMac Financial ServicesPFSI | Call | $9m | 100,000 |
| Ishares TRTLT | Put | $9m | 100,000 |
| Rocket CompaniesRKT | Call | $3m | 200,000 |
Over time and by industry
Value over time
Jun '25
Dec '25
Jun '26
Value is down 22.2% since 30 June 2025.
Where the money is
Real estate78.9%
Retail & consumer8.8%
Financial services8.3%
Industrials4.0%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.