EMG Holdings, L.P.
EMG Holdings, L.P. reported 15 US-listed holdings worth $60.0 million in its 13F for the quarter ended 30 June 2026, filed 14 August 2026. Its largest: Ellington Financial Inc. (25.5%), American Homes 4 Rent (15.1%) and Invitation Homes Inc. (14.1%). Against the quarter before, it opened 6 positions, added to 1, trimmed 5 and sold out of 9.
The 14 largest of its 15 positions, each sized by its share of the reported holdings, coloured by the change in shares against Q1 2026.
What the fund reported holding at each quarter's end; hover a bar for the number of positions
What its reported holdings returned
Held through each quarter, the holdings it reported returned +24.7% over the 7 quarters to 30 June 2026, against +30.2% for the S&P 500.
Not the fund's own return: each 13F's holdings are kept unchanged until the next one, so trades inside a quarter, dividends, cash and fees are left out. A rough guide to how its picks have done over time.
What it did on the quarter
Its positions against its 13F for the quarter to 31 March 2026; a change under 0.1% of a position counts as held
Opened 6
- American Homes 4 Rent AMH$9.1 million
- Invitation Homes Inc. INVH$8.5 million
- PennyMac Mortgage Investment Trust PMT$6.5 million
- Owens Corning OC$2.4 million
- First American Financial Corp. FAF$2.1 million
- Radian Group Inc. RDN$1.9 million
Added to 1
- Ellington Financial Inc. EFC+161,934 shares · +17%
Trimmed 5
- M/I Homes, Inc. MHO-34,357 shares · -72%
- Camden Property Trust CPT-35,000 shares · -63%
- Mfa Finl Inc. MFA-321,351 shares · -50%
- Mid-America Apartment Communities, Inc. MAA-20,000 shares · -57%
- Century Communities, Inc. CCS-12,224 shares · -22%
Sold out of 9
- PennyMac Financial Services, Inc. PFSI$5.7 million last quarter
- Dynex CAP INC COM (dx) DX$4.4 million last quarter
- KB Home KBH$4.0 million last quarter
- Fortune Brands Innovations, Inc. FBIN$3.9 million last quarter
- Essent Group Ltd. ESNT$3.5 million last quarter
- Rithm Capital Corp. RITM$2.8 million last quarter
- Floor & Decor Holdings, Inc. FND$2.0 million last quarter
- Compass, Inc. COMP$1.9 million last quarter
What it holds
| Company | Shares | Value | Of its book | Change in shares |
|---|---|---|---|---|
| Ellington Financial Inc. EFC | 1.1M | $15.3 million | 25.47% | +161.9K |
| American Homes 4 Rent AMH | 270.0K | $9.1 million | 15.08% | new |
| Invitation Homes Inc. INVH | 280.0K | $8.5 million | 14.10% | new |
| PennyMac Mortgage Investment Trust PMT | 572.1K | $6.5 million | 10.75% | new |
| Century Communities, Inc. CCS | 44.1K | $3.2 million | 5.26% | -12.2K |
| Mfa Finl Inc. MFA | 317.1K | $3.1 million | 5.12% | -321.4K |
| Owens Corning OC | 15.0K | $2.4 million | 3.97% | new |
| Camden Property Trust CPT | 20.2K | $2.3 million | 3.85% | -35.0K |
| M/I Homes, Inc. MHO | 13.3K | $2.1 million | 3.58% | -34.4K |
| First American Financial Corp. FAF | 30.0K | $2.1 million | 3.43% | new |
| Mid-America Apartment Communities, Inc. MAA | 14.8K | $2.1 million | 3.43% | -20.0K |
| Radian Group Inc. RDN | 50.0K | $1.9 million | 3.14% | new |
| Oportun Financial Corp. OPRT | 139.1K | $794,101 | 1.32% | -100 |
| Ellington Credit Company EARN | 149.1K | $658,960 | 1.10% | no change |
| Beeline Holdings Inc. BLNE | 195.8K | $238,853 | 0.40% | no change |
Read more
Change is shares against its 13F for the quarter before; the 9 it sold out of are in the box above.Options it reported
| Company | Option | Shares under the options | Value of those shares |
|---|---|---|---|
| SPDR S&P 500 SPY | Puts | 25.0K | $18.7 million |
| Invesco Exch Traded FD Trust II BKLN | Puts | 844.4K | $17.2 million |
| Home Depot, Inc. HD | Calls | 25.0K | $8.8 million |
| PennyMac Financial Services, Inc. PFSI | Calls | 100.0K | $8.7 million |
| iShares Trust TLT | Puts | 100.0K | $8.6 million |
| Rocket Companies, Inc. RKT | Calls | 200.0K | $3.1 million |
6 option lines. A 13F lists calls and puts by the shares they cover and what those shares were worth at the quarter's end, not what the options cost; they are not counted in the holdings above.