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Livermore
Livermore
ZHEN

EMG Holdings, L.P.

SEC CIK
0001478394
Latest filing
Aug 14, 2026

The latest 13F from EMG Holdings, L.P. covers Q2 2026 (filed Aug 14, 2026): 15 long positions worth $60.0M. The top 10 holdings make up 90.6% of the portfolio, and the largest is Ellington Financial Inc. (EFC) at 25.5%. Livermore has 20 filings on Form 13F from this institution, going back to Q3 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
6
Est. +$30.3M
Added
1
Est. +$2.20M
Reduced
6
Est. −$16.3M
Sold out
9
Est. −$30.1M

Top 5 holdings

Share of this quarter's portfolio value

  1. EFCEllington Financial Inc.
    25.5%$15.3MHistory
  2. AMHAmerican Homes 4 Rent
    15.1%$9.05MHistory
  3. INVHInvitation Homes Inc.
    14.1%$8.46MHistory
  4. PMTPennyMac Mortgage Investment Trust
    10.8%$6.45MHistory
  5. CCSCentury Communities, Inc.
    5.3%$3.16MHistory

Share of portfolio

Top 5 holdings and the other 10 positions, by share of portfolio value

  1. EFC25.5%
  2. AMH15.1%
  3. INVH14.1%
  4. PMT10.8%
  5. CCS5.3%
  6. Other 10 positions29.3%

Biggest buys

New and added positions, by estimated amount bought

  1. AMHAmerican Homes 4 Rent
    +$9.05MNewHistory
  2. INVHInvitation Homes Inc.
    +$8.46MNewHistory
  3. PMTPennyMac Mortgage Investment Trust
    +$6.45MNewHistory
  4. OCOwens Corning
    +$2.38MNewHistory
  5. EFCEllington Financial Inc.
    +$2.20MAddedHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. AMHAmerican Homes 4 Rent
    +15.08 pp0.0% → 15.1%History
  2. INVHInvitation Homes Inc.
    +14.10 pp0.0% → 14.1%History
  3. PMTPennyMac Mortgage Investment Trust
    +10.75 pp0.0% → 10.8%History
  4. EFCEllington Financial Inc.
    +8.75 pp16.7% → 25.5%History
  5. OCOwens Corning
    +3.97 pp0.0% → 4.0%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. PFSIPennyMac Financial Services, Inc.
    −$5.74MSold outHistory
  2. MHOM/I Homes, Inc.
    −$5.52MReducedHistory
  3. DXDynex Capital Inc
    −$4.40MSold outHistory
  4. KBHKB Home
    −$4.02MSold outHistory
  5. CPTCamden Property Trust
    −$4.01MReducedHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. PFSIPennyMac Financial Services, Inc.
    −8.44 pp8.4% → 0.0%History
  2. DXDynex Capital Inc
    −6.46 pp6.5% → 0.0%History
  3. KBHKB Home
    −5.90 pp5.9% → 0.0%History
  4. FBINFortune Brands Innovations, Inc.
    −5.72 pp5.7% → 0.0%History
  5. ESNTEssent Group Ltd.
    −5.15 pp5.1% → 0.0%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$60.0M
−$8.09M (−11.9%) vs. prior quarter
Positions
15
−3 vs. prior quarter
Top 10 concentration
90.6%
Top 10 as share of value
Turnover
50.7%
Q2 2026, one quarter
Average holding period
7.5 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q3 2021), so positions held before then are understated.

13F filings by quarter

20 quarters, going back to Q3 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $337.7M (Q1 2022)

Q3 2021: $321.6MQ4 2021: $268.1MQ1 2022: $337.7MQ2 2022: $225.0MQ3 2022: $117.9MQ4 2022: $116.6MQ1 2023: $145.7MQ2 2023: $165.0MQ3 2023: $129.2MQ4 2023: $116.4MQ1 2024: $95.4MQ2 2024: $88.3MQ3 2024: $71.9MQ4 2024: $72.6MQ1 2025: $83.5MQ2 2025: $78.1MQ3 2025: $93.8MQ4 2025: $62.6MQ1 2026: $68.1MQ2 2026: $60.0M
Q3 2021Q2 2026
13F filings of EMG Holdings, L.P. by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 14, 202615$60.0MEFCAMHINVHvs. Q1 2026SEC
Q1 2026May 19, 202618$68.1MEFCMFAMHOvs. Q4 2025SEC
Q4 2025Feb 17, 202622$62.6MEFCMFARDNvs. Q3 2025SEC
Q3 2025Nov 14, 202518$93.8MSKYEFCARRvs. Q2 2025SEC
Q2 2025Aug 12, 202517$78.1MEFCMFAMHOvs. Q1 2025SEC
Q1 2025May 14, 202518$83.5MEFCCOOPMTHvs. Q4 2024SEC
Q4 2024Feb 12, 202520$72.6MEFCCOOPTMHCvs. Q3 2024SEC
Q3 2024Nov 12, 202422$71.9MEFCADAMCOOPvs. Q2 2024SEC
Q2 2024Aug 12, 202425$88.3MEFCMFAADAMvs. Q1 2024SEC
Q1 2024May 15, 202421$95.4MEFCMFANLYvs. Q4 2023SEC
Q4 2023Feb 13, 202443$116.4MEFCMFARPTvs. Q3 2023SEC
Q3 2023Nov 13, 202349$129.2MMFAOPRTLENvs. Q2 2023SEC
Q2 2023Aug 11, 202350$165.0MMFANLYOPRTvs. Q1 2023SEC
Q1 2023May 12, 202344$145.7MNLYMFACOOPvs. Q4 2022SEC
Q4 2022Feb 10, 202368$116.6MCOOPMFAEFCvs. Q3 2022SEC
Q3 2022Nov 9, 2022100$117.9MCOOPDISH Network CORPAGNCvs. Q2 2022SEC
Q2 2022Aug 11, 2022161$225.0MDISH Network CORPPinduoduo IncCOOPvs. Q1 2022SEC
Q1 2022May 13, 2022210$337.7MDISH Network CORPPinduoduo IncCOOPvs. Q4 2021SEC
Q4 2021Feb 14, 2022208$268.1MDISH Network CORPCOOPEFCvs. Q3 2021SEC
Q3 2021Nov 15, 2021157$321.6MNabors Inds Inc NewDISH Network CORPEFC–SEC