Allegheny Financial Group is an SEC-registered investment adviser based in Pittsburgh, PA that reports managing 6 hedge funds on Form ADV. It reports $5.6 billion in regulatory assets under management. Its private funds, of all types, hold $176.8 million in gross assets. Its disclosed U.S. stock holdings returned an estimated +7.2% 2026 YTD through Jun 30 (S&P 500: +9.5%), based on 13F filings. Over a longer period they returned an estimated +19.8% from Q3 2024 to Q2 2026, compared with +37.2% for the S&P 500, based on 13F filings.
- Regulatory assets under management
- $5.6 billionForm ADV Item 5.F
- Gross assets of private funds
- $176.8 millionAll private fund types, Form ADV
- Hedge funds managed
- 613 private funds in total
- Employees
- 103Form ADV Item 5.A
- Registration
- SEC-registered adviserCRD 104690
- Latest Form ADV
- 10/23/2026Disciplinary disclosures: none reported
Estimated 13F portfolio performance
Estimated by AltMountain, derived from the firm’s public Form 13F filings. Not reported by the firm and not the return of any fund.
| Quarter | Est. 13F return | S&P 500 |
|---|---|---|
| Q2 2026 | +8.7% | +14.8% |
| Q1 2026 | -1.4% | -4.6% |
| Q4 2025 | +1.0% | +2.4% |
| Q3 2025 | +5.5% | +7.8% |
| Q2 2025 | +4.0% | +10.4% |
| Q1 2025 | -2.2% | -4.5% |
| Q4 2024 | -6.9% | +2.1% |
| Q3 2024 | +10.8% | +5.4% |
Estimate of the firm's disclosed long U.S. stock portfolio from its quarterly 13F filings, holding each quarter-end portfolio to the next quarter-end at prices implied by all 13F filers. It is a price return before dividends and fees, ignores shorts, options, bonds, cash and trading within the quarter, and is not the return of any fund. Disclosures
Manager of this firm? Report your fund’s actual net return, or email hello@altmountain.com to correct or remove this estimate. Removal requests from the firm are honored.
13F holdings as of Sep 30, 2026
The 50 largest of 310 share positions ($997,152,430) reported by Allegheny Financial Group on Form 13F for the quarter ended Sep 30, 2026, filed Nov 5, 2026. Shown as filed with the SEC. Original filing on SEC.gov ↗ The estimated return above runs through Jun 30, 2026; it is updated when the SEC publishes its complete data for the quarter.
| Stock | Value | % of 13F portfolio | Shares | Shares vs prior quarter |
|---|---|---|---|---|
| Putnam ETF Trust | $149,284,818 | 14.97% | 2,837,035 | +8.73% |
| Ishares TR | $59,635,737 | 5.98% | 635,166 | +2.09% |
| Diamond Hill Funds | $53,311,868 | 5.35% | 3,991,903 | -7.36% |
| Ea Series Trust | $41,102,928 | 4.12% | 1,638,219 | +14.38% |
| J P Morgan Exchange Traded F | $37,138,465 | 3.72% | 760,255 | +8.29% |
| MFS Active Exchange Traded F | $28,892,479 | 2.90% | 944,816 | +11.75% |
| Apple Inc | $25,994,722 | 2.61% | 78,057 | -1.33% |
| Ishares TR | $24,507,200 | 2.46% | 325,072 | +0.41% |
| Schwab Strategic TR | $24,467,363 | 2.45% | 680,973 | +0.37% |
| J P Morgan Exchange Traded F | $24,052,653 | 2.41% | 249,043 | +9.58% |
| Gmo ETF Trust | $22,390,307 | 2.25% | 523,015 | +8.80% |
| Exxonmobil Holdings Corp Com SHS | $20,518,834 | 2.06% | 126,075 | New |
| Invesco Exchange Traded FD T | $18,614,588 | 1.87% | 89,484 | +8.25% |
| NVR Inc | $18,128,113 | 1.82% | 2,945 | -0.17% |
| Virtus ETF TR II | $16,369,632 | 1.64% | 699,258 | -3.71% |
| Erie Indty Co | $14,386,670 | 1.44% | 65,647 | Unchanged |
| Berkshire Hathaway Inc Del | $12,679,621 | 1.27% | 25,463 | -1.10% |
| Investment Managers Ser TR I | $12,563,819 | 1.26% | 307,334 | +5.02% |
| J P Morgan Exchange Traded F | $12,514,970 | 1.26% | 180,930 | +6.85% |
| Microsoft Corp | $12,311,004 | 1.23% | 24,002 | +0.73% |
| J P Morgan Exchange Traded F | $11,857,653 | 1.19% | 161,153 | +122.52% |
| Ishares TR | $10,659,770 | 1.07% | 148,155 | +3.78% |
| Eli Lilly & Co | $9,831,041 | 0.99% | 8,496 | +4.64% |
| Federated Hermes ETF Trust | $9,684,976 | 0.97% | 404,383 | +2.17% |
| American Centy ETF TR | $9,058,463 | 0.91% | 118,675 | +46.66% |
| PPG Inds Inc | $8,339,244 | 0.84% | 79,931 | +0.64% |
| RBB Fund Trust | $8,040,392 | 0.81% | 160,199 | +27.50% |
| Fidelity Wise Origin Bitcoin | $7,568,951 | 0.76% | 104,198 | +1.59% |
| State STR SPDR S&P 500 ETF T | $7,236,355 | 0.73% | 9,488 | +0.62% |
| Barrick MNG Corp | $7,229,296 | 0.73% | 177,755 | -0.05% |
| Advisors Inner Circle FD III | $6,024,730 | 0.60% | 212,827 | +10.85% |
| Parnassus Income FDS | $5,830,110 | 0.58% | 203,778 | +1.35% |
| Alphabet Inc | $5,134,372 | 0.51% | 15,068 | -2.94% |
| Vanguard Index FDS | $5,092,266 | 0.51% | 56,511 | +9.25% |
| Caterpillar Inc | $4,942,093 | 0.50% | 6,095 | +0.15% |
| Fidelity Covington Trust | $4,584,676 | 0.46% | 113,538 | +678.24% |
| Merck & Co Inc | $4,384,743 | 0.44% | 30,175 | +0.52% |
| Vanguard Scottsdale FDS | $4,296,698 | 0.43% | 16,488 | +0.29% |
| Vanguard Index FDS | $3,990,573 | 0.40% | 50,887 | +5.34% |
| Alphabet Inc | $3,930,725 | 0.39% | 11,423 | -14.82% |
| Synopsys Inc | $3,809,740 | 0.38% | 8,759 | -0.19% |
| Vanguard Index FDS | $3,767,985 | 0.38% | 17,437 | +2.63% |
| Broadcom Inc | $3,672,549 | 0.37% | 10,457 | -0.59% |
| Ishares TR | $3,624,910 | 0.36% | 4,733 | -0.65% |
| Amazon Com Inc | $3,620,601 | 0.36% | 14,531 | -1.42% |
| Nvidia Corporation | $3,524,212 | 0.35% | 15,431 | -5.07% |
| Ishares TR | $3,455,137 | 0.35% | 27,583 | +7.86% |
| Vanguard Index FDS | $3,452,693 | 0.35% | 12,136 | +1.83% |
| Jpmorgan Chase & Co | $3,402,647 | 0.34% | 10,285 | Unchanged |
| Ishares TR | $3,348,731 | 0.34% | 35,234 | -0.72% |
Changes since Jun 30, 2026
Comparing the share counts in the two quarter-end filings: 22 new positions, 17 sold out, 142 increased, 94 reduced and 52 unchanged.
New positions
| Stock | Value | Shares |
|---|---|---|
| Exxonmobil Holdings Corp Com SHS | $20,518,834 | 126,075 |
| J P Morgan Exchange Traded F | $3,222,908 | 63,984 |
| American Centy ETF TR | $2,505,557 | 30,169 |
| American Centy ETF TR | $713,090 | 6,054 |
| American Centy ETF TR | $664,598 | 5,188 |
| Space Exploration Techn Corp | $449,361 | 2,978 |
| Fidelity Covington Trust | $445,297 | 10,279 |
| Trulieve Cannabis Corp | $292,115 | 26,799 |
| Palantir Technologies Inc | $290,302 | 1,552 |
| Vanguard Index FDS | $256,585 | 729 |
| Transocean LTD | $237,550 | 45,334 |
| Grail Inc | $224,752 | 1,604 |
| Warner Bros Discovery Inc | $219,931 | 7,106 |
| Nasdaq Inc | $219,459 | 2,385 |
| Accenture PLC Ireland | $212,373 | 1,158 |
| Invesco Exchange Traded FD T | $207,506 | 2,975 |
| Fidelity Covington Trust | $207,406 | 3,415 |
| Encompass Health Corp | $204,713 | 1,685 |
| Proshares TR | $202,504 | 2,595 |
| Grand Canyon Ed Inc | $201,615 | 1,330 |
Sold out
| Stock | Value at Jun 30, 2026 | Shares held then |
|---|---|---|
| Exxon Mobil Corp | $17,171,092 | 125,593 |
| Trulieve Cannabis Corp | $264,230 | 26,880 |
| Honeywell Aerospace Inc | $240,756 | 1,089 |
| L3harris Technologies Inc | $238,871 | 822 |
| Dte Energy Co | $231,034 | 1,516 |
| Wyndham Hotels & Resorts Inc | $228,799 | 2,717 |
| Vanguard Index FDS | $215,064 | 885 |
| Applied Matls Inc | $212,882 | 294 |
| Parker-hannifin Corp | $210,362 | 215 |
| Aim ETF Products Trust | $210,155 | 5,894 |
| Vanguard Index FDS | $209,228 | 849 |
| Fidelity Covington Trust | $206,543 | 5,146 |
| Ishares TR | $201,148 | 2,032 |
| Patria Investments Limited | $134,582 | 12,257 |
| Controladora Vuela Comp De A | $128,191 | 13,681 |
| Northern Dynasty Minerals LT | $100,032 | 52,100 |
| Microvision Inc Del | $4,088 | 12,500 |
Largest increases
| Stock | Change in shares | Change | Value now | Shares now |
|---|---|---|---|---|
| Putnam ETF Trust | +227,716 | +8.73% | $149,284,818 | 2,837,035 |
| J P Morgan Exchange Traded F | +88,732 | +122.52% | $11,857,653 | 161,153 |
| Ea Series Trust | +205,912 | +14.38% | $41,102,928 | 1,638,219 |
| Fidelity Covington Trust | +98,949 | +678.24% | $4,584,676 | 113,538 |
| MFS Active Exchange Traded F | +99,372 | +11.75% | $28,892,479 | 944,816 |
| American Centy ETF TR | +37,756 | +46.66% | $9,058,463 | 118,675 |
| J P Morgan Exchange Traded F | +58,201 | +8.29% | $37,138,465 | 760,255 |
| J P Morgan Exchange Traded F | +21,769 | +9.58% | $24,052,653 | 249,043 |
| Gmo ETF Trust | +42,317 | +8.80% | $22,390,307 | 523,015 |
| RBB Fund Trust | +34,552 | +27.50% | $8,040,392 | 160,199 |
| Invesco Exchange Traded FD T | +6,818 | +8.25% | $18,614,588 | 89,484 |
| Ishares TR | +12,982 | +2.09% | $59,635,737 | 635,166 |
| J P Morgan Exchange Traded F | +11,601 | +6.85% | $12,514,970 | 180,930 |
| Investment Managers Ser TR I | +14,695 | +5.02% | $12,563,819 | 307,334 |
| Advisors Inner Circle FD III | +20,840 | +10.85% | $6,024,730 | 212,827 |
| Eli Lilly & Co | +377 | +4.64% | $9,831,041 | 8,496 |
| Vanguard Index FDS | +4,786 | +9.25% | $5,092,266 | 56,511 |
| Ishares TR | +5,394 | +3.78% | $10,659,770 | 148,155 |
| Procter & Gamble Co | +2,601 | +16.62% | $2,651,438 | 18,250 |
| Ishares TR | +3,123 | +17.67% | $1,908,321 | 20,799 |
Largest reductions
| Stock | Change in shares | Change | Value now | Shares now |
|---|---|---|---|---|
| Diamond Hill Funds | -317,149 | -7.36% | $53,311,868 | 3,991,903 |
| Alphabet Inc | -1,987 | -14.82% | $3,930,725 | 11,423 |
| Virtus ETF TR II | -26,975 | -3.71% | $16,369,632 | 699,258 |
| Apple Inc | -1,054 | -1.33% | $25,994,722 | 78,057 |
| First Comwlth Finl Corp Pa | -10,634 | -30.56% | $488,741 | 24,159 |
| Micron Technology Inc | -194 | -42.54% | $279,627 | 262 |
| Nvidia Corporation | -824 | -5.07% | $3,524,212 | 15,431 |
| Ishares TR | -432 | -6.97% | $2,398,260 | 5,763 |
| Alphabet Inc | -457 | -2.94% | $5,134,372 | 15,068 |
| At&t Inc | -6,206 | -12.89% | $1,023,393 | 41,942 |
| Fidelity Merrimack STR TR | -3,420 | -29.97% | $346,055 | 7,992 |
| Icon Pub LTD Co | -866 | -23.30% | $484,472 | 2,850 |
| Affiliated Managers Group | -398 | -37.94% | $238,012 | 651 |
| Berkshire Hathaway Inc Del | -284 | -1.10% | $12,679,621 | 25,463 |
| Ishares TR | -476 | -9.38% | $1,277,301 | 4,596 |
| Ishares TR | -410 | -3.38% | $2,907,508 | 11,727 |
| Home Depot Inc | -249 | -7.18% | $916,116 | 3,220 |
| Blackrock Muniholdings FD In | -5,658 | -3.83% | $1,457,269 | 142,033 |
| Howmet Aerospace Inc | -255 | -8.92% | $588,855 | 2,603 |
| Southern Co | -659 | -5.52% | $935,259 | 11,283 |
Each list shows up to 20 positions, largest first by dollar amount. Changes compare two quarter-end snapshots, with the earlier share count adjusted for stock splits AltMountain detected. They do not show when, or at what price, anything was bought or sold.
From public Form 13F filings, not verified. Form 13F is filed up to 45 days after the quarter ends, so positions may have changed. It lists only certain long positions in U.S.-listed stocks and exchange-traded funds; options are not shown here, and short positions, most bonds, cash, non-U.S. securities and private investments are not reported at all, so a holding may be one side of a hedge. A filing covers the manager as a whole, not any single fund, and filings contain errors. This is not investment advice or a recommendation to buy or sell any security. Disclosures
Hedge funds filing Form D (3)
Matched to this firm by the fund names and related persons in each Form D. The list may be incomplete.
Private equity funds filing Form D (3)
Matched to this firm by the fund names and related persons in each Form D. The list may be incomplete.
Private funds reported on Form ADV (10)
As reported in the adviser's Form ADV filed Oct 4, 2024. Funds also listed from Form D are shown above.
From SEC filings. Firm data comes from the SEC's Form ADV data as of Oct 2, 2026; performance estimates come from Form 13F. AltMountain has not verified this information, and it is not an offer, solicitation or recommendation. Full disclosures