13F
中
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Addenda Capital Inc.

13F equity value
$3.6B
Positions
129
Top 10 concentration
38.0%
Quarters / total new picks
27 / 108
13F equity value over time
$0M$2B$4B2017201820192020202120222023202420252026

"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.

Not significant Verdict

13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.

We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 27 quarters, returned +4.5% per quarter — versus +3.3% per quarter from simply owning every 13F stock. It beat that baseline in only 48.1% of quarters (excess t = 0.38, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
+1.5%
t-stat
0.38
Quarterly win rate
48%
Annualized excess
+2.9%
$1 → follow vs universe
$2.53 vs $2.13
Cumulative return: $1 invested in new picks vs universe
1.00 20180331: universe 1.04120180630: universe 0.95920181231: universe 0.94920190331: universe 0.93220190630: universe 1.00220190930: universe 1.07720191231: universe 0.86920200331: universe 1.04820200630: universe 1.15820200930: universe 1.42020201231: universe 1.48420210630: universe 1.60320211231: universe 1.36420220331: universe 1.46520220630: universe 1.35720220930: universe 1.45820221231: universe 1.35420230331: universe 1.42720230630: universe 1.37520230930: universe 1.56120240331: universe 1.59620240630: universe 1.74120241231: universe 1.62520250331: universe 1.77220250630: universe 1.82720250930: universe 2.05520251231: universe 2.126 20180331: follow 1.08920180630: follow 1.06620181231: follow 1.04420190331: follow 1.02920190630: follow 1.29620190930: follow 1.38020191231: follow 0.85420200331: follow 1.12020200630: follow 1.20820200930: follow 1.34420201231: follow 1.54720210630: follow 1.64920211231: follow 1.61220220331: follow 1.60920220630: follow 1.67420220930: follow 1.78120221231: follow 1.87220230331: follow 1.68320230630: follow 1.52320230930: follow 1.85220240331: follow 1.95420240630: follow 1.89120241231: follow 1.95920250331: follow 2.62920250630: follow 2.42220250930: follow 2.60920251231: follow 2.526 0.79 1.81 2.84 20182019202020212022202320242025 Follow Universe

Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)

Listed as facts. See the verdict above before treating this as signal.

Top 20 holdings of 129 · 2026 Q1

Ticker Value Weight QoQ
AEM $178M
5.0%
TRIM
TD $169M
4.8%
HOLD
RY $168M
4.7%
ADD
BMO $127M
3.6%
TRIM
CNQ $124M
3.5%
TRIM
AGI $123M
3.5%
TRIM
BN $122M
3.4%
HOLD
SHOP $118M
3.3%
ADD
WPM $113M
3.2%
ADD
ENB $106M
3.0%
HOLD
BNS $104M
2.9%
HOLD
CCJ $83M
2.4%
ADD
TRP $80M
2.3%
HOLD
CP $77M
2.2%
TRIM
FNV $76M
2.1%
ADD
SU $69M
1.9%
HOLD
CNI $66M
1.8%
HOLD
KGC $58M
1.6%
ADD
AAPL $58M
1.6%
ADD
GOOG $53M
1.5%
ADD

QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.

Listed as facts. See the verdict above before treating this as signal.

New positions in 2026 Q1

BBRK/BCLSKOORLAPANWSKE

Method & Limitations

Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.