Alberta Investment Management Corp
"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.
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. Buying this fund's new positions the day each filing went public, over 32 quarters, returned +2.3% per quarter versus +2.7% from simply owning every 13F stock — it beat that baseline in only 53.1% of quarters (excess t = -2.13). Copying it would have systematically underperformed the simplest possible strategy.
Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)
Top 20 holdings of 577 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| IVV | $3.8B | | TRIM |
| VOO | $2.0B | | ADD |
| CNQ | $433M | | ADD |
| TD | $392M | | ADD |
| RY | $356M | | ADD |
| BNS | $316M | | ADD |
| SPY | $258M | | TRIM |
| TRP | $251M | | ADD |
| CVE | $245M | | ADD |
| SU | $243M | | ADD |
| AEM | $234M | | HOLD |
| CM | $203M | | ADD |
| WDC | $179M | | TRIM |
| MSTR | $172M | | NEW |
| BN | $149M | | ADD |
| IDCC | $117M | | TRIM |
| BMO | $114M | | TRIM |
| SHOP | $110M | | ADD |
| AEIS | $108M | | TRIM |
| PBA | $97M | | ADD |
QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.
New positions in 2026 Q1
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.