ALBION FINANCIAL GROUP /UT
"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 30 quarters, returned +5.7% per quarter versus +2.6% from owning every 13F stock, beating that baseline in 66.7% of quarters (excess t = 2.31, statistically significant). Caveat: across all 5,072 funds we tested, past performance shows near-zero persistence (rank correlation −0.018) — with thousands of funds, some will look significant by chance alone.
Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)
Top 20 holdings of 737 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| VOO | $203M | | ADD |
| IWR | $83M | | HOLD |
| AAPL | $83M | | HOLD |
| GOOGL | $53M | | HOLD |
| AMZN | $51M | | HOLD |
| NVDA | $50M | | HOLD |
| MSFT | $47M | | TRIM |
| VGIT | $38M | | ADD |
| IJR | $35M | | HOLD |
| VEU | $33M | | HOLD |
| SCHD | $31M | | HOLD |
| VCSH | $30M | | ADD |
| AVGO | $30M | | HOLD |
| JMBS | $29M | | ADD |
| JAAA | $29M | | ADD |
| JPM | $27M | | HOLD |
| CSCO | $26M | | ADD |
| SPY | $25M | | HOLD |
| BLK | $24M | | TRIM |
| COST | $22M | | HOLD |
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.