13F
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AMERICAN CAPITAL MANAGEMENT INC

13F equity value
$1.9B
Positions
75
Top 10 concentration
42.6%
Quarters / total new picks
22 / 46
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 22 quarters, returned -3.6% per quarter — versus +1.5% per quarter from simply owning every 13F stock. It beat that baseline in only 31.8% of quarters (excess t = -1.26, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
-6.4%
t-stat
-1.26
Quarterly win rate
32%
Annualized excess
-25.5%
$1 → follow vs universe
$0.27 vs $1.26
Cumulative return: $1 invested in new picks vs universe
1.00 20180331: universe 1.04120180630: universe 0.95920180930: universe 1.00320181231: universe 0.99220190331: universe 0.97520190630: universe 1.04820191231: universe 0.84520200331: universe 1.01920200630: universe 1.12620201231: universe 1.17720210630: universe 1.27120211231: universe 1.08220220630: universe 1.00220221231: universe 0.93120230331: universe 0.98120230630: universe 0.94620240630: universe 1.03220241231: universe 0.96320250331: universe 1.05020250630: universe 1.08320250930: universe 1.21720251231: universe 1.259 20180331: follow 1.19520180630: follow 0.92220180930: follow 0.81820181231: follow 0.73420190331: follow 0.75720190630: follow 0.93720191231: follow 0.92820200331: follow 0.97020200630: follow 1.03720201231: follow 0.50820210630: follow 0.64820211231: follow 0.49620220630: follow 0.31420221231: follow 0.28820230331: follow 0.29120230630: follow 0.23920240630: follow 0.24220241231: follow 0.21020250331: follow 0.20720250630: follow 0.23220250930: follow 0.28820251231: follow 0.269 0.19 0.78 1.37 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 75 · 2026 Q1

Ticker Value Weight QoQ
MEDP $105M
5.6%
TRIM
PANW $100M
5.4%
NEW
RBC $95M
5.1%
TRIM
IDXX $93M
5.0%
TRIM
AVAV $80M
4.3%
TRIM
KTOS $76M
4.1%
TRIM
FTNT $68M
3.6%
TRIM
SEIC $60M
3.2%
ADD
RMD $60M
3.2%
TRIM
GMED $57M
3.1%
ADD
TECH $53M
2.9%
ADD
CGNT $53M
2.8%
TRIM
VRNS $50M
2.7%
ADD
RAMP $49M
2.6%
HOLD
GWRE $48M
2.6%
HOLD
MANH $48M
2.6%
TRIM
NOVT $44M
2.4%
TRIM
RGEN $42M
2.3%
ADD
CVLT $42M
2.3%
HOLD
DT $39M
2.1%
NEW

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

ACWXBCPCBMIDTESEMTSIPANWSHY

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.