13F
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Angeles Investment Advisors, LLC

13F equity value
$1.5B
Positions
31
Top 10 concentration
94.4%
Quarters / total new picks
25 / 488
13F equity value over time
$0M$1B$2B201820192020202120222023202420252026

"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 25 quarters, returned +4.2% per quarter — versus +2.8% per quarter from simply owning every 13F stock. It beat that baseline in only 52.0% of quarters (excess t = 0.42, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
+0.8%
t-stat
0.42
Quarterly win rate
52%
Annualized excess
+6.9%
$1 → follow vs universe
$2.57 vs $1.75
Cumulative return: $1 invested in new picks vs universe
1.00 20190331: universe 0.98320190630: universe 1.05620190930: universe 1.13620191231: universe 0.91620200331: universe 1.10520200630: universe 1.22020200930: universe 1.49720201231: universe 1.56520210331: universe 1.57920210630: universe 1.70520210930: universe 1.53120211231: universe 1.30320220331: universe 1.39920220630: universe 1.29620220930: universe 1.39220221231: universe 1.29320230331: universe 1.36220230630: universe 1.31320230930: universe 1.49120231231: universe 1.55720240331: universe 1.59220240630: universe 1.73720240930: universe 1.72220241231: universe 1.60720250331: universe 1.752 20190331: follow 0.97620190630: follow 1.02420190930: follow 1.08320191231: follow 0.97820200331: follow 1.13420200630: follow 1.25620200930: follow 1.40620201231: follow 1.30220210331: follow 1.38620210630: follow 1.63420210930: follow 1.60820211231: follow 1.36720220331: follow 1.45920220630: follow 1.37320220930: follow 1.41320221231: follow 1.35820230331: follow 1.43720230630: follow 1.43720230930: follow 1.67020231231: follow 1.74120240331: follow 1.76420240630: follow 1.83820240930: follow 2.00220241231: follow 2.10920250331: follow 2.572 0.84 1.81 2.78 2019202020212022202320242025 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 31 · 2026 Q1

Ticker Value Weight QoQ
VOO $841M
56.5%
ADD
VXUS $227M
15.3%
ADD
VMBS $65M
4.4%
TRIM
VOTE $58M
3.9%
TRIM
EFV $56M
3.8%
TRIM
VCLT $53M
3.6%
HOLD
XLE $36M
2.4%
NEW
AVDV $29M
2.0%
NEW
ESGV $21M
1.4%
ADD
IEMG $18M
1.2%
HOLD
VSGX $12M
0.8%
ADD
IWM $12M
0.8%
TRIM
IJH $9M
0.6%
NEW
KNF $8M
0.6%
HOLD
ECG $8M
0.5%
HOLD
MDU $5M
0.3%
HOLD
VUG $5M
0.3%
TRIM
DFSI $5M
0.3%
ADD
VWO $4M
0.3%
TRIM
EFG $3M
0.2%
HOLD

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

AVDVIJHMUBVEAXLE

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.