Annex Advisory Services, LLC
"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 anyway. Buying this fund's new positions the day each filing went public, over 32 quarters, returned +4.2% per quarter — versus +2.7% per quarter from simply owning every 13F stock. It beat that baseline in only 59.4% of quarters (excess t = 0.53, not statistically significant). Its filings tell you what it bought — not what you should buy.
Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)
Top 20 holdings of 374 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| UBND | $385M | | ADD |
| GSIE | $241M | | ADD |
| AVUS | $214M | | TRIM |
| SMTH | $208M | | ADD |
| DFAU | $167M | | ADD |
| IOO | $154M | | HOLD |
| DFAI | $152M | | NEW |
| NVDA | $141M | | ADD |
| AVDE | $132M | | TRIM |
| AVEM | $124M | | TRIM |
| AAPL | $117M | | HOLD |
| AMZN | $98M | | ADD |
| LRGF | $90M | | NEW |
| MSFT | $88M | | ADD |
| DFIC | $87M | | TRIM |
| BAB | $86M | | ADD |
| PCY | $84M | | NEW |
| TKO | $83M | | ADD |
| FALN | $81M | | NEW |
| GOOGL | $77M | | 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.