13F
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ARES MANAGEMENT LLC

13F equity value
$1.5B
Positions
37
Top 10 concentration
86.0%
Quarters / total new picks
25 / 56
13F equity value over time
$0M$2B$5B2017201820192020202120222023202420252026

"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 +5.2% per quarter — versus +2.7% per quarter from simply owning every 13F stock. It beat that baseline in only 52.0% of quarters (excess t = -0.08, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
-0.4%
t-stat
-0.08
Quarterly win rate
52%
Annualized excess
+5.8%
$1 → follow vs universe
$2.39 vs $1.73
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 1.04820190930: universe 1.12720191231: universe 0.90920200331: universe 1.09620200630: universe 1.21120200930: universe 1.48520210331: universe 1.49820210630: universe 1.61820210930: universe 1.45220211231: universe 1.23620220331: universe 1.32720220930: universe 1.42520221231: universe 1.32420230630: universe 1.27620230930: universe 1.44920231231: universe 1.51420240331: universe 1.54820240930: universe 1.53520250331: universe 1.67320251231: universe 1.731 20180331: follow 1.10920180630: follow 1.09020180930: follow 0.86620181231: follow 0.97820190331: follow 1.00320190630: follow 1.05720190930: follow 1.12520191231: follow 0.66320200331: follow 0.77920200630: follow 0.86120200930: follow 1.05120210331: follow 1.09120210630: follow 1.13720210930: follow 1.13620211231: follow 1.84720220331: follow 1.94420220930: follow 2.09820221231: follow 1.82120230630: follow 1.79620230930: follow 2.12820231231: follow 2.77820240331: follow 2.44020240930: follow 2.68720250331: follow 2.80020251231: follow 2.391 0.61 1.82 3.02 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 37 · 2026 Q1

Ticker Value Weight QoQ
SVV $874M
57.6%
HOLD
CCO $98M
6.4%
HOLD
GBTG $77M
5.1%
HOLD
ITGR $53M
3.5%
NEW
ARCC $47M
3.1%
ADD
GBDC $39M
2.5%
ADD
OBDC $31M
2.1%
HOLD
CTEV $30M
2.0%
HOLD
BBDC $30M
2.0%
HOLD
TSLX $25M
1.6%
HOLD
OCSL $24M
1.6%
ADD
GSBD $19M
1.3%
ADD
BXSL $19M
1.3%
HOLD
OTF $17M
1.1%
ADD
FSK $15M
1.0%
ADD
ARKO $12M
0.8%
HOLD
HTGC $11M
0.8%
ADD
MSIF $10M
0.7%
ADD
RWAY $8M
0.5%
ADD
TRIN $8M
0.5%
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

CGBDTCPC

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.