Arete Wealth Advisors, 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 +1.8% per quarter — versus +2.7% per quarter from simply owning every 13F stock. It beat that baseline in only 56.2% of quarters (excess t = -0.63, 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 329 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| JOB | $45M | | NEW |
| SFBS | $44M | | NEW |
| RSP | $39M | | ADD |
| FBND | $36M | | ADD |
| SPAB | $35M | | ADD |
| NVDA | $34M | | HOLD |
| PVAL | $33M | | ADD |
| SPYM | $27M | | ADD |
| VUG | $25M | | ADD |
| EFV | $23M | | TRIM |
| GLD | $23M | | ADD |
| JNJ | $20M | | ADD |
| PULS | $19M | | ADD |
| SPY | $18M | | ADD |
| MSFT | $18M | | TRIM |
| AAPL | $17M | | TRIM |
| AQST | $14M | | NEW |
| SPTM | $14M | | ADD |
| XOM | $13M | | TRIM |
| BIL | $12M | | TRIM |
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.