13F
中
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ARROW FINANCIAL CORP

13F equity value
$994M
Positions
157
Top 10 concentration
53.9%
Quarters / total new picks
30 / 212
13F equity value over time
$0M$541M$1B2017201820192020202120222023202420252026

"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 30 quarters, returned +3.1% per quarter — versus +2.0% per quarter from simply owning every 13F stock. It beat that baseline in only 56.7% of quarters (excess t = 1.63, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
+6.5%
t-stat
1.63
Quarterly win rate
57%
Annualized excess
+2.0%
$1 → follow vs universe
$1.85 vs $1.61
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 1.21120201231: universe 1.26620210331: universe 1.27720210630: universe 1.37920210930: universe 1.23820211231: universe 1.05420220331: universe 1.13120220630: universe 1.04820220930: universe 1.12620221231: universe 1.04620230630: universe 1.00820230930: universe 1.14420231231: universe 1.19620240331: universe 1.22220240630: universe 1.33320240930: universe 1.32220241231: universe 1.23420250331: universe 1.34520250630: universe 1.38720250930: universe 1.56020251231: universe 1.614 20180331: follow 1.04420180630: follow 0.92820180930: follow 0.97720181231: follow 0.97020190331: follow 0.99620190630: follow 1.08820190930: follow 1.10320191231: follow 0.90620200331: follow 1.06120200630: follow 1.21520201231: follow 1.14920210331: follow 1.22320210630: follow 1.19520210930: follow 0.85720211231: follow 0.83320220331: follow 0.87220220630: follow 0.85520220930: follow 1.28320221231: follow 1.14320230630: follow 1.25020230930: follow 1.49520231231: follow 1.59320240331: follow 1.38920240630: follow 1.51520240930: follow 2.05320241231: follow 2.09720250331: follow 2.00520250630: follow 2.05420250930: follow 2.25820251231: follow 1.853 0.77 1.60 2.44 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 157 · 2026 Q1

Ticker Value Weight QoQ
VOO $121M
12.2%
ADD
QQQ $80M
8.1%
HOLD
AROW $63M
6.3%
HOLD
IJH $62M
6.3%
ADD
IJR $48M
4.8%
ADD
IDEV $47M
4.7%
ADD
SPYV $44M
4.5%
HOLD
IBHF $31M
3.1%
ADD
VO $22M
2.2%
TRIM
AAPL $18M
1.8%
TRIM
NVDA $17M
1.8%
TRIM
VOLT $16M
1.6%
ADD
IBDX $16M
1.6%
ADD
IBDY $15M
1.5%
ADD
GOOGL $15M
1.5%
TRIM
IBDW $15M
1.5%
ADD
IBCA $15M
1.5%
ADD
IBDV $15M
1.5%
ADD
IBDU $15M
1.5%
ADD
IBDT $15M
1.5%
ADD

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

FDX

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.