Baird Financial Group, Inc.
"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 43 quarters, returned +2.0% per quarter — versus +2.2% per quarter from simply owning every 13F stock. It beat that baseline in only 39.5% of quarters (excess t = 1.11, not statistically significant). Its filings tell you what it bought — not what you should buy.
Quarterly compounding, invested quarters only · entry after the actual SEC deadline plus a 2-day buffer
Top 20 holdings of 1924 · 2026 Q2
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| AAPL | $2.9B | | HOLD |
| JPM | $2.2B | | HOLD |
| GOOG | $2.2B | | TRIM −7% |
| MSFT | $2.2B | | HOLD |
| GEV | $1.6B | | ADD +2% |
| VEA | $1.6B | | ADD +5% |
| IWD | $1.5B | | ADD +3% |
| IWF | $1.4B | | ADD +3% |
| BRK/B | $1.4B | | ADD +3% |
| AMZN | $1.4B | | ADD +5% |
| GE | $1.3B | | ADD +4% |
| JNJ | $1.2B | | ADD +6% |
| IWR | $1.2B | | ADD +19% |
| HD | $1.0B | | HOLD |
| NVDA | $1.0B | | ADD +3% |
| IJR | $979M | | ADD +2% |
| PGR | $963M | | ADD +7% |
| META | $958M | | HOLD +2% |
| PH | $874M | | ADD +2% |
| SCHW | $805M | | ADD +3% |
QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.
New positions in 2026 Q2
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 is the first trading session after the actual SEC filing deadline plus a 2-day buffer. 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.