BANK OF MONTREAL /CAN/
"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. Buying this fund's new positions the day each filing went public, over 50 quarters, returned +4.3% per quarter versus +2.0% from owning every 13F stock, beating that baseline in 56.0% of quarters (excess t = 2.58, statistically significant). Caveat: across all 5,072 funds we tested, past performance shows near-zero persistence (rank correlation −0.018) — with thousands of funds, some will look significant by chance alone.
Quarterly compounding, invested quarters only · entry after the actual SEC deadline plus a 2-day buffer
Top 20 holdings of 3335 · 2026 Q2
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| RY | $12.5B | | TRIM −3% |
| NVDA | $10.1B | | TRIM −10% |
| AAPL | $7.7B | | TRIM −2% |
| TD | $7.6B | | TRIM −17% |
| GOOGL | $6.9B | | HOLD |
| AMZN | $5.6B | | TRIM −5% |
| MSFT | $5.5B | | TRIM −3% |
| BMO | $5.0B | | HOLD |
| BUR.L | $4.9B | | TRIM −29% |
| CM | $4.9B | | ADD +4% |
| SPY | $4.8B | | ADD +8% |
| BNS | $4.5B | | TRIM −7% |
| AVGO | $4.4B | | ADD +19% |
| GOOG | $3.7B | | ADD +7% |
| ENB | $3.3B | | ADD +8% |
| META | $3.1B | | TRIM −7% |
| TSLA | $3.0B | | ADD +6% |
| AMD | $2.9B | | TRIM −3% |
| CNQ | $2.6B | | HOLD |
| MU | $2.5B | | TRIM −25% |
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.