Banque Cantonale Vaudoise
"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 23 quarters, returned +4.3% per quarter — versus +3.2% per quarter from simply owning every 13F stock. It beat that baseline in only 52.2% of quarters (excess t = -0.12, 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 816 · 2026 Q2
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| ALC | $78.4B | | ADD +3% |
| GOOGL | $77.2B | | TRIM −16% |
| AVGO | $74.0B | | TRIM −11% |
| CAT | $28.6B | | TRIM −4% |
| CSCO | $24.6B | | TRIM −21% |
| GOOG | $24.0B | | TRIM −24% |
| ABBV | $22.5B | | TRIM −5% |
| KO | $19.4B | | ADD +14% |
| AZN | $11.3B | | NEW |
| 0Y3K.L | $9.5B | | ADD +15% |
| BMY | $7.9B | | ADD +21% |
| GLW | $7.4B | | ADD ×2.1 |
| CB | $7.3B | | TRIM −7% |
| CCJ | $7.2B | | ADD +3% |
| C | $7.2B | | TRIM −23% |
| COST | $7.0B | | ADD +30% |
| DELL | $7.0B | | TRIM −47% |
| CRWD | $7.0B | | TRIM −36% |
| MMM | $6.3B | | TRIM −4% |
| CMI | $6.2B | | TRIM −27% |
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.