13F
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BECK MACK & OLIVER LLC

13F equity value
$4.8B
Positions
195
Top 10 concentration
46.0%
Quarters / total new picks
28 / 103
13F equity value over time
$0M$3B$6B2017201820192020202120222023202420252026

"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 28 quarters, returned -0.5% per quarter — versus +1.9% per quarter from simply owning every 13F stock. It beat that baseline in only 50.0% of quarters (excess t = 0.19, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
+0.6%
t-stat
0.19
Quarterly win rate
50%
Annualized excess
-13.7%
$1 → follow vs universe
$0.58 vs $1.53
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 0.90920200630: universe 1.00420200930: universe 1.23220201231: universe 1.28820210331: universe 1.29920210630: universe 1.40320210930: universe 1.26020211231: universe 1.07220220331: universe 1.15120221231: universe 1.06920230331: universe 1.12620230630: universe 1.08620231231: universe 1.13520240331: universe 1.16020240630: universe 1.26520240930: universe 1.25520241231: universe 1.17120250331: universe 1.27620250630: universe 1.31720250930: universe 1.48020251231: universe 1.532 20180331: follow 0.86620180630: follow 0.75920180930: follow 0.58920181231: follow 0.57420190331: follow 0.60120190630: follow 0.47220190930: follow 0.50120191231: follow 0.35920200630: follow 0.39120200930: follow 0.43420201231: follow 0.46220210331: follow 0.42120210630: follow 0.39820210930: follow 0.36420211231: follow 0.20920220331: follow 0.23120221231: follow 0.21520230331: follow 0.23420230630: follow 0.24520231231: follow 0.26020240331: follow 0.28420240630: follow 0.38420240930: follow 0.43520241231: follow 0.41020250331: follow 0.43820250630: follow 0.43720250930: follow 0.52920251231: follow 0.584 0.19 0.92 1.65 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 195 · 2026 Q1

Ticker Value Weight QoQ
APO $308M
6.3%
HOLD
GOOGL $264M
5.5%
TRIM
BX $260M
5.4%
ADD
AJG $230M
4.8%
ADD
SUNB $220M
4.5%
NEW
MSFT $206M
4.3%
HOLD
FERG $194M
4.0%
HOLD
SCHW $192M
4.0%
HOLD
SGI $178M
3.7%
ADD
RDNT $177M
3.6%
TRIM
LH $165M
3.4%
HOLD
ZWS $157M
3.2%
TRIM
CACC $131M
2.7%
HOLD
WAT $129M
2.6%
ADD
AXP $123M
2.5%
HOLD
JPM $114M
2.4%
TRIM
ABT $96M
2.0%
ADD
MTDR $86M
1.8%
TRIM
GSAT $74M
1.5%
HOLD
GOOGL $70M
1.4%
TRIM

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

APDASMLCLIAUXINTUKNSLLGNDMARVLO

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.