Betterment LLC
"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 11 quarters, returned +6.5% per quarter — versus +3.9% per quarter from simply owning every 13F stock. It beat that baseline in only 54.5% of quarters (excess t = 0.46, 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 675 · 2026 Q2
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| VEA | $9.9B | | HOLD |
| VTI | $8.9B | | TRIM −2% |
| SPYM | $8.6B | | ADD +7% |
| VWO | $3.2B | | HOLD |
| MUB | $2.3B | | ADD +7% |
| ITOT | $1.7B | | TRIM −3% |
| AGG | $1.5B | | TRIM −35% |
| JCPB | $1.3B | | ADD ×4.6 |
| SPMD | $1.3B | | TRIM −7% |
| SPSM | $1.1B | | HOLD |
| VTV | $1.0B | | TRIM −2% |
| BNDX | $983M | | ADD +5% |
| IEFA | $865M | | TRIM −3% |
| SCHX | $843M | | HOLD |
| GSLC | $810M | | HOLD |
| JPST | $696M | | HOLD |
| VOE | $693M | | TRIM −6% |
| VBR | $684M | | TRIM −4% |
| ESGU | $664M | | HOLD |
| GBIL | $627M | | 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.