13F
中
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Board of Trustees of The Leland Stanford Junior University

13F equity value
$849M
Positions
22
Top 10 concentration
99.2%
Quarters / total new picks
19 / 56
13F equity value over time
$0M$936M$2B2017201820192020202120222023202420252026

"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 19 quarters, returned +5.2% per quarter — versus +0.5% per quarter from simply owning every 13F stock. It beat that baseline in only 42.1% of quarters (excess t = 0.67, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
+4.6%
t-stat
0.67
Quarterly win rate
42%
Annualized excess
+11.3%
$1 → follow vs universe
$1.71 vs $1.03
Cumulative return: $1 invested in new picks vs universe
1.00 20180331: universe 1.04120180630: universe 0.95920180930: universe 1.00320181231: universe 0.99220191231: universe 0.80020200630: universe 0.88420201231: universe 0.92520210331: universe 0.93320210630: universe 1.00720210930: universe 0.90420211231: universe 0.76920220331: universe 0.82620220930: universe 0.88720230331: universe 0.93520230630: universe 0.90120230930: universe 1.02320231231: universe 1.06920241231: universe 0.99820251231: universe 1.032 20180331: follow 0.95120180630: follow 0.85420180930: follow 1.25120181231: follow 1.45220191231: follow 1.15220200630: follow 1.24420201231: follow 1.13320210331: follow 1.27020210630: follow 2.36720210930: follow 1.97520211231: follow 1.71220220331: follow 1.87820220930: follow 2.06420230331: follow 2.05320230630: follow 1.92520230930: follow 2.27020231231: follow 2.01520241231: follow 1.82920251231: follow 1.711 0.71 1.63 2.56 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 19 holdings of 22 · 2026 Q1

Ticker Value Weight QoQ
EEM $513M
60.5%
ADD
GOOGL $113M
13.4%
NEW
EWJ $82M
9.7%
HOLD
EFA $49M
5.8%
NEW
SPY $48M
5.6%
NEW
KOD $26M
3.1%
HOLD
MPLT $4M
0.5%
HOLD
ANNX $3M
0.3%
HOLD
BSM $2M
0.3%
HOLD
WLTH $2M
0.2%
NEW
KRP $2M
0.2%
HOLD
NAVN $1M
0.2%
HOLD
VNOM $1M
0.1%
HOLD
CHYM $788720
0.1%
HOLD
MATX $442638
0.1%
HOLD
LIFE $356770
0.0%
NEW
CARL $113270
0.0%
TRIM
AMTX $80707
0.0%
HOLD
SKIN $8900
0.0%
HOLD

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

EFAGOOGLSPYWLTH

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.