Bronte Capital Management Pty Ltd.
"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 18 quarters, returned +3.3% per quarter — versus +4.0% per quarter from simply owning every 13F stock. It beat that baseline in only 55.6% of quarters (excess t = -0.15, not statistically significant). Its filings tell you what it bought — not what you should buy.
Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)
Top 20 holdings of 51 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| REGN | $134M | | TRIM |
| GOOGL | $110M | | TRIM |
| IBKR | $86M | | TRIM |
| BRK/B | $74M | | TRIM |
| AMZN | $60M | | ADD |
| PM | $56M | | TRIM |
| CTVA | $42M | | TRIM |
| COF | $34M | | ADD |
| FCNCA | $31M | | TRIM |
| DIS | $18M | | NEW |
| TBBB | $17M | | ADD |
| NKTR | $14M | | NEW |
| HLF | $14M | | TRIM |
| GHC | $14M | | TRIM |
| ALNY | $12M | | TRIM |
| IWO | $12M | | NEW |
| IBB | $12M | | TRIM |
| SQM | $10M | | TRIM |
| AUR | $10M | | NEW |
| NEM | $8M | | TRIM |
QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.
New positions in 2026 Q1
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.