Cambridge Investment Research Advisors, Inc.
"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. Buying this fund's new positions the day each filing went public, over 51 quarters, returned +2.3% per quarter versus +2.0% from owning every 13F stock, beating that baseline in 47.1% of quarters (excess t = 2.27, statistically significant). Caveat: across all 5,072 funds we tested, past performance shows near-zero persistence (rank correlation −0.018) — with thousands of funds, some will look significant by chance alone.
Quarterly compounding, invested quarters only · entry after the actual SEC deadline plus a 2-day buffer
Top 20 holdings of 4046 · 2026 Q2
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| VOO | $2.8B | | ADD ×2.1 |
| AAPL | $2.5B | | ADD +99% |
| NVDA | $2.3B | | ADD ×2.0 |
| QQQ | $1.9B | | ADD +98% |
| IVV | $1.7B | | ADD +93% |
| VTI | $1.6B | | ADD ×2.0 |
| AMZN | $1.2B | | ADD ×2.0 |
| VXUS | $1.1B | | ADD ×2.0 |
| SPY | $1.0B | | ADD ×2.1 |
| MSFT | $963M | | ADD ×2.0 |
| CGDV | $773M | | ADD ×2.1 |
| BRK/B | $744M | | ADD ×2.0 |
| GOOGL | $710M | | ADD +98% |
| GOOG | $661M | | ADD +100% |
| SPYM | $650M | | ADD ×3.3 |
| VUG | $638M | | ADD ×2.3 |
| VEA | $572M | | ADD ×2.3 |
| RDVY | $560M | | ADD ×2.1 |
| AVGO | $543M | | ADD ×2.1 |
| MU | $500M | | ADD ×2.0 |
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.