13F
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CBIZ Investment Advisory Services, LLC

13F equity value
$2.7B
Positions
415
Top 10 concentration
95.3%
Quarters / total new picks
17 / 1,029
13F equity value over time
$0M$1B$3B20192020202120222023202420252026

"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 17 quarters, returned +6.3% per quarter — versus +5.5% per quarter from simply owning every 13F stock. It beat that baseline in only 52.9% of quarters (excess t = 0.17, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
+0.6%
t-stat
0.17
Quarterly win rate
53%
Annualized excess
+2.7%
$1 → follow vs universe
$2.61 vs $2.38
Cumulative return: $1 invested in new picks vs universe
1.00 20200331: universe 1.20620201231: universe 1.26020210630: universe 1.36120210930: universe 1.22220220331: universe 1.31220220930: universe 1.40920230331: universe 1.48520230930: universe 1.68520231231: universe 1.76120240331: universe 1.80120240630: universe 1.96420240930: universe 1.94720241231: universe 1.81720250331: universe 1.98120250630: universe 2.04320250930: universe 2.29820251231: universe 2.377 20200331: follow 1.12120201231: follow 1.29120210630: follow 1.37520210930: follow 1.35120220331: follow 1.47320220930: follow 1.26320230331: follow 1.32120230930: follow 1.69820231231: follow 2.02120240331: follow 2.08520240630: follow 2.40920240930: follow 2.36420241231: follow 2.22320250331: follow 2.31820250630: follow 2.34620250930: follow 2.72520251231: follow 2.607 0.92 1.93 2.94 202020212022202320242025 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 415 · 2026 Q1

Ticker Value Weight QoQ
BND $632M
23.1%
ADD
VTV $530M
19.4%
ADD
VEU $402M
14.7%
HOLD
VUG $395M
14.4%
ADD
QQQ $243M
8.9%
HOLD
VB $125M
4.6%
ADD
VWO $107M
3.9%
HOLD
VO $85M
3.1%
TRIM
RSP $49M
1.8%
HOLD
IVV $38M
1.4%
TRIM
HYG $35M
1.3%
ADD
VCIT $33M
1.2%
ADD
VEA $11M
0.4%
TRIM
VTI $7M
0.3%
HOLD
VONE $5M
0.2%
TRIM
ESML $5M
0.2%
NEW
EMXC $4M
0.1%
TRIM
AAPL $4M
0.1%
TRIM
VOE $3M
0.1%
HOLD
VXUS $2M
0.1%
ADD

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

BSCTESMLETJSLF

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.