13F
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CFS Investment Advisory Services, LLC

13F equity value
$1.5B
Positions
353
Top 10 concentration
31.8%
Quarters / total new picks
17 / 586
13F equity value over time
$0M$726M$1B2020202120222023202420252026

"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 +2.3% per quarter — versus +2.0% per quarter from simply owning every 13F stock. It beat that baseline in only 64.7% of quarters (excess t = 0.98, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
+3.4%
t-stat
0.98
Quarterly win rate
65%
Annualized excess
-1.5%
$1 → follow vs universe
$1.26 vs $1.33
Cumulative return: $1 invested in new picks vs universe
1.00 20210930: universe 0.89820211231: universe 0.76420220331: universe 0.82020220930: universe 0.88120221231: universe 0.81820230331: universe 0.86220230630: universe 0.83120230930: universe 0.94320231231: universe 0.98620240331: universe 1.00820240630: universe 1.09920240930: universe 1.09020241231: universe 1.01720250331: universe 1.10920250630: universe 1.14420250930: universe 1.28620251231: universe 1.331 20210930: follow 0.94420211231: follow 0.87320220331: follow 0.91020220930: follow 0.95520221231: follow 0.56520230331: follow 0.65820230630: follow 0.64820230930: follow 0.67820231231: follow 0.75920240331: follow 0.80920240630: follow 0.86420240930: follow 0.89120241231: follow 0.88320250331: follow 0.95020250630: follow 1.00020250930: follow 1.15820251231: follow 1.255 0.52 0.98 1.44 20212022202320242025 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 353 · 2026 Q1

Ticker Value Weight QoQ
PTLC $112M
7.8%
HOLD
SPYM $93M
6.4%
ADD
VUG $53M
3.6%
HOLD
IWD $40M
2.8%
TRIM
DYNF $38M
2.6%
TRIM
IVV $30M
2.1%
TRIM
DFAC $27M
1.9%
ADD
VEA $23M
1.6%
ADD
DFCF $23M
1.6%
ADD
IJH $22M
1.5%
HOLD
CORO $22M
1.5%
NEW
SGOV $22M
1.5%
ADD
IVW $22M
1.5%
TRIM
SPTL $21M
1.4%
TRIM
DFIV $20M
1.4%
TRIM
BAI $19M
1.3%
HOLD
GOVT $18M
1.3%
ADD
QUAL $18M
1.3%
TRIM
AAPL $18M
1.2%
HOLD
MBB $18M
1.2%
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

ACWXAPHCGUSCIDEDIVBDLRDTEEOGFDXGEVGLGLDGLWHCAHYMBIFRAINTCIWLLHXMCHPMPWRNTRSOKESFLRSPIPSTXVLUEVRTVSDM

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.