13F
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CGN Advisors LLC

13F equity value
$1.3B
Positions
317
Top 10 concentration
36.3%
Quarters / total new picks
19 / 102
13F equity value over time
$0M$633M$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 19 quarters, returned -0.1% per quarter — versus +1.6% per quarter from simply owning every 13F stock. It beat that baseline in only 47.4% of quarters (excess t = -1.54, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
-4.8%
t-stat
-1.54
Quarterly win rate
47%
Annualized excess
-7.2%
$1 → follow vs universe
$0.91 vs $1.27
Cumulative return: $1 invested in new picks vs universe
1.00 20210331: universe 1.00920210630: universe 1.09020210930: universe 0.97820211231: universe 0.83220220331: universe 0.89420220630: universe 0.82820220930: universe 0.88920221231: universe 0.82620230630: universe 0.79620230930: universe 0.90420231231: universe 0.94420240331: universe 0.96620240630: universe 1.05320240930: universe 1.04420241231: universe 0.97520250331: universe 1.06320250630: universe 1.09620250930: universe 1.23220251231: universe 1.275 20210331: follow 1.02820210630: follow 0.94120210930: follow 0.87620211231: follow 0.75220220331: follow 0.79620220630: follow 0.73420220930: follow 0.78120221231: follow 0.73120230630: follow 0.68020230930: follow 0.78820231231: follow 0.77020240331: follow 0.74820240630: follow 0.87920240930: follow 0.92120241231: follow 0.87120250331: follow 0.80820250630: follow 0.78620250930: follow 0.86520251231: follow 0.910 0.63 1.00 1.38 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 317 · 2026 Q1

Ticker Value Weight QoQ
JCPB $85M
6.7%
ADD
SPDW $53M
4.2%
HOLD
AVDE $52M
4.1%
TRIM
SPYV $50M
3.9%
HOLD
SPYG $48M
3.8%
HOLD
VTI $41M
3.3%
ADD
SPIB $40M
3.1%
TRIM
JMBS $32M
2.5%
TRIM
BINC $31M
2.5%
HOLD
SPEM $27M
2.2%
HOLD
VCRB $25M
2.0%
ADD
AVEM $21M
1.6%
TRIM
JSCP $18M
1.4%
ADD
JMUB $18M
1.4%
HOLD
IQDG $17M
1.4%
TRIM
JBND $16M
1.2%
ADD
VTV $16M
1.2%
HOLD
VEA $13M
1.0%
HOLD
AAPL $13M
1.0%
HOLD
VCRM $13M
1.0%
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

FLMIGBILIBDXIBTIINTCLMTOKEPFXFQFLR

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.