13F
中
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Cohen Klingenstein LLC

13F equity value
$3.1B
Positions
205
Top 10 concentration
60.2%
Quarters / total new picks
25 / 103
13F equity value over time
$0M$2B$3B2017201820192020202120222023202420252026

"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 25 quarters, returned +5.3% per quarter — versus +4.3% per quarter from simply owning every 13F stock. It beat that baseline in only 48.0% of quarters (excess t = 1.60, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
+9.3%
t-stat
1.60
Quarterly win rate
48%
Annualized excess
-8.0%
$1 → follow vs universe
$1.68 vs $2.61
Cumulative return: $1 invested in new picks vs universe
1.00 20180630: universe 0.92120180930: universe 0.96320190331: universe 0.94720190630: universe 1.01820190930: universe 1.09420191231: universe 0.88320200331: universe 1.06420200630: universe 1.17620200930: universe 1.44220201231: universe 1.50820210331: universe 1.52120210630: universe 1.64320210930: universe 1.47520220331: universe 1.58320220930: universe 1.70120221231: universe 1.58020230331: universe 1.66420230630: universe 1.60520230930: universe 1.82120231231: universe 1.90320240630: universe 2.07620240930: universe 2.05820250331: universe 2.24420250930: universe 2.52320251231: universe 2.610 20180630: follow 1.00220180930: follow 1.06420190331: follow 1.07720190630: follow 1.20120190930: follow 1.28720191231: follow 0.68520200331: follow 1.54520200630: follow 1.68220200930: follow 1.58420201231: follow 1.70520210331: follow 1.93720210630: follow 1.79720210930: follow 1.58720220331: follow 1.18520220930: follow 1.19920221231: follow 0.89520230331: follow 0.90020230630: follow 0.90520230930: follow 0.88920231231: follow 0.93920240630: follow 1.24220240930: follow 1.28620250331: follow 1.36220250930: follow 1.82120251231: follow 1.676 0.63 1.72 2.82 20182019202020212022202320242025 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 205 · 2026 Q1

Ticker Value Weight QoQ
SPY $722M
23.4%
HOLD
VBK $200M
6.5%
HOLD
QQQ $178M
5.8%
TRIM
IWO $155M
5.0%
TRIM
LLY $119M
3.8%
HOLD
AAPL $118M
3.8%
HOLD
AMZN $109M
3.5%
TRIM
MSFT $106M
3.4%
HOLD
NVDA $81M
2.6%
HOLD
GOOGL $73M
2.4%
HOLD
GOOG $69M
2.2%
HOLD
AVGO $55M
1.8%
NEW
AXP $55M
1.8%
HOLD
DIS $53M
1.7%
HOLD
BRK/B $51M
1.6%
HOLD
PEP $46M
1.5%
HOLD
META $45M
1.5%
HOLD
JNJ $31M
1.0%
HOLD
UNP $30M
1.0%
HOLD
RTX $30M
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

AVGOWBD

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.