COMMONWEALTH EQUITY SERVICES, LLC
"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 anyway. Buying this fund's new positions the day each filing went public, over 33 quarters, returned +1.9% per quarter — versus +1.7% per quarter from simply owning every 13F stock. It beat that baseline in only 42.4% of quarters (excess t = 0.66, not statistically significant). Its filings tell you what it bought — not what you should buy.
Quarterly compounding, invested quarters only · entry after the actual SEC deadline plus a 2-day buffer
Top 20 holdings of 4415 · 2026 Q2
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| AAPL | $2.5B | | TRIM −5% |
| IVV | $2.0B | | HOLD |
| NVDA | $1.7B | | TRIM −5% |
| QQQ | $1.2B | | TRIM −7% |
| VEA | $1.2B | | HOLD |
| SPY | $1.1B | | TRIM −8% |
| MSFT | $1.1B | | TRIM −5% |
| AMZN | $983M | | TRIM −6% |
| VOO | $903M | | HOLD |
| IWF | $834M | | TRIM −2% |
| VUG | $788M | | TRIM −4% |
| GOOGL | $732M | | TRIM −5% |
| VTI | $711M | | TRIM −3% |
| CGDV | $674M | | HOLD |
| CGGR | $658M | | ADD +3% |
| VTV | $593M | | ADD +3% |
| DGRO | $548M | | HOLD |
| VIG | $545M | | TRIM −3% |
| BRK/B | $535M | | TRIM −3% |
| GOOG | $524M | | TRIM −6% |
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.