13F
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Comprehensive Financial Management LLC

13F equity value
$3.0B
Positions
38
Top 10 concentration
96.5%
Quarters / total new picks
21 / 54
13F equity value over time
$0M$6B$12B20192020202120222023202420252026

"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 21 quarters, returned +7.4% per quarter — versus +4.3% per quarter from simply owning every 13F stock. It beat that baseline in only 61.9% of quarters (excess t = 0.93, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
+9.0%
t-stat
0.93
Quarterly win rate
62%
Annualized excess
-8.3%
$1 → follow vs universe
$1.52 vs $2.24
Cumulative return: $1 invested in new picks vs universe
1.00 20200331: universe 1.20620200630: universe 1.33220200930: universe 1.63320201231: universe 1.70820210331: universe 1.72320210630: universe 1.86120210930: universe 1.67020211231: universe 1.42120220331: universe 1.52620220630: universe 1.41420220930: universe 1.51920230630: universe 1.46420230930: universe 1.66220240331: universe 1.69920240630: universe 1.85420240930: universe 1.83820241231: universe 1.71520250331: universe 1.87020250630: universe 1.92920250930: universe 2.16920251231: universe 2.244 20200331: follow 1.36520200630: follow 2.09320200930: follow 2.61220201231: follow 1.79420210331: follow 1.97820210630: follow 2.46520210930: follow 1.12720211231: follow 0.60320220331: follow 0.73620220630: follow 0.56120220930: follow 0.53220230630: follow 0.44420230930: follow 0.57620240331: follow 0.63420240630: follow 0.63120240930: follow 0.81020241231: follow 0.55420250331: follow 0.61420250630: follow 0.68120250930: follow 0.84420251231: follow 1.525 0.41 1.61 2.82 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 38 · 2026 Q1

Ticker Value Weight QoQ
PYPL $1.2B
39.0%
HOLD
EBAY $913M
30.3%
HOLD
GLD $494M
16.4%
HOLD
ZM $94M
3.1%
HOLD
NU $55M
1.8%
HOLD
IWD $45M
1.5%
HOLD
IWN $44M
1.5%
HOLD
VBR $40M
1.3%
HOLD
VNQ $29M
1.0%
HOLD
CRCL $20M
0.7%
HOLD
VTI $18M
0.6%
HOLD
SPY $14M
0.5%
HOLD
WDAY $12M
0.4%
HOLD
CHYM $10M
0.3%
HOLD
NAUT $9M
0.3%
HOLD
SNOW $8M
0.3%
HOLD
BIOA $5M
0.2%
HOLD
VXF $4M
0.1%
NEW
PANW $3M
0.1%
HOLD
VXUS $3M
0.1%
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

FIGRSTUBVXF

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.