COOKE & BIELER LP
"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 31 quarters, returned +1.1% per quarter — versus +2.5% per quarter from simply owning every 13F stock. It beat that baseline in only 32.3% of quarters (excess t = -1.49, not statistically significant). Its filings tell you what it bought — not what you should buy.
Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)
Top 20 holdings of 103 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| GIL | $352M | | TRIM |
| RNR | $250M | | TRIM |
| RBA | $240M | | HOLD |
| WTM | $230M | | HOLD |
| CCI | $224M | | TRIM |
| FNF | $223M | | TRIM |
| ACGL | $215M | | TRIM |
| SUNB | $182M | | NEW |
| BDX | $181M | | HOLD |
| LH | $180M | | TRIM |
| OMC | $172M | | TRIM |
| COP | $163M | | TRIM |
| ARMK | $154M | | ADD |
| CRL | $150M | | ADD |
| OXY | $145M | | TRIM |
| BN | $142M | | HOLD |
| DIS | $140M | | ADD |
| FISV | $140M | | ADD |
| VVV | $139M | | TRIM |
| MSA | $139M | | TRIM |
QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.
New positions in 2026 Q1
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.