13F
中
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Covea Finance

13F equity value
$2.9B
Positions
146
Top 10 concentration
33.4%
Quarters / total new picks
16 / 177
13F equity value over time
$0M$2B$3B202120222023202420252026

"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 16 quarters, returned -0.3% per quarter — versus +3.3% per quarter from simply owning every 13F stock. It beat that baseline in only 31.2% of quarters (excess t = -1.61, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
-5.4%
t-stat
-1.61
Quarterly win rate
31%
Annualized excess
-16.1%
$1 → follow vs universe
$0.87 vs $1.61
Cumulative return: $1 invested in new picks vs universe
1.00 20220331: universe 1.07420220630: universe 0.99520220930: universe 1.06820221231: universe 0.99220230331: universe 1.04620230630: universe 1.00820230930: universe 1.14420231231: universe 1.19620240331: universe 1.22220240630: universe 1.33320240930: universe 1.32220241231: universe 1.23420250331: universe 1.34520250630: universe 1.38720250930: universe 1.56020251231: universe 1.614 20220331: follow 0.98020220630: follow 0.99720220930: follow 1.04020221231: follow 0.82720230331: follow 0.83420230630: follow 0.80720230930: follow 0.94120231231: follow 1.06620240331: follow 1.07420240630: follow 0.88220240930: follow 0.86720241231: follow 0.72620250331: follow 0.73220250630: follow 0.71520250930: follow 0.79420251231: follow 0.871 0.66 1.20 1.74 2022202320242025 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 146 · 2026 Q1

Ticker Value Weight QoQ
MSFT $156M
5.5%
HOLD
AAPL $142M
5.0%
TRIM
GOOGL $121M
4.3%
TRIM
AMZN $119M
4.2%
ADD
NVDA $113M
3.9%
TRIM
AVGO $70M
2.5%
TRIM
WMT $65M
2.3%
TRIM
CCJ $64M
2.3%
TRIM
WM $53M
1.9%
TRIM
FNV $50M
1.8%
TRIM
TMO $48M
1.7%
HOLD
BAC $48M
1.7%
ADD
NFLX $46M
1.6%
ADD
MSI $43M
1.5%
TRIM
AWK $42M
1.5%
ADD
GEV $41M
1.4%
TRIM
V $41M
1.4%
TRIM
EMR $40M
1.4%
TRIM
ISRG $39M
1.4%
TRIM
LHX $38M
1.3%
NEW

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

AMATAMDARMASBAVAVBLDRCFRCGNXECHOGILDHBANHDHIILHXMIRMTDNXEOCPEPPODDTERUUUUZION

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.