D.A. DAVIDSON & CO.
"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. Buying this fund's new positions the day each filing went public, over 32 quarters, returned +3.1% per quarter versus +2.7% from owning every 13F stock, beating that baseline in 59.4% of quarters (excess t = 2.66, statistically significant). Caveat: across all 5,072 funds we tested, past performance shows near-zero persistence (rank correlation −0.018) — with thousands of funds, some will look significant by chance alone.
Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)
Top 20 holdings of 1552 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| VTV | $1.1B | | HOLD |
| VUG | $791M | | ADD |
| IXUS | $673M | | HOLD |
| AGG | $513M | | ADD |
| AAPL | $387M | | HOLD |
| MSFT | $328M | | ADD |
| IWN | $241M | | ADD |
| VEA | $229M | | HOLD |
| AVGO | $221M | | TRIM |
| SPIB | $217M | | ADD |
| NVDA | $189M | | HOLD |
| COST | $189M | | HOLD |
| RTX | $173M | | TRIM |
| IWO | $171M | | ADD |
| JNJ | $162M | | TRIM |
| AMZN | $162M | | ADD |
| IWF | $161M | | ADD |
| VOO | $159M | | HOLD |
| CGDV | $155M | | ADD |
| CMI | $146M | | 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.