DISCOVERY CAPITAL MANAGEMENT, LLC / CT
"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 32 quarters, returned +4.8% per quarter — versus +2.7% per quarter from simply owning every 13F stock. It beat that baseline in only 56.2% of quarters (excess t = 1.37, 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 77 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| SNDK | $117M | | NEW |
| AMX | $113M | | ADD |
| MU | $93M | | ADD |
| ON | $87M | | NEW |
| METC | $85M | | HOLD |
| CAR | $80M | | NEW |
| TV | $65M | | ADD |
| LRCX | $64M | | ADD |
| IREN | $63M | | TRIM |
| JBS | $60M | | ADD |
| IFS | $53M | | NEW |
| VNET | $50M | | TRIM |
| COF | $49M | | ADD |
| ECHO | $48M | | ADD |
| BAP | $48M | | ADD |
| JPM | $46M | | TRIM |
| COMP | $44M | | ADD |
| GGAL | $41M | | ADD |
| CX | $40M | | ADD |
| PPTA | $37M | | HOLD |
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.