13F
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Dundas Partners LLP

13F equity value
$1.3B
Positions
49
Top 10 concentration
53.7%
Quarters / total new picks
16 / 53
13F equity value over time
$0M$719M$1B201820192020202120222023202420252026

"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 +1.1% per quarter — versus +2.2% per quarter from simply owning every 13F stock. It beat that baseline in only 43.8% of quarters (excess t = -0.96, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
-3.7%
t-stat
-0.96
Quarterly win rate
44%
Annualized excess
-4.8%
$1 → follow vs universe
$1.11 vs $1.33
Cumulative return: $1 invested in new picks vs universe
1.00 20180930: universe 1.04620200331: universe 1.26120201231: universe 1.31820210331: universe 1.33020210930: universe 1.19420211231: universe 1.01620220331: universe 1.09120220630: universe 1.01120221231: universe 0.93920230630: universe 0.90520231231: universe 0.94520240331: universe 0.96720240630: universe 1.05520250331: universe 1.15020250630: universe 1.18620250930: universe 1.333 20180930: follow 1.09720200331: follow 1.18720201231: follow 1.09620210331: follow 1.27520210930: follow 1.11820211231: follow 0.95320220331: follow 0.97020220630: follow 0.91620221231: follow 1.00920230630: follow 1.04720231231: follow 1.00620240331: follow 0.97220240630: follow 1.18820250331: follow 1.15620250630: follow 1.11920250930: follow 1.111 0.83 1.14 1.44 2018202020212022202320242025 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 49 · 2026 Q1

Ticker Value Weight QoQ
TSM $93M
7.4%
TRIM
AMAT $90M
7.2%
TRIM
GOOG $83M
6.6%
HOLD
APH $67M
5.3%
HOLD
MSFT $66M
5.3%
HOLD
ADI $63M
5.0%
HOLD
V $59M
4.7%
ADD
AXP $53M
4.3%
HOLD
ROST $52M
4.1%
TRIM
TMO $48M
3.8%
HOLD
RMD $46M
3.6%
HOLD
ABT $44M
3.5%
HOLD
NDAQ $43M
3.5%
HOLD
BRO $43M
3.4%
HOLD
BKNG $38M
3.1%
ADD
ZTS $35M
2.8%
TRIM
AME $35M
2.8%
TRIM
SYK $31M
2.5%
TRIM
ADP $29M
2.3%
HOLD
MA $28M
2.2%
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

None.

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.