13F
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Elequin Capital, LP

13F equity value
$1.1B
Positions
616
Top 10 concentration
80.5%
Quarters / total new picks
16 / 1,617
13F equity value over time
$0M$586M$1B202120222023202420252026

"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 +2.8% per quarter — versus +3.3% per quarter from simply owning every 13F stock. It beat that baseline in only 50.0% of quarters (excess t = -0.42, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
-0.7%
t-stat
-0.42
Quarterly win rate
50%
Annualized excess
-1.7%
$1 → follow vs universe
$1.52 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 1.08320220630: follow 1.01320220930: follow 1.03720221231: follow 0.97620230331: follow 0.98320230630: follow 0.94620230930: follow 1.05720231231: follow 1.12120240331: follow 1.11820240630: follow 1.21320240930: follow 1.23420241231: follow 1.18720250331: follow 1.22820250630: follow 1.33420250930: follow 1.44620251231: follow 1.520 0.87 1.31 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 616 · 2026 Q1

Ticker Value Weight QoQ
DUK $511M
46.8%
NEW
NVDA $72M
6.6%
TRIM
VTR $50M
4.6%
NEW
SPY $23M
2.1%
TRIM
BSMT $22M
2.0%
ADD
TLT $20M
1.9%
NEW
CLOA $13M
1.1%
ADD
NEE $12M
1.1%
ADD
BSOL $9M
0.9%
TRIM
BITB $8M
0.8%
ADD
LITE $8M
0.8%
NEW
SCHY $8M
0.7%
NEW
CGMU $7M
0.7%
ADD
FEMB $7M
0.6%
ADD
IBIT $6M
0.6%
ADD
FBTC $6M
0.5%
ADD
GRID $5M
0.5%
NEW
GSOL $5M
0.5%
TRIM
COIN $4M
0.4%
ADD
HPE $4M
0.4%
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

AAOIABBVABTACNADIADPAGMAIGAIRALABALBAMCRAMKRAMTANETAPDAPHARMKARWRASMASRASXATENATIATOAUAXBBAHBAP

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.