13F
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F/M Investments LLC

13F equity value
$1.5B
Positions
333
Top 10 concentration
38.4%
Quarters / total new picks
20 / 594
13F equity value over time
$0M$2B$3B2020202120222023202420252026

"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 20 quarters, returned +3.4% per quarter — versus +1.8% per quarter from simply owning every 13F stock. It beat that baseline in only 50.0% of quarters (excess t = 1.21, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
+3.0%
t-stat
1.21
Quarterly win rate
50%
Annualized excess
+6.5%
$1 → follow vs universe
$1.81 vs $1.34
Cumulative return: $1 invested in new picks vs universe
1.00 20210331: universe 1.00920210630: universe 1.09020210930: universe 0.97820211231: universe 0.83220220331: universe 0.89420220630: universe 0.82820220930: universe 0.88920221231: universe 0.82620230331: universe 0.87020230630: universe 0.83920230930: universe 0.95220231231: universe 0.99520240331: universe 1.01720240630: universe 1.11020240930: universe 1.10020241231: universe 1.02720250331: universe 1.11920250630: universe 1.15520250930: universe 1.29820251231: universe 1.343 20210331: follow 1.08320210630: follow 1.10620210930: follow 1.05920211231: follow 0.88720220331: follow 0.95520220630: follow 0.88320220930: follow 0.91620221231: follow 0.91120230331: follow 0.95220230630: follow 0.97220230930: follow 1.16920231231: follow 1.17720240331: follow 1.18520240630: follow 1.28120240930: follow 1.27220241231: follow 1.16620250331: follow 1.18820250630: follow 1.35520250930: follow 1.67120251231: follow 1.808 0.76 1.36 1.95 20212022202320242025 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 333 · 2026 Q1

Ticker Value Weight QoQ
DFCF $128M
8.5%
NEW
GOOGL $64M
4.2%
TRIM
AVGO $58M
3.8%
TRIM
AAPL $57M
3.8%
TRIM
VEU $54M
3.6%
ADD
NVDA $49M
3.3%
TRIM
MSFT $48M
3.1%
TRIM
TBIL $45M
3.0%
ADD
AMZN $43M
2.8%
TRIM
META $32M
2.1%
TRIM
MA $26M
1.7%
TRIM
LLY $22M
1.5%
TRIM
PANW $20M
1.4%
TRIM
HD $20M
1.3%
TRIM
NOC $17M
1.1%
TRIM
V $17M
1.1%
TRIM
ISRG $16M
1.1%
TRIM
HON $16M
1.1%
TRIM
COST $15M
1.0%
TRIM
IDXX $15M
1.0%
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

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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.