13F
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FERNBRIDGE CAPITAL MANAGEMENT LP

13F equity value
$1.6B
Positions
17
Top 10 concentration
87.5%
Quarters / total new picks
20 / 81
13F equity value over time
$0M$1B$2B2020202120222023202420252026

"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 -1.0% per quarter — versus +1.8% per quarter from simply owning every 13F stock. It beat that baseline in only 25.0% of quarters (excess t = -1.55, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
-5.6%
t-stat
-1.55
Quarterly win rate
25%
Annualized excess
-14.1%
$1 → follow vs universe
$0.66 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 0.95320210630: follow 0.94520210930: follow 0.80820211231: follow 0.58320220331: follow 0.62220220630: follow 0.47120220930: follow 0.48120221231: follow 0.49420230331: follow 0.59020230630: follow 0.48020230930: follow 0.50920231231: follow 0.49620240331: follow 0.52520240630: follow 0.54320240930: follow 0.59020241231: follow 0.53920250331: follow 0.55420250630: follow 0.51320250930: follow 0.47320251231: follow 0.657 0.43 0.94 1.45 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 17 holdings of 17 · 2026 Q1

Ticker Value Weight QoQ
CRM $360M
23.1%
ADD
INTU $216M
13.8%
ADD
PTC $185M
11.8%
ADD
WDAY $143M
9.2%
TRIM
V $115M
7.4%
ADD
TTEK $102M
6.6%
ADD
AMZN $75M
4.8%
TRIM
XYL $64M
4.1%
ADD
CNM $58M
3.7%
TRIM
AVGO $46M
2.9%
NEW
COF $42M
2.7%
TRIM
PFGC $34M
2.2%
NEW
SPOT $33M
2.1%
TRIM
BKNG $31M
2.0%
TRIM
LPX $29M
1.9%
TRIM
APP $14M
0.9%
TRIM
DASH $12M
0.8%
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

AVGODASHPFGC

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.