13F
中
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Fidelity National Financial, Inc.

13F equity value
$2.7B
Positions
20
Top 10 concentration
96.0%
Quarters / total new picks
19 / 45
13F equity value over time
$0M$3B$6B2017201820192020202120222023202420252026

"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 19 quarters, returned +5.1% per quarter — versus +1.3% per quarter from simply owning every 13F stock. It beat that baseline in only 47.4% of quarters (excess t = -0.78, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
-3.3%
t-stat
-0.78
Quarterly win rate
47%
Annualized excess
+13.0%
$1 → follow vs universe
$2.03 vs $1.16
Cumulative return: $1 invested in new picks vs universe
1.00 20180930: universe 1.04620190331: universe 1.02820190630: universe 1.10520191231: universe 0.89120200331: universe 1.07520200630: universe 1.18720210630: universe 1.28220210930: universe 1.15120211231: universe 0.97920220331: universe 1.05120220630: universe 0.97420221231: universe 0.90520230331: universe 0.95320230930: universe 1.08220240331: universe 1.10620240630: universe 1.20720240930: universe 1.19620241231: universe 1.11720251231: universe 1.155 20180930: follow 1.03420190331: follow 1.03520190630: follow 1.14520191231: follow 0.99520200331: follow 0.91620200630: follow 0.93220210630: follow 0.92820210930: follow 1.22720211231: follow 1.26820220331: follow 1.26920220630: follow 1.15320221231: follow 0.99020230331: follow 0.95720230930: follow 1.63020240331: follow 1.61320240630: follow 1.88420240930: follow 2.02020241231: follow 2.02620251231: follow 2.033 0.82 1.51 2.20 20182019202020212022202320242025 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 20 · 2026 Q1

Ticker Value Weight QoQ
FG $2.4B
88.3%
HOLD
CCAP $51M
1.9%
HOLD
VICI $27M
1.0%
HOLD
TXT $26M
1.0%
HOLD
PEP $23M
0.9%
HOLD
META $21M
0.8%
NEW
AMGN $16M
0.6%
NEW
PSFE $15M
0.6%
HOLD
ORCL $15M
0.6%
ADD
PG $15M
0.6%
ADD
ACI $15M
0.5%
NEW
HRL $15M
0.5%
HOLD
KDP $14M
0.5%
HOLD
AMCR $14M
0.5%
NEW
TROW $13M
0.5%
HOLD
ALIT $13M
0.5%
HOLD
BX $12M
0.4%
HOLD
DBD $8M
0.3%
HOLD
UHG $3M
0.1%
HOLD
CNTY $260625
0.0%
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

ACIAMCRAMGNMETA

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.