FIL Ltd
"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.
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 51 quarters, returned +1.9% per quarter — versus +2.0% per quarter from simply owning every 13F stock. It beat that baseline in only 39.2% of quarters (excess t = 0.63, not statistically significant). Its filings tell you what it bought — not what you should buy.
Quarterly compounding, invested quarters only · entry after the actual SEC deadline plus a 2-day buffer
Top 20 holdings of 1140 · 2026 Q2
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| RY | $4.9B | | ADD +6% |
| MSFT | $3.9B | | ADD +5% |
| GOOGL | $3.9B | | ADD +7% |
| TD | $3.7B | | ADD +14% |
| AMZN | $3.4B | | ADD +10% |
| AAPL | $3.3B | | ADD +14% |
| TXN | $2.8B | | TRIM −4% |
| CNI | $2.3B | | ADD +14% |
| NVDA | $2.2B | | ADD +9% |
| SHOP | $2.2B | | ADD +6% |
| BMO | $2.2B | | ADD +7% |
| TRP | $1.8B | | ADD +3% |
| CP | $1.8B | | HOLD |
| SU | $1.6B | | HOLD |
| META | $1.5B | | HOLD |
| FNV | $1.4B | | ADD +16% |
| INTU | $1.3B | | ADD ×2.7 |
| TDY | $1.2B | | ADD +14% |
| AEM | $1.2B | | TRIM −39% |
| LIN | $1.2B | | ADD +10% |
QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.
New positions in 2026 Q2
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 is the first trading session after the actual SEC filing deadline plus a 2-day buffer. 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.