First Command Advisory Services, Inc.

13F equity value

$14.8B

Positions

1,152

Top 10 concentration

84.8%

Quarters / total new picks

27 / 1,254

13F equity value over time

"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 27 quarters, returned +1.1% per quarter — versus +1.5% per quarter from simply owning every 13F stock. It beat that baseline in only 48.1% of quarters (excess t = -0.73, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess

-1.1%

t-stat

-0.73

Quarterly win rate

48%

Annualized excess

-1.2%

$1 → follow vs universe

$1.24 vs $1.34

Cumulative return: $1 invested in new picks vs 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 1152 · 2026 Q1

Ticker	Value	Weight	QoQ
IVV	$5.7B	38.4%	TRIM
DYNF	$1.7B	11.5%	ADD
QQQM	$1.1B	7.6%	HOLD
IJH	$1.1B	7.2%	HOLD
IJR	$810M	5.5%	HOLD
DFAI	$581M	3.9%	NEW
IWP	$506M	3.4%	ADD
GNR	$394M	2.7%	HOLD
EWJ	$372M	2.5%	TRIM
SPYM	$325M	2.2%	ADD
IEFA	$236M	1.6%	HOLD
VO	$161M	1.1%	HOLD
IUSB	$144M	1.0%	ADD
IDEV	$139M	0.9%	ADD
DEXC	$115M	0.8%	TRIM
SPMD	$108M	0.7%	ADD
SPHQ	$108M	0.7%	HOLD
DGRO	$107M	0.7%	HOLD
AVES	$107M	0.7%	NEW
IAU	$91M	0.6%	TRIM

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

ABBNY ACGL ACWV AIRR AKRE ANDE APPF ARES ARKK ARKQ ATI AUDC AVES BBD BBLU BE BEPC BHP BIIB BIPC BLNK BN BND BNDX BOXX BUD BVN CAMT CCC CHKP

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.