13F
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First Trust Capital Management L.P.

13F equity value
$1.9B
Positions
182
Top 10 concentration
42.2%
Quarters / total new picks
21 / 44
13F equity value over time
$0M$1B$2B2017201820192020202120222023202420252026

"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 21 quarters, returned -2.4% per quarter — versus +1.5% per quarter from simply owning every 13F stock. It beat that baseline in only 42.9% of quarters (excess t = -1.32, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
-5.3%
t-stat
-1.32
Quarterly win rate
43%
Annualized excess
-21.1%
$1 → follow vs universe
$0.40 vs $1.28
Cumulative return: $1 invested in new picks vs universe
1.00 20180331: universe 1.04120180630: universe 0.95920180930: universe 1.00320181231: universe 0.99220190331: universe 0.97520190630: universe 1.04820190930: universe 1.12720191231: universe 0.90920201231: universe 0.95120210331: universe 0.95920210630: universe 1.03620210930: universe 0.93020220331: universe 0.99820220930: universe 1.07220221231: universe 0.99620230331: universe 1.04920230930: universe 1.19120240930: universe 1.18120241231: universe 1.10220250930: universe 1.23920251231: universe 1.282 20180331: follow 0.99320180630: follow 0.75520180930: follow 0.81220181231: follow 0.78520190331: follow 0.90320190630: follow 1.16120190930: follow 1.26320191231: follow 1.04420201231: follow 1.06220210331: follow 1.12720210630: follow 1.11420210930: follow 0.87120220331: follow 0.95120220930: follow 0.97220221231: follow 0.43520230331: follow 0.44720230930: follow 0.44320240930: follow 0.48520241231: follow 0.37420250930: follow 0.37320251231: follow 0.395 0.34 0.86 1.38 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 182 · 2026 Q1

Ticker Value Weight QoQ
GTLS $131M
6.9%
NEW
HOL $100M
5.3%
ADD
SEE $98M
5.2%
ADD
MASI $85M
4.5%
NEW
EA $83M
4.3%
ADD
TPH $75M
3.9%
NEW
NSA $68M
3.6%
NEW
AIRT $63M
3.3%
ADD
CWAN $51M
2.7%
ADD
TERN $48M
2.5%
NEW
VRE $47M
2.5%
NEW
OS $44M
2.3%
NEW
WBS $35M
1.8%
NEW
DAWN $32M
1.7%
NEW
ALF $30M
1.6%
HOLD
ACLX $27M
1.4%
NEW
KW $25M
1.3%
NEW
CUB $23M
1.2%
HOLD
GPAT $23M
1.2%
HOLD
LPAA $22M
1.2%
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

ACLXAPLSBCARCCOCTRADAWNDBRGEHABGLDDGTLSHESMIMXIKWMASINSAOSPKSTSEMTALKTERNTPHVREWBS

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.