FLOSSBACH VON STORCH SE
"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 31 quarters, returned -0.9% per quarter — versus +2.6% per quarter from simply owning every 13F stock. It beat that baseline in only 38.7% of quarters (excess t = -1.83, not statistically significant). Its filings tell you what it bought — not what you should buy.
Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)
Top 20 holdings of 108 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| GOOGL | $1.4B | | TRIM |
| MSFT | $1.3B | | ADD |
| BRK/B | $1.2B | | TRIM |
| AMZN | $1.2B | | TRIM |
| SCHW | $1.0B | | HOLD |
| TMO | $960M | | TRIM |
| ABT | $807M | | ADD |
| ICE | $777M | | HOLD |
| DHR | $758M | | HOLD |
| AME | $741M | | TRIM |
| PEP | $734M | | TRIM |
| APH | $704M | | TRIM |
| AAPL | $688M | | TRIM |
| FTV | $658M | | ADD |
| NKE | $644M | | TRIM |
| V | $611M | | TRIM |
| SPGI | $590M | | ADD |
| ACN | $469M | | TRIM |
| ROP | $447M | | ADD |
| LIN | $408M | | TRIM |
QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.
New positions in 2026 Q1
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.