13F
中
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FORBES J M & CO LLP

13F equity value
$1.2B
Positions
150
Top 10 concentration
44.2%
Quarters / total new picks
23 / 46
13F equity value over time
$0M$618M$1B2017201820192020202120222023202420252026

"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 23 quarters, returned +5.5% per quarter — versus +3.4% per quarter from simply owning every 13F stock. It beat that baseline in only 65.2% of quarters (excess t = 0.81, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
+3.1%
t-stat
0.81
Quarterly win rate
65%
Annualized excess
+5.4%
$1 → follow vs universe
$2.54 vs $1.95
Cumulative return: $1 invested in new picks vs universe
1.00 20190331: universe 0.98320190630: universe 1.05620191231: universe 0.85220200331: universe 1.02720200630: universe 1.13520200930: universe 1.39220201231: universe 1.45520210630: universe 1.57220210930: universe 1.41120220630: universe 1.30720220930: universe 1.40420221231: universe 1.30420230331: universe 1.37420230630: universe 1.32520230930: universe 1.50420231231: universe 1.57120240331: universe 1.60620240930: universe 1.59320241231: universe 1.48620250331: universe 1.62020250630: universe 1.67120250930: universe 1.87920251231: universe 1.944 20190331: follow 1.00420190630: follow 1.10820191231: follow 0.66220200331: follow 0.72820200630: follow 0.76720200930: follow 0.77720201231: follow 0.73520210630: follow 0.66320210930: follow 0.57220220630: follow 0.64420220930: follow 0.71820221231: follow 0.76020230331: follow 0.80420230630: follow 0.83220230930: follow 0.99820231231: follow 1.30820240331: follow 1.39120240930: follow 1.22920241231: follow 1.24020250331: follow 1.36420250630: follow 1.48420250930: follow 2.25420251231: follow 2.546 0.53 1.64 2.75 2019202020212022202320242025 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 150 · 2026 Q1

Ticker Value Weight QoQ
IAU $81M
6.9%
TRIM
NVDA $72M
6.1%
HOLD
GOOGL $66M
5.6%
HOLD
AAPL $63M
5.3%
HOLD
MSFT $58M
4.9%
HOLD
AMZN $40M
3.4%
HOLD
AVGO $37M
3.1%
HOLD
JPM $29M
2.5%
HOLD
JNJ $29M
2.4%
HOLD
WMT $23M
2.0%
HOLD
BAC $23M
1.9%
HOLD
MRK $21M
1.8%
HOLD
NEE $20M
1.7%
HOLD
V $20M
1.7%
HOLD
TJX $20M
1.7%
HOLD
VIG $19M
1.6%
ADD
KO $19M
1.6%
HOLD
PG $17M
1.5%
HOLD
IJH $15M
1.3%
HOLD
ABT $14M
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

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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.