Forest Avenue Capital Management LP
"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 12 quarters, returned +4.4% per quarter — versus +4.3% per quarter from simply owning every 13F stock. It beat that baseline in only 58.3% of quarters (excess t = 0.00, 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 25 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| VST | $195M | | ADD |
| VIK | $150M | | TRIM |
| CRS | $148M | | TRIM |
| QXO | $90M | | ADD |
| CNM | $89M | | TRIM |
| PARR | $89M | | ADD |
| MTZ | $87M | | TRIM |
| ECG | $84M | | NEW |
| WWD | $79M | | TRIM |
| SGI | $75M | | ADD |
| BTU | $54M | | ADD |
| LNG | $49M | | NEW |
| RRX | $45M | | NEW |
| AGX | $41M | | TRIM |
| CEG | $37M | | NEW |
| NCLH | $37M | | NEW |
| LEG | $37M | | ADD |
| VG | $32M | | NEW |
| AR | $32M | | NEW |
| HII | $31M | | NEW |
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.