Forum Financial 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 16 quarters, returned +2.6% per quarter — versus +3.3% per quarter from simply owning every 13F stock. It beat that baseline in only 43.8% of quarters (excess t = 0.33, 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 331 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| DFAC | $1.6B | | ADD |
| TLH | $900M | | ADD |
| DFAT | $646M | | HOLD |
| DFIC | $576M | | HOLD |
| DFEM | $567M | | TRIM |
| DFGR | $466M | | ADD |
| DFGP | $353M | | ADD |
| DUHP | $311M | | ADD |
| DISV | $221M | | TRIM |
| DIHP | $202M | | HOLD |
| AMGN | $122M | | HOLD |
| DFUS | $83M | | TRIM |
| VTEB | $66M | | HOLD |
| AAPL | $65M | | TRIM |
| HYD | $64M | | HOLD |
| DFUV | $57M | | HOLD |
| VGLT | $50M | | ADD |
| DFAX | $36M | | TRIM |
| GOOG | $32M | | TRIM |
| GOOGL | $27M | | 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.