13F
中
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FOUNDATION RESOURCE MANAGEMENT INC

13F equity value
$889M
Positions
55
Top 10 concentration
48.9%
Quarters / total new picks
18 / 30
13F equity value over time
$0M$514M$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 18 quarters, returned +5.1% per quarter — versus +1.9% per quarter from simply owning every 13F stock. It beat that baseline in only 55.6% of quarters (excess t = -0.07, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
-0.3%
t-stat
-0.07
Quarterly win rate
56%
Annualized excess
+13.4%
$1 → follow vs universe
$2.20 vs $1.29
Cumulative return: $1 invested in new picks vs universe
1.00 20180630: universe 0.92120180930: universe 0.96320190331: universe 0.94720191231: universe 0.76420200331: universe 0.92120200630: universe 1.01720210331: universe 1.02620211231: universe 0.87320220331: universe 0.93820220630: universe 0.86920220930: universe 0.93320221231: universe 0.86720230930: universe 0.98420231231: universe 1.02820240630: universe 1.12120240930: universe 1.11220250630: universe 1.14620250930: universe 1.289 20180630: follow 1.00320180930: follow 1.04320190331: follow 1.02320191231: follow 1.03920200331: follow 1.22620200630: follow 1.60420210331: follow 1.48020211231: follow 1.45120220331: follow 1.40120220630: follow 1.45020220930: follow 1.38120221231: follow 1.49520230930: follow 1.61720231231: follow 1.92220240630: follow 2.30420240930: follow 2.35020250630: follow 1.95520250930: follow 2.201 0.70 1.62 2.54 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 55 · 2026 Q1

Ticker Value Weight QoQ
XOM $72M
8.1%
HOLD
NEM $54M
6.1%
TRIM
CVX $49M
5.5%
HOLD
TECK $47M
5.3%
HOLD
BRK/B $46M
5.2%
HOLD
AEM $36M
4.0%
TRIM
DG $34M
3.8%
HOLD
VZ $32M
3.6%
ADD
PFE $26M
2.9%
ADD
MRK $24M
2.7%
ADD
FHI $22M
2.5%
TRIM
HPQ $21M
2.4%
ADD
ABEV $21M
2.3%
ADD
INTC $20M
2.3%
TRIM
CMCSA $19M
2.2%
ADD
LKQ $18M
2.0%
ADD
GILD $14M
1.6%
TRIM
PKE $14M
1.6%
HOLD
BEN $14M
1.6%
HOLD
L $14M
1.5%
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

CPBMUR

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.