Gates Capital Management, Inc.
"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. Buying this fund's new positions the day each filing went public, over 23 quarters, returned +4.3% per quarter versus +3.2% from simply owning every 13F stock — it beat that baseline in only 43.5% of quarters (excess t = -2.03). Copying it would have systematically underperformed the simplest possible strategy.
Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)
Top 20 holdings of 31 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| ATKR | $158M | | HOLD |
| DAR | $146M | | TRIM |
| TIC | $144M | | ADD |
| CARR | $140M | | TRIM |
| SPGI | $139M | | ADD |
| RTO | $137M | | TRIM |
| NVST | $136M | | TRIM |
| AMRZ | $135M | | HOLD |
| FTV | $116M | | TRIM |
| CRH | $115M | | ADD |
| DVA | $111M | | TRIM |
| GTX | $108M | | ADD |
| ESI | $104M | | TRIM |
| VLTO | $95M | | ADD |
| GLPI | $91M | | HOLD |
| VICI | $88M | | TRIM |
| TKO | $86M | | TRIM |
| MBC | $86M | | ADD |
| AWI | $82M | | ADD |
| PNR | $79M | | HOLD |
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.