13F
中
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Gladstone Capital Management LLP

13F equity value
$996M
Positions
32
Top 10 concentration
89.9%
Quarters / total new picks
27 / 98
13F equity value over time
$0M$1B$2B2017201820192020202120222023202420252026

"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 27 quarters, returned +2.3% per quarter — versus +2.1% per quarter from simply owning every 13F stock. It beat that baseline in only 44.4% of quarters (excess t = 0.88, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
+4.4%
t-stat
0.88
Quarterly win rate
44%
Annualized excess
-3.3%
$1 → follow vs universe
$1.28 vs $1.58
Cumulative return: $1 invested in new picks vs universe
1.00 20181231: universe 0.98920190331: universe 0.97220190630: universe 1.04520190930: universe 1.12420191231: universe 0.90720200331: universe 1.09320200630: universe 1.20720201231: universe 1.26320210331: universe 1.27420210630: universe 1.37620210930: universe 1.23520211231: universe 1.05120220331: universe 1.12820220630: universe 1.04520221231: universe 0.97120230331: universe 1.02320230630: universe 0.98620230930: universe 1.11920231231: universe 1.16920240331: universe 1.19620240630: universe 1.30420240930: universe 1.29320241231: universe 1.20720250331: universe 1.31620250630: universe 1.35720250930: universe 1.52620251231: universe 1.579 20181231: follow 1.01620190331: follow 0.91820190630: follow 0.95920190930: follow 1.21020191231: follow 1.05320200331: follow 1.59520200630: follow 1.63120201231: follow 1.38520210331: follow 1.47620210630: follow 1.58420210930: follow 1.18120211231: follow 0.77920220331: follow 0.76320220630: follow 0.94920221231: follow 1.06720230331: follow 1.05120230630: follow 0.97720230930: follow 1.13620231231: follow 1.16520240331: follow 1.14420240630: follow 1.31620240930: follow 1.38920241231: follow 1.32520250331: follow 1.39520250630: follow 1.67520250930: follow 1.43320251231: follow 1.281 0.70 1.26 1.81 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 32 · 2026 Q1

Ticker Value Weight QoQ
GOOGL $180M
18.0%
ADD
PWR $125M
12.6%
ADD
RTX $116M
11.7%
TRIM
MSFT $95M
9.6%
ADD
APG $75M
7.5%
TRIM
TSM $73M
7.3%
ADD
V $69M
6.9%
NEW
PM $67M
6.7%
HOLD
GLW $49M
4.9%
NEW
ACGL $46M
4.7%
TRIM
DOCN $43M
4.3%
NEW
AVGO $20M
2.1%
TRIM
LHX $14M
1.4%
NEW
XYZ $12M
1.2%
TRIM
GE $5M
0.5%
ADD
LIN $4M
0.4%
NEW
ICE $1M
0.1%
ADD
LULU $685773
0.1%
HOLD
ABNB $449178
0.1%
TRIM
FIG $361092
0.0%
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

DOCNGLWLHXLINLITEMDLZV

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.