13F
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Global Alpha Capital Management Ltd.

13F equity value
$1.7B
Positions
54
Top 10 concentration
42.1%
Quarters / total new picks
24 / 75
13F equity value over time
$0M$875M$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 24 quarters, returned +10.8% per quarter — versus +1.6% per quarter from simply owning every 13F stock. It beat that baseline in only 45.8% of quarters (excess t = -0.57, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
-4.2%
t-stat
-0.57
Quarterly win rate
46%
Annualized excess
-3.2%
$1 → follow vs universe
$1.06 vs $1.28
Cumulative return: $1 invested in new picks vs universe
1.00 20180630: universe 0.92120180930: universe 0.96320181231: universe 0.95320190331: universe 0.93720190630: universe 1.00720191231: universe 0.81220200331: universe 0.97920200930: universe 1.20120210930: universe 1.07820211231: universe 0.91720220630: universe 0.85020221231: universe 0.78920230331: universe 0.83220230630: universe 0.80220230930: universe 0.91020231231: universe 0.95120240331: universe 0.97220240630: universe 1.06120240930: universe 1.05220241231: universe 0.98120250331: universe 1.07020250630: universe 1.10320250930: universe 1.24120251231: universe 1.284 20180630: follow 0.68820180930: follow 0.79720181231: follow 0.84720190331: follow 0.92920190630: follow 0.89820191231: follow 0.52420200331: follow 0.79420200930: follow 3.48820210930: follow 3.44020211231: follow 2.00420220630: follow 2.13520221231: follow 1.71020230331: follow 2.10620230630: follow 1.64220230930: follow 1.65820231231: follow 1.70120240331: follow 1.29620240630: follow 1.23020240930: follow 0.88820241231: follow 0.95720250331: follow 1.17220250630: follow 1.30720250930: follow 1.21420251231: follow 1.063 0.48 2.12 3.77 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 54 · 2026 Q1

Ticker Value Weight QoQ
ORA $200M
12.0%
ADD
SANM $78M
4.7%
ADD
UMBF $74M
4.5%
ADD
GMED $60M
3.6%
ADD
DIOD $57M
3.4%
TRIM
RUSHA $49M
2.9%
TRIM
GXO $48M
2.9%
ADD
AA $46M
2.8%
TRIM
SII $45M
2.7%
TRIM
RYN $43M
2.6%
ADD
BGSI $42M
2.5%
HOLD
EXP $41M
2.5%
ADD
GPOR $40M
2.4%
HOLD
ATNI $40M
2.4%
HOLD
LMNR $39M
2.4%
HOLD
ACIW $38M
2.3%
ADD
RDNT $37M
2.2%
ADD
DNOW $36M
2.1%
ADD
FSS $36M
2.1%
TRIM
EVR $35M
2.1%
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

SCIWRD

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.