Greenhouse Funds LLLP
"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 31 quarters, returned +3.9% per quarter — versus +3.2% per quarter from simply owning every 13F stock. It beat that baseline in only 45.2% of quarters (excess t = 0.03, 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 28 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| SRAD | $157M | | ADD |
| GSAT | $146M | | HOLD |
| RBC | $127M | | HOLD |
| VYX | $125M | | ADD |
| BILL | $122M | | ADD |
| HQY | $105M | | ADD |
| NCLH | $96M | | TRIM |
| MCW | $93M | | TRIM |
| CDRE | $88M | | ADD |
| HAYW | $86M | | ADD |
| VMI | $85M | | ADD |
| XBI | $83M | | TRIM |
| MMSI | $77M | | ADD |
| OII | $72M | | TRIM |
| TDY | $71M | | TRIM |
| GTM | $69M | | ADD |
| NEO | $68M | | ADD |
| CHYM | $64M | | ADD |
| CSGP | $56M | | NEW |
| TOST | $52M | | ADD |
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.