13F
中
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HERSHEY TRUST CO

13F equity value
$11.8B
Positions
3
Top 10 concentration
100.0%
Quarters / total new picks
27 / 83
13F equity value over time
$0M$7B$15B2017201820192020202120222023202420252026

"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 +5.0% per quarter — versus +2.9% per quarter from simply owning every 13F stock. It beat that baseline in only 48.1% of quarters (excess t = 0.29, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
+2.3%
t-stat
0.29
Quarterly win rate
48%
Annualized excess
-5.2%
$1 → follow vs universe
$1.39 vs $1.93
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 1.00720190930: universe 1.08320191231: universe 0.87320200331: universe 1.05320200630: universe 1.16320200930: universe 1.42720201231: universe 1.49220210331: universe 1.50520210630: universe 1.62520210930: universe 1.45920211231: universe 1.24220220331: universe 1.33320220630: universe 1.23520220930: universe 1.32720230331: universe 1.39820230630: universe 1.34820230930: universe 1.53020231231: universe 1.59820240331: universe 1.63420241231: universe 1.52520250331: universe 1.66320250630: universe 1.71520250930: universe 1.928 20180630: follow 0.81820180930: follow 1.16320181231: follow 1.09420190331: follow 0.87720190630: follow 0.81320190930: follow 0.99920191231: follow 0.95820200331: follow 1.34720200630: follow 1.85720200930: follow 2.56220201231: follow 1.94320210331: follow 1.97220210630: follow 2.27420210930: follow 1.59220211231: follow 1.02320220331: follow 1.89720220630: follow 1.40120220930: follow 1.62520230331: follow 1.39720230630: follow 1.14920230930: follow 1.63620231231: follow 1.15020240331: follow 1.06520241231: follow 1.03620250331: follow 1.41320250630: follow 1.36520250930: follow 1.392 0.75 1.76 2.77 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 2 holdings of 3 · 2026 Q1

Ticker Value Weight QoQ
HSY $405M
3.4%
TRIM
IOT $425660
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

None.

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.