HSBC HOLDINGS PLC

13F equity value

$167.7B

Positions

2,382

Top 10 concentration

33.2%

Quarters / total new picks

32 / 4,369

13F equity value over time

"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 32 quarters, returned +3.1% per quarter — versus +2.7% per quarter from simply owning every 13F stock. It beat that baseline in only 43.8% of quarters (excess t = -0.08, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess

-0.1%

t-stat

-0.08

Quarterly win rate

44%

Annualized excess

+0.5%

$1 → follow vs universe

$2.17 vs $2.09

Cumulative return: $1 invested in new picks vs 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 2382 · 2026 Q1

Ticker	Value	Weight	QoQ
NVDA	$10.9B	6.5%	TRIM
AAPL	$9.0B	5.3%	TRIM
MSFT	$8.9B	5.3%	ADD
GOOGL	$5.2B	3.1%	ADD
AMZN	$4.9B	2.9%	TRIM
META	$4.2B	2.5%	HOLD
AVGO	$4.1B	2.4%	ADD
GOOG	$3.6B	2.2%	HOLD
TSLA	$2.8B	1.7%	TRIM
JNJ	$2.1B	1.3%	TRIM
V	$2.0B	1.2%	TRIM
JPM	$2.0B	1.2%	TRIM
MU	$1.8B	1.1%	ADD
LLY	$1.7B	1.0%	TRIM
BRK/B	$1.6B	0.9%	TRIM
UNH	$1.5B	0.9%	ADD
XOM	$1.4B	0.9%	TRIM
TSM	$1.4B	0.8%	ADD
CSCO	$1.3B	0.8%	TRIM
BABA	$1.1B	0.7%	ADD

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

AAOI AGM AGRO AII AIOT AIRS AIRT AISP AKBA AMCR AMLX AMPH AMRC ANAB APEI APLS AR ARDT ARGX ARWR ASTE ATKR AVBH AXGN AXSM AXTI BBCA BBSI BBVA BELFB

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.