Ilex Capital Partners (UK) LLP
"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. Buying this fund's new positions the day each filing went public, over 8 quarters, returned +0.9% per quarter versus +4.0% from simply owning every 13F stock — it beat that baseline in only 37.5% of quarters (excess t = -2.95). Copying it would have systematically underperformed the simplest possible strategy.
Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)
Top 20 holdings of 77 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| PEP | $247M | | ADD |
| EONGY | $224M | | NEW |
| PG | $204M | | NEW |
| HLT | $189M | | ADD |
| MCD | $187M | | ADD |
| MNST | $172M | | NEW |
| BSX | $140M | | ADD |
| A | $138M | | ADD |
| RACE | $136M | | NEW |
| CMG | $128M | | NEW |
| ARMK | $125M | | NEW |
| WH | $113M | | ADD |
| KHC | $96M | | NEW |
| STZ | $95M | | TRIM |
| FRPT | $94M | | ADD |
| RMD | $93M | | ADD |
| ALC | $93M | | ADD |
| ROL | $82M | | ADD |
| GEHC | $78M | | ADD |
| MO | $75M | | NEW |
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.