Illinois Municipal Retirement Fund
"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 24 quarters, returned +0.4% per quarter versus +3.9% from simply owning every 13F stock — it beat that baseline in only 29.2% of quarters (excess t = -2.12). 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 1127 · 2026 Q1
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| NVDA | $303M | | ADD |
| AAPL | $293M | | ADD |
| MSFT | $214M | | ADD |
| GOOGL | $171M | | HOLD |
| AMZN | $149M | | ADD |
| GOOG | $106M | | ADD |
| META | $104M | | ADD |
| AVGO | $93M | | ADD |
| JNJ | $77M | | TRIM |
| XOM | $76M | | HOLD |
| WMT | $72M | | TRIM |
| JPM | $69M | | ADD |
| BRK/B | $59M | | TRIM |
| MRK | $59M | | TRIM |
| COST | $55M | | TRIM |
| TSLA | $55M | | ADD |
| LLY | $51M | | ADD |
| CVX | $51M | | HOLD |
| V | $49M | | ADD |
| VZ | $46M | | TRIM |
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.