13F
中
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INDEPENDENT FINANCIAL GROUP, LLC

13F equity value
$3.3B
Positions
1,386
Top 10 concentration
19.5%
Quarters / total new picks
23 / 1,062
13F equity value over time
$0M$2B$4B2020202120222023202420252026

"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 23 quarters, returned +2.5% per quarter — versus +3.2% per quarter from simply owning every 13F stock. It beat that baseline in only 47.8% of quarters (excess t = -0.76, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
-0.8%
t-stat
-0.76
Quarterly win rate
48%
Annualized excess
-3.9%
$1 → follow vs universe
$1.56 vs $1.90
Cumulative return: $1 invested in new picks vs universe
1.00 20200630: universe 1.10520200930: universe 1.35520201231: universe 1.41720210331: universe 1.42920210630: universe 1.54420210930: universe 1.38620211231: universe 1.17920220331: universe 1.26620220630: universe 1.17320220930: universe 1.26020221231: universe 1.17020230331: universe 1.23320230630: universe 1.18920230930: universe 1.34920231231: universe 1.41020240331: universe 1.44120240630: universe 1.57220240930: universe 1.55920241231: universe 1.45520250331: universe 1.58620250630: universe 1.63620250930: universe 1.83920251231: universe 1.903 20200630: follow 1.07620200930: follow 1.47420201231: follow 1.35820210331: follow 1.36620210630: follow 1.42420210930: follow 1.24520211231: follow 1.10020220331: follow 1.06220220630: follow 0.99920220930: follow 1.06720221231: follow 0.99520230331: follow 1.07820230630: follow 1.01420230930: follow 1.08620231231: follow 1.13920240331: follow 1.07420240630: follow 1.25520240930: follow 1.24920241231: follow 1.16620250331: follow 1.23420250630: follow 1.27020250930: follow 1.46820251231: follow 1.556 0.92 1.49 2.06 202020212022202320242025 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 20 holdings of 1386 · 2026 Q1

Ticker Value Weight QoQ
NVDA $202M
6.0%
TRIM
AAPL $81M
2.4%
TRIM
QQQ $67M
2.0%
TRIM
SPY $51M
1.5%
TRIM
PAAA $49M
1.5%
TRIM
IVV $48M
1.4%
TRIM
AVGO $43M
1.3%
TRIM
VTI $40M
1.2%
TRIM
MSFT $37M
1.1%
TRIM
AMZN $34M
1.0%
TRIM
SPYM $30M
0.9%
TRIM
TSLA $24M
0.7%
TRIM
BUFR $24M
0.7%
TRIM
CGDV $23M
0.7%
TRIM
PLTR $23M
0.7%
TRIM
BND $23M
0.7%
ADD
JAAA $21M
0.6%
TRIM
XLK $21M
0.6%
TRIM
GOOGL $21M
0.6%
TRIM
GARP $21M
0.6%
TRIM

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

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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.