13F
中
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Independent Franchise Partners LLP

13F equity value
$14.3B
Positions
26
Top 10 concentration
61.4%
Quarters / total new picks
20 / 34
13F equity value over time
$0M$8B$16B2017201820192020202120222023202420252026

"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 20 quarters, returned +4.1% per quarter — versus +3.0% per quarter from simply owning every 13F stock. It beat that baseline in only 60.0% of quarters (excess t = 0.61, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
+5.1%
t-stat
0.61
Quarterly win rate
60%
Annualized excess
+1.1%
$1 → follow vs universe
$1.75 vs $1.66
Cumulative return: $1 invested in new picks vs universe
1.00 20180331: universe 1.04120180630: universe 0.95920181231: universe 0.94920190331: universe 0.93220190930: universe 1.00220191231: universe 0.80920200331: universe 0.97520201231: universe 1.01920210630: universe 1.10120211231: universe 0.93720220331: universe 1.00620230331: universe 1.06020230630: universe 1.02220230930: universe 1.16020231231: universe 1.21220240630: universe 1.32220240930: universe 1.31020250331: universe 1.42920250930: universe 1.60620251231: universe 1.662 20180331: follow 1.13520180630: follow 1.06820181231: follow 0.96720190331: follow 1.04020190930: follow 1.18420191231: follow 0.91520200331: follow 1.05520201231: follow 1.21120210630: follow 1.39120211231: follow 0.89420220331: follow 0.95720230331: follow 1.09920230630: follow 0.99120230930: follow 1.17920231231: follow 1.26920240630: follow 1.50820240930: follow 1.57720250331: follow 2.01420250930: follow 1.78920251231: follow 1.747 0.74 1.46 2.18 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 20 holdings of 26 · 2026 Q1

Ticker Value Weight QoQ
BMY $1.3B
9.0%
ADD
SOLV $1.0B
7.2%
ADD
LYV $894M
6.3%
ADD
KVUE $848M
5.9%
ADD
TRU $839M
5.9%
ADD
AON $835M
5.9%
ADD
ICE $779M
5.5%
ADD
NWSA $771M
5.4%
ADD
CRM $753M
5.3%
ADD
IT $728M
5.1%
ADD
JNJ $726M
5.1%
TRIM
ABNB $666M
4.7%
ADD
EBAY $616M
4.3%
TRIM
Z $546M
3.8%
ADD
FOXA $477M
3.3%
TRIM
EL $476M
3.3%
TRIM
PM $423M
3.0%
TRIM
WMG $333M
2.3%
HOLD
FOX $282M
2.0%
ADD
NWS $260M
1.8%
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.