Janney Montgomery Scott LLC
"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 anyway. Buying this fund's new positions the day each filing went public, over 50 quarters, returned +1.7% per quarter — versus +2.0% per quarter from simply owning every 13F stock. It beat that baseline in only 44.0% of quarters (excess t = -1.09, not statistically significant). Its filings tell you what it bought — not what you should buy.
Quarterly compounding, invested quarters only · entry after the actual SEC deadline plus a 2-day buffer
Top 20 holdings of 3105 · 2026 Q2
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| AAPL | $1.4B | | ADD +3% |
| IVV | $1.4B | | ADD +30% |
| NVDA | $939M | | ADD +5% |
| XLK | $914M | | HOLD |
| MSFT | $854M | | ADD +2% |
| AVGO | $674M | | HOLD |
| AMZN | $658M | | HOLD |
| GOOGL | $656M | | ADD +3% |
| QQQ | $628M | | HOLD |
| JPM | $585M | | HOLD |
| SPY | $536M | | NEW |
| XLF | $512M | | ADD +3% |
| IUSB | $488M | | ADD +37% |
| BBUS | $484M | | NEW |
| GOOG | $464M | | NEW |
| IWF | $387M | | NEW |
| XLV | $368M | | HOLD |
| LLY | $358M | | ADD +5% |
| JNJ | $334M | | TRIM −4% |
| XLC | $332M | | TRIM −17% |
QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.
New positions in 2026 Q2
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 is the first trading session after the actual SEC filing deadline plus a 2-day buffer. 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.