13F
中
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JMG Financial Group, Ltd.

13F equity value
$3.6B
Positions
127
Top 10 concentration
78.1%
Quarters / total new picks
18 / 31
13F equity value over time
$0M$2B$4B2017201820192020202120222023202420252026

"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 18 quarters, returned +6.5% per quarter — versus +1.4% per quarter from simply owning every 13F stock. It beat that baseline in only 50.0% of quarters (excess t = 0.44, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
+1.9%
t-stat
0.44
Quarterly win rate
50%
Annualized excess
+21.7%
$1 → follow vs universe
$2.76 vs $1.17
Cumulative return: $1 invested in new picks vs universe
1.00 20180630: universe 0.92120180930: universe 0.96320190331: universe 0.94720190630: universe 1.01820191231: universe 0.82120200331: universe 0.99020200630: universe 1.09320201231: universe 1.14320211231: universe 0.97320220331: universe 1.04520220630: universe 0.96820221231: universe 0.89920230630: universe 0.86720230930: universe 0.98420240331: universe 1.00620250331: universe 1.09620250630: universe 1.13120251231: universe 1.170 20180630: follow 0.91920180930: follow 0.91020190331: follow 1.11620190630: follow 1.08420191231: follow 1.07420200331: follow 1.26920200630: follow 1.43420201231: follow 1.84920211231: follow 1.88620220331: follow 1.90020220630: follow 1.79920221231: follow 1.84520230630: follow 1.99220230930: follow 1.88320240331: follow 2.64720250331: follow 2.82020250630: follow 2.71220251231: follow 2.758 0.76 1.90 3.05 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 127 · 2026 Q1

Ticker Value Weight QoQ
VOO $833M
22.9%
ADD
VEA $402M
11.1%
HOLD
VO $401M
11.0%
ADD
DFSV $217M
6.0%
ADD
SCHX $214M
5.9%
HOLD
SPY $171M
4.7%
ADD
DFIC $170M
4.7%
ADD
DFGR $169M
4.6%
ADD
VWO $158M
4.4%
HOLD
SCHF $102M
2.8%
TRIM
SCHM $95M
2.6%
TRIM
IWR $89M
2.5%
ADD
VBR $85M
2.4%
HOLD
DFEM $80M
2.2%
ADD
VTI $48M
1.3%
HOLD
VV $44M
1.2%
HOLD
SCHE $31M
0.9%
TRIM
IVV $26M
0.7%
HOLD
VNQ $23M
0.6%
ADD
VEU $16M
0.4%
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

DFAIDFGXRGLD

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.